# EDGAR Filing Document

**Accession Number:** 0001413032
**File Stem:** 0001193125-25-298502
**Filing Date:** 2025-11
**Character Count:** 218972
**Document Hash:** 6d43890ea2ce87b751e3859d38eda965
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-298502.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001193125-25-298502

**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:** 251524076

**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 - Aggressive Portfolio (Series ID: S000028683)

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

## Nport-Ex

![](imgae6179f11.jpg)

Portfolio Navigator Funds

**Third Quarter Report**

September 30, 2025 (Unaudited)

Variable Portfolio – Conservative Portfolio

Variable Portfolio – Moderately Conservative Portfolio

Variable Portfolio – Moderate Portfolio

Variable Portfolio – Moderately Aggressive Portfolio

Variable Portfolio – Aggressive Portfolio

Please remember that you may not buy (nor will you own) shares of the Fund directly. Each Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies. 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** |

---

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Portfolio of Investments

Variable Portfolio – Conservative Portfolio, 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;

---

| | | |
|:---|:---|:---|
| **Equity Funds 19.0%** | **Equity Funds 19.0%** | **Equity Funds 19.0%** |
|  | **Shares** | **Value ($)** |
| **International 6.1%** | **International 6.1%** | **International 6.1%** |
| &nbsp;&nbsp; Columbia Variable Portfolio – Emerging Markets <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 289666 | &nbsp;&nbsp; 3759864 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Overseas Core Fund, <br> Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 1929924 | &nbsp;&nbsp; 32982403 |
| &nbsp;&nbsp; Variable Portfolio – Partners International Growth <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 419605 | &nbsp;&nbsp; 5387730 |
| &nbsp;&nbsp; Variable Portfolio – Partners International Value <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 511637 | &nbsp;&nbsp; 6431279 |
| **Total** | **Total** | &nbsp;&nbsp; **48561276** |
| **U.S. Large Cap 12.2%** | **U.S. Large Cap 12.2%** | **U.S. Large Cap 12.2%** |
| &nbsp;&nbsp; Columbia Variable Portfolio – Contrarian Core <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 295888 | &nbsp;&nbsp; 18324343 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Disciplined Core <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 69617 | &nbsp;&nbsp; 8740414 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Large Cap Growth <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 183346 | &nbsp;&nbsp; 10223388 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Select Large Cap <br> Equity Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 1124013 | &nbsp;&nbsp; 29291781 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Select Large Cap <br> Value Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 147975 | &nbsp;&nbsp; 7589639 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 46119 | &nbsp;&nbsp; 3843102 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 93431 | &nbsp;&nbsp; 3951181 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 81183 | &nbsp;&nbsp; 3964151 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 57262 | &nbsp;&nbsp; 3944165 |
| &nbsp;&nbsp; Variable Portfolio – Partners Core Equity Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 140723 | &nbsp;&nbsp; 7273990 |
| **Total** | **Total** | &nbsp;&nbsp; **97146154** |
| **U.S. Small Cap 0.7%** | **U.S. Small Cap 0.7%** | **U.S. Small Cap 0.7%** |
| &nbsp;&nbsp; Columbia Variable Portfolio – Small Cap Value <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 261137 | &nbsp;&nbsp; 3167597 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Small Company <br> Growth Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 196418 | &nbsp;&nbsp; 2820559 |
| **Total** | **Total** | &nbsp;&nbsp; **5988156** |
| &nbsp;&nbsp; Total Equity Funds <br>(Cost $111,623,198) | &nbsp;&nbsp; Total Equity Funds <br>(Cost $111,623,198) | &nbsp;&nbsp; **151695586** |

---

---

| | | |
|:---|:---|:---|
| **Fixed Income Funds 74.3%** | **Fixed Income Funds 74.3%** | **Fixed Income Funds 74.3%** |
|  | **Shares** | **Value ($)** |
| **Emerging Markets 1.0%** | **Emerging Markets 1.0%** | **Emerging Markets 1.0%** |
| &nbsp;&nbsp; Columbia Variable Portfolio – Emerging Markets <br> Bond Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 924193 | &nbsp;&nbsp; 7698523 |
| **Investment Grade 73.3%** | **Investment Grade 73.3%** | **Investment Grade 73.3%** |
| &nbsp;&nbsp; Columbia Variable Portfolio – Corporate Bond <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 7629722 | &nbsp;&nbsp; 59511829 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Income <br> Opportunities Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 2372416 | &nbsp;&nbsp; 15847742 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Intermediate Bond <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 11781615 | &nbsp;&nbsp; 100379357 |
| &nbsp;&nbsp; Columbia Variable Portfolio – U.S. Government <br> Mortgage Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 4812716 | &nbsp;&nbsp; 44373242 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – American Century Diversified Bond Fund, <br> Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 13029629 | &nbsp;&nbsp; 119872584 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 <br> Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 8713405 | &nbsp;&nbsp; 80250466 |
| &nbsp;&nbsp; Variable Portfolio – Partners Core Bond Fund, <br> Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 17013677 | &nbsp;&nbsp; 164181985 |
| **Total** | **Total** | &nbsp;&nbsp; **584417205** |
| &nbsp;&nbsp; Total Fixed Income Funds <br>(Cost $660,204,429) | &nbsp;&nbsp; Total Fixed Income Funds <br>(Cost $660,204,429) | &nbsp;&nbsp; **592115728** |
| **Money Market Funds 6.3%** | **Money Market Funds 6.3%** | **Money Market Funds 6.3%** |
| Columbia Short-Term Cash Fund, 4.265%<sup>(a),(c)</sup> <br>| &nbsp;&nbsp; 49720195 | &nbsp;&nbsp; 49705279 |
| &nbsp;&nbsp; Total Money Market Funds <br>(Cost $49,707,955) | &nbsp;&nbsp; Total Money Market Funds <br>(Cost $49,707,955) | &nbsp;&nbsp; **49705279** |
| **Total Investments in Securities** <br>**(Cost: $821,535,582)** | **Total Investments in Securities** <br>**(Cost: $821,535,582)** | &nbsp;&nbsp; **793516593** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **3339840** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **796856433** |

---

At September 30, 2025, securities and/or cash totaling $3,304,381 were pledged as collateral.

Variable Portfolio – Conservative Portfolio \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Conservative Portfolio, September 30, 2025 (Unaudited)

**Investments in derivatives** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 28 | 10/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 2210600 | &nbsp;&nbsp;&nbsp;&nbsp; 1980 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| IBEX 35 Index | 15 | 10/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 2326215 | &nbsp;&nbsp;&nbsp;&nbsp; 14648 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MSCI EAFE Index | 9 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1253385 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3668)<br>|
| Russell 2000 Index E-mini | 14 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1718850 | &nbsp;&nbsp;&nbsp;&nbsp; 20440 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P 500 Index E-mini | 67 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 22574813 | &nbsp;&nbsp;&nbsp;&nbsp; 311446 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P/TSX 60 Index | 32 | 12/2025 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 11345920 | &nbsp;&nbsp;&nbsp;&nbsp; 191600 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 10-Year Note | 68 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 7650000 | &nbsp;&nbsp;&nbsp;&nbsp; 28394 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury Ultra Bond | 32 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3842000 | &nbsp;&nbsp;&nbsp;&nbsp; 97686 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 666194 | &nbsp;&nbsp;&nbsp;&nbsp; (3668)<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>|
| Euro STOXX 50 Index | (81) | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (4488210)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (87553)<br>|
| FTSE 100 Index | (31) | 12/2025 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; (2916325)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (31439)<br>|
| FTSE/MIB Index | (21) | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (4461870)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33582 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 33582 | &nbsp;&nbsp;&nbsp;&nbsp; (118992)<br>|

---

**Notes to Portfolio of Investments** 

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Capital gain** <br>**distributions($)**<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%  |
|  | 46521071 | 26577400 | (23388365)<br>| (4827)<br>| 49705279 |  | 62 | 1526650 | 49720195 |
| 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  |
|  | 19813672 | 1175961 | (2998533)<br>| 333243 | 18324343 |  | 2353963 |  | 295888 |
| 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  |
|  |  | 59770202 | (1993292)<br>| 1734919 | 59511829 |  | 52200 |  | 7629722 |
| 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  |
|  | 9512530 | 579551 | (1233105)<br>| (118562)<br>| 8740414 |  | 1077990 |  | 69617 |
| Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  |
|  | 8055087 | 474377 | (1437176)<br>| 606235 | 7698523 |  | (217004)<br>| 312505 | 924193 |
| Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  |
|  | 3981682 | 449204 | (1454234)<br>| 783212 | 3759864 |  | 155219 | 11939 | 289666 |
| Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  |
|  | 16116756 | 511657 | (1565576)<br>| 784905 | 15847742 |  | 26024 | 314484 | 2372416 |
| 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  |
|  | 100811029 | 6072284 | (10687576)<br>| 4183620 | 100379357 |  | (1883846)<br>| 5484812 | 11781615 |
| 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  |
|  | 9847723 | 2111835 | (1807532)<br>| 71362 | 10223388 |  | 1371711 |  | 183346 |
| 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  |
|  | 25020346 | 222143 | (24621524)<br>| (620965)<br>|  |  | 883684 | 533439 |  |
| 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  |
|  | 34903738 | 676893 | (45942441)<br>| 10361810 |  |  | (10664990)<br>| 991213 |  |

