# EDGAR Filing Document

**Accession Number:** 0001413032
**File Stem:** 0001193125-25-298508
**Filing Date:** 2025-11
**Character Count:** 214013
**Document Hash:** 26975675a45b00049cd91e83a43bb33e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-298508.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001193125-25-298508

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Columbia Funds Variable Series Trust II
- **CENTRAL INDEX KEY:** 0001413032

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22127
- **FILM NUMBER:** 251524082

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

![](imge19ec9541.jpg)

Variable Portfolio – Managed Volatility Moderate Growth Fund

**Third Quarter Report**

September 30, 2025 (Unaudited)

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

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

---

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

---

------

Portfolio of Investments

Variable Portfolio – Managed Volatility Moderate Growth Fund, September 30, 2025 (Unaudited)

(Percentages represent value of investments compared to net assets)

**Investments in securities**

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes 0.4%** | **Corporate Bonds & Notes 0.4%** | **Corporate Bonds & Notes 0.4%** | **Corporate Bonds & Notes 0.4%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Aerospace & Defense 0.0%** | **Aerospace & Defense 0.0%** | **Aerospace & Defense 0.0%** | **Aerospace & Defense 0.0%** |
| BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  |
| 03/26/2034 | &nbsp;&nbsp; 5.300% | 796000 | &nbsp;&nbsp; 824959 |
| Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| 08/01/2059 | &nbsp;&nbsp; 3.950% | 777000 | &nbsp;&nbsp; 557900 |
| 05/01/2060 | &nbsp;&nbsp; 5.930% | 100000 | &nbsp;&nbsp; 100126 |
| L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. |
| 07/31/2033 | &nbsp;&nbsp; 5.400% | 159000 | &nbsp;&nbsp; 165636 |
| 06/01/2034 | &nbsp;&nbsp; 5.350% | 68000 | &nbsp;&nbsp; 70400 |
| 08/15/2054 | &nbsp;&nbsp; 5.500% | 60000 | &nbsp;&nbsp; 59638 |
| Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. |
| 02/15/2055 | &nbsp;&nbsp; 5.200% | 186000 | &nbsp;&nbsp; 178769 |
| Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
| 06/01/2043 | &nbsp;&nbsp; 4.750% | 375000 | &nbsp;&nbsp; 347569 |
| 10/15/2047 | &nbsp;&nbsp; 4.030% | 295000 | &nbsp;&nbsp; 240562 |
| Raytheon Technologies Corp. | Raytheon Technologies Corp. | Raytheon Technologies Corp. | Raytheon Technologies Corp. |
| 02/27/2053 | &nbsp;&nbsp; 5.375% | 319000 | &nbsp;&nbsp; 311375 |
| United Technologies Corp. | United Technologies Corp. | United Technologies Corp. | United Technologies Corp. |
| 07/15/2038 | &nbsp;&nbsp; 6.125% | 380000 | &nbsp;&nbsp; 416087 |
| 11/01/2046 | &nbsp;&nbsp; 3.750% | 70000 | &nbsp;&nbsp; 54812 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3327833** |
| **Banking 0.1%** | **Banking 0.1%** | **Banking 0.1%** | **Banking 0.1%** |
| Bank of America Corp.<sup>(b)</sup>  | Bank of America Corp.<sup>(b)</sup>  | Bank of America Corp.<sup>(b)</sup>  | Bank of America Corp.<sup>(b)</sup>  |
| 03/20/2051 | &nbsp;&nbsp; 4.083% | 1075000 | &nbsp;&nbsp; 874957 |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 02/12/2036 | &nbsp;&nbsp; 5.744% | 135000 | &nbsp;&nbsp; 140575 |
| Barclays PLC<sup>(b)</sup>  | Barclays PLC<sup>(b)</sup>  | Barclays PLC<sup>(b)</sup>  | Barclays PLC<sup>(b)</sup>  |
| 08/11/2046 | &nbsp;&nbsp; 5.860% | 200000 | &nbsp;&nbsp; 205476 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| 07/23/2048 | &nbsp;&nbsp; 4.650% | 230000 | &nbsp;&nbsp; 205270 |
| Citigroup, Inc.<sup>(b)</sup>  | Citigroup, Inc.<sup>(b)</sup>  | Citigroup, Inc.<sup>(b)</sup>  | Citigroup, Inc.<sup>(b)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 02/13/2035 | &nbsp;&nbsp; 5.827% | 205000 | &nbsp;&nbsp; 212802 |
| Goldman Sachs Group, Inc. (The)<sup>(b)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(b)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(b)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(b)</sup>  |
| 11/19/2045 | &nbsp;&nbsp; 5.561% | 280000 | &nbsp;&nbsp; 284150 |
| 01/28/2056 | &nbsp;&nbsp; 5.734% | 410000 | &nbsp;&nbsp; 425248 |
| HSBC Holdings PLC<sup>(b)</sup>  | HSBC Holdings PLC<sup>(b)</sup>  | HSBC Holdings PLC<sup>(b)</sup>  | HSBC Holdings PLC<sup>(b)</sup>  |
| 05/13/2036 | &nbsp;&nbsp; 5.790% | 445000 | &nbsp;&nbsp; 469015 |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 09/10/2036 | &nbsp;&nbsp; 5.741% | 200000 | &nbsp;&nbsp; 203684 |
| JPMorgan Chase & Co.<sup>(b)</sup>  | JPMorgan Chase & Co.<sup>(b)</sup>  | JPMorgan Chase & Co.<sup>(b)</sup>  | JPMorgan Chase & Co.<sup>(b)</sup>  |
| 11/15/2048 | &nbsp;&nbsp; 3.964% | 1120000 | &nbsp;&nbsp; 915295 |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 07/23/2036 | &nbsp;&nbsp; 5.576% | 110000 | &nbsp;&nbsp; 114123 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Morgan Stanley<sup>(b)</sup>  | Morgan Stanley<sup>(b)</sup>  | Morgan Stanley<sup>(b)</sup>  | Morgan Stanley<sup>(b)</sup>  |
| 01/18/2036 | &nbsp;&nbsp; 5.587% | 88000 | &nbsp;&nbsp; 92144 |
| 04/17/2036 | &nbsp;&nbsp; 5.664% | 1032000 | &nbsp;&nbsp; 1088934 |
| Wells Fargo & Co.<sup>(b)</sup>  | Wells Fargo & Co.<sup>(b)</sup>  | Wells Fargo & Co.<sup>(b)</sup>  | Wells Fargo & Co.<sup>(b)</sup>  |
| 04/04/2051 | &nbsp;&nbsp; 5.013% | 595000 | &nbsp;&nbsp; 556047 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **5787720** |
| **Building Materials 0.0%** | **Building Materials 0.0%** | **Building Materials 0.0%** | **Building Materials 0.0%** |
| JH North America Holdings, Inc.<sup>(a)</sup>  | JH North America Holdings, Inc.<sup>(a)</sup>  | JH North America Holdings, Inc.<sup>(a)</sup>  | JH North America Holdings, Inc.<sup>(a)</sup>  |
| 07/31/2032 | &nbsp;&nbsp; 6.125% | 230000 | &nbsp;&nbsp; 235668 |
| **Cable and Satellite 0.0%** | **Cable and Satellite 0.0%** | **Cable and Satellite 0.0%** | **Cable and Satellite 0.0%** |
| Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
| 06/30/2062 | &nbsp;&nbsp; 3.950% | 318000 | &nbsp;&nbsp; 201062 |
| Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital |
| 05/01/2047 | &nbsp;&nbsp; 5.375% | 730000 | &nbsp;&nbsp; 630434 |
| Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
| 05/15/2053 | &nbsp;&nbsp; 5.350% | 191000 | &nbsp;&nbsp; 179238 |
| 11/01/2056 | &nbsp;&nbsp; 2.937% | 730000 | &nbsp;&nbsp; 432854 |
| NBCUniversal Media LLC | NBCUniversal Media LLC | NBCUniversal Media LLC | NBCUniversal Media LLC |
| 01/15/2043 | &nbsp;&nbsp; 4.450% | 326000 | &nbsp;&nbsp; 284920 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1728508** |
| **Chemicals 0.0%** | **Chemicals 0.0%** | **Chemicals 0.0%** | **Chemicals 0.0%** |
| Dow Chemical Co. (The) | Dow Chemical Co. (The) | Dow Chemical Co. (The) | Dow Chemical Co. (The) |
| 03/15/2055 | &nbsp;&nbsp; 5.950% | 135000 | &nbsp;&nbsp; 128332 |
| LYB International Finance III LLC | LYB International Finance III LLC | LYB International Finance III LLC | LYB International Finance III LLC |
| 04/01/2051 | &nbsp;&nbsp; 3.625% | 365000 | &nbsp;&nbsp; 244108 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **372440** |
| **Construction Machinery 0.0%** | **Construction Machinery 0.0%** | **Construction Machinery 0.0%** | **Construction Machinery 0.0%** |
| Caterpillar, Inc. | Caterpillar, Inc. | Caterpillar, Inc. | Caterpillar, Inc. |
| 05/15/2035 | &nbsp;&nbsp; 5.200% | 336000 | &nbsp;&nbsp; 347725 |
| United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
| 02/15/2031 | &nbsp;&nbsp; 3.875% | 190000 | &nbsp;&nbsp; 179695 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **527420** |
| **Diversified Manufacturing 0.0%** | **Diversified Manufacturing 0.0%** | **Diversified Manufacturing 0.0%** | **Diversified Manufacturing 0.0%** |
| Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
| 04/05/2040 | &nbsp;&nbsp; 3.377% | 380000 | &nbsp;&nbsp; 306763 |
| Siemens Funding BV<sup>(a)</sup>  | Siemens Funding BV<sup>(a)</sup>  | Siemens Funding BV<sup>(a)</sup>  | Siemens Funding BV<sup>(a)</sup>  |
| 05/28/2035 | &nbsp;&nbsp; 5.200% | 239000 | &nbsp;&nbsp; 247861 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **554624** |

---

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Managed Volatility Moderate Growth Fund, September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Electric 0.1%** | **Electric 0.1%** | **Electric 0.1%** | **Electric 0.1%** |
| AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. |
| 01/15/2050 | &nbsp;&nbsp; 3.450% | 717000 | &nbsp;&nbsp; 498364 |
| 05/15/2051 | &nbsp;&nbsp; 3.450% | 235000 | &nbsp;&nbsp; 161589 |
| Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. |
| 11/15/2053 | &nbsp;&nbsp; 5.900% | 169000 | &nbsp;&nbsp; 176658 |
| 03/15/2055 | &nbsp;&nbsp; 5.500% | 320000 | &nbsp;&nbsp; 316955 |
| Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
| 03/15/2035 | &nbsp;&nbsp; 5.450% | 140000 | &nbsp;&nbsp; 143495 |
| Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC |
| 03/15/2052 | &nbsp;&nbsp; 3.550% | 290000 | &nbsp;&nbsp; 213364 |
| Duke Energy Indiana LLC | Duke Energy Indiana LLC | Duke Energy Indiana LLC | Duke Energy Indiana LLC |
| 04/01/2050 | &nbsp;&nbsp; 2.750% | 195000 | &nbsp;&nbsp; 123714 |
| 04/01/2053 | &nbsp;&nbsp; 5.400% | 674000 | &nbsp;&nbsp; 658208 |
| Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC |
| 03/15/2055 | &nbsp;&nbsp; 5.800% | 125000 | &nbsp;&nbsp; 128221 |
| Entergy Mississippi LLC | Entergy Mississippi LLC | Entergy Mississippi LLC | Entergy Mississippi LLC |
| 04/15/2055 | &nbsp;&nbsp; 5.800% | 102000 | &nbsp;&nbsp; 104497 |
| Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy |
| 07/15/2034 | &nbsp;&nbsp; 5.950% | 340000 | &nbsp;&nbsp; 360893 |
| Exelon Corp. | Exelon Corp. | Exelon Corp. | Exelon Corp. |
| 03/15/2052 | &nbsp;&nbsp; 4.100% | 489000 | &nbsp;&nbsp; 382011 |
| 03/15/2053 | &nbsp;&nbsp; 5.600% | 483000 | &nbsp;&nbsp; 472879 |
| FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
| 03/01/2050 | &nbsp;&nbsp; 3.400% | 178000 | &nbsp;&nbsp; 124035 |
| FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC |
| 01/15/2035 | &nbsp;&nbsp; 5.000% | 80000 | &nbsp;&nbsp; 79933 |
| Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. |
| 03/15/2055 | &nbsp;&nbsp; 5.700% | 134000 | &nbsp;&nbsp; 139031 |
| Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. |
| 01/15/2035 | &nbsp;&nbsp; 5.100% | 161000 | &nbsp;&nbsp; 163247 |
| MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. |
| 02/01/2055 | &nbsp;&nbsp; 5.300% | 135000 | &nbsp;&nbsp; 131402 |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| 03/15/2035 | &nbsp;&nbsp; 5.450% | 755000 | &nbsp;&nbsp; 780727 |
| Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC |
| 06/15/2054 | &nbsp;&nbsp; 5.550% | 213000 | &nbsp;&nbsp; 212049 |
| Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. |
| 07/01/2050 | &nbsp;&nbsp; 4.950% | 480000 | &nbsp;&nbsp; 413533 |
| Virginia Electric and Power Co. | Virginia Electric and Power Co. | Virginia Electric and Power Co. | Virginia Electric and Power Co. |
| 04/01/2053 | &nbsp;&nbsp; 5.450% | 466000 | &nbsp;&nbsp; 454690 |
| Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
| 12/01/2049 | &nbsp;&nbsp; 3.500% | 525000 | &nbsp;&nbsp; 376554 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **6616049** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Food and Beverage 0.0%** | **Food and Beverage 0.0%** | **Food and Beverage 0.0%** | **Food and Beverage 0.0%** |
| Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | Anheuser-Busch Companies LLC/InBev Worldwide, Inc. |
| 02/01/2046 | &nbsp;&nbsp; 4.900% | 678000 | &nbsp;&nbsp; 634587 |
| Bacardi Ltd.<sup>(a)</sup>  | Bacardi Ltd.<sup>(a)</sup>  | Bacardi Ltd.<sup>(a)</sup>  | Bacardi Ltd.<sup>(a)</sup>  |
| 05/15/2038 | &nbsp;&nbsp; 5.150% | 636000 | &nbsp;&nbsp; 601288 |
| 05/15/2048 | &nbsp;&nbsp; 5.300% | 246000 | &nbsp;&nbsp; 222909 |
| Bacardi-Martini BV<sup>(a)</sup>  | Bacardi-Martini BV<sup>(a)</sup>  | Bacardi-Martini BV<sup>(a)</sup>  | Bacardi-Martini BV<sup>(a)</sup>  |
| 02/01/2035 | &nbsp;&nbsp; 6.000% | 225000 | &nbsp;&nbsp; 234431 |
| Campbell Soup Co. | Campbell Soup Co. | Campbell Soup Co. | Campbell Soup Co. |
| 04/24/2050 | &nbsp;&nbsp; 3.125% | 182000 | &nbsp;&nbsp; 119949 |
| Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
| 11/01/2048 | &nbsp;&nbsp; 5.400% | 125000 | &nbsp;&nbsp; 114259 |
| Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. |
| 04/15/2052 | &nbsp;&nbsp; 4.500% | 55000 | &nbsp;&nbsp; 44370 |
| Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
| 06/01/2046 | &nbsp;&nbsp; 4.375% | 545000 | &nbsp;&nbsp; 453421 |
| Tyson Foods, Inc. | Tyson Foods, Inc. | Tyson Foods, Inc. | Tyson Foods, Inc. |
| 09/28/2048 | &nbsp;&nbsp; 5.100% | 135000 | &nbsp;&nbsp; 124831 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2550045** |
| **Health Care 0.0%** | **Health Care 0.0%** | **Health Care 0.0%** | **Health Care 0.0%** |
| Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
| 02/08/2034 | &nbsp;&nbsp; 5.110% | 230000 | &nbsp;&nbsp; 234856 |
| Cigna Corp. | Cigna Corp. | Cigna Corp. | Cigna Corp. |
| 03/15/2050 | &nbsp;&nbsp; 3.400% | 402000 | &nbsp;&nbsp; 282328 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 07/20/2045 | &nbsp;&nbsp; 5.125% | 730000 | &nbsp;&nbsp; 662322 |
| GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. |
| 06/15/2035 | &nbsp;&nbsp; 5.500% | 25000 | &nbsp;&nbsp; 25908 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 03/15/2052 | &nbsp;&nbsp; 4.625% | 634000 | &nbsp;&nbsp; 523229 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1728643** |
| **Healthcare Insurance 0.0%** | **Healthcare Insurance 0.0%** | **Healthcare Insurance 0.0%** | **Healthcare Insurance 0.0%** |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 04/15/2054 | &nbsp;&nbsp; 5.375% | 1058000 | &nbsp;&nbsp; 1014459 |
| 06/15/2055 | &nbsp;&nbsp; 5.950% | 127000 | &nbsp;&nbsp; 132209 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1146668** |
| **Independent Energy 0.0%** | **Independent Energy 0.0%** | **Independent Energy 0.0%** | **Independent Energy 0.0%** |
| APA Corp. | APA Corp. | APA Corp. | APA Corp. |
| 02/15/2055 | &nbsp;&nbsp; 6.750% | 242000 | &nbsp;&nbsp; 244052 |
| Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
| 02/15/2037 | &nbsp;&nbsp; 6.500% | 105000 | &nbsp;&nbsp; 114296 |
| Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
| 04/18/2064 | &nbsp;&nbsp; 5.900% | 272000 | &nbsp;&nbsp; 261976 |

