# EDGAR Filing Document

**Accession Number:** 0001413032
**File Stem:** 0001413032-25-000159
**Filing Date:** 2025-9
**Character Count:** 586497
**Document Hash:** 538eea215945d0b60567e25d8358356f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001413032-25-000159.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001413032-25-000159

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22127
- **FILM NUMBER:** 251293001

**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 - Partners Core Bond Fund (Series ID: S000028690)

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

?xml version='1.0' encoding='ASCII'? 8dde57b7d3a30f8

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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#### FORM N-CSR

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#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-22127

#### Columbia Funds Variable Series Trust II
(Exact name of registrant as specified in charter)

------

290 Congress Street

Boston, MA 02210

(Address of principal executive offices) (Zip code)

Daniel J. Beckman

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

Ryan C. Larrenaga, Esq.

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(800) 345-6611

#### Date of fiscal year end:

#### Last Day of December

#### Date of reporting period:

#### June 30, 2025
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

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

Item 1. Reports to Stockholders

Variable Portfolio – Partners Core Bond Fund

Class 1

![FundLogo](images_1950.jpg)

Semi-Annual Shareholder Report \| June 30, 2025

This semi-annual shareholder report contains important information about Variable Portfolio – Partners Core Bond Fund (the Fund) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

#### What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| Class | Cost of a $10,000 investment |
| Class 1 | $24 0.48%<sup>(a)</sup> |

---

(a) <sup>Annualized.</sup>

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$3750956103 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;2350 |
| **Portfolio turnover for the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;124% |

---

#### Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

Bond ratings on Fund holdings are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody's Ratings, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated by Moody's Ratings, S&P or Fitch, but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as "Not rated." Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily.

Top Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<br>07/14/2055 5.500% | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury<br>05/15/2045 5.000% | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury<br>08/15/2041 1.750% | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association<br>04/01/2042 2.000% | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury<br>05/15/2035 4.250% | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury<br>02/15/2048 3.000% | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury<br>11/15/2041 2.000% | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury<br>06/30/2030 3.875% | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp.<br>10/01/2032 2.500% | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury<br>02/15/2055 4.625% | 0.6% |

---

Asset Categories

![Graphical Representation - Allocation 1 Chart](chartimages_3736906.jpg)

Credit Quality

![Graphical Representation - Allocation 2 Chart](chartimages_3736902.jpg)

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

![TSR - QR Code](images_1958.jpg)

Columbia Variable funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

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

Variable Portfolio – Partners Core Bond Fund \| Class 1 \| SSR7052_01_12_D01_(08/25)

Variable Portfolio – Partners Core Bond Fund

Class 2

![FundLogo](images_1950.jpg)

Semi-Annual Shareholder Report \| June 30, 2025

This semi-annual shareholder report contains important information about Variable Portfolio – Partners Core Bond Fund (the Fund) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

#### What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| Class | Cost of a $10,000 investment |
| Class 2 | $37 0.73%<sup>(a)</sup> |

---

(a) <sup>Annualized.</sup>

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$3750956103 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;2350 |
| **Portfolio turnover for the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;124% |

---

#### Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

Bond ratings on Fund holdings are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody's Ratings, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated by Moody's Ratings, S&P or Fitch, but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as "Not rated." Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily.

Top Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<br>07/14/2055 5.500% | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury<br>05/15/2045 5.000% | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury<br>08/15/2041 1.750% | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association<br>04/01/2042 2.000% | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury<br>05/15/2035 4.250% | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury<br>02/15/2048 3.000% | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury<br>11/15/2041 2.000% | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury<br>06/30/2030 3.875% | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp.<br>10/01/2032 2.500% | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury<br>02/15/2055 4.625% | 0.6% |

---

Asset Categories

![Graphical Representation - Allocation 1 Chart](chartimages_3736884.jpg)

Credit Quality

![Graphical Representation - Allocation 2 Chart](chartimages_3736892.jpg)

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

![TSR - QR Code](images_1958.jpg)

Columbia Variable funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

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

Variable Portfolio – Partners Core Bond Fund \| Class 2 \| SSR7052_02_12_D01_(08/25)

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Item 2. Code of Ethics.

Not applicable.

------

Item 3. Audit Committee Financial Expert.

Not applicable.

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Item 4. Principal Accountant Fees and Services.

Not applicable.

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Item 5. Audit Committee of Listed Registrants.

Not applicable.

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Item 6. Investments.

(a) The registrant's "Schedule I – Investments in securities of unaffiliated issuers" (as set forth in 17 CFR 210.12-12) is included in Item 7 of this Form N-CSR.

(b) Not applicable.

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Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

![](img4483e4481.jpg)

Variable Portfolio – Partners Core Bond Fund

**Semi-Annual Financial Statements and Additional Information**

June 30, 2025 (Unaudited)

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

---

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

---

------

**Table of Contents**

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_15ca9f91-83c3-42e2-bb83-9b51186217c6_POI-CommonContent-Date-312_1) | 3 |
| [Statement of Assets and Liabilities](#xx_15ca9f91-83c3-42e2-bb83-9b51186217c6_FS-CommonContent-Date-312_1) | 52 |
| [Statement of Operations](#xx_15ca9f91-83c3-42e2-bb83-9b51186217c6_FS-CommonContent-Date-312_2) | 53 |
| [Statement of Changes in Net Assets](#xx_15ca9f91-83c3-42e2-bb83-9b51186217c6_FS-CommonContent-Date-312_3) | 54 |
| [Financial Highlights](#xx_15ca9f91-83c3-42e2-bb83-9b51186217c6_FIHI-CommonContent-Date-312_2) | 56 |
| [Notes to Financial Statements](#xx_15ca9f91-83c3-42e2-bb83-9b51186217c6_NTF-CommonContent-Date-312_1) | 58 |
| [Approval of Management and Subadvisory Agreements](#xx_15ca9f91-83c3-42e2-bb83-9b51186217c6_CCH-CommonContent-Date-312_1) | 71 |

---

Variable Portfolio – Partners Core Bond Fund \| 2025

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Portfolio of Investments

June 30, 2025 (Unaudited)

(Percentages represent value of investments compared to net assets)