---

Variable Portfolio – Conservative Portfolio \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Conservative Portfolio, September 30, 2025 (Unaudited)

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **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 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  |
|  | 31822562 | 1927031 | (8785711)<br>| 8018521 | 32982403 |  | 566345 | 660653 | 1929924 |
| 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  |
|  | 31706393 | 1898453 | (4660310)<br>| 347245 | 29291781 |  | 2797687 |  | 1124013 |
| 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  |
|  | 8786372 | 1121513 | (2519810)<br>| 201564 | 7589639 |  | 1106637 |  | 147975 |
| 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  |
|  | 3143175 | 970680 | (668594)<br>| (277664)<br>| 3167597 | 500795 | 94887 | 36231 | 261137 |
| 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  |
|  | 3017323 | 989701 | (1486585)<br>| 300120 | 2820559 | 399482 | (138280)<br>|  | 196418 |
| 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  |
|  | 44383835 | 1321799 | (4193421)<br>| 2861029 | 44373242 |  | (627193)<br>| 998830 | 4812716 |
| 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  |
|  | 120924871 | 4950754 | (11840771)<br>| 5837730 | 119872584 |  | (2464349)<br>| 3865692 | 13029629 |
| 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  |
|  | 3949994 | 301392 | (591379)<br>| 183095 | 3843102 |  | 454462 |  | 46119 |
| 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  |
|  | 3915511 | 312021 | (336782)<br>| 60431 | 3951181 |  | 253455 |  | 93431 |
| 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  |
|  | 80653782 | 4380136 | (7076482)<br>| 2293030 | 80250466 |  | (1137469)<br>| 3826509 | 8713405 |
| 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  |
|  | 3936389 | 188847 | (510312)<br>| 349227 | 3964151 |  | 175974 |  | 81183 |
| 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  |
|  | 3949524 | 482162 | (952693)<br>| 465172 | 3944165 |  | 217615 |  | 57262 |
| 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  |
|  | 165225083 | 10278713 | (14947064)<br>| 3625253 | 164181985 |  | (2348644)<br>| 8954960 | 17013677 |
| 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  |
|  | 7861088 | 437311 | (980490)<br>| (43919)<br>| 7273990 |  | 964775 |  | 140723 |
| 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  |
|  | 5939281 | 455410 | (1820324)<br>| 813363 | 5387730 | 43519 | (52744)<br>| 42682 | 419605 |
| 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  |
|  | 6001747 | 598047 | (1059471)<br>| 890956 | 6431279 | 15457 | 455701 | 176936 | 511637 |
| Total | 799800564 |  |  | 44040105 | 793516593 | 959253 | (6526128)<br>| 27737535 |  |

---

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

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

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

**Currency Legend** 

---

| | |
|:---|:---|
| CAD | Canada Dollar |
| EUR | Euro |
| GBP | British Pound |
| 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 – Conservative Portfolio \| 2025

------

Portfolio of Investments

Variable Portfolio – Moderately Conservative Portfolio, 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;

---

| | | |
|:---|:---|:---|
| **Equity Funds 33.6%** | **Equity Funds 33.6%** | **Equity Funds 33.6%** |
|  | **Shares** | **Value ($)** |
| **International 11.4%** | **International 11.4%** | **International 11.4%** |
| &nbsp;&nbsp; Columbia Variable Portfolio – Emerging <br> Markets Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 1222907 | &nbsp;&nbsp; 15873334 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Overseas Core <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 6169763 | &nbsp;&nbsp; 105441253 |
| &nbsp;&nbsp; Variable Portfolio – Partners International Core <br> Equity Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 2815654 | &nbsp;&nbsp; 34773320 |
| &nbsp;&nbsp; Variable Portfolio – Partners International <br> Growth Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 2708027 | &nbsp;&nbsp; 34771064 |
| &nbsp;&nbsp; Variable Portfolio – Partners International <br> Value Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 2961566 | &nbsp;&nbsp; 37226888 |
| **Total** | **Total** | &nbsp;&nbsp; **228085859** |
| **U.S. Large Cap 20.3%** | **U.S. Large Cap 20.3%** | **U.S. Large Cap 20.3%** |
| &nbsp;&nbsp; Columbia Variable Portfolio – Contrarian Core <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 1011186 | &nbsp;&nbsp; 62622738 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Disciplined Core <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 205406 | &nbsp;&nbsp; 25788697 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Large Cap <br> Growth Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 961298 | &nbsp;&nbsp; 53601951 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Select Large Cap <br> Equity Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 3213630 | &nbsp;&nbsp; 83747204 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Select Large Cap <br> Value Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 960578 | &nbsp;&nbsp; 49268070 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 330704 | &nbsp;&nbsp; 27557577 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 797012 | &nbsp;&nbsp; 33705640 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 281553 | &nbsp;&nbsp; 13748242 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – Westfield Select Large Cap Growth <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 402519 | &nbsp;&nbsp; 27725511 |
| &nbsp;&nbsp; Variable Portfolio – Partners Core Equity Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 533788 | &nbsp;&nbsp; 27591477 |
| **Total** | **Total** | &nbsp;&nbsp; **405357107** |
| **U.S. Mid Cap 0.7%** | **U.S. Mid Cap 0.7%** | **U.S. Mid Cap 0.7%** |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – Victory Sycamore Established Value <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 145546 | &nbsp;&nbsp; 7593120 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 99887 | &nbsp;&nbsp; 5942284 |
| **Total** | **Total** | &nbsp;&nbsp; **13535404** |

---

---

| | | |
|:---|:---|:---|
| **Equity Funds (continued)** | **Equity Funds (continued)** | **Equity Funds (continued)** |
|  | **Shares** | **Value ($)** |
| **U.S. Small Cap 1.2%** | **U.S. Small Cap 1.2%** | **U.S. Small Cap 1.2%** |
| &nbsp;&nbsp; Columbia Variable Portfolio – Small Cap Value <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 489756 | &nbsp;&nbsp; 5940736 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Small Company <br> Growth Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 378451 | &nbsp;&nbsp; 5434566 |
| &nbsp;&nbsp; Variable Portfolio – Partners Small Cap Growth <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 158009 | &nbsp;&nbsp; 5781542 |
| &nbsp;&nbsp; Variable Portfolio – Partners Small Cap Value <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 141408 | &nbsp;&nbsp; 5742602 |
| **Total** | **Total** | &nbsp;&nbsp; **22899446** |
| &nbsp;&nbsp; Total Equity Funds <br>(Cost $450,086,124) | &nbsp;&nbsp; Total Equity Funds <br>(Cost $450,086,124) | &nbsp;&nbsp; **669877816** |
| **Fixed Income Funds 60.3%** | **Fixed Income Funds 60.3%** | **Fixed Income Funds 60.3%** |
| **Emerging Markets 1.0%** | **Emerging Markets 1.0%** | **Emerging Markets 1.0%** |
| &nbsp;&nbsp; Columbia Variable Portfolio – Emerging <br> Markets Bond Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 2320250 | &nbsp;&nbsp; 19327681 |
| **Investment Grade 59.3%** | **Investment Grade 59.3%** | **Investment Grade 59.3%** |
| &nbsp;&nbsp; Columbia Variable Portfolio – Corporate Bond <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 16849413 | &nbsp;&nbsp; 131425417 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Income <br> Opportunities Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 5926081 | &nbsp;&nbsp; 39586221 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Intermediate <br> Bond Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 21879929 | &nbsp;&nbsp; 186416990 |
| &nbsp;&nbsp; Columbia Variable Portfolio – U.S. Government <br> Mortgage Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 9891107 | &nbsp;&nbsp; 91196007 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – American Century Diversified Bond <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 28078934 | &nbsp;&nbsp; 258326196 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 <br> Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 19859273 | &nbsp;&nbsp; 182903907 |
| &nbsp;&nbsp; Variable Portfolio – Partners Core Bond Fund, <br> Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 30496459 | &nbsp;&nbsp; 294290830 |
| **Total** | **Total** | &nbsp;&nbsp; **1184145568** |
| &nbsp;&nbsp; Total Fixed Income Funds <br>(Cost $1,330,585,776) | &nbsp;&nbsp; Total Fixed Income Funds <br>(Cost $1,330,585,776) | &nbsp;&nbsp; **1203473249** |

---

Variable Portfolio – Moderately Conservative Portfolio \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Moderately Conservative Portfolio, September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Money Market Funds 5.6%** | **Money Market Funds 5.6%** | **Money Market Funds 5.6%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 4.265%<sup>(a),(c)</sup> <br>| &nbsp;&nbsp; 112225827 | &nbsp;&nbsp; 112192160 |
| &nbsp;&nbsp; Total Money Market Funds <br>(Cost $112,196,573) | &nbsp;&nbsp; Total Money Market Funds <br>(Cost $112,196,573) | &nbsp;&nbsp; **112192160** |
| **Total Investments in Securities** <br>**(Cost: $1,892,868,473)** | **Total Investments in Securities** <br>**(Cost: $1,892,868,473)** | &nbsp;&nbsp; **1985543225** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **10560114** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **1996103339** |

---

At September 30, 2025, securities and/or cash totaling $10,349,651 were pledged as collateral.