---

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Managed Volatility Moderate Growth Fund, September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 10/01/2054 | &nbsp;&nbsp; 6.050% | 464000 | &nbsp;&nbsp; 452662 |
| Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
| 05/19/2035 | &nbsp;&nbsp; 6.000% | 253000 | &nbsp;&nbsp; 264078 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1337064** |
| **Integrated Energy 0.0%** | **Integrated Energy 0.0%** | **Integrated Energy 0.0%** | **Integrated Energy 0.0%** |
| BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. |
| 03/17/2052 | &nbsp;&nbsp; 3.001% | 629000 | &nbsp;&nbsp; 409483 |
| Cenovus Energy, Inc. | Cenovus Energy, Inc. | Cenovus Energy, Inc. | Cenovus Energy, Inc. |
| 02/15/2052 | &nbsp;&nbsp; 3.750% | 256000 | &nbsp;&nbsp; 181821 |
| Total Capital International SA | Total Capital International SA | Total Capital International SA | Total Capital International SA |
| 06/29/2060 | &nbsp;&nbsp; 3.386% | 80000 | &nbsp;&nbsp; 53673 |
| TotalEnergies Capital SA | TotalEnergies Capital SA | TotalEnergies Capital SA | TotalEnergies Capital SA |
| 04/05/2064 | &nbsp;&nbsp; 5.638% | 209000 | &nbsp;&nbsp; 209019 |
| 09/10/2064 | &nbsp;&nbsp; 5.425% | 90000 | &nbsp;&nbsp; 86668 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **940664** |
| **Life Insurance 0.0%** | **Life Insurance 0.0%** | **Life Insurance 0.0%** | **Life Insurance 0.0%** |
| New York Life Insurance Co.<sup>(a)</sup>  | New York Life Insurance Co.<sup>(a)</sup>  | New York Life Insurance Co.<sup>(a)</sup>  | New York Life Insurance Co.<sup>(a)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 05/15/2050 | &nbsp;&nbsp; 3.750% | 600000 | &nbsp;&nbsp; 453493 |
| Northwestern Mutual Life Insurance Co. (The)<sup>(a)</sup>  | Northwestern Mutual Life Insurance Co. (The)<sup>(a)</sup>  | Northwestern Mutual Life Insurance Co. (The)<sup>(a)</sup>  | Northwestern Mutual Life Insurance Co. (The)<sup>(a)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 05/29/2055 | &nbsp;&nbsp; 6.170% | 148000 | &nbsp;&nbsp; 160065 |
| 09/30/2059 | &nbsp;&nbsp; 3.625% | 274000 | &nbsp;&nbsp; 190114 |
| Peachtree Corners Funding Trust II<sup>(a)</sup>  | Peachtree Corners Funding Trust II<sup>(a)</sup>  | Peachtree Corners Funding Trust II<sup>(a)</sup>  | Peachtree Corners Funding Trust II<sup>(a)</sup>  |
| 05/15/2035 | &nbsp;&nbsp; 6.012% | 100000 | &nbsp;&nbsp; 104967 |
| Teachers Insurance & Annuity Association of America<sup>(a)</sup>  | Teachers Insurance & Annuity Association of America<sup>(a)</sup>  | Teachers Insurance & Annuity Association of America<sup>(a)</sup>  | Teachers Insurance & Annuity Association of America<sup>(a)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 09/15/2044 | &nbsp;&nbsp; 4.900% | 155000 | &nbsp;&nbsp; 143065 |
| 05/15/2050 | &nbsp;&nbsp; 3.300% | 483000 | &nbsp;&nbsp; 332576 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1384280** |
| **Media and Entertainment 0.0%** | **Media and Entertainment 0.0%** | **Media and Entertainment 0.0%** | **Media and Entertainment 0.0%** |
| Fox Corp. | Fox Corp. | Fox Corp. | Fox Corp. |
| 01/25/2049 | &nbsp;&nbsp; 5.576% | 110000 | &nbsp;&nbsp; 107093 |
| Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| 05/15/2063 | &nbsp;&nbsp; 5.750% | 275000 | &nbsp;&nbsp; 282215 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **389308** |
| **Midstream 0.0%** | **Midstream 0.0%** | **Midstream 0.0%** | **Midstream 0.0%** |
| Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
| 04/05/2054 | &nbsp;&nbsp; 5.950% | 320000 | &nbsp;&nbsp; 328525 |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 05/15/2054 | &nbsp;&nbsp; 5.950% | 438000 | &nbsp;&nbsp; 424861 |
| 09/01/2054 | &nbsp;&nbsp; 6.050% | 150000 | &nbsp;&nbsp; 147658 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP |
| 11/01/2042 | &nbsp;&nbsp; 4.700% | 100000 | &nbsp;&nbsp; 88039 |
| 09/01/2044 | &nbsp;&nbsp; 5.400% | 69000 | &nbsp;&nbsp; 65830 |
| Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
| 02/15/2046 | &nbsp;&nbsp; 5.050% | 112000 | &nbsp;&nbsp; 101334 |
| MPLX LP | MPLX LP | MPLX LP | MPLX LP |
| 04/15/2048 | &nbsp;&nbsp; 4.700% | 70000 | &nbsp;&nbsp; 58618 |
| 03/14/2052 | &nbsp;&nbsp; 4.950% | 311000 | &nbsp;&nbsp; 265510 |
| 04/01/2055 | &nbsp;&nbsp; 5.950% | 109000 | &nbsp;&nbsp; 106578 |
| Plains All American Pipeline LP/Finance Corp. | Plains All American Pipeline LP/Finance Corp. | Plains All American Pipeline LP/Finance Corp. | Plains All American Pipeline LP/Finance Corp. |
| 06/15/2044 | &nbsp;&nbsp; 4.700% | 167000 | &nbsp;&nbsp; 141934 |
| Western Gas Partners LP | Western Gas Partners LP | Western Gas Partners LP | Western Gas Partners LP |
| 03/01/2048 | &nbsp;&nbsp; 5.300% | 241000 | &nbsp;&nbsp; 210163 |
| Williams Companies, Inc. (The) | Williams Companies, Inc. (The) | Williams Companies, Inc. (The) | Williams Companies, Inc. (The) |
| 06/24/2044 | &nbsp;&nbsp; 5.750% | 330000 | &nbsp;&nbsp; 333141 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2272191** |
| **Natural Gas 0.0%** | **Natural Gas 0.0%** | **Natural Gas 0.0%** | **Natural Gas 0.0%** |
| NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| 02/15/2044 | &nbsp;&nbsp; 4.800% | 249000 | &nbsp;&nbsp; 226516 |
| 05/15/2047 | &nbsp;&nbsp; 4.375% | 170000 | &nbsp;&nbsp; 143502 |
| 04/01/2055 | &nbsp;&nbsp; 5.850% | 200000 | &nbsp;&nbsp; 203173 |
| Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
| 04/01/2054 | &nbsp;&nbsp; 5.600% | 135000 | &nbsp;&nbsp; 134989 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **708180** |
| **Pharmaceuticals 0.1%** | **Pharmaceuticals 0.1%** | **Pharmaceuticals 0.1%** | **Pharmaceuticals 0.1%** |
| AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
| 11/06/2042 | &nbsp;&nbsp; 4.400% | 516000 | &nbsp;&nbsp; 465254 |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 02/22/2062 | &nbsp;&nbsp; 4.400% | 65000 | &nbsp;&nbsp; 51933 |
| 03/02/2063 | &nbsp;&nbsp; 5.750% | 678000 | &nbsp;&nbsp; 676423 |
| Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
| 02/22/2064 | &nbsp;&nbsp; 5.650% | 618000 | &nbsp;&nbsp; 613053 |
| Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. |
| 10/15/2065 | &nbsp;&nbsp; 5.650% | 305000 | &nbsp;&nbsp; 315111 |
| Johnson & Johnson | Johnson & Johnson | Johnson & Johnson | Johnson & Johnson |
| 06/01/2054 | &nbsp;&nbsp; 5.250% | 215000 | &nbsp;&nbsp; 219122 |
| Merck & Co, Inc. | Merck & Co, Inc. | Merck & Co, Inc. | Merck & Co, Inc. |
| 09/15/2055 | &nbsp;&nbsp; 5.700% | 400000 | &nbsp;&nbsp; 412944 |
| Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. |
| 05/17/2053 | &nbsp;&nbsp; 5.000% | 270000 | &nbsp;&nbsp; 253532 |
| Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. |
| 12/15/2046 | &nbsp;&nbsp; 4.125% | 613000 | &nbsp;&nbsp; 511750 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3519122** |

---

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Managed Volatility Moderate Growth Fund, September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Property & Casualty 0.0%** | **Property & Casualty 0.0%** | **Property & Casualty 0.0%** | **Property & Casualty 0.0%** |
| Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. |
| 03/15/2052 | &nbsp;&nbsp; 3.850% | 185000 | &nbsp;&nbsp; 145288 |
| **Railroads 0.0%** | **Railroads 0.0%** | **Railroads 0.0%** | **Railroads 0.0%** |
| Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC |
| 03/15/2056 | &nbsp;&nbsp; 5.800% | 500000 | &nbsp;&nbsp; 523313 |
| Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. |
| 12/02/2051 | &nbsp;&nbsp; 3.100% | 165000 | &nbsp;&nbsp; 111417 |
| Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. |
| 08/25/2051 | &nbsp;&nbsp; 2.900% | 245000 | &nbsp;&nbsp; 159107 |
| 08/15/2052 | &nbsp;&nbsp; 4.050% | 369000 | &nbsp;&nbsp; 294924 |
| Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. |
| 02/05/2050 | &nbsp;&nbsp; 3.250% | 713000 | &nbsp;&nbsp; 502297 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1591058** |
| **Restaurants 0.0%** | **Restaurants 0.0%** | **Restaurants 0.0%** | **Restaurants 0.0%** |
| McDonald's Corp. | McDonald's Corp. | McDonald's Corp. | McDonald's Corp. |
| 09/01/2049 | &nbsp;&nbsp; 3.625% | 255000 | &nbsp;&nbsp; 190993 |
| 04/01/2050 | &nbsp;&nbsp; 4.200% | 115000 | &nbsp;&nbsp; 94493 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **285486** |
| **Retailers 0.0%** | **Retailers 0.0%** | **Retailers 0.0%** | **Retailers 0.0%** |
| Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
| 05/12/2051 | &nbsp;&nbsp; 3.100% | 711000 | &nbsp;&nbsp; 493630 |
| Lowe's Companies, Inc. | Lowe's Companies, Inc. | Lowe's Companies, Inc. | Lowe's Companies, Inc. |
| 04/01/2052 | &nbsp;&nbsp; 4.250% | 553000 | &nbsp;&nbsp; 446265 |
| 04/01/2062 | &nbsp;&nbsp; 4.450% | 180000 | &nbsp;&nbsp; 143622 |
| Walmart, Inc. | Walmart, Inc. | Walmart, Inc. | Walmart, Inc. |
| 09/22/2051 | &nbsp;&nbsp; 2.650% | 160000 | &nbsp;&nbsp; 102105 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1185622** |
| **Supermarkets 0.0%** | **Supermarkets 0.0%** | **Supermarkets 0.0%** | **Supermarkets 0.0%** |
| Kroger Co. (The) | Kroger Co. (The) | Kroger Co. (The) | Kroger Co. (The) |
| 09/15/2064 | &nbsp;&nbsp; 5.650% | 338000 | &nbsp;&nbsp; 330180 |
| **Technology 0.1%** | **Technology 0.1%** | **Technology 0.1%** | **Technology 0.1%** |
| Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. |
| 05/15/2065 | &nbsp;&nbsp; 5.300% | 128000 | &nbsp;&nbsp; 127207 |
| Apple, Inc. | Apple, Inc. | Apple, Inc. | Apple, Inc. |
| 02/08/2051 | &nbsp;&nbsp; 2.650% | 801000 | &nbsp;&nbsp; 508595 |
| Broadcom, Inc.<sup>(a)</sup>  | Broadcom, Inc.<sup>(a)</sup>  | Broadcom, Inc.<sup>(a)</sup>  | Broadcom, Inc.<sup>(a)</sup>  |
| 11/15/2036 | &nbsp;&nbsp; 3.187% | 745000 | &nbsp;&nbsp; 635976 |
| Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. |
| 02/24/2055 | &nbsp;&nbsp; 5.500% | 290000 | &nbsp;&nbsp; 294502 |
| Foundry JV Holdco LLC<sup>(a)</sup>  | Foundry JV Holdco LLC<sup>(a)</sup>  | Foundry JV Holdco LLC<sup>(a)</sup>  | Foundry JV Holdco LLC<sup>(a)</sup>  |
| 01/25/2038 | &nbsp;&nbsp; 6.400% | 200000 | &nbsp;&nbsp; 216760 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 08/12/2051 | &nbsp;&nbsp; 3.050% | 585000 | &nbsp;&nbsp; 370830 |
| International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. |
| 02/10/2055 | &nbsp;&nbsp; 5.700% | 220000 | &nbsp;&nbsp; 222910 |
| NXP BV/Funding LLC/USA, Inc. | NXP BV/Funding LLC/USA, Inc. | NXP BV/Funding LLC/USA, Inc. | NXP BV/Funding LLC/USA, Inc. |
| 05/11/2041 | &nbsp;&nbsp; 3.250% | 215000 | &nbsp;&nbsp; 163713 |
| 02/15/2042 | &nbsp;&nbsp; 3.125% | 169000 | &nbsp;&nbsp; 124869 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 07/15/2046 | &nbsp;&nbsp; 4.000% | 385000 | &nbsp;&nbsp; 299648 |
| 04/01/2050 | &nbsp;&nbsp; 3.600% | 319000 | &nbsp;&nbsp; 224584 |
| 02/06/2053 | &nbsp;&nbsp; 5.550% | 182000 | &nbsp;&nbsp; 171773 |
| 09/26/2055 | &nbsp;&nbsp; 5.950% | 190000 | &nbsp;&nbsp; 189420 |
| 03/25/2061 | &nbsp;&nbsp; 4.100% | 117000 | &nbsp;&nbsp; 84081 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3634868** |
| **Tobacco 0.0%** | **Tobacco 0.0%** | **Tobacco 0.0%** | **Tobacco 0.0%** |
| BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
| 08/02/2043 | &nbsp;&nbsp; 7.079% | 248000 | &nbsp;&nbsp; 279774 |
| **Transportation Services 0.0%** | **Transportation Services 0.0%** | **Transportation Services 0.0%** | **Transportation Services 0.0%** |
| ERAC USA Finance LLC<sup>(a)</sup>  | ERAC USA Finance LLC<sup>(a)</sup>  | ERAC USA Finance LLC<sup>(a)</sup>  | ERAC USA Finance LLC<sup>(a)</sup>  |
| 10/30/2034 | &nbsp;&nbsp; 5.200% | 143000 | &nbsp;&nbsp; 147494 |
| FedEx Corp. | FedEx Corp. | FedEx Corp. | FedEx Corp. |
| 05/15/2050 | &nbsp;&nbsp; 5.250% | 260000 | &nbsp;&nbsp; 238319 |
| United Parcel Service, Inc. | United Parcel Service, Inc. | United Parcel Service, Inc. | United Parcel Service, Inc. |
| 05/14/2065 | &nbsp;&nbsp; 6.050% | 390000 | &nbsp;&nbsp; 407998 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **793811** |
| **Wireless 0.0%** | **Wireless 0.0%** | **Wireless 0.0%** | **Wireless 0.0%** |
| T-Mobile US, Inc. | T-Mobile US, Inc. | T-Mobile US, Inc. | T-Mobile US, Inc. |
| 04/15/2050 | &nbsp;&nbsp; 4.500% | 115000 | &nbsp;&nbsp; 96782 |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| 11/15/2055 | &nbsp;&nbsp; 5.875% | 153000 | &nbsp;&nbsp; 156192 |
| Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC |
| 06/28/2064 | &nbsp;&nbsp; 5.875% | 240000 | &nbsp;&nbsp; 238545 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **491519** |
| **Wirelines 0.0%** | **Wirelines 0.0%** | **Wirelines 0.0%** | **Wirelines 0.0%** |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| 12/01/2057 | &nbsp;&nbsp; 3.800% | 1455000 | &nbsp;&nbsp; 1038034 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| 04/02/2035 | &nbsp;&nbsp; 5.250% | 310000 | &nbsp;&nbsp; 315102 |
| 03/22/2041 | &nbsp;&nbsp; 3.400% | 855000 | &nbsp;&nbsp; 675430 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2028566** |
| &nbsp;&nbsp; Total Corporate Bonds & Notes <br>(Cost $47,265,875) | &nbsp;&nbsp; Total Corporate Bonds & Notes <br>(Cost $47,265,875) | &nbsp;&nbsp; Total Corporate Bonds & Notes <br>(Cost $47,265,875) | &nbsp;&nbsp; **45892599** |