**Investments in securities**

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency 9.3%** | **Asset-Backed Securities - Non-Agency 9.3%** | **Asset-Backed Securities - Non-Agency 9.3%** | **Asset-Backed Securities - Non-Agency 9.3%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Academic Loan Funding Trust<sup>(a),(b)</sup>  | Academic Loan Funding Trust<sup>(a),(b)</sup>  | Academic Loan Funding Trust<sup>(a),(b)</sup>  | Academic Loan Funding Trust<sup>(a),(b)</sup>  |
| Series 2013-1A Class A | Series 2013-1A Class A | Series 2013-1A Class A | Series 2013-1A Class A |
| 30-day Average SOFR + 0.914% <br>12/26/2044<br>| &nbsp;&nbsp; 5.220% | 331944 | &nbsp;&nbsp; 319289 |
| ACC Trust<sup>(a)</sup>  | ACC Trust<sup>(a)</sup>  | ACC Trust<sup>(a)</sup>  | ACC Trust<sup>(a)</sup>  |
| Series 2021-1 Class D | Series 2021-1 Class D | Series 2021-1 Class D | Series 2021-1 Class D |
| 03/22/2027 | &nbsp;&nbsp; 5.250% | 2196417 | &nbsp;&nbsp; 916302 |
| Ally Auto Receivables Trust | Ally Auto Receivables Trust | Ally Auto Receivables Trust | Ally Auto Receivables Trust |
| Series 2024-2 Class A4 | Series 2024-2 Class A4 | Series 2024-2 Class A4 | Series 2024-2 Class A4 |
| 10/15/2030 | &nbsp;&nbsp; 4.140% | 1214000 | &nbsp;&nbsp; 1212316 |
| Subordinated Series 2022-3 Class A4 | Subordinated Series 2022-3 Class A4 | Subordinated Series 2022-3 Class A4 | Subordinated Series 2022-3 Class A4 |
| 06/15/2031 | &nbsp;&nbsp; 5.070% | 1013000 | &nbsp;&nbsp; 1018107 |
| American Express Credit Account Master Trust | American Express Credit Account Master Trust | American Express Credit Account Master Trust | American Express Credit Account Master Trust |
| Series 2023-4 Class A | Series 2023-4 Class A | Series 2023-4 Class A | Series 2023-4 Class A |
| 09/15/2030 | &nbsp;&nbsp; 5.150% | 6087000 | &nbsp;&nbsp; 6286569 |
| Series 2025-1 Class A | Series 2025-1 Class A | Series 2025-1 Class A | Series 2025-1 Class A |
| 12/25/2029 | &nbsp;&nbsp; 4.560% | 2215000 | &nbsp;&nbsp; 2235720 |
| Series 2025-2 Class A | Series 2025-2 Class A | Series 2025-2 Class A | Series 2025-2 Class A |
| 04/15/2030 | &nbsp;&nbsp; 4.280% | 6837000 | &nbsp;&nbsp; 6874212 |
| Americredit Automobile Receivables Trust | Americredit Automobile Receivables Trust | Americredit Automobile Receivables Trust | Americredit Automobile Receivables Trust |
| Series 2023-1 Class A3 | Series 2023-1 Class A3 | Series 2023-1 Class A3 | Series 2023-1 Class A3 |
| 11/18/2027 | &nbsp;&nbsp; 5.620% | 670072 | &nbsp;&nbsp; 672802 |
| AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust |
| Series 2022-2 Class A3 | Series 2022-2 Class A3 | Series 2022-2 Class A3 | Series 2022-2 Class A3 |
| 04/18/2028 | &nbsp;&nbsp; 4.380% | 210702 | &nbsp;&nbsp; 210601 |
| Series 2023-2 Class A3 | Series 2023-2 Class A3 | Series 2023-2 Class A3 | Series 2023-2 Class A3 |
| 05/18/2028 | &nbsp;&nbsp; 5.810% | 1810000 | &nbsp;&nbsp; 1821972 |
| AutoNation Finance Trust<sup>(a)</sup>  | AutoNation Finance Trust<sup>(a)</sup>  | AutoNation Finance Trust<sup>(a)</sup>  | AutoNation Finance Trust<sup>(a)</sup>  |
| Series 2025-1A Class A3 | Series 2025-1A Class A3 | Series 2025-1A Class A3 | Series 2025-1A Class A3 |
| 11/13/2029 | &nbsp;&nbsp; 4.620% | 1578000 | &nbsp;&nbsp; 1589886 |
| Series 2025-1A Class A4 | Series 2025-1A Class A4 | Series 2025-1A Class A4 | Series 2025-1A Class A4 |
| 06/10/2030 | &nbsp;&nbsp; 4.760% | 820000 | &nbsp;&nbsp; 827825 |
| Avis Budget Rental Car Funding AESOP LLC<sup>(a)</sup>  | Avis Budget Rental Car Funding AESOP LLC<sup>(a)</sup>  | Avis Budget Rental Car Funding AESOP LLC<sup>(a)</sup>  | Avis Budget Rental Car Funding AESOP LLC<sup>(a)</sup>  |
| Series 2025-2A Class A | Series 2025-2A Class A | Series 2025-2A Class A | Series 2025-2A Class A |
| 08/20/2031 | &nbsp;&nbsp; 5.120% | 1597000 | &nbsp;&nbsp; 1626199 |
| BA Credit Card Trust | BA Credit Card Trust | BA Credit Card Trust | BA Credit Card Trust |
| Series 2024-A1 Class A | Series 2024-A1 Class A | Series 2024-A1 Class A | Series 2024-A1 Class A |
| 05/15/2029 | &nbsp;&nbsp; 4.930% | 1882000 | &nbsp;&nbsp; 1910150 |
| Series 2025-A1 Class A | Series 2025-A1 Class A | Series 2025-A1 Class A | Series 2025-A1 Class A |
| 05/15/2030 | &nbsp;&nbsp; 4.310% | 4779000 | &nbsp;&nbsp; 4809032 |
| Bastion Funding I LLC<sup>(a)</sup>  | Bastion Funding I LLC<sup>(a)</sup>  | Bastion Funding I LLC<sup>(a)</sup>  | Bastion Funding I LLC<sup>(a)</sup>  |
| Series 2023-1A Class A2 | Series 2023-1A Class A2 | Series 2023-1A Class A2 | Series 2023-1A Class A2 |
| 04/25/2038 | &nbsp;&nbsp; 7.119% | 2175564 | &nbsp;&nbsp; 2187099 |
| Bridgecrest Lending Auto Securitization Trust<sup>(a)</sup>  | Bridgecrest Lending Auto Securitization Trust<sup>(a)</sup>  | Bridgecrest Lending Auto Securitization Trust<sup>(a)</sup>  | Bridgecrest Lending Auto Securitization Trust<sup>(a)</sup>  |
| Series 2024-1 Class E | Series 2024-1 Class E | Series 2024-1 Class E | Series 2024-1 Class E |
| 10/15/2030 | &nbsp;&nbsp; 8.430% | 2275000 | &nbsp;&nbsp; 2332831 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Business Jet Securities LLC<sup>(a)</sup>  | Business Jet Securities LLC<sup>(a)</sup>  | Business Jet Securities LLC<sup>(a)</sup>  | Business Jet Securities LLC<sup>(a)</sup>  |
| Subordinated Series 2022-1A Class C | Subordinated Series 2022-1A Class C | Subordinated Series 2022-1A Class C | Subordinated Series 2022-1A Class C |
| 06/15/2037 | &nbsp;&nbsp; 6.413% | 2175499 | &nbsp;&nbsp; 2151305 |
| Subordinated Series 2024-1A Class C | Subordinated Series 2024-1A Class C | Subordinated Series 2024-1A Class C | Subordinated Series 2024-1A Class C |
| 05/15/2039 | &nbsp;&nbsp; 9.132% | 2829903 | &nbsp;&nbsp; 2895979 |
| CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
| Series 2025-2 Class A3 | Series 2025-2 Class A3 | Series 2025-2 Class A3 | Series 2025-2 Class A3 |
| 03/15/2030 | &nbsp;&nbsp; 4.480% | 3726000 | &nbsp;&nbsp; 3755134 |
| Cars Net Lease Mortgage Notes<sup>(a)</sup>  | Cars Net Lease Mortgage Notes<sup>(a)</sup>  | Cars Net Lease Mortgage Notes<sup>(a)</sup>  | Cars Net Lease Mortgage Notes<sup>(a)</sup>  |
| Series 2020-1A Class A3 | Series 2020-1A Class A3 | Series 2020-1A Class A3 | Series 2020-1A Class A3 |
| 12/15/2050 | &nbsp;&nbsp; 3.100% | 840650 | &nbsp;&nbsp; 784284 |
| Carvana Auto Receivables Trust<sup>(a)</sup>  | Carvana Auto Receivables Trust<sup>(a)</sup>  | Carvana Auto Receivables Trust<sup>(a)</sup>  | Carvana Auto Receivables Trust<sup>(a)</sup>  |
| Subordinated Series 2024-N3 Class D | Subordinated Series 2024-N3 Class D | Subordinated Series 2024-N3 Class D | Subordinated Series 2024-N3 Class D |
| 12/10/2030 | &nbsp;&nbsp; 5.380% | 5000000 | &nbsp;&nbsp; 4967358 |
| Chase Auto Owner Trust<sup>(a)</sup>  | Chase Auto Owner Trust<sup>(a)</sup>  | Chase Auto Owner Trust<sup>(a)</sup>  | Chase Auto Owner Trust<sup>(a)</sup>  |
| Series 2022-AA Class A4 | Series 2022-AA Class A4 | Series 2022-AA Class A4 | Series 2022-AA Class A4 |
| 03/27/2028 | &nbsp;&nbsp; 3.990% | 1305000 | &nbsp;&nbsp; 1298034 |
| Chase Issuance Trust | Chase Issuance Trust | Chase Issuance Trust | Chase Issuance Trust |
| Series 2024-A2 Class A | Series 2024-A2 Class A | Series 2024-A2 Class A | Series 2024-A2 Class A |
| 01/15/2031 | &nbsp;&nbsp; 4.630% | 7962000 | &nbsp;&nbsp; 8095010 |
| Cherry Securitization Trust<sup>(a)</sup>  | Cherry Securitization Trust<sup>(a)</sup>  | Cherry Securitization Trust<sup>(a)</sup>  | Cherry Securitization Trust<sup>(a)</sup>  |
| Series 2025-1A Class A | Series 2025-1A Class A | Series 2025-1A Class A | Series 2025-1A Class A |
| 11/15/2032 | &nbsp;&nbsp; 6.130% | 3400000 | &nbsp;&nbsp; 3434440 |
| Citibank Credit Card Issuance Trust | Citibank Credit Card Issuance Trust | Citibank Credit Card Issuance Trust | Citibank Credit Card Issuance Trust |
| Series 2025-A1 Class A | Series 2025-A1 Class A | Series 2025-A1 Class A | Series 2025-A1 Class A |
| 06/21/2030 | &nbsp;&nbsp; 4.300% | 3969000 | &nbsp;&nbsp; 3990593 |
| Series 2025-A2 Class A | Series 2025-A2 Class A | Series 2025-A2 Class A | Series 2025-A2 Class A |
| 06/21/2032 | &nbsp;&nbsp; 4.490% | 3969000 | &nbsp;&nbsp; 3992455 |
| College Ave Student Loans LLC<sup>(a),(b)</sup>  | College Ave Student Loans LLC<sup>(a),(b)</sup>  | College Ave Student Loans LLC<sup>(a),(b)</sup>  | College Ave Student Loans LLC<sup>(a),(b)</sup>  |
| Series 2017-A Class A1 | Series 2017-A Class A1 | Series 2017-A Class A1 | Series 2017-A Class A1 |
| 1-month Term SOFR + 1.764% <br>Floor 1.650% <br>11/26/2046<br>| &nbsp;&nbsp; 6.084% | 357706 | &nbsp;&nbsp; 358005 |
| College Ave Student Loans LLC<sup>(a)</sup>  | College Ave Student Loans LLC<sup>(a)</sup>  | College Ave Student Loans LLC<sup>(a)</sup>  | College Ave Student Loans LLC<sup>(a)</sup>  |
| Series 2018-A Class A2 | Series 2018-A Class A2 | Series 2018-A Class A2 | Series 2018-A Class A2 |
| 12/26/2047 | &nbsp;&nbsp; 4.130% | 236321 | &nbsp;&nbsp; 230325 |
| Series 2019-A Class A2 | Series 2019-A Class A2 | Series 2019-A Class A2 | Series 2019-A Class A2 |
| 12/28/2048 | &nbsp;&nbsp; 3.280% | 615568 | &nbsp;&nbsp; 586388 |
| COOF Securitization Trust Ltd.<sup>(a),(c),(d)</sup>  | COOF Securitization Trust Ltd.<sup>(a),(c),(d)</sup>  | COOF Securitization Trust Ltd.<sup>(a),(c),(d)</sup>  | COOF Securitization Trust Ltd.<sup>(a),(c),(d)</sup>  |
| CMO Series 2014-1 Class A | CMO Series 2014-1 Class A | CMO Series 2014-1 Class A | CMO Series 2014-1 Class A |
| 06/25/2040 | &nbsp;&nbsp; 3.015% | 144833 | &nbsp;&nbsp; 10250 |
| Credit Acceptance Auto Loan Trust<sup>(a)</sup>  | Credit Acceptance Auto Loan Trust<sup>(a)</sup>  | Credit Acceptance Auto Loan Trust<sup>(a)</sup>  | Credit Acceptance Auto Loan Trust<sup>(a)</sup>  |
| Series 2024-2A Class C | Series 2024-2A Class C | Series 2024-2A Class C | Series 2024-2A Class C |
| 10/16/2034 | &nbsp;&nbsp; 6.700% | 6667000 | &nbsp;&nbsp; 6874076 |
| DataBank Issuer<sup>(a)</sup>  | DataBank Issuer<sup>(a)</sup>  | DataBank Issuer<sup>(a)</sup>  | DataBank Issuer<sup>(a)</sup>  |
| Series 2021-1A Class A2 | Series 2021-1A Class A2 | Series 2021-1A Class A2 | Series 2021-1A Class A2 |
| 02/27/2051 | &nbsp;&nbsp; 2.060% | 2850000 | &nbsp;&nbsp; 2787837 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Diamond Resorts Owner Trust<sup>(a)</sup>  | Diamond Resorts Owner Trust<sup>(a)</sup>  | Diamond Resorts Owner Trust<sup>(a)</sup>  | Diamond Resorts Owner Trust<sup>(a)</sup>  |
| Subordinated Series 2021-1A Class D | Subordinated Series 2021-1A Class D | Subordinated Series 2021-1A Class D | Subordinated Series 2021-1A Class D |
| 11/21/2033 | &nbsp;&nbsp; 3.830% | 718752 | &nbsp;&nbsp; 714276 |
| DT Auto Owner Trust<sup>(a)</sup>  | DT Auto Owner Trust<sup>(a)</sup>  | DT Auto Owner Trust<sup>(a)</sup>  | DT Auto Owner Trust<sup>(a)</sup>  |
| Series 2023-3A Class E | Series 2023-3A Class E | Series 2023-3A Class E | Series 2023-3A Class E |
| 05/15/2030 | &nbsp;&nbsp; 10.210% | 1000000 | &nbsp;&nbsp; 1069623 |
| Subordinated Series 2023-2 Class E | Subordinated Series 2023-2 Class E | Subordinated Series 2023-2 Class E | Subordinated Series 2023-2 Class E |
| 04/15/2030 | &nbsp;&nbsp; 11.060% | 900000 | &nbsp;&nbsp; 967933 |
| Exeter Automobile Receivables Trust<sup>(a)</sup>  | Exeter Automobile Receivables Trust<sup>(a)</sup>  | Exeter Automobile Receivables Trust<sup>(a)</sup>  | Exeter Automobile Receivables Trust<sup>(a)</sup>  |
| Series 2022-3A Class E | Series 2022-3A Class E | Series 2022-3A Class E | Series 2022-3A Class E |
| 01/15/2030 | &nbsp;&nbsp; 9.090% | 7000000 | &nbsp;&nbsp; 6514629 |
| Subordinated Series 2023-2A Class E | Subordinated Series 2023-2A Class E | Subordinated Series 2023-2A Class E | Subordinated Series 2023-2A Class E |
| 11/15/2030 | &nbsp;&nbsp; 9.750% | 863000 | &nbsp;&nbsp; 938664 |
| Subordinated Series 2023-4A Class E | Subordinated Series 2023-4A Class E | Subordinated Series 2023-4A Class E | Subordinated Series 2023-4A Class E |
| 02/18/2031 | &nbsp;&nbsp; 9.570% | 2035000 | &nbsp;&nbsp; 2220754 |
| Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
| Subordinated Series 2022-5A Class D | Subordinated Series 2022-5A Class D | Subordinated Series 2022-5A Class D | Subordinated Series 2022-5A Class D |
| 02/15/2029 | &nbsp;&nbsp; 7.400% | 5000000 | &nbsp;&nbsp; 5091890 |
| Subordinated Series 2023-5A Class D | Subordinated Series 2023-5A Class D | Subordinated Series 2023-5A Class D | Subordinated Series 2023-5A Class D |
| 02/15/2030 | &nbsp;&nbsp; 7.130% | 2934000 | &nbsp;&nbsp; 3007647 |
| FHF Issuer Trust<sup>(a)</sup>  | FHF Issuer Trust<sup>(a)</sup>  | FHF Issuer Trust<sup>(a)</sup>  | FHF Issuer Trust<sup>(a)</sup>  |
| Series 2024-1A Class A2 | Series 2024-1A Class A2 | Series 2024-1A Class A2 | Series 2024-1A Class A2 |
| 02/15/2030 | &nbsp;&nbsp; 5.690% | 1801180 | &nbsp;&nbsp; 1818304 |
| FMC GMSR Issuer Trust<sup>(a),(c)</sup>  | FMC GMSR Issuer Trust<sup>(a),(c)</sup>  | FMC GMSR Issuer Trust<sup>(a),(c)</sup>  | FMC GMSR Issuer Trust<sup>(a),(c)</sup>  |
| Series 2024-SAT1 Class A | Series 2024-SAT1 Class A | Series 2024-SAT1 Class A | Series 2024-SAT1 Class A |
| 03/26/2027 | &nbsp;&nbsp; 6.500% | 6275000 | &nbsp;&nbsp; 6335874 |
| Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust |
| Series 2024-A Class A4 | Series 2024-A Class A4 | Series 2024-A Class A4 | Series 2024-A Class A4 |
| 06/15/2027 | &nbsp;&nbsp; 5.050% | 915000 | &nbsp;&nbsp; 920802 |
| Series 2025-A Class A3 | Series 2025-A Class A3 | Series 2025-A Class A3 | Series 2025-A Class A3 |
| 06/15/2028 | &nbsp;&nbsp; 4.720% | 1120000 | &nbsp;&nbsp; 1127864 |
| Ford Credit Auto Owner Trust<sup>(a)</sup>  | Ford Credit Auto Owner Trust<sup>(a)</sup>  | Ford Credit Auto Owner Trust<sup>(a)</sup>  | Ford Credit Auto Owner Trust<sup>(a)</sup>  |
| Series 2022-1 Class A | Series 2022-1 Class A | Series 2022-1 Class A | Series 2022-1 Class A |
| 11/15/2034 | &nbsp;&nbsp; 3.880% | 2358000 | &nbsp;&nbsp; 2341346 |
| Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
| Series 2022-D Class A4 | Series 2022-D Class A4 | Series 2022-D Class A4 | Series 2022-D Class A4 |
| 03/15/2028 | &nbsp;&nbsp; 5.300% | 917000 | &nbsp;&nbsp; 926109 |
| Ford Credit Auto Owner Trust<sup>(a),(e)</sup>  | Ford Credit Auto Owner Trust<sup>(a),(e)</sup>  | Ford Credit Auto Owner Trust<sup>(a),(e)</sup>  | Ford Credit Auto Owner Trust<sup>(a),(e)</sup>  |
| Series 2025-1 Class A | Series 2025-1 Class A | Series 2025-1 Class A | Series 2025-1 Class A |
| 08/15/2037 | &nbsp;&nbsp; 4.860% | 4850000 | &nbsp;&nbsp; 4952169 |
| Ford Credit Floorplan Master Owner Trust<sup>(a)</sup>  | Ford Credit Floorplan Master Owner Trust<sup>(a)</sup>  | Ford Credit Floorplan Master Owner Trust<sup>(a)</sup>  | Ford Credit Floorplan Master Owner Trust<sup>(a)</sup>  |
| Series 2024-4 Class A | Series 2024-4 Class A | Series 2024-4 Class A | Series 2024-4 Class A |
| 09/15/2031 | &nbsp;&nbsp; 4.400% | 1759000 | &nbsp;&nbsp; 1747000 |
| Ford Credit Floorplan Master Owner Trust | Ford Credit Floorplan Master Owner Trust | Ford Credit Floorplan Master Owner Trust | Ford Credit Floorplan Master Owner Trust |
| Series 2025-1 Class A1 | Series 2025-1 Class A1 | Series 2025-1 Class A1 | Series 2025-1 Class A1 |
| 04/15/2030 | &nbsp;&nbsp; 4.630% | 3885000 | &nbsp;&nbsp; 3927252 |
| Foundation Finance Trust<sup>(a)</sup>  | Foundation Finance Trust<sup>(a)</sup>  | Foundation Finance Trust<sup>(a)</sup>  | Foundation Finance Trust<sup>(a)</sup>  |
| Series 2020-1A Class A | Series 2020-1A Class A | Series 2020-1A Class A | Series 2020-1A Class A |
| 07/16/2040 | &nbsp;&nbsp; 3.540% | 210931 | &nbsp;&nbsp; 210510 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Subordinated Series 2023-2A Class B | Subordinated Series 2023-2A Class B | Subordinated Series 2023-2A Class B | Subordinated Series 2023-2A Class B |
| 06/15/2049 | &nbsp;&nbsp; 6.970% | 3838517 | &nbsp;&nbsp; 3989018 |
| FREED ABS Trust<sup>(a)</sup>  | FREED ABS Trust<sup>(a)</sup>  | FREED ABS Trust<sup>(a)</sup>  | FREED ABS Trust<sup>(a)</sup>  |
| Subordinated Series 2021-3FP Class D | Subordinated Series 2021-3FP Class D | Subordinated Series 2021-3FP Class D | Subordinated Series 2021-3FP Class D |
| 11/20/2028 | &nbsp;&nbsp; 2.370% | 338341 | &nbsp;&nbsp; 336892 |
| GLS Auto Receivables Issuer Trust<sup>(a)</sup>  | GLS Auto Receivables Issuer Trust<sup>(a)</sup>  | GLS Auto Receivables Issuer Trust<sup>(a)</sup>  | GLS Auto Receivables Issuer Trust<sup>(a)</sup>  |
| Subordinated Series 2021-1A Class D | Subordinated Series 2021-1A Class D | Subordinated Series 2021-1A Class D | Subordinated Series 2021-1A Class D |
| 01/15/2027 | &nbsp;&nbsp; 1.680% | 44193 | &nbsp;&nbsp; 44129 |
| Subordinated Series 2023-4A Class D | Subordinated Series 2023-4A Class D | Subordinated Series 2023-4A Class D | Subordinated Series 2023-4A Class D |
| 08/15/2029 | &nbsp;&nbsp; 7.180% | 2835000 | &nbsp;&nbsp; 2945309 |
| GLS Auto Receivables Trust<sup>(a)</sup>  | GLS Auto Receivables Trust<sup>(a)</sup>  | GLS Auto Receivables Trust<sup>(a)</sup>  | GLS Auto Receivables Trust<sup>(a)</sup>  |
| Subordinated Series 2021-2A Class D | Subordinated Series 2021-2A Class D | Subordinated Series 2021-2A Class D | Subordinated Series 2021-2A Class D |
| 04/15/2027 | &nbsp;&nbsp; 1.420% | 757056 | &nbsp;&nbsp; 750112 |
| GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust |
| Series 2023-3 Class A4 | Series 2023-3 Class A4 | Series 2023-3 Class A4 | Series 2023-3 Class A4 |
| 08/20/2027 | &nbsp;&nbsp; 5.440% | 812000 | &nbsp;&nbsp; 815316 |
| Series 2025-2 Class A3 | Series 2025-2 Class A3 | Series 2025-2 Class A3 | Series 2025-2 Class A3 |
| 05/22/2028 | &nbsp;&nbsp; 4.580% | 1072000 | &nbsp;&nbsp; 1079183 |
| GM Financial Revolving Receivables Trust<sup>(a)</sup>  | GM Financial Revolving Receivables Trust<sup>(a)</sup>  | GM Financial Revolving Receivables Trust<sup>(a)</sup>  | GM Financial Revolving Receivables Trust<sup>(a)</sup>  |
| Series 2024-1 Class A | Series 2024-1 Class A | Series 2024-1 Class A | Series 2024-1 Class A |
| 12/11/2036 | &nbsp;&nbsp; 4.980% | 1302000 | &nbsp;&nbsp; 1332799 |
| Series 2024-2 Class A | Series 2024-2 Class A | Series 2024-2 Class A | Series 2024-2 Class A |
| 03/11/2037 | &nbsp;&nbsp; 4.520% | 988000 | &nbsp;&nbsp; 991004 |
| Series 2025-1 Class A | Series 2025-1 Class A | Series 2025-1 Class A | Series 2025-1 Class A |
| 12/11/2037 | &nbsp;&nbsp; 4.640% | 6427000 | &nbsp;&nbsp; 6498670 |
| GMF Floorplan Owner Revolving Trust<sup>(a)</sup>  | GMF Floorplan Owner Revolving Trust<sup>(a)</sup>  | GMF Floorplan Owner Revolving Trust<sup>(a)</sup>  | GMF Floorplan Owner Revolving Trust<sup>(a)</sup>  |
| Series 2024-4A Class A1 | Series 2024-4A Class A1 | Series 2024-4A Class A1 | Series 2024-4A Class A1 |
| 11/15/2029 | &nbsp;&nbsp; 4.730% | 3029000 | &nbsp;&nbsp; 3058415 |
| Series 2025-2 Class A | Series 2025-2 Class A | Series 2025-2 Class A | Series 2025-2 Class A |
| 03/15/2030 | &nbsp;&nbsp; 4.640% | 3209000 | &nbsp;&nbsp; 3209939 |
| Goodgreen Trust<sup>(a)</sup>  | Goodgreen Trust<sup>(a)</sup>  | Goodgreen Trust<sup>(a)</sup>  | Goodgreen Trust<sup>(a)</sup>  |
| Series 2017-1A Class A | Series 2017-1A Class A | Series 2017-1A Class A | Series 2017-1A Class A |
| 10/15/2052 | &nbsp;&nbsp; 3.740% | 126812 | &nbsp;&nbsp; 116764 |
| Series 2017-2A Class A | Series 2017-2A Class A | Series 2017-2A Class A | Series 2017-2A Class A |
| 10/15/2053 | &nbsp;&nbsp; 3.260% | 644410 | &nbsp;&nbsp; 575599 |
| Series 2017-R1A Class R | Series 2017-R1A Class R | Series 2017-R1A Class R | Series 2017-R1A Class R |
| 10/20/2052 | &nbsp;&nbsp; 5.000% | 54093 | &nbsp;&nbsp; 52659 |
| Series 2019-2A Class A | Series 2019-2A Class A | Series 2019-2A Class A | Series 2019-2A Class A |
| 04/15/2055 | &nbsp;&nbsp; 2.760% | 927902 | &nbsp;&nbsp; 797957 |
| HERO Funding Trust<sup>(a)</sup>  | HERO Funding Trust<sup>(a)</sup>  | HERO Funding Trust<sup>(a)</sup>  | HERO Funding Trust<sup>(a)</sup>  |
| Series 2016-3A Class A1 | Series 2016-3A Class A1 | Series 2016-3A Class A1 | Series 2016-3A Class A1 |
| 09/20/2042 | &nbsp;&nbsp; 3.080% | 205037 | &nbsp;&nbsp; 186680 |
| Series 2017-1A Class A2 | Series 2017-1A Class A2 | Series 2017-1A Class A2 | Series 2017-1A Class A2 |
| 09/20/2047 | &nbsp;&nbsp; 4.460% | 336330 | &nbsp;&nbsp; 310522 |
| Series 2017-3A Class A2 | Series 2017-3A Class A2 | Series 2017-3A Class A2 | Series 2017-3A Class A2 |
| 09/20/2048 | &nbsp;&nbsp; 3.950% | 427917 | &nbsp;&nbsp; 386831 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| HGI CRE CLO Ltd.<sup>(a),(b)</sup>  | HGI CRE CLO Ltd.<sup>(a),(b)</sup>  | HGI CRE CLO Ltd.<sup>(a),(b)</sup>  | HGI CRE CLO Ltd.<sup>(a),(b)</sup>  |
| Series 2022-FL3 Class D | Series 2022-FL3 Class D | Series 2022-FL3 Class D | Series 2022-FL3 Class D |
| 30-day Average SOFR + 3.750% <br>Floor 3.750% <br>04/20/2037<br>| &nbsp;&nbsp; 8.081% | 3998500 | &nbsp;&nbsp; 3990896 |
| Hyundai Auto Lease Securitization Trust<sup>(a)</sup>  | Hyundai Auto Lease Securitization Trust<sup>(a)</sup>  | Hyundai Auto Lease Securitization Trust<sup>(a)</sup>  | Hyundai Auto Lease Securitization Trust<sup>(a)</sup>  |
| Series 2025-B Class A3 | Series 2025-B Class A3 | Series 2025-B Class A3 | Series 2025-B Class A3 |
| 04/17/2028 | &nbsp;&nbsp; 4.530% | 4103000 | &nbsp;&nbsp; 4131381 |
| Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
| Series 2022-A Class A3 | Series 2022-A Class A3 | Series 2022-A Class A3 | Series 2022-A Class A3 |
| 10/15/2026 | &nbsp;&nbsp; 2.220% | 200314 | &nbsp;&nbsp; 199920 |
| Series 2023-A Class A4 | Series 2023-A Class A4 | Series 2023-A Class A4 | Series 2023-A Class A4 |
| 07/17/2028 | &nbsp;&nbsp; 4.480% | 1844000 | &nbsp;&nbsp; 1846532 |
| Series 2023-B Class A3 | Series 2023-B Class A3 | Series 2023-B Class A3 | Series 2023-B Class A3 |
| 04/17/2028 | &nbsp;&nbsp; 5.480% | 900859 | &nbsp;&nbsp; 906735 |
| Lending Funding Trust<sup>(a)</sup>  | Lending Funding Trust<sup>(a)</sup>  | Lending Funding Trust<sup>(a)</sup>  | Lending Funding Trust<sup>(a)</sup>  |
| Subordinated Series 2020-2 Class D | Subordinated Series 2020-2 Class D | Subordinated Series 2020-2 Class D | Subordinated Series 2020-2 Class D |
| 04/21/2031 | &nbsp;&nbsp; 6.770% | 6000000 | &nbsp;&nbsp; 5893405 |
| LendingPoint Asset Securitization Trust<sup>(a)</sup>  | LendingPoint Asset Securitization Trust<sup>(a)</sup>  | LendingPoint Asset Securitization Trust<sup>(a)</sup>  | LendingPoint Asset Securitization Trust<sup>(a)</sup>  |
| Series 2020-REV1 Class C | Series 2020-REV1 Class C | Series 2020-REV1 Class C | Series 2020-REV1 Class C |
| 10/15/2028 | &nbsp;&nbsp; 7.699% | 1655575 | &nbsp;&nbsp; 1634553 |
| Lendmark Funding Trust<sup>(a)</sup>  | Lendmark Funding Trust<sup>(a)</sup>  | Lendmark Funding Trust<sup>(a)</sup>  | Lendmark Funding Trust<sup>(a)</sup>  |
| Subordinated Series 2021-1A Class B | Subordinated Series 2021-1A Class B | Subordinated Series 2021-1A Class B | Subordinated Series 2021-1A Class B |
| 11/20/2031 | &nbsp;&nbsp; 2.470% | 1625000 | &nbsp;&nbsp; 1531407 |
| Subordinated Series 2021-1A Class C | Subordinated Series 2021-1A Class C | Subordinated Series 2021-1A Class C | Subordinated Series 2021-1A Class C |
| 11/20/2031 | &nbsp;&nbsp; 3.410% | 5000000 | &nbsp;&nbsp; 4752078 |
| Subordinated Series 2021-1A Class D | Subordinated Series 2021-1A Class D | Subordinated Series 2021-1A Class D | Subordinated Series 2021-1A Class D |
| 11/20/2031 | &nbsp;&nbsp; 5.050% | 3000000 | &nbsp;&nbsp; 2783111 |
| Subordinated Series 2021-2 Class D | Subordinated Series 2021-2 Class D | Subordinated Series 2021-2 Class D | Subordinated Series 2021-2 Class D |
| 04/20/2032 | &nbsp;&nbsp; 4.460% | 6000000 | &nbsp;&nbsp; 5418005 |
| Mariner Finance issuance Trust<sup>(a)</sup>  | Mariner Finance issuance Trust<sup>(a)</sup>  | Mariner Finance issuance Trust<sup>(a)</sup>  | Mariner Finance issuance Trust<sup>(a)</sup>  |
| Series 2024-BA Class E | Series 2024-BA Class E | Series 2024-BA Class E | Series 2024-BA Class E |
| 11/20/2038 | &nbsp;&nbsp; 8.800% | 6500000 | &nbsp;&nbsp; 6780257 |
| Mariner Finance Issuance Trust<sup>(a)</sup>  | Mariner Finance Issuance Trust<sup>(a)</sup>  | Mariner Finance Issuance Trust<sup>(a)</sup>  | Mariner Finance Issuance Trust<sup>(a)</sup>  |
| Subordinated Series 2021-AA Class E | Subordinated Series 2021-AA Class E | Subordinated Series 2021-AA Class E | Subordinated Series 2021-AA Class E |
| 03/20/2036 | &nbsp;&nbsp; 5.400% | 5000000 | &nbsp;&nbsp; 4807265 |
| Subordinated Series 2023-AA Class E | Subordinated Series 2023-AA Class E | Subordinated Series 2023-AA Class E | Subordinated Series 2023-AA Class E |
| 10/22/2035 | &nbsp;&nbsp; 11.120% | 2400000 | &nbsp;&nbsp; 2496374 |
| Mercedes-Benz Auto Lease Trust | Mercedes-Benz Auto Lease Trust | Mercedes-Benz Auto Lease Trust | Mercedes-Benz Auto Lease Trust |
| Series 2025-A Class A3 | Series 2025-A Class A3 | Series 2025-A Class A3 | Series 2025-A Class A3 |
| 04/16/2029 | &nbsp;&nbsp; 4.610% | 3393000 | &nbsp;&nbsp; 3419270 |
| Mercedes-Benz Auto Receivables Trust | Mercedes-Benz Auto Receivables Trust | Mercedes-Benz Auto Receivables Trust | Mercedes-Benz Auto Receivables Trust |
| Series 2022-1 Class A4 | Series 2022-1 Class A4 | Series 2022-1 Class A4 | Series 2022-1 Class A4 |
| 02/15/2029 | &nbsp;&nbsp; 5.250% | 2122000 | &nbsp;&nbsp; 2139810 |
| Series 2025-1 Class A3 | Series 2025-1 Class A3 | Series 2025-1 Class A3 | Series 2025-1 Class A3 |
| 12/17/2029 | &nbsp;&nbsp; 4.780% | 1384000 | &nbsp;&nbsp; 1395235 |
| Mid-State Capital Corp. Trust<sup>(a)</sup>  | Mid-State Capital Corp. Trust<sup>(a)</sup>  | Mid-State Capital Corp. Trust<sup>(a)</sup>  | Mid-State Capital Corp. Trust<sup>(a)</sup>  |
| Series 2006-1 Class M1 | Series 2006-1 Class M1 | Series 2006-1 Class M1 | Series 2006-1 Class M1 |
| 10/15/2040 | &nbsp;&nbsp; 6.083% | 365432 | &nbsp;&nbsp; 366572 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| MVW LLC<sup>(a)</sup>  | MVW LLC<sup>(a)</sup>  | MVW LLC<sup>(a)</sup>  | MVW LLC<sup>(a)</sup>  |
| Subordinated Series 2023-2A Class D | Subordinated Series 2023-2A Class D | Subordinated Series 2023-2A Class D | Subordinated Series 2023-2A Class D |
| 11/20/2040 | &nbsp;&nbsp; 9.330% | 1400443 | &nbsp;&nbsp; 1422253 |
| Navient Private Education Refi Loan Trust<sup>(a)</sup>  | Navient Private Education Refi Loan Trust<sup>(a)</sup>  | Navient Private Education Refi Loan Trust<sup>(a)</sup>  | Navient Private Education Refi Loan Trust<sup>(a)</sup>  |
| Series 2018-DA Class A2A | Series 2018-DA Class A2A | Series 2018-DA Class A2A | Series 2018-DA Class A2A |
| 12/15/2059 | &nbsp;&nbsp; 4.000% | 785075 | &nbsp;&nbsp; 778209 |
| Series 2019-A Class A2A | Series 2019-A Class A2A | Series 2019-A Class A2A | Series 2019-A Class A2A |
| 01/15/2043 | &nbsp;&nbsp; 3.420% | 257651 | &nbsp;&nbsp; 255198 |
| Series 2019-CA Class A2 | Series 2019-CA Class A2 | Series 2019-CA Class A2 | Series 2019-CA Class A2 |
| 02/15/2068 | &nbsp;&nbsp; 3.130% | 258449 | &nbsp;&nbsp; 252962 |
| Series 2019-D Class A2A | Series 2019-D Class A2A | Series 2019-D Class A2A | Series 2019-D Class A2A |
| 12/15/2059 | &nbsp;&nbsp; 3.010% | 1135112 | &nbsp;&nbsp; 1093264 |
| Series 2019-FA Class A2 | Series 2019-FA Class A2 | Series 2019-FA Class A2 | Series 2019-FA Class A2 |
| 08/15/2068 | &nbsp;&nbsp; 2.600% | 791613 | &nbsp;&nbsp; 759467 |
| Series 2020-EA Class A | Series 2020-EA Class A | Series 2020-EA Class A | Series 2020-EA Class A |
| 05/15/2069 | &nbsp;&nbsp; 1.690% | 2040081 | &nbsp;&nbsp; 1901386 |
| Series 2020-GA Class A | Series 2020-GA Class A | Series 2020-GA Class A | Series 2020-GA Class A |
| 09/16/2069 | &nbsp;&nbsp; 1.170% | 739160 | &nbsp;&nbsp; 687881 |
| Series 2021-CA Class A | Series 2021-CA Class A | Series 2021-CA Class A | Series 2021-CA Class A |
| 10/15/2069 | &nbsp;&nbsp; 1.060% | 1284028 | &nbsp;&nbsp; 1150433 |
| Series 2021-EA Class A | Series 2021-EA Class A | Series 2021-EA Class A | Series 2021-EA Class A |
| 12/16/2069 | &nbsp;&nbsp; 0.970% | 2847572 | &nbsp;&nbsp; 2520213 |
| Series 2021-FA Class A | Series 2021-FA Class A | Series 2021-FA Class A | Series 2021-FA Class A |
| 02/18/2070 | &nbsp;&nbsp; 1.110% | 1823936 | &nbsp;&nbsp; 1588836 |
| Series 2021-GA Class A | Series 2021-GA Class A | Series 2021-GA Class A | Series 2021-GA Class A |
| 04/15/2070 | &nbsp;&nbsp; 1.580% | 460404 | &nbsp;&nbsp; 414236 |
| Navient Student Loan Trust<sup>(a)</sup>  | Navient Student Loan Trust<sup>(a)</sup>  | Navient Student Loan Trust<sup>(a)</sup>  | Navient Student Loan Trust<sup>(a)</sup>  |
| Series 2021-3A Class A1A | Series 2021-3A Class A1A | Series 2021-3A Class A1A | Series 2021-3A Class A1A |
| 08/25/2070 | &nbsp;&nbsp; 1.770% | 1882131 | &nbsp;&nbsp; 1665965 |
| Nelnet Student Loan Trust<sup>(b)</sup>  | Nelnet Student Loan Trust<sup>(b)</sup>  | Nelnet Student Loan Trust<sup>(b)</sup>  | Nelnet Student Loan Trust<sup>(b)</sup>  |
| Series 2004-4 Class A5 | Series 2004-4 Class A5 | Series 2004-4 Class A5 | Series 2004-4 Class A5 |
| 90-day Average SOFR + 0.422% <br>Floor 0.160% <br>01/25/2037<br>| &nbsp;&nbsp; 4.785% | 701103 | &nbsp;&nbsp; 698048 |
| Series 2005-1 Class A5 | Series 2005-1 Class A5 | Series 2005-1 Class A5 | Series 2005-1 Class A5 |
| 90-day Average SOFR + 0.372% <br>Floor 0.110% <br>10/25/2033<br>| &nbsp;&nbsp; 4.735% | 1133962 | &nbsp;&nbsp; 1122503 |
| Series 2005-2 Class A5 | Series 2005-2 Class A5 | Series 2005-2 Class A5 | Series 2005-2 Class A5 |
| 90-day Average SOFR + 0.362% <br>Floor 0.100% <br>03/23/2037<br>| &nbsp;&nbsp; 4.704% | 2026088 | &nbsp;&nbsp; 2005859 |
| Series 2005-3 Class A5 | Series 2005-3 Class A5 | Series 2005-3 Class A5 | Series 2005-3 Class A5 |
| 90-day Average SOFR + 0.382% <br>Floor 0.120% <br>12/24/2035<br>| &nbsp;&nbsp; 4.724% | 1712083 | &nbsp;&nbsp; 1697149 |
| Nissan Auto Lease Trust | Nissan Auto Lease Trust | Nissan Auto Lease Trust | Nissan Auto Lease Trust |
| Series 2025-A Class A3 | Series 2025-A Class A3 | Series 2025-A Class A3 | Series 2025-A Class A3 |
| 03/15/2028 | &nbsp;&nbsp; 4.750% | 2116000 | &nbsp;&nbsp; 2131295 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust |
| Series 2022-B Class A4 | Series 2022-B Class A4 | Series 2022-B Class A4 | Series 2022-B Class A4 |
| 11/15/2029 | &nbsp;&nbsp; 4.450% | 1270000 | &nbsp;&nbsp; 1270881 |
| Series 2025-A Class A3 | Series 2025-A Class A3 | Series 2025-A Class A3 | Series 2025-A Class A3 |
| 12/17/2029 | &nbsp;&nbsp; 4.490% | 2647000 | &nbsp;&nbsp; 2674689 |
| Series 2025-A Class A4 | Series 2025-A Class A4 | Series 2025-A Class A4 | Series 2025-A Class A4 |
| 11/15/2030 | &nbsp;&nbsp; 4.570% | 2000000 | &nbsp;&nbsp; 2021196 |
| Octane Receivables Trust<sup>(a)</sup>  | Octane Receivables Trust<sup>(a)</sup>  | Octane Receivables Trust<sup>(a)</sup>  | Octane Receivables Trust<sup>(a)</sup>  |
| Subordinated Series 2021-1A Class C | Subordinated Series 2021-1A Class C | Subordinated Series 2021-1A Class C | Subordinated Series 2021-1A Class C |
| 11/20/2028 | &nbsp;&nbsp; 2.230% | 534908 | &nbsp;&nbsp; 532439 |
| Oportun Issuance Trust<sup>(a)</sup>  | Oportun Issuance Trust<sup>(a)</sup>  | Oportun Issuance Trust<sup>(a)</sup>  | Oportun Issuance Trust<sup>(a)</sup>  |
| Subordinated Series 2022-A Class C | Subordinated Series 2022-A Class C | Subordinated Series 2022-A Class C | Subordinated Series 2022-A Class C |
| 06/09/2031 | &nbsp;&nbsp; 7.400% | 5250000 | &nbsp;&nbsp; 5342338 |
| PenFed Auto Receivables Owner Trust<sup>(a)</sup>  | PenFed Auto Receivables Owner Trust<sup>(a)</sup>  | PenFed Auto Receivables Owner Trust<sup>(a)</sup>  | PenFed Auto Receivables Owner Trust<sup>(a)</sup>  |
| Series 2022-A Class A4 | Series 2022-A Class A4 | Series 2022-A Class A4 | Series 2022-A Class A4 |
| 12/15/2028 | &nbsp;&nbsp; 4.180% | 488073 | &nbsp;&nbsp; 487557 |
| Regional Management Issuance Trust<sup>(a)</sup>  | Regional Management Issuance Trust<sup>(a)</sup>  | Regional Management Issuance Trust<sup>(a)</sup>  | Regional Management Issuance Trust<sup>(a)</sup>  |
| Subordinated Series 2021-2 Class D | Subordinated Series 2021-2 Class D | Subordinated Series 2021-2 Class D | Subordinated Series 2021-2 Class D |
| 08/15/2033 | &nbsp;&nbsp; 4.940% | 4300000 | &nbsp;&nbsp; 3938318 |
| Renew<sup>(a)</sup>  | Renew<sup>(a)</sup>  | Renew<sup>(a)</sup>  | Renew<sup>(a)</sup>  |
| Series 2017-1A Class A | Series 2017-1A Class A | Series 2017-1A Class A | Series 2017-1A Class A |
| 09/20/2052 | &nbsp;&nbsp; 3.670% | 169147 | &nbsp;&nbsp; 156881 |
| Renew Financial<sup>(a)</sup>  | Renew Financial<sup>(a)</sup>  | Renew Financial<sup>(a)</sup>  | Renew Financial<sup>(a)</sup>  |
| Series 2023-1A Class A | Series 2023-1A Class A | Series 2023-1A Class A | Series 2023-1A Class A |
| 11/20/2058 | &nbsp;&nbsp; 5.900% | 3256171 | &nbsp;&nbsp; 3167204 |
| Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
| Series 2024-3 Class A3 | Series 2024-3 Class A3 | Series 2024-3 Class A3 | Series 2024-3 Class A3 |
| 01/16/2029 | &nbsp;&nbsp; 5.630% | 2002000 | &nbsp;&nbsp; 2012432 |
| Series 2025-2 Class A3 | Series 2025-2 Class A3 | Series 2025-2 Class A3 | Series 2025-2 Class A3 |
| 08/15/2029 | &nbsp;&nbsp; 4.670% | 1551000 | &nbsp;&nbsp; 1560689 |
| Subordinated Series 2024-2 Class D | Subordinated Series 2024-2 Class D | Subordinated Series 2024-2 Class D | Subordinated Series 2024-2 Class D |
| 08/15/2031 | &nbsp;&nbsp; 6.280% | 2647000 | &nbsp;&nbsp; 2720737 |
| SBNA Auto Lease Trust<sup>(a)</sup>  | SBNA Auto Lease Trust<sup>(a)</sup>  | SBNA Auto Lease Trust<sup>(a)</sup>  | SBNA Auto Lease Trust<sup>(a)</sup>  |
| Series 2024-C Class A4 | Series 2024-C Class A4 | Series 2024-C Class A4 | Series 2024-C Class A4 |
| 03/20/2029 | &nbsp;&nbsp; 4.420% | 1174000 | &nbsp;&nbsp; 1173818 |
| SBNA Auto Receivables Trust<sup>(a)</sup>  | SBNA Auto Receivables Trust<sup>(a)</sup>  | SBNA Auto Receivables Trust<sup>(a)</sup>  | SBNA Auto Receivables Trust<sup>(a)</sup>  |
| Series 2024-A Class A3 | Series 2024-A Class A3 | Series 2024-A Class A3 | Series 2024-A Class A3 |
| 12/15/2028 | &nbsp;&nbsp; 5.320% | 1031035 | &nbsp;&nbsp; 1033824 |
| Series 2024-A Class A4 | Series 2024-A Class A4 | Series 2024-A Class A4 | Series 2024-A Class A4 |
| 04/16/2029 | &nbsp;&nbsp; 5.210% | 525000 | &nbsp;&nbsp; 528591 |
| SCF Equipment Leasing LLC<sup>(a)</sup>  | SCF Equipment Leasing LLC<sup>(a)</sup>  | SCF Equipment Leasing LLC<sup>(a)</sup>  | SCF Equipment Leasing LLC<sup>(a)</sup>  |
| Subordinated Series 2022-2A Class E | Subordinated Series 2022-2A Class E | Subordinated Series 2022-2A Class E | Subordinated Series 2022-2A Class E |
| 06/20/2035 | &nbsp;&nbsp; 6.500% | 4484000 | &nbsp;&nbsp; 4457546 |
| SFS Auto Receivables Securitization Trust<sup>(a)</sup>  | SFS Auto Receivables Securitization Trust<sup>(a)</sup>  | SFS Auto Receivables Securitization Trust<sup>(a)</sup>  | SFS Auto Receivables Securitization Trust<sup>(a)</sup>  |
| Series 2024-1A Class A3 | Series 2024-1A Class A3 | Series 2024-1A Class A3 | Series 2024-1A Class A3 |
| 05/21/2029 | &nbsp;&nbsp; 4.950% | 2726000 | &nbsp;&nbsp; 2736320 |
| Series 2024-1A Class A4 | Series 2024-1A Class A4 | Series 2024-1A Class A4 | Series 2024-1A Class A4 |
| 01/21/2031 | &nbsp;&nbsp; 4.940% | 462000 | &nbsp;&nbsp; 467243 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Series 2024-2A Class A3 | Series 2024-2A Class A3 | Series 2024-2A Class A3 | Series 2024-2A Class A3 |
| 11/20/2029 | &nbsp;&nbsp; 5.330% | 1720000 | &nbsp;&nbsp; 1739771 |
| Series 2025-2A Class A4 | Series 2025-2A Class A4 | Series 2025-2A Class A4 | Series 2025-2A Class A4 |
| 05/20/2031 | &nbsp;&nbsp; 4.580% | 1469000 | &nbsp;&nbsp; 1474394 |
| Sierra Timeshare Receivables Funding LLC<sup>(a)</sup>  | Sierra Timeshare Receivables Funding LLC<sup>(a)</sup>  | Sierra Timeshare Receivables Funding LLC<sup>(a)</sup>  | Sierra Timeshare Receivables Funding LLC<sup>(a)</sup>  |
| Subordinated Series 2024-1A Class D | Subordinated Series 2024-1A Class D | Subordinated Series 2024-1A Class D | Subordinated Series 2024-1A Class D |
| 01/20/2043 | &nbsp;&nbsp; 8.020% | 1112956 | &nbsp;&nbsp; 1133985 |
| Subordinated Series 2024-2A Class D | Subordinated Series 2024-2A Class D | Subordinated Series 2024-2A Class D | Subordinated Series 2024-2A Class D |
| 06/20/2041 | &nbsp;&nbsp; 7.480% | 1274934 | &nbsp;&nbsp; 1273865 |
| SMB Private Education Loan Trust<sup>(a)</sup>  | SMB Private Education Loan Trust<sup>(a)</sup>  | SMB Private Education Loan Trust<sup>(a)</sup>  | SMB Private Education Loan Trust<sup>(a)</sup>  |
| Series 2018-A Class A2A | Series 2018-A Class A2A | Series 2018-A Class A2A | Series 2018-A Class A2A |
| 02/15/2036 | &nbsp;&nbsp; 3.500% | 1276311 | &nbsp;&nbsp; 1261000 |
| Series 2021-A Class APT1 | Series 2021-A Class APT1 | Series 2021-A Class APT1 | Series 2021-A Class APT1 |
| 01/15/2053 | &nbsp;&nbsp; 1.070% | 2548756 | &nbsp;&nbsp; 2298639 |
| SoFi Professional Loan Program LLC<sup>(a)</sup>  | SoFi Professional Loan Program LLC<sup>(a)</sup>  | SoFi Professional Loan Program LLC<sup>(a)</sup>  | SoFi Professional Loan Program LLC<sup>(a)</sup>  |
| Series 2017-D Class A2FX | Series 2017-D Class A2FX | Series 2017-D Class A2FX | Series 2017-D Class A2FX |
| 09/25/2040 | &nbsp;&nbsp; 2.650% | 32568 | &nbsp;&nbsp; 32135 |
| SoFi Professional Loan Program Trust<sup>(a)</sup>  | SoFi Professional Loan Program Trust<sup>(a)</sup>  | SoFi Professional Loan Program Trust<sup>(a)</sup>  | SoFi Professional Loan Program Trust<sup>(a)</sup>  |
| Series 2021-B Class AFX | Series 2021-B Class AFX | Series 2021-B Class AFX | Series 2021-B Class AFX |
| 02/15/2047 | &nbsp;&nbsp; 1.140% | 1417762 | &nbsp;&nbsp; 1223876 |
| Stellantis Financial Underwritten Enhanced Lease Trust<sup>(a)</sup>  | Stellantis Financial Underwritten Enhanced Lease Trust<sup>(a)</sup>  | Stellantis Financial Underwritten Enhanced Lease Trust<sup>(a)</sup>  | Stellantis Financial Underwritten Enhanced Lease Trust<sup>(a)</sup>  |
| Series 2025-AA Class A3 | Series 2025-AA Class A3 | Series 2025-AA Class A3 | Series 2025-AA Class A3 |
| 07/20/2028 | &nbsp;&nbsp; 4.470% | 5280000 | &nbsp;&nbsp; 5299831 |
| Stream Innovations Issuer Trust<sup>(a)</sup>  | Stream Innovations Issuer Trust<sup>(a)</sup>  | Stream Innovations Issuer Trust<sup>(a)</sup>  | Stream Innovations Issuer Trust<sup>(a)</sup>  |
| Subordinated Series 2024-1A Class C | Subordinated Series 2024-1A Class C | Subordinated Series 2024-1A Class C | Subordinated Series 2024-1A Class C |
| 07/15/2044 | &nbsp;&nbsp; 11.400% | 2449000 | &nbsp;&nbsp; 2699233 |
| Subordinated Series 2024-2A Class C | Subordinated Series 2024-2A Class C | Subordinated Series 2024-2A Class C | Subordinated Series 2024-2A Class C |
| 02/15/2045 | &nbsp;&nbsp; 9.050% | 1650000 | &nbsp;&nbsp; 1734114 |
| Synchrony Card Funding LLC | Synchrony Card Funding LLC | Synchrony Card Funding LLC | Synchrony Card Funding LLC |
| Series 2025-A2 Class A | Series 2025-A2 Class A | Series 2025-A2 Class A | Series 2025-A2 Class A |
| 05/15/2031 | &nbsp;&nbsp; 4.490% | 5260000 | &nbsp;&nbsp; 5324720 |
| Synchrony Card Issuance Trust | Synchrony Card Issuance Trust | Synchrony Card Issuance Trust | Synchrony Card Issuance Trust |
| Series 2025-A1 Class A | Series 2025-A1 Class A | Series 2025-A1 Class A | Series 2025-A1 Class A |
| 02/18/2031 | &nbsp;&nbsp; 4.780% | 2715000 | &nbsp;&nbsp; 2754300 |
| Theorem Funding Trust<sup>(a)</sup>  | Theorem Funding Trust<sup>(a)</sup>  | Theorem Funding Trust<sup>(a)</sup>  | Theorem Funding Trust<sup>(a)</sup>  |
| Series 2022-2A Class A | Series 2022-2A Class A | Series 2022-2A Class A | Series 2022-2A Class A |
| 12/15/2028 | &nbsp;&nbsp; 6.060% | 70337 | &nbsp;&nbsp; 70356 |
| T-Mobile US Trust<sup>(a)</sup>  | T-Mobile US Trust<sup>(a)</sup>  | T-Mobile US Trust<sup>(a)</sup>  | T-Mobile US Trust<sup>(a)</sup>  |
| Series 2022-1A Class A | Series 2022-1A Class A | Series 2022-1A Class A | Series 2022-1A Class A |
| 05/22/2028 | &nbsp;&nbsp; 4.910% | 511457 | &nbsp;&nbsp; 511747 |
| Series 2024-2A Class A | Series 2024-2A Class A | Series 2024-2A Class A | Series 2024-2A Class A |
| 05/21/2029 | &nbsp;&nbsp; 4.250% | 2156000 | &nbsp;&nbsp; 2158162 |
| Series 2025-1 Class A | Series 2025-1 Class A | Series 2025-1 Class A | Series 2025-1 Class A |
| 11/20/2029 | &nbsp;&nbsp; 4.740% | 1570000 | &nbsp;&nbsp; 1589758 |
| Toyota Auto Loan Extended Note Trust<sup>(a)</sup>  | Toyota Auto Loan Extended Note Trust<sup>(a)</sup>  | Toyota Auto Loan Extended Note Trust<sup>(a)</sup>  | Toyota Auto Loan Extended Note Trust<sup>(a)</sup>  |
| Series 2025-1A Class A | Series 2025-1A Class A | Series 2025-1A Class A | Series 2025-1A Class A |
| 05/25/2038 | &nbsp;&nbsp; 4.650% | 1991000 | &nbsp;&nbsp; 2010423 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust |
| Series 2022-D Class A4 | Series 2022-D Class A4 | Series 2022-D Class A4 | Series 2022-D Class A4 |
| 04/17/2028 | &nbsp;&nbsp; 5.430% | 1158000 | &nbsp;&nbsp; 1174689 |
| Series 2023-C Class A3 | Series 2023-C Class A3 | Series 2023-C Class A3 | Series 2023-C Class A3 |
| 04/17/2028 | &nbsp;&nbsp; 5.160% | 2720539 | &nbsp;&nbsp; 2735065 |
| Series 2025-B Class A3 | Series 2025-B Class A3 | Series 2025-B Class A3 | Series 2025-B Class A3 |
| 11/15/2029 | &nbsp;&nbsp; 4.340% | 414000 | &nbsp;&nbsp; 416355 |
| United Auto Credit Securitization Trust<sup>(a)</sup>  | United Auto Credit Securitization Trust<sup>(a)</sup>  | United Auto Credit Securitization Trust<sup>(a)</sup>  | United Auto Credit Securitization Trust<sup>(a)</sup>  |
| Series 2022-2 Class E | Series 2022-2 Class E | Series 2022-2 Class E | Series 2022-2 Class E |
| 04/10/2029 | &nbsp;&nbsp; 10.000% | 1000000 | &nbsp;&nbsp; 471724 |
| Upstart Pass-Through Trust<sup>(a)</sup>  | Upstart Pass-Through Trust<sup>(a)</sup>  | Upstart Pass-Through Trust<sup>(a)</sup>  | Upstart Pass-Through Trust<sup>(a)</sup>  |
| Series 2021-ST4 Class A | Series 2021-ST4 Class A | Series 2021-ST4 Class A | Series 2021-ST4 Class A |
| 07/20/2027 | &nbsp;&nbsp; 2.000% | 190301 | &nbsp;&nbsp; 189068 |
| US Auto Funding<sup>(a)</sup>  | US Auto Funding<sup>(a)</sup>  | US Auto Funding<sup>(a)</sup>  | US Auto Funding<sup>(a)</sup>  |
| Subordinated Series 2021-1A Class C | Subordinated Series 2021-1A Class C | Subordinated Series 2021-1A Class C | Subordinated Series 2021-1A Class C |
| 05/15/2026 | &nbsp;&nbsp; 2.200% | 1924504 | &nbsp;&nbsp; 1651913 |
| US Auto Funding Trust<sup>(a),(f)</sup>  | US Auto Funding Trust<sup>(a),(f)</sup>  | US Auto Funding Trust<sup>(a),(f)</sup>  | US Auto Funding Trust<sup>(a),(f)</sup>  |
| Subordinated Series 2022-1A Class D | Subordinated Series 2022-1A Class D | Subordinated Series 2022-1A Class D | Subordinated Series 2022-1A Class D |
| 07/15/2027 | &nbsp;&nbsp; 0.000% | 5000000 | &nbsp;&nbsp; 50 |
| USB Auto Owner Trust<sup>(a)</sup>  | USB Auto Owner Trust<sup>(a)</sup>  | USB Auto Owner Trust<sup>(a)</sup>  | USB Auto Owner Trust<sup>(a)</sup>  |
| Series 2025-1A Class A3 | Series 2025-1A Class A3 | Series 2025-1A Class A3 | Series 2025-1A Class A3 |
| 06/17/2030 | &nbsp;&nbsp; 4.490% | 1793000 | &nbsp;&nbsp; 1805227 |
| Series 2025-1A Class A4 | Series 2025-1A Class A4 | Series 2025-1A Class A4 | Series 2025-1A Class A4 |
| 12/16/2030 | &nbsp;&nbsp; 4.620% | 536000 | &nbsp;&nbsp; 543351 |
| Verizon Master Trust | Verizon Master Trust | Verizon Master Trust | Verizon Master Trust |
| Series 2023-4 Class A1A | Series 2023-4 Class A1A | Series 2023-4 Class A1A | Series 2023-4 Class A1A |
| 06/20/2029 | &nbsp;&nbsp; 5.160% | 6117000 | &nbsp;&nbsp; 6172430 |
| Series 2025-3 Class A1A | Series 2025-3 Class A1A | Series 2025-3 Class A1A | Series 2025-3 Class A1A |
| 03/20/2030 | &nbsp;&nbsp; 4.510% | 3308000 | &nbsp;&nbsp; 3327816 |
| Verizon Master Trust<sup>(a)</sup>  | Verizon Master Trust<sup>(a)</sup>  | Verizon Master Trust<sup>(a)</sup>  | Verizon Master Trust<sup>(a)</sup>  |