**Investments in derivatives** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 74 | 10/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 5842300 | &nbsp;&nbsp;&nbsp;&nbsp; 5234 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| IBEX 35 Index | 39 | 10/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 6048159 | &nbsp;&nbsp;&nbsp;&nbsp; 38085 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MSCI EAFE Index | 22 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3063830 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8966)<br>|
| Russell 2000 Index E-mini | 66 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 8103150 | &nbsp;&nbsp;&nbsp;&nbsp; 96361 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P 500 Index E-mini | 222 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 74800125 | &nbsp;&nbsp;&nbsp;&nbsp; 1031957 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P/TSX 60 Index | 93 | 12/2025 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 32974080 | &nbsp;&nbsp;&nbsp;&nbsp; 556836 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 10-Year Note | 56 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 6300000 | &nbsp;&nbsp;&nbsp;&nbsp; 23383 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury Ultra Bond | 75 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 9004688 | &nbsp;&nbsp;&nbsp;&nbsp; 228952 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1980808 | &nbsp;&nbsp;&nbsp;&nbsp; (8966)<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>|
| Euro STOXX 50 Index | (344) | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (19061040)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (371829)<br>|
| FTSE 100 Index | (91) | 12/2025 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; (8560825)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (92289)<br>|
| FTSE/MIB Index | (55) | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (11685850)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 87951 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 87951 | &nbsp;&nbsp;&nbsp;&nbsp; (464118)<br>|

---

**Notes to Portfolio of Investments** 

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Capital gain** <br>**distributions($)**<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%  |
|  | 102607889 | 75748980 | (66155519)<br>| (9190)<br>| 112192160 |  | (1336)<br>| 3382289 | 112225827 |
| 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  |
|  | 67144808 | 44384 | (7074052)<br>| 2507598 | 62622738 |  | 6308871 |  | 1011186 |
| 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  |
|  |  | 128000611 | (442302)<br>| 3867108 | 131425417 |  | 15595 |  | 16849413 |
| 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  |
|  | 27920338 | 48598 | (1587357)<br>| (592882)<br>| 25788697 |  | 3266311 |  | 205406 |

---

Variable Portfolio – Moderately Conservative Portfolio \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Moderately Conservative Portfolio, September 30, 2025 (Unaudited)

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **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 Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  |
|  | 20047507 | 818464 | (2925358)<br>| 1387068 | 19327681 |  | (439379)<br>| 779997 | 2320250 |
| Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  |
|  | 15006290 | 57433 | (2317297)<br>| 3126908 | 15873334 |  | 602369 | 47167 | 1222907 |
| Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  |
|  | 40102587 | 812910 | (3294751)<br>| 1965475 | 39586221 |  | 26046 | 788069 | 5926081 |
| 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  |
|  | 184794674 | 10248380 | (15539485)<br>| 6913421 | 186416990 |  | (2660150)<br>| 10041408 | 21879929 |
| 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  |
|  | 49344444 | 10134940 | (3362422)<br>| (2515011)<br>| 53601951 |  | 9778270 |  | 961298 |
| 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  |
|  | 53384565 | 41892 | (52378922)<br>| (1047535)<br>|  |  | 1607218 | 1140128 |  |
| 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  |
|  | 76040483 | 226620 | (91789090)<br>| 15521987 |  |  | (16168182)<br>| 2128764 |  |
| 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  |
|  | 99544544 | 2288740 | (19743997)<br>| 23351966 | 105441253 |  | 3355790 | 2088062 | 6169763 |
| 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  |
|  | 88919735 | 109033 | (7486783)<br>| 2205219 | 83747204 |  | 6307615 |  | 3213630 |
| 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  |
|  | 58176969 | 97666 | (10679133)<br>| 1672568 | 49268070 |  | 6307822 |  | 960578 |
| 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  |
|  | 6750275 | 1067804 | (2226750)<br>| 349407 | 5940736 | 985603 | (851492)<br>| 71305 | 489756 |
| 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  |
|  | 6713696 | 791786 | (4411131)<br>| 2340215 | 5434566 | 775646 | (2241753)<br>|  | 378451 |
| 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  |
|  | 90311560 | 2146960 | (6641119)<br>| 5378606 | 91196007 |  | (810941)<br>| 2023129 | 9891107 |
| 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  |
|  | 256829147 | 8417627 | (16958314)<br>| 10037736 | 258326196 |  | (2848802)<br>| 8214329 | 28078934 |
| 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  |
|  | 29276685 | 53414 | (1560432)<br>| (212090)<br>| 27557577 |  | 4425094 |  | 330704 |
| 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  |
|  | 33444054 | 82059 | (635125)<br>| 814652 | 33705640 |  | 1697124 |  | 797012 |
| 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  |
|  | 180997796 | 8842148 | (11494916)<br>| 4558879 | 182903907 |  | (1938357)<br>| 8563156 | 19859273 |
| 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  |
|  | 7226431 | 186061 | (8537)<br>| 189165 | 7593120 |  | 18987 |  | 145546 |
| 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  |
|  | 13433817 | 79429 | (913346)<br>| 1148342 | 13748242 |  | 625501 |  | 281553 |
| 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  |
|  | 7120675 | 21128 | (608579)<br>| (590940)<br>| 5942284 |  | 1320054 |  | 99887 |
| 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  |
|  | 29524909 | 147413 | (5023558)<br>| 3076747 | 27725511 |  | 1250214 |  | 402519 |
| 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  |
|  | 289750294 | 16114041 | (16547914)<br>| 4974409 | 294290830 |  | (2667571)<br>| 15744353 | 30496459 |

---

Variable Portfolio – Moderately Conservative Portfolio \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Moderately Conservative Portfolio, September 30, 2025 (Unaudited)

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **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>|
| 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  |
|  | 27879674 | 185975 | (1873376)<br>| 1399204 | 27591477 |  | 1860044 |  | 533788 |
| 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  |
|  | 35191357 | 2017374 | (6731444)<br>| 4296033 | 34773320 | 1465221 | 925723 | 535557 | 2815654 |
| 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  |
|  | 34745013 | 589653 | (4676840)<br>| 4113238 | 34771064 | 270502 | 414470 | 258247 | 2708027 |
| 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  |
|  | 35075276 | 1211808 | (4599572)<br>| 5539376 | 37226888 | 88810 | 1992555 | 1043700 | 2961566 |
| 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  |
|  | 6659025 | 15619 | (706546)<br>| (186556)<br>| 5781542 |  | 494474 |  | 158009 |
| 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  |
|  | 6575043 | 27513 | (729819)<br>| (130135)<br>| 5742602 |  | 303483 |  | 141408 |
| Total | 1980539560 |  |  | 105450988 | 1985543225 | 3585782 | 22275667 | 56849660 |  |

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

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

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

**Currency Legend** 

---

| | |
|:---|:---|
| CAD | Canada Dollar |
| EUR | Euro |
| GBP | British Pound |
| 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 – Moderately Conservative Portfolio \| 2025

------

Portfolio of Investments

Variable Portfolio – Moderate Portfolio, 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;

---

| | | |
|:---|:---|:---|
| **Alternative Strategies Funds 0.2%** | **Alternative Strategies Funds 0.2%** | **Alternative Strategies Funds 0.2%** |
|  | **Shares** | **Value ($)** |
| &nbsp;&nbsp; Columbia Variable Portfolio – Commodity <br> Strategy Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 8740158 | &nbsp;&nbsp; 34174017 |
| &nbsp;&nbsp; Total Alternative Strategies Funds <br>(Cost $37,473,574) | &nbsp;&nbsp; Total Alternative Strategies Funds <br>(Cost $37,473,574) | &nbsp;&nbsp; **34174017** |
| **Equity Funds 48.6%** | **Equity Funds 48.6%** | **Equity Funds 48.6%** |
| **Global Real Estate 0.5%** | **Global Real Estate 0.5%** | **Global Real Estate 0.5%** |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, <br> Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 10573858 | &nbsp;&nbsp; 68730077 |
| **International 15.9%** | **International 15.9%** | **International 15.9%** |
| &nbsp;&nbsp; Columbia Variable Portfolio – Emerging <br> Markets Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 10734154 | &nbsp;&nbsp; 139329321 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Overseas Core <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 56894316 | &nbsp;&nbsp; 972323857 |
| &nbsp;&nbsp; Variable Portfolio – Partners International <br> Core Equity Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 29316073 | &nbsp;&nbsp; 362053503 |
| &nbsp;&nbsp; Variable Portfolio – Partners International <br> Growth Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 27066079 | &nbsp;&nbsp; 347528450 |
| &nbsp;&nbsp; Variable Portfolio – Partners International <br> Value Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 30526919 | &nbsp;&nbsp; 383723371 |
| **Total** | **Total** | &nbsp;&nbsp; **2204958502** |
| **U.S. Large Cap 29.2%** | **U.S. Large Cap 29.2%** | **U.S. Large Cap 29.2%** |
| &nbsp;&nbsp; Columbia Variable Portfolio – Contrarian Core <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 7082429 | &nbsp;&nbsp; 438614861 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Disciplined Core <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 2104860 | &nbsp;&nbsp; 264265115 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Large Cap <br> Growth Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 10230518 | &nbsp;&nbsp; 570453691 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Select Large <br> Cap Equity Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 29882734 | &nbsp;&nbsp; 778744056 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Select Large <br> Cap Value Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 9212371 | &nbsp;&nbsp; 472502520 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 3998571 | &nbsp;&nbsp; 333200895 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 11472815 | &nbsp;&nbsp; 485185330 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 1283686 | &nbsp;&nbsp; 62682376 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – Westfield Select Large Cap Growth <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 4657769 | &nbsp;&nbsp; 320827111 |
| &nbsp;&nbsp; Variable Portfolio – Partners Core Equity Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 6186252 | &nbsp;&nbsp; 319767382 |
| **Total** | **Total** | &nbsp;&nbsp; **4046243337** |