---

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Managed Volatility Moderate Growth Fund, September 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **Equity Funds 47.5%** | **Equity Funds 47.5%** | **Equity Funds 47.5%** |
|  | **Shares** | **Value ($)** |
| **International 14.2%** | **International 14.2%** | **International 14.2%** |
| &nbsp;&nbsp; Columbia Variable Portfolio – Overseas Core <br> Fund, Class 1 Shares<sup>(c)</sup> <br>| &nbsp;&nbsp; 44518026 | &nbsp;&nbsp; 760813064 |
| &nbsp;&nbsp; Variable Portfolio – Partners International Core <br> Equity Fund, Class 1 Shares<sup>(c)</sup> <br>| &nbsp;&nbsp; 32548234 | &nbsp;&nbsp; 401970694 |
| &nbsp;&nbsp; Variable Portfolio – Partners International <br> Growth Fund, Class 1 Shares<sup>(c)</sup> <br>| &nbsp;&nbsp; 19246935 | &nbsp;&nbsp; 247130650 |
| &nbsp;&nbsp; Variable Portfolio – Partners International <br> Value Fund, Class 1 Shares<sup>(c)</sup> <br>| &nbsp;&nbsp; 20133238 | &nbsp;&nbsp; 253074795 |
| **Total** | **Total** | &nbsp;&nbsp; **1662989203** |
| **U.S. Large Cap 29.6%** | **U.S. Large Cap 29.6%** | **U.S. Large Cap 29.6%** |
| &nbsp;&nbsp; Columbia Variable Portfolio – Contrarian Core <br> Fund, Class 1 Shares<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 3191622 | &nbsp;&nbsp; 197657119 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Disciplined Core <br> Fund, Class 1 Shares<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 4895556 | &nbsp;&nbsp; 614637053 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Large Cap <br> Growth Fund, Class 1 Shares<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 5642600 | &nbsp;&nbsp; 314631373 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Select Large Cap <br> Equity Fund, Class 1 Shares<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 23616814 | &nbsp;&nbsp; 615454182 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Select Large Cap <br> Value Fund, Class 1 Shares<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 6128005 | &nbsp;&nbsp; 314305379 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, <br> Class 1 Shares<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 3276912 | &nbsp;&nbsp; 273065031 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, <br> Class 1 Shares<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 6456520 | &nbsp;&nbsp; 273046245 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, <br> Class 1 Shares<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 5610587 | &nbsp;&nbsp; 273964985 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – Westfield Select Large Cap Growth <br> Fund, Class 1 Shares<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 3980323 | &nbsp;&nbsp; 274164655 |
| &nbsp;&nbsp; Variable Portfolio – Partners Core Equity Fund, <br> Class 1 Shares<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 5901975 | &nbsp;&nbsp; 305073085 |
| **Total** | **Total** | &nbsp;&nbsp; **3455999107** |
| **U.S. Mid Cap 1.6%** | **U.S. Mid Cap 1.6%** | **U.S. Mid Cap 1.6%** |
| &nbsp;&nbsp; Columbia Variable Portfolio – Select Mid Cap <br> Growth Fund, Class 1 Shares<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 713961 | &nbsp;&nbsp; 47835368 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Select Mid Cap <br> Value Fund, Class 1 Shares<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 1035979 | &nbsp;&nbsp; 47841506 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – Victory Sycamore Established Value <br> Fund, Class 1 Shares<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 910540 | &nbsp;&nbsp; 47502899 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, <br> Class 1 Shares<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 803439 | &nbsp;&nbsp; 47796574 |
| **Total** | **Total** | &nbsp;&nbsp; **190976347** |

---

---

| | | |
|:---|:---|:---|
| **Equity Funds (continued)** | **Equity Funds (continued)** | **Equity Funds (continued)** |
|  | **Shares** | **Value ($)** |
| **U.S. Small Cap 2.1%** | **U.S. Small Cap 2.1%** | **U.S. Small Cap 2.1%** |
| &nbsp;&nbsp; Columbia Variable Portfolio – Small Cap Value <br> Fund, Class 1 Shares<sup>(c)</sup> <br>| &nbsp;&nbsp; 2744180 | &nbsp;&nbsp; 33286910 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Small Company <br> Growth Fund, Class 1 Shares<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 2315349 | &nbsp;&nbsp; 33248408 |
| &nbsp;&nbsp; Variable Portfolio – Partners Small Cap Growth <br> Fund, Class 1 Shares<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 2411995 | &nbsp;&nbsp; 88254894 |
| &nbsp;&nbsp; Variable Portfolio – Partners Small Cap Value <br> Fund, Class 1 Shares<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 2157676 | &nbsp;&nbsp; 87623236 |
| **Total** | **Total** | &nbsp;&nbsp; **242413448** |
| &nbsp;&nbsp; Total Equity Funds <br>(Cost $3,273,266,361) | &nbsp;&nbsp; Total Equity Funds <br>(Cost $3,273,266,361) | &nbsp;&nbsp; **5552378105** |
| **Exchange-Traded Equity Funds 5.6%** | **Exchange-Traded Equity Funds 5.6%** | **Exchange-Traded Equity Funds 5.6%** |
| **U.S. Mid Large Cap 5.6%** | **U.S. Mid Large Cap 5.6%** | **U.S. Mid Large Cap 5.6%** |
| iShares Core S&P 500 ETF | &nbsp;&nbsp; 490000 | &nbsp;&nbsp; 327957000 |
| Vanguard S&P 500 ETF | &nbsp;&nbsp; 535000 | &nbsp;&nbsp; 327623300 |
| **Total** | **Total** | &nbsp;&nbsp; **655580300** |
| &nbsp;&nbsp; Total Exchange-Traded Equity Funds <br>(Cost $568,957,386) | &nbsp;&nbsp; Total Exchange-Traded Equity Funds <br>(Cost $568,957,386) | &nbsp;&nbsp; **655580300** |
| **Exchange-Traded Fixed Income Funds 3.0%** | **Exchange-Traded Fixed Income Funds 3.0%** | **Exchange-Traded Fixed Income Funds 3.0%** |
| **Investment Grade 3.0%** | **Investment Grade 3.0%** | **Investment Grade 3.0%** |
| iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp; 225562500 |
| &nbsp;&nbsp; iShares iBoxx $ Investment Grade Corporate <br> Bond ETF<br>| &nbsp;&nbsp; 490790 | &nbsp;&nbsp; 54708361 |
| &nbsp;&nbsp; Vanguard Intermediate-Term Corporate Bond <br> ETF<br>| &nbsp;&nbsp; 756600 | &nbsp;&nbsp; 63637626 |
| **Total** | **Total** | &nbsp;&nbsp; **343908487** |
| &nbsp;&nbsp; Total Exchange-Traded Fixed Income Funds <br>(Cost $340,336,807) | &nbsp;&nbsp; Total Exchange-Traded Fixed Income Funds <br>(Cost $340,336,807) | &nbsp;&nbsp; **343908487** |
| **Fixed Income Funds 25.4%** | **Fixed Income Funds 25.4%** | **Fixed Income Funds 25.4%** |
| **Investment Grade 25.4%** | **Investment Grade 25.4%** | **Investment Grade 25.4%** |
| &nbsp;&nbsp; Columbia Variable Portfolio – Corporate Bond <br> Fund, Class 1 Shares<sup>(c)</sup> <br>| &nbsp;&nbsp; 34149068 | &nbsp;&nbsp; 266362733 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Intermediate <br> Bond Fund, Class 1 Shares<sup>(c)</sup> <br>| &nbsp;&nbsp; 67864328 | &nbsp;&nbsp; 578204076 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Limited Duration <br> Credit Fund, Class 1 Shares<sup>(c)</sup> <br>| &nbsp;&nbsp; 9060297 | &nbsp;&nbsp; 85257397 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Long <br> Government/Credit Bond Fund, Class 1 <br> Shares<sup>(c)</sup> <br>| &nbsp;&nbsp; 25096551 | &nbsp;&nbsp; 178938408 |
| &nbsp;&nbsp; Columbia Variable Portfolio – U.S. Government <br> Mortgage Fund, Class 1 Shares<sup>(c)</sup> <br>| &nbsp;&nbsp; 19361862 | &nbsp;&nbsp; 178516370 |

---

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Managed Volatility Moderate Growth Fund, September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Fixed Income Funds (continued)** | **Fixed Income Funds (continued)** | **Fixed Income Funds (continued)** |
|  | **Shares** | **Value ($)** |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – American Century Diversified Bond <br> Fund, Class 1 Shares<sup>(c)</sup> <br>| &nbsp;&nbsp; 48120185 | &nbsp;&nbsp; 442705699 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 <br> Shares<sup>(c)</sup> <br>| &nbsp;&nbsp; 62816816 | &nbsp;&nbsp; 578542871 |
| &nbsp;&nbsp; Variable Portfolio – Partners Core Bond Fund, <br> Class 1 Shares<sup>(c)</sup> <br>| &nbsp;&nbsp; 68782931 | &nbsp;&nbsp; 663755282 |
| **Total** | **Total** | &nbsp;&nbsp; **2972282836** |
| &nbsp;&nbsp; Total Fixed Income Funds <br>(Cost $3,377,760,173) | &nbsp;&nbsp; Total Fixed Income Funds <br>(Cost $3,377,760,173) | &nbsp;&nbsp; **2972282836** |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency 5.9%** | **Residential Mortgage-Backed Securities - Agency 5.9%** | **Residential Mortgage-Backed Securities - Agency 5.9%** | **Residential Mortgage-Backed Securities - Agency 5.9%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Uniform Mortgage-Backed Security TBA<sup>(e)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(e)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(e)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(e)</sup>  |
| &nbsp;&nbsp; 10/16/2040- <br>10/14/2055<br>| &nbsp;&nbsp; 3.000% | 83302000 | &nbsp;&nbsp; 74349860 |
| &nbsp;&nbsp; 10/16/2040- <br>10/14/2055<br>| &nbsp;&nbsp; 3.500% | 110050000 | &nbsp;&nbsp; 101783366 |
| &nbsp;&nbsp; 10/16/2040- <br>10/14/2055<br>| &nbsp;&nbsp; 4.000% | 155530000 | &nbsp;&nbsp; 147993555 |
| 10/14/2055 | &nbsp;&nbsp; 4.500% | 297200000 | &nbsp;&nbsp; 288241753 |
| 10/14/2055 | &nbsp;&nbsp; 5.000% | 74400000 | &nbsp;&nbsp; 73779293 |
| &nbsp;&nbsp; Total Residential Mortgage-Backed Securities - Agency <br>(Cost $688,491,958) | &nbsp;&nbsp; Total Residential Mortgage-Backed Securities - Agency <br>(Cost $688,491,958) | &nbsp;&nbsp; Total Residential Mortgage-Backed Securities - Agency <br>(Cost $688,491,958) | &nbsp;&nbsp; **686147827** |
| **U.S. Treasury Obligations 0.0%** | **U.S. Treasury Obligations 0.0%** | **U.S. Treasury Obligations 0.0%** | **U.S. Treasury Obligations 0.0%** |
| U.S. Treasury | U.S. Treasury | U.S. Treasury | U.S. Treasury |
| 02/15/2045 | &nbsp;&nbsp; 4.750% | 758000 | &nbsp;&nbsp; 762856 |
| 05/15/2045 | &nbsp;&nbsp; 5.000% | 614000 | &nbsp;&nbsp; 637793 |
| 08/15/2045 | &nbsp;&nbsp; 4.875% | 309000 | &nbsp;&nbsp; 315904 |
| &nbsp;&nbsp; Total U.S. Treasury Obligations <br>(Cost $1,676,168) | &nbsp;&nbsp; Total U.S. Treasury Obligations <br>(Cost $1,676,168) | &nbsp;&nbsp; Total U.S. Treasury Obligations <br>(Cost $1,676,168) | &nbsp;&nbsp; **1716553** |

---

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

---

| | |
|:---|:---|
| **Call Option Contracts Purchased 0.0%** | **Call Option Contracts Purchased 0.0%** |
|  | **Value ($)** |
| (Cost $1,247,360) | &nbsp;&nbsp; **1460300** |
| **Put Option Contracts Purchased 0.6%** | **Put Option Contracts Purchased 0.6%** |
| (Cost $89,006,524) | &nbsp;&nbsp; **70610950** |

---

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

---

| | | |
|:---|:---|:---|
| **Money Market Funds 16.2%** | **Money Market Funds 16.2%** | **Money Market Funds 16.2%** |
|  | **Shares** | **Value ($)** |
| &nbsp;&nbsp; Columbia Short-Term Cash Fund, <br> 4.265%<sup>(c),(f)</sup> <br>| &nbsp;&nbsp; 1898797297 | &nbsp;&nbsp; 1898227658 |
| &nbsp;&nbsp; Total Money Market Funds <br>(Cost $1,898,290,472) | &nbsp;&nbsp; Total Money Market Funds <br>(Cost $1,898,290,472) | &nbsp;&nbsp; **1898227658** |
| **Total Investments in Securities** <br>**(Cost: $10,286,299,084)** | **Total Investments in Securities** <br>**(Cost: $10,286,299,084)** | &nbsp;&nbsp; **12228205615** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(540953022)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **11687252593** |

---

At September 30, 2025, securities and/or cash totaling $144,292,218 were pledged as collateral.

**Investments in derivatives** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** |
| **Currency to** <br>**be sold**<br>| &nbsp;&nbsp;&nbsp; **Currency to** <br>**be purchased**<br>| **Counterparty** | **Settlement** <br>**date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**depreciation ($)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 11,000,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12,868,638 USD | Barclays | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (50950)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 14,000,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,208,574 USD | Barclays | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 90058 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; 160,000,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,089,088 USD | Barclays | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 86730 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; 110,326,142 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81,500,000 GBP | Barclays | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (712880)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,041,343 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38,000,000 SEK | Barclays | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3283)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 21,000,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24,658,200 USD | Citi | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6468)<br>|
| &nbsp;&nbsp; 110,000,000 NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,970,052 USD | Citi | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (52951)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 51,110,104 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70,500,000 CAD | Citi | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (436594)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 80,196,534 USD | &nbsp;&nbsp;&nbsp;&nbsp; 818,000,000 NOK | Citi | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1774523 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,889,365 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,000,000 AUD | Goldman Sachs International | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 37035 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; 14,083,848 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12,000,000 EUR | Goldman Sachs International | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 10248 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Managed Volatility Moderate Growth Fund, September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** |
| **Currency to**<br> **be sold**<br>| &nbsp;&nbsp;&nbsp; **Currency to**<br> **be purchased**<br>| **Counterparty** | **Settlement**<br> **date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized**<br> **appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized**<br> **depreciation ($)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,119,247 USD | &nbsp;&nbsp;&nbsp;&nbsp; 900,000,000 JPY | Goldman Sachs International | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (29203)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,897,134 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75,000,000 SEK | Goldman Sachs International | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 72721 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,500,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,942,481 USD | HSBC | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6211 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; 97,000,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57,453,585 USD | HSBC | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1203867 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; 27,597,627 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38,000,000 CAD | HSBC | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (284245)<br>|
| &nbsp;&nbsp; 161,023,500 USD | &nbsp;&nbsp;&nbsp;&nbsp; 137,500,000 EUR | HSBC | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 471350 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,683,564 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,000,000 GBP | HSBC | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6332 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; 21,744,392 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16,000,000 GBP | HSBC | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (225224)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 11,074,164 USD | &nbsp;&nbsp;&nbsp;&nbsp; 110,000,000 NOK | HSBC | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (51161)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,000,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,353,916 USD | JPMorgan | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8968 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; 22,000,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,931,800 USD | Morgan Stanley | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 118790 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,000,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,055,278 USD | Morgan Stanley | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 26578 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,000,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,020,123 USD | Morgan Stanley | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8578)<br>|
| 1,600,000,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,854,331 USD | Morgan Stanley | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 27587 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2,300,000,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,490,041 USD | Morgan Stanley | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (73404)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 12,000,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,155,060 USD | Morgan Stanley | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 196332 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; 60,000,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,401,719 USD | Morgan Stanley | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25835 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; 12,000,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,274,528 USD | Morgan Stanley | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (649)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 23,710,363 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36,500,000 AUD | Morgan Stanley | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 443877 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,434,140 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,500,000 CAD | Morgan Stanley | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (43341)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 13,599,119 USD | &nbsp;&nbsp;&nbsp;&nbsp; 2,000,000,000 JPY | Morgan Stanley | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (65689)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 19,324,337 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32,500,000 NZD | Morgan Stanley | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (477783)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 13,000,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,486,257 USD | UBS | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (116623)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 59,500,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74,246,039 USD | UBS | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (555884)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 35,000,000 NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,499,175 USD | UBS | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8144)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 35,000,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20,576,878 USD | UBS | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 280588 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; 18,119,943 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27,500,000 AUD | UBS | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 78458 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; 10,654,912 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16,000,000 AUD | UBS | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (66752)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,423,308 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,000,000 CAD | UBS | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (79256)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 20,258,175 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,000,000 GBP | UBS | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (83955)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,000,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,205,522 USD | Wells Fargo | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (88558)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 30,000,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21,535,970 USD | Wells Fargo | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (27226)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 36,000,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42,339,966 USD | Wells Fargo | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 57678 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,000,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12,088,241 USD | Wells Fargo | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16291)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 80,000,000 NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,022,986 USD | Wells Fargo | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6257 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,000,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,735,095 USD | Wells Fargo | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4587)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 90,000,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,700,366 USD | Wells Fargo | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 136540 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; 455,000,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47,678,927 USD | Wells Fargo | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (671528)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 28,911,168 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44,000,000 AUD | Wells Fargo | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 206272 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; 16,216,379 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12,000,000 GBP | Wells Fargo | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (77003)<br>|
| &nbsp;&nbsp; 255,737,081 USD | &nbsp;&nbsp;&nbsp;&nbsp; 37,600,000,000 JPY | Wells Fargo | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1308597)<br>|
| Total |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5372835 | &nbsp;&nbsp;&nbsp;&nbsp; (5626807)<br>|