| Series 2025-2 Class A | Series 2025-2 Class A | Series 2025-2 Class A | Series 2025-2 Class A |
| 01/20/2033 | &nbsp;&nbsp; 4.940% | 3633000 | &nbsp;&nbsp; 3724669 |
| Series 2025-4 Class A | Series 2025-4 Class A | Series 2025-4 Class A | Series 2025-4 Class A |
| 03/21/2033 | &nbsp;&nbsp; 4.760% | 3308000 | &nbsp;&nbsp; 3336454 |
| VM Debt LLC<sup>(a),(g)</sup>  | VM Debt LLC<sup>(a),(g)</sup>  | VM Debt LLC<sup>(a),(g)</sup>  | VM Debt LLC<sup>(a),(g)</sup>  |
| Series 2019-1 Class A1A | Series 2019-1 Class A1A | Series 2019-1 Class A1A | Series 2019-1 Class A1A |
| 07/18/2027 | &nbsp;&nbsp; 7.460% | 8996294 | &nbsp;&nbsp; 7197035 |
| Volkswagen Auto Loan Enhanced Trust | Volkswagen Auto Loan Enhanced Trust | Volkswagen Auto Loan Enhanced Trust | Volkswagen Auto Loan Enhanced Trust |
| Series 2023-1 Class A3 | Series 2023-1 Class A3 | Series 2023-1 Class A3 | Series 2023-1 Class A3 |
| 06/20/2028 | &nbsp;&nbsp; 5.020% | 2495322 | &nbsp;&nbsp; 2507317 |
| Series 2024-1 Class A3 | Series 2024-1 Class A3 | Series 2024-1 Class A3 | Series 2024-1 Class A3 |
| 07/20/2029 | &nbsp;&nbsp; 4.630% | 906000 | &nbsp;&nbsp; 915068 |
| Westlake Automobile Receivables Trust<sup>(a)</sup>  | Westlake Automobile Receivables Trust<sup>(a)</sup>  | Westlake Automobile Receivables Trust<sup>(a)</sup>  | Westlake Automobile Receivables Trust<sup>(a)</sup>  |
| Subordinated Series 2023-4A Class D | Subordinated Series 2023-4A Class D | Subordinated Series 2023-4A Class D | Subordinated Series 2023-4A Class D |
| 07/16/2029 | &nbsp;&nbsp; 7.190% | 4150000 | &nbsp;&nbsp; 4323020 |
| WF Card Issuance Trust | WF Card Issuance Trust | WF Card Issuance Trust | WF Card Issuance Trust |
| Series 2024-A2 Class A | Series 2024-A2 Class A | Series 2024-A2 Class A | Series 2024-A2 Class A |
| 10/15/2029 | &nbsp;&nbsp; 4.290% | 3287000 | &nbsp;&nbsp; 3302421 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| World Financial Network Credit Card Master Note Trust | World Financial Network Credit Card Master Note Trust | World Financial Network Credit Card Master Note Trust | World Financial Network Credit Card Master Note Trust |
| Series 2024-B Class A | Series 2024-B Class A | Series 2024-B Class A | Series 2024-B Class A |
| 05/15/2031 | &nbsp;&nbsp; 4.620% | 1746000 | &nbsp;&nbsp; 1757567 |
| World Financial Network Credit Card Master Trust | World Financial Network Credit Card Master Trust | World Financial Network Credit Card Master Trust | World Financial Network Credit Card Master Trust |
| Series 2024-A Class A | Series 2024-A Class A | Series 2024-A Class A | Series 2024-A Class A |
| 02/17/2031 | &nbsp;&nbsp; 5.470% | 610000 | &nbsp;&nbsp; 623085 |
| Total Asset-Backed Securities — Non-Agency <br>(Cost $353,800,497) | Total Asset-Backed Securities — Non-Agency <br>(Cost $353,800,497) | Total Asset-Backed Securities — Non-Agency <br>(Cost $353,800,497) | &nbsp;&nbsp; **349058128** |
| **Commercial Mortgage-Backed Securities - Agency 3.3%** | **Commercial Mortgage-Backed Securities - Agency 3.3%** | **Commercial Mortgage-Backed Securities - Agency 3.3%** | **Commercial Mortgage-Backed Securities - Agency 3.3%** |
| Fannie Mae Multifamily REMIC Trust<sup>(c)</sup>  | Fannie Mae Multifamily REMIC Trust<sup>(c)</sup>  | Fannie Mae Multifamily REMIC Trust<sup>(c)</sup>  | Fannie Mae Multifamily REMIC Trust<sup>(c)</sup>  |
| Series 2022-M10 Class A2 | Series 2022-M10 Class A2 | Series 2022-M10 Class A2 | Series 2022-M10 Class A2 |
| 01/25/2032 | &nbsp;&nbsp; 1.992% | 7800000 | &nbsp;&nbsp; 6701652 |
| Series 2022-M1S Class A2 | Series 2022-M1S Class A2 | Series 2022-M1S Class A2 | Series 2022-M1S Class A2 |
| 04/25/2032 | &nbsp;&nbsp; 2.153% | 8700000 | &nbsp;&nbsp; 7482934 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates<sup>(c)</sup>  | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates<sup>(c)</sup>  | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates<sup>(c)</sup>  | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates<sup>(c)</sup>  |
| Series W5FX Class AFX | Series W5FX Class AFX | Series W5FX Class AFX | Series W5FX Class AFX |
| 04/25/2028 | &nbsp;&nbsp; 3.336% | 1256000 | &nbsp;&nbsp; 1226752 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 06/01/2028 | &nbsp;&nbsp; 3.570% | 2702610 | &nbsp;&nbsp; 2671146 |
| 11/01/2028 | &nbsp;&nbsp; 5.585% | 4543944 | &nbsp;&nbsp; 4730738 |
| 02/01/2029 | &nbsp;&nbsp; 3.740% | 1515000 | &nbsp;&nbsp; 1494649 |
| 10/01/2029 | &nbsp;&nbsp; 3.121% | 2117315 | &nbsp;&nbsp; 2048707 |
| 02/01/2030 | &nbsp;&nbsp; 2.570% | 2417591 | &nbsp;&nbsp; 2259506 |
| 02/01/2030 | &nbsp;&nbsp; 2.920% | 2522909 | &nbsp;&nbsp; 2398371 |
| 02/01/2030 | &nbsp;&nbsp; 3.550% | 1000000 | &nbsp;&nbsp; 973997 |
| 06/01/2030 | &nbsp;&nbsp; 3.130% | 4812000 | &nbsp;&nbsp; 4571721 |
| 07/01/2030 | &nbsp;&nbsp; 3.850% | 4243351 | &nbsp;&nbsp; 4173923 |
| 02/01/2031 | &nbsp;&nbsp; 3.260% | 6236000 | &nbsp;&nbsp; 5902310 |
| 01/01/2032 | &nbsp;&nbsp; 2.730% | 2409116 | &nbsp;&nbsp; 2204836 |
| 01/01/2032 | &nbsp;&nbsp; 2.730% | 1825000 | &nbsp;&nbsp; 1658963 |
| 01/01/2032 | &nbsp;&nbsp; 2.780% | 2050176 | &nbsp;&nbsp; 1883653 |
| 01/01/2032 | &nbsp;&nbsp; 2.970% | 1492694 | &nbsp;&nbsp; 1386094 |
| 02/01/2032 | &nbsp;&nbsp; 2.990% | 2773036 | &nbsp;&nbsp; 2573795 |
| 05/01/2032 | &nbsp;&nbsp; 3.090% | 5565000 | &nbsp;&nbsp; 5083408 |
| 06/01/2032 | &nbsp;&nbsp; 3.540% | 7921000 | &nbsp;&nbsp; 7438036 |
| 11/01/2032 | &nbsp;&nbsp; 1.456% | 9090697 | &nbsp;&nbsp; 7486751 |
| 11/01/2032 | &nbsp;&nbsp; 4.230% | 3851441 | &nbsp;&nbsp; 3799726 |
| 11/01/2032 | &nbsp;&nbsp; 4.705% | 3400000 | &nbsp;&nbsp; 3442419 |
| 11/01/2033 | &nbsp;&nbsp; 2.430% | 1280181 | &nbsp;&nbsp; 1108623 |
| 12/01/2033 | &nbsp;&nbsp; 2.500% | 1576659 | &nbsp;&nbsp; 1363707 |
| 04/01/2035 | &nbsp;&nbsp; 3.330% | 2267065 | &nbsp;&nbsp; 2077060 |
| 10/01/2035 | &nbsp;&nbsp; 2.880% | 5000000 | &nbsp;&nbsp; 4226736 |
| Series 2017-M5 Class A2 | Series 2017-M5 Class A2 | Series 2017-M5 Class A2 | Series 2017-M5 Class A2 |
| 04/25/2029 | &nbsp;&nbsp; 3.176% | 1034548 | &nbsp;&nbsp; 994819 |
| Series 2017-T1 Class A | Series 2017-T1 Class A | Series 2017-T1 Class A | Series 2017-T1 Class A |
| 06/25/2027 | &nbsp;&nbsp; 2.898% | 2744721 | &nbsp;&nbsp; 2657574 |
| Series 2021-M3 Class 1A1 | Series 2021-M3 Class 1A1 | Series 2021-M3 Class 1A1 | Series 2021-M3 Class 1A1 |
| 11/25/2033 | &nbsp;&nbsp; 1.000% | 51750 | &nbsp;&nbsp; 51592 |
| Federal National Mortgage Association<sup>(c)</sup>  | Federal National Mortgage Association<sup>(c)</sup>  | Federal National Mortgage Association<sup>(c)</sup>  | Federal National Mortgage Association<sup>(c)</sup>  |
| 06/01/2037 | &nbsp;&nbsp; 5.888% | 322203 | &nbsp;&nbsp; 321207 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Commercial Mortgage-Backed Securities - Agency (continued)** | **Commercial Mortgage-Backed Securities - Agency (continued)** | **Commercial Mortgage-Backed Securities - Agency (continued)** | **Commercial Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Series 2017-M12 Class A2 | Series 2017-M12 Class A2 | Series 2017-M12 Class A2 | Series 2017-M12 Class A2 |
| 06/25/2027 | &nbsp;&nbsp; 3.162% | 1408006 | &nbsp;&nbsp; 1379348 |
| Series 2018-M10 Class A2 | Series 2018-M10 Class A2 | Series 2018-M10 Class A2 | Series 2018-M10 Class A2 |
| 07/25/2028 | &nbsp;&nbsp; 3.467% | 2603840 | &nbsp;&nbsp; 2548748 |
| Series 2018-M3 Class A2 | Series 2018-M3 Class A2 | Series 2018-M3 Class A2 | Series 2018-M3 Class A2 |
| 02/25/2030 | &nbsp;&nbsp; 3.165% | 801170 | &nbsp;&nbsp; 764353 |
| Series 2018-M4 Class A2 | Series 2018-M4 Class A2 | Series 2018-M4 Class A2 | Series 2018-M4 Class A2 |
| 03/25/2028 | &nbsp;&nbsp; 3.159% | 1043587 | &nbsp;&nbsp; 1016381 |
| Series 2023-M8 Class A2 | Series 2023-M8 Class A2 | Series 2023-M8 Class A2 | Series 2023-M8 Class A2 |
| 03/25/2033 | &nbsp;&nbsp; 4.620% | 3685000 | &nbsp;&nbsp; 3681064 |
| Federal National Mortgage Association<sup>(c),(d)</sup>  | Federal National Mortgage Association<sup>(c),(d)</sup>  | Federal National Mortgage Association<sup>(c),(d)</sup>  | Federal National Mortgage Association<sup>(c),(d)</sup>  |
| Series 2021-M3 Class X1 | Series 2021-M3 Class X1 | Series 2021-M3 Class X1 | Series 2021-M3 Class X1 |
| 11/25/2033 | &nbsp;&nbsp; 2.017% | 32666111 | &nbsp;&nbsp; 2284459 |
| Freddie Mac Multiclass Certificates<sup>(c),(d)</sup>  | Freddie Mac Multiclass Certificates<sup>(c),(d)</sup>  | Freddie Mac Multiclass Certificates<sup>(c),(d)</sup>  | Freddie Mac Multiclass Certificates<sup>(c),(d)</sup>  |
| Series 2021-P011 Class X1 | Series 2021-P011 Class X1 | Series 2021-P011 Class X1 | Series 2021-P011 Class X1 |
| 09/25/2045 | &nbsp;&nbsp; 1.759% | 19350769 | &nbsp;&nbsp; 2083853 |
| Freddie Mac Multifamily Structured Credit Risk<sup>(a),(b)</sup>  | Freddie Mac Multifamily Structured Credit Risk<sup>(a),(b)</sup>  | Freddie Mac Multifamily Structured Credit Risk<sup>(a),(b)</sup>  | Freddie Mac Multifamily Structured Credit Risk<sup>(a),(b)</sup>  |
| Series 2021-MN1 Class M2 | Series 2021-MN1 Class M2 | Series 2021-MN1 Class M2 | Series 2021-MN1 Class M2 |
| 3-month Term SOFR + 3.750% <br>01/25/2051<br>| &nbsp;&nbsp; 8.055% | 1000000 | &nbsp;&nbsp; 1024896 |
| Freddie Mac Multifamily Structured Pass-Through Certificates<sup>(c),(d)</sup>  | Freddie Mac Multifamily Structured Pass-Through Certificates<sup>(c),(d)</sup>  | Freddie Mac Multifamily Structured Pass-Through Certificates<sup>(c),(d)</sup>  | Freddie Mac Multifamily Structured Pass-Through Certificates<sup>(c),(d)</sup>  |
| Series KL05 Class X1P (FHLMC) | Series KL05 Class X1P (FHLMC) | Series KL05 Class X1P (FHLMC) | Series KL05 Class X1P (FHLMC) |
| 06/25/2029 | &nbsp;&nbsp; 1.024% | 75000000 | &nbsp;&nbsp; 2389478 |
| Government National Mortgage Association<sup>(b)</sup>  | Government National Mortgage Association<sup>(b)</sup>  | Government National Mortgage Association<sup>(b)</sup>  | Government National Mortgage Association<sup>(b)</sup>  |
| CMO Series 2013-H08 Class FA | CMO Series 2013-H08 Class FA | CMO Series 2013-H08 Class FA | CMO Series 2013-H08 Class FA |
| 1-month Term SOFR + 0.464% <br>Floor 0.350%, Cap 10.550% <br>03/20/2063<br>| &nbsp;&nbsp; 4.796% | 121980 | &nbsp;&nbsp; 121958 |
| CMO Series 2015-H15 Class FJ | CMO Series 2015-H15 Class FJ | CMO Series 2015-H15 Class FJ | CMO Series 2015-H15 Class FJ |
| 1-month Term SOFR + 0.554% <br>Floor 0.440%, Cap 11.000% <br>06/20/2065<br>| &nbsp;&nbsp; 4.886% | 790833 | &nbsp;&nbsp; 791590 |
| CMO Series 2015-H16 Class FG | CMO Series 2015-H16 Class FG | CMO Series 2015-H16 Class FG | CMO Series 2015-H16 Class FG |
| 1-month Term SOFR + 0.554% <br>Floor 0.440%, Cap 11.000% <br>07/20/2065<br>| &nbsp;&nbsp; 4.886% | 954965 | &nbsp;&nbsp; 955922 |
| CMO Series 2015-H16 Class FL | CMO Series 2015-H16 Class FL | CMO Series 2015-H16 Class FL | CMO Series 2015-H16 Class FL |
| 1-month Term SOFR + 0.554% <br>Floor 0.440%, Cap 11.000% <br>07/20/2065<br>| &nbsp;&nbsp; 4.886% | 444530 | &nbsp;&nbsp; 444947 |
| CMO Series 2015-H18 Class FA | CMO Series 2015-H18 Class FA | CMO Series 2015-H18 Class FA | CMO Series 2015-H18 Class FA |
| 1-month Term SOFR + 0.564% <br>Floor 0.450%, Cap 11.000% <br>06/20/2065<br>| &nbsp;&nbsp; 4.896% | 165540 | &nbsp;&nbsp; 165738 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Commercial Mortgage-Backed Securities - Agency (continued)** | **Commercial Mortgage-Backed Securities - Agency (continued)** | **Commercial Mortgage-Backed Securities - Agency (continued)** | **Commercial Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Multifamily Connecticut Avenue Securities Trust<sup>(a),(b)</sup>  | Multifamily Connecticut Avenue Securities Trust<sup>(a),(b)</sup>  | Multifamily Connecticut Avenue Securities Trust<sup>(a),(b)</sup>  | Multifamily Connecticut Avenue Securities Trust<sup>(a),(b)</sup>  |
| Subordinated Series 2020-01 Class M10 | Subordinated Series 2020-01 Class M10 | Subordinated Series 2020-01 Class M10 | Subordinated Series 2020-01 Class M10 |
| 30-day Average SOFR + 3.864% <br>Floor 3.750% <br>03/25/2050<br>| &nbsp;&nbsp; 8.170% | 7375529 | &nbsp;&nbsp; 7484157 |
| Total Commercial Mortgage-Backed Securities - Agency <br>(Cost $128,774,297) | Total Commercial Mortgage-Backed Securities - Agency <br>(Cost $128,774,297) | Total Commercial Mortgage-Backed Securities - Agency <br>(Cost $128,774,297) | &nbsp;&nbsp; **123532297** |
| **Commercial Mortgage-Backed Securities - Non-Agency 3.9%** | **Commercial Mortgage-Backed Securities - Non-Agency 3.9%** | **Commercial Mortgage-Backed Securities - Non-Agency 3.9%** | **Commercial Mortgage-Backed Securities - Non-Agency 3.9%** |
| AMSR Trust<sup>(a)</sup>  | AMSR Trust<sup>(a)</sup>  | AMSR Trust<sup>(a)</sup>  | AMSR Trust<sup>(a)</sup>  |
| Series 2021-SFR1 Class E1 | Series 2021-SFR1 Class E1 | Series 2021-SFR1 Class E1 | Series 2021-SFR1 Class E1 |
| 06/17/2038 | &nbsp;&nbsp; 2.751% | 2250000 | &nbsp;&nbsp; 2094581 |
| Series 2021-SFR1 Class E2 | Series 2021-SFR1 Class E2 | Series 2021-SFR1 Class E2 | Series 2021-SFR1 Class E2 |
| 06/17/2038 | &nbsp;&nbsp; 2.900% | 2250000 | &nbsp;&nbsp; 2094902 |
| Subordinated Series 2021-SFR3 Class E2 | Subordinated Series 2021-SFR3 Class E2 | Subordinated Series 2021-SFR3 Class E2 | Subordinated Series 2021-SFR3 Class E2 |
| 10/17/2038 | &nbsp;&nbsp; 2.427% | 3845000 | &nbsp;&nbsp; 3691750 |
| Subordinated Series 2021-SFR4 Class F1 | Subordinated Series 2021-SFR4 Class F1 | Subordinated Series 2021-SFR4 Class F1 | Subordinated Series 2021-SFR4 Class F1 |
| 12/17/2038 | &nbsp;&nbsp; 3.158% | 4000000 | &nbsp;&nbsp; 3844883 |
| Subordinated Series 2022-SFR3 Class F | Subordinated Series 2022-SFR3 Class F | Subordinated Series 2022-SFR3 Class F | Subordinated Series 2022-SFR3 Class F |
| 10/17/2039 | &nbsp;&nbsp; 4.000% | 4100000 | &nbsp;&nbsp; 3926204 |
| BANK<sup>(c)</sup>  | BANK<sup>(c)</sup>  | BANK<sup>(c)</sup>  | BANK<sup>(c)</sup>  |
| Series 2022-BNK44 Class A5 | Series 2022-BNK44 Class A5 | Series 2022-BNK44 Class A5 | Series 2022-BNK44 Class A5 |
| 10/15/2032 | &nbsp;&nbsp; 5.746% | 705000 | &nbsp;&nbsp; 739877 |
| BANK5 Trust<sup>(c)</sup>  | BANK5 Trust<sup>(c)</sup>  | BANK5 Trust<sup>(c)</sup>  | BANK5 Trust<sup>(c)</sup>  |
| Series 2025-5YR13 Class A3 | Series 2025-5YR13 Class A3 | Series 2025-5YR13 Class A3 | Series 2025-5YR13 Class A3 |
| 01/15/2058 | &nbsp;&nbsp; 5.753% | 380000 | &nbsp;&nbsp; 396118 |
| BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust |
| Series 2018-C2 Class ASB | Series 2018-C2 Class ASB | Series 2018-C2 Class ASB | Series 2018-C2 Class ASB |
| 12/15/2051 | &nbsp;&nbsp; 4.236% | 399764 | &nbsp;&nbsp; 398463 |
| Series 2022-C17 Class A5 | Series 2022-C17 Class A5 | Series 2022-C17 Class A5 | Series 2022-C17 Class A5 |
| 09/15/2055 | &nbsp;&nbsp; 4.441% | 2556000 | &nbsp;&nbsp; 2479347 |
| Series 2025-5C33 Class A4 | Series 2025-5C33 Class A4 | Series 2025-5C33 Class A4 | Series 2025-5C33 Class A4 |
| 03/15/2058 | &nbsp;&nbsp; 5.839% | 3635000 | &nbsp;&nbsp; 3799453 |
| Series 2025-5C34 Class A3 | Series 2025-5C34 Class A3 | Series 2025-5C34 Class A3 | Series 2025-5C34 Class A3 |
| 05/15/2058 | &nbsp;&nbsp; 5.659% | 1030000 | &nbsp;&nbsp; 1070474 |
| BBCMS Mortgage Trust<sup>(a),(c)</sup>  | BBCMS Mortgage Trust<sup>(a),(c)</sup>  | BBCMS Mortgage Trust<sup>(a),(c)</sup>  | BBCMS Mortgage Trust<sup>(a),(c)</sup>  |
| Subordinated Series 2016-ETC Class E | Subordinated Series 2016-ETC Class E | Subordinated Series 2016-ETC Class E | Subordinated Series 2016-ETC Class E |
| 08/14/2036 | &nbsp;&nbsp; 3.609% | 8000000 | &nbsp;&nbsp; 7198915 |
| Bear Stearns Commercial Mortgage Securities Trust<sup>(a),(c),(d)</sup>  | Bear Stearns Commercial Mortgage Securities Trust<sup>(a),(c),(d)</sup>  | Bear Stearns Commercial Mortgage Securities Trust<sup>(a),(c),(d)</sup>  | Bear Stearns Commercial Mortgage Securities Trust<sup>(a),(c),(d)</sup>  |
| CMO Series 2007-T26 Class X1 | CMO Series 2007-T26 Class X1 | CMO Series 2007-T26 Class X1 | CMO Series 2007-T26 Class X1 |
| 01/12/2045 | &nbsp;&nbsp; 0.953% | 33467 | &nbsp;&nbsp; 1 |
| Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
| Series 2021-B25 Class A4 | Series 2021-B25 Class A4 | Series 2021-B25 Class A4 | Series 2021-B25 Class A4 |
| 04/15/2054 | &nbsp;&nbsp; 2.268% | 760000 | &nbsp;&nbsp; 678627 |
| Series 2025-V15 Class A3 | Series 2025-V15 Class A3 | Series 2025-V15 Class A3 | Series 2025-V15 Class A3 |
| 05/15/2030 | &nbsp;&nbsp; 5.805% | 757000 | &nbsp;&nbsp; 792182 |
| BMD2 Re-Remic Trust<sup>(a),(h)</sup>  | BMD2 Re-Remic Trust<sup>(a),(h)</sup>  | BMD2 Re-Remic Trust<sup>(a),(h)</sup>  | BMD2 Re-Remic Trust<sup>(a),(h)</sup>  |
| Series 2019-FRR1 Class 6C | Series 2019-FRR1 Class 6C | Series 2019-FRR1 Class 6C | Series 2019-FRR1 Class 6C |
| 05/25/2052 | &nbsp;&nbsp; 0.000% | 8685000 | &nbsp;&nbsp; 6448205 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| BMD2 Re-Remic Trust<sup>(a),(i)</sup>  | BMD2 Re-Remic Trust<sup>(a),(i)</sup>  | BMD2 Re-Remic Trust<sup>(a),(i)</sup>  | BMD2 Re-Remic Trust<sup>(a),(i)</sup>  |
| Subordinated Series 2019-FRR1 Class 5D1 | Subordinated Series 2019-FRR1 Class 5D1 | Subordinated Series 2019-FRR1 Class 5D1 | Subordinated Series 2019-FRR1 Class 5D1 |
| 05/25/2052 | &nbsp;&nbsp; 0.000% | 6739000 | &nbsp;&nbsp; 4864245 |
| BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust |
| Series 2025-5C10 Class A3 | Series 2025-5C10 Class A3 | Series 2025-5C10 Class A3 | Series 2025-5C10 Class A3 |
| 05/15/2058 | &nbsp;&nbsp; 5.578% | 1142000 | &nbsp;&nbsp; 1182995 |
| Series 2025-C11 Class A5 | Series 2025-C11 Class A5 | Series 2025-C11 Class A5 | Series 2025-C11 Class A5 |
| 02/15/2058 | &nbsp;&nbsp; 5.687% | 1142000 | &nbsp;&nbsp; 1196188 |
| BMO Mortgage Trust<sup>(c)</sup>  | BMO Mortgage Trust<sup>(c)</sup>  | BMO Mortgage Trust<sup>(c)</sup>  | BMO Mortgage Trust<sup>(c)</sup>  |
| Series 2025-C12 Class A5 | Series 2025-C12 Class A5 | Series 2025-C12 Class A5 | Series 2025-C12 Class A5 |
| 06/15/2058 | &nbsp;&nbsp; 5.871% | 761000 | &nbsp;&nbsp; 804940 |
| BX Commercial Mortgage Trust<sup>(a),(b)</sup>  | BX Commercial Mortgage Trust<sup>(a),(b)</sup>  | BX Commercial Mortgage Trust<sup>(a),(b)</sup>  | BX Commercial Mortgage Trust<sup>(a),(b)</sup>  |
| Series 2021-VOLT Class A | Series 2021-VOLT Class A | Series 2021-VOLT Class A | Series 2021-VOLT Class A |
| 1-month Term SOFR + 0.814% <br>Floor 0.700% <br>09/15/2036<br>| &nbsp;&nbsp; 5.126% | 5867223 | &nbsp;&nbsp; 5848888 |
| COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
| Series 2015-LC23 Class A3 | Series 2015-LC23 Class A3 | Series 2015-LC23 Class A3 | Series 2015-LC23 Class A3 |
| 10/10/2048 | &nbsp;&nbsp; 3.521% | 780023 | &nbsp;&nbsp; 778120 |
| Commercial Mortgage Trust<sup>(a)</sup>  | Commercial Mortgage Trust<sup>(a)</sup>  | Commercial Mortgage Trust<sup>(a)</sup>  | Commercial Mortgage Trust<sup>(a)</sup>  |
| Series 2013-300P Class A1 | Series 2013-300P Class A1 | Series 2013-300P Class A1 | Series 2013-300P Class A1 |
| 08/10/2030 | &nbsp;&nbsp; 4.353% | 2000000 | &nbsp;&nbsp; 1997385 |
| CoreVest American Finance Trust<sup>(a)</sup>  | CoreVest American Finance Trust<sup>(a)</sup>  | CoreVest American Finance Trust<sup>(a)</sup>  | CoreVest American Finance Trust<sup>(a)</sup>  |
| Series 2019-3 Class A | Series 2019-3 Class A | Series 2019-3 Class A | Series 2019-3 Class A |
| 10/15/2052 | &nbsp;&nbsp; 2.705% | 213695 | &nbsp;&nbsp; 210042 |
| Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup>  | Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup>  | Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup>  | Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup>  |
| Subordinated Series 2014-USA Class D | Subordinated Series 2014-USA Class D | Subordinated Series 2014-USA Class D | Subordinated Series 2014-USA Class D |
| 09/15/2037 | &nbsp;&nbsp; 4.373% | 5000000 | &nbsp;&nbsp; 3782250 |
| FirstKey Homes Trust<sup>(a)</sup>  | FirstKey Homes Trust<sup>(a)</sup>  | FirstKey Homes Trust<sup>(a)</sup>  | FirstKey Homes Trust<sup>(a)</sup>  |
| Subordinated Series 2022-SFR2 Class E1 | Subordinated Series 2022-SFR2 Class E1 | Subordinated Series 2022-SFR2 Class E1 | Subordinated Series 2022-SFR2 Class E1 |
| 07/17/2039 | &nbsp;&nbsp; 4.500% | 6800000 | &nbsp;&nbsp; 6627985 |
| Freddie Mac Multifamily Structured Credit Risk<sup>(a),(b)</sup>  | Freddie Mac Multifamily Structured Credit Risk<sup>(a),(b)</sup>  | Freddie Mac Multifamily Structured Credit Risk<sup>(a),(b)</sup>  | Freddie Mac Multifamily Structured Credit Risk<sup>(a),(b)</sup>  |
| Series 2021-MN1 Class M1 | Series 2021-MN1 Class M1 | Series 2021-MN1 Class M1 | Series 2021-MN1 Class M1 |
| 30-day Average SOFR + 3.000% <br>01/25/2051<br>| &nbsp;&nbsp; 6.305% | 1567321 | &nbsp;&nbsp; 1560138 |
| Series 2021-MN2 Class M2 | Series 2021-MN2 Class M2 | Series 2021-MN2 Class M2 | Series 2021-MN2 Class M2 |
| 30-day Average SOFR + 3.350% <br>07/25/2041<br>| &nbsp;&nbsp; 7.655% | 7250000 | &nbsp;&nbsp; 7250037 |
| Series 2022-MN4 Class M1 | Series 2022-MN4 Class M1 | Series 2022-MN4 Class M1 | Series 2022-MN4 Class M1 |
| 30-day Average SOFR + 4.250% <br>05/25/2052<br>| &nbsp;&nbsp; 8.558% | 3735155 | &nbsp;&nbsp; 3790731 |
| Series 2022-MN4 Class M2 | Series 2022-MN4 Class M2 | Series 2022-MN4 Class M2 | Series 2022-MN4 Class M2 |
| 30-day Average SOFR + 6.500% <br>05/25/2052<br>| &nbsp;&nbsp; 10.808% | 2500000 | &nbsp;&nbsp; 2814556 |
| FRTKL<sup>(a)</sup>  | FRTKL<sup>(a)</sup>  | FRTKL<sup>(a)</sup>  | FRTKL<sup>(a)</sup>  |
| Subordinated CMO Series 2021-SFR1 Class E1 | Subordinated CMO Series 2021-SFR1 Class E1 | Subordinated CMO Series 2021-SFR1 Class E1 | Subordinated CMO Series 2021-SFR1 Class E1 |
| 09/17/2038 | &nbsp;&nbsp; 2.372% | 3709000 | &nbsp;&nbsp; 3553825 |
| Subordinated CMO Series 2021-SFR1 Class E2 | Subordinated CMO Series 2021-SFR1 Class E2 | Subordinated CMO Series 2021-SFR1 Class E2 | Subordinated CMO Series 2021-SFR1 Class E2 |
| 09/17/2038 | &nbsp;&nbsp; 2.522% | 2781000 | &nbsp;&nbsp; 2656961 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Subordinated Series 2021-SFR1 Class F | Subordinated Series 2021-SFR1 Class F | Subordinated Series 2021-SFR1 Class F | Subordinated Series 2021-SFR1 Class F |
| 09/17/2038 | &nbsp;&nbsp; 3.171% | 4400000 | &nbsp;&nbsp; 4177544 |
| GAM Investments<sup>(a),(c)</sup>  | GAM Investments<sup>(a),(c)</sup>  | GAM Investments<sup>(a),(c)</sup>  | GAM Investments<sup>(a),(c)</sup>  |
| Subordinated Series 2021-F Class F | Subordinated Series 2021-F Class F | Subordinated Series 2021-F Class F | Subordinated Series 2021-F Class F |
| 09/27/2051 | &nbsp;&nbsp; 2.367% | 7500000 | &nbsp;&nbsp; 6480946 |
| GAM Re-REMIC Trust<sup>(a),(h)</sup>  | GAM Re-REMIC Trust<sup>(a),(h)</sup>  | GAM Re-REMIC Trust<sup>(a),(h)</sup>  | GAM Re-REMIC Trust<sup>(a),(h)</sup>  |
| Series 2021-FRR1 Class 1D | Series 2021-FRR1 Class 1D | Series 2021-FRR1 Class 1D | Series 2021-FRR1 Class 1D |
| 11/29/2050 | &nbsp;&nbsp; 0.000% | 4000000 | &nbsp;&nbsp; 3433613 |
| Series 2021-FRR1 Class 2B | Series 2021-FRR1 Class 2B | Series 2021-FRR1 Class 2B | Series 2021-FRR1 Class 2B |
| 11/29/2050 | &nbsp;&nbsp; 0.000% | 6600000 | &nbsp;&nbsp; 5685113 |
| GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust |
| Series 2020-GSA2 Class A4 | Series 2020-GSA2 Class A4 | Series 2020-GSA2 Class A4 | Series 2020-GSA2 Class A4 |
| 12/12/2053 | &nbsp;&nbsp; 1.721% | 2582000 | &nbsp;&nbsp; 2292891 |
| Impact Funding Affordable Multifamily Housing Mortgage Loan Trust<sup>(a)</sup>  | Impact Funding Affordable Multifamily Housing Mortgage Loan Trust<sup>(a)</sup>  | Impact Funding Affordable Multifamily Housing Mortgage Loan Trust<sup>(a)</sup>  | Impact Funding Affordable Multifamily Housing Mortgage Loan Trust<sup>(a)</sup>  |
| Series 2010-1 Class A1 | Series 2010-1 Class A1 | Series 2010-1 Class A1 | Series 2010-1 Class A1 |
| 01/25/2051 | &nbsp;&nbsp; 5.314% | 44385 | &nbsp;&nbsp; 44151 |
| KGS-Alpha SBA COOF Trust<sup>(a),(c),(d)</sup>  | KGS-Alpha SBA COOF Trust<sup>(a),(c),(d)</sup>  | KGS-Alpha SBA COOF Trust<sup>(a),(c),(d)</sup>  | KGS-Alpha SBA COOF Trust<sup>(a),(c),(d)</sup>  |
| CMO Series 2012-2 Class A | CMO Series 2012-2 Class A | CMO Series 2012-2 Class A | CMO Series 2012-2 Class A |
| 08/25/2038 | &nbsp;&nbsp; 0.932% | 413749 | &nbsp;&nbsp; 7586 |
| CMO Series 2013-2 Class A | CMO Series 2013-2 Class A | CMO Series 2013-2 Class A | CMO Series 2013-2 Class A |
| 03/25/2039 | &nbsp;&nbsp; 1.715% | 566745 | &nbsp;&nbsp; 15780 |
| CMO Series 2014-2 Class A | CMO Series 2014-2 Class A | CMO Series 2014-2 Class A | CMO Series 2014-2 Class A |
| 04/25/2040 | &nbsp;&nbsp; 3.936% | 98209 | &nbsp;&nbsp; 5636 |
| Ladder Capital Commercial Mortgage Trust<sup>(a)</sup>  | Ladder Capital Commercial Mortgage Trust<sup>(a)</sup>  | Ladder Capital Commercial Mortgage Trust<sup>(a)</sup>  | Ladder Capital Commercial Mortgage Trust<sup>(a)</sup>  |
| Series 2013-GCP Class A2 | Series 2013-GCP Class A2 | Series 2013-GCP Class A2 | Series 2013-GCP Class A2 |
| 02/15/2036 | &nbsp;&nbsp; 3.985% | 1535000 | &nbsp;&nbsp; 1452900 |
| Morgan Stanley Bank of America Merrill Lynch Trust | Morgan Stanley Bank of America Merrill Lynch Trust | Morgan Stanley Bank of America Merrill Lynch Trust | Morgan Stanley Bank of America Merrill Lynch Trust |
| Series 2025-5C1 Class A3 | Series 2025-5C1 Class A3 | Series 2025-5C1 Class A3 | Series 2025-5C1 Class A3 |
| 03/15/2030 | &nbsp;&nbsp; 5.635% | 533000 | &nbsp;&nbsp; 552948 |
| Morgan Stanley Capital I Trust<sup>(a),(c),(d)</sup>  | Morgan Stanley Capital I Trust<sup>(a),(c),(d)</sup>  | Morgan Stanley Capital I Trust<sup>(a),(c),(d)</sup>  | Morgan Stanley Capital I Trust<sup>(a),(c),(d)</sup>  |
| CMO Series 2006-T21 Class X | CMO Series 2006-T21 Class X | CMO Series 2006-T21 Class X | CMO Series 2006-T21 Class X |
| 10/12/2052 | &nbsp;&nbsp; 0.057% | 1584803 | &nbsp;&nbsp; 2 |
| Morgan Stanley Capital I Trust<sup>(c)</sup>  | Morgan Stanley Capital I Trust<sup>(c)</sup>  | Morgan Stanley Capital I Trust<sup>(c)</sup>  | Morgan Stanley Capital I Trust<sup>(c)</sup>  |
| Series 2018-L1 Class A4 | Series 2018-L1 Class A4 | Series 2018-L1 Class A4 | Series 2018-L1 Class A4 |
| 10/15/2051 | &nbsp;&nbsp; 4.407% | 888000 | &nbsp;&nbsp; 879372 |
| Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
| Series 2020-HR8 Class A3 | Series 2020-HR8 Class A3 | Series 2020-HR8 Class A3 | Series 2020-HR8 Class A3 |
| 07/15/2053 | &nbsp;&nbsp; 1.790% | 846282 | &nbsp;&nbsp; 740965 |
| MRCD MARK Mortgage Trust<sup>(a)</sup>  | MRCD MARK Mortgage Trust<sup>(a)</sup>  | MRCD MARK Mortgage Trust<sup>(a)</sup>  | MRCD MARK Mortgage Trust<sup>(a)</sup>  |
| Series 2019-PARK Class A | Series 2019-PARK Class A | Series 2019-PARK Class A | Series 2019-PARK Class A |
| 12/15/2036 | &nbsp;&nbsp; 2.718% | 4000000 | &nbsp;&nbsp; 3540000 |
| Series 2019-PARK Class D | Series 2019-PARK Class D | Series 2019-PARK Class D | Series 2019-PARK Class D |
| 12/15/2036 | &nbsp;&nbsp; 2.718% | 2375000 | &nbsp;&nbsp; 1731521 |
| New Residential Mortgage Loan Trust<sup>(a)</sup>  | New Residential Mortgage Loan Trust<sup>(a)</sup>  | New Residential Mortgage Loan Trust<sup>(a)</sup>  | New Residential Mortgage Loan Trust<sup>(a)</sup>  |
| Subordinated Series 2022-SFR1 Class E1 | Subordinated Series 2022-SFR1 Class E1 | Subordinated Series 2022-SFR1 Class E1 | Subordinated Series 2022-SFR1 Class E1 |
| 02/17/2039 | &nbsp;&nbsp; 3.550% | 7036000 | &nbsp;&nbsp; 6775890 |
| Progress Residential Trust<sup>(a)</sup>  | Progress Residential Trust<sup>(a)</sup>  | Progress Residential Trust<sup>(a)</sup>  | Progress Residential Trust<sup>(a)</sup>  |
| Subordinated Series 2021-SFR7 Class E1 | Subordinated Series 2021-SFR7 Class E1 | Subordinated Series 2021-SFR7 Class E1 | Subordinated Series 2021-SFR7 Class E1 |
| 08/17/2040 | &nbsp;&nbsp; 2.591% | 2500000 | &nbsp;&nbsp; 2303076 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Subordinated Series 2021-SFR8 Class F | Subordinated Series 2021-SFR8 Class F | Subordinated Series 2021-SFR8 Class F | Subordinated Series 2021-SFR8 Class F |
| 10/17/2038 | &nbsp;&nbsp; 3.181% | 1000000 | &nbsp;&nbsp; 971231 |
| Subordinated Series 2021-SFR9 Class E2 | Subordinated Series 2021-SFR9 Class E2 | Subordinated Series 2021-SFR9 Class E2 | Subordinated Series 2021-SFR9 Class E2 |
| 11/17/2040 | &nbsp;&nbsp; 3.010% | 2899000 | &nbsp;&nbsp; 2716780 |
| Subordinated Series 2022-SFR3 Class F | Subordinated Series 2022-SFR3 Class F | Subordinated Series 2022-SFR3 Class F | Subordinated Series 2022-SFR3 Class F |
| 04/17/2039 | &nbsp;&nbsp; 6.600% | 5560000 | &nbsp;&nbsp; 5544101 |
| Progress Residential Trust | Progress Residential Trust | Progress Residential Trust | Progress Residential Trust |
| Subordinated Series 2022-SFR2 Class E1 | Subordinated Series 2022-SFR2 Class E1 | Subordinated Series 2022-SFR2 Class E1 | Subordinated Series 2022-SFR2 Class E1 |
| 04/17/2027 | &nbsp;&nbsp; 4.550% | 3100000 | &nbsp;&nbsp; 3038098 |
| Starwood Waypoint Homes Trust<sup>(g)</sup>  | Starwood Waypoint Homes Trust<sup>(g)</sup>  | Starwood Waypoint Homes Trust<sup>(g)</sup>  | Starwood Waypoint Homes Trust<sup>(g)</sup>  |
| Series 2019-STL Class A | Series 2019-STL Class A | Series 2019-STL Class A | Series 2019-STL Class A |
| 10/11/2026 | &nbsp;&nbsp; 7.250% | 2300000 | &nbsp;&nbsp; 2258600 |
| SWCH Commercial Mortgage Trust<sup>(a),(b)</sup>  | SWCH Commercial Mortgage Trust<sup>(a),(b)</sup>  | SWCH Commercial Mortgage Trust<sup>(a),(b)</sup>  | SWCH Commercial Mortgage Trust<sup>(a),(b)</sup>  |
| Series 2025-DATA Class A | Series 2025-DATA Class A | Series 2025-DATA Class A | Series 2025-DATA Class A |
| 1-month Term SOFR + 1.443% <br>Floor 1.443% <br>03/15/2042<br>| &nbsp;&nbsp; 5.750% | 1515000 | &nbsp;&nbsp; 1502305 |
| Wachovia Bank Commercial Mortgage Trust<sup>(a),(c),(d)</sup>  | Wachovia Bank Commercial Mortgage Trust<sup>(a),(c),(d)</sup>  | Wachovia Bank Commercial Mortgage Trust<sup>(a),(c),(d)</sup>  | Wachovia Bank Commercial Mortgage Trust<sup>(a),(c),(d)</sup>  |
| CMO Series 2004-C12 Class | CMO Series 2004-C12 Class | CMO Series 2004-C12 Class | CMO Series 2004-C12 Class |
| 07/15/2041 | &nbsp;&nbsp; 0.888% | 140682 | &nbsp;&nbsp; 300 |
| CMO Series 2006-C24 Class XC | CMO Series 2006-C24 Class XC | CMO Series 2006-C24 Class XC | CMO Series 2006-C24 Class XC |
| 03/15/2045 | &nbsp;&nbsp; 0.000% | 33547 | &nbsp;&nbsp; 0 |
| Wells Fargo Commercial Mortgage Trust<sup>(a),(b)</sup>  | Wells Fargo Commercial Mortgage Trust<sup>(a),(b)</sup>  | Wells Fargo Commercial Mortgage Trust<sup>(a),(b)</sup>  | Wells Fargo Commercial Mortgage Trust<sup>(a),(b)</sup>  |
| Series 2021-SAVE Class A | Series 2021-SAVE Class A | Series 2021-SAVE Class A | Series 2021-SAVE Class A |
| 1-month Term SOFR + 1.264% <br>Floor 1.150% <br>02/15/2040<br>| &nbsp;&nbsp; 5.577% | 681742 | &nbsp;&nbsp; 681350 |
| Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
| Series 2025-C64 Class A5 | Series 2025-C64 Class A5 | Series 2025-C64 Class A5 | Series 2025-C64 Class A5 |
| 02/15/2058 | &nbsp;&nbsp; 5.645% | 767000 | &nbsp;&nbsp; 798431 |
| Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $143,825,490) | Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $143,825,490) | Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $143,825,490) | &nbsp;&nbsp; **146204398** |
| **Convertible Bonds 0.0%** | **Convertible Bonds 0.0%** | **Convertible Bonds 0.0%** | **Convertible Bonds 0.0%** |
| **Banking 0.0%** | **Banking 0.0%** | **Banking 0.0%** | **Banking 0.0%** |
| BNP Paribas SA<sup>(a),(e),(j)</sup>  | BNP Paribas SA<sup>(a),(e),(j)</sup>  | BNP Paribas SA<sup>(a),(e),(j)</sup>  | BNP Paribas SA<sup>(a),(e),(j)</sup>  |
|  | &nbsp;&nbsp; 7.375% | 270000 | &nbsp;&nbsp; 274322 |
| NatWest Group PLC<sup>(e),(j)</sup>  | NatWest Group PLC<sup>(e),(j)</sup>  | NatWest Group PLC<sup>(e),(j)</sup>  | NatWest Group PLC<sup>(e),(j)</sup>  |
|  | &nbsp;&nbsp; 8.125% | 340000 | &nbsp;&nbsp; 365962 |
| UBS Group AG<sup>(a),(e),(j)</sup>  | UBS Group AG<sup>(a),(e),(j)</sup>  | UBS Group AG<sup>(a),(e),(j)</sup>  | UBS Group AG<sup>(a),(e),(j)</sup>  |
|  | &nbsp;&nbsp; 9.250% | 320000 | &nbsp;&nbsp; 369717 |
|  | &nbsp;&nbsp; 9.250% | 315000 | &nbsp;&nbsp; 343362 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1353363** |
| Total Convertible Bonds <br>(Cost $1,245,000) | Total Convertible Bonds <br>(Cost $1,245,000) | Total Convertible Bonds <br>(Cost $1,245,000) | &nbsp;&nbsp; **1353363** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes 27.7%** | **Corporate Bonds & Notes 27.7%** | **Corporate Bonds & Notes 27.7%** | **Corporate Bonds & Notes 27.7%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Aerospace & Defense 0.4%** | **Aerospace & Defense 0.4%** | **Aerospace & Defense 0.4%** | **Aerospace & Defense 0.4%** |
| BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  |
| 02/15/2031 | &nbsp;&nbsp; 1.900% | 217000 | &nbsp;&nbsp; 188489 |
| Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| 03/01/2028 | &nbsp;&nbsp; 3.250% | 190000 | &nbsp;&nbsp; 183538 |
| 05/01/2029 | &nbsp;&nbsp; 6.298% | 425000 | &nbsp;&nbsp; 449338 |
| 05/01/2031 | &nbsp;&nbsp; 6.388% | 242000 | &nbsp;&nbsp; 260274 |
| 05/01/2050 | &nbsp;&nbsp; 5.805% | 1390000 | &nbsp;&nbsp; 1333517 |
| 05/01/2054 | &nbsp;&nbsp; 6.858% | 831000 | &nbsp;&nbsp; 910135 |
| 05/01/2060 | &nbsp;&nbsp; 5.930% | 662000 | &nbsp;&nbsp; 628935 |
| Bombardier, Inc.<sup>(a)</sup>  | Bombardier, Inc.<sup>(a)</sup>  | Bombardier, Inc.<sup>(a)</sup>  | Bombardier, Inc.<sup>(a)</sup>  |
| 02/15/2028 | &nbsp;&nbsp; 6.000% | 580000 | &nbsp;&nbsp; 582904 |
| Embraer Netherlands Finance BV | Embraer Netherlands Finance BV | Embraer Netherlands Finance BV | Embraer Netherlands Finance BV |
| 02/11/2035 | &nbsp;&nbsp; 5.980% | 2078000 | &nbsp;&nbsp; 2143169 |
| General Dynamics Corp. | General Dynamics Corp. | General Dynamics Corp. | General Dynamics Corp. |
| 08/15/2035 | &nbsp;&nbsp; 4.950% | 1550000 | &nbsp;&nbsp; 1555724 |
| Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. |
| 10/15/2031 | &nbsp;&nbsp; 4.850% | 1067000 | &nbsp;&nbsp; 1082307 |
| Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. |
| 12/15/2031 | &nbsp;&nbsp; 4.700% | 1096000 | &nbsp;&nbsp; 1109799 |
| Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
| 07/15/2030 | &nbsp;&nbsp; 4.650% | 1142000 | &nbsp;&nbsp; 1152346 |
| 07/15/2035 | &nbsp;&nbsp; 5.250% | 1060000 | &nbsp;&nbsp; 1080377 |
| RTX Corp. | RTX Corp. | RTX Corp. | RTX Corp. |
| 03/15/2054 | &nbsp;&nbsp; 6.400% | 504000 | &nbsp;&nbsp; 551876 |
| TransDigm, Inc.<sup>(a)</sup>  | TransDigm, Inc.<sup>(a)</sup>  | TransDigm, Inc.<sup>(a)</sup>  | TransDigm, Inc.<sup>(a)</sup>  |
| 03/01/2032 | &nbsp;&nbsp; 6.625% | 900000 | &nbsp;&nbsp; 932172 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **14144900** |
| **Agencies 0.0%** | **Agencies 0.0%** | **Agencies 0.0%** | **Agencies 0.0%** |
| Crowley Conro LLC | Crowley Conro LLC | Crowley Conro LLC | Crowley Conro LLC |
| 08/15/2043 | &nbsp;&nbsp; 4.181% | 558712 | &nbsp;&nbsp; 508640 |
| **Airlines 0.5%** | **Airlines 0.5%** | **Airlines 0.5%** | **Airlines 0.5%** |
| Air Canada Pass-Through Trust<sup>(a)</sup>  | Air Canada Pass-Through Trust<sup>(a)</sup>  | Air Canada Pass-Through Trust<sup>(a)</sup>  | Air Canada Pass-Through Trust<sup>(a)</sup>  |
| Series 2017-1 Class A | Series 2017-1 Class A | Series 2017-1 Class A | Series 2017-1 Class A |
| 01/15/2030 | &nbsp;&nbsp; 3.550% | 242861 | &nbsp;&nbsp; 225630 |
| Series 2017-1 Class AA | Series 2017-1 Class AA | Series 2017-1 Class AA | Series 2017-1 Class AA |
| 01/15/2030 | &nbsp;&nbsp; 3.300% | 174139 | &nbsp;&nbsp; 162933 |
| American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
| Series 2016-3 Class AA | Series 2016-3 Class AA | Series 2016-3 Class AA | Series 2016-3 Class AA |
| 10/15/2028 | &nbsp;&nbsp; 3.000% | 753248 | &nbsp;&nbsp; 707166 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup>  | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup>  | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup>  | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup>  |
| 04/20/2026 | &nbsp;&nbsp; 5.500% | 478333 | &nbsp;&nbsp; 478225 |
| 04/20/2029 | &nbsp;&nbsp; 5.750% | 1100000 | &nbsp;&nbsp; 1102567 |
| British Airways Pass-Through Trust<sup>(a)</sup>  | British Airways Pass-Through Trust<sup>(a)</sup>  | British Airways Pass-Through Trust<sup>(a)</sup>  | British Airways Pass-Through Trust<sup>(a)</sup>  |
| Series 2018-1 Class A | Series 2018-1 Class A | Series 2018-1 Class A | Series 2018-1 Class A |
| 09/20/2031 | &nbsp;&nbsp; 4.125% | 278280 | &nbsp;&nbsp; 265459 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Series 2018-1 Class AA | Series 2018-1 Class AA | Series 2018-1 Class AA | Series 2018-1 Class AA |
| 09/20/2031 | &nbsp;&nbsp; 3.800% | 177812 | &nbsp;&nbsp; 171610 |
| Series 2019-1 Class AA | Series 2019-1 Class AA | Series 2019-1 Class AA | Series 2019-1 Class AA |
| 06/15/2034 | &nbsp;&nbsp; 3.300% | 314520 | &nbsp;&nbsp; 291720 |
| Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. |
| 07/10/2028 | &nbsp;&nbsp; 4.950% | 3191000 | &nbsp;&nbsp; 3208984 |
| 07/10/2030 | &nbsp;&nbsp; 5.250% | 3590000 | &nbsp;&nbsp; 3616750 |
| Delta Air Lines, Inc./SkyMiles IP Ltd.<sup>(a)</sup>  | Delta Air Lines, Inc./SkyMiles IP Ltd.<sup>(a)</sup>  | Delta Air Lines, Inc./SkyMiles IP Ltd.<sup>(a)</sup>  | Delta Air Lines, Inc./SkyMiles IP Ltd.<sup>(a)</sup>  |
| 10/20/2028 | &nbsp;&nbsp; 4.750% | 2594000 | &nbsp;&nbsp; 2599348 |
| JetBlue Airways Corp./Loyalty LP<sup>(a)</sup>  | JetBlue Airways Corp./Loyalty LP<sup>(a)</sup>  | JetBlue Airways Corp./Loyalty LP<sup>(a)</sup>  | JetBlue Airways Corp./Loyalty LP<sup>(a)</sup>  |
| 09/20/2031 | &nbsp;&nbsp; 9.875% | 490000 | &nbsp;&nbsp; 477004 |
| United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
| Series 2016-2 Class A | Series 2016-2 Class A | Series 2016-2 Class A | Series 2016-2 Class A |
| 04/07/2030 | &nbsp;&nbsp; 3.100% | 661664 | &nbsp;&nbsp; 613105 |
| United Airlines, Inc.<sup>(a)</sup>  | United Airlines, Inc.<sup>(a)</sup>  | United Airlines, Inc.<sup>(a)</sup>  | United Airlines, Inc.<sup>(a)</sup>  |
| 04/15/2026 | &nbsp;&nbsp; 4.375% | 535000 | &nbsp;&nbsp; 531197 |
| United Airlines, Inc. Pass-Through Trust | United Airlines, Inc. Pass-Through Trust | United Airlines, Inc. Pass-Through Trust | United Airlines, Inc. Pass-Through Trust |
| Series 2016-1 Class AA | Series 2016-1 Class AA | Series 2016-1 Class AA | Series 2016-1 Class AA |
| 07/07/2028 | &nbsp;&nbsp; 3.100% | 321464 | &nbsp;&nbsp; 306656 |
| Series 2018-1 Class A | Series 2018-1 Class A | Series 2018-1 Class A | Series 2018-1 Class A |
| 03/01/2030 | &nbsp;&nbsp; 3.700% | 857845 | &nbsp;&nbsp; 792747 |
| Series 2018-1 Class AA | Series 2018-1 Class AA | Series 2018-1 Class AA | Series 2018-1 Class AA |
| 03/01/2030 | &nbsp;&nbsp; 3.500% | 271436 | &nbsp;&nbsp; 254191 |
| Series 2019-1 Class A | Series 2019-1 Class A | Series 2019-1 Class A | Series 2019-1 Class A |
| 08/25/2031 | &nbsp;&nbsp; 4.550% | 474307 | &nbsp;&nbsp; 442524 |
| Series 2019-1 Class AA | Series 2019-1 Class AA | Series 2019-1 Class AA | Series 2019-1 Class AA |
| 08/25/2031 | &nbsp;&nbsp; 4.150% | 503052 | &nbsp;&nbsp; 478888 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **16726704** |
| **Apartment REIT 0.2%** | **Apartment REIT 0.2%** | **Apartment REIT 0.2%** | **Apartment REIT 0.2%** |
| American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
| 06/15/2030 | &nbsp;&nbsp; 4.950% | 1035000 | &nbsp;&nbsp; 1045237 |
| 04/15/2032 | &nbsp;&nbsp; 3.625% | 1356000 | &nbsp;&nbsp; 1251525 |
| 07/15/2034 | &nbsp;&nbsp; 5.500% | 552000 | &nbsp;&nbsp; 559042 |
| 04/15/2052 | &nbsp;&nbsp; 4.300% | 608000 | &nbsp;&nbsp; 472332 |
| Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
| 01/15/2031 | &nbsp;&nbsp; 1.650% | 180000 | &nbsp;&nbsp; 152621 |
| 06/15/2031 | &nbsp;&nbsp; 2.550% | 700000 | &nbsp;&nbsp; 621153 |
| 04/01/2034 | &nbsp;&nbsp; 5.500% | 1178000 | &nbsp;&nbsp; 1205381 |
| Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
| 08/15/2031 | &nbsp;&nbsp; 2.000% | 234000 | &nbsp;&nbsp; 198731 |
| 04/15/2032 | &nbsp;&nbsp; 4.150% | 1350000 | &nbsp;&nbsp; 1279635 |
| 02/01/2035 | &nbsp;&nbsp; 4.875% | 1199000 | &nbsp;&nbsp; 1161793 |
| UDR, Inc. | UDR, Inc. | UDR, Inc. | UDR, Inc. |
| 09/01/2026 | &nbsp;&nbsp; 2.950% | 212000 | &nbsp;&nbsp; 208389 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **8155839** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Automotive 0.7%** | **Automotive 0.7%** | **Automotive 0.7%** | **Automotive 0.7%** |
| Adient Global Holdings Ltd.<sup>(a)</sup>  | Adient Global Holdings Ltd.<sup>(a)</sup>  | Adient Global Holdings Ltd.<sup>(a)</sup>  | Adient Global Holdings Ltd.<sup>(a)</sup>  |
| 04/15/2028 | &nbsp;&nbsp; 7.000% | 500000 | &nbsp;&nbsp; 514618 |
| Allison Transmission, Inc.<sup>(a)</sup>  | Allison Transmission, Inc.<sup>(a)</sup>  | Allison Transmission, Inc.<sup>(a)</sup>  | Allison Transmission, Inc.<sup>(a)</sup>  |
| 06/01/2029 | &nbsp;&nbsp; 5.875% | 515000 | &nbsp;&nbsp; 519385 |
| American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. |
| 04/01/2027 | &nbsp;&nbsp; 6.500% | 693000 | &nbsp;&nbsp; 692089 |
| Dana, Inc. | Dana, Inc. | Dana, Inc. | Dana, Inc. |
| 06/15/2028 | &nbsp;&nbsp; 5.625% | 250000 | &nbsp;&nbsp; 250625 |
| Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
| 02/10/2029 | &nbsp;&nbsp; 2.900% | 5953000 | &nbsp;&nbsp; 5412639 |
| 05/03/2029 | &nbsp;&nbsp; 5.113% | 363000 | &nbsp;&nbsp; 354974 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 01/07/2030 | &nbsp;&nbsp; 5.350% | 843000 | &nbsp;&nbsp; 852838 |
| 07/15/2030 | &nbsp;&nbsp; 5.450% | 2005000 | &nbsp;&nbsp; 2033921 |
| 06/10/2031 | &nbsp;&nbsp; 2.700% | 3003000 | &nbsp;&nbsp; 2625716 |
| 04/04/2034 | &nbsp;&nbsp; 5.950% | 438000 | &nbsp;&nbsp; 444339 |
| Goodyear Tire & Rubber Co. (The) | Goodyear Tire & Rubber Co. (The) | Goodyear Tire & Rubber Co. (The) | Goodyear Tire & Rubber Co. (The) |
| 07/15/2031 | &nbsp;&nbsp; 5.250% | 450000 | &nbsp;&nbsp; 431688 |
| Hyundai Capital America<sup>(a)</sup>  | Hyundai Capital America<sup>(a)</sup>  | Hyundai Capital America<sup>(a)</sup>  | Hyundai Capital America<sup>(a)</sup>  |
| 01/08/2026 | &nbsp;&nbsp; 1.300% | 239000 | &nbsp;&nbsp; 234794 |
| 11/01/2027 | &nbsp;&nbsp; 4.875% | 600000 | &nbsp;&nbsp; 602756 |
| 01/10/2028 | &nbsp;&nbsp; 1.800% | 196000 | &nbsp;&nbsp; 182715 |
| 03/27/2030 | &nbsp;&nbsp; 5.150% | 2542000 | &nbsp;&nbsp; 2570945 |
| Toyota Motor Corp. | Toyota Motor Corp. | Toyota Motor Corp. | Toyota Motor Corp. |
| 06/30/2030 | &nbsp;&nbsp; 4.450% | 1479000 | &nbsp;&nbsp; 1485224 |
| 06/30/2035 | &nbsp;&nbsp; 5.053% | 1406000 | &nbsp;&nbsp; 1418239 |
| Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
| 05/15/2030 | &nbsp;&nbsp; 4.800% | 1323000 | &nbsp;&nbsp; 1343661 |
| Volkswagen Group of America Finance LLC<sup>(a)</sup>  | Volkswagen Group of America Finance LLC<sup>(a)</sup>  | Volkswagen Group of America Finance LLC<sup>(a)</sup>  | Volkswagen Group of America Finance LLC<sup>(a)</sup>  |
| 03/27/2028 | &nbsp;&nbsp; 5.050% | 721000 | &nbsp;&nbsp; 724817 |
| 11/13/2028 | &nbsp;&nbsp; 4.750% | 710000 | &nbsp;&nbsp; 707069 |
| 03/27/2030 | &nbsp;&nbsp; 5.350% | 1132000 | &nbsp;&nbsp; 1151057 |
| 03/27/2035 | &nbsp;&nbsp; 5.800% | 710000 | &nbsp;&nbsp; 714288 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **25268397** |
| **Banking 8.1%** | **Banking 8.1%** | **Banking 8.1%** | **Banking 8.1%** |
| ABN AMRO Bank NV<sup>(a),(e)</sup>  | ABN AMRO Bank NV<sup>(a),(e)</sup>  | ABN AMRO Bank NV<sup>(a),(e)</sup>  | ABN AMRO Bank NV<sup>(a),(e)</sup>  |
| 10/13/2026 | &nbsp;&nbsp; 6.575% | 300000 | &nbsp;&nbsp; 301551 |
| 12/03/2028 | &nbsp;&nbsp; 4.988% | 700000 | &nbsp;&nbsp; 708549 |
| 12/13/2029 | &nbsp;&nbsp; 2.470% | 500000 | &nbsp;&nbsp; 466626 |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 03/13/2037 | &nbsp;&nbsp; 3.324% | 800000 | &nbsp;&nbsp; 703604 |