---

---

| | | |
|:---|:---|:---|
| **Equity Funds (continued)** | **Equity Funds (continued)** | **Equity Funds (continued)** |
|  | **Shares** | **Value ($)** |
| **U.S. Mid Cap 1.2%** | **U.S. Mid Cap 1.2%** | **U.S. Mid Cap 1.2%** |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – Victory Sycamore Established Value <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 1584912 | &nbsp;&nbsp; 82684869 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 1400146 | &nbsp;&nbsp; 83294704 |
| **Total** | **Total** | &nbsp;&nbsp; **165979573** |
| **U.S. Small Cap 1.8%** | **U.S. Small Cap 1.8%** | **U.S. Small Cap 1.8%** |
| &nbsp;&nbsp; Columbia Variable Portfolio – Small Cap Value <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 5721755 | &nbsp;&nbsp; 69404882 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Small Company <br> Growth Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 3869588 | &nbsp;&nbsp; 55567276 |
| &nbsp;&nbsp; Variable Portfolio – Partners Small Cap <br> Growth Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 1698735 | &nbsp;&nbsp; 62156727 |
| &nbsp;&nbsp; Variable Portfolio – Partners Small Cap Value <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 1680020 | &nbsp;&nbsp; 68225627 |
| **Total** | **Total** | &nbsp;&nbsp; **255354512** |
| &nbsp;&nbsp; Total Equity Funds <br>(Cost $4,420,807,519) | &nbsp;&nbsp; Total Equity Funds <br>(Cost $4,420,807,519) | &nbsp;&nbsp; **6741266001** |
| **Fixed Income Funds 45.6%** | **Fixed Income Funds 45.6%** | **Fixed Income Funds 45.6%** |
| **Emerging Markets 0.8%** | **Emerging Markets 0.8%** | **Emerging Markets 0.8%** |
| &nbsp;&nbsp; Columbia Variable Portfolio – Emerging <br> Markets Bond Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 13156223 | &nbsp;&nbsp; 109591339 |
| **Investment Grade 44.8%** | **Investment Grade 44.8%** | **Investment Grade 44.8%** |
| &nbsp;&nbsp; Columbia Variable Portfolio – Corporate Bond <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 97496648 | &nbsp;&nbsp; 760473857 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Income <br> Opportunities Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 31042858 | &nbsp;&nbsp; 207366288 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Intermediate <br> Bond Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 88166586 | &nbsp;&nbsp; 751179314 |
| &nbsp;&nbsp; Columbia Variable Portfolio – <br> U.S. Government Mortgage Fund, Class 1 <br> Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 59197428 | &nbsp;&nbsp; 545800289 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – American Century Diversified Bond <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 167908625 | &nbsp;&nbsp; 1544759346 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 <br> Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 121090588 | &nbsp;&nbsp; 1115244318 |
| &nbsp;&nbsp; Variable Portfolio – Partners Core Bond Fund, <br> Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 132696893 | &nbsp;&nbsp; 1280525016 |
| **Total** | **Total** | &nbsp;&nbsp; **6205348428** |
| &nbsp;&nbsp; Total Fixed Income Funds <br>(Cost $6,877,741,291) | &nbsp;&nbsp; Total Fixed Income Funds <br>(Cost $6,877,741,291) | &nbsp;&nbsp; **6314939767** |

---

Variable Portfolio – Moderate Portfolio \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Moderate Portfolio, September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Money Market Funds 5.0%** | **Money Market Funds 5.0%** | **Money Market Funds 5.0%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 4.265%<sup>(a),(c)</sup> <br>| &nbsp;&nbsp; 688117765 | &nbsp;&nbsp; 687911330 |
| &nbsp;&nbsp; Total Money Market Funds <br>(Cost $687,940,255) | &nbsp;&nbsp; Total Money Market Funds <br>(Cost $687,940,255) | &nbsp;&nbsp; **687911330** |
| **Total Investments in Securities** <br>**(Cost: $12,023,962,639)** | **Total Investments in Securities** <br>**(Cost: $12,023,962,639)** | &nbsp;&nbsp; **13778291115** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **80004602** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **13858295717** |

---

At September 30, 2025, securities and/or cash totaling $77,789,844 were pledged as collateral.

**Investments in derivatives** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 577 | 10/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 45554150 | &nbsp;&nbsp;&nbsp;&nbsp; 40807 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| IBEX 35 Index | 300 | 10/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 46524300 | &nbsp;&nbsp;&nbsp;&nbsp; 292964 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Russell 2000 Index E-mini | 418 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 51319950 | &nbsp;&nbsp;&nbsp;&nbsp; 610288 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P 500 Index E-mini | 1699 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 572456813 | &nbsp;&nbsp;&nbsp;&nbsp; 7897721 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P/TSX 60 Index | 718 | 12/2025 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 254574080 | &nbsp;&nbsp;&nbsp;&nbsp; 4299012 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 10-Year Note | 1211 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 136237500 | &nbsp;&nbsp;&nbsp;&nbsp; 505656 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury Ultra Bond | 176 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 21131000 | &nbsp;&nbsp;&nbsp;&nbsp; 537273 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 14183721 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

&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>|
| Euro STOXX 50 Index | (2722) | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (150826020)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2942201)<br>|
| FTSE 100 Index | (696) | 12/2025 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; (65476200)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (705857)<br>|
| FTSE/MIB Index | (430) | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (91362100)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 687619 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 687619 | &nbsp;&nbsp;&nbsp;&nbsp; (3648058)<br>|

---

**Notes to Portfolio of Investments** 

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Capital gain** <br>**distributions($)**<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%  |
|  | 613586921 | 573739063 | (499357208)<br>| (57446)<br>| 687911330 |  | (5335)<br>| 20261739 | 688117765 |
| Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  |
|  | 35291253 | 2821860 | (5973778)<br>| 2034682 | 34174017 |  | (1479146)<br>| 2821860 | 8740158 |
| 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  |
|  | 447188911 | 6251 | (16326629)<br>| 7746328 | 438614861 |  | 52685883 |  | 7082429 |
| 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  |
|  |  | 738074018 |  | 22399839 | 760473857 |  |  |  | 97496648 |
| 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  |
|  | 269237908 | 4299 | (10490686)<br>| 5513594 | 264265115 |  | 22449113 |  | 2104860 |

---

Variable Portfolio – Moderate Portfolio \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Moderate Portfolio, September 30, 2025 (Unaudited)

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **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 Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  |
|  | 103293655 | 4212271 | (3673381)<br>| 5758794 | 109591339 |  | (702615)<br>| 4212271 | 13156223 |
| Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  |
|  | 136397504 | 410280 | (39790431)<br>| 42311968 | 139329321 |  | (9687229)<br>| 410280 | 10734154 |
| Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  |
|  | 205895942 | 4073500 | (12857081)<br>| 10253927 | 207366288 |  | 10632 | 4073500 | 31042858 |
| 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  |
|  | 732676250 | 39929376 | (46194508)<br>| 24768196 | 751179314 |  | (7891719)<br>| 39929376 | 88166586 |
| 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  |
|  | 510877809 | 112364000 | (33291618)<br>| (19496500)<br>| 570453691 |  | 97069215 |  | 10230518 |
| 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  |
|  | 318075276 |  | (313634744)<br>| (4440532)<br>|  |  | 7831237 | 6616318 |  |
| 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  |
|  | 444674446 |  | (607978679)<br>| 163304233 |  |  | (166854738)<br>| 12225040 |  |
| 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  |
|  | 886182162 | 18780342 | (149574643)<br>| 216935996 | 972323857 |  | 26017576 | 18780342 | 56894316 |
| 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  |
|  | 814506329 | 15744 | (49276933)<br>| 13498916 | 778744056 |  | 65964965 |  | 29882734 |
| 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  |
|  | 564509179 | 49568 | (99786493)<br>| 7730266 | 472502520 |  | 67866721 |  | 9212371 |
| 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  |
|  | 65880841 | 12003644 | (5400385)<br>| (3079218)<br>| 69404882 | 11191969 | (2201844)<br>| 809696 | 5721755 |
| 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  |
|  | 65663386 | 7436900 | (23262786)<br>| 5729776 | 55567276 | 7433350 | (5022478)<br>|  | 3869588 |
| 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  |
|  | 529139490 | 11938969 | (25100839)<br>| 29822669 | 545800289 |  | (2893101)<br>| 11938969 | 59197428 |
| 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  |
|  | 1515126677 | 48473681 | (73939605)<br>| 55098593 | 1544759346 |  | (12473561)<br>| 48473681 | 167908625 |
| CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  |
|  | 67006168 | 5347780 | (826564)<br>| (2797307)<br>| 68730077 | 3450431 | (128026)<br>| 1897348 | 10573858 |
| 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  |
|  | 333729003 | 6678 | (13086943)<br>| 12552157 | 333200895 |  | 37784650 |  | 3998571 |
| 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  |
|  | 457380172 |  | (3204713)<br>| 31009871 | 485185330 |  | 3855827 |  | 11472815 |
| 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  |
|  | 1104006482 | 51869056 | (64464532)<br>| 23833312 | 1115244318 |  | (7676990)<br>| 51869056 | 121090588 |
| 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  |
|  | 82288235 | 959 | (392921)<br>| 788596 | 82684869 |  | 1446886 |  | 1584912 |
| 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  |
|  | 56858097 | 3417 | (1123590)<br>| 6944452 | 62682376 |  | 832425 |  | 1283686 |
| 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  |
|  | 81081927 | 4263 | (1884840)<br>| 4093354 | 83294704 |  | 6324691 |  | 1400146 |
| 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  |
|  | 338460709 | 12101 | (53930657)<br>| 36284958 | 320827111 |  | 13309785 |  | 4657769 |