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| CAC40 Index | 169 | 10/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 13342550 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (37150)<br>|
| DAX Index | 3 | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1800825 | &nbsp;&nbsp;&nbsp;&nbsp; 10076 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Euro STOXX 50 Index | 1223 | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 67766430 | &nbsp;&nbsp;&nbsp;&nbsp; 1840569 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| IBEX 35 Index | 69 | 10/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 10700589 | &nbsp;&nbsp;&nbsp;&nbsp; 82929 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MSCI Singapore Index | 734 | 10/2025 | SGD | &nbsp;&nbsp;&nbsp;&nbsp; 32835490 | &nbsp;&nbsp;&nbsp;&nbsp; 35841 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| OMXS30 Index | 2405 | 10/2025 | SEK | &nbsp;&nbsp;&nbsp;&nbsp; 640932500 | &nbsp;&nbsp;&nbsp;&nbsp; 706129 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P 500 Index E-mini | 2747 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 925567313 | &nbsp;&nbsp;&nbsp;&nbsp; 12356126 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P/TSX 60 Index | 315 | 12/2025 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 111686400 | &nbsp;&nbsp;&nbsp;&nbsp; 1899955 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| SPI 200 Index | 212 | 12/2025 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; 47026900 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (174915)<br>|
| TOPIX Index | 482 | 12/2025 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; 15139620000 | &nbsp;&nbsp;&nbsp;&nbsp; 150621 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Long Bond | 71 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 8278156 | &nbsp;&nbsp;&nbsp;&nbsp; 185673 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Managed Volatility Moderate Growth Fund, September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** |
| **Description** | **Number of**<br> **contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br> **date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading**<br> **currency**<br>| &nbsp;&nbsp;&nbsp; **Notional**<br> **amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized**<br> **appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized**<br> **depreciation ($)**<br>|
| U.S. Treasury 10-Year Note | 275 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 30937500 | &nbsp;&nbsp;&nbsp;&nbsp; 44979 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 10-Year Note | 649 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 73012500 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (352446)<br>|
| U.S. Treasury 2-Year Note | 908 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 189225782 | &nbsp;&nbsp;&nbsp;&nbsp; 202860 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 2-Year Note | 410 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 85443360 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (49739)<br>|
| U.S. Treasury 5-Year Note | 1812 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 197861907 | &nbsp;&nbsp;&nbsp;&nbsp; 467205 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 5-Year Note | 780 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 85172344 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (312598)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 17982963 | &nbsp;&nbsp;&nbsp;&nbsp; (926848)<br>|

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| FTSE 100 Index | (185) | 12/2025 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; (17403875)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (276393)<br>|
| FTSE/MIB Index | (118) | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (25071460)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 181757 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Russell 2000 Index E-mini | (25) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (3069375)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23727 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Russell 2000 Index E-mini | (155) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (19030125)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (273259)<br>|
| U.S. Long Bond | (28) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (3264625)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (15805)<br>|
| U.S. Treasury 10-Year Note | (3) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (337500)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1526 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 10-Year Note | (16) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (1800000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5280)<br>|
| U.S. Treasury 5-Year Note | (2) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (218391)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 528 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury Ultra 10-Year Note | (3) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (345234)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1277 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury Ultra 10-Year Note | (5) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (575391)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4750)<br>|
| U.S. Treasury Ultra Bond | (58) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (6963625)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (101182)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 208815 | &nbsp;&nbsp;&nbsp;&nbsp; (676669)<br>|

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Cost ($)** | **Value ($)** |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 45481528 | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 6670.00 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; 1247360 | &nbsp;&nbsp; 1460300 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Cost ($)** | **Value ($)** |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 1451395820 | &nbsp;&nbsp; 2170 | &nbsp;&nbsp; 5200.00 | &nbsp;&nbsp; 12/18/2026 | &nbsp;&nbsp; 32621670 | &nbsp;&nbsp; 26181050 |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 1518280420 | &nbsp;&nbsp; 2270 | &nbsp;&nbsp; 5100.00 | &nbsp;&nbsp; 12/18/2026 | &nbsp;&nbsp; 36205697 | &nbsp;&nbsp; 25185650 |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 902942100 | &nbsp;&nbsp; 1350 | &nbsp;&nbsp; 5400.00 | &nbsp;&nbsp; 12/18/2026 | &nbsp;&nbsp; 20179157 | &nbsp;&nbsp; 19244250 |
| Total |  |  |  |  |  |  | &nbsp;&nbsp; 89006524 | &nbsp;&nbsp; 70610950 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Premium** <br>**received ($)**<br>| **Value ($)** |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; (45481528)<br>| &nbsp;&nbsp; (68)<br>| &nbsp;&nbsp; 6670.00 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; (1260480)<br>| &nbsp;&nbsp; (1011840)<br>|

---

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Managed Volatility Moderate Growth Fund, September 30, 2025 (Unaudited)

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents privately placed and other securities and instruments exempt from Securities
 and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only
 to qualified institutional buyers. At September 30, 2025, the total value of these securities amounted to $4,751,626, which represents 0.04% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents a variable rate security with a step coupon where the rate adjusts according
 to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the
 current rate as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the
 holdings and transactions in these affiliated companies during the period ended September 30, 2025 are as follows:

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated** <br> **issuers**<br>| **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Capital gain** <br>**distributions($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends —** <br>**affiliated** <br>**issuers ($)**<br>| **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 4.265%  | Columbia Short-Term Cash Fund, 4.265%  | Columbia Short-Term Cash Fund, 4.265%  | Columbia Short-Term Cash Fund, 4.265%  | Columbia Short-Term Cash Fund, 4.265%  | Columbia Short-Term Cash Fund, 4.265%  | Columbia Short-Term Cash Fund, 4.265%  | Columbia Short-Term Cash Fund, 4.265%  | Columbia Short-Term Cash Fund, 4.265%  | Columbia Short-Term Cash Fund, 4.265%  |
|  | 1932232652 | 2930115214 | (2963995420)<br>| (124788)<br>| 1898227658 |  | (23015)<br>| 60550071 | 1898797297 |
| Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  |
|  | 201470575 | 2482 | (8248628)<br>| 4432690 | 197657119 |  | 22670135 |  | 3191622 |
| Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  |
|  |  | 258499998 |  | 7862735 | 266362733 |  |  |  | 34149068 |
| Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  |
|  | 625676132 | 12153 | (23554711)<br>| 12503479 | 614637053 |  | 52395541 |  | 4895556 |
| Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  |
|  | 596117573 | 30980580 | (75007703)<br>| 26113626 | 578204076 |  | (11884538)<br>| 30976038 | 67864328 |
| Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  |
|  | 322226842 | 8426 | (12216564)<br>| 4612669 | 314631373 |  | 36421892 |  | 5642600 |
| Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  |
|  | 185869316 | 7495448 | (113157106)<br>| 5049739 | 85257397 |  | (5100827)<br>| 7495293 | 9060297 |
| Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  |
|  | 354612787 | 19435542 | (270953465)<br>| 75843544 | 178938408 |  | (80149963)<br>| 19411899 | 25096551 |
| Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  |
|  | 762324173 | 16106538 | (176970428)<br>| 159352781 | 760813064 |  | 39658074 | 16106538 | 44518026 |
| Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  |
|  | 629172910 | 10870 | (45125128)<br>| 31395530 | 615454182 |  | 31403227 |  | 23616814 |
| Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  |
|  | 314622303 | 1238 | (24813633)<br>| 24495471 | 314305379 |  | 26052526 |  | 6128005 |
| Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  |
|  | 47405102 | 2680 | (2576450)<br>| 3004036 | 47835368 |  | 5530531 |  | 713961 |
| Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  |
|  | 47292310 | 3291 | (1920501)<br>| 2466406 | 47841506 |  | 2660668 |  | 1035979 |
| Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  |
|  | 32927093 | 5895358 | (2746080)<br>| (2789461)<br>| 33286910 | 5496028 | 182947 | 397616 | 2744180 |
| Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  |
|  | 32905023 | 4360819 | (3396331)<br>| (621103)<br>| 33248408 | 4357637 | 1463198 |  | 2315349 |
| Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  |
|  | 183753146 | 3957326 | (20933610)<br>| 11739508 | 178516370 |  | (2545643)<br>| 3955296 | 19361862 |
| CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  |
|  | 456923660 | 13977651 | (49983043)<br>| 21787431 | 442705699 |  | (9068285)<br>| 13975891 | 48120185 |
| CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  |
|  | 278174475 | 7007 | (12487355)<br>| 7370904 | 273065031 |  | 34194664 |  | 3276912 |

---

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Managed Volatility Moderate Growth Fund, September 30, 2025 (Unaudited)

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated** <br> **issuers**<br>| **Beginning**<br> **of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br> **unrealized** <br> **appreciation** <br> **(depreciation)($)**<br>| **End of** <br> **period($)**<br>| **Capital gain**<br> **distributions($)**<br>| **Realized gain**<br> **(loss)($)**<br>| **Dividends —**<br> **affiliated**<br> **issuers ($)**<br>| **End of**<br> **period shares**<br>|
| CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  |
|  | 269939640 |  | (8704132)<br>| 11810737 | 273046245 |  | 8317566 |  | 6456520 |
| CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  |
|  | 596007956 | 27064901 | (60177228)<br>| 15647242 | 578542871 |  | (6630109)<br>| 27059737 | 62816816 |
| CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  |
|  | 47296977 | 1601 | (430971)<br>| 635292 | 47502899 |  | 651644 |  | 910540 |
| CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  |
|  | 272420305 |  | (15060996)<br>| 16605676 | 273964985 |  | 18570879 |  | 5610587 |
| CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  |
|  | 47734297 | 2393 | (2006505)<br>| 2066389 | 47796574 |  | 3969923 |  | 803439 |
| CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  |
|  | 280673442 | 10330 | (38803457)<br>| 32284340 | 274164655 |  | 10047578 |  | 3980323 |
| Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  |
|  | 685570605 | 35421551 | (70791724)<br>| 13554850 | 663755282 |  | (7539012)<br>| 35418903 | 68782931 |
| Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  |
|  | 309776692 | 3216 | (12148469)<br>| 7441646 | 305073085 |  | 28175108 |  | 5901975 |
| Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  |
|  | 407025179 | 22277164 | (76057520)<br>| 48725871 | 401970694 | 15973291 | 12881329 | 6303873 | 32548234 |
| Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  |
|  | 242485970 | 3760522 | (28740123)<br>| 29624281 | 247130650 | 1880070 | 2738542 | 1880453 | 19246935 |
| Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  |
|  | 247405374 | 7785534 | (43600098)<br>| 41483985 | 253074795 | 586787 | 11587088 | 7198747 | 20133238 |
| Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  |
|  | 86407200 | 10128 | (1302850)<br>| 3140416 | 88254894 |  | 1901348 |  | 2411995 |
| Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  |
|  | 86415582 | 10741 | (992077)<br>| 2188990 | 87623236 |  | 683749 |  | 2157676 |
| Total | 10582865291 |  |  | 619704912 | 10422888599 | 28293813 | 229216765 | 230730355 |  |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Represents a security purchased on a when-issued basis.

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

**Abbreviation Legend** 

TBA To Be Announced

**Currency Legend** 

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| CAD | Canada Dollar |
| CHF | Swiss Franc |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| SEK | Swedish Krona |

---

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Managed Volatility Moderate Growth Fund, September 30, 2025 (Unaudited)

**Currency Legend (continued)**

SGD Singapore Dollar <br> USD US Dollar

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

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

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

3QT7048_12_D01_(11/25)

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

- **b. Investment Company Act file number:** 811-22127

- **c. CIK number of Registrant:** 0001413032

- **d. LEI of Registrant:** 54930017CSZ4UCL7G406

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

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

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

- **a. Name of Series:** Variable Portfolio - Managed Volatility Moderate Growth Fund