| AIB Group PLC<sup>(a),(e)</sup>  | AIB Group PLC<sup>(a),(e)</sup>  | AIB Group PLC<sup>(a),(e)</sup>  | AIB Group PLC<sup>(a),(e)</sup>  |
| 09/13/2029 | &nbsp;&nbsp; 6.608% | 265000 | &nbsp;&nbsp; 280273 |
| 05/15/2031 | &nbsp;&nbsp; 5.320% | 200000 | &nbsp;&nbsp; 203522 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| American Express Co.<sup>(e)</sup>  | American Express Co.<sup>(e)</sup>  | American Express Co.<sup>(e)</sup>  | American Express Co.<sup>(e)</sup>  |
| 04/25/2029 | &nbsp;&nbsp; 4.731% | 3002000 | &nbsp;&nbsp; 3034595 |
| 01/30/2031 | &nbsp;&nbsp; 5.085% | 1089000 | &nbsp;&nbsp; 1113772 |
| 04/25/2031 | &nbsp;&nbsp; 5.016% | 3735000 | &nbsp;&nbsp; 3815108 |
| 01/30/2036 | &nbsp;&nbsp; 5.442% | 1425000 | &nbsp;&nbsp; 1454202 |
| 04/25/2036 | &nbsp;&nbsp; 5.667% | 1324000 | &nbsp;&nbsp; 1371524 |
| ANZ New Zealand International Ltd.<sup>(a)</sup>  | ANZ New Zealand International Ltd.<sup>(a)</sup>  | ANZ New Zealand International Ltd.<sup>(a)</sup>  | ANZ New Zealand International Ltd.<sup>(a)</sup>  |
| 02/13/2030 | &nbsp;&nbsp; 2.550% | 298000 | &nbsp;&nbsp; 275014 |
| Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
| 03/13/2029 | &nbsp;&nbsp; 5.381% | 1600000 | &nbsp;&nbsp; 1648397 |
| Banco Santander SA<sup>(e)</sup>  | Banco Santander SA<sup>(e)</sup>  | Banco Santander SA<sup>(e)</sup>  | Banco Santander SA<sup>(e)</sup>  |
| 09/14/2027 | &nbsp;&nbsp; 1.722% | 200000 | &nbsp;&nbsp; 193168 |
| Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
| 08/08/2028 | &nbsp;&nbsp; 5.588% | 2400000 | &nbsp;&nbsp; 2478752 |
| 07/15/2031 | &nbsp;&nbsp; 5.439% | 200000 | &nbsp;&nbsp; 207729 |
| Bank of America Corp.<sup>(e)</sup>  | Bank of America Corp.<sup>(e)</sup>  | Bank of America Corp.<sup>(e)</sup>  | Bank of America Corp.<sup>(e)</sup>  |
| 07/22/2027 | &nbsp;&nbsp; 1.734% | 5003000 | &nbsp;&nbsp; 4863443 |
| 04/24/2028 | &nbsp;&nbsp; 3.705% | 365000 | &nbsp;&nbsp; 360740 |
| 12/20/2028 | &nbsp;&nbsp; 3.419% | 210000 | &nbsp;&nbsp; 205231 |
| 09/15/2029 | &nbsp;&nbsp; 5.819% | 688000 | &nbsp;&nbsp; 717174 |
| 01/24/2031 | &nbsp;&nbsp; 5.162% | 1088000 | &nbsp;&nbsp; 1115222 |
| 02/13/2031 | &nbsp;&nbsp; 2.496% | 2589000 | &nbsp;&nbsp; 2365192 |
| 07/23/2031 | &nbsp;&nbsp; 1.898% | 431000 | &nbsp;&nbsp; 378547 |
| 10/24/2031 | &nbsp;&nbsp; 1.922% | 694000 | &nbsp;&nbsp; 604943 |
| 02/04/2033 | &nbsp;&nbsp; 2.972% | 1280000 | &nbsp;&nbsp; 1145993 |
| 04/27/2033 | &nbsp;&nbsp; 4.571% | 911000 | &nbsp;&nbsp; 895933 |
| 01/23/2035 | &nbsp;&nbsp; 5.468% | 547000 | &nbsp;&nbsp; 561906 |
| 01/24/2036 | &nbsp;&nbsp; 5.511% | 817000 | &nbsp;&nbsp; 840267 |
| 06/19/2041 | &nbsp;&nbsp; 2.676% | 2902000 | &nbsp;&nbsp; 2068131 |
| 12/31/2079 | &nbsp;&nbsp; 6.625% | 682000 | &nbsp;&nbsp; 704335 |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 08/15/2035 | &nbsp;&nbsp; 5.425% | 701000 | &nbsp;&nbsp; 700611 |
| Bank of Ireland Group PLC<sup>(a),(e)</sup>  | Bank of Ireland Group PLC<sup>(a),(e)</sup>  | Bank of Ireland Group PLC<sup>(a),(e)</sup>  | Bank of Ireland Group PLC<sup>(a),(e)</sup>  |
| 03/20/2030 | &nbsp;&nbsp; 5.601% | 350000 | &nbsp;&nbsp; 360875 |
| Bank of Montreal<sup>(e)</sup>  | Bank of Montreal<sup>(e)</sup>  | Bank of Montreal<sup>(e)</sup>  | Bank of Montreal<sup>(e)</sup>  |
| 09/10/2030 | &nbsp;&nbsp; 4.640% | 409000 | &nbsp;&nbsp; 412491 |
| Bank of Montreal | Bank of Montreal | Bank of Montreal | Bank of Montreal |
| 06/04/2031 | &nbsp;&nbsp; 5.511% | 263000 | &nbsp;&nbsp; 274954 |
| Bank of New York Mellon Corp. (The)<sup>(e)</sup>  | Bank of New York Mellon Corp. (The)<sup>(e)</sup>  | Bank of New York Mellon Corp. (The)<sup>(e)</sup>  | Bank of New York Mellon Corp. (The)<sup>(e)</sup>  |
| 10/25/2029 | &nbsp;&nbsp; 6.317% | 202000 | &nbsp;&nbsp; 214397 |
| 02/11/2031 | &nbsp;&nbsp; 4.942% | 2265000 | &nbsp;&nbsp; 2311685 |
| Bank of Nova Scotia (The)<sup>(e)</sup>  | Bank of Nova Scotia (The)<sup>(e)</sup>  | Bank of Nova Scotia (The)<sup>(e)</sup>  | Bank of Nova Scotia (The)<sup>(e)</sup>  |
| 11/10/2032 | &nbsp;&nbsp; 4.740% | 473000 | &nbsp;&nbsp; 472574 |
| Banque Federative du Credit Mutuel SA<sup>(a)</sup>  | Banque Federative du Credit Mutuel SA<sup>(a)</sup>  | Banque Federative du Credit Mutuel SA<sup>(a)</sup>  | Banque Federative du Credit Mutuel SA<sup>(a)</sup>  |
| 10/04/2026 | &nbsp;&nbsp; 1.604% | 545000 | &nbsp;&nbsp; 526453 |
| 07/13/2028 | &nbsp;&nbsp; 5.790% | 737000 | &nbsp;&nbsp; 764817 |
| Barclays PLC<sup>(e)</sup>  | Barclays PLC<sup>(e)</sup>  | Barclays PLC<sup>(e)</sup>  | Barclays PLC<sup>(e)</sup>  |
| 09/10/2030 | &nbsp;&nbsp; 4.942% | 929000 | &nbsp;&nbsp; 935825 |
| 11/02/2033 | &nbsp;&nbsp; 7.437% | 1195000 | &nbsp;&nbsp; 1355312 |
| 02/25/2036 | &nbsp;&nbsp; 5.785% | 3765000 | &nbsp;&nbsp; 3848279 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| BNP Paribas SA<sup>(a),(e)</sup>  | BNP Paribas SA<sup>(a),(e)</sup>  | BNP Paribas SA<sup>(a),(e)</sup>  | BNP Paribas SA<sup>(a),(e)</sup>  |
| 01/13/2027 | &nbsp;&nbsp; 1.323% | 230000 | &nbsp;&nbsp; 226028 |
| 01/09/2030 | &nbsp;&nbsp; 5.176% | 1320000 | &nbsp;&nbsp; 1347651 |
| 01/13/2033 | &nbsp;&nbsp; 5.786% | 708000 | &nbsp;&nbsp; 736460 |
| 01/20/2033 | &nbsp;&nbsp; 3.132% | 341000 | &nbsp;&nbsp; 303245 |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 11/19/2035 | &nbsp;&nbsp; 5.906% | 1530000 | &nbsp;&nbsp; 1542905 |
| BPCE SA<sup>(a)</sup>  | BPCE SA<sup>(a)</sup>  | BPCE SA<sup>(a)</sup>  | BPCE SA<sup>(a)</sup>  |
| 07/19/2027 | &nbsp;&nbsp; 4.750% | 250000 | &nbsp;&nbsp; 252005 |
| 01/18/2028 | &nbsp;&nbsp; 5.125% | 1622000 | &nbsp;&nbsp; 1652421 |
| BPCE SA<sup>(a),(e)</sup>  | BPCE SA<sup>(a),(e)</sup>  | BPCE SA<sup>(a),(e)</sup>  | BPCE SA<sup>(a),(e)</sup>  |
| 10/19/2027 | &nbsp;&nbsp; 6.612% | 630000 | &nbsp;&nbsp; 644925 |
| 10/19/2029 | &nbsp;&nbsp; 6.714% | 804000 | &nbsp;&nbsp; 850780 |
| 05/28/2031 | &nbsp;&nbsp; 5.389% | 2102000 | &nbsp;&nbsp; 2140344 |
| 01/20/2032 | &nbsp;&nbsp; 2.277% | 605000 | &nbsp;&nbsp; 523283 |
| 10/19/2034 | &nbsp;&nbsp; 7.003% | 1044000 | &nbsp;&nbsp; 1147216 |
| 05/30/2035 | &nbsp;&nbsp; 5.936% | 330000 | &nbsp;&nbsp; 338663 |
| 01/14/2036 | &nbsp;&nbsp; 6.293% | 280000 | &nbsp;&nbsp; 293954 |
| 05/28/2036 | &nbsp;&nbsp; 6.027% | 1781000 | &nbsp;&nbsp; 1835398 |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 10/19/2032 | &nbsp;&nbsp; 3.116% | 900000 | &nbsp;&nbsp; 781045 |
| CaixaBank SA<sup>(a),(e)</sup>  | CaixaBank SA<sup>(a),(e)</sup>  | CaixaBank SA<sup>(a),(e)</sup>  | CaixaBank SA<sup>(a),(e)</sup>  |
| 09/13/2027 | &nbsp;&nbsp; 6.684% | 330000 | &nbsp;&nbsp; 337943 |
| CaixaBank SA<sup>(a),(e),(k)</sup>  | CaixaBank SA<sup>(a),(e),(k)</sup>  | CaixaBank SA<sup>(a),(e),(k)</sup>  | CaixaBank SA<sup>(a),(e),(k)</sup>  |
| 07/03/2029 | &nbsp;&nbsp; 4.634% | 2600000 | &nbsp;&nbsp; 2606575 |
| 07/03/2031 | &nbsp;&nbsp; 4.885% | 2600000 | &nbsp;&nbsp; 2611801 |
| 07/03/2036 | &nbsp;&nbsp; 5.581% | 1766000 | &nbsp;&nbsp; 1785655 |
| Canadian Imperial Bank of Commerce<sup>(e)</sup>  | Canadian Imperial Bank of Commerce<sup>(e)</sup>  | Canadian Imperial Bank of Commerce<sup>(e)</sup>  | Canadian Imperial Bank of Commerce<sup>(e)</sup>  |
| 09/11/2030 | &nbsp;&nbsp; 4.631% | 295000 | &nbsp;&nbsp; 295105 |
| Capital One Financial Corp.<sup>(e)</sup>  | Capital One Financial Corp.<sup>(e)</sup>  | Capital One Financial Corp.<sup>(e)</sup>  | Capital One Financial Corp.<sup>(e)</sup>  |
| 11/02/2027 | &nbsp;&nbsp; 1.878% | 254000 | &nbsp;&nbsp; 245398 |
| 02/01/2035 | &nbsp;&nbsp; 6.051% | 3082000 | &nbsp;&nbsp; 3215737 |
| Citibank NA | Citibank NA | Citibank NA | Citibank NA |
| 05/29/2027 | &nbsp;&nbsp; 4.576% | 6010000 | &nbsp;&nbsp; 6041770 |
| 08/06/2029 | &nbsp;&nbsp; 4.838% | 335000 | &nbsp;&nbsp; 342058 |
| 05/29/2030 | &nbsp;&nbsp; 4.914% | 5165000 | &nbsp;&nbsp; 5263548 |
| Citigroup, Inc.<sup>(e),(j)</sup>  | Citigroup, Inc.<sup>(e),(j)</sup>  | Citigroup, Inc.<sup>(e),(j)</sup>  | Citigroup, Inc.<sup>(e),(j)</sup>  |
|  | &nbsp;&nbsp; 6.750% | 957000 | &nbsp;&nbsp; 963637 |
|  | &nbsp;&nbsp; 6.950% | 532000 | &nbsp;&nbsp; 543012 |
|  | &nbsp;&nbsp; 7.125% | 1425000 | &nbsp;&nbsp; 1469257 |
| Citigroup, Inc.<sup>(e)</sup>  | Citigroup, Inc.<sup>(e)</sup>  | Citigroup, Inc.<sup>(e)</sup>  | Citigroup, Inc.<sup>(e)</sup>  |
| 07/24/2028 | &nbsp;&nbsp; 3.668% | 448000 | &nbsp;&nbsp; 441005 |
| 03/04/2029 | &nbsp;&nbsp; 4.786% | 2805000 | &nbsp;&nbsp; 2825202 |
| 02/13/2030 | &nbsp;&nbsp; 5.174% | 414000 | &nbsp;&nbsp; 422261 |
| 03/20/2030 | &nbsp;&nbsp; 3.980% | 745000 | &nbsp;&nbsp; 729918 |
| 09/19/2030 | &nbsp;&nbsp; 4.542% | 4651000 | &nbsp;&nbsp; 4628044 |
| 05/01/2032 | &nbsp;&nbsp; 2.561% | 1086000 | &nbsp;&nbsp; 962074 |
| 11/03/2032 | &nbsp;&nbsp; 2.520% | 1350000 | &nbsp;&nbsp; 1180117 |
| 01/25/2033 | &nbsp;&nbsp; 3.057% | 1014000 | &nbsp;&nbsp; 906589 |
| 11/17/2033 | &nbsp;&nbsp; 6.270% | 1235000 | &nbsp;&nbsp; 1330155 |
| 03/27/2036 | &nbsp;&nbsp; 5.333% | 2827000 | &nbsp;&nbsp; 2848844 |
| 03/04/2056 | &nbsp;&nbsp; 5.612% | 1925000 | &nbsp;&nbsp; 1888211 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 05/25/2034 | &nbsp;&nbsp; 6.174% | 784000 | &nbsp;&nbsp; 818577 |
| 02/13/2035 | &nbsp;&nbsp; 5.827% | 2312000 | &nbsp;&nbsp; 2356829 |
| 01/24/2036 | &nbsp;&nbsp; 6.020% | 4336000 | &nbsp;&nbsp; 4451949 |
| Credit Agricole SA<sup>(a),(e)</sup>  | Credit Agricole SA<sup>(a),(e)</sup>  | Credit Agricole SA<sup>(a),(e)</sup>  | Credit Agricole SA<sup>(a),(e)</sup>  |
| 01/26/2027 | &nbsp;&nbsp; 1.247% | 1320000 | &nbsp;&nbsp; 1294947 |
| 09/11/2028 | &nbsp;&nbsp; 4.631% | 380000 | &nbsp;&nbsp; 380429 |
| 10/03/2029 | &nbsp;&nbsp; 6.316% | 970000 | &nbsp;&nbsp; 1019276 |
| 05/27/2031 | &nbsp;&nbsp; 5.222% | 2797000 | &nbsp;&nbsp; 2849255 |
| 01/09/2036 | &nbsp;&nbsp; 5.862% | 555000 | &nbsp;&nbsp; 575357 |
| Credit Agricole SA<sup>(a)</sup>  | Credit Agricole SA<sup>(a)</sup>  | Credit Agricole SA<sup>(a)</sup>  | Credit Agricole SA<sup>(a)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 01/14/2030 | &nbsp;&nbsp; 3.250% | 435000 | &nbsp;&nbsp; 404646 |
| Credit Suisse Group AG<sup>(a),(e)</sup>  | Credit Suisse Group AG<sup>(a),(e)</sup>  | Credit Suisse Group AG<sup>(a),(e)</sup>  | Credit Suisse Group AG<sup>(a),(e)</sup>  |
| 01/12/2029 | &nbsp;&nbsp; 3.869% | 250000 | &nbsp;&nbsp; 246100 |
| Danske Bank A/S<sup>(a),(e)</sup>  | Danske Bank A/S<sup>(a),(e)</sup>  | Danske Bank A/S<sup>(a),(e)</sup>  | Danske Bank A/S<sup>(a),(e)</sup>  |
| 03/01/2030 | &nbsp;&nbsp; 5.705% | 320000 | &nbsp;&nbsp; 331677 |
| 10/02/2030 | &nbsp;&nbsp; 4.613% | 524000 | &nbsp;&nbsp; 521709 |
| Deutsche Bank AG<sup>(e)</sup>  | Deutsche Bank AG<sup>(e)</sup>  | Deutsche Bank AG<sup>(e)</sup>  | Deutsche Bank AG<sup>(e)</sup>  |
| 07/13/2027 | &nbsp;&nbsp; 7.146% | 270000 | &nbsp;&nbsp; 276882 |
| 01/07/2028 | &nbsp;&nbsp; 2.552% | 250000 | &nbsp;&nbsp; 242796 |
| 02/08/2028 | &nbsp;&nbsp; 5.706% | 527000 | &nbsp;&nbsp; 535821 |
| 05/09/2031 | &nbsp;&nbsp; 5.297% | 2303000 | &nbsp;&nbsp; 2339084 |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 01/07/2033 | &nbsp;&nbsp; 3.742% | 3956000 | &nbsp;&nbsp; 3556074 |
| Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
| 05/10/2029 | &nbsp;&nbsp; 5.414% | 290000 | &nbsp;&nbsp; 300335 |
| DNB Bank ASA<sup>(a),(e)</sup>  | DNB Bank ASA<sup>(a),(e)</sup>  | DNB Bank ASA<sup>(a),(e)</sup>  | DNB Bank ASA<sup>(a),(e)</sup>  |
| 03/30/2028 | &nbsp;&nbsp; 1.605% | 285000 | &nbsp;&nbsp; 271586 |
| 11/05/2030 | &nbsp;&nbsp; 4.853% | 885000 | &nbsp;&nbsp; 895721 |
| Goldman Sachs Bank USA<sup>(e)</sup>  | Goldman Sachs Bank USA<sup>(e)</sup>  | Goldman Sachs Bank USA<sup>(e)</sup>  | Goldman Sachs Bank USA<sup>(e)</sup>  |
| 05/21/2027 | &nbsp;&nbsp; 5.414% | 2004000 | &nbsp;&nbsp; 2020397 |
| Goldman Sachs Group, Inc. (The)<sup>(e),(j)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(e),(j)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(e),(j)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(e),(j)</sup>  |
|  | &nbsp;&nbsp; 6.850% | 730000 | &nbsp;&nbsp; 754476 |
|  | &nbsp;&nbsp; 7.500% | 481000 | &nbsp;&nbsp; 506590 |
| Goldman Sachs Group, Inc. (The)<sup>(e)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(e)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(e)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(e)</sup>  |
| 03/09/2027 | &nbsp;&nbsp; 1.431% | 518000 | &nbsp;&nbsp; 506867 |
| 02/24/2028 | &nbsp;&nbsp; 2.640% | 1025000 | &nbsp;&nbsp; 995606 |
| 03/15/2028 | &nbsp;&nbsp; 3.615% | 450000 | &nbsp;&nbsp; 443956 |
| 06/05/2028 | &nbsp;&nbsp; 3.691% | 782000 | &nbsp;&nbsp; 771175 |
| 04/23/2029 | &nbsp;&nbsp; 3.814% | 430000 | &nbsp;&nbsp; 422947 |
| 10/24/2029 | &nbsp;&nbsp; 6.484% | 2207000 | &nbsp;&nbsp; 2341721 |
| 04/25/2030 | &nbsp;&nbsp; 5.727% | 264000 | &nbsp;&nbsp; 274799 |
| 07/23/2030 | &nbsp;&nbsp; 5.049% | 1238000 | &nbsp;&nbsp; 1257838 |
| 10/23/2030 | &nbsp;&nbsp; 4.692% | 2398000 | &nbsp;&nbsp; 2405028 |
| 01/28/2031 | &nbsp;&nbsp; 5.207% | 4030000 | &nbsp;&nbsp; 4123237 |
| 04/23/2031 | &nbsp;&nbsp; 5.218% | 5756000 | &nbsp;&nbsp; 5902344 |
| 04/22/2032 | &nbsp;&nbsp; 2.615% | 1648000 | &nbsp;&nbsp; 1465876 |
| 02/24/2033 | &nbsp;&nbsp; 3.102% | 2649000 | &nbsp;&nbsp; 2384771 |
| 07/23/2035 | &nbsp;&nbsp; 5.330% | 2714000 | &nbsp;&nbsp; 2746235 |
| 10/23/2035 | &nbsp;&nbsp; 5.016% | 962000 | &nbsp;&nbsp; 950384 |
| 01/28/2056 | &nbsp;&nbsp; 5.734% | 1128000 | &nbsp;&nbsp; 1129331 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) |
| 02/07/2030 | &nbsp;&nbsp; 2.600% | 321000 | &nbsp;&nbsp; 296739 |
| HSBC Holdings PLC<sup>(e),(j)</sup>  | HSBC Holdings PLC<sup>(e),(j)</sup>  | HSBC Holdings PLC<sup>(e),(j)</sup>  | HSBC Holdings PLC<sup>(e),(j)</sup>  |
|  | &nbsp;&nbsp; 7.050% | 865000 | &nbsp;&nbsp; 875014 |
| HSBC Holdings PLC<sup>(e)</sup>  | HSBC Holdings PLC<sup>(e)</sup>  | HSBC Holdings PLC<sup>(e)</sup>  | HSBC Holdings PLC<sup>(e)</sup>  |
| 08/11/2028 | &nbsp;&nbsp; 5.210% | 1217000 | &nbsp;&nbsp; 1234151 |
| 09/22/2028 | &nbsp;&nbsp; 2.013% | 1401000 | &nbsp;&nbsp; 1327197 |
| 03/03/2029 | &nbsp;&nbsp; 4.889% | 3203000 | &nbsp;&nbsp; 3229302 |
| 05/22/2030 | &nbsp;&nbsp; 3.973% | 1394000 | &nbsp;&nbsp; 1356980 |
| 11/19/2030 | &nbsp;&nbsp; 5.286% | 1929000 | &nbsp;&nbsp; 1970359 |
| 03/03/2031 | &nbsp;&nbsp; 5.130% | 3203000 | &nbsp;&nbsp; 3243756 |
| 08/18/2031 | &nbsp;&nbsp; 2.357% | 284000 | &nbsp;&nbsp; 252138 |
| 05/17/2032 | &nbsp;&nbsp; 5.733% | 896000 | &nbsp;&nbsp; 931474 |
| 05/24/2032 | &nbsp;&nbsp; 2.804% | 1032000 | &nbsp;&nbsp; 916430 |
| 05/13/2036 | &nbsp;&nbsp; 5.790% | 3311000 | &nbsp;&nbsp; 3407468 |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 11/18/2035 | &nbsp;&nbsp; 5.874% | 1091000 | &nbsp;&nbsp; 1103266 |
| Huntington Bancshares, Inc.<sup>(e)</sup>  | Huntington Bancshares, Inc.<sup>(e)</sup>  | Huntington Bancshares, Inc.<sup>(e)</sup>  | Huntington Bancshares, Inc.<sup>(e)</sup>  |
| 02/02/2035 | &nbsp;&nbsp; 5.709% | 254000 | &nbsp;&nbsp; 259518 |
| ING Groep NV<sup>(e)</sup>  | ING Groep NV<sup>(e)</sup>  | ING Groep NV<sup>(e)</sup>  | ING Groep NV<sup>(e)</sup>  |
| 03/25/2036 | &nbsp;&nbsp; 5.525% | 2803000 | &nbsp;&nbsp; 2852694 |
| Intesa Sanpaolo SpA<sup>(a)</sup>  | Intesa Sanpaolo SpA<sup>(a)</sup>  | Intesa Sanpaolo SpA<sup>(a)</sup>  | Intesa Sanpaolo SpA<sup>(a)</sup>  |
| 11/28/2033 | &nbsp;&nbsp; 7.200% | 1062000 | &nbsp;&nbsp; 1190911 |
| Intesa Sanpaolo SpA<sup>(a),(e)</sup>  | Intesa Sanpaolo SpA<sup>(a),(e)</sup>  | Intesa Sanpaolo SpA<sup>(a),(e)</sup>  | Intesa Sanpaolo SpA<sup>(a),(e)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 06/01/2042 | &nbsp;&nbsp; 4.950% | 1199000 | &nbsp;&nbsp; 968326 |
| JPMorgan Chase & Co.<sup>(e)</sup>  | JPMorgan Chase & Co.<sup>(e)</sup>  | JPMorgan Chase & Co.<sup>(e)</sup>  | JPMorgan Chase & Co.<sup>(e)</sup>  |
| 04/22/2031 | &nbsp;&nbsp; 2.522% | 2404000 | &nbsp;&nbsp; 2197107 |
| 07/22/2035 | &nbsp;&nbsp; 5.294% | 1231000 | &nbsp;&nbsp; 1253231 |
| 04/22/2036 | &nbsp;&nbsp; 5.572% | 576000 | &nbsp;&nbsp; 597513 |
| KeyCorp<sup>(e)</sup>  | KeyCorp<sup>(e)</sup>  | KeyCorp<sup>(e)</sup>  | KeyCorp<sup>(e)</sup>  |
| 04/04/2031 | &nbsp;&nbsp; 5.121% | 874000 | &nbsp;&nbsp; 884170 |
| 06/01/2033 | &nbsp;&nbsp; 4.789% | 488000 | &nbsp;&nbsp; 475630 |
| Lloyds Banking Group PLC<sup>(e)</sup>  | Lloyds Banking Group PLC<sup>(e)</sup>  | Lloyds Banking Group PLC<sup>(e)</sup>  | Lloyds Banking Group PLC<sup>(e)</sup>  |
| 05/11/2027 | &nbsp;&nbsp; 1.627% | 356000 | &nbsp;&nbsp; 347191 |
| 01/05/2028 | &nbsp;&nbsp; 5.462% | 205000 | &nbsp;&nbsp; 207767 |
| 01/05/2035 | &nbsp;&nbsp; 5.679% | 220000 | &nbsp;&nbsp; 225781 |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 06/13/2036 | &nbsp;&nbsp; 6.068% | 1420000 | &nbsp;&nbsp; 1458900 |
| Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 12/10/2025 | &nbsp;&nbsp; 4.582% | 300000 | &nbsp;&nbsp; 299599 |
| Macquarie Bank Ltd.<sup>(a),(e)</sup>  | Macquarie Bank Ltd.<sup>(a),(e)</sup>  | Macquarie Bank Ltd.<sup>(a),(e)</sup>  | Macquarie Bank Ltd.<sup>(a),(e)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 03/03/2036 | &nbsp;&nbsp; 3.052% | 280000 | &nbsp;&nbsp; 248284 |
| Macquarie Group Ltd.<sup>(a),(e)</sup>  | Macquarie Group Ltd.<sup>(a),(e)</sup>  | Macquarie Group Ltd.<sup>(a),(e)</sup>  | Macquarie Group Ltd.<sup>(a),(e)</sup>  |
| 01/15/2030 | &nbsp;&nbsp; 5.033% | 219000 | &nbsp;&nbsp; 221676 |
| Mitsubishi UFJ Financial Group, Inc.<sup>(e)</sup>  | Mitsubishi UFJ Financial Group, Inc.<sup>(e)</sup>  | Mitsubishi UFJ Financial Group, Inc.<sup>(e)</sup>  | Mitsubishi UFJ Financial Group, Inc.<sup>(e)</sup>  |
| 07/20/2027 | &nbsp;&nbsp; 1.538% | 220000 | &nbsp;&nbsp; 213437 |
| 04/24/2031 | &nbsp;&nbsp; 5.159% | 1723000 | &nbsp;&nbsp; 1763309 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
| 07/17/2030 | &nbsp;&nbsp; 2.048% | 349000 | &nbsp;&nbsp; 309812 |
| 07/18/2039 | &nbsp;&nbsp; 3.751% | 242000 | &nbsp;&nbsp; 208176 |
| Mizuho Financial Group, Inc.<sup>(e)</sup>  | Mizuho Financial Group, Inc.<sup>(e)</sup>  | Mizuho Financial Group, Inc.<sup>(e)</sup>  | Mizuho Financial Group, Inc.<sup>(e)</sup>  |
| 07/10/2030 | &nbsp;&nbsp; 5.382% | 300000 | &nbsp;&nbsp; 308635 |
| 09/13/2030 | &nbsp;&nbsp; 2.869% | 219000 | &nbsp;&nbsp; 204374 |
| Morgan Stanley<sup>(e)</sup>  | Morgan Stanley<sup>(e)</sup>  | Morgan Stanley<sup>(e)</sup>  | Morgan Stanley<sup>(e)</sup>  |
| 01/24/2029 | &nbsp;&nbsp; 3.772% | 192000 | &nbsp;&nbsp; 189057 |
| 02/01/2029 | &nbsp;&nbsp; 5.123% | 579000 | &nbsp;&nbsp; 589107 |
| 04/12/2029 | &nbsp;&nbsp; 4.994% | 4070000 | &nbsp;&nbsp; 4129691 |
| 07/20/2029 | &nbsp;&nbsp; 5.449% | 1560000 | &nbsp;&nbsp; 1604151 |
| 01/16/2030 | &nbsp;&nbsp; 5.173% | 1117000 | &nbsp;&nbsp; 1140538 |
| 01/23/2030 | &nbsp;&nbsp; 4.431% | 318000 | &nbsp;&nbsp; 317271 |
| 07/19/2030 | &nbsp;&nbsp; 5.042% | 5583000 | &nbsp;&nbsp; 5678621 |
| 01/15/2031 | &nbsp;&nbsp; 5.230% | 4450000 | &nbsp;&nbsp; 4563059 |
| 04/17/2031 | &nbsp;&nbsp; 5.192% | 4058000 | &nbsp;&nbsp; 4161160 |
| 02/13/2032 | &nbsp;&nbsp; 1.794% | 2719000 | &nbsp;&nbsp; 2325623 |
| 04/28/2032 | &nbsp;&nbsp; 1.928% | 1905000 | &nbsp;&nbsp; 1628869 |
| 01/21/2033 | &nbsp;&nbsp; 2.943% | 169000 | &nbsp;&nbsp; 150823 |
| 07/21/2034 | &nbsp;&nbsp; 5.424% | 323000 | &nbsp;&nbsp; 330998 |
| 04/19/2035 | &nbsp;&nbsp; 5.831% | 3932000 | &nbsp;&nbsp; 4121850 |
| 07/19/2035 | &nbsp;&nbsp; 5.320% | 624000 | &nbsp;&nbsp; 631553 |
| 04/17/2036 | &nbsp;&nbsp; 5.664% | 446000 | &nbsp;&nbsp; 462332 |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 09/16/2036 | &nbsp;&nbsp; 2.484% | 251000 | &nbsp;&nbsp; 213241 |
| National Australia Bank Ltd.<sup>(a)</sup>  | National Australia Bank Ltd.<sup>(a)</sup>  | National Australia Bank Ltd.<sup>(a)</sup>  | National Australia Bank Ltd.<sup>(a)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 08/21/2030 | &nbsp;&nbsp; 2.332% | 409000 | &nbsp;&nbsp; 361878 |
| National Australia Bank Ltd.<sup>(a),(e)</sup>  | National Australia Bank Ltd.<sup>(a),(e)</sup>  | National Australia Bank Ltd.<sup>(a),(e)</sup>  | National Australia Bank Ltd.<sup>(a),(e)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 08/02/2034 | &nbsp;&nbsp; 3.933% | 366000 | &nbsp;&nbsp; 351316 |
| Nationwide Building Society<sup>(a),(e)</sup>  | Nationwide Building Society<sup>(a),(e)</sup>  | Nationwide Building Society<sup>(a),(e)</sup>  | Nationwide Building Society<sup>(a),(e)</sup>  |
| 10/18/2027 | &nbsp;&nbsp; 6.557% | 210000 | &nbsp;&nbsp; 215236 |
| 02/16/2028 | &nbsp;&nbsp; 2.972% | 210000 | &nbsp;&nbsp; 205076 |
| Nationwide Building Society<sup>(a)</sup>  | Nationwide Building Society<sup>(a)</sup>  | Nationwide Building Society<sup>(a)</sup>  | Nationwide Building Society<sup>(a)</sup>  |
| 07/29/2029 | &nbsp;&nbsp; 5.127% | 356000 | &nbsp;&nbsp; 364431 |
| NatWest Group PLC<sup>(e)</sup>  | NatWest Group PLC<sup>(e)</sup>  | NatWest Group PLC<sup>(e)</sup>  | NatWest Group PLC<sup>(e)</sup>  |
| 09/13/2029 | &nbsp;&nbsp; 5.808% | 380000 | &nbsp;&nbsp; 394348 |
| 05/23/2031 | &nbsp;&nbsp; 5.115% | 2495000 | &nbsp;&nbsp; 2537199 |
| NatWest Markets PLC<sup>(a)</sup>  | NatWest Markets PLC<sup>(a)</sup>  | NatWest Markets PLC<sup>(a)</sup>  | NatWest Markets PLC<sup>(a)</sup>  |
| 05/17/2029 | &nbsp;&nbsp; 5.410% | 985000 | &nbsp;&nbsp; 1017544 |
| 03/21/2030 | &nbsp;&nbsp; 5.022% | 988000 | &nbsp;&nbsp; 1003786 |
| Nordea Bank Abp<sup>(a)</sup>  | Nordea Bank Abp<sup>(a)</sup>  | Nordea Bank Abp<sup>(a)</sup>  | Nordea Bank Abp<sup>(a)</sup>  |
| 09/22/2027 | &nbsp;&nbsp; 5.375% | 200000 | &nbsp;&nbsp; 204600 |
| PNC Financial Services Group, Inc. (The)<sup>(e)</sup>  | PNC Financial Services Group, Inc. (The)<sup>(e)</sup>  | PNC Financial Services Group, Inc. (The)<sup>(e)</sup>  | PNC Financial Services Group, Inc. (The)<sup>(e)</sup>  |
| 10/21/2032 | &nbsp;&nbsp; 4.812% | 2252000 | &nbsp;&nbsp; 2257520 |
| 08/18/2034 | &nbsp;&nbsp; 5.939% | 324000 | &nbsp;&nbsp; 343023 |
| 10/20/2034 | &nbsp;&nbsp; 6.875% | 984000 | &nbsp;&nbsp; 1099613 |
| 01/22/2035 | &nbsp;&nbsp; 5.676% | 201000 | &nbsp;&nbsp; 208743 |
| Royal Bank of Canada<sup>(e)</sup>  | Royal Bank of Canada<sup>(e)</sup>  | Royal Bank of Canada<sup>(e)</sup>  | Royal Bank of Canada<sup>(e)</sup>  |
| 10/18/2030 | &nbsp;&nbsp; 4.650% | 2440000 | &nbsp;&nbsp; 2444870 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Royal Bank of Scotland Group PLC<sup>(e)</sup>  | Royal Bank of Scotland Group PLC<sup>(e)</sup>  | Royal Bank of Scotland Group PLC<sup>(e)</sup>  | Royal Bank of Scotland Group PLC<sup>(e)</sup>  |
| 05/08/2030 | &nbsp;&nbsp; 4.445% | 208000 | &nbsp;&nbsp; 206279 |
| Santander Holdings USA, Inc.<sup>(e)</sup>  | Santander Holdings USA, Inc.<sup>(e)</sup>  | Santander Holdings USA, Inc.<sup>(e)</sup>  | Santander Holdings USA, Inc.<sup>(e)</sup>  |
| 03/20/2031 | &nbsp;&nbsp; 5.741% | 1034000 | &nbsp;&nbsp; 1061593 |
| 05/31/2035 | &nbsp;&nbsp; 6.342% | 1261000 | &nbsp;&nbsp; 1318619 |
| Santander UK Group Holdings PLC<sup>(e)</sup>  | Santander UK Group Holdings PLC<sup>(e)</sup>  | Santander UK Group Holdings PLC<sup>(e)</sup>  | Santander UK Group Holdings PLC<sup>(e)</sup>  |
| 09/11/2030 | &nbsp;&nbsp; 4.858% | 2382000 | &nbsp;&nbsp; 2378060 |
| 04/15/2031 | &nbsp;&nbsp; 5.694% | 279000 | &nbsp;&nbsp; 287742 |
| Societe Generale SA<sup>(a),(e)</sup>  | Societe Generale SA<sup>(a),(e)</sup>  | Societe Generale SA<sup>(a),(e)</sup>  | Societe Generale SA<sup>(a),(e)</sup>  |
| 12/14/2026 | &nbsp;&nbsp; 1.488% | 1181000 | &nbsp;&nbsp; 1163799 |
| 01/12/2027 | &nbsp;&nbsp; 6.447% | 400000 | &nbsp;&nbsp; 403640 |
| 01/19/2028 | &nbsp;&nbsp; 2.797% | 1114000 | &nbsp;&nbsp; 1081972 |
| 01/10/2029 | &nbsp;&nbsp; 6.446% | 400000 | &nbsp;&nbsp; 415732 |
| 05/22/2031 | &nbsp;&nbsp; 5.512% | 350000 | &nbsp;&nbsp; 356979 |
| 06/09/2032 | &nbsp;&nbsp; 2.889% | 914000 | &nbsp;&nbsp; 805269 |
| 04/13/2033 | &nbsp;&nbsp; 6.100% | 918000 | &nbsp;&nbsp; 954056 |
| 01/19/2035 | &nbsp;&nbsp; 6.066% | 351000 | &nbsp;&nbsp; 361405 |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 01/19/2055 | &nbsp;&nbsp; 7.132% | 631000 | &nbsp;&nbsp; 640788 |
| Societe Generale SA<sup>(a)</sup>  | Societe Generale SA<sup>(a)</sup>  | Societe Generale SA<sup>(a)</sup>  | Societe Generale SA<sup>(a)</sup>  |
| 01/22/2030 | &nbsp;&nbsp; 3.000% | 354000 | &nbsp;&nbsp; 329760 |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 01/10/2053 | &nbsp;&nbsp; 7.367% | 344000 | &nbsp;&nbsp; 360111 |
| Standard Chartered PLC<sup>(a),(e)</sup>  | Standard Chartered PLC<sup>(a),(e)</sup>  | Standard Chartered PLC<sup>(a),(e)</sup>  | Standard Chartered PLC<sup>(a),(e)</sup>  |
| 01/14/2027 | &nbsp;&nbsp; 1.456% | 260000 | &nbsp;&nbsp; 255636 |
| 05/14/2028 | &nbsp;&nbsp; 5.688% | 515000 | &nbsp;&nbsp; 525156 |
| 11/16/2028 | &nbsp;&nbsp; 7.767% | 885000 | &nbsp;&nbsp; 946194 |
| 01/09/2029 | &nbsp;&nbsp; 6.301% | 569000 | &nbsp;&nbsp; 590676 |
| 05/14/2035 | &nbsp;&nbsp; 5.905% | 1036000 | &nbsp;&nbsp; 1076498 |
| State Street Corp.<sup>(e),(j)</sup>  | State Street Corp.<sup>(e),(j)</sup>  | State Street Corp.<sup>(e),(j)</sup>  | State Street Corp.<sup>(e),(j)</sup>  |
|  | &nbsp;&nbsp; 6.700% | 448000 | &nbsp;&nbsp; 466845 |
| State Street Corp. | State Street Corp. | State Street Corp. | State Street Corp. |
| 02/28/2030 | &nbsp;&nbsp; 4.729% | 3206000 | &nbsp;&nbsp; 3253037 |
| Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
| 01/13/2028 | &nbsp;&nbsp; 5.520% | 310000 | &nbsp;&nbsp; 318989 |
| 07/16/2029 | &nbsp;&nbsp; 3.040% | 567000 | &nbsp;&nbsp; 537117 |
| 07/09/2031 | &nbsp;&nbsp; 5.424% | 350000 | &nbsp;&nbsp; 362992 |
| Sumitomo Mitsui Financial Group, Inc.<sup>(e),(k)</sup>  | Sumitomo Mitsui Financial Group, Inc.<sup>(e),(k)</sup>  | Sumitomo Mitsui Financial Group, Inc.<sup>(e),(k)</sup>  | Sumitomo Mitsui Financial Group, Inc.<sup>(e),(k)</sup>  |
| 07/08/2031 | &nbsp;&nbsp; 4.660% | 1420000 | &nbsp;&nbsp; 1420000 |
| 07/08/2033 | &nbsp;&nbsp; 4.954% | 1420000 | &nbsp;&nbsp; 1420000 |
| 07/08/2036 | &nbsp;&nbsp; 5.246% | 1654000 | &nbsp;&nbsp; 1656266 |
| Svenska Handelsbanken AB<sup>(a)</sup>  | Svenska Handelsbanken AB<sup>(a)</sup>  | Svenska Handelsbanken AB<sup>(a)</sup>  | Svenska Handelsbanken AB<sup>(a)</sup>  |
| 06/15/2028 | &nbsp;&nbsp; 5.500% | 1320000 | &nbsp;&nbsp; 1364250 |
| Toronto-Dominion Bank (The) | Toronto-Dominion Bank (The) | Toronto-Dominion Bank (The) | Toronto-Dominion Bank (The) |
| 07/17/2028 | &nbsp;&nbsp; 5.523% | 195000 | &nbsp;&nbsp; 201746 |
| Truist Financial Corp.<sup>(e)</sup>  | Truist Financial Corp.<sup>(e)</sup>  | Truist Financial Corp.<sup>(e)</sup>  | Truist Financial Corp.<sup>(e)</sup>  |
| 10/30/2029 | &nbsp;&nbsp; 7.161% | 695000 | &nbsp;&nbsp; 751911 |
| 01/26/2034 | &nbsp;&nbsp; 5.122% | 1099000 | &nbsp;&nbsp; 1098505 |
| 06/08/2034 | &nbsp;&nbsp; 5.867% | 352000 | &nbsp;&nbsp; 367541 |
| 01/24/2035 | &nbsp;&nbsp; 5.711% | 260000 | &nbsp;&nbsp; 269408 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| UBS Group AG<sup>(a),(e)</sup>  | UBS Group AG<sup>(a),(e)</sup>  | UBS Group AG<sup>(a),(e)</sup>  | UBS Group AG<sup>(a),(e)</sup>  |
| 05/12/2028 | &nbsp;&nbsp; 4.751% | 1091000 | &nbsp;&nbsp; 1096779 |
| 08/13/2030 | &nbsp;&nbsp; 3.126% | 2774000 | &nbsp;&nbsp; 2615712 |
| 09/13/2030 | &nbsp;&nbsp; 5.617% | 683000 | &nbsp;&nbsp; 709053 |
| UniCredit SpA<sup>(a),(e)</sup>  | UniCredit SpA<sup>(a),(e)</sup>  | UniCredit SpA<sup>(a),(e)</sup>  | UniCredit SpA<sup>(a),(e)</sup>  |
| 09/22/2026 | &nbsp;&nbsp; 2.569% | 373000 | &nbsp;&nbsp; 371092 |
| US Bancorp<sup>(e)</sup>  | US Bancorp<sup>(e)</sup>  | US Bancorp<sup>(e)</sup>  | US Bancorp<sup>(e)</sup>  |
| 01/23/2030 | &nbsp;&nbsp; 5.384% | 228000 | &nbsp;&nbsp; 234810 |
| 07/23/2030 | &nbsp;&nbsp; 5.100% | 434000 | &nbsp;&nbsp; 442982 |
| 05/15/2031 | &nbsp;&nbsp; 5.083% | 415000 | &nbsp;&nbsp; 423393 |
| 01/23/2035 | &nbsp;&nbsp; 5.678% | 147000 | &nbsp;&nbsp; 152662 |
| Wells Fargo & Co.<sup>(e),(j)</sup>  | Wells Fargo & Co.<sup>(e),(j)</sup>  | Wells Fargo & Co.<sup>(e),(j)</sup>  | Wells Fargo & Co.<sup>(e),(j)</sup>  |
|  | &nbsp;&nbsp; 6.850% | 1048000 | &nbsp;&nbsp; 1099161 |
| Wells Fargo & Co.<sup>(e)</sup>  | Wells Fargo & Co.<sup>(e)</sup>  | Wells Fargo & Co.<sup>(e)</sup>  | Wells Fargo & Co.<sup>(e)</sup>  |
| 04/22/2028 | &nbsp;&nbsp; 5.707% | 1248000 | &nbsp;&nbsp; 1276124 |
| 07/25/2028 | &nbsp;&nbsp; 4.808% | 1459000 | &nbsp;&nbsp; 1471055 |
| 04/23/2029 | &nbsp;&nbsp; 4.970% | 4123000 | &nbsp;&nbsp; 4181464 |
| 07/25/2029 | &nbsp;&nbsp; 5.574% | 785000 | &nbsp;&nbsp; 810459 |
| 10/23/2029 | &nbsp;&nbsp; 6.303% | 2251000 | &nbsp;&nbsp; 2379426 |
| 01/24/2031 | &nbsp;&nbsp; 5.244% | 642000 | &nbsp;&nbsp; 658583 |
| 04/23/2031 | &nbsp;&nbsp; 5.150% | 4693000 | &nbsp;&nbsp; 4807024 |
| 07/25/2033 | &nbsp;&nbsp; 4.897% | 1243000 | &nbsp;&nbsp; 1242862 |
| 04/24/2034 | &nbsp;&nbsp; 5.389% | 792000 | &nbsp;&nbsp; 810993 |
| 07/25/2034 | &nbsp;&nbsp; 5.557% | 1171000 | &nbsp;&nbsp; 1209273 |
| 10/23/2034 | &nbsp;&nbsp; 6.491% | 398000 | &nbsp;&nbsp; 435067 |
| 12/03/2035 | &nbsp;&nbsp; 5.211% | 1826000 | &nbsp;&nbsp; 1833493 |
| 04/23/2036 | &nbsp;&nbsp; 5.605% | 1589000 | &nbsp;&nbsp; 1640193 |
| 04/30/2041 | &nbsp;&nbsp; 3.068% | 1330000 | &nbsp;&nbsp; 1005477 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **302837733** |
| **Brokerage/Asset Managers/Exchanges 0.2%** | **Brokerage/Asset Managers/Exchanges 0.2%** | **Brokerage/Asset Managers/Exchanges 0.2%** | **Brokerage/Asset Managers/Exchanges 0.2%** |
| Apollo Global Management, Inc. | Apollo Global Management, Inc. | Apollo Global Management, Inc. | Apollo Global Management, Inc. |
| 05/21/2054 | &nbsp;&nbsp; 5.800% | 490000 | &nbsp;&nbsp; 484540 |
| Ares Management Corp. | Ares Management Corp. | Ares Management Corp. | Ares Management Corp. |
| 10/11/2054 | &nbsp;&nbsp; 5.600% | 1200000 | &nbsp;&nbsp; 1133758 |
| Nomura Holdings, Inc.<sup>(k)</sup>  | Nomura Holdings, Inc.<sup>(k)</sup>  | Nomura Holdings, Inc.<sup>(k)</sup>  | Nomura Holdings, Inc.<sup>(k)</sup>  |
| 07/01/2030 | &nbsp;&nbsp; 4.904% | 2600000 | &nbsp;&nbsp; 2608584 |
| 06/29/2035 | &nbsp;&nbsp; 5.491% | 1494000 | &nbsp;&nbsp; 1503157 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **5730039** |
| **Building Materials 0.1%** | **Building Materials 0.1%** | **Building Materials 0.1%** | **Building Materials 0.1%** |
| Builders FirstSource, Inc.<sup>(a)</sup>  | Builders FirstSource, Inc.<sup>(a)</sup>  | Builders FirstSource, Inc.<sup>(a)</sup>  | Builders FirstSource, Inc.<sup>(a)</sup>  |
| 02/01/2032 | &nbsp;&nbsp; 4.250% | 800000 | &nbsp;&nbsp; 740836 |
| CRH America Finance, Inc. | CRH America Finance, Inc. | CRH America Finance, Inc. | CRH America Finance, Inc. |
| 01/09/2035 | &nbsp;&nbsp; 5.500% | 1268000 | &nbsp;&nbsp; 1300032 |
| CRH SMW Finance DAC | CRH SMW Finance DAC | CRH SMW Finance DAC | CRH SMW Finance DAC |
| 01/09/2030 | &nbsp;&nbsp; 5.125% | 1268000 | &nbsp;&nbsp; 1299444 |
| Knife River Corp.<sup>(a)</sup>  | Knife River Corp.<sup>(a)</sup>  | Knife River Corp.<sup>(a)</sup>  | Knife River Corp.<sup>(a)</sup>  |
| 05/01/2031 | &nbsp;&nbsp; 7.750% | 280000 | &nbsp;&nbsp; 295048 |
| Masterbrand, Inc.<sup>(a)</sup>  | Masterbrand, Inc.<sup>(a)</sup>  | Masterbrand, Inc.<sup>(a)</sup>  | Masterbrand, Inc.<sup>(a)</sup>  |
| 07/15/2032 | &nbsp;&nbsp; 7.000% | 425000 | &nbsp;&nbsp; 434283 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Smyrna Ready Mix Concrete LLC<sup>(a)</sup>  | Smyrna Ready Mix Concrete LLC<sup>(a)</sup>  | Smyrna Ready Mix Concrete LLC<sup>(a)</sup>  | Smyrna Ready Mix Concrete LLC<sup>(a)</sup>  |
| 11/01/2028 | &nbsp;&nbsp; 6.000% | 575000 | &nbsp;&nbsp; 573680 |
| Standard Industries, Inc.<sup>(a)</sup>  | Standard Industries, Inc.<sup>(a)</sup>  | Standard Industries, Inc.<sup>(a)</sup>  | Standard Industries, Inc.<sup>(a)</sup>  |
| 01/15/2028 | &nbsp;&nbsp; 4.750% | 300000 | &nbsp;&nbsp; 296846 |
| 07/15/2030 | &nbsp;&nbsp; 4.375% | 500000 | &nbsp;&nbsp; 473230 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **5413399** |
| **Cable and Satellite 0.6%** | **Cable and Satellite 0.6%** | **Cable and Satellite 0.6%** | **Cable and Satellite 0.6%** |
| CCO Holdings LLC/Capital Corp.<sup>(a)</sup>  | CCO Holdings LLC/Capital Corp.<sup>(a)</sup>  | CCO Holdings LLC/Capital Corp.<sup>(a)</sup>  | CCO Holdings LLC/Capital Corp.<sup>(a)</sup>  |
| 06/01/2029 | &nbsp;&nbsp; 5.375% | 200000 | &nbsp;&nbsp; 199238 |
| 03/01/2030 | &nbsp;&nbsp; 4.750% | 3150000 | &nbsp;&nbsp; 3053167 |
| 02/01/2031 | &nbsp;&nbsp; 4.250% | 1160000 | &nbsp;&nbsp; 1082478 |
| Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
| 06/01/2034 | &nbsp;&nbsp; 6.550% | 517000 | &nbsp;&nbsp; 551318 |
| Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital |
| 06/01/2029 | &nbsp;&nbsp; 6.100% | 2075000 | &nbsp;&nbsp; 2172643 |
| 02/01/2032 | &nbsp;&nbsp; 2.300% | 262000 | &nbsp;&nbsp; 220856 |
| 04/01/2038 | &nbsp;&nbsp; 5.375% | 167000 | &nbsp;&nbsp; 157358 |
| 06/01/2041 | &nbsp;&nbsp; 3.500% | 406000 | &nbsp;&nbsp; 294614 |
| 03/01/2042 | &nbsp;&nbsp; 3.500% | 3007000 | &nbsp;&nbsp; 2145497 |
| 03/01/2050 | &nbsp;&nbsp; 4.800% | 231000 | &nbsp;&nbsp; 185002 |
| 04/01/2051 | &nbsp;&nbsp; 3.700% | 255000 | &nbsp;&nbsp; 169966 |
| 06/01/2052 | &nbsp;&nbsp; 3.900% | 1143000 | &nbsp;&nbsp; 783300 |
| 04/01/2053 | &nbsp;&nbsp; 5.250% | 971000 | &nbsp;&nbsp; 827663 |
| 04/01/2063 | &nbsp;&nbsp; 5.500% | 413000 | &nbsp;&nbsp; 349107 |
| Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
| 06/01/2034 | &nbsp;&nbsp; 5.300% | 257000 | &nbsp;&nbsp; 263281 |
| 08/15/2034 | &nbsp;&nbsp; 4.200% | 236000 | &nbsp;&nbsp; 223000 |
| 03/01/2038 | &nbsp;&nbsp; 3.900% | 673000 | &nbsp;&nbsp; 583001 |
| 11/01/2051 | &nbsp;&nbsp; 2.887% | 248000 | &nbsp;&nbsp; 150752 |
| 11/01/2052 | &nbsp;&nbsp; 4.049% | 762000 | &nbsp;&nbsp; 571472 |
| 05/15/2053 | &nbsp;&nbsp; 5.350% | 3326000 | &nbsp;&nbsp; 3079950 |
| 11/01/2056 | &nbsp;&nbsp; 2.937% | 2913000 | &nbsp;&nbsp; 1710067 |
| 11/01/2063 | &nbsp;&nbsp; 2.987% | 884000 | &nbsp;&nbsp; 497037 |
| CSC Holdings LLC<sup>(a)</sup>  | CSC Holdings LLC<sup>(a)</sup>  | CSC Holdings LLC<sup>(a)</sup>  | CSC Holdings LLC<sup>(a)</sup>  |
| 02/01/2029 | &nbsp;&nbsp; 6.500% | 700000 | &nbsp;&nbsp; 568861 |
| DIRECTV Holdings LLC/Financing Co., Inc.<sup>(a)</sup>  | DIRECTV Holdings LLC/Financing Co., Inc.<sup>(a)</sup>  | DIRECTV Holdings LLC/Financing Co., Inc.<sup>(a)</sup>  | DIRECTV Holdings LLC/Financing Co., Inc.<sup>(a)</sup>  |
| 08/15/2027 | &nbsp;&nbsp; 5.875% | 375000 | &nbsp;&nbsp; 373718 |
| DISH Network Corp.<sup>(a)</sup>  | DISH Network Corp.<sup>(a)</sup>  | DISH Network Corp.<sup>(a)</sup>  | DISH Network Corp.<sup>(a)</sup>  |
| 11/15/2027 | &nbsp;&nbsp; 11.750% | 1000000 | &nbsp;&nbsp; 1029595 |
| EchoStar Corp. | EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |
| 11/30/2029 | &nbsp;&nbsp; 10.750% | 85000 | &nbsp;&nbsp; 87388 |
| Intelsat Jackson Holdings SA<sup>(a)</sup>  | Intelsat Jackson Holdings SA<sup>(a)</sup>  | Intelsat Jackson Holdings SA<sup>(a)</sup>  | Intelsat Jackson Holdings SA<sup>(a)</sup>  |
| 03/15/2030 | &nbsp;&nbsp; 6.500% | 850000 | &nbsp;&nbsp; 866946 |
| Sirius XM Radio, Inc.<sup>(a)</sup>  | Sirius XM Radio, Inc.<sup>(a)</sup>  | Sirius XM Radio, Inc.<sup>(a)</sup>  | Sirius XM Radio, Inc.<sup>(a)</sup>  |
| 07/15/2028 | &nbsp;&nbsp; 4.000% | 1539000 | &nbsp;&nbsp; 1478013 |
| Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
| 09/01/2041 | &nbsp;&nbsp; 5.500% | 460000 | &nbsp;&nbsp; 418057 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **24093345** |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Chemicals 0.1%** | **Chemicals 0.1%** | **Chemicals 0.1%** | **Chemicals 0.1%** |
| Avient Corp.<sup>(a)</sup>  | Avient Corp.<sup>(a)</sup>  | Avient Corp.<sup>(a)</sup>  | Avient Corp.<sup>(a)</sup>  |
| 08/01/2030 | &nbsp;&nbsp; 7.125% | 470000 | &nbsp;&nbsp; 484585 |
| Axalta Coating Systems LLC/Dutch Holding B BV<sup>(a)</sup>  | Axalta Coating Systems LLC/Dutch Holding B BV<sup>(a)</sup>  | Axalta Coating Systems LLC/Dutch Holding B BV<sup>(a)</sup>  | Axalta Coating Systems LLC/Dutch Holding B BV<sup>(a)</sup>  |
| 06/15/2027 | &nbsp;&nbsp; 4.750% | 371000 | &nbsp;&nbsp; 368583 |
| Braskem Netherlands Finance BV<sup>(a)</sup>  | Braskem Netherlands Finance BV<sup>(a)</sup>  | Braskem Netherlands Finance BV<sup>(a)</sup>  | Braskem Netherlands Finance BV<sup>(a)</sup>  |
| 01/31/2030 | &nbsp;&nbsp; 4.500% | 500000 | &nbsp;&nbsp; 387973 |
| Chemours Co. (The)<sup>(a)</sup>  | Chemours Co. (The)<sup>(a)</sup>  | Chemours Co. (The)<sup>(a)</sup>  | Chemours Co. (The)<sup>(a)</sup>  |
| 11/15/2028 | &nbsp;&nbsp; 5.750% | 505000 | &nbsp;&nbsp; 473184 |
| Dow Chemical Co. (The) | Dow Chemical Co. (The) | Dow Chemical Co. (The) | Dow Chemical Co. (The) |
| 03/15/2035 | &nbsp;&nbsp; 5.350% | 2063000 | &nbsp;&nbsp; 2051946 |
| INEOS Finance PLC<sup>(a)</sup>  | INEOS Finance PLC<sup>(a)</sup>  | INEOS Finance PLC<sup>(a)</sup>  | INEOS Finance PLC<sup>(a)</sup>  |
| 05/15/2028 | &nbsp;&nbsp; 6.750% | 500000 | &nbsp;&nbsp; 496393 |
| Sherwin-Williams Co. (The) | Sherwin-Williams Co. (The) | Sherwin-Williams Co. (The) | Sherwin-Williams Co. (The) |
| 09/01/2031 | &nbsp;&nbsp; 4.800% | 411000 | &nbsp;&nbsp; 415599 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **4678263** |
| **Construction Machinery 0.7%** | **Construction Machinery 0.7%** | **Construction Machinery 0.7%** | **Construction Machinery 0.7%** |
| Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. |
| 05/14/2027 | &nbsp;&nbsp; 5.000% | 2397000 | &nbsp;&nbsp; 2437194 |
| 02/27/2029 | &nbsp;&nbsp; 4.850% | 1581000 | &nbsp;&nbsp; 1616868 |
| 08/16/2029 | &nbsp;&nbsp; 4.375% | 1643000 | &nbsp;&nbsp; 1655231 |
| Caterpillar, Inc. | Caterpillar, Inc. | Caterpillar, Inc. | Caterpillar, Inc. |
| 05/15/2035 | &nbsp;&nbsp; 5.200% | 2618000 | &nbsp;&nbsp; 2668091 |
| Deere & Co. | Deere & Co. | Deere & Co. | Deere & Co. |
| 01/16/2035 | &nbsp;&nbsp; 5.450% | 3600000 | &nbsp;&nbsp; 3749327 |
| 01/19/2055 | &nbsp;&nbsp; 5.700% | 1664000 | &nbsp;&nbsp; 1717429 |
| EquipmentShare.com, Inc.<sup>(a)</sup>  | EquipmentShare.com, Inc.<sup>(a)</sup>  | EquipmentShare.com, Inc.<sup>(a)</sup>  | EquipmentShare.com, Inc.<sup>(a)</sup>  |
| 05/15/2032 | &nbsp;&nbsp; 8.625% | 530000 | &nbsp;&nbsp; 564234 |
| Herc Holdings, Inc.<sup>(a)</sup>  | Herc Holdings, Inc.<sup>(a)</sup>  | Herc Holdings, Inc.<sup>(a)</sup>  | Herc Holdings, Inc.<sup>(a)</sup>  |
| 07/15/2027 | &nbsp;&nbsp; 5.500% | 400000 | &nbsp;&nbsp; 399839 |
| John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. |
| 09/08/2026 | &nbsp;&nbsp; 5.150% | 1466000 | &nbsp;&nbsp; 1483368 |
| 01/08/2027 | &nbsp;&nbsp; 4.500% | 1981000 | &nbsp;&nbsp; 1993279 |
| 09/15/2027 | &nbsp;&nbsp; 4.150% | 1571000 | &nbsp;&nbsp; 1574330 |
| 01/07/2028 | &nbsp;&nbsp; 4.650% | 1395000 | &nbsp;&nbsp; 1416249 |
| 06/11/2029 | &nbsp;&nbsp; 4.850% | 260000 | &nbsp;&nbsp; 266416 |
| 06/05/2030 | &nbsp;&nbsp; 4.550% | 1850000 | &nbsp;&nbsp; 1867834 |
| Ritchie Bros Holdings, Inc.<sup>(a)</sup>  | Ritchie Bros Holdings, Inc.<sup>(a)</sup>  | Ritchie Bros Holdings, Inc.<sup>(a)</sup>  | Ritchie Bros Holdings, Inc.<sup>(a)</sup>  |
| 03/15/2031 | &nbsp;&nbsp; 7.750% | 265000 | &nbsp;&nbsp; 278628 |
| Terex Corp.<sup>(a)</sup>  | Terex Corp.<sup>(a)</sup>  | Terex Corp.<sup>(a)</sup>  | Terex Corp.<sup>(a)</sup>  |
| 05/15/2029 | &nbsp;&nbsp; 5.000% | 520000 | &nbsp;&nbsp; 507936 |
| United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
| 01/15/2030 | &nbsp;&nbsp; 5.250% | 765000 | &nbsp;&nbsp; 767165 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **24963418** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Consumer Cyclical Services 0.2%** | **Consumer Cyclical Services 0.2%** | **Consumer Cyclical Services 0.2%** | **Consumer Cyclical Services 0.2%** |
| ADT Security Corp. (The)<sup>(a)</sup>  | ADT Security Corp. (The)<sup>(a)</sup>  | ADT Security Corp. (The)<sup>(a)</sup>  | ADT Security Corp. (The)<sup>(a)</sup>  |
| 07/15/2032 | &nbsp;&nbsp; 4.875% | 580000 | &nbsp;&nbsp; 556900 |
| Allied Universal Holdco LLC/Finance Corp./Atlas Luxco 4 Sarl<sup>(a)</sup>  | Allied Universal Holdco LLC/Finance Corp./Atlas Luxco 4 Sarl<sup>(a)</sup>  | Allied Universal Holdco LLC/Finance Corp./Atlas Luxco 4 Sarl<sup>(a)</sup>  | Allied Universal Holdco LLC/Finance Corp./Atlas Luxco 4 Sarl<sup>(a)</sup>  |
| 06/01/2028 | &nbsp;&nbsp; 4.625% | 235000 | &nbsp;&nbsp; 227980 |
| CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
| 06/15/2035 | &nbsp;&nbsp; 5.500% | 1043000 | &nbsp;&nbsp; 1050238 |
| Garda World Security Corp<sup>(a)</sup>  | Garda World Security Corp<sup>(a)</sup>  | Garda World Security Corp<sup>(a)</sup>  | Garda World Security Corp<sup>(a)</sup>  |
| 02/15/2027 | &nbsp;&nbsp; 4.625% | 378000 | &nbsp;&nbsp; 375737 |
| Prime Security Services Borrower LLC/Finance, Inc.<sup>(a)</sup>  | Prime Security Services Borrower LLC/Finance, Inc.<sup>(a)</sup>  | Prime Security Services Borrower LLC/Finance, Inc.<sup>(a)</sup>  | Prime Security Services Borrower LLC/Finance, Inc.<sup>(a)</sup>  |
| 01/15/2028 | &nbsp;&nbsp; 6.250% | 285000 | &nbsp;&nbsp; 285653 |
| Rollins, Inc. | Rollins, Inc. | Rollins, Inc. | Rollins, Inc. |
| 02/24/2035 | &nbsp;&nbsp; 5.250% | 963000 | &nbsp;&nbsp; 966232 |
| Service Corp. International | Service Corp. International | Service Corp. International | Service Corp. International |
| 06/01/2029 | &nbsp;&nbsp; 5.125% | 430000 | &nbsp;&nbsp; 429605 |
| Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
| 09/15/2034 | &nbsp;&nbsp; 4.800% | 3590000 | &nbsp;&nbsp; 3534280 |
| 09/15/2054 | &nbsp;&nbsp; 5.350% | 952000 | &nbsp;&nbsp; 889631 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **8316256** |
| **Consumer Products 0.1%** | **Consumer Products 0.1%** | **Consumer Products 0.1%** | **Consumer Products 0.1%** |
| ACCO Brands Corp.<sup>(a)</sup>  | ACCO Brands Corp.<sup>(a)</sup>  | ACCO Brands Corp.<sup>(a)</sup>  | ACCO Brands Corp.<sup>(a)</sup>  |
| 03/15/2029 | &nbsp;&nbsp; 4.250% | 645000 | &nbsp;&nbsp; 570192 |
| Amer Sports Co.<sup>(a)</sup>  | Amer Sports Co.<sup>(a)</sup>  | Amer Sports Co.<sup>(a)</sup>  | Amer Sports Co.<sup>(a)</sup>  |
| 02/16/2031 | &nbsp;&nbsp; 6.750% | 395000 | &nbsp;&nbsp; 411055 |
| Edgewell Personal Care Co.<sup>(a)</sup>  | Edgewell Personal Care Co.<sup>(a)</sup>  | Edgewell Personal Care Co.<sup>(a)</sup>  | Edgewell Personal Care Co.<sup>(a)</sup>  |
| 06/01/2028 | &nbsp;&nbsp; 5.500% | 508000 | &nbsp;&nbsp; 505613 |
| Energizer Holdings, Inc.<sup>(a)</sup>  | Energizer Holdings, Inc.<sup>(a)</sup>  | Energizer Holdings, Inc.<sup>(a)</sup>  | Energizer Holdings, Inc.<sup>(a)</sup>  |
| 06/15/2028 | &nbsp;&nbsp; 4.750% | 245000 | &nbsp;&nbsp; 238523 |
| Kenvue, Inc. | Kenvue, Inc. | Kenvue, Inc. | Kenvue, Inc. |
| 05/22/2032 | &nbsp;&nbsp; 4.850% | 699000 | &nbsp;&nbsp; 707145 |
| Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
| 09/15/2029 | &nbsp;&nbsp; 6.625% | 1080000 | &nbsp;&nbsp; 1069668 |
| Scotts Miracle-Gro Co. (The) | Scotts Miracle-Gro Co. (The) | Scotts Miracle-Gro Co. (The) | Scotts Miracle-Gro Co. (The) |
| 10/15/2029 | &nbsp;&nbsp; 4.500% | 695000 | &nbsp;&nbsp; 671977 |
| Tempur Sealy International, Inc.<sup>(a)</sup>  | Tempur Sealy International, Inc.<sup>(a)</sup>  | Tempur Sealy International, Inc.<sup>(a)</sup>  | Tempur Sealy International, Inc.<sup>(a)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 4.000% | 705000 | &nbsp;&nbsp; 674165 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **4848338** |
| **Diversified Manufacturing 0.4%** | **Diversified Manufacturing 0.4%** | **Diversified Manufacturing 0.4%** | **Diversified Manufacturing 0.4%** |
| Chart Industries, Inc.<sup>(a)</sup>  | Chart Industries, Inc.<sup>(a)</sup>  | Chart Industries, Inc.<sup>(a)</sup>  | Chart Industries, Inc.<sup>(a)</sup>  |
| 01/01/2030 | &nbsp;&nbsp; 7.500% | 685000 | &nbsp;&nbsp; 717473 |
| Eaton Capital ULC | Eaton Capital ULC | Eaton Capital ULC | Eaton Capital ULC |
| 05/09/2030 | &nbsp;&nbsp; 4.450% | 1064000 | &nbsp;&nbsp; 1069032 |