---

Variable Portfolio – Moderate Portfolio \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Moderate Portfolio, September 30, 2025 (Unaudited)

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **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>|
| 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  |
|  | 1243256991 | 67919695 | (47150682)<br>| 16499012 | 1280525016 |  | (6348273)<br>| 67919695 | 132696893 |
| 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  |
|  | 320406197 | 12509 | (18840368)<br>| 18189044 | 319767382 |  | 19061228 |  | 6186252 |
| 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  |
|  | 344951496 | 19989925 | (48042005)<br>| 45154087 | 362053503 | 14703562 | 6595104 | 5286362 | 29316073 |
| 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  |
|  | 338503187 | 5224104 | (37586867)<br>| 41388026 | 347528450 | 2678599 | 3066690 | 2545505 | 27066079 |
| 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  |
|  | 343141168 | 11225964 | (29760161)<br>| 59116400 | 383723371 | 895521 | 16211788 | 10330443 | 30526919 |
| 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  |
|  | 64855378 | 3330 | (3575202)<br>| 873221 | 62156727 |  | 2643211 |  | 1698735 |
| 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  |
|  | 66391437 | 1843 | (138170)<br>| 1970517 | 68225627 |  | 229324 |  | 1680020 |
| Total | 13500520586 |  |  | 881733781 | 13778291115 | 40353432 | 227891896 | 310401481 |  |

---

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

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

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

**Currency Legend** 

---

| | |
|:---|:---|
| CAD | Canada Dollar |
| EUR | Euro |
| GBP | British Pound |
| 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 – Moderate Portfolio \| 2025

------

Portfolio of Investments

Variable Portfolio – Moderately Aggressive Portfolio, 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;

---

| | | |
|:---|:---|:---|
| **Alternative Strategies Funds 0.2%** | **Alternative Strategies Funds 0.2%** | **Alternative Strategies Funds 0.2%** |
|  | **Shares** | **Value ($)** |
| &nbsp;&nbsp; Columbia Variable Portfolio – Commodity <br> Strategy Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 3783620 | &nbsp;&nbsp; 14793954 |
| &nbsp;&nbsp; Total Alternative Strategies Funds <br>(Cost $16,166,012) | &nbsp;&nbsp; Total Alternative Strategies Funds <br>(Cost $16,166,012) | &nbsp;&nbsp; **14793954** |
| **Equity Funds 63.7%** | **Equity Funds 63.7%** | **Equity Funds 63.7%** |
| **Global Real Estate 0.5%** | **Global Real Estate 0.5%** | **Global Real Estate 0.5%** |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, <br> Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 4585566 | &nbsp;&nbsp; 29806180 |
| **International 20.5%** | **International 20.5%** | **International 20.5%** |
| &nbsp;&nbsp; Columbia Variable Portfolio – Emerging <br> Markets Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 6439576 | &nbsp;&nbsp; 83585702 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Overseas Core <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 28685512 | &nbsp;&nbsp; 490235401 |
| &nbsp;&nbsp; Variable Portfolio – Partners International Core <br> Equity Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 18550853 | &nbsp;&nbsp; 229103034 |
| &nbsp;&nbsp; Variable Portfolio – Partners International <br> Growth Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 17166332 | &nbsp;&nbsp; 220415699 |
| &nbsp;&nbsp; Variable Portfolio – Partners International <br> Value Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 18950601 | &nbsp;&nbsp; 238209051 |
| **Total** | **Total** | &nbsp;&nbsp; **1261548887** |
| **U.S. Large Cap 38.9%** | **U.S. Large Cap 38.9%** | **U.S. Large Cap 38.9%** |
| &nbsp;&nbsp; Columbia Variable Portfolio – Contrarian Core <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 3350310 | &nbsp;&nbsp; 207484677 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Disciplined Core <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 750333 | &nbsp;&nbsp; 94204281 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Large Cap <br> Growth Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 6350198 | &nbsp;&nbsp; 354087045 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Select Large Cap <br> Equity Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 15863934 | &nbsp;&nbsp; 413414134 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Select Large Cap <br> Value Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 4655612 | &nbsp;&nbsp; 238786328 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 2691656 | &nbsp;&nbsp; 224295673 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 7204572 | &nbsp;&nbsp; 304681371 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 2549275 | &nbsp;&nbsp; 124481113 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – Westfield Select Large Cap Growth <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 3134983 | &nbsp;&nbsp; 215937619 |
| &nbsp;&nbsp; Variable Portfolio – Partners Core Equity Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 4123479 | &nbsp;&nbsp; 213142630 |
| **Total** | **Total** | &nbsp;&nbsp; **2390514871** |

---

---

| | | |
|:---|:---|:---|
| **Equity Funds (continued)** | **Equity Funds (continued)** | **Equity Funds (continued)** |
|  | **Shares** | **Value ($)** |
| **U.S. Mid Cap 1.3%** | **U.S. Mid Cap 1.3%** | **U.S. Mid Cap 1.3%** |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – Victory Sycamore Established Value <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 815680 | &nbsp;&nbsp; 42554020 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 679310 | &nbsp;&nbsp; 40412153 |
| **Total** | **Total** | &nbsp;&nbsp; **82966173** |
| **U.S. Small Cap 2.5%** | **U.S. Small Cap 2.5%** | **U.S. Small Cap 2.5%** |
| &nbsp;&nbsp; Columbia Variable Portfolio – Small Cap Value <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 3393064 | &nbsp;&nbsp; 41157868 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Small Company <br> Growth Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 2682427 | &nbsp;&nbsp; 38519652 |
| &nbsp;&nbsp; Variable Portfolio – Partners Small Cap Growth <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 1018511 | &nbsp;&nbsp; 37267333 |
| &nbsp;&nbsp; Variable Portfolio – Partners Small Cap Value <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 912112 | &nbsp;&nbsp; 37040848 |
| **Total** | **Total** | &nbsp;&nbsp; **153985701** |
| &nbsp;&nbsp; Total Equity Funds <br>(Cost $2,560,923,361) | &nbsp;&nbsp; Total Equity Funds <br>(Cost $2,560,923,361) | &nbsp;&nbsp; **3918821812** |
| **Fixed Income Funds 30.6%** | **Fixed Income Funds 30.6%** | **Fixed Income Funds 30.6%** |
| **Emerging Markets 0.8%** | **Emerging Markets 0.8%** | **Emerging Markets 0.8%** |
| &nbsp;&nbsp; Columbia Variable Portfolio – Emerging <br> Markets Bond Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 5499944 | &nbsp;&nbsp; 45814533 |
| **Investment Grade 29.8%** | **Investment Grade 29.8%** | **Investment Grade 29.8%** |
| &nbsp;&nbsp; Columbia Variable Portfolio – Corporate Bond <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 35160536 | &nbsp;&nbsp; 274252183 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Income <br> Opportunities Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 13505283 | &nbsp;&nbsp; 90215291 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Intermediate <br> Bond Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 20107910 | &nbsp;&nbsp; 171319389 |
| &nbsp;&nbsp; Columbia Variable Portfolio – U.S. Government <br> Mortgage Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 21058916 | &nbsp;&nbsp; 194163206 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – American Century Diversified Bond <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 46172057 | &nbsp;&nbsp; 424782923 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 <br> Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 32836720 | &nbsp;&nbsp; 302426191 |
| &nbsp;&nbsp; Variable Portfolio – Partners Core Bond Fund, <br> Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 38977471 | &nbsp;&nbsp; 376132599 |
| **Total** | **Total** | &nbsp;&nbsp; **1833291782** |
| &nbsp;&nbsp; Total Fixed Income Funds <br>(Cost $2,051,342,839) | &nbsp;&nbsp; Total Fixed Income Funds <br>(Cost $2,051,342,839) | &nbsp;&nbsp; **1879106315** |

---

Variable Portfolio – Moderately Aggressive Portfolio \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Moderately Aggressive Portfolio, September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Money Market Funds 4.8%** | **Money Market Funds 4.8%** | **Money Market Funds 4.8%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 4.265%<sup>(a),(c)</sup> <br>| &nbsp;&nbsp; 296591772 | &nbsp;&nbsp; 296502794 |
| &nbsp;&nbsp; Total Money Market Funds <br>(Cost $296,511,541) | &nbsp;&nbsp; Total Money Market Funds <br>(Cost $296,511,541) | &nbsp;&nbsp; **296502794** |
| **Total Investments in Securities** <br>**(Cost: $4,924,943,753)** | **Total Investments in Securities** <br>**(Cost: $4,924,943,753)** | &nbsp;&nbsp; **6109224875** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **40146067** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **6149370942** |

---

At September 30, 2025, securities and/or cash totaling $39,110,636 were pledged as collateral.