- **b. EDGAR series identifier (if any):** S000036785

- **c. LEI of Series:** 9JZ674PFZ8KMUU1PMX40

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $12477954570.88

**Total Liabilities:** $775511083.87

**Net Assets:** $11702443487.01

**Delayed Delivery Securities:** $766828509.13

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 812254.590400000000 | **1-Year:** 0.000000000000 | **5-Year:** 205.600800000000 | **10-Year:** 23628.092800000000 | **30-Year:** 91806.881200000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 1496785.162500000000 | **1-Year:** 0.000000000000 | **5-Year:** 155.374800000000 | **10-Year:** 0.000000000000 | **30-Year:** 67605.714400000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000112515 | 0.40%                | 2.16%                | 2.07%                |
| Class ID C000209990 | 0.40%                | 2.18%                | 2.09%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $17264440.70             | $-111616802.07                             |
| Month 2  | $57797298.76             | $157301604.80                              |
| Month 3  | $58248408.27             | $147501624.60                              |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                                    | Title                                                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |     Balance | Units   | Value (USD)    | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FIRSTENERGY CORP                                        | FIRSTENERGY CORPORATION                                 | CUSIP: 337932AM9<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |      178000 | PA      | $124035.18     | 0.00%             | 2050-03-01      | Fixed         | 3.40%                 | No            | 2                  | On Loan: No      |
| FLORIDA POWER & LIGHT CO                                | FLORIDA POWER & LIGHT CO                                | CUSIP: 341081GY7<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |      134000 | PA      | $139030.93     | 0.00%             | 2055-03-15      | Fixed         | 5.70%                 | No            | 2                  | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                   | FOUNDRY JV HOLDCO LLC                                   | CUSIP: 350930AE3<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |      200000 | PA      | $216759.71     | 0.00%             | 2038-01-25      | Fixed         | 6.40%                 | No            | 2                  | On Loan: No      |
| FOX CORP                                                | FOX CORP                                                | CUSIP: 35137LAK1<br>LEI: 549300DDU6FDRBIELS05 | Long             | DBT              | CORP              | US        |      110000 | PA      | $107093.00     | 0.00%             | 2049-01-25      | Fixed         | 5.58%                 | No            | 2                  | On Loan: No      |
| GE HEALTHCARE TECHNOLOGIES INC                          | GE HEALTHCARE TECHNOLOGIES INC                          | CUSIP: 36266GAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       25000 | PA      | $25907.89      | 0.00%             | 2035-06-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| GOLDMAN SACHS GROUP INC/THE                             | GOLDMAN SACHS GROUP INC/THE                             | CUSIP: 38141GB86<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      280000 | PA      | $284149.80     | 0.00%             | 2045-11-19      | Variable      | 5.56%                 | No            | 2                  | On Loan: No      |
| GOLDMAN SACHS GROUP INC/THE                             | GOLDMAN SACHS GROUP INC/THE                             | CUSIP: 38141GC51<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      410000 | PA      | $425248.49     | 0.00%             | 2056-01-28      | Variable      | 5.73%                 | No            | 2                  | On Loan: No      |
| HCA INC                                                 | HCA INC                                                 | CUSIP: 404119CL1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      634000 | PA      | $523229.15     | 0.00%             | 2052-03-15      | Fixed         | 4.62%                 | No            | 2                  | On Loan: No      |
| HSBC HOLDINGS PLC                                       | HSBC HOLDINGS PLC                                       | CUSIP: 404280EX3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |      445000 | PA      | $469015.11     | 0.00%             | 2036-05-13      | Variable      | 5.79%                 | No            | 2                  | On Loan: No      |
| HSBC HOLDINGS PLC                                       | HSBC HOLDINGS PLC                                       | CUSIP: 404280FB0<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |      200000 | PA      | $203684.03     | 0.00%             | 2036-09-10      | Variable      | 5.74%                 | No            | 2                  | On Loan: No      |
| INTEL CORP                                              | INTEL CORP                                              | CUSIP: 458140BW9<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |      585000 | PA      | $370829.51     | 0.00%             | 2051-08-12      | Fixed         | 3.05%                 | No            | 2                  | On Loan: No      |
| INTERNATIONAL BUSINESS MACHINES CORP                    | INTERNATIONAL BUSINESS MACHINES CO                      | CUSIP: 459200LK5<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |      220000 | PA      | $222910.46     | 0.00%             | 2055-02-10      | Fixed         | 5.70%                 | No            | 2                  | On Loan: No      |
| ISHARES S&P 500                                         | iShares Core S&P 500 ETF                                | CUSIP: 464287200<br>LEI: 5493007M4YMN8XL48C14 | Long             | EC               | RF                | US        |      490000 | NS      | $327957000.00  | 2.80%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Core U.S. Aggregate Bond ETF                    | iShares Core U.S. Aggregate Bond ETF                    | CUSIP: 464287226<br>LEI: 549300F7VSXTKBGHJE47 | Long             | EC               | RF                | US        |     2250000 | NS      | $225562500.00  | 1.93%             |  |  |  | No            | 1                  | On Loan: No      |
| ISHARES IBOXX INVESTMENT GRADE CORPORATE BOND FUND ETF  | iShares iBoxx $ Investment Grade Corporate Bond ETF     | CUSIP: 464287242<br>LEI: 549300FYCXFXG8POR355 | Long             | EC               | RF                | US        |      480790 | NS      | $53593661.30   | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| JH NORTH AMERICA HOLDINGS INC                           | JH NORTH AMERICA HOLDINGS INC                           | CUSIP: 46593WAB1<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |      230000 | PA      | $235667.84     | 0.00%             | 2032-07-31      | Fixed         | 6.12%                 | No            | 2                  | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMORGAN CHASE & CO                                     | CUSIP: 46647PAL0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     1120000 | PA      | $915294.70     | 0.01%             | 2048-11-15      | Variable      | 3.96%                 | No            | 2                  | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMORGAN CHASE & CO                                     | CUSIP: 46647PFC5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      110000 | PA      | $114122.80     | 0.00%             | 2036-07-23      | Variable      | 5.58%                 | No            | 2                  | On Loan: No      |
| JERSEY CTL PWR & LT CO                                  | JERSEY CENTRAL POWER & LIGHT COMPA                      | CUSIP: 476556DF9<br>LEI: 549300W9UGH9ZPLNPF79 | Long             | DBT              | CORP              | US        |      161000 | PA      | $163246.77     | 0.00%             | 2035-01-15      | Fixed         | 5.10%                 | No            | 2                  | On Loan: No      |
| JOHNSON & JOHNSON                                       | JOHNSON & JOHNSON                                       | CUSIP: 478160CX0<br>LEI: 549300G0CFPGEF6X2043 | Long             | DBT              | CORP              | US        |      215000 | PA      | $219121.76     | 0.00%             | 2054-06-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| KEURIG DR PEPPER INC                                    | KEURIG DR PEPPER INC                                    | CUSIP: 49271VAR1<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |       55000 | PA      | $44369.79      | 0.00%             | 2052-04-15      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| KINDER MORGAN ENERGY PARTNERS LP                        | KINDER MORGAN ENERGY PARTNERS LP                        | CUSIP: 494550BW5<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |       69000 | PA      | $65830.44      | 0.00%             | 2044-09-01      | Fixed         | 5.40%                 | No            | 2                  | On Loan: No      |
| KINDER MORGAN INC                                       | KINDER MORGAN INC                                       | CUSIP: 49456BAJ0<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |      112000 | PA      | $101334.10     | 0.00%             | 2046-02-15      | Fixed         | 5.05%                 | No            | 2                  | On Loan: No      |
| KRAFT HEINZ FOODS CO                                    | KRAFT HEINZ FOODS CO                                    | CUSIP: 50077LAB2<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |      545000 | PA      | $453420.85     | 0.00%             | 2046-06-01      | Fixed         | 4.38%                 | No            | 2                  | On Loan: No      |
| KROGER CO                                               | KROGER CO                                               | CUSIP: 501044DX6<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |      338000 | PA      | $330180.10     | 0.00%             | 2064-09-15      | Fixed         | 5.65%                 | No            | 2                  | On Loan: No      |
| L3HARRIS TECHNOLOGIES INC                               | L3HARRIS TECHNOLOGIES INC                               | CUSIP: 502431AQ2<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |      159000 | PA      | $165636.20     | 0.00%             | 2033-07-31      | Fixed         | 5.40%                 | No            | 2                  | On Loan: No      |
| L3HARRIS TECHNOLOGIES INC                               | L3HARRIS TECHNOLOGIES INC                               | CUSIP: 502431AU3<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |       68000 | PA      | $70399.98      | 0.00%             | 2034-06-01      | Fixed         | 5.35%                 | No            | 2                  | On Loan: No      |
| L3HARRIS TECHNOLOGIES INC                               | L3HARRIS TECHNOLOGIES INC                               | CUSIP: 502431AV1<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |       60000 | PA      | $59637.76      | 0.00%             | 2054-08-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| LYB INTERNATIONAL FINANCE III LLC                       | LYB INTERNATIONAL FINANCE III LLC                       | CUSIP: 50249AAJ2<br>LEI: 984500A51LA0B8EB4053 | Long             | DBT              | CORP              | US        |      365000 | PA      | $244108.10     | 0.00%             | 2051-04-01      | Fixed         | 3.62%                 | No            | 2                  | On Loan: No      |
| ELI LILLY AND COMPANY                                   | ELI LILLY AND COMPANY                                   | CUSIP: 532457DG0<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |      305000 | PA      | $315111.35     | 0.00%             | 2065-10-15      | Fixed         | 5.65%                 | No            | 2                  | On Loan: No      |
| LOCKHEED MARTIN CORPORATION                             | LOCKHEED MARTIN CORPORATION                             | CUSIP: 539830CB3<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |      186000 | PA      | $178768.82     | 0.00%             | 2055-02-15      | Fixed         | 5.20%                 | No            | 2                  | On Loan: No      |
| LOWES COMPANIES INC                                     | LOWES COMPANIES INC                                     | CUSIP: 548661EF0<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |      180000 | PA      | $143621.52     | 0.00%             | 2062-04-01      | Fixed         | 4.45%                 | No            | 2                  | On Loan: No      |
| LOWES COMPANIES INC                                     | LOWES COMPANIES INC                                     | CUSIP: 548661EJ2<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |      553000 | PA      | $446265.21     | 0.00%             | 2052-04-01      | Fixed         | 4.25%                 | No            | 2                  | On Loan: No      |
| MPLX LP                                                 | MPLX LP                                                 | CUSIP: 55336VAN0<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |       70000 | PA      | $58618.30      | 0.00%             | 2048-04-15      | Fixed         | 4.70%                 | No            | 2                  | On Loan: No      |
| MPLX LP                                                 | MPLX LP                                                 | CUSIP: 55336VBT6<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |      311000 | PA      | $265510.42     | 0.00%             | 2052-03-14      | Fixed         | 4.95%                 | No            | 2                  | On Loan: No      |
| MPLX LP                                                 | MPLX LP                                                 | CUSIP: 55336VBZ2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |      109000 | PA      | $106577.85     | 0.00%             | 2055-04-01      | Fixed         | 5.95%                 | No            | 2                  | On Loan: No      |
| MCDONALDS CORP                                          | MCDONALDS CORPORATION                                   | CUSIP: 58013MFK5<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |      255000 | PA      | $190992.51     | 0.00%             | 2049-09-01      | Fixed         | 3.62%                 | No            | 2                  | On Loan: No      |
| MCDONALDS CORP                                          | MCDONALDS CORPORATION                                   | CUSIP: 58013MFR0<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |      115000 | PA      | $94493.19      | 0.00%             | 2050-04-01      | Fixed         | 4.20%                 | No            | 2                  | On Loan: No      |
| MERCK & CO INC                                          | MERCK & CO INC                                          | CUSIP: 58933YBM6<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |      270000 | PA      | $253532.34     | 0.00%             | 2053-05-17      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| MERCK & CO INC                                          | MERCK & CO INC                                          | CUSIP: 58933YBT1<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |      400000 | PA      | $412943.71     | 0.00%             | 2055-09-15      | Fixed         | 5.70%                 | No            | 2                  | On Loan: No      |
| MIDAMERICAN ENERGY COMPANY                              | MIDAMERICAN ENERGY COMPANY                              | CUSIP: 595620AZ8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      135000 | PA      | $131402.18     | 0.00%             | 2055-02-01      | Fixed         | 5.30%                 | No            | 2                  | On Loan: No      |
| MORGAN STANLEY                                          | MORGAN STANLEY                                          | CUSIP: 61747YGA7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     1032000 | PA      | $1088933.55    | 0.01%             | 2036-04-17      | Variable      | 5.66%                 | No            | 2                  | On Loan: No      |
| MORGAN STANLEY                                          | MORGAN STANLEY                                          | CUSIP: 61748UAF9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |       88000 | PA      | $92144.25      | 0.00%             | 2036-01-18      | Variable      | 5.59%                 | No            | 2                  | On Loan: No      |
| NXP BV                                                  | NXP BV/NXP FUNDING LLC/NXP USA                          | CUSIP: 62954HAL2<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |      169000 | PA      | $124869.24     | 0.00%             | 2042-02-15      | Fixed         | 3.12%                 | No            | 2                  | On Loan: No      |
| NXP BV                                                  | NXP BV / NXP FUNDING LLC/NXP USA                        | CUSIP: 62954HAU2<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |      215000 | PA      | $163712.51     | 0.00%             | 2041-05-11      | Fixed         | 3.25%                 | No            | 2                  | On Loan: No      |
| NBCUNIVERSAL MEDIA LLC                                  | NBCUNIVERSAL MEDIA LLC                                  | CUSIP: 63946BAJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      326000 | PA      | $284920.16     | 0.00%             | 2043-01-15      | Fixed         | 4.45%                 | No            | 2                  | On Loan: No      |
| NEW YORK LIFE INS CO                                    | NEW YORK LIFE INSURANCE COMPANY                         | CUSIP: 64952GAT5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      600000 | PA      | $453493.22     | 0.00%             | 2050-05-15      | Fixed         | 3.75%                 | No            | 2                  | On Loan: No      |
| VP - PARTNERS INTL VALUE FD 1                           | VP - PARTNERS INTL VALUE FD 1                           | CUSIP: 19766E327<br>LEI: N/A                  | Long             | EC               | RF                | US        |    20133237 | NS      | $253074795.22  | 2.16%             |  |  |  | No            | N/A                | On Loan: No      |
| COLUMBIA VP OVERSEAS CORE-1                             | Columbia Variable Portfolio - Overseas Core Fund        | CUSIP: 19766E418<br>LEI: N/A                  | Long             | EC               | RF                | US        |    44588922 | NS      | $762024679.70  | 6.51%             |  |  |  | No            | N/A                | On Loan: No      |
| COLUMBIA VP SEL LARGE CAP VAL CL 1                      | COLUMBIA VP SEL LARGE CAP VAL CL 1                      | CUSIP: 19766E475<br>LEI: N/A                  | Long             | EC               | RF                | US        |     6139163 | NS      | $314877654.78  | 2.69%             |  |  |  | No            | N/A                | On Loan: No      |
| Columbia Variable Portfolio - Large Cap Growth Fund     | Columbia Variable Portfolio - Large Cap Growth Fund     | CUSIP: 19766E517<br>LEI: N/A                  | Long             | EC               | RF                | US        |     5658459 | NS      | $315515695.14  | 2.70%             |  |  |  | No            | N/A                | On Loan: No      |
| Columbia VP - US Government Mortgage Fund               | Columbia VP - US Government Mortgage Fund               | CUSIP: 19766E541<br>LEI: N/A                  | Long             | EC               | RF                | US        |    19361862 | NS      | $178516369.63  | 1.53%             |  |  |  | No            | N/A                | On Loan: No      |
| COLUMBIA VP SEL MID CAP VAL CL 1                        | COLUMBIA VP SEL MID CAP VAL CL 1                        | CUSIP: 19766E582<br>LEI: N/A                  | Long             | EC               | RF                | US        |     1038122 | NS      | $47940485.37   | 0.41%             |  |  |  | No            | N/A                | On Loan: No      |
| COLUMBIA VARIABLE PORTFOLIO - MI                        | COLUMBIA VP SEL MID CAP GRO FD 1                        | CUSIP: 19766E624<br>LEI: 0OPPEF28BGYQSTF7XF64 | Long             | EC               | RF                | US        |      715350 | NS      | $47928473.58   | 0.41%             |  |  |  | No            | N/A                | On Loan: No      |
| COLUMBIA VP LTD DUR BD- C                               | COLUMBIA VP LTD DUR BD- C                               | CUSIP: 19766E640<br>LEI: N/A                  | Long             | EC               | RF                | US        |     9061395 | NS      | $85267722.36   | 0.73%             |  |  |  | No            | N/A                | On Loan: No      |
| UNITED STATES TREASURY                                  | TREASURY BOND                                           | CUSIP: 912810UN6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      309000 | PA      | $315904.22     | 0.00%             | 2045-08-15      | Fixed         | 4.88%                 | No            | 2                  | On Loan: No      |
| RTX CORP                                                | UNITED TECHNOLOGIES CORPORATION                         | CUSIP: 913017BP3<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |      380000 | PA      | $416087.46     | 0.00%             | 2038-07-15      | Fixed         | 6.12%                 | No            | 2                  | On Loan: No      |
| RTX CORP                                                | UNITED TECHNOLOGIES CORPORATION                         | CUSIP: 913017CJ6<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |       70000 | PA      | $54812.09      | 0.00%             | 2046-11-01      | Fixed         | 3.75%                 | No            | 2                  | On Loan: No      |
| UNITEDHEALTH GROUP INC                                  | UNITEDHEALTH GROUP INC                                  | CUSIP: 91324PFC1<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     1058000 | PA      | $1014459.20    | 0.01%             | 2054-04-15      | Fixed         | 5.38%                 | No            | 2                  | On Loan: No      |
| UNITEDHEALTH GROUP INC                                  | UNITEDHEALTH GROUP INC                                  | CUSIP: 91324PFR8<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |      127000 | PA      | $132209.30     | 0.00%             | 2055-06-15      | Fixed         | 5.95%                 | No            | 2                  | On Loan: No      |
| VANGUARD INTERMEDIATE-TERM CORPORATE BOND ETF           | Vanguard Intermediate-Term Corporate Bond ETF           | CUSIP: 92206C870<br>LEI: N/A                  | Long             | EC               | RF                | US        |      746600 | NS      | $62796526.00   | 0.54%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard S&P 500 ETF                                    | Vanguard S&P 500 ETF                                    | CUSIP: 922908363<br>LEI: 549300D8V8ZP5GRJOC71 | Long             | EC               | RF                | US        |      535000 | NS      | $327623300.00  | 2.80%             |  |  |  | No            | 1                  | On Loan: No      |
| VERIZON COMMUNICATIONS INC                              | VERIZON COMMUNICATIONS INC                              | CUSIP: 92343VGK4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |      855000 | PA      | $675429.81     | 0.01%             | 2041-03-22      | Fixed         | 3.40%                 | No            | 2                  | On Loan: No      |
| VERIZON COMMUNICATIONS INC                              | VERIZON COMMUNICATIONS INC                              | CUSIP: 92343VGZ1<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |      310000 | PA      | $315102.36     | 0.00%             | 2035-04-02      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| VIRGINIA ELECTRIC AND POWER COMPANY                     | VIRGINIA ELECTRIC AND POWER CO                          | CUSIP: 927804GL2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      466000 | PA      | $454689.69     | 0.00%             | 2053-04-01      | Fixed         | 5.45%                 | No            | 2                  | On Loan: No      |
| VODAFONE GROUP PLC                                      | VODAFONE GROUP PLC                                      | CUSIP: 92857WCB4<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |      240000 | PA      | $238544.95     | 0.00%             | 2064-06-28      | Fixed         | 5.88%                 | No            | 2                  | On Loan: No      |