| Emerald Debt Merger Sub LLC<sup>(a)</sup>  | Emerald Debt Merger Sub LLC<sup>(a)</sup>  | Emerald Debt Merger Sub LLC<sup>(a)</sup>  | Emerald Debt Merger Sub LLC<sup>(a)</sup>  |
| 12/15/2030 | &nbsp;&nbsp; 6.625% | 965000 | &nbsp;&nbsp; 987487 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Griffon Corp. | Griffon Corp. | Griffon Corp. | Griffon Corp. |
| 03/01/2028 | &nbsp;&nbsp; 5.750% | 436000 | &nbsp;&nbsp; 435556 |
| Honeywell International, Inc. | Honeywell International, Inc. | Honeywell International, Inc. | Honeywell International, Inc. |
| 03/01/2054 | &nbsp;&nbsp; 5.250% | 245000 | &nbsp;&nbsp; 232331 |
| Madison IAQ LLC<sup>(a)</sup>  | Madison IAQ LLC<sup>(a)</sup>  | Madison IAQ LLC<sup>(a)</sup>  | Madison IAQ LLC<sup>(a)</sup>  |
| 06/30/2028 | &nbsp;&nbsp; 4.125% | 300000 | &nbsp;&nbsp; 291225 |
| Siemens Funding BV<sup>(a)</sup>  | Siemens Funding BV<sup>(a)</sup>  | Siemens Funding BV<sup>(a)</sup>  | Siemens Funding BV<sup>(a)</sup>  |
| 05/26/2028 | &nbsp;&nbsp; 4.350% | 2606000 | &nbsp;&nbsp; 2626975 |
| 05/28/2030 | &nbsp;&nbsp; 4.600% | 1739000 | &nbsp;&nbsp; 1757874 |
| 05/28/2032 | &nbsp;&nbsp; 4.900% | 2095000 | &nbsp;&nbsp; 2127519 |
| 05/28/2035 | &nbsp;&nbsp; 5.200% | 2095000 | &nbsp;&nbsp; 2135672 |
| 05/28/2055 | &nbsp;&nbsp; 5.800% | 1062000 | &nbsp;&nbsp; 1094708 |
| TriMas Corp.<sup>(a)</sup>  | TriMas Corp.<sup>(a)</sup>  | TriMas Corp.<sup>(a)</sup>  | TriMas Corp.<sup>(a)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 4.125% | 505000 | &nbsp;&nbsp; 479838 |
| WESCO Distribution, Inc.<sup>(a)</sup>  | WESCO Distribution, Inc.<sup>(a)</sup>  | WESCO Distribution, Inc.<sup>(a)</sup>  | WESCO Distribution, Inc.<sup>(a)</sup>  |
| 06/15/2028 | &nbsp;&nbsp; 7.250% | 810000 | &nbsp;&nbsp; 819599 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **14775289** |
| **Electric 2.5%** | **Electric 2.5%** | **Electric 2.5%** | **Electric 2.5%** |
| AEP Transmission Co. LLC | AEP Transmission Co. LLC | AEP Transmission Co. LLC | AEP Transmission Co. LLC |
| 09/15/2049 | &nbsp;&nbsp; 3.150% | 257000 | &nbsp;&nbsp; 170626 |
| 08/15/2051 | &nbsp;&nbsp; 2.750% | 336000 | &nbsp;&nbsp; 204938 |
| Alabama Power Co. | Alabama Power Co. | Alabama Power Co. | Alabama Power Co. |
| 04/02/2035 | &nbsp;&nbsp; 5.100% | 1115000 | &nbsp;&nbsp; 1123942 |
| Ameren Illinois Co. | Ameren Illinois Co. | Ameren Illinois Co. | Ameren Illinois Co. |
| 07/01/2054 | &nbsp;&nbsp; 5.550% | 369000 | &nbsp;&nbsp; 363038 |
| American Transmission Systems, Inc.<sup>(a)</sup>  | American Transmission Systems, Inc.<sup>(a)</sup>  | American Transmission Systems, Inc.<sup>(a)</sup>  | American Transmission Systems, Inc.<sup>(a)</sup>  |
| 01/15/2032 | &nbsp;&nbsp; 2.650% | 490000 | &nbsp;&nbsp; 431118 |
| Baltimore Gas and Electric Co. | Baltimore Gas and Electric Co. | Baltimore Gas and Electric Co. | Baltimore Gas and Electric Co. |
| 06/15/2031 | &nbsp;&nbsp; 2.250% | 1051000 | &nbsp;&nbsp; 934202 |
| 06/01/2035 | &nbsp;&nbsp; 5.450% | 1844000 | &nbsp;&nbsp; 1889707 |
| 08/15/2046 | &nbsp;&nbsp; 3.500% | 221000 | &nbsp;&nbsp; 162400 |
| Calpine Corp.<sup>(a)</sup>  | Calpine Corp.<sup>(a)</sup>  | Calpine Corp.<sup>(a)</sup>  | Calpine Corp.<sup>(a)</sup>  |
| 02/15/2028 | &nbsp;&nbsp; 4.500% | 640000 | &nbsp;&nbsp; 634171 |
| 03/15/2028 | &nbsp;&nbsp; 5.125% | 830000 | &nbsp;&nbsp; 829226 |
| 02/01/2029 | &nbsp;&nbsp; 4.625% | 649000 | &nbsp;&nbsp; 640423 |
| CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC |
| 03/01/2052 | &nbsp;&nbsp; 3.600% | 776000 | &nbsp;&nbsp; 558105 |
| Commonwealth Edison Co. | Commonwealth Edison Co. | Commonwealth Edison Co. | Commonwealth Edison Co. |
| 06/01/2055 | &nbsp;&nbsp; 5.950% | 190000 | &nbsp;&nbsp; 196802 |
| Consolidated Edison Co of New York, Inc. | Consolidated Edison Co of New York, Inc. | Consolidated Edison Co of New York, Inc. | Consolidated Edison Co of New York, Inc. |
| 11/15/2059 | &nbsp;&nbsp; 3.700% | 399000 | &nbsp;&nbsp; 276498 |
| Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. |
| 03/15/2034 | &nbsp;&nbsp; 5.500% | 975000 | &nbsp;&nbsp; 1014775 |
| 05/15/2034 | &nbsp;&nbsp; 5.375% | 785000 | &nbsp;&nbsp; 811231 |
| 12/01/2051 | &nbsp;&nbsp; 3.200% | 236000 | &nbsp;&nbsp; 156329 |
| 03/15/2055 | &nbsp;&nbsp; 5.500% | 1411000 | &nbsp;&nbsp; 1368219 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. |
| 01/15/2031 | &nbsp;&nbsp; 4.500% | 2062000 | &nbsp;&nbsp; 2068248 |
| 05/15/2033 | &nbsp;&nbsp; 4.625% | 412000 | &nbsp;&nbsp; 407869 |
| 05/15/2035 | &nbsp;&nbsp; 5.050% | 1524000 | &nbsp;&nbsp; 1535055 |
| Dominion Energy, Inc.<sup>(e)</sup>  | Dominion Energy, Inc.<sup>(e)</sup>  | Dominion Energy, Inc.<sup>(e)</sup>  | Dominion Energy, Inc.<sup>(e)</sup>  |
| 06/01/2054 | &nbsp;&nbsp; 7.000% | 198000 | &nbsp;&nbsp; 211958 |
| 02/01/2055 | &nbsp;&nbsp; 6.875% | 311000 | &nbsp;&nbsp; 326547 |
| 05/15/2055 | &nbsp;&nbsp; 6.625% | 785000 | &nbsp;&nbsp; 798962 |
| DTE Electric Co. | DTE Electric Co. | DTE Electric Co. | DTE Electric Co. |
| 05/15/2035 | &nbsp;&nbsp; 5.250% | 722000 | &nbsp;&nbsp; 735393 |
| 06/15/2042 | &nbsp;&nbsp; 3.950% | 205000 | &nbsp;&nbsp; 165832 |
| 04/01/2043 | &nbsp;&nbsp; 4.000% | 453000 | &nbsp;&nbsp; 370571 |
| 03/01/2050 | &nbsp;&nbsp; 2.950% | 1227000 | &nbsp;&nbsp; 800022 |
| 03/01/2052 | &nbsp;&nbsp; 3.650% | 562000 | &nbsp;&nbsp; 413232 |
| Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC |
| 04/15/2031 | &nbsp;&nbsp; 2.550% | 480000 | &nbsp;&nbsp; 434174 |
| 03/15/2032 | &nbsp;&nbsp; 2.850% | 1305000 | &nbsp;&nbsp; 1172044 |
| 03/15/2035 | &nbsp;&nbsp; 5.250% | 1146000 | &nbsp;&nbsp; 1171397 |
| 12/15/2041 | &nbsp;&nbsp; 4.250% | 183000 | &nbsp;&nbsp; 156744 |
| 03/15/2052 | &nbsp;&nbsp; 3.550% | 951000 | &nbsp;&nbsp; 685996 |
| 01/15/2053 | &nbsp;&nbsp; 5.350% | 921000 | &nbsp;&nbsp; 882996 |
| 01/15/2054 | &nbsp;&nbsp; 5.400% | 176000 | &nbsp;&nbsp; 169466 |
| Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
| 06/15/2051 | &nbsp;&nbsp; 3.500% | 651000 | &nbsp;&nbsp; 446865 |
| 06/15/2054 | &nbsp;&nbsp; 5.800% | 234000 | &nbsp;&nbsp; 228849 |
| Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC |
| 12/15/2031 | &nbsp;&nbsp; 2.400% | 1048000 | &nbsp;&nbsp; 927120 |
| Duke Energy Indiana LLC | Duke Energy Indiana LLC | Duke Energy Indiana LLC | Duke Energy Indiana LLC |
| 04/01/2050 | &nbsp;&nbsp; 2.750% | 1113000 | &nbsp;&nbsp; 683593 |
| Duke Energy Ohio, Inc. | Duke Energy Ohio, Inc. | Duke Energy Ohio, Inc. | Duke Energy Ohio, Inc. |
| 04/01/2033 | &nbsp;&nbsp; 5.250% | 982000 | &nbsp;&nbsp; 1009921 |
| Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC |
| 03/15/2035 | &nbsp;&nbsp; 5.050% | 614000 | &nbsp;&nbsp; 617004 |
| 04/01/2035 | &nbsp;&nbsp; 5.700% | 174000 | &nbsp;&nbsp; 181450 |
| 10/15/2046 | &nbsp;&nbsp; 3.700% | 239000 | &nbsp;&nbsp; 180319 |
| 08/15/2050 | &nbsp;&nbsp; 2.500% | 1060000 | &nbsp;&nbsp; 618041 |
| Duquesne Light Holdings, Inc.<sup>(a)</sup>  | Duquesne Light Holdings, Inc.<sup>(a)</sup>  | Duquesne Light Holdings, Inc.<sup>(a)</sup>  | Duquesne Light Holdings, Inc.<sup>(a)</sup>  |
| 08/01/2027 | &nbsp;&nbsp; 3.616% | 375000 | &nbsp;&nbsp; 363912 |
| 10/01/2030 | &nbsp;&nbsp; 2.532% | 216000 | &nbsp;&nbsp; 190882 |
| Edison International | Edison International | Edison International | Edison International |
| 06/15/2029 | &nbsp;&nbsp; 5.450% | 213000 | &nbsp;&nbsp; 210651 |
| Edison International<sup>(e)</sup>  | Edison International<sup>(e)</sup>  | Edison International<sup>(e)</sup>  | Edison International<sup>(e)</sup>  |
| 06/15/2053 | &nbsp;&nbsp; 8.125% | 799000 | &nbsp;&nbsp; 772553 |
| Emera US Finance LP | Emera US Finance LP | Emera US Finance LP | Emera US Finance LP |
| 06/15/2031 | &nbsp;&nbsp; 2.639% | 350000 | &nbsp;&nbsp; 307619 |
| 06/15/2046 | &nbsp;&nbsp; 4.750% | 360000 | &nbsp;&nbsp; 299120 |
| Enel Finance International NV<sup>(a)</sup>  | Enel Finance International NV<sup>(a)</sup>  | Enel Finance International NV<sup>(a)</sup>  | Enel Finance International NV<sup>(a)</sup>  |
| 04/06/2028 | &nbsp;&nbsp; 3.500% | 335000 | &nbsp;&nbsp; 326716 |
| 06/26/2029 | &nbsp;&nbsp; 5.125% | 605000 | &nbsp;&nbsp; 616348 |
| 06/26/2034 | &nbsp;&nbsp; 5.500% | 911000 | &nbsp;&nbsp; 927558 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Enel Finance International NV<sup>(a),(e)</sup>  | Enel Finance International NV<sup>(a),(e)</sup>  | Enel Finance International NV<sup>(a),(e)</sup>  | Enel Finance International NV<sup>(a),(e)</sup>  |
| 07/12/2031 | &nbsp;&nbsp; 2.500% | 679000 | &nbsp;&nbsp; 595743 |
| Entergy Arkansas LLC | Entergy Arkansas LLC | Entergy Arkansas LLC | Entergy Arkansas LLC |
| 01/15/2033 | &nbsp;&nbsp; 5.150% | 1577000 | &nbsp;&nbsp; 1615166 |
| 06/15/2051 | &nbsp;&nbsp; 2.650% | 946000 | &nbsp;&nbsp; 554767 |
| Entergy Corp.<sup>(e)</sup>  | Entergy Corp.<sup>(e)</sup>  | Entergy Corp.<sup>(e)</sup>  | Entergy Corp.<sup>(e)</sup>  |
| 12/01/2054 | &nbsp;&nbsp; 7.125% | 544000 | &nbsp;&nbsp; 562907 |
| Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC |
| 03/15/2051 | &nbsp;&nbsp; 2.900% | 514000 | &nbsp;&nbsp; 318470 |
| 03/15/2054 | &nbsp;&nbsp; 5.700% | 211000 | &nbsp;&nbsp; 208227 |
| Entergy Mississippi LLC | Entergy Mississippi LLC | Entergy Mississippi LLC | Entergy Mississippi LLC |
| 09/01/2033 | &nbsp;&nbsp; 5.000% | 292000 | &nbsp;&nbsp; 292034 |
| 04/15/2055 | &nbsp;&nbsp; 5.800% | 1205000 | &nbsp;&nbsp; 1208031 |
| Entergy Texas, Inc. | Entergy Texas, Inc. | Entergy Texas, Inc. | Entergy Texas, Inc. |
| 03/15/2031 | &nbsp;&nbsp; 1.750% | 979000 | &nbsp;&nbsp; 844448 |
| 09/15/2054 | &nbsp;&nbsp; 5.550% | 299000 | &nbsp;&nbsp; 285568 |
| Exelon Corp. | Exelon Corp. | Exelon Corp. | Exelon Corp. |
| 03/15/2055 | &nbsp;&nbsp; 5.875% | 1583000 | &nbsp;&nbsp; 1580715 |
| Exelon Generation Co. LLC | Exelon Generation Co. LLC | Exelon Generation Co. LLC | Exelon Generation Co. LLC |
| 10/01/2041 | &nbsp;&nbsp; 5.750% | 475000 | &nbsp;&nbsp; 475509 |
| 06/15/2042 | &nbsp;&nbsp; 5.600% | 349000 | &nbsp;&nbsp; 342367 |
| Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. |
| 03/15/2055 | &nbsp;&nbsp; 5.700% | 602000 | &nbsp;&nbsp; 610127 |
| Georgia Power Co. | Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
| 03/15/2034 | &nbsp;&nbsp; 5.250% | 360000 | &nbsp;&nbsp; 367221 |
| 03/15/2035 | &nbsp;&nbsp; 5.200% | 412000 | &nbsp;&nbsp; 417812 |
| ITC Holdings Corp.<sup>(a)</sup>  | ITC Holdings Corp.<sup>(a)</sup>  | ITC Holdings Corp.<sup>(a)</sup>  | ITC Holdings Corp.<sup>(a)</sup>  |
| 09/22/2027 | &nbsp;&nbsp; 4.950% | 193000 | &nbsp;&nbsp; 195104 |
| 05/14/2030 | &nbsp;&nbsp; 2.950% | 310000 | &nbsp;&nbsp; 288197 |
| 06/01/2033 | &nbsp;&nbsp; 5.400% | 409000 | &nbsp;&nbsp; 413559 |
| 05/09/2034 | &nbsp;&nbsp; 5.650% | 689000 | &nbsp;&nbsp; 706385 |
| Jersey Central Power & Light Co.<sup>(a)</sup>  | Jersey Central Power & Light Co.<sup>(a)</sup>  | Jersey Central Power & Light Co.<sup>(a)</sup>  | Jersey Central Power & Light Co.<sup>(a)</sup>  |
| 01/15/2026 | &nbsp;&nbsp; 4.300% | 151000 | &nbsp;&nbsp; 150644 |
| 03/01/2032 | &nbsp;&nbsp; 2.750% | 2165000 | &nbsp;&nbsp; 1898474 |
| Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. |
| 01/15/2035 | &nbsp;&nbsp; 5.100% | 935000 | &nbsp;&nbsp; 933241 |
| Kansas City Power & Light Co. | Kansas City Power & Light Co. | Kansas City Power & Light Co. | Kansas City Power & Light Co. |
| 06/15/2047 | &nbsp;&nbsp; 4.200% | 219000 | &nbsp;&nbsp; 175154 |
| Metropolitan Edison Co.<sup>(a)</sup>  | Metropolitan Edison Co.<sup>(a)</sup>  | Metropolitan Edison Co.<sup>(a)</sup>  | Metropolitan Edison Co.<sup>(a)</sup>  |
| 04/01/2028 | &nbsp;&nbsp; 5.200% | 809000 | &nbsp;&nbsp; 825450 |
| 01/15/2029 | &nbsp;&nbsp; 4.300% | 1236000 | &nbsp;&nbsp; 1224551 |
| MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. |
| 11/01/2035 | &nbsp;&nbsp; 5.750% | 346000 | &nbsp;&nbsp; 365611 |
| 08/01/2052 | &nbsp;&nbsp; 2.700% | 911000 | &nbsp;&nbsp; 560992 |
| Mississippi Power Co. | Mississippi Power Co. | Mississippi Power Co. | Mississippi Power Co. |
| 03/15/2042 | &nbsp;&nbsp; 4.250% | 535000 | &nbsp;&nbsp; 456101 |
| 07/30/2051 | &nbsp;&nbsp; 3.100% | 1260000 | &nbsp;&nbsp; 826371 |
| Nevada Power Co. | Nevada Power Co. | Nevada Power Co. | Nevada Power Co. |
| 09/15/2040 | &nbsp;&nbsp; 5.375% | 287000 | &nbsp;&nbsp; 286994 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| NextEra Energy Capital Holdings, Inc.<sup>(e)</sup>  | NextEra Energy Capital Holdings, Inc.<sup>(e)</sup>  | NextEra Energy Capital Holdings, Inc.<sup>(e)</sup>  | NextEra Energy Capital Holdings, Inc.<sup>(e)</sup>  |
| 06/15/2054 | &nbsp;&nbsp; 6.750% | 286000 | &nbsp;&nbsp; 297108 |
| 08/15/2055 | &nbsp;&nbsp; 6.375% | 299000 | &nbsp;&nbsp; 305845 |
| 08/15/2055 | &nbsp;&nbsp; 6.500% | 225000 | &nbsp;&nbsp; 230851 |
| Northern States Power Co. | Northern States Power Co. | Northern States Power Co. | Northern States Power Co. |
| 05/15/2035 | &nbsp;&nbsp; 5.050% | 1718000 | &nbsp;&nbsp; 1735657 |
| 06/01/2052 | &nbsp;&nbsp; 4.500% | 258000 | &nbsp;&nbsp; 219061 |
| 03/15/2054 | &nbsp;&nbsp; 5.400% | 636000 | &nbsp;&nbsp; 615692 |
| 06/15/2054 | &nbsp;&nbsp; 5.650% | 687000 | &nbsp;&nbsp; 693353 |
| NRG Energy, Inc.<sup>(a)</sup>  | NRG Energy, Inc.<sup>(a)</sup>  | NRG Energy, Inc.<sup>(a)</sup>  | NRG Energy, Inc.<sup>(a)</sup>  |
| 12/02/2027 | &nbsp;&nbsp; 2.450% | 191000 | &nbsp;&nbsp; 181314 |
| 06/15/2029 | &nbsp;&nbsp; 5.250% | 1165000 | &nbsp;&nbsp; 1159192 |
| NSTAR Electric Co. | NSTAR Electric Co. | NSTAR Electric Co. | NSTAR Electric Co. |
| 06/01/2034 | &nbsp;&nbsp; 5.400% | 1213000 | &nbsp;&nbsp; 1244232 |
| 03/01/2035 | &nbsp;&nbsp; 5.200% | 619000 | &nbsp;&nbsp; 624520 |
| Ohio Edison Co.<sup>(a)</sup>  | Ohio Edison Co.<sup>(a)</sup>  | Ohio Edison Co.<sup>(a)</sup>  | Ohio Edison Co.<sup>(a)</sup>  |
| 12/15/2029 | &nbsp;&nbsp; 4.950% | 1033000 | &nbsp;&nbsp; 1047196 |
| Ohio Power Co. | Ohio Power Co. | Ohio Power Co. | Ohio Power Co. |
| 10/01/2051 | &nbsp;&nbsp; 2.900% | 381000 | &nbsp;&nbsp; 232354 |
| Oncor Electric Delivery Co. LLC<sup>(a)</sup>  | Oncor Electric Delivery Co. LLC<sup>(a)</sup>  | Oncor Electric Delivery Co. LLC<sup>(a)</sup>  | Oncor Electric Delivery Co. LLC<sup>(a)</sup>  |
| 04/01/2035 | &nbsp;&nbsp; 5.350% | 966000 | &nbsp;&nbsp; 985094 |
| 04/01/2055 | &nbsp;&nbsp; 5.800% | 1128000 | &nbsp;&nbsp; 1132574 |
| Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. |
| 06/04/2028 | &nbsp;&nbsp; 5.000% | 334000 | &nbsp;&nbsp; 335020 |
| 07/01/2030 | &nbsp;&nbsp; 4.550% | 1000068 | &nbsp;&nbsp; 976036 |
| 06/15/2033 | &nbsp;&nbsp; 6.400% | 2201000 | &nbsp;&nbsp; 2299165 |
| 06/01/2041 | &nbsp;&nbsp; 4.200% | 611000 | &nbsp;&nbsp; 472527 |
| 12/01/2047 | &nbsp;&nbsp; 3.950% | 2405000 | &nbsp;&nbsp; 1693261 |
| 07/01/2050 | &nbsp;&nbsp; 4.950% | 3002000 | &nbsp;&nbsp; 2419059 |
| 08/01/2050 | &nbsp;&nbsp; 3.500% | 399000 | &nbsp;&nbsp; 255594 |
| Palomino Funding Trust I<sup>(a)</sup>  | Palomino Funding Trust I<sup>(a)</sup>  | Palomino Funding Trust I<sup>(a)</sup>  | Palomino Funding Trust I<sup>(a)</sup>  |
| 05/17/2028 | &nbsp;&nbsp; 7.233% | 250000 | &nbsp;&nbsp; 264687 |
| PECO Energy Co. | PECO Energy Co. | PECO Energy Co. | PECO Energy Co. |
| 06/15/2050 | &nbsp;&nbsp; 2.800% | 286000 | &nbsp;&nbsp; 179501 |
| 09/15/2051 | &nbsp;&nbsp; 2.850% | 1268000 | &nbsp;&nbsp; 798343 |
| Pennsylvania Electric Co.<sup>(a)</sup>  | Pennsylvania Electric Co.<sup>(a)</sup>  | Pennsylvania Electric Co.<sup>(a)</sup>  | Pennsylvania Electric Co.<sup>(a)</sup>  |
| 03/15/2028 | &nbsp;&nbsp; 3.250% | 1024000 | &nbsp;&nbsp; 993235 |
| PG&E Corp. | PG&E Corp. | PG&E Corp. | PG&E Corp. |
| 07/01/2028 | &nbsp;&nbsp; 5.000% | 186000 | &nbsp;&nbsp; 181174 |
| 07/01/2030 | &nbsp;&nbsp; 5.250% | 210000 | &nbsp;&nbsp; 200029 |
| PG&E Corp.<sup>(e)</sup>  | PG&E Corp.<sup>(e)</sup>  | PG&E Corp.<sup>(e)</sup>  | PG&E Corp.<sup>(e)</sup>  |
| 03/15/2055 | &nbsp;&nbsp; 7.375% | 1310000 | &nbsp;&nbsp; 1242500 |
| PPL Capital Funding, Inc. | PPL Capital Funding, Inc. | PPL Capital Funding, Inc. | PPL Capital Funding, Inc. |
| 09/01/2034 | &nbsp;&nbsp; 5.250% | 730000 | &nbsp;&nbsp; 736131 |
| Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado |
| 01/15/2051 | &nbsp;&nbsp; 2.700% | 265000 | &nbsp;&nbsp; 156802 |
| Public Service Co. of Oklahoma | Public Service Co. of Oklahoma | Public Service Co. of Oklahoma | Public Service Co. of Oklahoma |
| 08/15/2051 | &nbsp;&nbsp; 3.150% | 711000 | &nbsp;&nbsp; 448554 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Public Service Electric and Gas Co. | Public Service Electric and Gas Co. | Public Service Electric and Gas Co. | Public Service Electric and Gas Co. |
| 08/15/2031 | &nbsp;&nbsp; 1.900% | 1806000 | &nbsp;&nbsp; 1562973 |
| 03/01/2035 | &nbsp;&nbsp; 5.050% | 1213000 | &nbsp;&nbsp; 1226795 |
| 05/01/2050 | &nbsp;&nbsp; 2.700% | 492000 | &nbsp;&nbsp; 306974 |
| 08/01/2050 | &nbsp;&nbsp; 2.050% | 292000 | &nbsp;&nbsp; 155547 |
| 03/01/2055 | &nbsp;&nbsp; 5.500% | 481000 | &nbsp;&nbsp; 475377 |
| Puget Sound Energy, Inc. | Puget Sound Energy, Inc. | Puget Sound Energy, Inc. | Puget Sound Energy, Inc. |
| 09/15/2051 | &nbsp;&nbsp; 2.893% | 421000 | &nbsp;&nbsp; 260657 |
| 06/15/2054 | &nbsp;&nbsp; 5.685% | 843000 | &nbsp;&nbsp; 827048 |
| Saavi Energia Sarl<sup>(a)</sup>  | Saavi Energia Sarl<sup>(a)</sup>  | Saavi Energia Sarl<sup>(a)</sup>  | Saavi Energia Sarl<sup>(a)</sup>  |
| 02/10/2035 | &nbsp;&nbsp; 8.875% | 549000 | &nbsp;&nbsp; 571136 |
| San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
| 08/15/2028 | &nbsp;&nbsp; 4.950% | 365000 | &nbsp;&nbsp; 372562 |
| 08/15/2051 | &nbsp;&nbsp; 2.950% | 318000 | &nbsp;&nbsp; 199768 |
| Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
| 03/15/2030 | &nbsp;&nbsp; 5.250% | 723000 | &nbsp;&nbsp; 729798 |
| 06/01/2031 | &nbsp;&nbsp; 5.450% | 257000 | &nbsp;&nbsp; 261744 |
| 06/01/2034 | &nbsp;&nbsp; 5.200% | 155000 | &nbsp;&nbsp; 150425 |
| 03/01/2035 | &nbsp;&nbsp; 5.450% | 895000 | &nbsp;&nbsp; 878970 |
| 03/01/2048 | &nbsp;&nbsp; 4.125% | 792000 | &nbsp;&nbsp; 574973 |
| 12/01/2053 | &nbsp;&nbsp; 5.875% | 915000 | &nbsp;&nbsp; 835696 |
| Southern Power Co. | Southern Power Co. | Southern Power Co. | Southern Power Co. |
| 09/15/2041 | &nbsp;&nbsp; 5.150% | 232000 | &nbsp;&nbsp; 218985 |
| Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. |
| 04/01/2033 | &nbsp;&nbsp; 5.300% | 199000 | &nbsp;&nbsp; 200522 |
| 04/01/2045 | &nbsp;&nbsp; 3.900% | 249000 | &nbsp;&nbsp; 187286 |
| Southwestern Public Service Co. | Southwestern Public Service Co. | Southwestern Public Service Co. | Southwestern Public Service Co. |
| 08/15/2041 | &nbsp;&nbsp; 4.500% | 192000 | &nbsp;&nbsp; 166570 |
| Trans-Allegheny Interstate Line Co.<sup>(a)</sup>  | Trans-Allegheny Interstate Line Co.<sup>(a)</sup>  | Trans-Allegheny Interstate Line Co.<sup>(a)</sup>  | Trans-Allegheny Interstate Line Co.<sup>(a)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 5.000% | 1498000 | &nbsp;&nbsp; 1524044 |
| Tucson Electric Power Co. | Tucson Electric Power Co. | Tucson Electric Power Co. | Tucson Electric Power Co. |
| 04/15/2053 | &nbsp;&nbsp; 5.500% | 238000 | &nbsp;&nbsp; 226120 |
| Union Electric Co. | Union Electric Co. | Union Electric Co. | Union Electric Co. |
| 01/15/2054 | &nbsp;&nbsp; 5.250% | 263000 | &nbsp;&nbsp; 243441 |
| Virginia Electric and Power Co. | Virginia Electric and Power Co. | Virginia Electric and Power Co. | Virginia Electric and Power Co. |
| 11/15/2051 | &nbsp;&nbsp; 2.950% | 1051000 | &nbsp;&nbsp; 655802 |
| Vistra Operations Co. LLC<sup>(a)</sup>  | Vistra Operations Co. LLC<sup>(a)</sup>  | Vistra Operations Co. LLC<sup>(a)</sup>  | Vistra Operations Co. LLC<sup>(a)</sup>  |
| 12/30/2026 | &nbsp;&nbsp; 5.050% | 1004000 | &nbsp;&nbsp; 1009099 |
| 02/15/2027 | &nbsp;&nbsp; 5.625% | 580000 | &nbsp;&nbsp; 579792 |
| 10/15/2031 | &nbsp;&nbsp; 7.750% | 370000 | &nbsp;&nbsp; 393126 |
| 04/15/2034 | &nbsp;&nbsp; 6.000% | 2345000 | &nbsp;&nbsp; 2436201 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **94353809** |
| **Environmental 0.0%** | **Environmental 0.0%** | **Environmental 0.0%** | **Environmental 0.0%** |
| GFL Environmental, Inc.<sup>(a)</sup>  | GFL Environmental, Inc.<sup>(a)</sup>  | GFL Environmental, Inc.<sup>(a)</sup>  | GFL Environmental, Inc.<sup>(a)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 4.750% | 365000 | &nbsp;&nbsp; 359727 |
| 01/15/2031 | &nbsp;&nbsp; 6.750% | 901000 | &nbsp;&nbsp; 941803 |
| Republic Services, Inc. | Republic Services, Inc. | Republic Services, Inc. | Republic Services, Inc. |
| 02/15/2031 | &nbsp;&nbsp; 1.450% | 217000 | &nbsp;&nbsp; 185150 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1486680** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Finance Companies 0.5%** | **Finance Companies 0.5%** | **Finance Companies 0.5%** | **Finance Companies 0.5%** |
| AerCap Ireland Capital DAC/Global Aviation Trust | AerCap Ireland Capital DAC/Global Aviation Trust | AerCap Ireland Capital DAC/Global Aviation Trust | AerCap Ireland Capital DAC/Global Aviation Trust |
| 10/29/2026 | &nbsp;&nbsp; 2.450% | 693000 | &nbsp;&nbsp; 675190 |
| 09/10/2029 | &nbsp;&nbsp; 4.625% | 265000 | &nbsp;&nbsp; 265072 |
| AerCap Ireland Capital DAC/Global Aviation Trust<sup>(e)</sup>  | AerCap Ireland Capital DAC/Global Aviation Trust<sup>(e)</sup>  | AerCap Ireland Capital DAC/Global Aviation Trust<sup>(e)</sup>  | AerCap Ireland Capital DAC/Global Aviation Trust<sup>(e)</sup>  |
| 03/10/2055 | &nbsp;&nbsp; 6.950% | 410000 | &nbsp;&nbsp; 427992 |
| Apollo Debt Solutions BDC<sup>(a)</sup>  | Apollo Debt Solutions BDC<sup>(a)</sup>  | Apollo Debt Solutions BDC<sup>(a)</sup>  | Apollo Debt Solutions BDC<sup>(a)</sup>  |
| 03/15/2032 | &nbsp;&nbsp; 6.550% | 1189000 | &nbsp;&nbsp; 1216043 |
| Ares Strategic Income Fund | Ares Strategic Income Fund | Ares Strategic Income Fund | Ares Strategic Income Fund |
| 03/21/2032 | &nbsp;&nbsp; 6.200% | 1585000 | &nbsp;&nbsp; 1592412 |
| Avolon Holdings Funding Ltd.<sup>(a)</sup>  | Avolon Holdings Funding Ltd.<sup>(a)</sup>  | Avolon Holdings Funding Ltd.<sup>(a)</sup>  | Avolon Holdings Funding Ltd.<sup>(a)</sup>  |
| 01/15/2026 | &nbsp;&nbsp; 5.500% | 984000 | &nbsp;&nbsp; 985756 |
| 02/21/2026 | &nbsp;&nbsp; 2.125% | 59000 | &nbsp;&nbsp; 57944 |
| 11/18/2027 | &nbsp;&nbsp; 2.528% | 1489000 | &nbsp;&nbsp; 1414628 |
| 03/01/2029 | &nbsp;&nbsp; 5.750% | 932000 | &nbsp;&nbsp; 957214 |
| 11/15/2029 | &nbsp;&nbsp; 5.750% | 2517000 | &nbsp;&nbsp; 2591770 |
| 01/15/2030 | &nbsp;&nbsp; 5.150% | 396000 | &nbsp;&nbsp; 398903 |
| Bain Capital Specialty Finance, Inc. | Bain Capital Specialty Finance, Inc. | Bain Capital Specialty Finance, Inc. | Bain Capital Specialty Finance, Inc. |
| 03/15/2030 | &nbsp;&nbsp; 5.950% | 1066000 | &nbsp;&nbsp; 1057032 |
| Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. |
| 09/15/2029 | &nbsp;&nbsp; 6.600% | 1272000 | &nbsp;&nbsp; 1310014 |
| FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
| 01/15/2030 | &nbsp;&nbsp; 6.125% | 2265000 | &nbsp;&nbsp; 2253347 |
| Goldman Sachs Private Credit Corp.<sup>(a)</sup>  | Goldman Sachs Private Credit Corp.<sup>(a)</sup>  | Goldman Sachs Private Credit Corp.<sup>(a)</sup>  | Goldman Sachs Private Credit Corp.<sup>(a)</sup>  |
| 05/06/2030 | &nbsp;&nbsp; 6.250% | 1604000 | &nbsp;&nbsp; 1626566 |
| Macquarie Airfinance Holdings Ltd.<sup>(a)</sup>  | Macquarie Airfinance Holdings Ltd.<sup>(a)</sup>  | Macquarie Airfinance Holdings Ltd.<sup>(a)</sup>  | Macquarie Airfinance Holdings Ltd.<sup>(a)</sup>  |
| 03/17/2030 | &nbsp;&nbsp; 5.150% | 170000 | &nbsp;&nbsp; 170007 |
| Nationstar Mortgage Holdings, Inc.<sup>(a)</sup>  | Nationstar Mortgage Holdings, Inc.<sup>(a)</sup>  | Nationstar Mortgage Holdings, Inc.<sup>(a)</sup>  | Nationstar Mortgage Holdings, Inc.<sup>(a)</sup>  |
| 01/15/2027 | &nbsp;&nbsp; 6.000% | 300000 | &nbsp;&nbsp; 300327 |
| Oaktree Specialty Lending Corp. | Oaktree Specialty Lending Corp. | Oaktree Specialty Lending Corp. | Oaktree Specialty Lending Corp. |
| 02/27/2030 | &nbsp;&nbsp; 6.340% | 1362000 | &nbsp;&nbsp; 1348887 |
| OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
| 05/15/2029 | &nbsp;&nbsp; 6.625% | 530000 | &nbsp;&nbsp; 545042 |
| Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup>  | Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup>  | Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup>  | Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup>  |
| 03/01/2029 | &nbsp;&nbsp; 3.625% | 400000 | &nbsp;&nbsp; 380232 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **19574378** |
| **Food and Beverage 0.8%** | **Food and Beverage 0.8%** | **Food and Beverage 0.8%** | **Food and Beverage 0.8%** |
| Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | Anheuser-Busch Companies LLC/InBev Worldwide, Inc. |
| 02/01/2036 | &nbsp;&nbsp; 4.700% | 5356000 | &nbsp;&nbsp; 5225920 |
| Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. |
| 01/23/2039 | &nbsp;&nbsp; 5.450% | 804000 | &nbsp;&nbsp; 817394 |
| Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. |
| 08/17/2025 | &nbsp;&nbsp; 1.630% | 811000 | &nbsp;&nbsp; 807282 |
| 09/17/2029 | &nbsp;&nbsp; 4.200% | 1657000 | &nbsp;&nbsp; 1638773 |
| Cargill, Inc.<sup>(a)</sup>  | Cargill, Inc.<sup>(a)</sup>  | Cargill, Inc.<sup>(a)</sup>  | Cargill, Inc.<sup>(a)</sup>  |
| 11/01/2036 | &nbsp;&nbsp; 7.250% | 300000 | &nbsp;&nbsp; 333058 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Coca-Cola Co. (The) | Coca-Cola Co. (The) | Coca-Cola Co. (The) | Coca-Cola Co. (The) |
| 01/14/2055 | &nbsp;&nbsp; 5.200% | 384000 | &nbsp;&nbsp; 367465 |
| Darling Ingredients, Inc.<sup>(a)</sup>  | Darling Ingredients, Inc.<sup>(a)</sup>  | Darling Ingredients, Inc.<sup>(a)</sup>  | Darling Ingredients, Inc.<sup>(a)</sup>  |
| 04/15/2027 | &nbsp;&nbsp; 5.250% | 250000 | &nbsp;&nbsp; 249768 |
| Grupo Nutresa SA<sup>(a)</sup>  | Grupo Nutresa SA<sup>(a)</sup>  | Grupo Nutresa SA<sup>(a)</sup>  | Grupo Nutresa SA<sup>(a)</sup>  |
| 05/12/2035 | &nbsp;&nbsp; 9.000% | 250000 | &nbsp;&nbsp; 270682 |
| JBS SA/Food Co./Finance, Inc. | JBS SA/Food Co./Finance, Inc. | JBS SA/Food Co./Finance, Inc. | JBS SA/Food Co./Finance, Inc. |
| 04/01/2033 | &nbsp;&nbsp; 5.750% | 1317000 | &nbsp;&nbsp; 1354262 |
| JBS USA Holding Lux Sarl/Food Co./Sarl | JBS USA Holding Lux Sarl/Food Co./Sarl | JBS USA Holding Lux Sarl/Food Co./Sarl | JBS USA Holding Lux Sarl/Food Co./Sarl |
| 11/15/2053 | &nbsp;&nbsp; 7.250% | 2355000 | &nbsp;&nbsp; 2654796 |
| JBS USA Holding Lux Sarl/Foods Group Holdings, Inc./Food Co.<sup>(a),(k)</sup>  | JBS USA Holding Lux Sarl/Foods Group Holdings, Inc./Food Co.<sup>(a),(k)</sup>  | JBS USA Holding Lux Sarl/Foods Group Holdings, Inc./Food Co.<sup>(a),(k)</sup>  | JBS USA Holding Lux Sarl/Foods Group Holdings, Inc./Food Co.<sup>(a),(k)</sup>  |
| 01/15/2036 | &nbsp;&nbsp; 5.500% | 1430000 | &nbsp;&nbsp; 1428064 |
| 04/15/2066 | &nbsp;&nbsp; 6.375% | 533000 | &nbsp;&nbsp; 535908 |
| JBS USA Lux SA/Food Co./Finance, Inc. | JBS USA Lux SA/Food Co./Finance, Inc. | JBS USA Lux SA/Food Co./Finance, Inc. | JBS USA Lux SA/Food Co./Finance, Inc. |
| 01/15/2032 | &nbsp;&nbsp; 3.625% | 2814000 | &nbsp;&nbsp; 2574039 |
| 05/15/2032 | &nbsp;&nbsp; 3.000% | 1988000 | &nbsp;&nbsp; 1740095 |
| 12/01/2052 | &nbsp;&nbsp; 6.500% | 1224000 | &nbsp;&nbsp; 1268773 |
| JBS USA LUX Sarl/Food Co./Foods Group<sup>(a)</sup>  | JBS USA LUX Sarl/Food Co./Foods Group<sup>(a)</sup>  | JBS USA LUX Sarl/Food Co./Foods Group<sup>(a)</sup>  | JBS USA LUX Sarl/Food Co./Foods Group<sup>(a)</sup>  |
| 04/20/2035 | &nbsp;&nbsp; 5.950% | 383000 | &nbsp;&nbsp; 396773 |
| Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. |
| 05/15/2030 | &nbsp;&nbsp; 4.600% | 685000 | &nbsp;&nbsp; 688346 |
| Lamb Weston Holdings, Inc.<sup>(a)</sup>  | Lamb Weston Holdings, Inc.<sup>(a)</sup>  | Lamb Weston Holdings, Inc.<sup>(a)</sup>  | Lamb Weston Holdings, Inc.<sup>(a)</sup>  |
| 05/15/2028 | &nbsp;&nbsp; 4.875% | 345000 | &nbsp;&nbsp; 342924 |
| Mars, Inc.<sup>(a)</sup>  | Mars, Inc.<sup>(a)</sup>  | Mars, Inc.<sup>(a)</sup>  | Mars, Inc.<sup>(a)</sup>  |
| 03/01/2030 | &nbsp;&nbsp; 4.800% | 3392000 | &nbsp;&nbsp; 3436298 |
| 03/01/2032 | &nbsp;&nbsp; 5.000% | 1578000 | &nbsp;&nbsp; 1599102 |
| 03/01/2035 | &nbsp;&nbsp; 5.200% | 1512000 | &nbsp;&nbsp; 1529800 |
| 05/01/2045 | &nbsp;&nbsp; 5.650% | 259000 | &nbsp;&nbsp; 259232 |
| PepsiCo, Inc. | PepsiCo, Inc. | PepsiCo, Inc. | PepsiCo, Inc. |
| 08/13/2042 | &nbsp;&nbsp; 3.600% | 546000 | &nbsp;&nbsp; 439269 |
| Performance Food Group, Inc.<sup>(a)</sup>  | Performance Food Group, Inc.<sup>(a)</sup>  | Performance Food Group, Inc.<sup>(a)</sup>  | Performance Food Group, Inc.<sup>(a)</sup>  |
| 10/15/2027 | &nbsp;&nbsp; 5.500% | 400000 | &nbsp;&nbsp; 399586 |
| Post Holdings, Inc.<sup>(a)</sup>  | Post Holdings, Inc.<sup>(a)</sup>  | Post Holdings, Inc.<sup>(a)</sup>  | Post Holdings, Inc.<sup>(a)</sup>  |
| 04/15/2030 | &nbsp;&nbsp; 4.625% | 475000 | &nbsp;&nbsp; 456888 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **30814497** |
| **Gaming 0.1%** | **Gaming 0.1%** | **Gaming 0.1%** | **Gaming 0.1%** |
| Caesars Entertainment, Inc.<sup>(a)</sup>  | Caesars Entertainment, Inc.<sup>(a)</sup>  | Caesars Entertainment, Inc.<sup>(a)</sup>  | Caesars Entertainment, Inc.<sup>(a)</sup>  |
| 10/15/2029 | &nbsp;&nbsp; 4.625% | 1060000 | &nbsp;&nbsp; 1011735 |
| MGM Resorts International | MGM Resorts International | MGM Resorts International | MGM Resorts International |
| 09/15/2029 | &nbsp;&nbsp; 6.125% | 300000 | &nbsp;&nbsp; 305135 |
| 04/15/2032 | &nbsp;&nbsp; 6.500% | 320000 | &nbsp;&nbsp; 325156 |
| Station Casinos LLC<sup>(a)</sup>  | Station Casinos LLC<sup>(a)</sup>  | Station Casinos LLC<sup>(a)</sup>  | Station Casinos LLC<sup>(a)</sup>  |
| 02/15/2028 | &nbsp;&nbsp; 4.500% | 300000 | &nbsp;&nbsp; 294253 |
| Wynn Las Vegas LLC/Capital Corp.<sup>(a)</sup>  | Wynn Las Vegas LLC/Capital Corp.<sup>(a)</sup>  | Wynn Las Vegas LLC/Capital Corp.<sup>(a)</sup>  | Wynn Las Vegas LLC/Capital Corp.<sup>(a)</sup>  |
| 05/15/2027 | &nbsp;&nbsp; 5.250% | 515000 | &nbsp;&nbsp; 515334 |
| Wynn Macau Ltd.<sup>(a)</sup>  | Wynn Macau Ltd.<sup>(a)</sup>  | Wynn Macau Ltd.<sup>(a)</sup>  | Wynn Macau Ltd.<sup>(a)</sup>  |
| 08/26/2028 | &nbsp;&nbsp; 5.625% | 295000 | &nbsp;&nbsp; 289383 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Wynn Resorts Finance LLC/Capital Corp.<sup>(a)</sup>  | Wynn Resorts Finance LLC/Capital Corp.<sup>(a)</sup>  | Wynn Resorts Finance LLC/Capital Corp.<sup>(a)</sup>  | Wynn Resorts Finance LLC/Capital Corp.<sup>(a)</sup>  |
| 10/01/2029 | &nbsp;&nbsp; 5.125% | 300000 | &nbsp;&nbsp; 297656 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3038652** |
| **Health Care 0.8%** | **Health Care 0.8%** | **Health Care 0.8%** | **Health Care 0.8%** |
| AdaptHealth LLC<sup>(a)</sup>  | AdaptHealth LLC<sup>(a)</sup>  | AdaptHealth LLC<sup>(a)</sup>  | AdaptHealth LLC<sup>(a)</sup>  |
| 08/01/2029 | &nbsp;&nbsp; 4.625% | 210000 | &nbsp;&nbsp; 197999 |
| Alcon Finance Corp.<sup>(a)</sup>  | Alcon Finance Corp.<sup>(a)</sup>  | Alcon Finance Corp.<sup>(a)</sup>  | Alcon Finance Corp.<sup>(a)</sup>  |
| 12/06/2032 | &nbsp;&nbsp; 5.375% | 2976000 | &nbsp;&nbsp; 3068304 |
| Avantor Funding, Inc.<sup>(a)</sup>  | Avantor Funding, Inc.<sup>(a)</sup>  | Avantor Funding, Inc.<sup>(a)</sup>  | Avantor Funding, Inc.<sup>(a)</sup>  |
| 07/15/2028 | &nbsp;&nbsp; 4.625% | 345000 | &nbsp;&nbsp; 338852 |
| Baxter International, Inc. | Baxter International, Inc. | Baxter International, Inc. | Baxter International, Inc. |
| 04/01/2031 | &nbsp;&nbsp; 1.730% | 733000 | &nbsp;&nbsp; 625693 |
| CHS/Community Health Systems, Inc.<sup>(a)</sup>  | CHS/Community Health Systems, Inc.<sup>(a)</sup>  | CHS/Community Health Systems, Inc.<sup>(a)</sup>  | CHS/Community Health Systems, Inc.<sup>(a)</sup>  |
| 03/15/2027 | &nbsp;&nbsp; 5.625% | 380000 | &nbsp;&nbsp; 373962 |
| CommonSpirit Health | CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
| 10/01/2029 | &nbsp;&nbsp; 3.347% | 739000 | &nbsp;&nbsp; 706527 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 06/01/2031 | &nbsp;&nbsp; 5.550% | 1581000 | &nbsp;&nbsp; 1643062 |
| 06/01/2034 | &nbsp;&nbsp; 5.700% | 1623000 | &nbsp;&nbsp; 1670889 |
| 03/25/2038 | &nbsp;&nbsp; 4.780% | 874000 | &nbsp;&nbsp; 801854 |
| 03/25/2048 | &nbsp;&nbsp; 5.050% | 3619000 | &nbsp;&nbsp; 3125964 |
| CVS Pass-Through Trust<sup>(a)</sup>  | CVS Pass-Through Trust<sup>(a)</sup>  | CVS Pass-Through Trust<sup>(a)</sup>  | CVS Pass-Through Trust<sup>(a)</sup>  |
| 10/10/2025 | &nbsp;&nbsp; 6.204% | 8353 | &nbsp;&nbsp; 8352 |
| 01/10/2034 | &nbsp;&nbsp; 5.926% | 392934 | &nbsp;&nbsp; 395662 |
| 01/10/2036 | &nbsp;&nbsp; 4.704% | 969777 | &nbsp;&nbsp; 922146 |
| DaVita, Inc.<sup>(a)</sup>  | DaVita, Inc.<sup>(a)</sup>  | DaVita, Inc.<sup>(a)</sup>  | DaVita, Inc.<sup>(a)</sup>  |
| 06/01/2030 | &nbsp;&nbsp; 4.625% | 600000 | &nbsp;&nbsp; 574990 |
| Encompass Health Corp. | Encompass Health Corp. | Encompass Health Corp. | Encompass Health Corp. |
| 02/01/2030 | &nbsp;&nbsp; 4.750% | 445000 | &nbsp;&nbsp; 439226 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 06/15/2029 | &nbsp;&nbsp; 4.125% | 600000 | &nbsp;&nbsp; 589518 |
| 03/01/2032 | &nbsp;&nbsp; 5.500% | 2731000 | &nbsp;&nbsp; 2818570 |
| 04/01/2034 | &nbsp;&nbsp; 5.600% | 192000 | &nbsp;&nbsp; 196644 |
| 09/15/2034 | &nbsp;&nbsp; 5.450% | 376000 | &nbsp;&nbsp; 378861 |
| 06/15/2049 | &nbsp;&nbsp; 5.250% | 1497000 | &nbsp;&nbsp; 1330533 |
| 03/15/2052 | &nbsp;&nbsp; 4.625% | 1179000 | &nbsp;&nbsp; 947574 |
| 06/01/2053 | &nbsp;&nbsp; 5.900% | 841000 | &nbsp;&nbsp; 812265 |
| 04/01/2054 | &nbsp;&nbsp; 6.000% | 158000 | &nbsp;&nbsp; 154478 |
| 03/01/2055 | &nbsp;&nbsp; 6.200% | 1795000 | &nbsp;&nbsp; 1806902 |
| Hologic, Inc.<sup>(a)</sup>  | Hologic, Inc.<sup>(a)</sup>  | Hologic, Inc.<sup>(a)</sup>  | Hologic, Inc.<sup>(a)</sup>  |
| 02/15/2029 | &nbsp;&nbsp; 3.250% | 525000 | &nbsp;&nbsp; 500569 |
| IQVIA, Inc.<sup>(a)</sup>  | IQVIA, Inc.<sup>(a)</sup>  | IQVIA, Inc.<sup>(a)</sup>  | IQVIA, Inc.<sup>(a)</sup>  |
| 05/15/2027 | &nbsp;&nbsp; 5.000% | 358000 | &nbsp;&nbsp; 356951 |
| Mozart Debt Merger Sub, Inc.<sup>(a)</sup>  | Mozart Debt Merger Sub, Inc.<sup>(a)</sup>  | Mozart Debt Merger Sub, Inc.<sup>(a)</sup>  | Mozart Debt Merger Sub, Inc.<sup>(a)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 3.875% | 1200000 | &nbsp;&nbsp; 1152167 |
| Quest Diagnostics, Inc. | Quest Diagnostics, Inc. | Quest Diagnostics, Inc. | Quest Diagnostics, Inc. |
| 12/15/2029 | &nbsp;&nbsp; 4.625% | 432000 | &nbsp;&nbsp; 436097 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Stryker Corp. | Stryker Corp. | Stryker Corp. | Stryker Corp. |
| 02/10/2030 | &nbsp;&nbsp; 4.850% | 2253000 | &nbsp;&nbsp; 2298238 |
| Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
| 06/15/2030 | &nbsp;&nbsp; 6.125% | 2000000 | &nbsp;&nbsp; 2034717 |
| Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. |
| 02/19/2035 | &nbsp;&nbsp; 5.500% | 732000 | &nbsp;&nbsp; 750231 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **31457797** |
| **Healthcare Insurance 0.5%** | **Healthcare Insurance 0.5%** | **Healthcare Insurance 0.5%** | **Healthcare Insurance 0.5%** |
| Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
| 06/15/2029 | &nbsp;&nbsp; 5.150% | 1738000 | &nbsp;&nbsp; 1789122 |
| 02/15/2030 | &nbsp;&nbsp; 4.750% | 1364000 | &nbsp;&nbsp; 1380074 |
| 11/01/2031 | &nbsp;&nbsp; 4.950% | 1223000 | &nbsp;&nbsp; 1240713 |
| 02/15/2055 | &nbsp;&nbsp; 5.700% | 381000 | &nbsp;&nbsp; 369083 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 04/15/2027 | &nbsp;&nbsp; 4.600% | 1646000 | &nbsp;&nbsp; 1656453 |
| 02/15/2033 | &nbsp;&nbsp; 5.350% | 1340000 | &nbsp;&nbsp; 1379293 |
| 07/15/2034 | &nbsp;&nbsp; 5.150% | 1677000 | &nbsp;&nbsp; 1692691 |
| 06/15/2035 | &nbsp;&nbsp; 5.300% | 2625000 | &nbsp;&nbsp; 2675198 |
| 05/15/2041 | &nbsp;&nbsp; 3.050% | 370000 | &nbsp;&nbsp; 271827 |
| 07/15/2044 | &nbsp;&nbsp; 5.500% | 963000 | &nbsp;&nbsp; 938259 |
| 02/15/2053 | &nbsp;&nbsp; 5.875% | 2028000 | &nbsp;&nbsp; 2030712 |
| 04/15/2053 | &nbsp;&nbsp; 5.050% | 911000 | &nbsp;&nbsp; 812865 |
| 07/15/2054 | &nbsp;&nbsp; 5.625% | 2569000 | &nbsp;&nbsp; 2490592 |
| 07/15/2064 | &nbsp;&nbsp; 5.750% | 850000 | &nbsp;&nbsp; 826473 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **19553355** |
| **Healthcare REIT 0.0%** | **Healthcare REIT 0.0%** | **Healthcare REIT 0.0%** | **Healthcare REIT 0.0%** |
| Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
| 12/15/2030 | &nbsp;&nbsp; 4.900% | 199000 | &nbsp;&nbsp; 200617 |
| 08/15/2031 | &nbsp;&nbsp; 3.375% | 170000 | &nbsp;&nbsp; 157147 |
| 02/01/2033 | &nbsp;&nbsp; 1.875% | 102000 | &nbsp;&nbsp; 81638 |
| Sabra Health Care LP | Sabra Health Care LP | Sabra Health Care LP | Sabra Health Care LP |
| 12/01/2031 | &nbsp;&nbsp; 3.200% | 257000 | &nbsp;&nbsp; 229345 |
| Ventas Realty LP | Ventas Realty LP | Ventas Realty LP | Ventas Realty LP |
| 07/01/2034 | &nbsp;&nbsp; 5.625% | 238000 | &nbsp;&nbsp; 245078 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **913825** |
| **Independent Energy 0.7%** | **Independent Energy 0.7%** | **Independent Energy 0.7%** | **Independent Energy 0.7%** |
| Aker BP ASA<sup>(a)</sup>  | Aker BP ASA<sup>(a)</sup>  | Aker BP ASA<sup>(a)</sup>  | Aker BP ASA<sup>(a)</sup>  |
| 10/01/2034 | &nbsp;&nbsp; 5.125% | 3015000 | &nbsp;&nbsp; 2896650 |
| 10/01/2054 | &nbsp;&nbsp; 5.800% | 366000 | &nbsp;&nbsp; 333808 |
| Baytex Energy Corp.<sup>(a)</sup>  | Baytex Energy Corp.<sup>(a)</sup>  | Baytex Energy Corp.<sup>(a)</sup>  | Baytex Energy Corp.<sup>(a)</sup>  |
| 04/30/2030 | &nbsp;&nbsp; 8.500% | 660000 | &nbsp;&nbsp; 660483 |
| California Resources Corp.<sup>(a)</sup>  | California Resources Corp.<sup>(a)</sup>  | California Resources Corp.<sup>(a)</sup>  | California Resources Corp.<sup>(a)</sup>  |
| 02/01/2026 | &nbsp;&nbsp; 7.125% | 121000 | &nbsp;&nbsp; 121068 |
| Chord Energy Corp.<sup>(a)</sup>  | Chord Energy Corp.<sup>(a)</sup>  | Chord Energy Corp.<sup>(a)</sup>  | Chord Energy Corp.<sup>(a)</sup>  |
| 03/15/2033 | &nbsp;&nbsp; 6.750% | 230000 | &nbsp;&nbsp; 235308 |
| Civitas Resources, Inc.<sup>(a)</sup>  | Civitas Resources, Inc.<sup>(a)</sup>  | Civitas Resources, Inc.<sup>(a)</sup>  | Civitas Resources, Inc.<sup>(a)</sup>  |
| 07/01/2031 | &nbsp;&nbsp; 8.750% | 725000 | &nbsp;&nbsp; 733919 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Colgate Energy Partners III LLC<sup>(a)</sup>  | Colgate Energy Partners III LLC<sup>(a)</sup>  | Colgate Energy Partners III LLC<sup>(a)</sup>  | Colgate Energy Partners III LLC<sup>(a)</sup>  |
| 07/01/2029 | &nbsp;&nbsp; 5.875% | 315000 | &nbsp;&nbsp; 316153 |
| Comstock Resources, Inc.<sup>(a)</sup>  | Comstock Resources, Inc.<sup>(a)</sup>  | Comstock Resources, Inc.<sup>(a)</sup>  | Comstock Resources, Inc.<sup>(a)</sup>  |
| 03/01/2029 | &nbsp;&nbsp; 6.750% | 295000 | &nbsp;&nbsp; 295816 |
| ConocoPhillips Co. | ConocoPhillips Co. | ConocoPhillips Co. | ConocoPhillips Co. |
| 03/15/2054 | &nbsp;&nbsp; 5.550% | 2022000 | &nbsp;&nbsp; 1931653 |
| 01/15/2055 | &nbsp;&nbsp; 5.500% | 1093000 | &nbsp;&nbsp; 1036228 |
| Coterra Energy, Inc. | Coterra Energy, Inc. | Coterra Energy, Inc. | Coterra Energy, Inc. |
| 02/15/2035 | &nbsp;&nbsp; 5.400% | 332000 | &nbsp;&nbsp; 328619 |
| 02/15/2055 | &nbsp;&nbsp; 5.900% | 589000 | &nbsp;&nbsp; 548240 |
| Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. |
| 09/15/2034 | &nbsp;&nbsp; 5.200% | 2683000 | &nbsp;&nbsp; 2605672 |
| 09/15/2054 | &nbsp;&nbsp; 5.750% | 1322000 | &nbsp;&nbsp; 1191142 |
| Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
| 04/18/2027 | &nbsp;&nbsp; 5.200% | 797000 | &nbsp;&nbsp; 808126 |
| 01/30/2030 | &nbsp;&nbsp; 5.150% | 1488000 | &nbsp;&nbsp; 1520965 |
| 04/01/2035 | &nbsp;&nbsp; 5.550% | 2062000 | &nbsp;&nbsp; 2084268 |
| 03/24/2051 | &nbsp;&nbsp; 4.400% | 298000 | &nbsp;&nbsp; 230228 |
| 04/18/2054 | &nbsp;&nbsp; 5.750% | 1320000 | &nbsp;&nbsp; 1225458 |
| 04/18/2064 | &nbsp;&nbsp; 5.900% | 401000 | &nbsp;&nbsp; 371967 |
| Encino Acquisition Partners Holdings LLC<sup>(a)</sup>  | Encino Acquisition Partners Holdings LLC<sup>(a)</sup>  | Encino Acquisition Partners Holdings LLC<sup>(a)</sup>  | Encino Acquisition Partners Holdings LLC<sup>(a)</sup>  |
| 05/01/2028 | &nbsp;&nbsp; 8.500% | 360000 | &nbsp;&nbsp; 368100 |
| EQT Corp.<sup>(a)</sup>  | EQT Corp.<sup>(a)</sup>  | EQT Corp.<sup>(a)</sup>  | EQT Corp.<sup>(a)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 4.750% | 1215000 | &nbsp;&nbsp; 1196108 |
| Hess Corp. | Hess Corp. | Hess Corp. | Hess Corp. |
| 02/15/2041 | &nbsp;&nbsp; 5.600% | 1227000 | &nbsp;&nbsp; 1218357 |
| Hilcorp Energy I LP/Finance Co.<sup>(a)</sup>  | Hilcorp Energy I LP/Finance Co.<sup>(a)</sup>  | Hilcorp Energy I LP/Finance Co.<sup>(a)</sup>  | Hilcorp Energy I LP/Finance Co.<sup>(a)</sup>  |
| 02/01/2029 | &nbsp;&nbsp; 5.750% | 540000 | &nbsp;&nbsp; 533095 |
| Matador Resources Co.<sup>(a)</sup>  | Matador Resources Co.<sup>(a)</sup>  | Matador Resources Co.<sup>(a)</sup>  | Matador Resources Co.<sup>(a)</sup>  |
| 04/15/2028 | &nbsp;&nbsp; 6.875% | 270000 | &nbsp;&nbsp; 275418 |
| 04/15/2032 | &nbsp;&nbsp; 6.500% | 225000 | &nbsp;&nbsp; 224990 |
| Permian Resources Operating LLC<sup>(a)</sup>  | Permian Resources Operating LLC<sup>(a)</sup>  | Permian Resources Operating LLC<sup>(a)</sup>  | Permian Resources Operating LLC<sup>(a)</sup>  |
| 07/15/2031 | &nbsp;&nbsp; 9.875% | 160000 | &nbsp;&nbsp; 175539 |
| Pioneer Natural Resources Co. | Pioneer Natural Resources Co. | Pioneer Natural Resources Co. | Pioneer Natural Resources Co. |
| 08/15/2030 | &nbsp;&nbsp; 1.900% | 255000 | &nbsp;&nbsp; 226089 |
| SM Energy Co. | SM Energy Co. | SM Energy Co. | SM Energy Co. |
| 09/15/2026 | &nbsp;&nbsp; 6.750% | 280000 | &nbsp;&nbsp; 280192 |
| 01/15/2027 | &nbsp;&nbsp; 6.625% | 300000 | &nbsp;&nbsp; 300274 |
| Southwestern Energy Co. | Southwestern Energy Co. | Southwestern Energy Co. | Southwestern Energy Co. |
| 02/01/2029 | &nbsp;&nbsp; 5.375% | 400000 | &nbsp;&nbsp; 400526 |
| 02/01/2032 | &nbsp;&nbsp; 4.750% | 2097000 | &nbsp;&nbsp; 2036276 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **26710735** |
| **Integrated Energy 0.2%** | **Integrated Energy 0.2%** | **Integrated Energy 0.2%** | **Integrated Energy 0.2%** |
| BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. |
| 02/13/2033 | &nbsp;&nbsp; 4.812% | 541000 | &nbsp;&nbsp; 540217 |
| 09/11/2033 | &nbsp;&nbsp; 4.893% | 517000 | &nbsp;&nbsp; 517815 |
| 11/17/2034 | &nbsp;&nbsp; 5.227% | 855000 | &nbsp;&nbsp; 869285 |
| 11/10/2050 | &nbsp;&nbsp; 2.772% | 412000 | &nbsp;&nbsp; 251817 |
| 03/17/2052 | &nbsp;&nbsp; 3.001% | 1572000 | &nbsp;&nbsp; 991798 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| BP Capital Markets PLC<sup>(e),(j)</sup>  | BP Capital Markets PLC<sup>(e),(j)</sup>  | BP Capital Markets PLC<sup>(e),(j)</sup>  | BP Capital Markets PLC<sup>(e),(j)</sup>  |
|  | &nbsp;&nbsp; 4.375% | 456000 | &nbsp;&nbsp; 454917 |
| Eni SpA<sup>(a)</sup>  | Eni SpA<sup>(a)</sup>  | Eni SpA<sup>(a)</sup>  | Eni SpA<sup>(a)</sup>  |
| 05/15/2054 | &nbsp;&nbsp; 5.950% | 1228000 | &nbsp;&nbsp; 1187354 |
| ORLEN SA<sup>(a)</sup>  | ORLEN SA<sup>(a)</sup>  | ORLEN SA<sup>(a)</sup>  | ORLEN SA<sup>(a)</sup>  |
| 01/30/2035 | &nbsp;&nbsp; 6.000% | 406000 | &nbsp;&nbsp; 416006 |
| Total Capital International SA | Total Capital International SA | Total Capital International SA | Total Capital International SA |
| 06/29/2041 | &nbsp;&nbsp; 2.986% | 280000 | &nbsp;&nbsp; 206532 |
| 05/29/2050 | &nbsp;&nbsp; 3.127% | 729000 | &nbsp;&nbsp; 481329 |
| TotalEnergies Capital SA | TotalEnergies Capital SA | TotalEnergies Capital SA | TotalEnergies Capital SA |
| 04/05/2054 | &nbsp;&nbsp; 5.488% | 322000 | &nbsp;&nbsp; 309851 |
| 09/10/2054 | &nbsp;&nbsp; 5.275% | 285000 | &nbsp;&nbsp; 266974 |
| 04/05/2064 | &nbsp;&nbsp; 5.638% | 1347000 | &nbsp;&nbsp; 1305654 |
| 09/10/2064 | &nbsp;&nbsp; 5.425% | 413000 | &nbsp;&nbsp; 386296 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **8185845** |