**Investments in derivatives** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 254 | 10/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 20053300 | &nbsp;&nbsp;&nbsp;&nbsp; 17964 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| IBEX 35 Index | 133 | 10/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 20625773 | &nbsp;&nbsp;&nbsp;&nbsp; 129881 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Russell 2000 Index E-mini | 114 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 13996350 | &nbsp;&nbsp;&nbsp;&nbsp; 166442 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P 500 Index E-mini | 975 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 328514063 | &nbsp;&nbsp;&nbsp;&nbsp; 4532241 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P/TSX 60 Index | 324 | 12/2025 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 114877440 | &nbsp;&nbsp;&nbsp;&nbsp; 1939944 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 10-Year Note | 190 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 21375000 | &nbsp;&nbsp;&nbsp;&nbsp; 79335 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury Ultra Bond | 151 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 18129438 | &nbsp;&nbsp;&nbsp;&nbsp; 460956 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7326763 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

&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>|
| Euro STOXX 50 Index | (1298) | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (71922180)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1403004)<br>|
| FTSE 100 Index | (313) | 12/2025 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; (29445475)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (317433)<br>|
| FTSE/MIB Index | (190) | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (40369300)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 303831 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MSCI EAFE Index | (81) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (11280465)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37575 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 341406 | &nbsp;&nbsp;&nbsp;&nbsp; (1720437)<br>|

---

**Notes to Portfolio of Investments** 

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Capital gain** <br>**distributions($)**<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%  |
|  | 258988498 | 279161959 | (241627592)<br>| (20071)<br>| 296502794 |  | (5962)<br>| 8590588 | 296591772 |
| Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  |
|  | 15219497 | 1247969 | (2320303)<br>| 646791 | 14793954 |  | (410861)<br>| 1221585 | 3783620 |
| 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  |
|  | 203025879 | 2698 | (11142913)<br>| 15599013 | 207484677 |  | 12245092 |  | 3350310 |
| 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  |
|  |  | 266174356 |  | 8077827 | 274252183 |  |  |  | 35160536 |

---

Variable Portfolio – Moderately Aggressive Portfolio \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Moderately Aggressive Portfolio, September 30, 2025 (Unaudited)

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **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 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  |
|  | 89946688 | 328175 | (1837932)<br>| 5767350 | 94204281 |  | 3976662 |  | 750333 |
| Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  |
|  | 44598478 | 1831299 | (3248205)<br>| 2632961 | 45814533 |  | (511569)<br>| 1775104 | 5499944 |
| Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  |
|  | 73649852 | 279684 | (13295441)<br>| 22951607 | 83585702 |  | (4433446)<br>| 225271 | 6439576 |
| Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  |
|  | 89004653 | 1901116 | (5143143)<br>| 4452665 | 90215291 |  | (12193)<br>| 1766347 | 13505283 |
| 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  |
|  | 168081066 | 9410266 | (11805847)<br>| 5633904 | 171319389 |  | (1759296)<br>| 9106582 | 20107910 |
| 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  |
|  | 294954736 | 71255328 | (15280332)<br>| 3157313 | 354087045 |  | 44099855 |  | 6350198 |
| 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  |
|  | 113539220 | 149890 | (112245689)<br>| (1443421)<br>|  |  | 2656925 | 2362125 |  |
| 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  |
|  | 157592350 | 381864 | (191856776)<br>| 33882562 |  |  | (35269124)<br>| 4442718 |  |
| 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  |
|  | 427424965 | 9111628 | (54498705)<br>| 108197513 | 490235401 |  | 10580800 | 9111628 | 28685512 |
| 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  |
|  | 412411373 | 8259 | (17316782)<br>| 18311284 | 413414134 |  | 23205333 |  | 15863934 |
| 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  |
|  | 288701968 | 34879 | (40683671)<br>| (9266848)<br>| 238786328 |  | 46254486 |  | 4655612 |
| 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  |
|  | 40874539 | 7165324 | (6044530)<br>| (837465)<br>| 41157868 | 6650015 | (2323619)<br>| 481103 | 3393064 |
| 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  |
|  | 40515898 | 5003554 | (9638897)<br>| 2639097 | 38519652 | 4953967 | (1818868)<br>|  | 2682427 |
| 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  |
|  | 187205293 | 4682367 | (8228106)<br>| 10503652 | 194163206 |  | (938241)<br>| 4247173 | 21058916 |
| 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  |
|  | 416634556 | 14208317 | (21376507)<br>| 15316557 | 424782923 |  | (3574829)<br>| 13329450 | 46172057 |
| CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  |
|  | 29230065 | 2394548 | (581371)<br>| (1237062)<br>| 29806180 | 1496349 | (32103)<br>| 822823 | 4585566 |
| 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  |
|  | 218959686 | 7234 | (7233490)<br>| 12562243 | 224295673 |  | 20605247 |  | 2691656 |
| 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  |
|  | 284454114 | 431217 | (891187)<br>| 20687227 | 304681371 |  | 1061744 |  | 7204572 |
| 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  |
|  | 297593835 | 14774019 | (16257262)<br>| 6315599 | 302426191 |  | (1936962)<br>| 14065583 | 32836720 |
| 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  |
|  | 43180385 | 17008 | (411677)<br>| (231696)<br>| 42554020 |  | 1350709 |  | 815680 |
| 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  |
|  | 109287691 | 718686 | (343592)<br>| 14818328 | 124481113 |  | 258063 |  | 2549275 |
| 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  |
|  | 43296624 | 2375 | (1600415)<br>| (1286431)<br>| 40412153 |  | 6300060 |  | 679310 |

---

Variable Portfolio – Moderately Aggressive Portfolio \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Moderately Aggressive Portfolio, September 30, 2025 (Unaudited)

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **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> – 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  |
|  | 221256202 | 171065 | (30861092)<br>| 25371444 | 215937619 |  | 6950517 |  | 3134983 |
| 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  |
|  | 368624842 | 20798358 | (18747300)<br>| 5456699 | 376132599 |  | (2466931)<br>| 19950263 | 38977471 |
| 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  |
|  | 202178227 | 196915 | (6688983)<br>| 17456471 | 213142630 |  | 6858599 |  | 4123479 |
| 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  |
|  | 208252576 | 12446118 | (20432671)<br>| 28837011 | 229103034 | 9137454 | 2817915 | 3226190 | 18550853 |
| 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  |
|  | 205065936 | 3284347 | (14405187)<br>| 26470603 | 220415699 | 1683924 | 1034671 | 1555189 | 17166332 |
| 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  |
|  | 207662570 | 6849564 | (16598309)<br>| 40295226 | 238209051 | 549641 | 5756363 | 6299924 | 18950601 |
| 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  |
|  | 37233209 | 63942 | (1215654)<br>| 1185836 | 37267333 |  | 907769 |  | 1018511 |
| 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  |
|  | 37251726 | 83397 | (499290)<br>| 205015 | 37040848 |  | 998514 |  | 912112 |
| Total | 5835897197 |  |  | 443108804 | 6109224875 | 24471350 | 142425320 | 102579646 |  |

---

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

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

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

**Currency Legend** 

---

| | |
|:---|:---|
| CAD | Canada Dollar |
| EUR | Euro |
| GBP | British Pound |
| 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 – Moderately Aggressive Portfolio \| 2025

------

Portfolio of Investments

Variable Portfolio – Aggressive Portfolio, 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;

---

| | | |
|:---|:---|:---|
| **Alternative Strategies Funds 0.2%** | **Alternative Strategies Funds 0.2%** | **Alternative Strategies Funds 0.2%** |
|  | **Shares** | **Value ($)** |
| &nbsp;&nbsp; Columbia Variable Portfolio – Commodity <br> Strategy Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 1581674 | &nbsp;&nbsp; 6184346 |
| &nbsp;&nbsp; Total Alternative Strategies Funds <br>(Cost $6,964,060) | &nbsp;&nbsp; Total Alternative Strategies Funds <br>(Cost $6,964,060) | &nbsp;&nbsp; **6184346** |
| **Equity Funds 80.2%** | **Equity Funds 80.2%** | **Equity Funds 80.2%** |
| **Global Real Estate 0.7%** | **Global Real Estate 0.7%** | **Global Real Estate 0.7%** |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, <br> Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 2834041 | &nbsp;&nbsp; 18421266 |
| **International 25.9%** | **International 25.9%** | **International 25.9%** |
| &nbsp;&nbsp; Columbia Variable Portfolio – Emerging Markets <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 3328764 | &nbsp;&nbsp; 43207351 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Overseas Core <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 13013197 | &nbsp;&nbsp; 222395543 |
| &nbsp;&nbsp; Variable Portfolio – Partners International Core <br> Equity Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 12756592 | &nbsp;&nbsp; 157543905 |
| &nbsp;&nbsp; Variable Portfolio – Partners International <br> Growth Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 9053051 | &nbsp;&nbsp; 116241171 |
| &nbsp;&nbsp; Variable Portfolio – Partners International Value <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 10228087 | &nbsp;&nbsp; 128567060 |
| **Total** | **Total** | &nbsp;&nbsp; **667955030** |
| **U.S. Large Cap 49.0%** | **U.S. Large Cap 49.0%** | **U.S. Large Cap 49.0%** |
| &nbsp;&nbsp; Columbia Variable Portfolio – Contrarian Core <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 2257263 | &nbsp;&nbsp; 139792299 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Disciplined Core <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 597807 | &nbsp;&nbsp; 75054668 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Large Cap Growth <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 3253730 | &nbsp;&nbsp; 181427967 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Select Large Cap <br> Equity Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 6854591 | &nbsp;&nbsp; 178630631 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Select Large Cap <br> Value Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 2761541 | &nbsp;&nbsp; 141639436 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 1442096 | &nbsp;&nbsp; 120169838 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 3587303 | &nbsp;&nbsp; 151707064 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 1007309 | &nbsp;&nbsp; 49186903 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – Westfield Select Large Cap Growth <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 1711627 | &nbsp;&nbsp; 117896871 |
| &nbsp;&nbsp; Variable Portfolio – Partners Core Equity Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 2107359 | &nbsp;&nbsp; 108929404 |
| **Total** | **Total** | &nbsp;&nbsp; **1264435081** |