| WALMART INC                                             | WALMART INC                                             | CUSIP: 931142EV1<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |      160000 | PA      | $102105.14     | 0.00%             | 2051-09-22      | Fixed         | 2.65%                 | No            | 2                  | On Loan: No      |
| WELLS FARGO & COMPANY                                   | WELLS FARGO & COMPANY                                   | CUSIP: 95000U2M4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      595000 | PA      | $556047.50     | 0.00%             | 2051-04-04      | Variable      | 5.01%                 | No            | 2                  | On Loan: No      |
| WESTERN MIDSTREAM OPERATING LP                          | WESTERN MIDSTREAM OPERATING LP                          | CUSIP: 958254AJ3<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |      241000 | PA      | $210162.93     | 0.00%             | 2048-03-01      | Fixed         | 5.30%                 | No            | 2                  | On Loan: No      |
| WILLIAMS COMPANIES INC                                  | WILLIAMS COMPANIES INC                                  | CUSIP: 969457BV1<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |      330000 | PA      | $333140.92     | 0.00%             | 2044-06-24      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| WOODSIDE FIN LTD                                        | WOODSIDE FINANCE LTD                                    | CUSIP: 980236AV5<br>LEI: 254900AIZKU6TGRRNZ98 | Long             | DBT              | CORP              | AU        |      253000 | PA      | $264077.69     | 0.00%             | 2035-05-19      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| XCEL ENERGY INC                                         | XCEL ENERGY INC                                         | CUSIP: 98389BAX8<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |      525000 | PA      | $376554.15     | 0.00%             | 2049-12-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Barclays                                                | US DOLLARS                                              | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DFE              | CORP              | XX        |   -11000000 | OU      | $-50949.81     | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| Barclays                                                | US DOLLARS                                              | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DFE              | CORP              | NZ        |   -14000000 | OU      | $90057.80      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Barclays                                                | US DOLLARS                                              | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DFE              | CORP              | SE        |  -160000000 | OU      | $86729.63      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Barclays                                                | BRITISH POUND                                           | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DFE              | CORP              | GB        |    81500000 | OU      | $-712880.40    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| Barclays                                                | SWEDISH KRONA                                           | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DFE              | CORP              | SE        |    38000000 | OU      | $-3283.01      | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| Citi                                                    | US DOLLARS                                              | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DFE              | CORP              | XX        |   -21000000 | OU      | $-6468.01      | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| Citi                                                    | US DOLLARS                                              | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DFE              | CORP              | NO        |  -110000000 | OU      | $-52951.11     | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| Citi                                                    | CANADIAN DOLLAR                                         | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DFE              | CORP              | CA        |    70500000 | OU      | $-436593.67    | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| Citi                                                    | NORWAY KRONA                                            | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DFE              | CORP              | NO        |   818000000 | OU      | $1774523.25    | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| JPMorgan                                                | CAC40 10 EURO OCT 25                                    | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               | CORP              | FR        |         169 | NC      | $-37150.37     | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| Morgan Stanley                                          | SPX US 12/18/26 P5200                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |        2170 | NC      | $26181050.00   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Morgan Stanley                                          | SPX US 12/18/26 P5400                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |        1350 | NC      | $19244250.00   | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Morgan Stanley                                          | SPX US 12/19/25 C6670                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |          68 | NC      | $1460300.00    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| JPMorgan                                                | S&P500 EMINI DEC 25                                     | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               | CORP              | US        |        2877 | NC      | $12971094.04   | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| JPMorgan                                                | US 5YR NOTE DEC 25                                      | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DIR              | CORP              | US        |        1687 | NC      | $465508.03     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| JPMorgan                                                | US 5YR NOTE DEC 25                                      | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DIR              | CORP              | US        |         780 | NC      | $-312598.14    | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| JPMorgan                                                | US 5YR NOTE DEC 25                                      | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DIR              | CORP              | US        |          -2 | NC      | $528.15        | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Goldman Sachs International                             | AUSTRALIA DOLLAR                                        | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              | CORP              | AU        |    15000000 | OU      | $37035.00      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Goldman Sachs International                             | EURO COUNTRIES                                          | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              | CORP              | XX        |    12000000 | OU      | $10248.01      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Goldman Sachs International                             | JAPANESE YEN                                            | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              | CORP              | JP        |   900000000 | OU      | $-29203.07     | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| Goldman Sachs International                             | SWEDISH KRONA                                           | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              | CORP              | SE        |    75000000 | OU      | $72720.87      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| HSBC                                                    | CANADIAN DOLLAR                                         | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | N/A              | DFE              | CORP              | CA        |    38000000 | OU      | $-284245.03    | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| HSBC                                                    | EURO COUNTRIES                                          | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | N/A              | DFE              | CORP              | XX        |   137500000 | OU      | $471350.08     | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| NEXTERA ENERGY CAPITAL HOLDINGS INC                     | NEXTERA ENERGY CAPITAL HOLDINGS IN                      | CUSIP: 65339KDL1<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |      755000 | PA      | $780727.46     | 0.01%             | 2035-03-15      | Fixed         | 5.45%                 | No            | 2                  | On Loan: No      |
| NISOURCE INC.                                           | NISOURCE INC                                            | CUSIP: 65473PAU9<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |      200000 | PA      | $203172.81     | 0.00%             | 2055-04-01      | Fixed         | 5.85%                 | No            | 2                  | On Loan: No      |
| NISOURCE INC.                                           | NISOURCE FINANCE CORPORATION                            | CUSIP: 65473QBC6<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |      249000 | PA      | $226515.88     | 0.00%             | 2044-02-15      | Fixed         | 4.80%                 | No            | 2                  | On Loan: No      |
| HSBC                                                    | BRITISH POUND                                           | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | N/A              | DFE              | CORP              | GB        |     2000000 | OU      | $6332.40       | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| HSBC                                                    | BRITISH POUND                                           | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | N/A              | DFE              | CORP              | GB        |    16000000 | OU      | $-225223.98    | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| NISOURCE INC.                                           | NISOURCE INC                                            | CUSIP: 65473QBF9<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |      170000 | PA      | $143501.64     | 0.00%             | 2047-05-15      | Fixed         | 4.38%                 | No            | 2                  | On Loan: No      |
| NORFOLK SOUTHERN CORPORATION                            | NORFOLK SOUTHERN CORPORATION                            | CUSIP: 655844BV9<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |      369000 | PA      | $294924.02     | 0.00%             | 2052-08-15      | Fixed         | 4.05%                 | No            | 2                  | On Loan: No      |
| NORFOLK SOUTHERN CORPORATION                            | NORFOLK SOUTHERN CORPORATION                            | CUSIP: 655844CL0<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |      245000 | PA      | $159107.13     | 0.00%             | 2051-08-25      | Fixed         | 2.90%                 | No            | 2                  | On Loan: No      |
| NORTHROP GRUMMAN CORP                                   | NORTHROP GRUMMAN CORP                                   | CUSIP: 666807BH4<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |      375000 | PA      | $347569.12     | 0.00%             | 2043-06-01      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| NORTHROP GRUMMAN CORP                                   | NORTHROP GRUMMAN CORP                                   | CUSIP: 666807BP6<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |      295000 | PA      | $240562.14     | 0.00%             | 2047-10-15      | Fixed         | 4.03%                 | No            | 2                  | On Loan: No      |
| NORTHWESTERN MUTUAL LIFE INSURANCE CO                   | NORTHWESTERN MUTUAL LIFE INSURANCE                      | CUSIP: 668138AC4<br>LEI: 1DU7IM20QESYGDO4HO54 | Long             | DBT              | CORP              | US        |      274000 | PA      | $190113.92     | 0.00%             | 2059-09-30      | Fixed         | 3.62%                 | No            | 2                  | On Loan: No      |
| HSBC                                                    | NORWAY KRONA                                            | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | N/A              | DFE              | CORP              | NO        |   110000000 | OU      | $-51160.80     | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| JPMorgan                                                | IBEX 35 INDEX OCT 25                                    | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               | CORP              | ES        |          69 | NC      | $82929.48      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| JPMorgan                                                | US DOLLARS                                              | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DFE              | CORP              | GB        |    -1000000 | OU      | $8968.20       | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Morgan Stanley                                          | US DOLLARS                                              | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | CA        |   -22000000 | OU      | $118789.93     | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Morgan Stanley                                          | US DOLLARS                                              | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | CH        |    -4000000 | OU      | $26577.51      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Morgan Stanley                                          | US DOLLARS                                              | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | CH        |    -4000000 | OU      | $-8577.53      | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| Morgan Stanley                                          | US DOLLARS                                              | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | JP        | -1600000000 | OU      | $27586.81      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Morgan Stanley                                          | US DOLLARS                                              | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | JP        | -2300000000 | OU      | $-73403.59     | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| Morgan Stanley                                          | US DOLLARS                                              | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | NZ        |   -12000000 | OU      | $196332.00     | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Morgan Stanley                                          | US DOLLARS                                              | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | SE        |   -60000000 | OU      | $25834.85      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Morgan Stanley                                          | US DOLLARS                                              | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | SE        |   -12000000 | OU      | $-648.92       | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| Morgan Stanley                                          | AUSTRALIA DOLLAR                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | AU        |    36500000 | OU      | $443876.50     | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Morgan Stanley                                          | CANADIAN DOLLAR                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | CA        |     7500000 | OU      | $-43341.37     | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| Morgan Stanley                                          | JAPANESE YEN                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | JP        |  2000000000 | OU      | $-65688.75     | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| Morgan Stanley                                          | NEW ZEALAND DOLLAR                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | NZ        |    32500000 | OU      | $-477782.50    | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| JPMorgan                                                | S&P/TSE 60 INDEX DEC 25                                 | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               | CORP              | CA        |         315 | NC      | $1899955.05    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| JPMorgan                                                | OMXS30 INDEX OCT 25                                     | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               | CORP              | SE        |        2405 | NC      | $706128.64     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| JPMorgan                                                | MSCI SING IX ETS OCT 25                                 | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               | CORP              | SG        |         734 | NC      | $35840.57      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| JPMorgan                                                | RUSSELL 2000 EMINI CME DEC 25                           | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               | CORP              | US        |         -25 | NC      | $23727.35      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| COLUMBIA VARIABLE PORTFOLIO - CORPORATE BOND FUND       | COLUMBIA VP - CORP BOND FD 1                            | CUSIP: 19766E749<br>LEI: N/A                  | Long             | EC               | RF                | US        |    34149068 | NS      | $266362733.19  | 2.28%             |  |  |  | No            | N/A                | On Loan: No      |
| COLUMBIA VP DISCIPLINED CORE FD-1                       | COLUMBIA VP DISCIPLINED CORE FD -1                      | CUSIP: 19766E814<br>LEI: N/A                  | Long             | EC               | RF                | US        |     4908623 | NS      | $616277650.17  | 5.27%             |  |  |  | No            | N/A                | On Loan: No      |
| COLUMBIA VP INTERMED BOND FD CL 1                       | COLUMBIA VP INTERMED BOND FD CL 1                       | CUSIP: 19766E871<br>LEI: N/A                  | Long             | EC               | RF                | US        |    67864328 | NS      | $578204075.63  | 4.94%             |  |  |  | No            | N/A                | On Loan: No      |
| AEP TEXAS INC                                           | AEP TEXAS INC                                           | CUSIP: 00108WAK6<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |      717000 | PA      | $498363.69     | 0.00%             | 2050-01-15      | Fixed         | 3.45%                 | No            | 2                  | On Loan: No      |
| AEP TEXAS INC                                           | AEP TEXAS INC                                           | CUSIP: 00108WAN0<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |      235000 | PA      | $161589.18     | 0.00%             | 2051-05-15      | Fixed         | 3.45%                 | No            | 2                  | On Loan: No      |
| COLUMBIA SHORT TERM CASH FUND                           | COLUMBIA SHORT TERM CASH FUND                           | CUSIP: 19766H239<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  1898797297 | NS      | $1898227657.74 | 16.22%            |  |  |  | No            | 1                  | On Loan: No      |
| CTIVP - WESTFIELD MID CAP GRTH CL1                      | CTIVP - WESTFIELD MID CAP GRTH CL1                      | CUSIP: 19766L107<br>LEI: N/A                  | Long             | EC               | RF                | US        |      804380 | NS      | $47852544.96   | 0.41%             |  |  |  | No            | N/A                | On Loan: No      |
| AT&T INC                                                | AT&T INC                                                | CUSIP: 00206RMN9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     1455000 | PA      | $1038033.52    | 0.01%             | 2057-12-01      | Fixed         | 3.80%                 | No            | 2                  | On Loan: No      |
| ABBVIE INC                                              | ABBVIE INC                                              | CUSIP: 00287YAM1<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |      516000 | PA      | $465254.12     | 0.00%             | 2042-11-06      | Fixed         | 4.40%                 | No            | 2                  | On Loan: No      |
| CTIVP - WELLINGTON LG CAP VAL FD 1                      | Variable Portfolio-MFS Value Fund                       | CUSIP: 19766L305<br>LEI: N/A                  | Long             | EC               | RF                | US        |     5633637 | NS      | $275090508.97  | 2.35%             |  |  |  | No            | N/A                | On Loan: No      |
| COLUMBIA VP SEL LARGE CAP EQ FD 1                       | COLUMBIA VP SEL LARGE CAP EQ FD 1                       | CUSIP: 19766L495<br>LEI: N/A                  | Long             | EC               | RF                | US        |    23678471 | NS      | $617060955.41  | 5.27%             |  |  |  | No            | N/A                | On Loan: No      |
| UMBS                                                    | UMBS  15YR TBA(REG B)                                   | CUSIP: 01F0304A3<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    15000000 | PA      | $14366964.15   | 0.12%             | 2040-10-16      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| UMBS                                                    | UMBS  30YR TBA(REG A)                                   | CUSIP: 01F0306A1<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    63302000 | PA      | $55591890.46   | 0.48%             | 2055-10-14      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| CTIVP - WESTFIELD SELECT LARGE CAP GROWTH FUND          | CTIVP - WESTFIELD SLCT LGCAP GRO 1                      | CUSIP: 19766L610<br>LEI: N/A                  | Long             | EC               | RF                | US        |     3999438 | NS      | $275481306.87  | 2.35%             |  |  |  | No            | N/A                | On Loan: No      |
| VP - PARTNERS INTL CORE EQUITY FD CL1                   | VP-PARTNERS INTL CORE EQUITY FD 1                       | CUSIP: 19766L727<br>LEI: N/A                  | Long             | EC               | RF                | US        |    32548234 | NS      | $401970693.41  | 3.43%             |  |  |  | No            | N/A                | On Loan: No      |
| CTIVP - TCW CORE PLUS BOND FD CL1                       | CTIVP - TCW CORE PLUS BOND FD CL1                       | CUSIP: 19766L743<br>LEI: N/A                  | Long             | EC               | RF                | US        |    62816816 | NS      | $578542871.25  | 4.94%             |  |  |  | No            | N/A                | On Loan: No      |
| VP - PARTNERS SMALL CAP VALUE-1                         | VP - PARTNERS SMALL CAP VALUE-1                         | CUSIP: 19766L776<br>LEI: N/A                  | Long             | EC               | RF                | US        |     2157676 | NS      | $87623236.21   | 0.75%             |  |  |  | No            | N/A                | On Loan: No      |
| UMBS                                                    | UMBS  15YR TBA(REG B)                                   | CUSIP: 01F0324A9<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    22650000 | PA      | $21941613.78   | 0.19%             | 2040-10-16      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| UMBS                                                    | UMBS  30YR TBA(REG A)                                   | CUSIP: 01F0326A7<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    87400000 | PA      | $79841752.01   | 0.68%             | 2055-10-14      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| VP - PARTNERS SM CAP GR                                 | VP - PARTNERS SM CAP GR                                 | CUSIP: 19766L792<br>LEI: N/A                  | Long             | EC               | RF                | US        |     2411995 | NS      | $88254893.39   | 0.75%             |  |  |  | No            | N/A                | On Loan: No      |