| **Leisure 0.1%** | **Leisure 0.1%** | **Leisure 0.1%** | **Leisure 0.1%** |
| Boyne USA, Inc.<sup>(a)</sup>  | Boyne USA, Inc.<sup>(a)</sup>  | Boyne USA, Inc.<sup>(a)</sup>  | Boyne USA, Inc.<sup>(a)</sup>  |
| 05/15/2029 | &nbsp;&nbsp; 4.750% | 595000 | &nbsp;&nbsp; 577273 |
| Carnival Corp.<sup>(a)</sup>  | Carnival Corp.<sup>(a)</sup>  | Carnival Corp.<sup>(a)</sup>  | Carnival Corp.<sup>(a)</sup>  |
| 02/15/2033 | &nbsp;&nbsp; 6.125% | 1135000 | &nbsp;&nbsp; 1160225 |
| Cinemark USA, Inc.<sup>(a)</sup>  | Cinemark USA, Inc.<sup>(a)</sup>  | Cinemark USA, Inc.<sup>(a)</sup>  | Cinemark USA, Inc.<sup>(a)</sup>  |
| 07/15/2028 | &nbsp;&nbsp; 5.250% | 210000 | &nbsp;&nbsp; 209121 |
| Live Nation Entertainment, Inc.<sup>(a)</sup>  | Live Nation Entertainment, Inc.<sup>(a)</sup>  | Live Nation Entertainment, Inc.<sup>(a)</sup>  | Live Nation Entertainment, Inc.<sup>(a)</sup>  |
| 05/15/2027 | &nbsp;&nbsp; 6.500% | 475000 | &nbsp;&nbsp; 482174 |
| 10/15/2027 | &nbsp;&nbsp; 4.750% | 435000 | &nbsp;&nbsp; 430199 |
| Six Flags Entertainment Corp.<sup>(a)</sup>  | Six Flags Entertainment Corp.<sup>(a)</sup>  | Six Flags Entertainment Corp.<sup>(a)</sup>  | Six Flags Entertainment Corp.<sup>(a)</sup>  |
| 05/15/2031 | &nbsp;&nbsp; 7.250% | 340000 | &nbsp;&nbsp; 349350 |
| Six Flags Theme Parks, Inc.<sup>(a)</sup>  | Six Flags Theme Parks, Inc.<sup>(a)</sup>  | Six Flags Theme Parks, Inc.<sup>(a)</sup>  | Six Flags Theme Parks, Inc.<sup>(a)</sup>  |
| 07/01/2025 | &nbsp;&nbsp; 7.000% | 166000 | &nbsp;&nbsp; 166005 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3374347** |
| **Life Insurance 0.2%** | **Life Insurance 0.2%** | **Life Insurance 0.2%** | **Life Insurance 0.2%** |
| AIA Group Ltd.<sup>(a)</sup>  | AIA Group Ltd.<sup>(a)</sup>  | AIA Group Ltd.<sup>(a)</sup>  | AIA Group Ltd.<sup>(a)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 09/16/2040 | &nbsp;&nbsp; 3.200% | 340000 | &nbsp;&nbsp; 260715 |
| Allianz SE<sup>(a),(e)</sup>  | Allianz SE<sup>(a),(e)</sup>  | Allianz SE<sup>(a),(e)</sup>  | Allianz SE<sup>(a),(e)</sup>  |
| 09/03/2054 | &nbsp;&nbsp; 5.600% | 800000 | &nbsp;&nbsp; 797840 |
| CNO Global Funding<sup>(a)</sup>  | CNO Global Funding<sup>(a)</sup>  | CNO Global Funding<sup>(a)</sup>  | CNO Global Funding<sup>(a)</sup>  |
| 06/04/2027 | &nbsp;&nbsp; 5.875% | 467000 | &nbsp;&nbsp; 479588 |
| Metropolitan Life Global Funding I<sup>(a)</sup>  | Metropolitan Life Global Funding I<sup>(a)</sup>  | Metropolitan Life Global Funding I<sup>(a)</sup>  | Metropolitan Life Global Funding I<sup>(a)</sup>  |
| 03/28/2033 | &nbsp;&nbsp; 5.150% | 799000 | &nbsp;&nbsp; 810677 |
| New York Life Global Funding<sup>(a)</sup>  | New York Life Global Funding<sup>(a)</sup>  | New York Life Global Funding<sup>(a)</sup>  | New York Life Global Funding<sup>(a)</sup>  |
| 01/10/2028 | &nbsp;&nbsp; 3.000% | 229000 | &nbsp;&nbsp; 222896 |
| New York Life Insurance Co.<sup>(a)</sup>  | New York Life Insurance Co.<sup>(a)</sup>  | New York Life Insurance Co.<sup>(a)</sup>  | New York Life Insurance Co.<sup>(a)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 05/15/2033 | &nbsp;&nbsp; 5.875% | 999000 | &nbsp;&nbsp; 1047558 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Northwestern Mutual Global Funding<sup>(a)</sup>  | Northwestern Mutual Global Funding<sup>(a)</sup>  | Northwestern Mutual Global Funding<sup>(a)</sup>  | Northwestern Mutual Global Funding<sup>(a)</sup>  |
| 05/28/2031 | &nbsp;&nbsp; 5.160% | 270000 | &nbsp;&nbsp; 276923 |
| Principal Financial Group, Inc.<sup>(a)</sup>  | Principal Financial Group, Inc.<sup>(a)</sup>  | Principal Financial Group, Inc.<sup>(a)</sup>  | Principal Financial Group, Inc.<sup>(a)</sup>  |
| 02/15/2028 | &nbsp;&nbsp; 4.111% | 468000 | &nbsp;&nbsp; 463479 |
| Protective Life Global Funding<sup>(a)</sup>  | Protective Life Global Funding<sup>(a)</sup>  | Protective Life Global Funding<sup>(a)</sup>  | Protective Life Global Funding<sup>(a)</sup>  |
| 12/08/2028 | &nbsp;&nbsp; 5.467% | 466000 | &nbsp;&nbsp; 482771 |
| Prudential Funding Asia PLC | Prudential Funding Asia PLC | Prudential Funding Asia PLC | Prudential Funding Asia PLC |
| 04/14/2030 | &nbsp;&nbsp; 3.125% | 322000 | &nbsp;&nbsp; 304045 |
| Teachers Insurance & Annuity Association of America<sup>(a)</sup>  | Teachers Insurance & Annuity Association of America<sup>(a)</sup>  | Teachers Insurance & Annuity Association of America<sup>(a)</sup>  | Teachers Insurance & Annuity Association of America<sup>(a)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 05/15/2047 | &nbsp;&nbsp; 4.270% | 496000 | &nbsp;&nbsp; 402565 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **5549057** |
| **Lodging 0.0%** | **Lodging 0.0%** | **Lodging 0.0%** | **Lodging 0.0%** |
| Hilton Domestic Operating Co., Inc.<sup>(a)</sup>  | Hilton Domestic Operating Co., Inc.<sup>(a)</sup>  | Hilton Domestic Operating Co., Inc.<sup>(a)</sup>  | Hilton Domestic Operating Co., Inc.<sup>(a)</sup>  |
| 05/01/2029 | &nbsp;&nbsp; 3.750% | 490000 | &nbsp;&nbsp; 468952 |
| 03/15/2033 | &nbsp;&nbsp; 5.875% | 50000 | &nbsp;&nbsp; 50952 |
| Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
| 01/15/2030 | &nbsp;&nbsp; 4.875% | 145000 | &nbsp;&nbsp; 144233 |
| Hilton Worldwide Finance LLC/Corp. | Hilton Worldwide Finance LLC/Corp. | Hilton Worldwide Finance LLC/Corp. | Hilton Worldwide Finance LLC/Corp. |
| 04/01/2027 | &nbsp;&nbsp; 4.875% | 305000 | &nbsp;&nbsp; 304530 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **968667** |
| **Media and Entertainment 0.3%** | **Media and Entertainment 0.3%** | **Media and Entertainment 0.3%** | **Media and Entertainment 0.3%** |
| Clear Channel Worldwide Holdings, Inc.<sup>(a)</sup>  | Clear Channel Worldwide Holdings, Inc.<sup>(a)</sup>  | Clear Channel Worldwide Holdings, Inc.<sup>(a)</sup>  | Clear Channel Worldwide Holdings, Inc.<sup>(a)</sup>  |
| 08/15/2027 | &nbsp;&nbsp; 5.125% | 605000 | &nbsp;&nbsp; 597993 |
| Gray Television, Inc.<sup>(a)</sup>  | Gray Television, Inc.<sup>(a)</sup>  | Gray Television, Inc.<sup>(a)</sup>  | Gray Television, Inc.<sup>(a)</sup>  |
| 10/15/2030 | &nbsp;&nbsp; 4.750% | 600000 | &nbsp;&nbsp; 453861 |
| iHeartCommunications, Inc.<sup>(a)</sup>  | iHeartCommunications, Inc.<sup>(a)</sup>  | iHeartCommunications, Inc.<sup>(a)</sup>  | iHeartCommunications, Inc.<sup>(a)</sup>  |
| 05/01/2029 | &nbsp;&nbsp; 9.125% | 394250 | &nbsp;&nbsp; 324881 |
| 08/15/2030 | &nbsp;&nbsp; 7.750% | 372700 | &nbsp;&nbsp; 288609 |
| Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. |
| 02/15/2030 | &nbsp;&nbsp; 4.000% | 530000 | &nbsp;&nbsp; 506234 |
| Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| 05/15/2053 | &nbsp;&nbsp; 5.600% | 635000 | &nbsp;&nbsp; 634717 |
| 08/15/2054 | &nbsp;&nbsp; 5.400% | 1038000 | &nbsp;&nbsp; 1011977 |
| 08/15/2064 | &nbsp;&nbsp; 5.550% | 2193000 | &nbsp;&nbsp; 2143752 |
| Midas OpCo Holdings LLC<sup>(a)</sup>  | Midas OpCo Holdings LLC<sup>(a)</sup>  | Midas OpCo Holdings LLC<sup>(a)</sup>  | Midas OpCo Holdings LLC<sup>(a)</sup>  |
| 08/15/2029 | &nbsp;&nbsp; 5.625% | 450000 | &nbsp;&nbsp; 430589 |
| Netflix, Inc. | Netflix, Inc. | Netflix, Inc. | Netflix, Inc. |
| 08/15/2054 | &nbsp;&nbsp; 5.400% | 1011000 | &nbsp;&nbsp; 997077 |
| Nexstar Escrow, Inc.<sup>(a)</sup>  | Nexstar Escrow, Inc.<sup>(a)</sup>  | Nexstar Escrow, Inc.<sup>(a)</sup>  | Nexstar Escrow, Inc.<sup>(a)</sup>  |
| 07/15/2027 | &nbsp;&nbsp; 5.625% | 550000 | &nbsp;&nbsp; 548641 |
| Outfront Media Capital LLC/Corp.<sup>(a)</sup>  | Outfront Media Capital LLC/Corp.<sup>(a)</sup>  | Outfront Media Capital LLC/Corp.<sup>(a)</sup>  | Outfront Media Capital LLC/Corp.<sup>(a)</sup>  |
| 01/15/2029 | &nbsp;&nbsp; 4.250% | 375000 | &nbsp;&nbsp; 359151 |
| Scripps Escrow II, Inc.<sup>(a)</sup>  | Scripps Escrow II, Inc.<sup>(a)</sup>  | Scripps Escrow II, Inc.<sup>(a)</sup>  | Scripps Escrow II, Inc.<sup>(a)</sup>  |
| 01/15/2029 | &nbsp;&nbsp; 3.875% | 235000 | &nbsp;&nbsp; 205407 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Scripps Escrow, Inc.<sup>(a)</sup>  | Scripps Escrow, Inc.<sup>(a)</sup>  | Scripps Escrow, Inc.<sup>(a)</sup>  | Scripps Escrow, Inc.<sup>(a)</sup>  |
| 07/15/2027 | &nbsp;&nbsp; 5.875% | 230000 | &nbsp;&nbsp; 204674 |
| Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. |
| 06/12/2029 | &nbsp;&nbsp; 5.400% | 193000 | &nbsp;&nbsp; 198851 |
| 06/12/2034 | &nbsp;&nbsp; 5.600% | 771000 | &nbsp;&nbsp; 798671 |
| TEGNA, Inc. | TEGNA, Inc. | TEGNA, Inc. | TEGNA, Inc. |
| 03/15/2028 | &nbsp;&nbsp; 4.625% | 362000 | &nbsp;&nbsp; 351976 |
| 09/15/2029 | &nbsp;&nbsp; 5.000% | 396000 | &nbsp;&nbsp; 378215 |
| Univision Communications, Inc.<sup>(a)</sup>  | Univision Communications, Inc.<sup>(a)</sup>  | Univision Communications, Inc.<sup>(a)</sup>  | Univision Communications, Inc.<sup>(a)</sup>  |
| 08/15/2028 | &nbsp;&nbsp; 8.000% | 285000 | &nbsp;&nbsp; 289231 |
| Walt Disney Co. (The) | Walt Disney Co. (The) | Walt Disney Co. (The) | Walt Disney Co. (The) |
| 01/13/2051 | &nbsp;&nbsp; 3.600% | 686000 | &nbsp;&nbsp; 506414 |
| WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. |
| 03/15/2032 | &nbsp;&nbsp; 4.279% | 110000 | &nbsp;&nbsp; 92776 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **11323697** |
| **Metals and Mining 0.4%** | **Metals and Mining 0.4%** | **Metals and Mining 0.4%** | **Metals and Mining 0.4%** |
| Allegheny Technologies, Inc. | Allegheny Technologies, Inc. | Allegheny Technologies, Inc. | Allegheny Technologies, Inc. |
| 12/01/2027 | &nbsp;&nbsp; 5.875% | 480000 | &nbsp;&nbsp; 479864 |
| Alumina Pty Ltd.<sup>(a)</sup>  | Alumina Pty Ltd.<sup>(a)</sup>  | Alumina Pty Ltd.<sup>(a)</sup>  | Alumina Pty Ltd.<sup>(a)</sup>  |
| 09/15/2032 | &nbsp;&nbsp; 6.375% | 200000 | &nbsp;&nbsp; 203802 |
| Big River Steel LLC/Finance Corp.<sup>(a)</sup>  | Big River Steel LLC/Finance Corp.<sup>(a)</sup>  | Big River Steel LLC/Finance Corp.<sup>(a)</sup>  | Big River Steel LLC/Finance Corp.<sup>(a)</sup>  |
| 01/31/2029 | &nbsp;&nbsp; 6.625% | 320000 | &nbsp;&nbsp; 322419 |
| Carpenter Technology Corp. | Carpenter Technology Corp. | Carpenter Technology Corp. | Carpenter Technology Corp. |
| 07/15/2028 | &nbsp;&nbsp; 6.375% | 485000 | &nbsp;&nbsp; 486131 |
| Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. |
| 06/01/2027 | &nbsp;&nbsp; 5.875% | 448000 | &nbsp;&nbsp; 446983 |
| Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. |
| 08/01/2030 | &nbsp;&nbsp; 4.625% | 308000 | &nbsp;&nbsp; 305671 |
| Gerdau Trade, Inc. | Gerdau Trade, Inc. | Gerdau Trade, Inc. | Gerdau Trade, Inc. |
| 06/09/2035 | &nbsp;&nbsp; 5.750% | 1617000 | &nbsp;&nbsp; 1617770 |
| Glencore Funding LLC<sup>(a)</sup>  | Glencore Funding LLC<sup>(a)</sup>  | Glencore Funding LLC<sup>(a)</sup>  | Glencore Funding LLC<sup>(a)</sup>  |
| 04/01/2030 | &nbsp;&nbsp; 5.186% | 2396000 | &nbsp;&nbsp; 2442879 |
| 09/23/2031 | &nbsp;&nbsp; 2.625% | 831000 | &nbsp;&nbsp; 730151 |
| 04/04/2034 | &nbsp;&nbsp; 5.634% | 3234000 | &nbsp;&nbsp; 3301315 |
| 04/01/2035 | &nbsp;&nbsp; 5.673% | 2168000 | &nbsp;&nbsp; 2211755 |
| 04/01/2055 | &nbsp;&nbsp; 6.141% | 813000 | &nbsp;&nbsp; 821256 |
| Newmont Corp./Newcrest Finance Pty Ltd. | Newmont Corp./Newcrest Finance Pty Ltd. | Newmont Corp./Newcrest Finance Pty Ltd. | Newmont Corp./Newcrest Finance Pty Ltd. |
| 03/15/2034 | &nbsp;&nbsp; 5.350% | 1171000 | &nbsp;&nbsp; 1201928 |
| United States Steel Corp. | United States Steel Corp. | United States Steel Corp. | United States Steel Corp. |
| 03/01/2029 | &nbsp;&nbsp; 6.875% | 275000 | &nbsp;&nbsp; 278163 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **14850087** |
| **Midstream 1.1%** | **Midstream 1.1%** | **Midstream 1.1%** | **Midstream 1.1%** |
| Antero Midstream Partners LP/Finance Corp.<sup>(a)</sup>  | Antero Midstream Partners LP/Finance Corp.<sup>(a)</sup>  | Antero Midstream Partners LP/Finance Corp.<sup>(a)</sup>  | Antero Midstream Partners LP/Finance Corp.<sup>(a)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 5.375% | 730000 | &nbsp;&nbsp; 724941 |
| Blue Racer Midstream LLC/Finance Corp.<sup>(a)</sup>  | Blue Racer Midstream LLC/Finance Corp.<sup>(a)</sup>  | Blue Racer Midstream LLC/Finance Corp.<sup>(a)</sup>  | Blue Racer Midstream LLC/Finance Corp.<sup>(a)</sup>  |
| 07/15/2026 | &nbsp;&nbsp; 6.625% | 475000 | &nbsp;&nbsp; 475475 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Buckeye Partners LP | Buckeye Partners LP | Buckeye Partners LP | Buckeye Partners LP |
| 12/01/2027 | &nbsp;&nbsp; 4.125% | 280000 | &nbsp;&nbsp; 275320 |
| 11/15/2043 | &nbsp;&nbsp; 5.850% | 400000 | &nbsp;&nbsp; 353102 |
| Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |
| 10/01/2029 | &nbsp;&nbsp; 4.500% | 1080000 | &nbsp;&nbsp; 1068278 |
| 03/01/2031 | &nbsp;&nbsp; 4.000% | 951000 | &nbsp;&nbsp; 904489 |
| 08/15/2034 | &nbsp;&nbsp; 5.750% | 1737000 | &nbsp;&nbsp; 1783498 |
| Cheniere Energy, Inc. | Cheniere Energy, Inc. | Cheniere Energy, Inc. | Cheniere Energy, Inc. |
| 10/15/2028 | &nbsp;&nbsp; 4.625% | 690000 | &nbsp;&nbsp; 688985 |
| Columbia Pipelines Holding Co. LLC<sup>(a)</sup>  | Columbia Pipelines Holding Co. LLC<sup>(a)</sup>  | Columbia Pipelines Holding Co. LLC<sup>(a)</sup>  | Columbia Pipelines Holding Co. LLC<sup>(a)</sup>  |
| 10/01/2031 | &nbsp;&nbsp; 5.097% | 255000 | &nbsp;&nbsp; 256169 |
| Columbia Pipelines Operating Co. LLC<sup>(a)</sup>  | Columbia Pipelines Operating Co. LLC<sup>(a)</sup>  | Columbia Pipelines Operating Co. LLC<sup>(a)</sup>  | Columbia Pipelines Operating Co. LLC<sup>(a)</sup>  |
| 11/15/2033 | &nbsp;&nbsp; 6.036% | 1404000 | &nbsp;&nbsp; 1473993 |
| Crestwood Midstream Partners LP/Finance Corp.<sup>(a)</sup>  | Crestwood Midstream Partners LP/Finance Corp.<sup>(a)</sup>  | Crestwood Midstream Partners LP/Finance Corp.<sup>(a)</sup>  | Crestwood Midstream Partners LP/Finance Corp.<sup>(a)</sup>  |
| 02/01/2029 | &nbsp;&nbsp; 6.000% | 1458000 | &nbsp;&nbsp; 1481523 |
| DT Midstream, Inc.<sup>(a)</sup>  | DT Midstream, Inc.<sup>(a)</sup>  | DT Midstream, Inc.<sup>(a)</sup>  | DT Midstream, Inc.<sup>(a)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 4.125% | 500000 | &nbsp;&nbsp; 483251 |
| Enbridge, Inc.<sup>(e)</sup>  | Enbridge, Inc.<sup>(e)</sup>  | Enbridge, Inc.<sup>(e)</sup>  | Enbridge, Inc.<sup>(e)</sup>  |
| 01/15/2084 | &nbsp;&nbsp; 8.500% | 684000 | &nbsp;&nbsp; 762444 |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 07/01/2029 | &nbsp;&nbsp; 5.250% | 3485000 | &nbsp;&nbsp; 3571813 |
| 04/01/2035 | &nbsp;&nbsp; 5.700% | 2349000 | &nbsp;&nbsp; 2392255 |
| 05/15/2054 | &nbsp;&nbsp; 5.950% | 3236000 | &nbsp;&nbsp; 3075250 |
| 04/01/2055 | &nbsp;&nbsp; 6.200% | 157000 | &nbsp;&nbsp; 154604 |
| Energy Transfer Operating LP | Energy Transfer Operating LP | Energy Transfer Operating LP | Energy Transfer Operating LP |
| 04/15/2047 | &nbsp;&nbsp; 5.300% | 804000 | &nbsp;&nbsp; 708211 |
| 05/15/2050 | &nbsp;&nbsp; 5.000% | 231000 | &nbsp;&nbsp; 193282 |
| Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
| 10/15/2034 | &nbsp;&nbsp; 6.650% | 485000 | &nbsp;&nbsp; 538713 |
| Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup>  | Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup>  | Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup>  | Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup>  |
| 03/31/2034 | &nbsp;&nbsp; 2.160% | 1181651 | &nbsp;&nbsp; 1047091 |
| 03/31/2036 | &nbsp;&nbsp; 2.625% | 1070000 | &nbsp;&nbsp; 908455 |
| Genesis Energy LP/Finance Corp. | Genesis Energy LP/Finance Corp. | Genesis Energy LP/Finance Corp. | Genesis Energy LP/Finance Corp. |
| 02/01/2028 | &nbsp;&nbsp; 7.750% | 280000 | &nbsp;&nbsp; 284142 |
| Harvest Midstream I LP<sup>(a)</sup>  | Harvest Midstream I LP<sup>(a)</sup>  | Harvest Midstream I LP<sup>(a)</sup>  | Harvest Midstream I LP<sup>(a)</sup>  |
| 05/15/2032 | &nbsp;&nbsp; 7.500% | 420000 | &nbsp;&nbsp; 443643 |
| Hess Midstream Operations LP<sup>(a)</sup>  | Hess Midstream Operations LP<sup>(a)</sup>  | Hess Midstream Operations LP<sup>(a)</sup>  | Hess Midstream Operations LP<sup>(a)</sup>  |
| 03/01/2028 | &nbsp;&nbsp; 5.875% | 415000 | &nbsp;&nbsp; 421158 |
| Kinder Morgan, Inc | Kinder Morgan, Inc | Kinder Morgan, Inc | Kinder Morgan, Inc |
| 06/01/2030 | &nbsp;&nbsp; 5.150% | 2375000 | &nbsp;&nbsp; 2426053 |
| Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
| 08/01/2050 | &nbsp;&nbsp; 3.250% | 704000 | &nbsp;&nbsp; 455740 |
| Kinetik Holdings LP<sup>(a)</sup>  | Kinetik Holdings LP<sup>(a)</sup>  | Kinetik Holdings LP<sup>(a)</sup>  | Kinetik Holdings LP<sup>(a)</sup>  |
| 12/15/2028 | &nbsp;&nbsp; 6.625% | 549000 | &nbsp;&nbsp; 561492 |
| 06/15/2030 | &nbsp;&nbsp; 5.875% | 1603000 | &nbsp;&nbsp; 1617172 |
| NGL Energy Operating LLC/Finance Corp.<sup>(a)</sup>  | NGL Energy Operating LLC/Finance Corp.<sup>(a)</sup>  | NGL Energy Operating LLC/Finance Corp.<sup>(a)</sup>  | NGL Energy Operating LLC/Finance Corp.<sup>(a)</sup>  |
| 02/15/2029 | &nbsp;&nbsp; 8.125% | 280000 | &nbsp;&nbsp; 282791 |
| 02/15/2032 | &nbsp;&nbsp; 8.375% | 120000 | &nbsp;&nbsp; 120114 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Northriver Midstream Finance LP<sup>(a)</sup>  | Northriver Midstream Finance LP<sup>(a)</sup>  | Northriver Midstream Finance LP<sup>(a)</sup>  | Northriver Midstream Finance LP<sup>(a)</sup>  |
| 07/15/2032 | &nbsp;&nbsp; 6.750% | 340000 | &nbsp;&nbsp; 352346 |
| NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
| 10/01/2030 | &nbsp;&nbsp; 6.375% | 530000 | &nbsp;&nbsp; 549182 |
| ONEOK, Inc.<sup>(a)</sup>  | ONEOK, Inc.<sup>(a)</sup>  | ONEOK, Inc.<sup>(a)</sup>  | ONEOK, Inc.<sup>(a)</sup>  |
| 09/01/2030 | &nbsp;&nbsp; 6.500% | 699000 | &nbsp;&nbsp; 746994 |
| ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
| 10/15/2031 | &nbsp;&nbsp; 4.750% | 565000 | &nbsp;&nbsp; 560123 |
| 11/01/2034 | &nbsp;&nbsp; 5.050% | 414000 | &nbsp;&nbsp; 402944 |
| 11/01/2054 | &nbsp;&nbsp; 5.700% | 1723000 | &nbsp;&nbsp; 1589357 |
| 11/01/2064 | &nbsp;&nbsp; 5.850% | 321000 | &nbsp;&nbsp; 297956 |
| Rockies Express Pipeline LLC<sup>(a)</sup>  | Rockies Express Pipeline LLC<sup>(a)</sup>  | Rockies Express Pipeline LLC<sup>(a)</sup>  | Rockies Express Pipeline LLC<sup>(a)</sup>  |
| 05/15/2030 | &nbsp;&nbsp; 4.800% | 670000 | &nbsp;&nbsp; 649379 |
| South Bow USA Infrastructure Holdings LLC<sup>(a)</sup>  | South Bow USA Infrastructure Holdings LLC<sup>(a)</sup>  | South Bow USA Infrastructure Holdings LLC<sup>(a)</sup>  | South Bow USA Infrastructure Holdings LLC<sup>(a)</sup>  |
| 09/01/2027 | &nbsp;&nbsp; 4.911% | 568000 | &nbsp;&nbsp; 572021 |
| 10/01/2029 | &nbsp;&nbsp; 5.026% | 300000 | &nbsp;&nbsp; 300954 |
| Sunoco LP<sup>(a)</sup>  | Sunoco LP<sup>(a)</sup>  | Sunoco LP<sup>(a)</sup>  | Sunoco LP<sup>(a)</sup>  |
| 05/01/2032 | &nbsp;&nbsp; 7.250% | 165000 | &nbsp;&nbsp; 173287 |
| Sunoco LP/Finance Corp. | Sunoco LP/Finance Corp. | Sunoco LP/Finance Corp. | Sunoco LP/Finance Corp. |
| 04/15/2027 | &nbsp;&nbsp; 6.000% | 300000 | &nbsp;&nbsp; 300077 |
| Superior Plus LP/General Partner, Inc.<sup>(a)</sup>  | Superior Plus LP/General Partner, Inc.<sup>(a)</sup>  | Superior Plus LP/General Partner, Inc.<sup>(a)</sup>  | Superior Plus LP/General Partner, Inc.<sup>(a)</sup>  |
| 03/15/2029 | &nbsp;&nbsp; 4.500% | 550000 | &nbsp;&nbsp; 528845 |
| Tallgrass Energy Partners LP/Finance Corp.<sup>(a)</sup>  | Tallgrass Energy Partners LP/Finance Corp.<sup>(a)</sup>  | Tallgrass Energy Partners LP/Finance Corp.<sup>(a)</sup>  | Tallgrass Energy Partners LP/Finance Corp.<sup>(a)</sup>  |
| 03/01/2027 | &nbsp;&nbsp; 6.000% | 371000 | &nbsp;&nbsp; 371784 |
| TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. |
| 03/01/2034 | &nbsp;&nbsp; 4.625% | 620000 | &nbsp;&nbsp; 594304 |
| Venture Global Calcasieu Pass LLC<sup>(a)</sup>  | Venture Global Calcasieu Pass LLC<sup>(a)</sup>  | Venture Global Calcasieu Pass LLC<sup>(a)</sup>  | Venture Global Calcasieu Pass LLC<sup>(a)</sup>  |
| 08/15/2029 | &nbsp;&nbsp; 3.875% | 350000 | &nbsp;&nbsp; 330247 |
| Venture Global LNG, Inc.<sup>(a)</sup>  | Venture Global LNG, Inc.<sup>(a)</sup>  | Venture Global LNG, Inc.<sup>(a)</sup>  | Venture Global LNG, Inc.<sup>(a)</sup>  |
| 06/01/2031 | &nbsp;&nbsp; 8.375% | 1190000 | &nbsp;&nbsp; 1236339 |
| Venture Global Plaquemines LNG LLC<sup>(a)</sup>  | Venture Global Plaquemines LNG LLC<sup>(a)</sup>  | Venture Global Plaquemines LNG LLC<sup>(a)</sup>  | Venture Global Plaquemines LNG LLC<sup>(a)</sup>  |
| 05/01/2033 | &nbsp;&nbsp; 7.500% | 190000 | &nbsp;&nbsp; 203544 |
| Williams Cos, Inc. (The) | Williams Cos, Inc. (The) | Williams Cos, Inc. (The) | Williams Cos, Inc. (The) |
| 08/15/2032 | &nbsp;&nbsp; 4.650% | 885000 | &nbsp;&nbsp; 868235 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **40561365** |
| **Natural Gas 0.1%** | **Natural Gas 0.1%** | **Natural Gas 0.1%** | **Natural Gas 0.1%** |
| Atmos Energy Corp. | Atmos Energy Corp. | Atmos Energy Corp. | Atmos Energy Corp. |
| 02/15/2052 | &nbsp;&nbsp; 2.850% | 298000 | &nbsp;&nbsp; 184000 |
| Brooklyn Union Gas Co. (The)<sup>(a)</sup>  | Brooklyn Union Gas Co. (The)<sup>(a)</sup>  | Brooklyn Union Gas Co. (The)<sup>(a)</sup>  | Brooklyn Union Gas Co. (The)<sup>(a)</sup>  |
| 03/15/2048 | &nbsp;&nbsp; 4.273% | 193000 | &nbsp;&nbsp; 148627 |
| NiSource Finance Corp. | NiSource Finance Corp. | NiSource Finance Corp. | NiSource Finance Corp. |
| 02/01/2042 | &nbsp;&nbsp; 5.800% | 222000 | &nbsp;&nbsp; 216911 |
| NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| 02/15/2031 | &nbsp;&nbsp; 1.700% | 180000 | &nbsp;&nbsp; 154133 |
| Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. |
| 06/01/2050 | &nbsp;&nbsp; 3.350% | 291000 | &nbsp;&nbsp; 194698 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Sempra<sup>(e)</sup>  | Sempra<sup>(e)</sup>  | Sempra<sup>(e)</sup>  | Sempra<sup>(e)</sup>  |
| 10/01/2054 | &nbsp;&nbsp; 6.875% | 917000 | &nbsp;&nbsp; 927344 |
| 04/01/2055 | &nbsp;&nbsp; 6.550% | 230000 | &nbsp;&nbsp; 217784 |
| Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
| 02/01/2030 | &nbsp;&nbsp; 2.550% | 215000 | &nbsp;&nbsp; 197649 |
| Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. |
| 09/30/2051 | &nbsp;&nbsp; 3.150% | 348000 | &nbsp;&nbsp; 222099 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2463245** |
| **Office REIT 0.0%** | **Office REIT 0.0%** | **Office REIT 0.0%** | **Office REIT 0.0%** |
| Corporate Office Properties LP | Corporate Office Properties LP | Corporate Office Properties LP | Corporate Office Properties LP |
| 04/15/2031 | &nbsp;&nbsp; 2.750% | 322000 | &nbsp;&nbsp; 284873 |
| **Oil Field Services 0.1%** | **Oil Field Services 0.1%** | **Oil Field Services 0.1%** | **Oil Field Services 0.1%** |
| Crescent Energy Finance LLC<sup>(a)</sup>  | Crescent Energy Finance LLC<sup>(a)</sup>  | Crescent Energy Finance LLC<sup>(a)</sup>  | Crescent Energy Finance LLC<sup>(a)</sup>  |
| 02/15/2028 | &nbsp;&nbsp; 9.250% | 875000 | &nbsp;&nbsp; 911939 |
| Diamond Foreign Asset Co. /Finance LLC<sup>(a)</sup>  | Diamond Foreign Asset Co. /Finance LLC<sup>(a)</sup>  | Diamond Foreign Asset Co. /Finance LLC<sup>(a)</sup>  | Diamond Foreign Asset Co. /Finance LLC<sup>(a)</sup>  |
| 10/01/2030 | &nbsp;&nbsp; 8.500% | 295000 | &nbsp;&nbsp; 307024 |
| Guara Norte Sarl<sup>(a)</sup>  | Guara Norte Sarl<sup>(a)</sup>  | Guara Norte Sarl<sup>(a)</sup>  | Guara Norte Sarl<sup>(a)</sup>  |
| 06/15/2034 | &nbsp;&nbsp; 5.198% | 153658 | &nbsp;&nbsp; 145328 |
| MV24 Capital BV<sup>(a)</sup>  | MV24 Capital BV<sup>(a)</sup>  | MV24 Capital BV<sup>(a)</sup>  | MV24 Capital BV<sup>(a)</sup>  |
| 06/01/2034 | &nbsp;&nbsp; 6.748% | 292928 | &nbsp;&nbsp; 283948 |
| Noble Finance II LLC<sup>(a)</sup>  | Noble Finance II LLC<sup>(a)</sup>  | Noble Finance II LLC<sup>(a)</sup>  | Noble Finance II LLC<sup>(a)</sup>  |
| 04/15/2030 | &nbsp;&nbsp; 8.000% | 435000 | &nbsp;&nbsp; 443003 |
| Precision Drilling Corp.<sup>(a)</sup>  | Precision Drilling Corp.<sup>(a)</sup>  | Precision Drilling Corp.<sup>(a)</sup>  | Precision Drilling Corp.<sup>(a)</sup>  |
| 01/15/2026 | &nbsp;&nbsp; 7.125% | 117000 | &nbsp;&nbsp; 117071 |
| Valaris Ltd.<sup>(a)</sup>  | Valaris Ltd.<sup>(a)</sup>  | Valaris Ltd.<sup>(a)</sup>  | Valaris Ltd.<sup>(a)</sup>  |
| 04/30/2030 | &nbsp;&nbsp; 8.375% | 175000 | &nbsp;&nbsp; 179360 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2387673** |
| **Other Financial Institutions 0.0%** | **Other Financial Institutions 0.0%** | **Other Financial Institutions 0.0%** | **Other Financial Institutions 0.0%** |
| Icahn Enterprises LP/Finance Corp. | Icahn Enterprises LP/Finance Corp. | Icahn Enterprises LP/Finance Corp. | Icahn Enterprises LP/Finance Corp. |
| 05/15/2027 | &nbsp;&nbsp; 5.250% | 276000 | &nbsp;&nbsp; 267486 |
| **Other Industry 0.1%** | **Other Industry 0.1%** | **Other Industry 0.1%** | **Other Industry 0.1%** |
| Dycom Industries, Inc.<sup>(a)</sup>  | Dycom Industries, Inc.<sup>(a)</sup>  | Dycom Industries, Inc.<sup>(a)</sup>  | Dycom Industries, Inc.<sup>(a)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 4.500% | 305000 | &nbsp;&nbsp; 296890 |
| Global Infrastructure Solutions, Inc.<sup>(a)</sup>  | Global Infrastructure Solutions, Inc.<sup>(a)</sup>  | Global Infrastructure Solutions, Inc.<sup>(a)</sup>  | Global Infrastructure Solutions, Inc.<sup>(a)</sup>  |
| 06/01/2029 | &nbsp;&nbsp; 5.625% | 670000 | &nbsp;&nbsp; 665495 |
| Hillenbrand, Inc. | Hillenbrand, Inc. | Hillenbrand, Inc. | Hillenbrand, Inc. |
| 03/01/2031 | &nbsp;&nbsp; 3.750% | 505000 | &nbsp;&nbsp; 452689 |
| Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. |
| 08/09/2034 | &nbsp;&nbsp; 5.250% | 714000 | &nbsp;&nbsp; 722603 |
| Williams Scotsman International, Inc.<sup>(a)</sup>  | Williams Scotsman International, Inc.<sup>(a)</sup>  | Williams Scotsman International, Inc.<sup>(a)</sup>  | Williams Scotsman International, Inc.<sup>(a)</sup>  |
| 08/15/2028 | &nbsp;&nbsp; 4.625% | 75000 | &nbsp;&nbsp; 74089 |
| Williams Scotsman, Inc.<sup>(a)</sup>  | Williams Scotsman, Inc.<sup>(a)</sup>  | Williams Scotsman, Inc.<sup>(a)</sup>  | Williams Scotsman, Inc.<sup>(a)</sup>  |
| 10/01/2031 | &nbsp;&nbsp; 7.375% | 365000 | &nbsp;&nbsp; 383828 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2595594** |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Other REIT 0.3%** | **Other REIT 0.3%** | **Other REIT 0.3%** | **Other REIT 0.3%** |
| Arbor Realty SR, Inc.<sup>(a)</sup>  | Arbor Realty SR, Inc.<sup>(a)</sup>  | Arbor Realty SR, Inc.<sup>(a)</sup>  | Arbor Realty SR, Inc.<sup>(a)</sup>  |
| 10/15/2027 | &nbsp;&nbsp; 9.000% | 3000000 | &nbsp;&nbsp; 2873666 |
| Arbor Realty Trust, Inc.<sup>(a)</sup>  | Arbor Realty Trust, Inc.<sup>(a)</sup>  | Arbor Realty Trust, Inc.<sup>(a)</sup>  | Arbor Realty Trust, Inc.<sup>(a)</sup>  |
| 09/01/2026 | &nbsp;&nbsp; 4.500% | 6000000 | &nbsp;&nbsp; 5742052 |
| Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
| 06/15/2029 | &nbsp;&nbsp; 4.000% | 159000 | &nbsp;&nbsp; 156045 |
| Goodman Australia Industrial Fund Bond Issuer Pty Ltd.<sup>(a)</sup>  | Goodman Australia Industrial Fund Bond Issuer Pty Ltd.<sup>(a)</sup>  | Goodman Australia Industrial Fund Bond Issuer Pty Ltd.<sup>(a)</sup>  | Goodman Australia Industrial Fund Bond Issuer Pty Ltd.<sup>(a)</sup>  |
| 09/30/2026 | &nbsp;&nbsp; 3.400% | 184000 | &nbsp;&nbsp; 181357 |
| Prologis LP | Prologis LP | Prologis LP | Prologis LP |
| 04/15/2050 | &nbsp;&nbsp; 3.000% | 300000 | &nbsp;&nbsp; 194768 |
| RHP Hotel Properties LP/Finance Corp. | RHP Hotel Properties LP/Finance Corp. | RHP Hotel Properties LP/Finance Corp. | RHP Hotel Properties LP/Finance Corp. |
| 10/15/2027 | &nbsp;&nbsp; 4.750% | 805000 | &nbsp;&nbsp; 800424 |
| Starwood Property Trust, Inc.<sup>(a)</sup>  | Starwood Property Trust, Inc.<sup>(a)</sup>  | Starwood Property Trust, Inc.<sup>(a)</sup>  | Starwood Property Trust, Inc.<sup>(a)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 7.250% | 360000 | &nbsp;&nbsp; 379006 |
| Sun Communities Operating LP | Sun Communities Operating LP | Sun Communities Operating LP | Sun Communities Operating LP |
| 04/15/2032 | &nbsp;&nbsp; 4.200% | 1490000 | &nbsp;&nbsp; 1414705 |
| WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
| 10/01/2026 | &nbsp;&nbsp; 4.250% | 178000 | &nbsp;&nbsp; 177571 |
| 04/01/2033 | &nbsp;&nbsp; 2.250% | 255000 | &nbsp;&nbsp; 207708 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **12127302** |
| **Other Utility 0.0%** | **Other Utility 0.0%** | **Other Utility 0.0%** | **Other Utility 0.0%** |
| American Water Capital Corp. | American Water Capital Corp. | American Water Capital Corp. | American Water Capital Corp. |
| 12/01/2046 | &nbsp;&nbsp; 4.000% | 251000 | &nbsp;&nbsp; 198434 |
| Entergy Texas Restoration Funding II LLC | Entergy Texas Restoration Funding II LLC | Entergy Texas Restoration Funding II LLC | Entergy Texas Restoration Funding II LLC |
| 12/15/2035 | &nbsp;&nbsp; 3.697% | 585000 | &nbsp;&nbsp; 540849 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **739283** |
| **Packaging 0.1%** | **Packaging 0.1%** | **Packaging 0.1%** | **Packaging 0.1%** |
| Amcor Flexibles North America, Inc.<sup>(a)</sup>  | Amcor Flexibles North America, Inc.<sup>(a)</sup>  | Amcor Flexibles North America, Inc.<sup>(a)</sup>  | Amcor Flexibles North America, Inc.<sup>(a)</sup>  |
| 03/17/2030 | &nbsp;&nbsp; 5.100% | 428000 | &nbsp;&nbsp; 435290 |
| Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(a)</sup>  | Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(a)</sup>  | Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(a)</sup>  | Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(a)</sup>  |
| 08/15/2026 | &nbsp;&nbsp; 4.125% | 1465000 | &nbsp;&nbsp; 1375541 |
| Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
| 06/15/2031 | &nbsp;&nbsp; 5.800% | 1939000 | &nbsp;&nbsp; 2039071 |
| Mauser Packaging Solutions Holding Co.<sup>(a)</sup>  | Mauser Packaging Solutions Holding Co.<sup>(a)</sup>  | Mauser Packaging Solutions Holding Co.<sup>(a)</sup>  | Mauser Packaging Solutions Holding Co.<sup>(a)</sup>  |
| 04/15/2027 | &nbsp;&nbsp; 7.875% | 360000 | &nbsp;&nbsp; 366171 |
| Owens-Brockway Glass Container, Inc.<sup>(a)</sup>  | Owens-Brockway Glass Container, Inc.<sup>(a)</sup>  | Owens-Brockway Glass Container, Inc.<sup>(a)</sup>  | Owens-Brockway Glass Container, Inc.<sup>(a)</sup>  |
| 05/13/2027 | &nbsp;&nbsp; 6.625% | 150000 | &nbsp;&nbsp; 150250 |
| Sonoco Products Co. | Sonoco Products Co. | Sonoco Products Co. | Sonoco Products Co. |
| 05/01/2030 | &nbsp;&nbsp; 3.125% | 657000 | &nbsp;&nbsp; 612398 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **4978721** |
| **Paper 0.0%** | **Paper 0.0%** | **Paper 0.0%** | **Paper 0.0%** |
| Graphic Packaging International LLC<sup>(a)</sup>  | Graphic Packaging International LLC<sup>(a)</sup>  | Graphic Packaging International LLC<sup>(a)</sup>  | Graphic Packaging International LLC<sup>(a)</sup>  |
| 07/15/2032 | &nbsp;&nbsp; 6.375% | 395000 | &nbsp;&nbsp; 403271 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Pharmaceuticals 1.2%** | **Pharmaceuticals 1.2%** | **Pharmaceuticals 1.2%** | **Pharmaceuticals 1.2%** |
| AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
| 03/15/2027 | &nbsp;&nbsp; 4.800% | 1993000 | &nbsp;&nbsp; 2012753 |
| 11/21/2029 | &nbsp;&nbsp; 3.200% | 2939000 | &nbsp;&nbsp; 2810572 |
| 03/15/2030 | &nbsp;&nbsp; 4.875% | 1604000 | &nbsp;&nbsp; 1643003 |
| 03/15/2031 | &nbsp;&nbsp; 4.950% | 1196000 | &nbsp;&nbsp; 1227376 |
| 03/15/2034 | &nbsp;&nbsp; 5.050% | 2276000 | &nbsp;&nbsp; 2317594 |
| 03/15/2035 | &nbsp;&nbsp; 4.550% | 546000 | &nbsp;&nbsp; 530183 |
| 03/15/2035 | &nbsp;&nbsp; 5.200% | 1862000 | &nbsp;&nbsp; 1902233 |
| 05/14/2035 | &nbsp;&nbsp; 4.500% | 122000 | &nbsp;&nbsp; 117865 |
| 11/21/2039 | &nbsp;&nbsp; 4.050% | 3498000 | &nbsp;&nbsp; 3064828 |
| 11/21/2049 | &nbsp;&nbsp; 4.250% | 3505000 | &nbsp;&nbsp; 2888068 |
| 03/15/2055 | &nbsp;&nbsp; 5.600% | 671000 | &nbsp;&nbsp; 670933 |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 03/02/2043 | &nbsp;&nbsp; 5.600% | 1150000 | &nbsp;&nbsp; 1140590 |
| 06/15/2051 | &nbsp;&nbsp; 4.663% | 439000 | &nbsp;&nbsp; 375811 |
| 03/01/2053 | &nbsp;&nbsp; 4.875% | 1648000 | &nbsp;&nbsp; 1438293 |
| 03/02/2053 | &nbsp;&nbsp; 5.650% | 364000 | &nbsp;&nbsp; 355531 |
| Bausch Health Companies, Inc.<sup>(a)</sup>  | Bausch Health Companies, Inc.<sup>(a)</sup>  | Bausch Health Companies, Inc.<sup>(a)</sup>  | Bausch Health Companies, Inc.<sup>(a)</sup>  |
| 04/01/2026 | &nbsp;&nbsp; 9.250% | 800000 | &nbsp;&nbsp; 794205 |
| 06/01/2028 | &nbsp;&nbsp; 4.875% | 140000 | &nbsp;&nbsp; 117664 |
| Biogen, Inc. | Biogen, Inc. | Biogen, Inc. | Biogen, Inc. |
| 05/01/2030 | &nbsp;&nbsp; 2.250% | 930000 | &nbsp;&nbsp; 837888 |
| Bristol Myers Squibb Co. | Bristol Myers Squibb Co. | Bristol Myers Squibb Co. | Bristol Myers Squibb Co. |
| 03/15/2052 | &nbsp;&nbsp; 3.700% | 875000 | &nbsp;&nbsp; 637057 |
| Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
| 02/22/2054 | &nbsp;&nbsp; 5.550% | 2300000 | &nbsp;&nbsp; 2240625 |
| 03/15/2062 | &nbsp;&nbsp; 3.900% | 257000 | &nbsp;&nbsp; 184024 |
| 02/22/2064 | &nbsp;&nbsp; 5.650% | 1080000 | &nbsp;&nbsp; 1048041 |
| Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. |
| 08/14/2029 | &nbsp;&nbsp; 4.200% | 2505000 | &nbsp;&nbsp; 2513182 |
| 02/12/2032 | &nbsp;&nbsp; 4.900% | 606000 | &nbsp;&nbsp; 622384 |
| 02/09/2034 | &nbsp;&nbsp; 4.700% | 1583000 | &nbsp;&nbsp; 1582014 |
| 08/14/2034 | &nbsp;&nbsp; 4.600% | 2064000 | &nbsp;&nbsp; 2045464 |
| 02/12/2035 | &nbsp;&nbsp; 5.100% | 861000 | &nbsp;&nbsp; 881289 |
| 08/14/2054 | &nbsp;&nbsp; 5.050% | 193000 | &nbsp;&nbsp; 181265 |
| 02/12/2055 | &nbsp;&nbsp; 5.500% | 997000 | &nbsp;&nbsp; 1004898 |
| 02/09/2064 | &nbsp;&nbsp; 5.100% | 795000 | &nbsp;&nbsp; 738934 |
| 02/12/2065 | &nbsp;&nbsp; 5.600% | 1100000 | &nbsp;&nbsp; 1112314 |
| Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. |
| 10/15/2033 | &nbsp;&nbsp; 5.250% | 566000 | &nbsp;&nbsp; 584984 |
| 09/01/2036 | &nbsp;&nbsp; 4.000% | 805000 | &nbsp;&nbsp; 734223 |
| 10/01/2040 | &nbsp;&nbsp; 2.600% | 295000 | &nbsp;&nbsp; 211565 |
| 03/01/2047 | &nbsp;&nbsp; 4.150% | 202000 | &nbsp;&nbsp; 165087 |
| 11/15/2054 | &nbsp;&nbsp; 5.500% | 501000 | &nbsp;&nbsp; 491594 |
| Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. |
| 06/24/2040 | &nbsp;&nbsp; 2.350% | 668000 | &nbsp;&nbsp; 469302 |
| 03/07/2049 | &nbsp;&nbsp; 4.000% | 191000 | &nbsp;&nbsp; 151962 |
| Organon Finance 1 LLC<sup>(a)</sup>  | Organon Finance 1 LLC<sup>(a)</sup>  | Organon Finance 1 LLC<sup>(a)</sup>  | Organon Finance 1 LLC<sup>(a)</sup>  |
| 04/30/2028 | &nbsp;&nbsp; 4.125% | 450000 | &nbsp;&nbsp; 432535 |
| 04/30/2031 | &nbsp;&nbsp; 5.125% | 275000 | &nbsp;&nbsp; 238744 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Pfizer Investment Enterprises Pte., Ltd. | Pfizer Investment Enterprises Pte., Ltd. | Pfizer Investment Enterprises Pte., Ltd. | Pfizer Investment Enterprises Pte., Ltd. |
| 05/19/2053 | &nbsp;&nbsp; 5.300% | 663000 | &nbsp;&nbsp; 625859 |
| Takeda Pharmaceutical Co., Ltd. | Takeda Pharmaceutical Co., Ltd. | Takeda Pharmaceutical Co., Ltd. | Takeda Pharmaceutical Co., Ltd. |
| 07/05/2044 | &nbsp;&nbsp; 5.650% | 200000 | &nbsp;&nbsp; 199139 |
| 07/09/2050 | &nbsp;&nbsp; 3.175% | 439000 | &nbsp;&nbsp; 286994 |
| Zoetis, Inc. | Zoetis, Inc. | Zoetis, Inc. | Zoetis, Inc. |
| 05/15/2030 | &nbsp;&nbsp; 2.000% | 178000 | &nbsp;&nbsp; 159912 |
| 11/16/2032 | &nbsp;&nbsp; 5.600% | 178000 | &nbsp;&nbsp; 187962 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **43976743** |
| **Property & Casualty 0.0%** | **Property & Casualty 0.0%** | **Property & Casualty 0.0%** | **Property & Casualty 0.0%** |
| Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. |
| 01/15/2051 | &nbsp;&nbsp; 2.500% | 912000 | &nbsp;&nbsp; 547405 |
| **Railroads 0.1%** | **Railroads 0.1%** | **Railroads 0.1%** | **Railroads 0.1%** |
| Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC |
| 02/15/2051 | &nbsp;&nbsp; 3.050% | 456000 | &nbsp;&nbsp; 302285 |
| 04/15/2054 | &nbsp;&nbsp; 5.200% | 525000 | &nbsp;&nbsp; 496636 |
| 03/15/2055 | &nbsp;&nbsp; 5.500% | 1265000 | &nbsp;&nbsp; 1251881 |
| Genesee & Wyoming, Inc.<sup>(a)</sup>  | Genesee & Wyoming, Inc.<sup>(a)</sup>  | Genesee & Wyoming, Inc.<sup>(a)</sup>  | Genesee & Wyoming, Inc.<sup>(a)</sup>  |
| 04/15/2032 | &nbsp;&nbsp; 6.250% | 565000 | &nbsp;&nbsp; 577276 |
| Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. |
| 05/20/2031 | &nbsp;&nbsp; 2.375% | 749000 | &nbsp;&nbsp; 673699 |
| 02/14/2032 | &nbsp;&nbsp; 2.800% | 1016000 | &nbsp;&nbsp; 916577 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **4218354** |
| **Refining 0.0%** | **Refining 0.0%** | **Refining 0.0%** | **Refining 0.0%** |
| FS Luxembourg Sarl<sup>(a)</sup>  | FS Luxembourg Sarl<sup>(a)</sup>  | FS Luxembourg Sarl<sup>(a)</sup>  | FS Luxembourg Sarl<sup>(a)</sup>  |
| 02/12/2031 | &nbsp;&nbsp; 8.875% | 385000 | &nbsp;&nbsp; 394694 |
| Raizen Fuels Finance SA<sup>(a)</sup>  | Raizen Fuels Finance SA<sup>(a)</sup>  | Raizen Fuels Finance SA<sup>(a)</sup>  | Raizen Fuels Finance SA<sup>(a)</sup>  |
| 01/17/2035 | &nbsp;&nbsp; 5.700% | 200000 | &nbsp;&nbsp; 187364 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **582058** |
| **Restaurants 0.1%** | **Restaurants 0.1%** | **Restaurants 0.1%** | **Restaurants 0.1%** |
| McDonald's Corp. | McDonald's Corp. | McDonald's Corp. | McDonald's Corp. |
| 03/01/2038 | &nbsp;&nbsp; 6.300% | 1205000 | &nbsp;&nbsp; 1316740 |
| 09/09/2052 | &nbsp;&nbsp; 5.150% | 558000 | &nbsp;&nbsp; 511336 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1828076** |
| **Retail REIT 0.5%** | **Retail REIT 0.5%** | **Retail REIT 0.5%** | **Retail REIT 0.5%** |
| Agree LP | Agree LP | Agree LP | Agree LP |
| 06/15/2028 | &nbsp;&nbsp; 2.000% | 1229000 | &nbsp;&nbsp; 1152131 |
| 10/01/2032 | &nbsp;&nbsp; 4.800% | 739000 | &nbsp;&nbsp; 731424 |
| 06/15/2033 | &nbsp;&nbsp; 2.600% | 335000 | &nbsp;&nbsp; 278777 |
| 06/15/2035 | &nbsp;&nbsp; 5.600% | 1202000 | &nbsp;&nbsp; 1223650 |
| Brixmor Operating Partnership LP | Brixmor Operating Partnership LP | Brixmor Operating Partnership LP | Brixmor Operating Partnership LP |
| 04/01/2028 | &nbsp;&nbsp; 2.250% | 173000 | &nbsp;&nbsp; 163583 |
| 08/16/2031 | &nbsp;&nbsp; 2.500% | 1298000 | &nbsp;&nbsp; 1131450 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Kimco Realty OP LLC | Kimco Realty OP LLC | Kimco Realty OP LLC | Kimco Realty OP LLC |
| 03/01/2035 | &nbsp;&nbsp; 4.850% | 1080000 | &nbsp;&nbsp; 1057166 |
| 02/01/2036 | &nbsp;&nbsp; 5.300% | 1236000 | &nbsp;&nbsp; 1243981 |
| NNN REIT, Inc. | NNN REIT, Inc. | NNN REIT, Inc. | NNN REIT, Inc. |
| 04/15/2051 | &nbsp;&nbsp; 3.500% | 288000 | &nbsp;&nbsp; 198216 |
| Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| 03/15/2028 | &nbsp;&nbsp; 2.100% | 761000 | &nbsp;&nbsp; 720691 |
| 01/15/2030 | &nbsp;&nbsp; 3.400% | 813000 | &nbsp;&nbsp; 778346 |
| 02/15/2032 | &nbsp;&nbsp; 2.700% | 316000 | &nbsp;&nbsp; 278530 |
| 12/15/2032 | &nbsp;&nbsp; 2.850% | 982000 | &nbsp;&nbsp; 859786 |
| 07/15/2033 | &nbsp;&nbsp; 4.900% | 1168000 | &nbsp;&nbsp; 1164214 |
| Regency Centers LP | Regency Centers LP | Regency Centers LP | Regency Centers LP |
| 09/15/2029 | &nbsp;&nbsp; 2.950% | 1858000 | &nbsp;&nbsp; 1757361 |
| 07/15/2032 | &nbsp;&nbsp; 5.000% | 1172000 | &nbsp;&nbsp; 1185159 |
| 01/15/2034 | &nbsp;&nbsp; 5.250% | 1593000 | &nbsp;&nbsp; 1615863 |
| STORE Capital Corp. | STORE Capital Corp. | STORE Capital Corp. | STORE Capital Corp. |
| 11/18/2030 | &nbsp;&nbsp; 2.750% | 1200000 | &nbsp;&nbsp; 1058331 |
| 12/01/2031 | &nbsp;&nbsp; 2.700% | 472000 | &nbsp;&nbsp; 400352 |
| Store Capital LLC<sup>(a)</sup>  | Store Capital LLC<sup>(a)</sup>  | Store Capital LLC<sup>(a)</sup>  | Store Capital LLC<sup>(a)</sup>  |
| 04/30/2030 | &nbsp;&nbsp; 5.400% | 805000 | &nbsp;&nbsp; 814427 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **17813438** |
| **Retailers 0.5%** | **Retailers 0.5%** | **Retailers 0.5%** | **Retailers 0.5%** |
| Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
| 04/13/2052 | &nbsp;&nbsp; 3.950% | 459000 | &nbsp;&nbsp; 362181 |
| Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. |
| 03/01/2028 | &nbsp;&nbsp; 4.500% | 300000 | &nbsp;&nbsp; 296631 |
| Dick's Sporting Goods, Inc. | Dick's Sporting Goods, Inc. | Dick's Sporting Goods, Inc. | Dick's Sporting Goods, Inc. |
| 01/15/2052 | &nbsp;&nbsp; 4.100% | 2549000 | &nbsp;&nbsp; 1818126 |
| Gap Inc. (The)<sup>(a)</sup>  | Gap Inc. (The)<sup>(a)</sup>  | Gap Inc. (The)<sup>(a)</sup>  | Gap Inc. (The)<sup>(a)</sup>  |
| 10/01/2029 | &nbsp;&nbsp; 3.625% | 520000 | &nbsp;&nbsp; 482894 |
| Home Depot, Inc. (The) | Home Depot, Inc. (The) | Home Depot, Inc. (The) | Home Depot, Inc. (The) |
| 06/25/2029 | &nbsp;&nbsp; 4.750% | 1202000 | &nbsp;&nbsp; 1227210 |
| 06/25/2031 | &nbsp;&nbsp; 4.850% | 798000 | &nbsp;&nbsp; 818627 |
| 06/25/2034 | &nbsp;&nbsp; 4.950% | 857000 | &nbsp;&nbsp; 866944 |
| 04/15/2052 | &nbsp;&nbsp; 3.625% | 1199000 | &nbsp;&nbsp; 872187 |
| L Brands, Inc. | L Brands, Inc. | L Brands, Inc. | L Brands, Inc. |
| 06/15/2029 | &nbsp;&nbsp; 7.500% | 590000 | &nbsp;&nbsp; 605738 |
| Lithia Motors, Inc.<sup>(a)</sup>  | Lithia Motors, Inc.<sup>(a)</sup>  | Lithia Motors, Inc.<sup>(a)</sup>  | Lithia Motors, Inc.<sup>(a)</sup>  |
| 12/15/2027 | &nbsp;&nbsp; 4.625% | 405000 | &nbsp;&nbsp; 401622 |
| Lowe's Companies, Inc. | Lowe's Companies, Inc. | Lowe's Companies, Inc. | Lowe's Companies, Inc. |
| 04/01/2051 | &nbsp;&nbsp; 3.500% | 955000 | &nbsp;&nbsp; 654526 |
| 04/01/2052 | &nbsp;&nbsp; 4.250% | 1759000 | &nbsp;&nbsp; 1376441 |
| Penske Automotive Group, Inc. | Penske Automotive Group, Inc. | Penske Automotive Group, Inc. | Penske Automotive Group, Inc. |
| 06/15/2029 | &nbsp;&nbsp; 3.750% | 400000 | &nbsp;&nbsp; 379816 |
| PetSmart, Inc./Finance Corp.<sup>(a)</sup>  | PetSmart, Inc./Finance Corp.<sup>(a)</sup>  | PetSmart, Inc./Finance Corp.<sup>(a)</sup>  | PetSmart, Inc./Finance Corp.<sup>(a)</sup>  |
| 02/15/2028 | &nbsp;&nbsp; 4.750% | 560000 | &nbsp;&nbsp; 545839 |
| Sonic Automotive, Inc.<sup>(a)</sup>  | Sonic Automotive, Inc.<sup>(a)</sup>  | Sonic Automotive, Inc.<sup>(a)</sup>  | Sonic Automotive, Inc.<sup>(a)</sup>  |
| 11/15/2029 | &nbsp;&nbsp; 4.625% | 380000 | &nbsp;&nbsp; 368460 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Walmart, Inc. | Walmart, Inc. | Walmart, Inc. | Walmart, Inc. |
| 04/28/2030 | &nbsp;&nbsp; 4.350% | 2807000 | &nbsp;&nbsp; 2838684 |
| 04/28/2035 | &nbsp;&nbsp; 4.900% | 3674000 | &nbsp;&nbsp; 3722271 |
| William Carter Co. (The)<sup>(a)</sup>  | William Carter Co. (The)<sup>(a)</sup>  | William Carter Co. (The)<sup>(a)</sup>  | William Carter Co. (The)<sup>(a)</sup>  |
| 03/15/2027 | &nbsp;&nbsp; 5.625% | 405000 | &nbsp;&nbsp; 402486 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **18040683** |
| **Stranded Utility 0.1%** | **Stranded Utility 0.1%** | **Stranded Utility 0.1%** | **Stranded Utility 0.1%** |
| Consumers 2023 Securitization Funding LLC | Consumers 2023 Securitization Funding LLC | Consumers 2023 Securitization Funding LLC | Consumers 2023 Securitization Funding LLC |
| 09/01/2030 | &nbsp;&nbsp; 5.210% | 897000 | &nbsp;&nbsp; 921215 |
| PG&E Recovery Funding LLC | PG&E Recovery Funding LLC | PG&E Recovery Funding LLC | PG&E Recovery Funding LLC |
| 06/01/2042 | &nbsp;&nbsp; 5.231% | 280000 | &nbsp;&nbsp; 278718 |
| 07/15/2047 | &nbsp;&nbsp; 5.536% | 825000 | &nbsp;&nbsp; 807371 |
| 06/01/2049 | &nbsp;&nbsp; 5.529% | 335000 | &nbsp;&nbsp; 329062 |
| PG&E Wildfire Recovery Funding LLC | PG&E Wildfire Recovery Funding LLC | PG&E Wildfire Recovery Funding LLC | PG&E Wildfire Recovery Funding LLC |
| 06/01/2036 | &nbsp;&nbsp; 4.263% | 165000 | &nbsp;&nbsp; 155572 |
| 12/01/2047 | &nbsp;&nbsp; 5.212% | 270000 | &nbsp;&nbsp; 256289 |
| 06/01/2052 | &nbsp;&nbsp; 5.099% | 510000 | &nbsp;&nbsp; 470898 |
| SCE Recovery Funding LLC | SCE Recovery Funding LLC | SCE Recovery Funding LLC | SCE Recovery Funding LLC |