---

---

| | | |
|:---|:---|:---|
| **Equity Funds (continued)** | **Equity Funds (continued)** | **Equity Funds (continued)** |
|  | **Shares** | **Value ($)** |
| **U.S. Mid Cap 1.6%** | **U.S. Mid Cap 1.6%** | **U.S. Mid Cap 1.6%** |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – Victory Sycamore Established Value <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 424047 | &nbsp;&nbsp; 22122539 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 350393 | &nbsp;&nbsp; 20844895 |
| **Total** | **Total** | &nbsp;&nbsp; **42967434** |
| **U.S. Small Cap 3.0%** | **U.S. Small Cap 3.0%** | **U.S. Small Cap 3.0%** |
| &nbsp;&nbsp; Columbia Variable Portfolio – Small Cap Value <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 1734657 | &nbsp;&nbsp; 21041383 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Small Company <br> Growth Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 1335092 | &nbsp;&nbsp; 19171916 |
| &nbsp;&nbsp; Variable Portfolio – Partners Small Cap Growth <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 498689 | &nbsp;&nbsp; 18247042 |
| &nbsp;&nbsp; Variable Portfolio – Partners Small Cap Value <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 446828 | &nbsp;&nbsp; 18145695 |
| **Total** | **Total** | &nbsp;&nbsp; **76606036** |
| &nbsp;&nbsp; Total Equity Funds <br>(Cost $1,329,704,791) | &nbsp;&nbsp; Total Equity Funds <br>(Cost $1,329,704,791) | &nbsp;&nbsp; **2070384847** |
| **Fixed Income Funds 16.4%** | **Fixed Income Funds 16.4%** | **Fixed Income Funds 16.4%** |
| **Emerging Markets 0.5%** | **Emerging Markets 0.5%** | **Emerging Markets 0.5%** |
| &nbsp;&nbsp; Columbia Variable Portfolio – Emerging Markets <br> Bond Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 1507578 | &nbsp;&nbsp; 12558123 |
| **Investment Grade 15.9%** | **Investment Grade 15.9%** | **Investment Grade 15.9%** |
| &nbsp;&nbsp; Columbia Variable Portfolio – Corporate Bond <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 11257868 | &nbsp;&nbsp; 87811372 |
| &nbsp;&nbsp; Columbia Variable Portfolio – Income <br> Opportunities Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 3701418 | &nbsp;&nbsp; 24725476 |
| &nbsp;&nbsp; Columbia Variable Portfolio – U.S. Government <br> Mortgage Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 6929540 | &nbsp;&nbsp; 63890359 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – American Century Diversified Bond <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 8544016 | &nbsp;&nbsp; 78604944 |
| &nbsp;&nbsp; CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 <br> Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 5830834 | &nbsp;&nbsp; 53701985 |
| &nbsp;&nbsp; Variable Portfolio – Partners Core Bond Fund, <br> Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 10407665 | &nbsp;&nbsp; 100433965 |
| **Total** | **Total** | &nbsp;&nbsp; **409168101** |
| &nbsp;&nbsp; Total Fixed Income Funds <br>(Cost $447,115,266) | &nbsp;&nbsp; Total Fixed Income Funds <br>(Cost $447,115,266) | &nbsp;&nbsp; **421726224** |

---

Variable Portfolio – Aggressive Portfolio \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Aggressive Portfolio, September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Money Market Funds 2.6%** | **Money Market Funds 2.6%** | **Money Market Funds 2.6%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 4.265%<sup>(a),(c)</sup> <br>| &nbsp;&nbsp; 66374604 | &nbsp;&nbsp; 66354692 |
| &nbsp;&nbsp; Total Money Market Funds <br>(Cost $66,357,025) | &nbsp;&nbsp; Total Money Market Funds <br>(Cost $66,357,025) | &nbsp;&nbsp; **66354692** |
| **Total Investments in Securities** <br>**(Cost: $1,850,141,142)** | **Total Investments in Securities** <br>**(Cost: $1,850,141,142)** | &nbsp;&nbsp; **2564650109** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **15518700** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **2580168809** |

---

At September 30, 2025, securities and/or cash totaling $15,328,884 were pledged as collateral.

**Investments in derivatives** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 117 | 10/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 9237150 | &nbsp;&nbsp;&nbsp;&nbsp; 8275 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| IBEX 35 Index | 61 | 10/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 9459941 | &nbsp;&nbsp;&nbsp;&nbsp; 59569 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Russell 2000 Index E-mini | 54 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 6629850 | &nbsp;&nbsp;&nbsp;&nbsp; 78841 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P 500 Index E-mini | 351 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 118265063 | &nbsp;&nbsp;&nbsp;&nbsp; 1631607 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P/TSX 60 Index | 143 | 12/2025 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 50702080 | &nbsp;&nbsp;&nbsp;&nbsp; 856210 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2634502 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

&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>|
| Euro STOXX 50 Index | (567) | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (31417470)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (612869)<br>|
| FTSE 100 Index | (139) | 12/2025 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; (13076425)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (140968)<br>|
| FTSE/MIB Index | (87) | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (18484890)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 139123 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MSCI EAFE Index | (76) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (10584140)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35255 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 174378 | &nbsp;&nbsp;&nbsp;&nbsp; (753837)<br>|

---

**Notes to Portfolio of Investments** 

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Capital gain** <br>**distributions($)**<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%  |
|  | 56099362 | 96172041 | (85913275)<br>| (3436)<br>| 66354692 |  | (2661)<br>| 1841851 | 66374604 |
| Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  |
|  | 6149797 | 692322 | (699143)<br>| 41370 | 6184346 |  | 50145 | 505959 | 1581674 |
| 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  |
|  | 129878321 | 106590 | (2091179)<br>| 11898567 | 139792299 |  | 6488777 |  | 2257263 |
| 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  |
|  |  | 85253228 |  | 2558144 | 87811372 |  |  |  | 11257868 |
| 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  |
|  | 70005170 | 141135 | (878822)<br>| 5787185 | 75054668 |  | 1870720 |  | 597807 |

---

Variable Portfolio – Aggressive Portfolio \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Aggressive Portfolio, September 30, 2025 (Unaudited)

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **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 Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  |
|  | 11953171 | 727226 | (944023)<br>| 821749 | 12558123 |  | (249456)<br>| 484042 | 1507578 |
| Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  |
|  | 35491414 | 304843 | (2663739)<br>| 10074833 | 43207351 |  | (804054)<br>| 109683 | 3328764 |
| Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  |
|  | 23791433 | 969160 | (1235811)<br>| 1200694 | 24725476 |  | (5185)<br>| 481260 | 3701418 |
| 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  |
|  | 142660765 | 34712570 | (5125680)<br>| 9180312 | 181427967 |  | 14778309 |  | 3253730 |
| 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  |
|  | 35921196 | 764300 | (36568989)<br>| (116507)<br>|  |  | 465087 | 797735 |  |
| 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  |
|  | 47344473 | 1942547 | (64260633)<br>| 14973613 |  |  | (15501117)<br>| 1478963 |  |
| 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  |
|  | 183682524 | 4153296 | (17301937)<br>| 51861660 | 222395543 |  | 273096 | 3969836 | 13013197 |
| 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  |
|  | 169122507 | 174689 | (3554461)<br>| 12887896 | 178630631 |  | 4826124 |  | 6854591 |
| 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  |
|  | 156984474 | 799386 | (15631416)<br>| (513008)<br>| 141639436 |  | 21865359 |  | 2761541 |
| 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  |
|  | 18820304 | 4088285 | (608277)<br>| (1258929)<br>| 21041383 | 3284937 | (237002)<br>| 237653 | 1734657 |
| 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  |
|  | 18718651 | 2423657 | (2972455)<br>| 1002063 | 19171916 | 2395508 | (550474)<br>|  | 1335092 |
| 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  |
|  | 59264346 | 3838032 | (2273973)<br>| 3061954 | 63890359 |  | 31478 | 1386420 | 6929540 |
| 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  |
|  | 75423785 | 4989185 | (4736985)<br>| 2928959 | 78604944 |  | (786509)<br>| 2447561 | 8544016 |
| CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  |
|  | 17562691 | 1904232 | (323665)<br>| (721992)<br>| 18421266 | 915759 | (55068)<br>| 503564 | 2834041 |
| 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  |
|  | 111570884 | 48407 | (2297954)<br>| 10848501 | 120169838 |  | 6530401 |  | 1442096 |
| 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  |
|  | 137186340 | 4730181 | (425998)<br>| 10216541 | 151707064 |  | 502139 |  | 3587303 |
| 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  |
|  | 50271906 | 4589752 | (2098094)<br>| 938421 | 53701985 |  | (208414)<br>| 2474977 | 5830834 |
| 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  |
|  | 20792429 | 726642 | (168)<br>| 603636 | 22122539 |  | 578 |  | 424047 |
| 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  |
|  | 43345117 | 790593 | (551616)<br>| 5602809 | 49186903 |  | 327882 |  | 1007309 |
| 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  |
|  | 20897549 | 29493 | (589944)<br>| 507797 | 20844895 |  | 2038259 |  | 350393 |
| 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  |
|  | 112905027 | 121091 | (10175671)<br>| 15046424 | 117896871 |  | 2400352 |  | 1711627 |
| 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  |
|  | 95714841 | 8781540 | (5655419)<br>| 1593003 | 100433965 |  | (830110)<br>| 5282840 | 10407665 |