| CTIVP - T ROWE LRG CAP VAL CL1                          | CTIVP - T ROWE LRG CAP VAL CL1                          | CUSIP: 19766L826<br>LEI: N/A                  | Long             | EC               | RF                | US        |     6462340 | NS      | $273292339.70  | 2.34%             |  |  |  | No            | N/A                | On Loan: No      |
| UMBS                                                    | UMBS  15YR TBA(REG B)                                   | CUSIP: 01F0404A2<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    34800000 | PA      | $34222135.21   | 0.29%             | 2040-10-16      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| UMBS                                                    | UMBS  30YR TBA(REG A)                                   | CUSIP: 01F0406A0<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |   120730000 | PA      | $113771419.80  | 0.97%             | 2055-10-14      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| COMCAST CORPORATION                                     | COMCAST CORPORATION                                     | CUSIP: 20030NDU2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |      730000 | PA      | $432854.36     | 0.00%             | 2056-11-01      | Fixed         | 2.94%                 | No            | 2                  | On Loan: No      |
| COMCAST CORPORATION                                     | COMCAST CORPORATION                                     | CUSIP: 20030NEF4<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |      191000 | PA      | $179237.41     | 0.00%             | 2053-05-15      | Fixed         | 5.35%                 | No            | 2                  | On Loan: No      |
| UMBS                                                    | UMBS  30YR TBA(REG A)                                   | CUSIP: 01F0426A6<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |   297200000 | PA      | $288241753.02  | 2.46%             | 2055-10-14      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| UMBS                                                    | UMBS  30YR TBA(REG A)                                   | CUSIP: 01F0506A9<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    69400000 | PA      | $68821006.90   | 0.59%             | 2055-10-14      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| META PLATFORMS INC                                      | META PLATFORMS INC                                      | CUSIP: 30303M8R6<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |      275000 | PA      | $282215.49     | 0.00%             | 2063-05-15      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| FEDEX CORP                                              | FEDEX CORP                                              | CUSIP: 31428XDW3<br>LEI: 549300E707U7WNPZN687 | Long             | DBT              | CORP              | US        |      260000 | PA      | $238318.60     | 0.00%             | 2050-05-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| ALPHABET INC                                            | ALPHABET INC                                            | CUSIP: 02079KAN7<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |      128000 | PA      | $127207.11     | 0.00%             | 2065-05-15      | Fixed         | 5.30%                 | No            | 2                  | On Loan: No      |
| AMAZON.COM INC                                          | AMAZON.COM INC                                          | CUSIP: 023135CB0<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |      711000 | PA      | $493629.79     | 0.00%             | 2051-05-12      | Fixed         | 3.10%                 | No            | 2                  | On Loan: No      |
| FIRSTENERGY TRANSMISSION LLC                            | FIRSTENERGY TRANSMISSION LLC                            | CUSIP: 33767BAH2<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |       80000 | PA      | $79933.47      | 0.00%             | 2035-01-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| NORTHWESTERN MUTUAL LIFE INSURANCE CO                   | NORTHWESTERN MUTUAL LIFE INSURANCE                      | CUSIP: 668138AF7<br>LEI: 1DU7IM20QESYGDO4HO54 | Long             | DBT              | CORP              | US        |      148000 | PA      | $160064.75     | 0.00%             | 2055-05-29      | Fixed         | 6.17%                 | No            | 2                  | On Loan: No      |
| AMGEN INC                                               | AMGEN INC                                               | CUSIP: 031162DG2<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |       65000 | PA      | $51933.41      | 0.00%             | 2062-02-22      | Fixed         | 4.40%                 | No            | 2                  | On Loan: No      |
| AMGEN INC                                               | AMGEN INC                                               | CUSIP: 031162DU1<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |      678000 | PA      | $676422.52     | 0.01%             | 2063-03-02      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| ANHEUSER-BUSCH COMPANIES LLC                            | ANHEUSER-BUSCH COS LLC / INBEV                          | CUSIP: 03522AAJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      678000 | PA      | $634586.56     | 0.01%             | 2046-02-01      | Fixed         | 4.90%                 | No            | 2                  | On Loan: No      |
| APA CORP (US)                                           | APA CORP (US)                                           | CUSIP: 03743QAT5<br>LEI: 549300VCIWLRHYVSHC79 | Long             | DBT              | CORP              | US        |      242000 | PA      | $244051.62     | 0.00%             | 2055-02-15      | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| JPMorgan                                                | RUSSELL 2000 EMINI CME DEC 25                           | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               | CORP              | US        |        -155 | NC      | $-273259.40    | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| APPLE INC                                               | APPLE INC                                               | CUSIP: 037833EF3<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |      801000 | PA      | $508594.77     | 0.00%             | 2051-02-08      | Fixed         | 2.65%                 | No            | 2                  | On Loan: No      |
| BAT CAPITAL CORP                                        | BAT CAPITAL CORP                                        | CUSIP: 054989AC2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |      248000 | PA      | $279774.13     | 0.00%             | 2043-08-02      | Fixed         | 7.08%                 | No            | 2                  | On Loan: No      |
| BAE SYSTEMS PLC                                         | BAE SYSTEMS PLC                                         | CUSIP: 05523RAL1<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | CORP              | GB        |      796000 | PA      | $824958.51     | 0.01%             | 2034-03-26      | Fixed         | 5.30%                 | No            | 2                  | On Loan: No      |
| BACARDI MARTINI BV                                      | BACARDI MARTINI BV                                      | CUSIP: 05634WAB8<br>LEI: 5493002XXBV8B88K2408 | Long             | DBT              | CORP              | NL        |      225000 | PA      | $234431.46     | 0.00%             | 2035-02-01      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| BANK OF AMERICA CORP                                    | BANK OF AMERICA CORP                                    | CUSIP: 06051GJA8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     1075000 | PA      | $874957.05     | 0.01%             | 2051-03-20      | Variable      | 4.08%                 | No            | 2                  | On Loan: No      |
| BANK OF AMERICA CORP                                    | BANK OF AMERICA CORP                                    | CUSIP: 06051GMQ9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      135000 | PA      | $140574.91     | 0.00%             | 2036-02-12      | Variable      | 5.74%                 | No            | 2                  | On Loan: No      |
| BACARDI LTD                                             | BACARDI LTD                                             | CUSIP: 067316AG4<br>LEI: 549300R32WTQNHNN5055 | Long             | DBT              | CORP              | BM        |      636000 | PA      | $601287.90     | 0.01%             | 2038-05-15      | Fixed         | 5.15%                 | No            | 2                  | On Loan: No      |
| BACARDI LTD                                             | BACARDI LTD                                             | CUSIP: 067316AH2<br>LEI: 549300R32WTQNHNN5055 | Long             | DBT              | CORP              | BM        |      246000 | PA      | $222908.95     | 0.00%             | 2048-05-15      | Fixed         | 5.30%                 | No            | 2                  | On Loan: No      |
| BARCLAYS PLC                                            | BARCLAYS PLC                                            | CUSIP: 06738EDE2<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |      200000 | PA      | $205476.26     | 0.00%             | 2046-08-11      | Variable      | 5.86%                 | No            | 2                  | On Loan: No      |
| BECTON DICKINSON AND COMPANY                            | BECTON DICKINSON AND COMPANY                            | CUSIP: 075887CS6<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | DBT              | CORP              | US        |      230000 | PA      | $234855.89     | 0.00%             | 2034-02-08      | Fixed         | 5.11%                 | No            | 2                  | On Loan: No      |
| BERKSHIRE HATHAWAY FINANCE CORP                         | BERKSHIRE HATHAWAY FINANCE CORP                         | CUSIP: 084664DB4<br>LEI: 549300RLHFT5RU20WM87 | Long             | DBT              | CORP              | US        |      185000 | PA      | $145287.87     | 0.00%             | 2052-03-15      | Fixed         | 3.85%                 | No            | 2                  | On Loan: No      |
| BOEING CO                                               | BOEING CO                                               | CUSIP: 097023CR4<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      777000 | PA      | $557899.48     | 0.00%             | 2059-08-01      | Fixed         | 3.95%                 | No            | 2                  | On Loan: No      |
| BOEING CO                                               | BOEING CO                                               | CUSIP: 097023CX1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      100000 | PA      | $100126.18     | 0.00%             | 2060-05-01      | Fixed         | 5.93%                 | No            | 2                  | On Loan: No      |
| BP CAPITAL MARKETS AMERICA INC                          | BP CAPITAL MARKETS AMERICA INC                          | CUSIP: 10373QBS8<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |      629000 | PA      | $409482.67     | 0.00%             | 2052-03-17      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                 | BRISTOL-MYERS SQUIBB CO                                 | CUSIP: 110122EL8<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |      618000 | PA      | $613052.60     | 0.01%             | 2064-02-22      | Fixed         | 5.65%                 | No            | 2                  | On Loan: No      |
| BROADCOM INC                                            | BROADCOM INC                                            | CUSIP: 11135FBQ3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |      745000 | PA      | $635976.09     | 0.01%             | 2036-11-15      | Fixed         | 3.19%                 | No            | 2                  | On Loan: No      |
| BURLINGTON NORTHERN SANTA FE LLC                        | BURLINGTON NORTHERN SANTA FE LLC                        | CUSIP: 12189LBM2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      500000 | PA      | $523312.69     | 0.00%             | 2056-03-15      | Fixed         | 5.80%                 | No            | 2                  | On Loan: No      |
| CIGNA GROUP                                             | CIGNA CORP                                              | CUSIP: 125523CK4<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |      402000 | PA      | $282327.43     | 0.00%             | 2050-03-15      | Fixed         | 3.40%                 | No            | 2                  | On Loan: No      |
| CARRIER GLOBAL CORP                                     | CARRIER GLOBAL CORP                                     | CUSIP: 14448CAR5<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |      380000 | PA      | $306763.21     | 0.00%             | 2040-04-05      | Fixed         | 3.38%                 | No            | 2                  | On Loan: No      |
| CATERPILLAR INC                                         | CATERPILLAR INC                                         | CUSIP: 149123CL3<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | DBT              | CORP              | US        |      336000 | PA      | $347724.69     | 0.00%             | 2035-05-15      | Fixed         | 5.20%                 | No            | 2                  | On Loan: No      |
| CENOVUS ENERGY INC                                      | CENOVUS ENERGY INC                                      | CUSIP: 15135UAX7<br>LEI: 549300F4XPHJ7NOSP309 | Long             | DBT              | CORP              | CA        |      321000 | PA      | $227986.02     | 0.00%             | 2052-02-15      | Fixed         | 3.75%                 | No            | 2                  | On Loan: No      |
| CHARTER COMMUNICATIONS OPERATING                        | CHARTER COMM OPT/OPT CAP                                | CUSIP: 161175BL7<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |      730000 | PA      | $630433.81     | 0.01%             | 2047-05-01      | Fixed         | 5.38%                 | No            | 2                  | On Loan: No      |
| CHARTER COMMUNICATIONS OPERATING                        | CHARTER COMM OPT/OPT CAP                                | CUSIP: 161175CG7<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |      318000 | PA      | $201061.85     | 0.00%             | 2062-06-30      | Fixed         | 3.95%                 | No            | 2                  | On Loan: No      |
| CISCO SYSTEMS INC                                       | CISCO SYSTEMS INC                                       | CUSIP: 17275RCA8<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |      290000 | PA      | $294501.92     | 0.00%             | 2055-02-24      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| CITIGROUP INC                                           | CITIGROUP INC                                           | CUSIP: 172967MD0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      230000 | PA      | $205269.95     | 0.00%             | 2048-07-23      | Fixed         | 4.65%                 | No            | 2                  | On Loan: No      |
| JPMorgan                                                | DAX INDEX DEC 25                                        | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               | CORP              | DE        |           3 | NC      | $10076.20      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| HSBC                                                    | US DOLLARS                                              | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | N/A              | DFE              | CORP              | XX        |    -2500000 | OU      | $6211.25       | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| HSBC                                                    | US DOLLARS                                              | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | N/A              | DFE              | CORP              | NZ        |   -97000000 | OU      | $1203867.01    | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| JPMorgan                                                | FTSE/MIB INDEX DEC 25                                   | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               | CORP              | IT        |        -118 | NC      | $181757.09     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| JPMorgan                                                | TOPIX INDEX DEC 25                                      | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               | CORP              | JP        |         482 | NC      | $150621.09     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| JPMorgan                                                | US 2YR NOTE DEC 25                                      | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DIR              | CORP              | US        |         908 | NC      | $202859.92     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| JPMorgan                                                | US 2YR NOTE DEC 25                                      | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DIR              | CORP              | US        |         410 | NC      | $-49738.97     | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| JPMorgan                                                | US 10YR NOTE DEC 25                                     | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DIR              | CORP              | US        |         160 | NC      | $41632.90      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| JPMorgan                                                | US 10YR NOTE DEC 25                                     | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DIR              | CORP              | US        |         649 | NC      | $-352446.11    | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| JPMorgan                                                | US 10YR NOTE DEC 25                                     | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DIR              | CORP              | US        |          -3 | NC      | $1526.30       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| JPMorgan                                                | US 10YR NOTE DEC 25                                     | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DIR              | CORP              | US        |         -16 | NC      | $-5280.40      | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| UBS                                                     | US DOLLARS                                              | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | AU        |   -13000000 | OU      | $-116623.00    | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| UBS                                                     | US DOLLARS                                              | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | CH        |   -59500000 | OU      | $-555883.56    | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| UBS                                                     | US DOLLARS                                              | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | NO        |   -35000000 | OU      | $-8143.85      | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| UBS                                                     | US DOLLARS                                              | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | NZ        |   -35000000 | OU      | $280588.00     | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| UBS                                                     | AUSTRALIA DOLLAR                                        | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | AU        |    27500000 | OU      | $78457.50      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| UBS                                                     | AUSTRALIA DOLLAR                                        | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | AU        |    16000000 | OU      | $-66752.00     | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| UBS                                                     | CANADIAN DOLLAR                                         | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | CA        |    13000000 | OU      | $-79256.46     | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| UBS                                                     | BRITISH POUND                                           | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | GB        |    15000000 | OU      | $-83954.98     | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| JPMorgan                                                | US LONG BOND DEC 25                                     | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DIR              | CORP              | US        |          71 | NC      | $185672.52     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| JPMorgan                                                | US LONG BOND DEC 25                                     | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DIR              | CORP              | US        |         -78 | NC      | $-8448.97      | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| JPMorgan                                                | US ULTRA 10YR NOTE DEC 25                               | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DIR              | CORP              | US        |          -3 | NC      | $1276.54       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| JPMorgan                                                | US ULTRA 10YR NOTE DEC 25                               | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DIR              | CORP              | US        |          -6 | NC      | $-5699.63      | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| JPMorgan                                                | EURO STOXX 50 DEC 25                                    | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               | CORP              | DE        |        1223 | NC      | $1840569.26    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Wells Fargo                                             | US DOLLARS                                              | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | N/A              | DFE              | CORP              | AU        |    -8000000 | OU      | $-88558.40     | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| Wells Fargo                                             | US DOLLARS                                              | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | N/A              | DFE              | CORP              | CA        |   -30000000 | OU      | $-27226.21     | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| Wells Fargo                                             | US DOLLARS                                              | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | N/A              | DFE              | CORP              | XX        |   -36000000 | OU      | $57677.58      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Wells Fargo                                             | US DOLLARS                                              | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | N/A              | DFE              | CORP              | GB        |    -9000000 | OU      | $-16290.91     | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| Wells Fargo                                             | US DOLLARS                                              | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | N/A              | DFE              | CORP              | NO        |   -80000000 | OU      | $6256.66       | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Wells Fargo                                             | US DOLLARS                                              | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | N/A              | DFE              | CORP              | NZ        |    -3000000 | OU      | $-4586.70      | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| Wells Fargo                                             | US DOLLARS                                              | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | N/A              | DFE              | CORP              | SE        |   -90000000 | OU      | $136540.13     | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Wells Fargo                                             | US DOLLARS                                              | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | N/A              | DFE              | CORP              | SE        |  -455000000 | OU      | $-671528.38    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| Wells Fargo                                             | AUSTRALIA DOLLAR                                        | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | N/A              | DFE              | CORP              | AU        |    44000000 | OU      | $206272.00     | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Wells Fargo                                             | BRITISH POUND                                           | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | N/A              | DFE              | CORP              | GB        |    12000000 | OU      | $-77002.79     | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| Wells Fargo                                             | JAPANESE YEN                                            | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | N/A              | DFE              | CORP              | JP        | 37600000000 | OU      | $-1308596.52   | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| JPMorgan                                                | US ULTRA T-BOND DEC 25                                  | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DIR              | CORP              | US        |        -110 | NC      | $-99631.21     | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| JPMorgan                                                | SPI 200 DEC 25                                          | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               | CORP              | AU        |         212 | NC      | $-174915.23    | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| JPMorgan                                                | FTSE 100 INDEX DEC 25                                   | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               | CORP              | GB        |        -185 | NC      | $-276393.11    | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| Morgan Stanley                                          | SPX US 12/18/26 P5100                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |        2270 | NC      | $25185650.00   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Morgan Stanley                                          | SPX US 12/19/25 P6670                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         -68 | NC      | $-1011840.00   | -0.01%            |  |  |  | No            | 1                  | On Loan: No      |