| 06/15/2040 | &nbsp;&nbsp; 4.697% | 112651 | &nbsp;&nbsp; 109339 |
| Sigeco Securitization I LLC | Sigeco Securitization I LLC | Sigeco Securitization I LLC | Sigeco Securitization I LLC |
| 11/15/2036 | &nbsp;&nbsp; 5.026% | 107881 | &nbsp;&nbsp; 109633 |
| 05/15/2041 | &nbsp;&nbsp; 5.172% | 112000 | &nbsp;&nbsp; 110466 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3548563** |
| **Supermarkets 0.0%** | **Supermarkets 0.0%** | **Supermarkets 0.0%** | **Supermarkets 0.0%** |
| Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup>  | Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup>  | Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup>  | Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup>  |
| 01/15/2027 | &nbsp;&nbsp; 4.625% | 750000 | &nbsp;&nbsp; 744805 |
| Kroger Co. (The) | Kroger Co. (The) | Kroger Co. (The) | Kroger Co. (The) |
| 09/15/2054 | &nbsp;&nbsp; 5.500% | 385000 | &nbsp;&nbsp; 365142 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1109947** |
| **Technology 2.6%** | **Technology 2.6%** | **Technology 2.6%** | **Technology 2.6%** |
| Accenture Capital, Inc. | Accenture Capital, Inc. | Accenture Capital, Inc. | Accenture Capital, Inc. |
| 10/04/2031 | &nbsp;&nbsp; 4.250% | 3196000 | &nbsp;&nbsp; 3163066 |
| 10/04/2034 | &nbsp;&nbsp; 4.500% | 2123000 | &nbsp;&nbsp; 2065322 |
| Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. |
| 05/15/2030 | &nbsp;&nbsp; 4.000% | 1489000 | &nbsp;&nbsp; 1489736 |
| 05/15/2035 | &nbsp;&nbsp; 4.500% | 3230000 | &nbsp;&nbsp; 3186874 |
| 05/15/2055 | &nbsp;&nbsp; 5.250% | 1134000 | &nbsp;&nbsp; 1116409 |
| 05/15/2065 | &nbsp;&nbsp; 5.300% | 1134000 | &nbsp;&nbsp; 1110530 |
| Amkor Technology, Inc.<sup>(a)</sup>  | Amkor Technology, Inc.<sup>(a)</sup>  | Amkor Technology, Inc.<sup>(a)</sup>  | Amkor Technology, Inc.<sup>(a)</sup>  |
| 09/15/2027 | &nbsp;&nbsp; 6.625% | 610000 | &nbsp;&nbsp; 611593 |
| ams-OSRAM AG<sup>(a)</sup>  | ams-OSRAM AG<sup>(a)</sup>  | ams-OSRAM AG<sup>(a)</sup>  | ams-OSRAM AG<sup>(a)</sup>  |
| 03/30/2029 | &nbsp;&nbsp; 12.250% | 385000 | &nbsp;&nbsp; 410323 |
| Apple, Inc. | Apple, Inc. | Apple, Inc. | Apple, Inc. |
| 05/12/2028 | &nbsp;&nbsp; 4.000% | 1205000 | &nbsp;&nbsp; 1207500 |
| 05/12/2030 | &nbsp;&nbsp; 4.200% | 2070000 | &nbsp;&nbsp; 2079488 |
| 02/08/2041 | &nbsp;&nbsp; 2.375% | 573000 | &nbsp;&nbsp; 400213 |
| 05/11/2050 | &nbsp;&nbsp; 2.650% | 624000 | &nbsp;&nbsp; 390971 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| 02/08/2051 | &nbsp;&nbsp; 2.650% | 482000 | &nbsp;&nbsp; 299430 |
| 08/08/2052 | &nbsp;&nbsp; 3.950% | 1508000 | &nbsp;&nbsp; 1200811 |
| 08/05/2061 | &nbsp;&nbsp; 2.850% | 1643000 | &nbsp;&nbsp; 983714 |
| Autodesk, Inc. | Autodesk, Inc. | Autodesk, Inc. | Autodesk, Inc. |
| 12/15/2031 | &nbsp;&nbsp; 2.400% | 97000 | &nbsp;&nbsp; 85107 |
| 06/15/2035 | &nbsp;&nbsp; 5.300% | 1032000 | &nbsp;&nbsp; 1049266 |
| Block, Inc. | Block, Inc. | Block, Inc. | Block, Inc. |
| 06/01/2031 | &nbsp;&nbsp; 3.500% | 710000 | &nbsp;&nbsp; 651840 |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 11/15/2025 | &nbsp;&nbsp; 3.150% | 923000 | &nbsp;&nbsp; 917686 |
| 02/15/2028 | &nbsp;&nbsp; 4.150% | 1961000 | &nbsp;&nbsp; 1955695 |
| 07/12/2029 | &nbsp;&nbsp; 5.050% | 2874000 | &nbsp;&nbsp; 2943117 |
| 11/15/2031 | &nbsp;&nbsp; 5.150% | 5091000 | &nbsp;&nbsp; 5236853 |
| 02/15/2032 | &nbsp;&nbsp; 4.550% | 1998000 | &nbsp;&nbsp; 1979623 |
| 10/15/2034 | &nbsp;&nbsp; 4.800% | 2797000 | &nbsp;&nbsp; 2762228 |
| Broadcom, Inc.<sup>(a)</sup>  | Broadcom, Inc.<sup>(a)</sup>  | Broadcom, Inc.<sup>(a)</sup>  | Broadcom, Inc.<sup>(a)</sup>  |
| 02/15/2031 | &nbsp;&nbsp; 2.450% | 1232000 | &nbsp;&nbsp; 1101626 |
| 11/15/2035 | &nbsp;&nbsp; 3.137% | 1996000 | &nbsp;&nbsp; 1683654 |
| 05/15/2037 | &nbsp;&nbsp; 4.926% | 1126000 | &nbsp;&nbsp; 1092160 |
| Cadence Design Systems, Inc. | Cadence Design Systems, Inc. | Cadence Design Systems, Inc. | Cadence Design Systems, Inc. |
| 09/10/2027 | &nbsp;&nbsp; 4.200% | 1489000 | &nbsp;&nbsp; 1491876 |
| 09/10/2029 | &nbsp;&nbsp; 4.300% | 4524000 | &nbsp;&nbsp; 4527595 |
| 09/10/2034 | &nbsp;&nbsp; 4.700% | 2270000 | &nbsp;&nbsp; 2242101 |
| Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. |
| 02/24/2028 | &nbsp;&nbsp; 4.550% | 473000 | &nbsp;&nbsp; 479375 |
| 02/24/2032 | &nbsp;&nbsp; 4.950% | 715000 | &nbsp;&nbsp; 732587 |
| Clarivate Science Holdings Corp.<sup>(a)</sup>  | Clarivate Science Holdings Corp.<sup>(a)</sup>  | Clarivate Science Holdings Corp.<sup>(a)</sup>  | Clarivate Science Holdings Corp.<sup>(a)</sup>  |
| 07/01/2028 | &nbsp;&nbsp; 3.875% | 285000 | &nbsp;&nbsp; 273102 |
| Coherent Corp.<sup>(a)</sup>  | Coherent Corp.<sup>(a)</sup>  | Coherent Corp.<sup>(a)</sup>  | Coherent Corp.<sup>(a)</sup>  |
| 12/15/2029 | &nbsp;&nbsp; 5.000% | 440000 | &nbsp;&nbsp; 432292 |
| CommScope Technologies LLC<sup>(a)</sup>  | CommScope Technologies LLC<sup>(a)</sup>  | CommScope Technologies LLC<sup>(a)</sup>  | CommScope Technologies LLC<sup>(a)</sup>  |
| 03/15/2027 | &nbsp;&nbsp; 5.000% | 325000 | &nbsp;&nbsp; 316699 |
| CoreWeave, Inc.<sup>(a)</sup>  | CoreWeave, Inc.<sup>(a)</sup>  | CoreWeave, Inc.<sup>(a)</sup>  | CoreWeave, Inc.<sup>(a)</sup>  |
| 06/01/2030 | &nbsp;&nbsp; 9.250% | 100000 | &nbsp;&nbsp; 102238 |
| Elastic NV<sup>(a)</sup>  | Elastic NV<sup>(a)</sup>  | Elastic NV<sup>(a)</sup>  | Elastic NV<sup>(a)</sup>  |
| 07/15/2029 | &nbsp;&nbsp; 4.125% | 300000 | &nbsp;&nbsp; 286714 |
| Entegris Escrow Corp.<sup>(a)</sup>  | Entegris Escrow Corp.<sup>(a)</sup>  | Entegris Escrow Corp.<sup>(a)</sup>  | Entegris Escrow Corp.<sup>(a)</sup>  |
| 06/15/2030 | &nbsp;&nbsp; 5.950% | 275000 | &nbsp;&nbsp; 278989 |
| Entegris, Inc.<sup>(a)</sup>  | Entegris, Inc.<sup>(a)</sup>  | Entegris, Inc.<sup>(a)</sup>  | Entegris, Inc.<sup>(a)</sup>  |
| 04/15/2028 | &nbsp;&nbsp; 4.375% | 400000 | &nbsp;&nbsp; 389246 |
| Fair Isaac Corp.<sup>(a)</sup>  | Fair Isaac Corp.<sup>(a)</sup>  | Fair Isaac Corp.<sup>(a)</sup>  | Fair Isaac Corp.<sup>(a)</sup>  |
| 05/15/2033 | &nbsp;&nbsp; 6.000% | 100000 | &nbsp;&nbsp; 101147 |
| Foundry JV Holdco LLC<sup>(a)</sup>  | Foundry JV Holdco LLC<sup>(a)</sup>  | Foundry JV Holdco LLC<sup>(a)</sup>  | Foundry JV Holdco LLC<sup>(a)</sup>  |
| 01/25/2031 | &nbsp;&nbsp; 5.500% | 1564000 | &nbsp;&nbsp; 1603764 |
| 01/25/2033 | &nbsp;&nbsp; 5.900% | 519000 | &nbsp;&nbsp; 538151 |
| 01/25/2036 | &nbsp;&nbsp; 6.100% | 789000 | &nbsp;&nbsp; 817190 |
| 01/25/2037 | &nbsp;&nbsp; 6.200% | 1222000 | &nbsp;&nbsp; 1269806 |
| 01/25/2039 | &nbsp;&nbsp; 6.300% | 1038000 | &nbsp;&nbsp; 1086156 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
| 11/15/2031 | &nbsp;&nbsp; 2.900% | 851000 | &nbsp;&nbsp; 752671 |
| GTCR W-2 Merger Sub LLC<sup>(a)</sup>  | GTCR W-2 Merger Sub LLC<sup>(a)</sup>  | GTCR W-2 Merger Sub LLC<sup>(a)</sup>  | GTCR W-2 Merger Sub LLC<sup>(a)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 7.500% | 525000 | &nbsp;&nbsp; 557604 |
| Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. |
| 10/15/2054 | &nbsp;&nbsp; 5.600% | 855000 | &nbsp;&nbsp; 788972 |
| Imola Merger Corp.<sup>(a)</sup>  | Imola Merger Corp.<sup>(a)</sup>  | Imola Merger Corp.<sup>(a)</sup>  | Imola Merger Corp.<sup>(a)</sup>  |
| 05/15/2029 | &nbsp;&nbsp; 4.750% | 540000 | &nbsp;&nbsp; 521990 |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 08/12/2041 | &nbsp;&nbsp; 2.800% | 677000 | &nbsp;&nbsp; 454731 |
| 02/10/2043 | &nbsp;&nbsp; 5.625% | 452000 | &nbsp;&nbsp; 429097 |
| 11/15/2049 | &nbsp;&nbsp; 3.250% | 396000 | &nbsp;&nbsp; 250575 |
| 02/10/2053 | &nbsp;&nbsp; 5.700% | 732000 | &nbsp;&nbsp; 680582 |
| 02/21/2054 | &nbsp;&nbsp; 5.600% | 397000 | &nbsp;&nbsp; 363750 |
| 02/10/2063 | &nbsp;&nbsp; 5.900% | 593000 | &nbsp;&nbsp; 557421 |
| Iron Mountain, Inc.<sup>(a)</sup>  | Iron Mountain, Inc.<sup>(a)</sup>  | Iron Mountain, Inc.<sup>(a)</sup>  | Iron Mountain, Inc.<sup>(a)</sup>  |
| 09/15/2027 | &nbsp;&nbsp; 4.875% | 750000 | &nbsp;&nbsp; 745393 |
| KLA Corp. | KLA Corp. | KLA Corp. | KLA Corp. |
| 02/01/2034 | &nbsp;&nbsp; 4.700% | 1591000 | &nbsp;&nbsp; 1583871 |
| 03/01/2050 | &nbsp;&nbsp; 3.300% | 645000 | &nbsp;&nbsp; 447103 |
| Leidos, Inc. | Leidos, Inc. | Leidos, Inc. | Leidos, Inc. |
| 03/15/2032 | &nbsp;&nbsp; 5.400% | 841000 | &nbsp;&nbsp; 860617 |
| Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
| 07/15/2030 | &nbsp;&nbsp; 4.750% | 140000 | &nbsp;&nbsp; 140635 |
| 11/01/2032 | &nbsp;&nbsp; 5.650% | 1031000 | &nbsp;&nbsp; 1071498 |
| 07/15/2035 | &nbsp;&nbsp; 5.450% | 469000 | &nbsp;&nbsp; 472383 |
| 11/01/2035 | &nbsp;&nbsp; 6.050% | 2819000 | &nbsp;&nbsp; 2948456 |
| NCR Atleos Escrow Corp.<sup>(a)</sup>  | NCR Atleos Escrow Corp.<sup>(a)</sup>  | NCR Atleos Escrow Corp.<sup>(a)</sup>  | NCR Atleos Escrow Corp.<sup>(a)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 9.500% | 505000 | &nbsp;&nbsp; 552770 |
| NCR Corp.<sup>(a)</sup>  | NCR Corp.<sup>(a)</sup>  | NCR Corp.<sup>(a)</sup>  | NCR Corp.<sup>(a)</sup>  |
| 10/01/2028 | &nbsp;&nbsp; 5.000% | 417000 | &nbsp;&nbsp; 412495 |
| NetApp, Inc. | NetApp, Inc. | NetApp, Inc. | NetApp, Inc. |
| 03/17/2032 | &nbsp;&nbsp; 5.500% | 2163000 | &nbsp;&nbsp; 2231006 |
| ON Semiconductor Corp.<sup>(a)</sup>  | ON Semiconductor Corp.<sup>(a)</sup>  | ON Semiconductor Corp.<sup>(a)</sup>  | ON Semiconductor Corp.<sup>(a)</sup>  |
| 09/01/2028 | &nbsp;&nbsp; 3.875% | 150000 | &nbsp;&nbsp; 145080 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 08/03/2035 | &nbsp;&nbsp; 5.500% | 1795000 | &nbsp;&nbsp; 1834861 |
| 04/01/2040 | &nbsp;&nbsp; 3.600% | 537000 | &nbsp;&nbsp; 429784 |
| 07/15/2046 | &nbsp;&nbsp; 4.000% | 1367000 | &nbsp;&nbsp; 1054178 |
| 09/27/2054 | &nbsp;&nbsp; 5.375% | 187000 | &nbsp;&nbsp; 170711 |
| 08/03/2055 | &nbsp;&nbsp; 6.000% | 2036000 | &nbsp;&nbsp; 2032818 |
| RingCentral, Inc.<sup>(a)</sup>  | RingCentral, Inc.<sup>(a)</sup>  | RingCentral, Inc.<sup>(a)</sup>  | RingCentral, Inc.<sup>(a)</sup>  |
| 08/15/2030 | &nbsp;&nbsp; 8.500% | 445000 | &nbsp;&nbsp; 475943 |
| Roper Technologies, Inc. | Roper Technologies, Inc. | Roper Technologies, Inc. | Roper Technologies, Inc. |
| 09/15/2027 | &nbsp;&nbsp; 1.400% | 330000 | &nbsp;&nbsp; 310530 |
| 10/15/2034 | &nbsp;&nbsp; 4.900% | 658000 | &nbsp;&nbsp; 649438 |
| S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. |
| 03/01/2032 | &nbsp;&nbsp; 2.900% | 938000 | &nbsp;&nbsp; 852189 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Salesforce.com, Inc. | Salesforce.com, Inc. | Salesforce.com, Inc. | Salesforce.com, Inc. |
| 07/15/2041 | &nbsp;&nbsp; 2.700% | 347000 | &nbsp;&nbsp; 249343 |
| Seagate HDD Cayman | Seagate HDD Cayman | Seagate HDD Cayman | Seagate HDD Cayman |
| 07/15/2029 | &nbsp;&nbsp; 3.125% | 480000 | &nbsp;&nbsp; 432965 |
| 01/15/2031 | &nbsp;&nbsp; 4.125% | 200000 | &nbsp;&nbsp; 183066 |
| Sensata Technologies BV<sup>(a)</sup>  | Sensata Technologies BV<sup>(a)</sup>  | Sensata Technologies BV<sup>(a)</sup>  | Sensata Technologies BV<sup>(a)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 4.000% | 425000 | &nbsp;&nbsp; 404070 |
| Shift4 Payments LLC/Finance Sub, Inc.<sup>(a)</sup>  | Shift4 Payments LLC/Finance Sub, Inc.<sup>(a)</sup>  | Shift4 Payments LLC/Finance Sub, Inc.<sup>(a)</sup>  | Shift4 Payments LLC/Finance Sub, Inc.<sup>(a)</sup>  |
| 08/15/2032 | &nbsp;&nbsp; 6.750% | 565000 | &nbsp;&nbsp; 587213 |
| SS&C Technologies, Inc.<sup>(a)</sup>  | SS&C Technologies, Inc.<sup>(a)</sup>  | SS&C Technologies, Inc.<sup>(a)</sup>  | SS&C Technologies, Inc.<sup>(a)</sup>  |
| 09/30/2027 | &nbsp;&nbsp; 5.500% | 475000 | &nbsp;&nbsp; 475174 |
| Synaptics, Inc.<sup>(a)</sup>  | Synaptics, Inc.<sup>(a)</sup>  | Synaptics, Inc.<sup>(a)</sup>  | Synaptics, Inc.<sup>(a)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 4.000% | 340000 | &nbsp;&nbsp; 322230 |
| Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
| 04/01/2028 | &nbsp;&nbsp; 4.650% | 1202000 | &nbsp;&nbsp; 1214280 |
| 04/01/2030 | &nbsp;&nbsp; 4.850% | 1719000 | &nbsp;&nbsp; 1743235 |
| 04/01/2032 | &nbsp;&nbsp; 5.000% | 1375000 | &nbsp;&nbsp; 1392523 |
| 04/01/2035 | &nbsp;&nbsp; 5.150% | 151000 | &nbsp;&nbsp; 152222 |
| 04/01/2055 | &nbsp;&nbsp; 5.700% | 1204000 | &nbsp;&nbsp; 1196571 |
| Texas Instruments, Inc. | Texas Instruments, Inc. | Texas Instruments, Inc. | Texas Instruments, Inc. |
| 05/23/2030 | &nbsp;&nbsp; 4.500% | 1723000 | &nbsp;&nbsp; 1742218 |
| 05/23/2035 | &nbsp;&nbsp; 5.100% | 1723000 | &nbsp;&nbsp; 1755129 |
| 03/14/2053 | &nbsp;&nbsp; 5.000% | 941000 | &nbsp;&nbsp; 867703 |
| 02/08/2054 | &nbsp;&nbsp; 5.150% | 795000 | &nbsp;&nbsp; 749635 |
| 05/18/2063 | &nbsp;&nbsp; 5.050% | 477000 | &nbsp;&nbsp; 438044 |
| TSMC Arizona Corp. | TSMC Arizona Corp. | TSMC Arizona Corp. | TSMC Arizona Corp. |
| 10/25/2031 | &nbsp;&nbsp; 2.500% | 470000 | &nbsp;&nbsp; 421797 |
| VMware, Inc. | VMware, Inc. | VMware, Inc. | VMware, Inc. |
| 05/15/2027 | &nbsp;&nbsp; 4.650% | 452000 | &nbsp;&nbsp; 454649 |
| Workday, Inc. | Workday, Inc. | Workday, Inc. | Workday, Inc. |
| 04/01/2029 | &nbsp;&nbsp; 3.700% | 594000 | &nbsp;&nbsp; 580325 |
| Xerox Holdings Corp.<sup>(a)</sup>  | Xerox Holdings Corp.<sup>(a)</sup>  | Xerox Holdings Corp.<sup>(a)</sup>  | Xerox Holdings Corp.<sup>(a)</sup>  |
| 11/30/2029 | &nbsp;&nbsp; 8.875% | 425000 | &nbsp;&nbsp; 320920 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **98606327** |
| **Tobacco 0.7%** | **Tobacco 0.7%** | **Tobacco 0.7%** | **Tobacco 0.7%** |
| Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
| 09/16/2046 | &nbsp;&nbsp; 3.875% | 1088000 | &nbsp;&nbsp; 803237 |
| BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
| 08/15/2037 | &nbsp;&nbsp; 4.390% | 2525000 | &nbsp;&nbsp; 2258995 |
| 08/15/2047 | &nbsp;&nbsp; 4.540% | 1669000 | &nbsp;&nbsp; 1348427 |
| 08/02/2053 | &nbsp;&nbsp; 7.081% | 436000 | &nbsp;&nbsp; 485614 |
| 08/15/2055 | &nbsp;&nbsp; 6.250% | 1183000 | &nbsp;&nbsp; 1196867 |
| Imperial Brands Finance PLC<sup>(a)</sup>  | Imperial Brands Finance PLC<sup>(a)</sup>  | Imperial Brands Finance PLC<sup>(a)</sup>  | Imperial Brands Finance PLC<sup>(a)</sup>  |
| 07/01/2034 | &nbsp;&nbsp; 5.875% | 1816000 | &nbsp;&nbsp; 1861637 |
| Imperial Brands Finance PLC<sup>(a),(k)</sup>  | Imperial Brands Finance PLC<sup>(a),(k)</sup>  | Imperial Brands Finance PLC<sup>(a),(k)</sup>  | Imperial Brands Finance PLC<sup>(a),(k)</sup>  |
| 07/01/2035 | &nbsp;&nbsp; 5.625% | 1593000 | &nbsp;&nbsp; 1597913 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Japan Tobacco, Inc.<sup>(a)</sup>  | Japan Tobacco, Inc.<sup>(a)</sup>  | Japan Tobacco, Inc.<sup>(a)</sup>  | Japan Tobacco, Inc.<sup>(a)</sup>  |
| 06/15/2030 | &nbsp;&nbsp; 5.250% | 545000 | &nbsp;&nbsp; 560764 |
| 06/15/2035 | &nbsp;&nbsp; 5.850% | 320000 | &nbsp;&nbsp; 334462 |
| Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
| 11/17/2025 | &nbsp;&nbsp; 5.000% | 1669000 | &nbsp;&nbsp; 1670633 |
| 04/28/2028 | &nbsp;&nbsp; 4.125% | 3488000 | &nbsp;&nbsp; 3480907 |
| 04/30/2030 | &nbsp;&nbsp; 4.375% | 2952000 | &nbsp;&nbsp; 2944311 |
| 02/15/2033 | &nbsp;&nbsp; 5.375% | 1332000 | &nbsp;&nbsp; 1375709 |
| 09/07/2033 | &nbsp;&nbsp; 5.625% | 1125000 | &nbsp;&nbsp; 1178770 |
| 02/13/2034 | &nbsp;&nbsp; 5.250% | 456000 | &nbsp;&nbsp; 464945 |
| 04/30/2035 | &nbsp;&nbsp; 4.875% | 3130000 | &nbsp;&nbsp; 3087888 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **24651079** |
| **Transportation Services 0.2%** | **Transportation Services 0.2%** | **Transportation Services 0.2%** | **Transportation Services 0.2%** |
| Avis Budget Car Rental LLC/Finance, Inc.<sup>(a)</sup>  | Avis Budget Car Rental LLC/Finance, Inc.<sup>(a)</sup>  | Avis Budget Car Rental LLC/Finance, Inc.<sup>(a)</sup>  | Avis Budget Car Rental LLC/Finance, Inc.<sup>(a)</sup>  |
| 07/15/2027 | &nbsp;&nbsp; 5.750% | 390000 | &nbsp;&nbsp; 388166 |
| Hertz Corp. (The)<sup>(a)</sup>  | Hertz Corp. (The)<sup>(a)</sup>  | Hertz Corp. (The)<sup>(a)</sup>  | Hertz Corp. (The)<sup>(a)</sup>  |
| 12/01/2026 | &nbsp;&nbsp; 4.625% | 500000 | &nbsp;&nbsp; 448858 |
| Penske Truck Leasing Co. LP<sup>(a)</sup>  | Penske Truck Leasing Co. LP<sup>(a)</sup>  | Penske Truck Leasing Co. LP<sup>(a)</sup>  | Penske Truck Leasing Co. LP<sup>(a)</sup>  |
| 07/01/2029 | &nbsp;&nbsp; 5.250% | 388000 | &nbsp;&nbsp; 397300 |
| United Parcel Service, Inc. | United Parcel Service, Inc. | United Parcel Service, Inc. | United Parcel Service, Inc. |
| 05/14/2035 | &nbsp;&nbsp; 5.250% | 1378000 | &nbsp;&nbsp; 1407405 |
| 05/14/2055 | &nbsp;&nbsp; 5.950% | 1240000 | &nbsp;&nbsp; 1273132 |
| 05/14/2065 | &nbsp;&nbsp; 6.050% | 1585000 | &nbsp;&nbsp; 1622511 |
| XPO, Inc.<sup>(a)</sup>  | XPO, Inc.<sup>(a)</sup>  | XPO, Inc.<sup>(a)</sup>  | XPO, Inc.<sup>(a)</sup>  |
| 06/01/2031 | &nbsp;&nbsp; 7.125% | 620000 | &nbsp;&nbsp; 646910 |
| Yinson Bergenia Production BV<sup>(a),(k)</sup>  | Yinson Bergenia Production BV<sup>(a),(k)</sup>  | Yinson Bergenia Production BV<sup>(a),(k)</sup>  | Yinson Bergenia Production BV<sup>(a),(k)</sup>  |
| 01/31/2045 | &nbsp;&nbsp; 8.498% | 343000 | &nbsp;&nbsp; 347762 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **6532044** |
| **Wireless 0.2%** | **Wireless 0.2%** | **Wireless 0.2%** | **Wireless 0.2%** |
| Crown Castle Inc | Crown Castle Inc | Crown Castle Inc | Crown Castle Inc |
| 03/01/2034 | &nbsp;&nbsp; 5.800% | 1205000 | &nbsp;&nbsp; 1248346 |
| Crown Castle International Corp. | Crown Castle International Corp. | Crown Castle International Corp. | Crown Castle International Corp. |
| 04/01/2031 | &nbsp;&nbsp; 2.100% | 1333000 | &nbsp;&nbsp; 1143783 |
| SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. |
| 02/01/2029 | &nbsp;&nbsp; 3.125% | 300000 | &nbsp;&nbsp; 283353 |
| Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. |
| 11/15/2028 | &nbsp;&nbsp; 6.875% | 229000 | &nbsp;&nbsp; 245820 |
| T-Mobile US, Inc. | T-Mobile US, Inc. | T-Mobile US, Inc. | T-Mobile US, Inc. |
| 04/15/2029 | &nbsp;&nbsp; 3.375% | 1361000 | &nbsp;&nbsp; 1310622 |
| 01/15/2054 | &nbsp;&nbsp; 5.750% | 217000 | &nbsp;&nbsp; 212468 |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| 05/15/2035 | &nbsp;&nbsp; 5.300% | 1384000 | &nbsp;&nbsp; 1401185 |
| 11/15/2055 | &nbsp;&nbsp; 5.875% | 827000 | &nbsp;&nbsp; 829016 |
| United States Cellular Corp. | United States Cellular Corp. | United States Cellular Corp. | United States Cellular Corp. |
| 12/15/2033 | &nbsp;&nbsp; 6.700% | 206000 | &nbsp;&nbsp; 216710 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC |
| 06/28/2054 | &nbsp;&nbsp; 5.750% | 263000 | &nbsp;&nbsp; 252217 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **7143520** |
| **Wirelines 0.3%** | **Wirelines 0.3%** | **Wirelines 0.3%** | **Wirelines 0.3%** |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| 06/01/2027 | &nbsp;&nbsp; 2.300% | 558000 | &nbsp;&nbsp; 537819 |
| 06/01/2041 | &nbsp;&nbsp; 3.500% | 755000 | &nbsp;&nbsp; 592146 |
| 09/15/2053 | &nbsp;&nbsp; 3.500% | 2545000 | &nbsp;&nbsp; 1722975 |
| 09/15/2055 | &nbsp;&nbsp; 3.550% | 2399000 | &nbsp;&nbsp; 1618215 |
| 08/15/2056 | &nbsp;&nbsp; 6.050% | 510000 | &nbsp;&nbsp; 521029 |
| 12/01/2057 | &nbsp;&nbsp; 3.800% | 1031000 | &nbsp;&nbsp; 721341 |
| 09/15/2059 | &nbsp;&nbsp; 3.650% | 740000 | &nbsp;&nbsp; 496239 |
| Frontier Communications Holdings LLC<sup>(a)</sup>  | Frontier Communications Holdings LLC<sup>(a)</sup>  | Frontier Communications Holdings LLC<sup>(a)</sup>  | Frontier Communications Holdings LLC<sup>(a)</sup>  |
| 10/15/2027 | &nbsp;&nbsp; 5.875% | 295000 | &nbsp;&nbsp; 295115 |
| Lumen Technologies, Inc.<sup>(a)</sup>  | Lumen Technologies, Inc.<sup>(a)</sup>  | Lumen Technologies, Inc.<sup>(a)</sup>  | Lumen Technologies, Inc.<sup>(a)</sup>  |
| 04/15/2030 | &nbsp;&nbsp; 4.125% | 1045883 | &nbsp;&nbsp; 1018123 |
| NTT Finance Corp.<sup>(a)</sup>  | NTT Finance Corp.<sup>(a)</sup>  | NTT Finance Corp.<sup>(a)</sup>  | NTT Finance Corp.<sup>(a)</sup>  |
| 07/02/2031 | &nbsp;&nbsp; 5.136% | 250000 | &nbsp;&nbsp; 255920 |
| Optics Bidco SpA<sup>(a)</sup>  | Optics Bidco SpA<sup>(a)</sup>  | Optics Bidco SpA<sup>(a)</sup>  | Optics Bidco SpA<sup>(a)</sup>  |
| 09/30/2034 | &nbsp;&nbsp; 6.000% | 315000 | &nbsp;&nbsp; 296127 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| 04/02/2035 | &nbsp;&nbsp; 5.250% | 2069000 | &nbsp;&nbsp; 2085994 |
| 11/20/2040 | &nbsp;&nbsp; 2.650% | 238000 | &nbsp;&nbsp; 167882 |
| 10/30/2056 | &nbsp;&nbsp; 2.987% | 1185000 | &nbsp;&nbsp; 713391 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **11042316** |
| Total Corporate Bonds & Notes <br>(Cost $1,047,063,219) | Total Corporate Bonds & Notes <br>(Cost $1,047,063,219) | Total Corporate Bonds & Notes <br>(Cost $1,047,063,219) | &nbsp;&nbsp; **1039065354** |
| **Foreign Government Obligations**<sup>(l)</sup> **1.4%** | **Foreign Government Obligations**<sup>(l)</sup> **1.4%** | **Foreign Government Obligations**<sup>(l)</sup> **1.4%** | **Foreign Government Obligations**<sup>(l)</sup> **1.4%** |
| **Australia 0.1%** | **Australia 0.1%** | **Australia 0.1%** | **Australia 0.1%** |
| Export Finance & Insurance Corp.<sup>(a)</sup>  | Export Finance & Insurance Corp.<sup>(a)</sup>  | Export Finance & Insurance Corp.<sup>(a)</sup>  | Export Finance & Insurance Corp.<sup>(a)</sup>  |
| 10/26/2027 | &nbsp;&nbsp; 4.625% | 2720000 | &nbsp;&nbsp; 2767796 |
| **Bahamas 0.0%** | **Bahamas 0.0%** | **Bahamas 0.0%** | **Bahamas 0.0%** |
| Bahamas Government International Bond<sup>(a)</sup>  | Bahamas Government International Bond<sup>(a)</sup>  | Bahamas Government International Bond<sup>(a)</sup>  | Bahamas Government International Bond<sup>(a)</sup>  |
| 06/24/2036 | &nbsp;&nbsp; 8.250% | 301000 | &nbsp;&nbsp; 307269 |
| **Benin 0.0%** | **Benin 0.0%** | **Benin 0.0%** | **Benin 0.0%** |
| Benin Government International Bond<sup>(a)</sup>  | Benin Government International Bond<sup>(a)</sup>  | Benin Government International Bond<sup>(a)</sup>  | Benin Government International Bond<sup>(a)</sup>  |
| 02/13/2038 | &nbsp;&nbsp; 7.960% | 310000 | &nbsp;&nbsp; 293466 |
| **Brazil 0.0%** | **Brazil 0.0%** | **Brazil 0.0%** | **Brazil 0.0%** |
| Brazilian Government International Bond | Brazilian Government International Bond | Brazilian Government International Bond | Brazilian Government International Bond |
| 05/13/2054 | &nbsp;&nbsp; 7.125% | 400000 | &nbsp;&nbsp; 382813 |
| **Canada 0.0%** | **Canada 0.0%** | **Canada 0.0%** | **Canada 0.0%** |
| NOVA Chemicals Corp.<sup>(a)</sup>  | NOVA Chemicals Corp.<sup>(a)</sup>  | NOVA Chemicals Corp.<sup>(a)</sup>  | NOVA Chemicals Corp.<sup>(a)</sup>  |
| 05/15/2029 | &nbsp;&nbsp; 4.250% | 160000 | &nbsp;&nbsp; 153926 |
| 02/15/2030 | &nbsp;&nbsp; 9.000% | 500000 | &nbsp;&nbsp; 539964 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(l)</sup> **(continued)** | **Foreign Government Obligations**<sup>(l)</sup> **(continued)** | **Foreign Government Obligations**<sup>(l)</sup> **(continued)** | **Foreign Government Obligations**<sup>(l)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Ontario Teachers' Cadillac Fairview Properties Trust<sup>(a)</sup>  | Ontario Teachers' Cadillac Fairview Properties Trust<sup>(a)</sup>  | Ontario Teachers' Cadillac Fairview Properties Trust<sup>(a)</sup>  | Ontario Teachers' Cadillac Fairview Properties Trust<sup>(a)</sup>  |
| 03/20/2027 | &nbsp;&nbsp; 3.875% | 274000 | &nbsp;&nbsp; 270832 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **964722** |
| **Chile 0.1%** | **Chile 0.1%** | **Chile 0.1%** | **Chile 0.1%** |
| Chile Electricity Lux MPC II Sarl<sup>(a)</sup>  | Chile Electricity Lux MPC II Sarl<sup>(a)</sup>  | Chile Electricity Lux MPC II Sarl<sup>(a)</sup>  | Chile Electricity Lux MPC II Sarl<sup>(a)</sup>  |
| 10/20/2035 | &nbsp;&nbsp; 5.580% | 991190 | &nbsp;&nbsp; 994915 |
| 10/20/2035 | &nbsp;&nbsp; 5.672% | 1877000 | &nbsp;&nbsp; 1895196 |
| Chile Government International Bond | Chile Government International Bond | Chile Government International Bond | Chile Government International Bond |
| 01/13/2037 | &nbsp;&nbsp; 5.650% | 1467000 | &nbsp;&nbsp; 1514404 |
| Corporación Nacional del Cobre de Chile<sup>(a)</sup>  | Corporación Nacional del Cobre de Chile<sup>(a)</sup>  | Corporación Nacional del Cobre de Chile<sup>(a)</sup>  | Corporación Nacional del Cobre de Chile<sup>(a)</sup>  |
| 01/26/2036 | &nbsp;&nbsp; 6.440% | 237000 | &nbsp;&nbsp; 247724 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **4652239** |
| **Colombia 0.0%** | **Colombia 0.0%** | **Colombia 0.0%** | **Colombia 0.0%** |
| Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond |
| 11/07/2036 | &nbsp;&nbsp; 7.750% | 294000 | &nbsp;&nbsp; 287428 |
| 11/14/2053 | &nbsp;&nbsp; 8.750% | 500000 | &nbsp;&nbsp; 495899 |
| Ecopetrol SA | Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
| 01/19/2036 | &nbsp;&nbsp; 8.375% | 150000 | &nbsp;&nbsp; 144772 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **928099** |
| **Dominican Republic 0.0%** | **Dominican Republic 0.0%** | **Dominican Republic 0.0%** | **Dominican Republic 0.0%** |
| Dominican Republic International Bond<sup>(a)</sup>  | Dominican Republic International Bond<sup>(a)</sup>  | Dominican Republic International Bond<sup>(a)</sup>  | Dominican Republic International Bond<sup>(a)</sup>  |
| 02/22/2033 | &nbsp;&nbsp; 6.000% | 450000 | &nbsp;&nbsp; 444666 |
| 01/30/2060 | &nbsp;&nbsp; 5.875% | 450000 | &nbsp;&nbsp; 378448 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **823114** |
| **Ecuador 0.0%** | **Ecuador 0.0%** | **Ecuador 0.0%** | **Ecuador 0.0%** |
| Ecuador Government International Bond<sup>(a),(e)</sup>  | Ecuador Government International Bond<sup>(a),(e)</sup>  | Ecuador Government International Bond<sup>(a),(e)</sup>  | Ecuador Government International Bond<sup>(a),(e)</sup>  |
| 07/31/2030 | &nbsp;&nbsp; 6.900% | 330000 | &nbsp;&nbsp; 285475 |
| 07/31/2035 | &nbsp;&nbsp; 5.500% | 250000 | &nbsp;&nbsp; 181690 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **467165** |
| **Egypt 0.1%** | **Egypt 0.1%** | **Egypt 0.1%** | **Egypt 0.1%** |
| Egypt Government International Bond<sup>(a)</sup>  | Egypt Government International Bond<sup>(a)</sup>  | Egypt Government International Bond<sup>(a)</sup>  | Egypt Government International Bond<sup>(a)</sup>  |
| 03/01/2029 | &nbsp;&nbsp; 7.600% | 600000 | &nbsp;&nbsp; 604556 |
| 02/04/2030 | &nbsp;&nbsp; 8.625% | 200000 | &nbsp;&nbsp; 202571 |
| 02/04/2033 | &nbsp;&nbsp; 9.450% | 200000 | &nbsp;&nbsp; 202159 |
| 09/30/2033 | &nbsp;&nbsp; 7.300% | 400000 | &nbsp;&nbsp; 354894 |
| 01/31/2047 | &nbsp;&nbsp; 8.500% | 500000 | &nbsp;&nbsp; 404968 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1769148** |
| **El Salvador 0.0%** | **El Salvador 0.0%** | **El Salvador 0.0%** | **El Salvador 0.0%** |
| El Salvador Government International Bond<sup>(a)</sup>  | El Salvador Government International Bond<sup>(a)</sup>  | El Salvador Government International Bond<sup>(a)</sup>  | El Salvador Government International Bond<sup>(a)</sup>  |
| 11/21/2054 | &nbsp;&nbsp; 9.650% | 500000 | &nbsp;&nbsp; 517911 |
| **France 0.0%** | **France 0.0%** | **France 0.0%** | **France 0.0%** |
| Electricite de France SA<sup>(a)</sup>  | Electricite de France SA<sup>(a)</sup>  | Electricite de France SA<sup>(a)</sup>  | Electricite de France SA<sup>(a)</sup>  |
| 05/23/2053 | &nbsp;&nbsp; 6.900% | 560000 | &nbsp;&nbsp; 597881 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(l)</sup> **(continued)** | **Foreign Government Obligations**<sup>(l)</sup> **(continued)** | **Foreign Government Obligations**<sup>(l)</sup> **(continued)** | **Foreign Government Obligations**<sup>(l)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **India 0.0%** | **India 0.0%** | **India 0.0%** | **India 0.0%** |
| Greenko Dutch BV<sup>(a)</sup>  | Greenko Dutch BV<sup>(a)</sup>  | Greenko Dutch BV<sup>(a)</sup>  | Greenko Dutch BV<sup>(a)</sup>  |
| 03/29/2026 | &nbsp;&nbsp; 3.850% | 176000 | &nbsp;&nbsp; 172768 |
| **Israel 0.2%** | **Israel 0.2%** | **Israel 0.2%** | **Israel 0.2%** |
| Israel Government International Bond | Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
| 02/19/2030 | &nbsp;&nbsp; 5.375% | 3081000 | &nbsp;&nbsp; 3147708 |
| 01/17/2033 | &nbsp;&nbsp; 4.500% | 363000 | &nbsp;&nbsp; 345158 |
| 02/19/2035 | &nbsp;&nbsp; 5.625% | 1807000 | &nbsp;&nbsp; 1839516 |
| 07/03/2050 | &nbsp;&nbsp; 3.875% | 733000 | &nbsp;&nbsp; 514691 |
| 03/12/2054 | &nbsp;&nbsp; 5.750% | 1879000 | &nbsp;&nbsp; 1743799 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **7590872** |
| **Ivory Coast 0.0%** | **Ivory Coast 0.0%** | **Ivory Coast 0.0%** | **Ivory Coast 0.0%** |
| Ivory Coast Government International Bond<sup>(a)</sup>  | Ivory Coast Government International Bond<sup>(a)</sup>  | Ivory Coast Government International Bond<sup>(a)</sup>  | Ivory Coast Government International Bond<sup>(a)</sup>  |
| 06/15/2033 | &nbsp;&nbsp; 6.125% | 200000 | &nbsp;&nbsp; 181901 |
| 04/01/2036 | &nbsp;&nbsp; 8.075% | 552000 | &nbsp;&nbsp; 532455 |
| 01/30/2037 | &nbsp;&nbsp; 8.250% | 202000 | &nbsp;&nbsp; 194400 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **908756** |
| **Jordan 0.0%** | **Jordan 0.0%** | **Jordan 0.0%** | **Jordan 0.0%** |
| Jordan Government International Bond<sup>(a)</sup>  | Jordan Government International Bond<sup>(a)</sup>  | Jordan Government International Bond<sup>(a)</sup>  | Jordan Government International Bond<sup>(a)</sup>  |
| 01/29/2026 | &nbsp;&nbsp; 6.125% | 200000 | &nbsp;&nbsp; 199018 |
| 10/10/2047 | &nbsp;&nbsp; 7.375% | 200000 | &nbsp;&nbsp; 176720 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **375738** |
| **Kenya 0.0%** | **Kenya 0.0%** | **Kenya 0.0%** | **Kenya 0.0%** |
| Republic of Kenya Government International Bond<sup>(a)</sup>  | Republic of Kenya Government International Bond<sup>(a)</sup>  | Republic of Kenya Government International Bond<sup>(a)</sup>  | Republic of Kenya Government International Bond<sup>(a)</sup>  |
| 03/05/2036 | &nbsp;&nbsp; 9.500% | 200000 | &nbsp;&nbsp; 188209 |
| **Mexico 0.3%** | **Mexico 0.3%** | **Mexico 0.3%** | **Mexico 0.3%** |
| Banco Nacional de Comercio Exterior SNC<sup>(a)</sup>  | Banco Nacional de Comercio Exterior SNC<sup>(a)</sup>  | Banco Nacional de Comercio Exterior SNC<sup>(a)</sup>  | Banco Nacional de Comercio Exterior SNC<sup>(a)</sup>  |
| 05/07/2030 | &nbsp;&nbsp; 5.875% | 200000 | &nbsp;&nbsp; 202914 |
| Banco Nacional de Comercio Exterior SNC<sup>(a),(e)</sup>  | Banco Nacional de Comercio Exterior SNC<sup>(a),(e)</sup>  | Banco Nacional de Comercio Exterior SNC<sup>(a),(e)</sup>  | Banco Nacional de Comercio Exterior SNC<sup>(a),(e)</sup>  |
| 08/11/2031 | &nbsp;&nbsp; 2.720% | 520000 | &nbsp;&nbsp; 492044 |
| Comision Federal de Electricidad<sup>(a)</sup>  | Comision Federal de Electricidad<sup>(a)</sup>  | Comision Federal de Electricidad<sup>(a)</sup>  | Comision Federal de Electricidad<sup>(a)</sup>  |
| 01/24/2035 | &nbsp;&nbsp; 6.450% | 291000 | &nbsp;&nbsp; 286793 |
| FIEMEX Energia - Banco Actinver SA Institucion de Banca<sup>(a)</sup>  | FIEMEX Energia - Banco Actinver SA Institucion de Banca<sup>(a)</sup>  | FIEMEX Energia - Banco Actinver SA Institucion de Banca<sup>(a)</sup>  | FIEMEX Energia - Banco Actinver SA Institucion de Banca<sup>(a)</sup>  |
| 01/31/2041 | &nbsp;&nbsp; 7.250% | 397700 | &nbsp;&nbsp; 403328 |
| Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
| 02/12/2034 | &nbsp;&nbsp; 3.500% | 1399000 | &nbsp;&nbsp; 1180338 |
| 03/08/2044 | &nbsp;&nbsp; 4.750% | 1088000 | &nbsp;&nbsp; 858253 |
| 01/23/2046 | &nbsp;&nbsp; 4.600% | 1151000 | &nbsp;&nbsp; 868178 |
| 02/10/2048 | &nbsp;&nbsp; 4.600% | 974000 | &nbsp;&nbsp; 725086 |
| 02/12/2052 | &nbsp;&nbsp; 4.400% | 1044000 | &nbsp;&nbsp; 733571 |
| Mexico Government International Bond<sup>(k)</sup>  | Mexico Government International Bond<sup>(k)</sup>  | Mexico Government International Bond<sup>(k)</sup>  | Mexico Government International Bond<sup>(k)</sup>  |
| 01/29/2038 | &nbsp;&nbsp; 6.625% | 2818000 | &nbsp;&nbsp; 2861031 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(l)</sup> **(continued)** | **Foreign Government Obligations**<sup>(l)</sup> **(continued)** | **Foreign Government Obligations**<sup>(l)</sup> **(continued)** | **Foreign Government Obligations**<sup>(l)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
| 02/12/2028 | &nbsp;&nbsp; 5.350% | 600000 | &nbsp;&nbsp; 576735 |
| 01/28/2031 | &nbsp;&nbsp; 5.950% | 720000 | &nbsp;&nbsp; 650120 |
| 02/16/2032 | &nbsp;&nbsp; 6.700% | 270000 | &nbsp;&nbsp; 250729 |
| 01/23/2050 | &nbsp;&nbsp; 7.690% | 900000 | &nbsp;&nbsp; 707973 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **10797093** |
| **Morocco 0.0%** | **Morocco 0.0%** | **Morocco 0.0%** | **Morocco 0.0%** |
| Morocco Government International Bond<sup>(a)</sup>  | Morocco Government International Bond<sup>(a)</sup>  | Morocco Government International Bond<sup>(a)</sup>  | Morocco Government International Bond<sup>(a)</sup>  |
| 12/15/2050 | &nbsp;&nbsp; 4.000% | 200000 | &nbsp;&nbsp; 135693 |
| OCP SA<sup>(a)</sup>  | OCP SA<sup>(a)</sup>  | OCP SA<sup>(a)</sup>  | OCP SA<sup>(a)</sup>  |
| 03/01/2036 | &nbsp;&nbsp; 6.700% | 200000 | &nbsp;&nbsp; 200904 |
| 05/02/2054 | &nbsp;&nbsp; 7.500% | 300000 | &nbsp;&nbsp; 299798 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **636395** |
| **Nigeria 0.0%** | **Nigeria 0.0%** | **Nigeria 0.0%** | **Nigeria 0.0%** |
| Nigeria Government International Bond<sup>(a)</sup>  | Nigeria Government International Bond<sup>(a)</sup>  | Nigeria Government International Bond<sup>(a)</sup>  | Nigeria Government International Bond<sup>(a)</sup>  |
| 11/28/2027 | &nbsp;&nbsp; 6.500% | 400000 | &nbsp;&nbsp; 394113 |
| 09/28/2028 | &nbsp;&nbsp; 6.125% | 200000 | &nbsp;&nbsp; 189814 |
| 01/21/2031 | &nbsp;&nbsp; 8.747% | 200000 | &nbsp;&nbsp; 200807 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **784734** |
| **Norway 0.0%** | **Norway 0.0%** | **Norway 0.0%** | **Norway 0.0%** |
| Equinor ASA | Equinor ASA | Equinor ASA | Equinor ASA |
| 06/03/2035 | &nbsp;&nbsp; 5.125% | 692000 | &nbsp;&nbsp; 703755 |
| **Oman 0.0%** | **Oman 0.0%** | **Oman 0.0%** | **Oman 0.0%** |
| Oman Government International Bond<sup>(a)</sup>  | Oman Government International Bond<sup>(a)</sup>  | Oman Government International Bond<sup>(a)</sup>  | Oman Government International Bond<sup>(a)</sup>  |
| 01/25/2051 | &nbsp;&nbsp; 7.000% | 400000 | &nbsp;&nbsp; 424285 |
| **Pakistan 0.0%** | **Pakistan 0.0%** | **Pakistan 0.0%** | **Pakistan 0.0%** |
| Pakistan Government International Bond<sup>(a)</sup>  | Pakistan Government International Bond<sup>(a)</sup>  | Pakistan Government International Bond<sup>(a)</sup>  | Pakistan Government International Bond<sup>(a)</sup>  |
| 12/05/2027 | &nbsp;&nbsp; 6.875% | 200000 | &nbsp;&nbsp; 188782 |
| **Panama 0.0%** | **Panama 0.0%** | **Panama 0.0%** | **Panama 0.0%** |
| Panama Government International Bond | Panama Government International Bond | Panama Government International Bond | Panama Government International Bond |
| 03/01/2057 | &nbsp;&nbsp; 7.875% | 264000 | &nbsp;&nbsp; 269487 |
| **Paraguay 0.1%** | **Paraguay 0.1%** | **Paraguay 0.1%** | **Paraguay 0.1%** |
| Bioceanico Sovereign Certificate Ltd.<sup>(a),(i)</sup>  | Bioceanico Sovereign Certificate Ltd.<sup>(a),(i)</sup>  | Bioceanico Sovereign Certificate Ltd.<sup>(a),(i)</sup>  | Bioceanico Sovereign Certificate Ltd.<sup>(a),(i)</sup>  |
| 06/05/2034 | &nbsp;&nbsp; 0.000% | 295972 | &nbsp;&nbsp; 234137 |
| Paraguay Government International Bond<sup>(a)</sup>  | Paraguay Government International Bond<sup>(a)</sup>  | Paraguay Government International Bond<sup>(a)</sup>  | Paraguay Government International Bond<sup>(a)</sup>  |
| 03/13/2048 | &nbsp;&nbsp; 5.600% | 1300000 | &nbsp;&nbsp; 1161239 |
| 03/30/2050 | &nbsp;&nbsp; 5.400% | 2743000 | &nbsp;&nbsp; 2354387 |
| 03/04/2055 | &nbsp;&nbsp; 6.650% | 546000 | &nbsp;&nbsp; 548711 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **4298474** |
| **Peru 0.1%** | **Peru 0.1%** | **Peru 0.1%** | **Peru 0.1%** |
| Peruvian Government International Bond | Peruvian Government International Bond | Peruvian Government International Bond | Peruvian Government International Bond |
| 03/30/2036 | &nbsp;&nbsp; 5.500% | 1998000 | &nbsp;&nbsp; 2001478 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(l)</sup> **(continued)** | **Foreign Government Obligations**<sup>(l)</sup> **(continued)** | **Foreign Government Obligations**<sup>(l)</sup> **(continued)** | **Foreign Government Obligations**<sup>(l)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Poland 0.1%** | **Poland 0.1%** | **Poland 0.1%** | **Poland 0.1%** |
| Bank Gospodarstwa Krajowego<sup>(a)</sup>  | Bank Gospodarstwa Krajowego<sup>(a)</sup>  | Bank Gospodarstwa Krajowego<sup>(a)</sup>  | Bank Gospodarstwa Krajowego<sup>(a)</sup>  |
| 07/09/2054 | &nbsp;&nbsp; 6.250% | 1727000 | &nbsp;&nbsp; 1704831 |
| **Saudi Arabia 0.1%** | **Saudi Arabia 0.1%** | **Saudi Arabia 0.1%** | **Saudi Arabia 0.1%** |
| Saudi Arabian Oil Co.<sup>(a)</sup>  | Saudi Arabian Oil Co.<sup>(a)</sup>  | Saudi Arabian Oil Co.<sup>(a)</sup>  | Saudi Arabian Oil Co.<sup>(a)</sup>  |
| 06/02/2030 | &nbsp;&nbsp; 4.750% | 761000 | &nbsp;&nbsp; 764263 |
| 06/02/2055 | &nbsp;&nbsp; 6.375% | 3449000 | &nbsp;&nbsp; 3462712 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **4226975** |
| **Senegal 0.0%** | **Senegal 0.0%** | **Senegal 0.0%** | **Senegal 0.0%** |
| Senegal Government International Bond<sup>(a)</sup>  | Senegal Government International Bond<sup>(a)</sup>  | Senegal Government International Bond<sup>(a)</sup>  | Senegal Government International Bond<sup>(a)</sup>  |
| 05/23/2033 | &nbsp;&nbsp; 6.250% | 200000 | &nbsp;&nbsp; 131802 |
| **South Africa 0.1%** | **South Africa 0.1%** | **South Africa 0.1%** | **South Africa 0.1%** |
| Republic of South Africa Government International Bond<sup>(a)</sup>  | Republic of South Africa Government International Bond<sup>(a)</sup>  | Republic of South Africa Government International Bond<sup>(a)</sup>  | Republic of South Africa Government International Bond<sup>(a)</sup>  |
| 11/19/2036 | &nbsp;&nbsp; 7.100% | 587000 | &nbsp;&nbsp; 582493 |
| 11/19/2054 | &nbsp;&nbsp; 7.950% | 509000 | &nbsp;&nbsp; 485302 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1067795** |
| **Trinidad and Tobago 0.0%** | **Trinidad and Tobago 0.0%** | **Trinidad and Tobago 0.0%** | **Trinidad and Tobago 0.0%** |
| Trinidad Generation Unlimited<sup>(a)</sup>  | Trinidad Generation Unlimited<sup>(a)</sup>  | Trinidad Generation Unlimited<sup>(a)</sup>  | Trinidad Generation Unlimited<sup>(a)</sup>  |
| 06/16/2033 | &nbsp;&nbsp; 7.750% | 213000 | &nbsp;&nbsp; 219295 |
| **Turkey 0.1%** | **Turkey 0.1%** | **Turkey 0.1%** | **Turkey 0.1%** |
| Istanbul Metropolitan Municipality<sup>(a)</sup>  | Istanbul Metropolitan Municipality<sup>(a)</sup>  | Istanbul Metropolitan Municipality<sup>(a)</sup>  | Istanbul Metropolitan Municipality<sup>(a)</sup>  |
| 12/06/2028 | &nbsp;&nbsp; 10.500% | 455000 | &nbsp;&nbsp; 489320 |
| TC Ziraat Bankasi AS<sup>(a)</sup>  | TC Ziraat Bankasi AS<sup>(a)</sup>  | TC Ziraat Bankasi AS<sup>(a)</sup>  | TC Ziraat Bankasi AS<sup>(a)</sup>  |
| 02/04/2030 | &nbsp;&nbsp; 7.250% | 238000 | &nbsp;&nbsp; 237599 |
| Turkiye Government International Bond | Turkiye Government International Bond | Turkiye Government International Bond | Turkiye Government International Bond |
| 02/12/2032 | &nbsp;&nbsp; 7.125% | 200000 | &nbsp;&nbsp; 200360 |
| 05/15/2034 | &nbsp;&nbsp; 7.625% | 400000 | &nbsp;&nbsp; 409820 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1337099** |
| Total Foreign Government Obligations <br>(Cost $52,405,375) | Total Foreign Government Obligations <br>(Cost $52,405,375) | Total Foreign Government Obligations <br>(Cost $52,405,375) | &nbsp;&nbsp; **52500246** |
| **Municipal Bonds 0.1%** | **Municipal Bonds 0.1%** | **Municipal Bonds 0.1%** | **Municipal Bonds 0.1%** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Higher Education 0.0%** | **Higher Education 0.0%** | **Higher Education 0.0%** | **Higher Education 0.0%** |
| Ohio State University (The) | Ohio State University (The) | Ohio State University (The) | Ohio State University (The) |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Taxable | Taxable | Taxable | Taxable |
| Series 2011A | Series 2011A | Series 2011A | Series 2011A |
| 06/01/2111 | &nbsp;&nbsp; 4.800% | 500000 | &nbsp;&nbsp; 418335 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| University of Texas System (The) | University of Texas System (The) | University of Texas System (The) | University of Texas System (The) |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Taxable | Taxable | Taxable | Taxable |
| Series 2020B | Series 2020B | Series 2020B | Series 2020B |
| 08/15/2049 | &nbsp;&nbsp; 2.439% | 605000 | &nbsp;&nbsp; 361755 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **780090** |
| **Municipal Power 0.0%** | **Municipal Power 0.0%** | **Municipal Power 0.0%** | **Municipal Power 0.0%** |
| Texas Natural Gas Securitization Finance | Texas Natural Gas Securitization Finance | Texas Natural Gas Securitization Finance | Texas Natural Gas Securitization Finance |
| Customer Rate Relief Bonds | Customer Rate Relief Bonds | Customer Rate Relief Bonds | Customer Rate Relief Bonds |
| Winter Storm Uri | Winter Storm Uri | Winter Storm Uri | Winter Storm Uri |
| Series 2023 | Series 2023 | Series 2023 | Series 2023 |
| 04/01/2041 | &nbsp;&nbsp; 5.169% | 140000 | &nbsp;&nbsp; 141415 |
| **Ports 0.1%** | **Ports 0.1%** | **Ports 0.1%** | **Ports 0.1%** |
| Port Authority of New York & New Jersey | Port Authority of New York & New Jersey | Port Authority of New York & New Jersey | Port Authority of New York & New Jersey |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Consolidated 174th | Consolidated 174th | Consolidated 174th | Consolidated 174th |
| Series 2012 | Series 2012 | Series 2012 | Series 2012 |
| 10/01/2062 | &nbsp;&nbsp; 4.458% | 1850000 | &nbsp;&nbsp; 1552442 |
| **Turnpike / Bridge / Toll Road 0.0%** | **Turnpike / Bridge / Toll Road 0.0%** | **Turnpike / Bridge / Toll Road 0.0%** | **Turnpike / Bridge / Toll Road 0.0%** |
| North Texas Tollway Authority | North Texas Tollway Authority | North Texas Tollway Authority | North Texas Tollway Authority |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Series 2009 (BAM) | Series 2009 (BAM) | Series 2009 (BAM) | Series 2009 (BAM) |
| 01/01/2049 | &nbsp;&nbsp; 6.718% | 1033000 | &nbsp;&nbsp; 1137039 |
| Total Municipal Bonds <br>(Cost $4,611,705) | Total Municipal Bonds <br>(Cost $4,611,705) | Total Municipal Bonds <br>(Cost $4,611,705) | &nbsp;&nbsp; **3610986** |
| **Residential Mortgage-Backed Securities - Agency 36.4%** | **Residential Mortgage-Backed Securities - Agency 36.4%** | **Residential Mortgage-Backed Securities - Agency 36.4%** | **Residential Mortgage-Backed Securities - Agency 36.4%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Fannie Mae REMICS | Fannie Mae REMICS | Fannie Mae REMICS | Fannie Mae REMICS |
| CMO Series 2011-111 Class DB | CMO Series 2011-111 Class DB | CMO Series 2011-111 Class DB | CMO Series 2011-111 Class DB |
| 11/25/2041 | &nbsp;&nbsp; 4.000% | 1104952 | &nbsp;&nbsp; 1070016 |
| CMO Series 2013-11 Class AP | CMO Series 2013-11 Class AP | CMO Series 2013-11 Class AP | CMO Series 2013-11 Class AP |
| 01/25/2043 | &nbsp;&nbsp; 1.500% | 42000 | &nbsp;&nbsp; 38753 |
| CMO Series 2014-25 Class EL | CMO Series 2014-25 Class EL | CMO Series 2014-25 Class EL | CMO Series 2014-25 Class EL |
| 05/25/2044 | &nbsp;&nbsp; 3.000% | 1105777 | &nbsp;&nbsp; 1022533 |
| CMO Series 2015-8 Class AP | CMO Series 2015-8 Class AP | CMO Series 2015-8 Class AP | CMO Series 2015-8 Class AP |
| 03/25/2045 | &nbsp;&nbsp; 2.000% | 1923495 | &nbsp;&nbsp; 1728387 |
| CMO Series 2016-64 Class BC | CMO Series 2016-64 Class BC | CMO Series 2016-64 Class BC | CMO Series 2016-64 Class BC |
| 09/25/2046 | &nbsp;&nbsp; 1.750% | 1282377 | &nbsp;&nbsp; 1198486 |