---

Variable Portfolio – Aggressive Portfolio \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Aggressive Portfolio, September 30, 2025 (Unaudited)

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **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>|
| 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  |
|  | 100487586 | 236268 | (2035143)<br>| 10240693 | 108929404 |  | 1951859 |  | 2107359 |
| 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  |
|  | 137751048 | 9073796 | (8958033)<br>| 19677094 | 157543905 | 6238449 | 1581264 | 2158495 | 12756592 |
| 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  |
|  | 106106785 | 2170490 | (5896462)<br>| 13860358 | 116241171 | 881370 | 442254 | 809796 | 9053051 |
| 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  |
|  | 107258606 | 4441215 | (6539389)<br>| 23406628 | 128567060 | 293641 | 933433 | 3309840 | 10228087 |
| 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  |
|  | 18500079 | 23443 | (749169)<br>| 472689 | 18247042 |  | 486872 |  | 498689 |
| 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  |
|  | 18283849 | 101929 | (332562)<br>| 92479 | 18145695 |  | 473088 |  | 446828 |
| Total | 2339946430 |  |  | 238772200 | 2564650109 | 14009664 | 49087426 | 28280475 |  |

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

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

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

**Currency Legend** 

---

| | |
|:---|:---|
| CAD | Canada Dollar |
| EUR | Euro |
| GBP | British Pound |
| 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 – Aggressive Portfolio \| 2025

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[THIS PAGE INTENTIONALLY LEFT BLANK]

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

3QT7042_12_D01_(11/25)

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## 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 - Aggressive Portfolio

- **b. EDGAR series identifier (if any):** S000028683

- **c. LEI of Series:** 549300EO4GM63G91ZF07

**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:** $2582420736.94

**Total Liabilities:** $691764.95

**Net Assets:** $2581728971.99

**Currency Risk Metrics (dv01):**

- 

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

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

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

- **3-Month:** 204296.621500000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 1808.845600000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000087784 | 0.67%                | 2.51%                | 2.50%                |
| Class ID C000087785 | 0.66%                | 2.50%                | 2.50%                |
| Class ID C000209985 | 0.69%                | 2.53%                | 2.52%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2283738.59              | $-3811561.71                               |
| Month 2  | $6919101.83              | $52694562.07                               |
| Month 3  | $6221775.19              | $53020599.73                               |

**Designated Index Information**

- **Index Name:** 56 RS3000 / 20 LEH AGG /  24 MS_EAFE USD FLOAT Index

- **Index Identifier:** RUSLMSUSD

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Columbia Variable Portfolio - Small Cap Value Fund      | Columbia Variable Portfolio - Small Cap Value Fund      | CUSIP: 19765R303<br>LEI: QFDZC6A36M07XEWD4L46 | Long             | EC               | RF                | US        |   1736322 | NS      | $21061582.11  | 0.82%             |  |  |  | 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        |   2259746 | NS      | $139946043.58 | 5.42%             |  |  |  | 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        |   1339007 | NS      | $19228143.64  | 0.74%             |  |  |  | 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        |  10407665 | NS      | $100433965.12 | 3.89%             |  |  |  | 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        |   9053051 | NS      | $116241170.74 | 4.50%             |  |  |  | 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        |    424047 | NS      | $22122539.14  | 0.86%             |  |  |  | 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        |   2109168 | NS      | $109022897.85 | 4.22%             |  |  |  | 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        |   1442992 | NS      | $120244521.94 | 4.66%             |  |  |  | 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        |   8544016 | NS      | $78604943.74  | 3.04%             |  |  |  | No            | N/A                | 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        |  10228087 | NS      | $128567059.77 | 4.98%             |  |  |  | No            | N/A                | On Loan: No      |
| COLUMBIA VP EMERGING MARKETS FUN                        | COLUMBIA VP EMERG MKT FD CL 1                           | CUSIP: 19766E376<br>LEI: N/A                  | Long             | EC               | RF                | US        |   3336267 | NS      | $43304743.79  | 1.68%             |  |  |  | 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        |  13022288 | NS      | $222550907.76 | 8.62%             |  |  |  | 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        |   2763814 | NS      | $141756020.78 | 5.49%             |  |  |  | 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        |    598418 | NS      | $75131429.37  | 2.91%             |  |  |  | No            | N/A                | On Loan: No      |
| COLUMBIA SHORT TERM CASH FUND                           | COLUMBIA SHORT TERM CASH FUND                           | CUSIP: 19766H239<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  66374604 | NS      | $66354691.56  | 2.57%             |  |  |  | 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        |    350565 | NS      | $20855136.60  | 0.81%             |  |  |  | No            | N/A                | 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        |   1007475 | NS      | $49195021.88  | 1.91%             |  |  |  | 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        |   6860749 | NS      | $178791117.95 | 6.93%             |  |  |  | No            | N/A                | On Loan: No      |
| COLUMBIA VP COMMODITY STRATEGY 1                        | COLUMBIA VP COMMODITY STRATEGY 1                        | CUSIP: 19766L545<br>LEI: N/A                  | Long             | EC               | RF                | US        |   1581674 | NS      | $6184346.38   | 0.24%             |  |  |  | No            | N/A                | On Loan: No      |
| COLUMBIA VP EM BOND FUND-1                              | COLUMBIA VP EMERGING MARKETS BOND                       | CUSIP: 19766L586<br>LEI: N/A                  | Long             | EC               | RF                | US        |   1507578 | NS      | $12558122.67  | 0.49%             |  |  |  | No            | N/A                | 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        |   1714836 | NS      | $118117905.88 | 4.58%             |  |  |  | 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        |  12756592 | NS      | $157543905.12 | 6.10%             |  |  |  | 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        |   5830834 | NS      | $53701985.44  | 2.08%             |  |  |  | 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        |    446932 | NS      | $18149912.91  | 0.70%             |  |  |  | No            | N/A                | On Loan: No      |
| VP - PARTNERS SM CAP GR                                 | VP - PARTNERS SM CAP GR                                 | CUSIP: 19766L792<br>LEI: N/A                  | Long             | EC               | RF                | US        |    498945 | NS      | $18256395.98  | 0.71%             |  |  |  | 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        |   3587303 | NS      | $151707064.47 | 5.88%             |  |  |  | No            | N/A                | On Loan: No      |
| CTIVP - CENTERSQUARE REAL ES CL1                        | CTIVP - CENTERSQUARE REAL ES CL1                        | CUSIP: 19766L842<br>LEI: N/A                  | Long             | EC               | RF                | US        |   2834041 | NS      | $18421266.06  | 0.71%             |  |  |  | No            | N/A                | On Loan: No      |
| JPMorgan                                                | CAC40 10 EURO OCT 25                                    | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               | CORP              | FR        |       117 | NC      | $8274.63      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| JPMorgan                                                | S&P500 EMINI DEC 25                                     | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               | CORP              | US        |       351 | NC      | $1631606.95   | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| JPMorgan                                                | IBEX 35 INDEX OCT 25                                    | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               | CORP              | ES        |        61 | NC      | $59569.31     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| JPMorgan                                                | MSCI EAFE INDEX DEC 25                                  | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               | CORP              | US        |       -76 | NC      | $35255.30     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| JPMorgan                                                | S&P/TSE 60 INDEX DEC 25                                 | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               | CORP              | CA        |       143 | NC      | $856209.85    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| JPMorgan                                                | RUSSELL 2000 EMINI CME DEC 25                           | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               | CORP              | US        |        54 | NC      | $78841.08     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| JPMorgan                                                | FTSE/MIB INDEX DEC 25                                   | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               | CORP              | IT        |       -87 | NC      | $139122.89    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| JPMorgan                                                | EURO STOXX 50 DEC 25                                    | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               | CORP              | DE        |      -567 | NC      | $-612868.58   | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| JPMorgan                                                | FTSE 100 INDEX DEC 25                                   | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               | CORP              | GB        |      -139 | NC      | $-140968.48   | -0.01%            |  |  |  | No            | 1                  | 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        |   3259150 | NS      | $181730223.57 | 7.04%             |  |  |  | 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        |   6929540 | NS      | $63890359.52  | 2.47%             |  |  |  | No            | N/A                | On Loan: No      |
| COLUMBIA VP INCOME OPPORTUNITIES 1                      | COLUMBIA VP INCOME OPPORTUNITIES 1                      | CUSIP: 19766E673<br>LEI: N/A                  | Long             | EC               | RF                | US        |   3701419 | NS      | $24725475.70  | 0.96%             |  |  |  | No            | N/A                | 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        |  11257868 | NS      | $87811371.63  | 3.40%             |  |  |  | No            | N/A                | On Loan: No      |

### Signature

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

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

**Signature:** Martha Skinner

**Name of Signer:** Martha Skinner

**Title:** Assistant Treasurer