| CVS HEALTH CORP                                         | CVS HEALTH CORP                                         | CUSIP: 126650CN8<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |      730000 | PA      | $662322.34     | 0.01%             | 2045-07-20      | Fixed         | 5.12%                 | No            | 2                  | On Loan: No      |
| CAMPBELLS CO                                            | CAMPBELL SOUP COMPANY                                   | CUSIP: 134429BK4<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | DBT              | CORP              | US        |      182000 | PA      | $119948.61     | 0.00%             | 2050-04-24      | Fixed         | 3.12%                 | No            | 2                  | On Loan: No      |
| CANADIAN NATURAL RESOURCES LTD                          | CANADIAN NATURAL RESOURCES LIMITED                      | CUSIP: 136385AJ0<br>LEI: 549300T15RIMIKZC5Q38 | Long             | DBT              | CORP              | CA        |      105000 | PA      | $114296.37     | 0.00%             | 2037-02-15      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| CANADIAN PACIFIC RAILWAY COMPANY                        | CANADIAN PACIFIC RAILWAY COMPANY                        | CUSIP: 13645RBH6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |      165000 | PA      | $111416.89     | 0.00%             | 2051-12-02      | Fixed         | 3.10%                 | No            | 2                  | On Loan: No      |
| CITIGROUP INC                                           | CITIGROUP INC                                           | CUSIP: 172967PG0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      205000 | PA      | $212801.72     | 0.00%             | 2035-02-13      | Variable      | 5.83%                 | No            | 2                  | On Loan: No      |
| Columbia Variable Portfolio - Small Cap Value Fund      | Columbia Variable Portfolio - Small Cap Value Fund      | CUSIP: 19765R303<br>LEI: QFDZC6A36M07XEWD4L46 | Long             | EC               | RF                | US        |     2747395 | NS      | $33325898.84   | 0.28%             |  |  |  | No            | N/A                | On Loan: No      |
| COLUMBIA VP LONG GOVT/CREDIT BD 1                       | COLUMBIA VP LONG GOVT/CREDIT BD 1                       | CUSIP: 19765R444<br>LEI: N/A                  | Long             | EC               | RF                | US        |    25096551 | NS      | $178938407.75  | 1.53%             |  |  |  | No            | N/A                | On Loan: No      |
| COLUMBIA CONTRARIAN CORE CL I MF                        | COLUMBIA VP CONTRARIAN CORE-1                           | CUSIP: 19765R535<br>LEI: N/A                  | Long             | EC               | RF                | US        |     3203020 | NS      | $198363016.46  | 1.70%             |  |  |  | No            | N/A                | On Loan: No      |
| Columbia Variable Portfolio - Small Company Growth Fund | Columbia Variable Portfolio - Small Company Growth Fund | CUSIP: 19765R642<br>LEI: S7VQF2LJKBJBPNFLD691 | Long             | EC               | RF                | US        |     2315497 | NS      | $33250543.65   | 0.28%             |  |  |  | No            | N/A                | On Loan: No      |
| VP - PARTNERS CORE BD FD CL1                            | VP - PARTNERS CORE BD FD CL1                            | CUSIP: 19766E129<br>LEI: N/A                  | Long             | EC               | RF                | US        |    68782931 | NS      | $663755282.17  | 5.67%             |  |  |  | No            | N/A                | On Loan: No      |
| VP - PARTNERS INTL GROWTH FD 1                          | VP - PARTNERS INTL GROWTH FD 1                          | CUSIP: 19766E145<br>LEI: N/A                  | Long             | EC               | RF                | US        |    19246935 | NS      | $247130650.25  | 2.11%             |  |  |  | No            | N/A                | On Loan: No      |
| CTIVP - VICTORY SYCAMORE EST VAL CL1                    | CTIVP-VICTORY SYCAMORE EST VAL CL1                      | CUSIP: 19766E178<br>LEI: N/A                  | Long             | EC               | RF                | US        |      910541 | NS      | $47502899.45   | 0.41%             |  |  |  | No            | N/A                | On Loan: No      |
| VP PARTNERS CORE EQUITY FD CL 1                         | VP PARTNERS CORE EQUITY FD CL 1                         | CUSIP: 19766E236<br>LEI: N/A                  | Long             | EC               | RF                | US        |     5915728 | NS      | $305783997.89  | 2.61%             |  |  |  | No            | N/A                | On Loan: No      |
| CTIVP - PRINCIPAL LARGE CAP GROWTH FUND                 | CTIVP PRINCIPAL LG CAP GRO FD 1                         | CUSIP: 19766E277<br>LEI: N/A                  | Long             | EC               | RF                | US        |     3280080 | NS      | $273329107.23  | 2.34%             |  |  |  | No            | N/A                | On Loan: No      |
| CTIVP - AMER CENT DIVERSE BD CLS 1                      | CTIVP - AMER CENT DIVERSE BD CLS 1                      | CUSIP: 19766E293<br>LEI: N/A                  | Long             | EC               | RF                | US        |    48120185 | NS      | $442705699.34  | 3.78%             |  |  |  | No            | N/A                | On Loan: No      |
| CONAGRA BRANDS INC                                      | CONAGRA BRANDS INC                                      | CUSIP: 205887CE0<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |      125000 | PA      | $114259.18     | 0.00%             | 2048-11-01      | Fixed         | 5.40%                 | No            | 2                  | On Loan: No      |
| CONSOLIDATED EDISON COMPANY OF NEW YORK INC             | CONSOLIDATED EDISON COMPANY OF NY                       | CUSIP: 209111GG2<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |      169000 | PA      | $176657.50     | 0.00%             | 2053-11-15      | Fixed         | 5.90%                 | No            | 2                  | On Loan: No      |
| CONSOLIDATED EDISON COMPANY OF NEW YORK INC             | CONSOLIDATED EDISON COMPANY OF NEW                      | CUSIP: 209111GN7<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |      320000 | PA      | $316954.83     | 0.00%             | 2055-03-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| DIAMONDBACK ENERGY INC                                  | DIAMONDBACK ENERGY INC                                  | CUSIP: 25278XBB4<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |      272000 | PA      | $261976.59     | 0.00%             | 2064-04-18      | Fixed         | 5.90%                 | No            | 2                  | On Loan: No      |
| DOMINION ENERGY INC                                     | DOMINION ENERGY INC                                     | CUSIP: 25746UDX4<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |      140000 | PA      | $143495.20     | 0.00%             | 2035-03-15      | Fixed         | 5.45%                 | No            | 2                  | On Loan: No      |
| DOW CHEMICAL CO                                         | DOW CHEMICAL CO                                         | CUSIP: 260543DM2<br>LEI: ZQUIP1CSZO8LXRBSOU78 | Long             | DBT              | CORP              | US        |      135000 | PA      | $128332.25     | 0.00%             | 2055-03-15      | Fixed         | 5.95%                 | No            | 2                  | On Loan: No      |
| DUKE ENERGY CAROLINAS LLC                               | DUKE ENERGY CAROLINAS LLC                               | CUSIP: 26442CBH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      290000 | PA      | $213364.28     | 0.00%             | 2052-03-15      | Fixed         | 3.55%                 | No            | 2                  | On Loan: No      |
| DUKE ENERGY INDIANA LLC                                 | DUKE ENERGY INDIANA LLC                                 | CUSIP: 26443TAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      195000 | PA      | $123714.17     | 0.00%             | 2050-04-01      | Fixed         | 2.75%                 | No            | 2                  | On Loan: No      |
| DUKE ENERGY INDIANA LLC                                 | DUKE ENERGY INDIANA LLC                                 | CUSIP: 26443TAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      674000 | PA      | $658207.71     | 0.01%             | 2053-04-01      | Fixed         | 5.40%                 | No            | 2                  | On Loan: No      |
| ERAC USA FINANCE LLC                                    | ERAC USA FINANCE LLC                                    | CUSIP: 26884TAZ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      143000 | PA      | $147494.42     | 0.00%             | 2034-10-30      | Fixed         | 5.20%                 | No            | 2                  | On Loan: No      |
| KINDER MORGAN ENERGY PARTNERS LP                        | EL PASO PIPELINE PARTNERS OP                            | CUSIP: 28370TAF6<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |      100000 | PA      | $88038.78      | 0.00%             | 2042-11-01      | Fixed         | 4.70%                 | No            | 2                  | On Loan: No      |
| ENBRIDGE INC                                            | ENBRIDGE INC                                            | CUSIP: 29250NCD5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |      320000 | PA      | $328524.91     | 0.00%             | 2054-04-05      | Fixed         | 5.95%                 | No            | 2                  | On Loan: No      |
| ENERGY TRANSFER LP                                      | ENERGY TRANSFER LP                                      | CUSIP: 29273VAW0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      438000 | PA      | $424860.93     | 0.00%             | 2054-05-15      | Fixed         | 5.95%                 | No            | 2                  | On Loan: No      |
| ENERGY TRANSFER LP                                      | ENERGY TRANSFER LP                                      | CUSIP: 29273VBB5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      150000 | PA      | $147657.48     | 0.00%             | 2054-09-01      | Fixed         | 6.05%                 | No            | 2                  | On Loan: No      |
| ENTERGY LOUISIANA LLC                                   | ENTERGY LOUISIANA LLC                                   | CUSIP: 29364WBQ0<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |      125000 | PA      | $128220.76     | 0.00%             | 2055-03-15      | Fixed         | 5.80%                 | No            | 2                  | On Loan: No      |
| ENTERGY MISSISSIPPI LLC                                 | ENTERGY MISSISSIPPI LLC                                 | CUSIP: 29366WAG1<br>LEI: 54930043I78H35DVVW89 | Long             | DBT              | CORP              | US        |      102000 | PA      | $104497.25     | 0.00%             | 2055-04-15      | Fixed         | 5.80%                 | No            | 2                  | On Loan: No      |
| EVERSOURCE ENERGY                                       | EVERSOURCE ENERGY                                       | CUSIP: 30040WAZ1<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |      340000 | PA      | $360892.68     | 0.00%             | 2034-07-15      | Fixed         | 5.95%                 | No            | 2                  | On Loan: No      |
| EXELON CORPORATION                                      | EXELON CORPORATION                                      | CUSIP: 30161NBH3<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |      489000 | PA      | $382010.77     | 0.00%             | 2052-03-15      | Fixed         | 4.10%                 | No            | 2                  | On Loan: No      |
| EXELON CORPORATION                                      | EXELON CORPORATION                                      | CUSIP: 30161NBL4<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |      483000 | PA      | $472878.67     | 0.00%             | 2053-03-15      | Fixed         | 5.60%                 | No            | 2                  | On Loan: No      |
| OCCIDENTAL PETROLEUM CORPORATION                        | OCCIDENTAL PETROLEUM CORPORATION                        | CUSIP: 674599EM3<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |      464000 | PA      | $452661.84     | 0.00%             | 2054-10-01      | Fixed         | 6.05%                 | No            | 2                  | On Loan: No      |
| ONCOR ELECTRIC DELIVERY COMPANY LLC                     | ONCOR ELECTRIC DELIVERY COMPANY LL                      | CUSIP: 68233JCU6<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |      213000 | PA      | $212049.27     | 0.00%             | 2054-06-15      | Fixed         | 5.55%                 | No            | 2                  | On Loan: No      |
| ORACLE CORPORATION                                      | ORACLE CORPORATION                                      | CUSIP: 68389XBJ3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      385000 | PA      | $299648.12     | 0.00%             | 2046-07-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| ORACLE CORPORATION                                      | ORACLE CORPORATION                                      | CUSIP: 68389XBX2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      319000 | PA      | $224584.04     | 0.00%             | 2050-04-01      | Fixed         | 3.60%                 | No            | 2                  | On Loan: No      |
| ORACLE CORPORATION                                      | ORACLE CORPORATION                                      | CUSIP: 68389XCB9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      117000 | PA      | $84081.47      | 0.00%             | 2061-03-25      | Fixed         | 4.10%                 | No            | 2                  | On Loan: No      |
| ORACLE CORPORATION                                      | ORACLE CORPORATION                                      | CUSIP: 68389XCQ6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      182000 | PA      | $171773.12     | 0.00%             | 2053-02-06      | Fixed         | 5.55%                 | No            | 2                  | On Loan: No      |
| ORACLE CORPORATION                                      | ORACLE CORPORATION                                      | CUSIP: 68389XDR3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      190000 | PA      | $189419.92     | 0.00%             | 2055-09-26      | Fixed         | 5.95%                 | No            | 2                  | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                        | PACIFIC GAS & ELECTRIC COMPANY                          | CUSIP: 694308JN8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      480000 | PA      | $413533.02     | 0.00%             | 2050-07-01      | Fixed         | 4.95%                 | No            | 2                  | On Loan: No      |
| PEACHTREE CORNERS FUNDING TRUST II                      | PEACHTREE CORNERS FUNDING TRUST II                      | CUSIP: 70470BAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      100000 | PA      | $104966.64     | 0.00%             | 2035-05-15      | Fixed         | 6.01%                 | No            | 2                  | On Loan: No      |
| PFIZER INC                                              | PFIZER INC                                              | CUSIP: 717081ED1<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |      613000 | PA      | $511750.09     | 0.00%             | 2046-12-15      | Fixed         | 4.12%                 | No            | 2                  | On Loan: No      |
| PLAINS ALL AMERICAN PIPELINE LP                         | PLAINS ALL AMERICAN PIPELINE LP                         | CUSIP: 72650RBE1<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |      167000 | PA      | $141934.31     | 0.00%             | 2044-06-15      | Fixed         | 4.70%                 | No            | 2                  | On Loan: No      |
| RTX CORP                                                | RAYTHEON TECHNOLOGIES CORPORATION                       | CUSIP: 75513ECS8<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |      319000 | PA      | $311375.36     | 0.00%             | 2053-02-27      | Fixed         | 5.38%                 | No            | 2                  | On Loan: No      |
| SIEMENS FUNDING BV                                      | SIEMENS FUNDING B.V.                                    | CUSIP: 82622RAE6<br>LEI: 213800CCRGH2TO338X64 | Long             | DBT              | CORP              | NL        |      239000 | PA      | $247861.37     | 0.00%             | 2035-05-28      | Fixed         | 5.20%                 | No            | 2                  | On Loan: No      |
| SOUTHERN CALIFORNIA GAS COMPANY                         | SOUTHERN CALIFORNIA GAS COMPANY                         | CUSIP: 842434DA7<br>LEI: XY0N0J73VHV5F4CUJV89 | Long             | DBT              | CORP              | US        |      135000 | PA      | $134989.38     | 0.00%             | 2054-04-01      | Fixed         | 5.60%                 | No            | 2                  | On Loan: No      |
| T-MOBILE USA INC                                        | T-MOBILE USA INC                                        | CUSIP: 87264AAZ8<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      115000 | PA      | $96782.33      | 0.00%             | 2050-04-15      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| T-MOBILE USA INC                                        | T-MOBILE USA INC                                        | CUSIP: 87264ADU6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      153000 | PA      | $156192.22     | 0.00%             | 2055-11-15      | Fixed         | 5.88%                 | No            | 2                  | On Loan: No      |
| TEACHERS INS & ANN ASSOC OF AMER                        | TEACHERS INSURANCE & ANNUITY                            | CUSIP: 878091BD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      155000 | PA      | $143065.51     | 0.00%             | 2044-09-15      | Fixed         | 4.90%                 | No            | 2                  | On Loan: No      |
| TEACHERS INS & ANN ASSOC OF AMER                        | TEACHERS INSURANCE & ANNUITY                            | CUSIP: 878091BG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      483000 | PA      | $332576.11     | 0.00%             | 2050-05-15      | Fixed         | 3.30%                 | No            | 2                  | On Loan: No      |
| TOTALENERGIES CAPITAL INTERNATIONAL SA                  | TOTAL CAPITAL INTERNATIONAL SA                          | CUSIP: 89153VAW9<br>LEI: 549300U37G2I8G4RUG09 | Long             | DBT              | CORP              | FR        |       80000 | PA      | $53673.61      | 0.00%             | 2060-06-29      | Fixed         | 3.39%                 | No            | 2                  | On Loan: No      |
| TOTALENERGIES CAPITAL SA                                | TOTALENERGIES CAPITAL SA                                | CUSIP: 89157XAC5<br>LEI: 529900QI55ZLJVCMPA71 | Long             | DBT              | CORP              | FR        |      209000 | PA      | $209018.65     | 0.00%             | 2064-04-05      | Fixed         | 5.64%                 | No            | 2                  | On Loan: No      |
| TOTALENERGIES CAPITAL SA                                | TOTALENERGIES CAPITAL SA                                | CUSIP: 89157XAF8<br>LEI: 529900QI55ZLJVCMPA71 | Long             | DBT              | CORP              | FR        |       90000 | PA      | $86668.11      | 0.00%             | 2064-09-10      | Fixed         | 5.42%                 | No            | 2                  | On Loan: No      |
| TYSON FOODS INC                                         | TYSON FOODS INC                                         | CUSIP: 902494BH5<br>LEI: WD6L6041MNRW1JE49D58 | Long             | DBT              | CORP              | US        |      135000 | PA      | $124831.52     | 0.00%             | 2048-09-28      | Fixed         | 5.10%                 | No            | 2                  | On Loan: No      |
| UNION PACIFIC CORPORATION                               | UNION PACIFIC CORPORATION                               | CUSIP: 907818FK9<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |      713000 | PA      | $502296.92     | 0.00%             | 2050-02-05      | Fixed         | 3.25%                 | No            | 2                  | On Loan: No      |
| UNITED PARCEL SERVICE INC                               | UNITED PARCEL SERVICE INC                               | CUSIP: 911312CL8<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |      390000 | PA      | $407998.36     | 0.00%             | 2065-05-14      | Fixed         | 6.05%                 | No            | 2                  | On Loan: No      |
| UNITED RENTALS (NORTH AMERICA) INC                      | UNITED RENTALS NA INC                                   | CUSIP: 911363AM1<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |      190000 | PA      | $179695.03     | 0.00%             | 2031-02-15      | Fixed         | 3.88%                 | No            | 2                  | On Loan: No      |
| UNITED STATES TREASURY                                  | TREASURY BOND                                           | CUSIP: 912810UJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      758000 | PA      | $762855.94     | 0.01%             | 2045-02-15      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| UNITED STATES TREASURY                                  | TREASURY BOND                                           | CUSIP: 912810UL0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      614000 | PA      | $637792.50     | 0.01%             | 2045-05-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |

### Signature

**Date Signed:** 2025-10-22

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

**Signature:** Martha Skinner

**Name of Signer:** Martha Skinner

**Title:** Assistant Treasurer