| CMO Series 2017-35 Class MC | CMO Series 2017-35 Class MC | CMO Series 2017-35 Class MC | CMO Series 2017-35 Class MC |
| 12/25/2044 | &nbsp;&nbsp; 2.625% | 699655 | &nbsp;&nbsp; 677114 |
| CMO Series 2018-38 Class MA | CMO Series 2018-38 Class MA | CMO Series 2018-38 Class MA | CMO Series 2018-38 Class MA |
| 06/25/2048 | &nbsp;&nbsp; 3.300% | 1941365 | &nbsp;&nbsp; 1848289 |
| CMO Series 2018-45B Class TM | CMO Series 2018-45B Class TM | CMO Series 2018-45B Class TM | CMO Series 2018-45B Class TM |
| 06/25/2048 | &nbsp;&nbsp; 3.000% | 1232091 | &nbsp;&nbsp; 1116282 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2018-55 Class GA | CMO Series 2018-55 Class GA | CMO Series 2018-55 Class GA | CMO Series 2018-55 Class GA |
| 08/25/2048 | &nbsp;&nbsp; 3.375% | 1461068 | &nbsp;&nbsp; 1389598 |
| CMO Series 2018-64 Class A | CMO Series 2018-64 Class A | CMO Series 2018-64 Class A | CMO Series 2018-64 Class A |
| 09/25/2048 | &nbsp;&nbsp; 3.000% | 1100390 | &nbsp;&nbsp; 965226 |
| CMO Series 2018-85 Class EA | CMO Series 2018-85 Class EA | CMO Series 2018-85 Class EA | CMO Series 2018-85 Class EA |
| 12/25/2048 | &nbsp;&nbsp; 3.500% | 872903 | &nbsp;&nbsp; 848086 |
| CMO Series 2020-59 Class NC | CMO Series 2020-59 Class NC | CMO Series 2020-59 Class NC | CMO Series 2020-59 Class NC |
| 08/25/2040 | &nbsp;&nbsp; 3.000% | 1355027 | &nbsp;&nbsp; 1247383 |
| CMO Series 2021-27 Class EC | CMO Series 2021-27 Class EC | CMO Series 2021-27 Class EC | CMO Series 2021-27 Class EC |
| 05/25/2051 | &nbsp;&nbsp; 1.500% | 3344001 | &nbsp;&nbsp; 2697865 |
| CMO Series 2021-42 Class AC | CMO Series 2021-42 Class AC | CMO Series 2021-42 Class AC | CMO Series 2021-42 Class AC |
| 02/25/2051 | &nbsp;&nbsp; 2.000% | 1221361 | &nbsp;&nbsp; 1063011 |
| CMO Series 2021-84 Class MA | CMO Series 2021-84 Class MA | CMO Series 2021-84 Class MA | CMO Series 2021-84 Class MA |
| 10/25/2051 | &nbsp;&nbsp; 2.000% | 979385 | &nbsp;&nbsp; 806992 |
| CMO Series 2021-91A Class AB | CMO Series 2021-91A Class AB | CMO Series 2021-91A Class AB | CMO Series 2021-91A Class AB |
| 09/25/2049 | &nbsp;&nbsp; 2.500% | 1515309 | &nbsp;&nbsp; 1345725 |
| CMO Series 2022-3 Class N | CMO Series 2022-3 Class N | CMO Series 2022-3 Class N | CMO Series 2022-3 Class N |
| 10/25/2047 | &nbsp;&nbsp; 2.000% | 4380319 | &nbsp;&nbsp; 3891792 |
| CMO Series 2023-14 Class EJ | CMO Series 2023-14 Class EJ | CMO Series 2023-14 Class EJ | CMO Series 2023-14 Class EJ |
| 04/25/2049 | &nbsp;&nbsp; 2.750% | 1789667 | &nbsp;&nbsp; 1661086 |
| CMO Series 2025-18 Class MA | CMO Series 2025-18 Class MA | CMO Series 2025-18 Class MA | CMO Series 2025-18 Class MA |
| 09/25/2054 | &nbsp;&nbsp; 0.500% | 8046212 | &nbsp;&nbsp; 6650272 |
| Fannie Mae REMICS<sup>(b)</sup>  | Fannie Mae REMICS<sup>(b)</sup>  | Fannie Mae REMICS<sup>(b)</sup>  | Fannie Mae REMICS<sup>(b)</sup>  |
| CMO Series 2011-55 Class FH | CMO Series 2011-55 Class FH | CMO Series 2011-55 Class FH | CMO Series 2011-55 Class FH |
| 30-day Average SOFR + 0.554% <br>Floor 0.440%, Cap 7.000% <br>06/25/2041<br>| &nbsp;&nbsp; 4.860% | 396815 | &nbsp;&nbsp; 393065 |
| CMO Series 2012-133 Class JF | CMO Series 2012-133 Class JF | CMO Series 2012-133 Class JF | CMO Series 2012-133 Class JF |
| 30-day Average SOFR + 0.464% <br>Floor 0.350%, Cap 6.500% <br>12/25/2042<br>| &nbsp;&nbsp; 4.770% | 199075 | &nbsp;&nbsp; 195519 |
| CMO Series 2014-74 Class FC | CMO Series 2014-74 Class FC | CMO Series 2014-74 Class FC | CMO Series 2014-74 Class FC |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>11/25/2044<br>| &nbsp;&nbsp; 4.820% | 563298 | &nbsp;&nbsp; 554743 |
| CMO Series 2015-26A Class GF | CMO Series 2015-26A Class GF | CMO Series 2015-26A Class GF | CMO Series 2015-26A Class GF |
| 30-day Average SOFR + 0.414% <br>Floor 0.300%, Cap 6.500% <br>05/25/2045<br>| &nbsp;&nbsp; 4.720% | 333749 | &nbsp;&nbsp; 327244 |
| CMO Series 2016-19 Class FD | CMO Series 2016-19 Class FD | CMO Series 2016-19 Class FD | CMO Series 2016-19 Class FD |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>04/25/2046<br>| &nbsp;&nbsp; 4.820% | 3223662 | &nbsp;&nbsp; 3195134 |
| CMO Series 2016-61 Class BF | CMO Series 2016-61 Class BF | CMO Series 2016-61 Class BF | CMO Series 2016-61 Class BF |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>09/25/2046<br>| &nbsp;&nbsp; 4.820% | 324921 | &nbsp;&nbsp; 323212 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2017-11 Class FA | CMO Series 2017-11 Class FA | CMO Series 2017-11 Class FA | CMO Series 2017-11 Class FA |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>03/25/2047<br>| &nbsp;&nbsp; 4.820% | 348349 | &nbsp;&nbsp; 345683 |
| CMO Series 2017-113 Class FB | CMO Series 2017-113 Class FB | CMO Series 2017-113 Class FB | CMO Series 2017-113 Class FB |
| 30-day Average SOFR + 0.364% <br>Floor 0.250%, Cap 6.500% <br>01/25/2048<br>| &nbsp;&nbsp; 4.670% | 344277 | &nbsp;&nbsp; 340267 |
| CMO Series 2017-82 Class FE | CMO Series 2017-82 Class FE | CMO Series 2017-82 Class FE | CMO Series 2017-82 Class FE |
| 30-day Average SOFR + 0.364% <br>Floor 0.250%, Cap 6.500% <br>10/25/2047<br>| &nbsp;&nbsp; 4.670% | 792097 | &nbsp;&nbsp; 790059 |
| CMO Series 2017-9 Class EF | CMO Series 2017-9 Class EF | CMO Series 2017-9 Class EF | CMO Series 2017-9 Class EF |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>03/25/2047<br>| &nbsp;&nbsp; 4.820% | 380662 | &nbsp;&nbsp; 377982 |
| CMO Series 2018-1 Class FA | CMO Series 2018-1 Class FA | CMO Series 2018-1 Class FA | CMO Series 2018-1 Class FA |
| 30-day Average SOFR + 0.364% <br>Floor 0.250%, Cap 6.500% <br>02/25/2048<br>| &nbsp;&nbsp; 4.670% | 431066 | &nbsp;&nbsp; 425039 |
| CMO Series 2018-86 Class AF | CMO Series 2018-86 Class AF | CMO Series 2018-86 Class AF | CMO Series 2018-86 Class AF |
| 30-day Average SOFR + 0.414% <br>Floor 0.300%, Cap 6.500% <br>12/25/2048<br>| &nbsp;&nbsp; 4.720% | 277244 | &nbsp;&nbsp; 274635 |
| CMO Series 2019-15 Class FA | CMO Series 2019-15 Class FA | CMO Series 2019-15 Class FA | CMO Series 2019-15 Class FA |
| 30-day Average SOFR + 0.614% <br>Floor 0.500%, Cap 6.500% <br>04/25/2049<br>| &nbsp;&nbsp; 4.920% | 637454 | &nbsp;&nbsp; 620442 |
| CMO Series 2019-41 Class FG | CMO Series 2019-41 Class FG | CMO Series 2019-41 Class FG | CMO Series 2019-41 Class FG |
| 30-day Average SOFR + 0.614% <br>Floor 0.500%, Cap 6.500% <br>08/25/2059<br>| &nbsp;&nbsp; 4.920% | 1552655 | &nbsp;&nbsp; 1515863 |
| CMO Series 2019-43 Class FC | CMO Series 2019-43 Class FC | CMO Series 2019-43 Class FC | CMO Series 2019-43 Class FC |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>08/25/2049<br>| &nbsp;&nbsp; 4.820% | 1220100 | &nbsp;&nbsp; 1199015 |
| CMO Series 2023-38 Class FC | CMO Series 2023-38 Class FC | CMO Series 2023-38 Class FC | CMO Series 2023-38 Class FC |
| 30-day Average SOFR + 0.664% <br>Floor 0.550%, Cap 7.000% <br>06/25/2040<br>| &nbsp;&nbsp; 4.970% | 3132058 | &nbsp;&nbsp; 3114095 |
| CMO Series 2023-38 Class FD | CMO Series 2023-38 Class FD | CMO Series 2023-38 Class FD | CMO Series 2023-38 Class FD |
| 30-day Average SOFR + 0.864% <br>Floor 0.750%, Cap 7.500% <br>10/25/2039<br>| &nbsp;&nbsp; 5.187% | 598850 | &nbsp;&nbsp; 593716 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 10/01/2026- <br>11/01/2054<br>| &nbsp;&nbsp; 6.500% | 6973687 | &nbsp;&nbsp; 7337031 |
| 11/01/2030- <br>12/01/2051<br>| &nbsp;&nbsp; 2.000% | 35657228 | &nbsp;&nbsp; 30946724 |
| 10/01/2032- <br>03/01/2052<br>| &nbsp;&nbsp; 2.500% | 81669997 | &nbsp;&nbsp; 72475293 |
| 03/01/2033- <br>11/01/2049<br>| &nbsp;&nbsp; 3.000% | 38421960 | &nbsp;&nbsp; 34425604 |
| 06/01/2035- <br>05/01/2055<br>| &nbsp;&nbsp; 5.500% | 9465259 | &nbsp;&nbsp; 9491432 |
| 09/01/2037- <br>06/01/2055<br>| &nbsp;&nbsp; 6.000% | 38677672 | &nbsp;&nbsp; 39688071 |
| 06/01/2048- <br>07/01/2052<br>| &nbsp;&nbsp; 4.500% | 6104052 | &nbsp;&nbsp; 5866466 |
| 09/01/2048- <br>08/01/2052<br>| &nbsp;&nbsp; 4.000% | 15811202 | &nbsp;&nbsp; 14865941 |
| 12/01/2048 | &nbsp;&nbsp; 5.000% | 612182 | &nbsp;&nbsp; 607093 |
| 03/01/2052 | &nbsp;&nbsp; 3.500% | 4212176 | &nbsp;&nbsp; 3821369 |
| CMO Series 2017-4742 Class PA | CMO Series 2017-4742 Class PA | CMO Series 2017-4742 Class PA | CMO Series 2017-4742 Class PA |
| 10/15/2047 | &nbsp;&nbsp; 3.000% | 965483 | &nbsp;&nbsp; 884773 |
| CMO Series 2127 Class PG | CMO Series 2127 Class PG | CMO Series 2127 Class PG | CMO Series 2127 Class PG |
| 02/15/2029 | &nbsp;&nbsp; 6.250% | 9917 | &nbsp;&nbsp; 9968 |
| CMO Series 2165 Class PE | CMO Series 2165 Class PE | CMO Series 2165 Class PE | CMO Series 2165 Class PE |
| 06/15/2029 | &nbsp;&nbsp; 6.000% | 14466 | &nbsp;&nbsp; 14685 |
| CMO Series 2326 Class ZQ | CMO Series 2326 Class ZQ | CMO Series 2326 Class ZQ | CMO Series 2326 Class ZQ |
| 06/15/2031 | &nbsp;&nbsp; 6.500% | 71567 | &nbsp;&nbsp; 73485 |
| CMO Series 2399 Class TH | CMO Series 2399 Class TH | CMO Series 2399 Class TH | CMO Series 2399 Class TH |
| 01/15/2032 | &nbsp;&nbsp; 6.500% | 57814 | &nbsp;&nbsp; 60372 |
| CMO Series 2517 Class Z | CMO Series 2517 Class Z | CMO Series 2517 Class Z | CMO Series 2517 Class Z |
| 10/15/2032 | &nbsp;&nbsp; 5.500% | 26772 | &nbsp;&nbsp; 27567 |
| CMO Series 2557 Class HL | CMO Series 2557 Class HL | CMO Series 2557 Class HL | CMO Series 2557 Class HL |
| 01/15/2033 | &nbsp;&nbsp; 5.300% | 104730 | &nbsp;&nbsp; 105573 |
| CMO Series 262 Class 35 | CMO Series 262 Class 35 | CMO Series 262 Class 35 | CMO Series 262 Class 35 |
| 07/15/2042 | &nbsp;&nbsp; 3.500% | 1573744 | &nbsp;&nbsp; 1477480 |
| CMO Series 2752 Class EZ | CMO Series 2752 Class EZ | CMO Series 2752 Class EZ | CMO Series 2752 Class EZ |
| 02/15/2034 | &nbsp;&nbsp; 5.500% | 301850 | &nbsp;&nbsp; 312836 |
| CMO Series 2764 Class ZG | CMO Series 2764 Class ZG | CMO Series 2764 Class ZG | CMO Series 2764 Class ZG |
| 03/15/2034 | &nbsp;&nbsp; 5.500% | 259099 | &nbsp;&nbsp; 268581 |
| CMO Series 2953 Class PG | CMO Series 2953 Class PG | CMO Series 2953 Class PG | CMO Series 2953 Class PG |
| 03/15/2035 | &nbsp;&nbsp; 5.500% | 1076927 | &nbsp;&nbsp; 1116464 |
| CMO Series 299 Class 300 | CMO Series 299 Class 300 | CMO Series 299 Class 300 | CMO Series 299 Class 300 |
| 01/15/2043 | &nbsp;&nbsp; 3.000% | 180730 | &nbsp;&nbsp; 164037 |
| CMO Series 2990 Class UZ | CMO Series 2990 Class UZ | CMO Series 2990 Class UZ | CMO Series 2990 Class UZ |
| 06/15/2035 | &nbsp;&nbsp; 5.750% | 395496 | &nbsp;&nbsp; 413766 |
| CMO Series 3101 Class UZ | CMO Series 3101 Class UZ | CMO Series 3101 Class UZ | CMO Series 3101 Class UZ |
| 01/15/2036 | &nbsp;&nbsp; 6.000% | 106498 | &nbsp;&nbsp; 112674 |
| CMO Series 3123 Class AZ | CMO Series 3123 Class AZ | CMO Series 3123 Class AZ | CMO Series 3123 Class AZ |
| 03/15/2036 | &nbsp;&nbsp; 6.000% | 135154 | &nbsp;&nbsp; 143207 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 3143 Class BC | CMO Series 3143 Class BC | CMO Series 3143 Class BC | CMO Series 3143 Class BC |
| 02/15/2036 | &nbsp;&nbsp; 5.500% | 148028 | &nbsp;&nbsp; 151373 |
| CMO Series 3164 Class MG | CMO Series 3164 Class MG | CMO Series 3164 Class MG | CMO Series 3164 Class MG |
| 06/15/2036 | &nbsp;&nbsp; 6.000% | 42233 | &nbsp;&nbsp; 44835 |
| CMO Series 3195 Class PD | CMO Series 3195 Class PD | CMO Series 3195 Class PD | CMO Series 3195 Class PD |
| 07/15/2036 | &nbsp;&nbsp; 6.500% | 72431 | &nbsp;&nbsp; 75176 |
| CMO Series 3200 Class AY | CMO Series 3200 Class AY | CMO Series 3200 Class AY | CMO Series 3200 Class AY |
| 08/15/2036 | &nbsp;&nbsp; 5.500% | 98391 | &nbsp;&nbsp; 102921 |
| CMO Series 3213 Class JE | CMO Series 3213 Class JE | CMO Series 3213 Class JE | CMO Series 3213 Class JE |
| 09/15/2036 | &nbsp;&nbsp; 6.000% | 142526 | &nbsp;&nbsp; 151370 |
| CMO Series 3229 Class HE | CMO Series 3229 Class HE | CMO Series 3229 Class HE | CMO Series 3229 Class HE |
| 10/15/2026 | &nbsp;&nbsp; 5.000% | 5100 | &nbsp;&nbsp; 5090 |
| CMO Series 3423 Class PB | CMO Series 3423 Class PB | CMO Series 3423 Class PB | CMO Series 3423 Class PB |
| 03/15/2038 | &nbsp;&nbsp; 5.500% | 332722 | &nbsp;&nbsp; 347048 |
| CMO Series 3453 Class B | CMO Series 3453 Class B | CMO Series 3453 Class B | CMO Series 3453 Class B |
| 05/15/2038 | &nbsp;&nbsp; 5.500% | 9262 | &nbsp;&nbsp; 9459 |
| CMO Series 3461 Class Z | CMO Series 3461 Class Z | CMO Series 3461 Class Z | CMO Series 3461 Class Z |
| 06/15/2038 | &nbsp;&nbsp; 6.000% | 581535 | &nbsp;&nbsp; 611155 |
| CMO Series 3501 Class CB | CMO Series 3501 Class CB | CMO Series 3501 Class CB | CMO Series 3501 Class CB |
| 01/15/2039 | &nbsp;&nbsp; 5.500% | 129234 | &nbsp;&nbsp; 133575 |
| CMO Series 3704 Class CT | CMO Series 3704 Class CT | CMO Series 3704 Class CT | CMO Series 3704 Class CT |
| 12/15/2036 | &nbsp;&nbsp; 7.000% | 191896 | &nbsp;&nbsp; 204746 |
| CMO Series 3704 Class DT | CMO Series 3704 Class DT | CMO Series 3704 Class DT | CMO Series 3704 Class DT |
| 11/15/2036 | &nbsp;&nbsp; 7.500% | 193680 | &nbsp;&nbsp; 208012 |
| CMO Series 3704 Class ET | CMO Series 3704 Class ET | CMO Series 3704 Class ET | CMO Series 3704 Class ET |
| 12/15/2036 | &nbsp;&nbsp; 7.500% | 146790 | &nbsp;&nbsp; 161448 |
| CMO Series 3819 Class ZQ | CMO Series 3819 Class ZQ | CMO Series 3819 Class ZQ | CMO Series 3819 Class ZQ |
| 04/15/2036 | &nbsp;&nbsp; 6.000% | 213380 | &nbsp;&nbsp; 225775 |
| CMO Series 3890 Class ME | CMO Series 3890 Class ME | CMO Series 3890 Class ME | CMO Series 3890 Class ME |
| 07/15/2041 | &nbsp;&nbsp; 5.000% | 979859 | &nbsp;&nbsp; 999125 |
| CMO Series 4015 Class MY | CMO Series 4015 Class MY | CMO Series 4015 Class MY | CMO Series 4015 Class MY |
| 03/15/2042 | &nbsp;&nbsp; 3.500% | 1523066 | &nbsp;&nbsp; 1445931 |
| CMO Series 4177 Class MQ | CMO Series 4177 Class MQ | CMO Series 4177 Class MQ | CMO Series 4177 Class MQ |
| 03/15/2043 | &nbsp;&nbsp; 2.500% | 1000000 | &nbsp;&nbsp; 897954 |
| CMO Series 4205 Class PA | CMO Series 4205 Class PA | CMO Series 4205 Class PA | CMO Series 4205 Class PA |
| 05/15/2043 | &nbsp;&nbsp; 1.750% | 1475619 | &nbsp;&nbsp; 1269753 |
| CMO Series 4217 Class KY | CMO Series 4217 Class KY | CMO Series 4217 Class KY | CMO Series 4217 Class KY |
| 06/15/2043 | &nbsp;&nbsp; 3.000% | 1200000 | &nbsp;&nbsp; 1086288 |
| CMO Series 4240 Class B | CMO Series 4240 Class B | CMO Series 4240 Class B | CMO Series 4240 Class B |
| 08/15/2033 | &nbsp;&nbsp; 3.000% | 1589022 | &nbsp;&nbsp; 1533000 |
| CMO Series 4880 Class DA | CMO Series 4880 Class DA | CMO Series 4880 Class DA | CMO Series 4880 Class DA |
| 05/15/2050 | &nbsp;&nbsp; 3.000% | 945624 | &nbsp;&nbsp; 871258 |
| CMO Series 5091 Class AB | CMO Series 5091 Class AB | CMO Series 5091 Class AB | CMO Series 5091 Class AB |
| 03/25/2051 | &nbsp;&nbsp; 1.500% | 1896902 | &nbsp;&nbsp; 1522112 |
| CMO Series R006 Class ZA | CMO Series R006 Class ZA | CMO Series R006 Class ZA | CMO Series R006 Class ZA |
| 04/15/2036 | &nbsp;&nbsp; 6.000% | 162286 | &nbsp;&nbsp; 171712 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series R007 Class ZA | CMO Series R007 Class ZA | CMO Series R007 Class ZA | CMO Series R007 Class ZA |
| 05/15/2036 | &nbsp;&nbsp; 6.000% | 306886 | &nbsp;&nbsp; 320348 |
| CMO STRIPS Series 264 Class 30 | CMO STRIPS Series 264 Class 30 | CMO STRIPS Series 264 Class 30 | CMO STRIPS Series 264 Class 30 |
| 07/15/2042 | &nbsp;&nbsp; 3.000% | 208876 | &nbsp;&nbsp; 191261 |
| Federal Home Loan Mortgage Corp.<sup>(b)</sup>  | Federal Home Loan Mortgage Corp.<sup>(b)</sup>  | Federal Home Loan Mortgage Corp.<sup>(b)</sup>  | Federal Home Loan Mortgage Corp.<sup>(b)</sup>  |
| 1-year CMT + 2.250% <br>Cap 10.332% <br>07/01/2036<br>| &nbsp;&nbsp; 6.934% | 23949 | &nbsp;&nbsp; 24625 |
| 12-month Term SOFR + 1.846% <br>Cap 9.091% <br>07/01/2040<br>| &nbsp;&nbsp; 6.864% | 52390 | &nbsp;&nbsp; 54030 |
| 12-month Term SOFR + 1.640% <br>Floor 1.640%, Cap 8.191% <br>11/01/2048<br>| &nbsp;&nbsp; 5.415% | 825889 | &nbsp;&nbsp; 859504 |
| 12-month Term SOFR + 1.621% <br>Floor 1.621%, Cap 8.103% <br>02/01/2050<br>| &nbsp;&nbsp; 3.102% | 1372103 | &nbsp;&nbsp; 1371983 |
| 30-day Average SOFR + 2.140% <br>Floor 2.140%, Cap 8.952% <br>08/01/2052<br>| &nbsp;&nbsp; 3.951% | 1452959 | &nbsp;&nbsp; 1406002 |
| 30-day Average SOFR + 2.352% <br>Floor 2.352%, Cap 9.611% <br>03/01/2053<br>| &nbsp;&nbsp; 4.610% | 2130889 | &nbsp;&nbsp; 2106050 |
| 30-day Average SOFR + 2.305% <br>Floor 2.305%, Cap 9.222% <br>05/01/2053<br>| &nbsp;&nbsp; 4.222% | 4071410 | &nbsp;&nbsp; 4033730 |
| 30-day Average SOFR + 2.258% <br>Floor 2.258%, Cap 9.991% <br>02/01/2054<br>| &nbsp;&nbsp; 4.991% | 830942 | &nbsp;&nbsp; 836836 |
| 30-day Average SOFR + 2.154% <br>Floor 2.154%, Cap 9.841% <br>01/01/2055<br>| &nbsp;&nbsp; 4.841% | 2210568 | &nbsp;&nbsp; 2223692 |
| 30-day Average SOFR + 2.090% <br>Floor 2.090%, Cap 10.451% <br>05/01/2055<br>| &nbsp;&nbsp; 5.450% | 764444 | &nbsp;&nbsp; 772161 |
| 30-day Average SOFR + 2.246% <br>Floor 2.246%, Cap 9.856% <br>06/01/2055<br>| &nbsp;&nbsp; 4.855% | 7028414 | &nbsp;&nbsp; 7012929 |
| 30-day Average SOFR + 2.139% <br>Floor 2.139%, Cap 10.020% <br>06/01/2055<br>| &nbsp;&nbsp; 5.020% | 1315000 | &nbsp;&nbsp; 1323212 |
| 30-day Average SOFR + 2.225% <br>Floor 2.225%, Cap 10.134% <br>06/01/2055<br>| &nbsp;&nbsp; 5.133% | 6279000 | &nbsp;&nbsp; 6316843 |
| 30-day Average SOFR + 2.060% <br>Floor 2.060%, Cap 10.069% <br>07/01/2055<br>| &nbsp;&nbsp; 5.068% | 700000 | &nbsp;&nbsp; 703715 |
| CMO Series 2551 Class NS | CMO Series 2551 Class NS | CMO Series 2551 Class NS | CMO Series 2551 Class NS |
| -1.8 x 30-day Average SOFR + <br> 14.273% <br>Cap 14.483% <br>01/15/2033<br>| &nbsp;&nbsp; 6.383% | 38515 | &nbsp;&nbsp; 41188 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 3852 Class QN | CMO Series 3852 Class QN | CMO Series 3852 Class QN | CMO Series 3852 Class QN |
| -3.6 x 30-day Average SOFR + <br> 26.796% <br>Cap 5.500% <br>05/15/2041<br>| &nbsp;&nbsp; 5.500% | 115785 | &nbsp;&nbsp; 110714 |
| CMO Series 4048 Class FJ | CMO Series 4048 Class FJ | CMO Series 4048 Class FJ | CMO Series 4048 Class FJ |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 9,999.000% <br>07/15/2037<br>| &nbsp;&nbsp; 4.865% | 185555 | &nbsp;&nbsp; 184265 |
| STRIPS | STRIPS | STRIPS | STRIPS |
| 30-day Average SOFR + 0.664% <br>Floor 0.550%, Cap 6.500% <br>03/15/2044<br>| &nbsp;&nbsp; 4.968% | 4307860 | &nbsp;&nbsp; 4287795 |
| Structured Pass-Through Securities | Structured Pass-Through Securities | Structured Pass-Through Securities | Structured Pass-Through Securities |
| 1-year MTA + 1.200% <br>Floor 1.200% <br>10/25/2044<br>| &nbsp;&nbsp; 5.508% | 252271 | &nbsp;&nbsp; 230966 |
| Federal Home Loan Mortgage Corp.<sup>(h)</sup>  | Federal Home Loan Mortgage Corp.<sup>(h)</sup>  | Federal Home Loan Mortgage Corp.<sup>(h)</sup>  | Federal Home Loan Mortgage Corp.<sup>(h)</sup>  |
| CMO Series 3100 Class | CMO Series 3100 Class | CMO Series 3100 Class | CMO Series 3100 Class |
| 01/15/2036 | &nbsp;&nbsp; 0.000% | 38236 | &nbsp;&nbsp; 31922 |
| CMO Series 3117 Class OG | CMO Series 3117 Class OG | CMO Series 3117 Class OG | CMO Series 3117 Class OG |
| 02/15/2036 | &nbsp;&nbsp; 0.000% | 16043 | &nbsp;&nbsp; 14173 |
| CMO Series 3181 Class OH | CMO Series 3181 Class OH | CMO Series 3181 Class OH | CMO Series 3181 Class OH |
| 07/15/2036 | &nbsp;&nbsp; 0.000% | 120799 | &nbsp;&nbsp; 101234 |
| CMO Series 3316 Class JO | CMO Series 3316 Class JO | CMO Series 3316 Class JO | CMO Series 3316 Class JO |
| 05/15/2037 | &nbsp;&nbsp; 0.000% | 5318 | &nbsp;&nbsp; 4367 |
| CMO Series 3607 Class TO | CMO Series 3607 Class TO | CMO Series 3607 Class TO | CMO Series 3607 Class TO |
| 10/15/2039 | &nbsp;&nbsp; 0.000% | 109399 | &nbsp;&nbsp; 92324 |
| CMO STRIPS Series 197 Class | CMO STRIPS Series 197 Class | CMO STRIPS Series 197 Class | CMO STRIPS Series 197 Class |
| 04/01/2028 | &nbsp;&nbsp; 0.000% | 21482 | &nbsp;&nbsp; 20440 |
| CMO STRIPS Series 310 Class | CMO STRIPS Series 310 Class | CMO STRIPS Series 310 Class | CMO STRIPS Series 310 Class |
| 09/15/2043 | &nbsp;&nbsp; 0.000% | 681365 | &nbsp;&nbsp; 510476 |
| Federal Home Loan Mortgage Corp.<sup>(b),(d)</sup>  | Federal Home Loan Mortgage Corp.<sup>(b),(d)</sup>  | Federal Home Loan Mortgage Corp.<sup>(b),(d)</sup>  | Federal Home Loan Mortgage Corp.<sup>(b),(d)</sup>  |
| CMO Series 3380 Class SI | CMO Series 3380 Class SI | CMO Series 3380 Class SI | CMO Series 3380 Class SI |
| -1.0 x 30-day Average SOFR + <br> 6.256% <br>Cap 6.370% <br>10/15/2037<br>| &nbsp;&nbsp; 1.952% | 875740 | &nbsp;&nbsp; 78369 |
| CMO Series 3385 Class SN | CMO Series 3385 Class SN | CMO Series 3385 Class SN | CMO Series 3385 Class SN |
| -1.0 x 30-day Average SOFR + <br> 5.886% <br>Cap 6.000% <br>11/15/2037<br>| &nbsp;&nbsp; 1.582% | 24254 | &nbsp;&nbsp; 1650 |
| CMO Series 3451 Class SA | CMO Series 3451 Class SA | CMO Series 3451 Class SA | CMO Series 3451 Class SA |
| -1.0 x 30-day Average SOFR + <br> 5.936% <br>Cap 6.050% <br>05/15/2038<br>| &nbsp;&nbsp; 1.632% | 14190 | &nbsp;&nbsp; 1251 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 3531 Class SM | CMO Series 3531 Class SM | CMO Series 3531 Class SM | CMO Series 3531 Class SM |
| -1.0 x 30-day Average SOFR + <br> 5.986% <br>Cap 6.100% <br>05/15/2039<br>| &nbsp;&nbsp; 1.682% | 18107 | &nbsp;&nbsp; 1153 |
| CMO Series 3608 Class SC | CMO Series 3608 Class SC | CMO Series 3608 Class SC | CMO Series 3608 Class SC |
| -1.0 x 30-day Average SOFR + <br> 6.136% <br>Cap 6.250% <br>12/15/2039<br>| &nbsp;&nbsp; 1.832% | 93866 | &nbsp;&nbsp; 7983 |
| CMO Series 3740 Class SB | CMO Series 3740 Class SB | CMO Series 3740 Class SB | CMO Series 3740 Class SB |
| -1.0 x 30-day Average SOFR + <br> 5.886% <br>Cap 6.000% <br>10/15/2040<br>| &nbsp;&nbsp; 1.582% | 103499 | &nbsp;&nbsp; 8937 |
| CMO Series 3740 Class SC | CMO Series 3740 Class SC | CMO Series 3740 Class SC | CMO Series 3740 Class SC |
| -1.0 x 30-day Average SOFR + <br> 5.886% <br>Cap 6.000% <br>10/15/2040<br>| &nbsp;&nbsp; 1.582% | 179915 | &nbsp;&nbsp; 19413 |
| CMO STRIPS Series 239 Class S30 | CMO STRIPS Series 239 Class S30 | CMO STRIPS Series 239 Class S30 | CMO STRIPS Series 239 Class S30 |
| -1.0 x 30-day Average SOFR + <br> 7.586% <br>Cap 7.700% <br>08/15/2036<br>| &nbsp;&nbsp; 3.282% | 131790 | &nbsp;&nbsp; 16612 |
| Federal Home Loan Mortgage Corp.<sup>(c)</sup>  | Federal Home Loan Mortgage Corp.<sup>(c)</sup>  | Federal Home Loan Mortgage Corp.<sup>(c)</sup>  | Federal Home Loan Mortgage Corp.<sup>(c)</sup>  |
| CMO Series 3688 Class GT | CMO Series 3688 Class GT | CMO Series 3688 Class GT | CMO Series 3688 Class GT |
| 11/15/2046 | &nbsp;&nbsp; 7.486% | 124621 | &nbsp;&nbsp; 133095 |
| CMO Series 4272 Class W | CMO Series 4272 Class W | CMO Series 4272 Class W | CMO Series 4272 Class W |
| 04/15/2040 | &nbsp;&nbsp; 5.640% | 809384 | &nbsp;&nbsp; 845796 |
| Federal Home Loan Mortgage Corp.<sup>(d)</sup>  | Federal Home Loan Mortgage Corp.<sup>(d)</sup>  | Federal Home Loan Mortgage Corp.<sup>(d)</sup>  | Federal Home Loan Mortgage Corp.<sup>(d)</sup>  |
| CMO Series 3714 Class IP | CMO Series 3714 Class IP | CMO Series 3714 Class IP | CMO Series 3714 Class IP |
| 08/15/2040 | &nbsp;&nbsp; 5.000% | 74975 | &nbsp;&nbsp; 3546 |
| Federal Home Loan Mortgage Corp.<sup>(c),(d)</sup>  | Federal Home Loan Mortgage Corp.<sup>(c),(d)</sup>  | Federal Home Loan Mortgage Corp.<sup>(c),(d)</sup>  | Federal Home Loan Mortgage Corp.<sup>(c),(d)</sup>  |
| CMO Series 3802 Class LS | CMO Series 3802 Class LS | CMO Series 3802 Class LS | CMO Series 3802 Class LS |
| 01/15/2040 | &nbsp;&nbsp; 4.834% | 177373 | &nbsp;&nbsp; 15116 |
| Federal Home Loan Mortgage Corp. REMICS<sup>(b)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(b)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(b)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(b)</sup>  |
| CMO Series 3693 Class FC | CMO Series 3693 Class FC | CMO Series 3693 Class FC | CMO Series 3693 Class FC |
| 30-day Average SOFR + 0.614% <br>Floor 0.500%, Cap 7.000% <br>07/15/2040<br>| &nbsp;&nbsp; 4.918% | 705531 | &nbsp;&nbsp; 699157 |
| CMO Series 3919 Class FA | CMO Series 3919 Class FA | CMO Series 3919 Class FA | CMO Series 3919 Class FA |
| 30-day Average SOFR + 0.614% <br>Floor 0.500%, Cap 7.000% <br>09/15/2041<br>| &nbsp;&nbsp; 4.918% | 542410 | &nbsp;&nbsp; 537182 |
| CMO Series 3958 Class AF | CMO Series 3958 Class AF | CMO Series 3958 Class AF | CMO Series 3958 Class AF |
| 30-day Average SOFR + 0.564% <br>Floor 0.450%, Cap 7.000% <br>11/15/2041<br>| &nbsp;&nbsp; 4.868% | 635998 | &nbsp;&nbsp; 628861 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 3975 Class FA | CMO Series 3975 Class FA | CMO Series 3975 Class FA | CMO Series 3975 Class FA |
| 30-day Average SOFR + 0.604% <br>Floor 0.490%, Cap 7.000% <br>12/15/2041<br>| &nbsp;&nbsp; 4.908% | 589100 | &nbsp;&nbsp; 583613 |
| CMO Series 3990 Class FG | CMO Series 3990 Class FG | CMO Series 3990 Class FG | CMO Series 3990 Class FG |
| 30-day Average SOFR + 0.564% <br>Floor 0.450%, Cap 7.000% <br>01/15/2042<br>| &nbsp;&nbsp; 4.868% | 737703 | &nbsp;&nbsp; 729606 |
| CMO Series 4059 Class FP | CMO Series 4059 Class FP | CMO Series 4059 Class FP | CMO Series 4059 Class FP |
| 30-day Average SOFR + 0.564% <br>Floor 0.450%, Cap 7.000% <br>06/15/2042<br>| &nbsp;&nbsp; 4.868% | 677481 | &nbsp;&nbsp; 669272 |
| CMO Series 4091 Class FN | CMO Series 4091 Class FN | CMO Series 4091 Class FN | CMO Series 4091 Class FN |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 7.000% <br>08/15/2042<br>| &nbsp;&nbsp; 4.818% | 666171 | &nbsp;&nbsp; 656104 |
| CMO Series 4273 Class PF | CMO Series 4273 Class PF | CMO Series 4273 Class PF | CMO Series 4273 Class PF |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>11/15/2043<br>| &nbsp;&nbsp; 4.818% | 3837262 | &nbsp;&nbsp; 3822115 |
| CMO Series 4587 Class AF | CMO Series 4587 Class AF | CMO Series 4587 Class AF | CMO Series 4587 Class AF |
| 30-day Average SOFR + 0.464% <br>Floor 0.350%, Cap 6.500% <br>06/15/2046<br>| &nbsp;&nbsp; 4.768% | 1227655 | &nbsp;&nbsp; 1217727 |
| CMO Series 4604 Class FB | CMO Series 4604 Class FB | CMO Series 4604 Class FB | CMO Series 4604 Class FB |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>08/15/2046<br>| &nbsp;&nbsp; 4.818% | 1854223 | &nbsp;&nbsp; 1833251 |
| CMO Series 4620 Class LF | CMO Series 4620 Class LF | CMO Series 4620 Class LF | CMO Series 4620 Class LF |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>10/15/2046<br>| &nbsp;&nbsp; 4.818% | 1255518 | &nbsp;&nbsp; 1243315 |
| CMO Series 4709 Class FA | CMO Series 4709 Class FA | CMO Series 4709 Class FA | CMO Series 4709 Class FA |
| 30-day Average SOFR + 0.414% <br>Floor 0.300%, Cap 6.500% <br>08/15/2047<br>| &nbsp;&nbsp; 4.718% | 931760 | &nbsp;&nbsp; 918080 |
| CMO Series 4854 Class FB | CMO Series 4854 Class FB | CMO Series 4854 Class FB | CMO Series 4854 Class FB |
| 30-day Average SOFR + 0.414% <br>Floor 0.300%, Cap 6.500% <br>01/15/2049<br>| &nbsp;&nbsp; 4.718% | 2386469 | &nbsp;&nbsp; 2354738 |
| CMO Series 4988 Class KF | CMO Series 4988 Class KF | CMO Series 4988 Class KF | CMO Series 4988 Class KF |
| 30-day Average SOFR + 0.464% <br>Floor 0.350%, Cap 6.500% <br>07/25/2050<br>| &nbsp;&nbsp; 4.770% | 1069336 | &nbsp;&nbsp; 1061544 |
| Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
| CMO Series 4160 Class HP | CMO Series 4160 Class HP | CMO Series 4160 Class HP | CMO Series 4160 Class HP |
| 01/15/2033 | &nbsp;&nbsp; 2.500% | 1551914 | &nbsp;&nbsp; 1485970 |
| CMO Series 4427 Class CE | CMO Series 4427 Class CE | CMO Series 4427 Class CE | CMO Series 4427 Class CE |
| 02/15/2034 | &nbsp;&nbsp; 3.000% | 193735 | &nbsp;&nbsp; 190995 |
| CMO Series 5178 Class TP | CMO Series 5178 Class TP | CMO Series 5178 Class TP | CMO Series 5178 Class TP |
| 04/25/2049 | &nbsp;&nbsp; 2.500% | 2047396 | &nbsp;&nbsp; 1822316 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 5202 Class KA | CMO Series 5202 Class KA | CMO Series 5202 Class KA | CMO Series 5202 Class KA |
| 06/25/2049 | &nbsp;&nbsp; 2.500% | 4045839 | &nbsp;&nbsp; 3585014 |
| CMO Series 5410 Class JY | CMO Series 5410 Class JY | CMO Series 5410 Class JY | CMO Series 5410 Class JY |
| 03/15/2044 | &nbsp;&nbsp; 3.000% | 1457000 | &nbsp;&nbsp; 1260764 |
| CMO Series 5452 Class KY | CMO Series 5452 Class KY | CMO Series 5452 Class KY | CMO Series 5452 Class KY |
| 03/15/2044 | &nbsp;&nbsp; 3.000% | 1567000 | &nbsp;&nbsp; 1311699 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 08/01/2026- <br>10/01/2054<br>| &nbsp;&nbsp; 6.500% | 5814177 | &nbsp;&nbsp; 6130566 |
| 01/01/2027- <br>09/01/2062<br>| &nbsp;&nbsp; 4.000% | 19847383 | &nbsp;&nbsp; 18829272 |
| 10/01/2030- <br>03/01/2047<br>| &nbsp;&nbsp; 2.000% | 133025536 | &nbsp;&nbsp; 114558864 |
| 05/01/2033- <br>06/01/2062<br>| &nbsp;&nbsp; 3.500% | 16904749 | &nbsp;&nbsp; 15507123 |
| 11/01/2033- <br>05/01/2055<br>| &nbsp;&nbsp; 5.500% | 21148291 | &nbsp;&nbsp; 21361474 |
| 01/01/2036- <br>11/01/2052<br>| &nbsp;&nbsp; 5.000% | 4783458 | &nbsp;&nbsp; 4713852 |
| 09/01/2036- <br>05/01/2055<br>| &nbsp;&nbsp; 6.000% | 42681446 | &nbsp;&nbsp; 43903914 |
| 11/01/2037- <br>01/01/2039<br>| &nbsp;&nbsp; 7.000% | 256128 | &nbsp;&nbsp; 272341 |
| 12/01/2040- <br>03/01/2062<br>| &nbsp;&nbsp; 2.500% | 73444570 | &nbsp;&nbsp; 62158058 |
| 08/01/2042- <br>06/01/2063<br>| &nbsp;&nbsp; 3.000% | 222073025 | &nbsp;&nbsp; 196287099 |
| 03/01/2043- <br>12/01/2061<br>| &nbsp;&nbsp; 4.500% | 15036645 | &nbsp;&nbsp; 14514023 |
| CMO Series 1999-7 Class AB | CMO Series 1999-7 Class AB | CMO Series 1999-7 Class AB | CMO Series 1999-7 Class AB |
| 03/25/2029 | &nbsp;&nbsp; 6.000% | 28117 | &nbsp;&nbsp; 28333 |
| CMO Series 2001-60 Class PX | CMO Series 2001-60 Class PX | CMO Series 2001-60 Class PX | CMO Series 2001-60 Class PX |
| 11/25/2031 | &nbsp;&nbsp; 6.000% | 65168 | &nbsp;&nbsp; 67315 |
| CMO Series 2002-50 Class ZA | CMO Series 2002-50 Class ZA | CMO Series 2002-50 Class ZA | CMO Series 2002-50 Class ZA |
| 05/25/2031 | &nbsp;&nbsp; 6.000% | 184574 | &nbsp;&nbsp; 189201 |
| CMO Series 2002-78 Class Z | CMO Series 2002-78 Class Z | CMO Series 2002-78 Class Z | CMO Series 2002-78 Class Z |
| 12/25/2032 | &nbsp;&nbsp; 5.500% | 85698 | &nbsp;&nbsp; 88453 |
| CMO Series 2003-W19 Class 1A7 | CMO Series 2003-W19 Class 1A7 | CMO Series 2003-W19 Class 1A7 | CMO Series 2003-W19 Class 1A7 |
| 11/25/2033 | &nbsp;&nbsp; 5.620% | 1255358 | &nbsp;&nbsp; 1257830 |
| CMO Series 2004-50 Class VZ | CMO Series 2004-50 Class VZ | CMO Series 2004-50 Class VZ | CMO Series 2004-50 Class VZ |
| 07/25/2034 | &nbsp;&nbsp; 5.500% | 451594 | &nbsp;&nbsp; 468417 |
| CMO Series 2004-W10 Class A6 | CMO Series 2004-W10 Class A6 | CMO Series 2004-W10 Class A6 | CMO Series 2004-W10 Class A6 |
| 08/25/2034 | &nbsp;&nbsp; 5.750% | 689532 | &nbsp;&nbsp; 697602 |
| CMO Series 2006-105 Class ME | CMO Series 2006-105 Class ME | CMO Series 2006-105 Class ME | CMO Series 2006-105 Class ME |
| 11/25/2036 | &nbsp;&nbsp; 5.500% | 244076 | &nbsp;&nbsp; 254014 |
| CMO Series 2006-16 Class HZ | CMO Series 2006-16 Class HZ | CMO Series 2006-16 Class HZ | CMO Series 2006-16 Class HZ |
| 03/25/2036 | &nbsp;&nbsp; 5.500% | 226960 | &nbsp;&nbsp; 236863 |
| CMO Series 2006-W3 Class 2A | CMO Series 2006-W3 Class 2A | CMO Series 2006-W3 Class 2A | CMO Series 2006-W3 Class 2A |
| 09/25/2046 | &nbsp;&nbsp; 6.000% | 69043 | &nbsp;&nbsp; 71654 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2007-104 Class ZE | CMO Series 2007-104 Class ZE | CMO Series 2007-104 Class ZE | CMO Series 2007-104 Class ZE |
| 08/25/2037 | &nbsp;&nbsp; 6.000% | 76362 | &nbsp;&nbsp; 79419 |
| CMO Series 2007-116 Class PB | CMO Series 2007-116 Class PB | CMO Series 2007-116 Class PB | CMO Series 2007-116 Class PB |
| 08/25/2035 | &nbsp;&nbsp; 5.500% | 76546 | &nbsp;&nbsp; 79798 |
| CMO Series 2007-18 Class MZ | CMO Series 2007-18 Class MZ | CMO Series 2007-18 Class MZ | CMO Series 2007-18 Class MZ |
| 03/25/2037 | &nbsp;&nbsp; 6.000% | 117437 | &nbsp;&nbsp; 123990 |
| CMO Series 2007-42 Class B | CMO Series 2007-42 Class B | CMO Series 2007-42 Class B | CMO Series 2007-42 Class B |
| 05/25/2037 | &nbsp;&nbsp; 6.000% | 78251 | &nbsp;&nbsp; 81317 |
| CMO Series 2007-76 Class ZG | CMO Series 2007-76 Class ZG | CMO Series 2007-76 Class ZG | CMO Series 2007-76 Class ZG |
| 08/25/2037 | &nbsp;&nbsp; 6.000% | 144280 | &nbsp;&nbsp; 147899 |
| CMO Series 2008-80 Class GP | CMO Series 2008-80 Class GP | CMO Series 2008-80 Class GP | CMO Series 2008-80 Class GP |
| 09/25/2038 | &nbsp;&nbsp; 6.250% | 13898 | &nbsp;&nbsp; 14599 |
| CMO Series 2009-59 Class HB | CMO Series 2009-59 Class HB | CMO Series 2009-59 Class HB | CMO Series 2009-59 Class HB |
| 08/25/2039 | &nbsp;&nbsp; 5.000% | 169204 | &nbsp;&nbsp; 172390 |
| CMO Series 2009-60 Class HT | CMO Series 2009-60 Class HT | CMO Series 2009-60 Class HT | CMO Series 2009-60 Class HT |
| 08/25/2039 | &nbsp;&nbsp; 6.000% | 169917 | &nbsp;&nbsp; 180238 |
| CMO Series 2009-79 Class UA | CMO Series 2009-79 Class UA | CMO Series 2009-79 Class UA | CMO Series 2009-79 Class UA |
| 03/25/2038 | &nbsp;&nbsp; 7.000% | 9460 | &nbsp;&nbsp; 9727 |
| CMO Series 2009-W1 Class A | CMO Series 2009-W1 Class A | CMO Series 2009-W1 Class A | CMO Series 2009-W1 Class A |
| 12/25/2049 | &nbsp;&nbsp; 6.000% | 212955 | &nbsp;&nbsp; 220518 |
| CMO Series 2010-111 Class AM | CMO Series 2010-111 Class AM | CMO Series 2010-111 Class AM | CMO Series 2010-111 Class AM |
| 10/25/2040 | &nbsp;&nbsp; 5.500% | 493980 | &nbsp;&nbsp; 516050 |
| CMO Series 2010-2 Class LC | CMO Series 2010-2 Class LC | CMO Series 2010-2 Class LC | CMO Series 2010-2 Class LC |
| 02/25/2040 | &nbsp;&nbsp; 5.000% | 801083 | &nbsp;&nbsp; 815736 |
| CMO Series 2011-118 Class MT | CMO Series 2011-118 Class MT | CMO Series 2011-118 Class MT | CMO Series 2011-118 Class MT |
| 11/25/2041 | &nbsp;&nbsp; 7.000% | 204967 | &nbsp;&nbsp; 217949 |
| CMO Series 2011-118 Class NT | CMO Series 2011-118 Class NT | CMO Series 2011-118 Class NT | CMO Series 2011-118 Class NT |
| 11/25/2041 | &nbsp;&nbsp; 7.000% | 234088 | &nbsp;&nbsp; 251643 |
| CMO Series 2011-31 Class DB | CMO Series 2011-31 Class DB | CMO Series 2011-31 Class DB | CMO Series 2011-31 Class DB |
| 04/25/2031 | &nbsp;&nbsp; 3.500% | 790095 | &nbsp;&nbsp; 774669 |
| CMO Series 2011-39 Class ZA | CMO Series 2011-39 Class ZA | CMO Series 2011-39 Class ZA | CMO Series 2011-39 Class ZA |
| 11/25/2032 | &nbsp;&nbsp; 6.000% | 111206 | &nbsp;&nbsp; 115639 |
| CMO Series 2011-44 Class EB | CMO Series 2011-44 Class EB | CMO Series 2011-44 Class EB | CMO Series 2011-44 Class EB |
| 05/25/2026 | &nbsp;&nbsp; 3.000% | 42951 | &nbsp;&nbsp; 42671 |
| CMO Series 2011-46 Class B | CMO Series 2011-46 Class B | CMO Series 2011-46 Class B | CMO Series 2011-46 Class B |
| 05/25/2026 | &nbsp;&nbsp; 3.000% | 139089 | &nbsp;&nbsp; 138056 |
| CMO Series 2011-59 Class NZ | CMO Series 2011-59 Class NZ | CMO Series 2011-59 Class NZ | CMO Series 2011-59 Class NZ |
| 07/25/2041 | &nbsp;&nbsp; 5.500% | 623848 | &nbsp;&nbsp; 642676 |
| CMO Series 2012-151 Class NX | CMO Series 2012-151 Class NX | CMO Series 2012-151 Class NX | CMO Series 2012-151 Class NX |
| 01/25/2043 | &nbsp;&nbsp; 1.500% | 444939 | &nbsp;&nbsp; 382177 |
| CMO Series 2013-100 Class WB | CMO Series 2013-100 Class WB | CMO Series 2013-100 Class WB | CMO Series 2013-100 Class WB |
| 10/25/2033 | &nbsp;&nbsp; 3.000% | 1696645 | &nbsp;&nbsp; 1635309 |
| CMO Series 2013-101 Class E | CMO Series 2013-101 Class E | CMO Series 2013-101 Class E | CMO Series 2013-101 Class E |
| 10/25/2033 | &nbsp;&nbsp; 3.000% | 1656254 | &nbsp;&nbsp; 1580643 |
| CMO Series 2013-108 Class GU | CMO Series 2013-108 Class GU | CMO Series 2013-108 Class GU | CMO Series 2013-108 Class GU |
| 10/25/2033 | &nbsp;&nbsp; 3.000% | 1337631 | &nbsp;&nbsp; 1289644 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2013-43 Class BP | CMO Series 2013-43 Class BP | CMO Series 2013-43 Class BP | CMO Series 2013-43 Class BP |
| 05/25/2043 | &nbsp;&nbsp; 1.750% | 1700872 | &nbsp;&nbsp; 1466335 |
| CMO Series 2013-59 Class PY | CMO Series 2013-59 Class PY | CMO Series 2013-59 Class PY | CMO Series 2013-59 Class PY |
| 06/25/2043 | &nbsp;&nbsp; 2.500% | 1000000 | &nbsp;&nbsp; 824519 |
| CMO Series 2013-81 Class TA | CMO Series 2013-81 Class TA | CMO Series 2013-81 Class TA | CMO Series 2013-81 Class TA |
| 02/25/2043 | &nbsp;&nbsp; 3.000% | 520038 | &nbsp;&nbsp; 511117 |
| CMO Series 2013-90 Class DL | CMO Series 2013-90 Class DL | CMO Series 2013-90 Class DL | CMO Series 2013-90 Class DL |
| 09/25/2033 | &nbsp;&nbsp; 3.500% | 1144426 | &nbsp;&nbsp; 1121949 |
| CMO Series 2015-84 Class PA | CMO Series 2015-84 Class PA | CMO Series 2015-84 Class PA | CMO Series 2015-84 Class PA |
| 08/25/2033 | &nbsp;&nbsp; 1.700% | 309496 | &nbsp;&nbsp; 290695 |
| CMO Series 2016-48 Class MA | CMO Series 2016-48 Class MA | CMO Series 2016-48 Class MA | CMO Series 2016-48 Class MA |
| 06/25/2038 | &nbsp;&nbsp; 2.000% | 1463750 | &nbsp;&nbsp; 1368295 |
| CMO Series 2016-57 Class PC | CMO Series 2016-57 Class PC | CMO Series 2016-57 Class PC | CMO Series 2016-57 Class PC |
| 06/25/2046 | &nbsp;&nbsp; 1.750% | 3564193 | &nbsp;&nbsp; 3042558 |
| CMO Series 2017-13 Class PA | CMO Series 2017-13 Class PA | CMO Series 2017-13 Class PA | CMO Series 2017-13 Class PA |
| 08/25/2046 | &nbsp;&nbsp; 3.000% | 4924344 | &nbsp;&nbsp; 4593140 |
| CMO Series 2018-14 Class KC | CMO Series 2018-14 Class KC | CMO Series 2018-14 Class KC | CMO Series 2018-14 Class KC |
| 03/25/2048 | &nbsp;&nbsp; 3.000% | 79179 | &nbsp;&nbsp; 75656 |
| CMO Series 2019-25 Class PA | CMO Series 2019-25 Class PA | CMO Series 2019-25 Class PA | CMO Series 2019-25 Class PA |
| 05/25/2048 | &nbsp;&nbsp; 3.000% | 1312242 | &nbsp;&nbsp; 1226923 |
| CMO Series 2019-8 Class GA | CMO Series 2019-8 Class GA | CMO Series 2019-8 Class GA | CMO Series 2019-8 Class GA |
| 03/25/2049 | &nbsp;&nbsp; 3.000% | 2911050 | &nbsp;&nbsp; 2596373 |
| CMO Series 2020-48 Class AB | CMO Series 2020-48 Class AB | CMO Series 2020-48 Class AB | CMO Series 2020-48 Class AB |
| 07/25/2050 | &nbsp;&nbsp; 2.000% | 1662133 | &nbsp;&nbsp; 1431530 |
| CMO Series 2020-M5 Class A2 | CMO Series 2020-M5 Class A2 | CMO Series 2020-M5 Class A2 | CMO Series 2020-M5 Class A2 |
| 01/25/2030 | &nbsp;&nbsp; 2.210% | 4801560 | &nbsp;&nbsp; 4352204 |
| CMO STRIPS Series 414 Class A35 | CMO STRIPS Series 414 Class A35 | CMO STRIPS Series 414 Class A35 | CMO STRIPS Series 414 Class A35 |
| 10/25/2042 | &nbsp;&nbsp; 3.500% | 194486 | &nbsp;&nbsp; 183511 |
| Federal National Mortgage Association<sup>(b)</sup>  | Federal National Mortgage Association<sup>(b)</sup>  | Federal National Mortgage Association<sup>(b)</sup>  | Federal National Mortgage Association<sup>(b)</sup>  |
| 6-month Term SOFR + 2.500% <br>Floor 2.500%, Cap 11.168% <br>03/01/2036<br>| &nbsp;&nbsp; 7.219% | 69190 | &nbsp;&nbsp; 71631 |
| 12-month Term SOFR + 1.606% <br>Floor 1.606%, Cap 7.755% <br>06/01/2050<br>| &nbsp;&nbsp; 2.755% | 941416 | &nbsp;&nbsp; 904103 |
| 30-day Average SOFR + 2.120% <br>Floor 2.120%, Cap 9.072% <br>07/01/2052<br>| &nbsp;&nbsp; 4.072% | 2019376 | &nbsp;&nbsp; 1968759 |
| 30-day Average SOFR + 2.125% <br>Floor 2.125%, Cap 9.366% <br>07/01/2052<br>| &nbsp;&nbsp; 4.366% | 2518964 | &nbsp;&nbsp; 2502334 |
| 30-day Average SOFR + 2.120% <br>Floor 2.120%, Cap 8.928% <br>08/01/2052<br>| &nbsp;&nbsp; 3.928% | 593263 | &nbsp;&nbsp; 575454 |
| 30-day Average SOFR + 2.126% <br>Floor 2.126%, Cap 9.610% <br>08/01/2052<br>| &nbsp;&nbsp; 4.610% | 2739042 | &nbsp;&nbsp; 2738234 |
| 30-day Average SOFR + 2.128% <br>Floor 2.128%, Cap 9.644% <br>08/01/2052<br>| &nbsp;&nbsp; 4.644% | 1770489 | &nbsp;&nbsp; 1771561 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| 30-day Average SOFR + 2.120% <br>Floor 2.120%, Cap 9.102% <br>09/01/2052<br>| &nbsp;&nbsp; 4.102% | 1885111 | &nbsp;&nbsp; 1870224 |
| 30-day Average SOFR + 2.133% <br>Floor 2.133%, Cap 9.125% <br>10/01/2052<br>| &nbsp;&nbsp; 4.125% | 4737547 | &nbsp;&nbsp; 4699526 |
| 30-day Average SOFR + 2.129% <br>Floor 2.129%, Cap 9.146% <br>11/01/2052<br>| &nbsp;&nbsp; 4.146% | 1595897 | &nbsp;&nbsp; 1582663 |
| 30-day Average SOFR + 2.330% <br>Floor 2.330%, Cap 9.535% <br>04/01/2053<br>| &nbsp;&nbsp; 4.535% | 5289157 | &nbsp;&nbsp; 5226577 |
| 30-day Average SOFR + 2.296% <br>Floor 2.296%, Cap 9.671% <br>04/01/2053<br>| &nbsp;&nbsp; 4.671% | 8230124 | &nbsp;&nbsp; 8283514 |
| 30-day Average SOFR + 2.161% <br>Floor 2.161%, Cap 9.941% <br>04/01/2055<br>| &nbsp;&nbsp; 4.941% | 1583035 | &nbsp;&nbsp; 1594584 |
| 30-day Average SOFR + 2.310% <br>Floor 2.310%, Cap 9.968% <br>05/01/2055<br>| &nbsp;&nbsp; 4.968% | 1497779 | &nbsp;&nbsp; 1506871 |
| 30-day Average SOFR + 2.060% <br>Floor 2.060%, Cap 10.371% <br>05/01/2055<br>| &nbsp;&nbsp; 5.371% | 2086537 | &nbsp;&nbsp; 2110210 |
| CMO Series 2003-W8 Class 3F1 | CMO Series 2003-W8 Class 3F1 | CMO Series 2003-W8 Class 3F1 | CMO Series 2003-W8 Class 3F1 |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 8.000% <br>05/25/2042<br>| &nbsp;&nbsp; 4.820% | 77547 | &nbsp;&nbsp; 77370 |
| CMO Series 2005-SV Class 75 | CMO Series 2005-SV Class 75 | CMO Series 2005-SV Class 75 | CMO Series 2005-SV Class 75 |
| -4.0 x 30-day Average SOFR + <br> 23.742% <br>Cap 24.200% <br>09/25/2035<br>| &nbsp;&nbsp; 6.521% | 11448 | &nbsp;&nbsp; 12627 |
| CMO Series 2005-W3 Class 2AF | CMO Series 2005-W3 Class 2AF | CMO Series 2005-W3 Class 2AF | CMO Series 2005-W3 Class 2AF |
| 30-day Average SOFR + 0.334% <br>Floor 0.220%, Cap 9.500% <br>03/25/2045<br>| &nbsp;&nbsp; 4.640% | 122306 | &nbsp;&nbsp; 121227 |
| CMO Series 2007-101 Class A2 | CMO Series 2007-101 Class A2 | CMO Series 2007-101 Class A2 | CMO Series 2007-101 Class A2 |
| 30-day Average SOFR + 0.364% <br>Floor 0.250% <br>06/27/2036<br>| &nbsp;&nbsp; 4.670% | 109283 | &nbsp;&nbsp; 108451 |
| CMO Series 2010-28 Class BS | CMO Series 2010-28 Class BS | CMO Series 2010-28 Class BS | CMO Series 2010-28 Class BS |
| -2.2 x 30-day Average SOFR + <br> 11.330% <br>Cap 11.588% <br>04/25/2040<br>| &nbsp;&nbsp; 1.643% | 24796 | &nbsp;&nbsp; 21737 |
| CMO Series 2010-35 Class SJ | CMO Series 2010-35 Class SJ | CMO Series 2010-35 Class SJ | CMO Series 2010-35 Class SJ |
| -3.3 x 30-day Average SOFR + <br> 17.285% <br>Cap 17.667% <br>04/25/2040<br>| &nbsp;&nbsp; 2.935% | 131387 | &nbsp;&nbsp; 137480 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2010-49 Class SC | CMO Series 2010-49 Class SC | CMO Series 2010-49 Class SC | CMO Series 2010-49 Class SC |
| -2.0 x 30-day Average SOFR + <br> 12.431% <br>Cap 12.660% <br>03/25/2040<br>| &nbsp;&nbsp; 3.821% | 87216 | &nbsp;&nbsp; 85580 |
| CMO Series 2011-75 Class FA | CMO Series 2011-75 Class FA | CMO Series 2011-75 Class FA | CMO Series 2011-75 Class FA |
| 30-day Average SOFR + 0.664% <br>Floor 0.550%, Cap 6.500% <br>08/25/2041<br>| &nbsp;&nbsp; 4.970% | 57652 | &nbsp;&nbsp; 57544 |
| CMO Series 2019-67 Class FB | CMO Series 2019-67 Class FB | CMO Series 2019-67 Class FB | CMO Series 2019-67 Class FB |
| 30-day Average SOFR + 0.564% <br>Floor 0.450%, Cap 6.500% <br>11/25/2049<br>| &nbsp;&nbsp; 4.870% | 673538 | &nbsp;&nbsp; 661808 |
| Federal National Mortgage Association<sup>(m)</sup>  | Federal National Mortgage Association<sup>(m)</sup>  | Federal National Mortgage Association<sup>(m)</sup>  | Federal National Mortgage Association<sup>(m)</sup>  |
| 03/01/2052 | &nbsp;&nbsp; 2.500% | 3367000 | &nbsp;&nbsp; 2835452 |
| Federal National Mortgage Association<sup>(e)</sup>  | Federal National Mortgage Association<sup>(e)</sup>  | Federal National Mortgage Association<sup>(e)</sup>  | Federal National Mortgage Association<sup>(e)</sup>  |
| CMO Series 2003-W16 Class AF5 | CMO Series 2003-W16 Class AF5 | CMO Series 2003-W16 Class AF5 | CMO Series 2003-W16 Class AF5 |
| 11/25/2033 | &nbsp;&nbsp; 4.677% | 154194 | &nbsp;&nbsp; 156219 |
| Federal National Mortgage Association<sup>(b),(d)</sup>  | Federal National Mortgage Association<sup>(b),(d)</sup>  | Federal National Mortgage Association<sup>(b),(d)</sup>  | Federal National Mortgage Association<sup>(b),(d)</sup>  |
| CMO Series 2006-117 Class GS | CMO Series 2006-117 Class GS | CMO Series 2006-117 Class GS | CMO Series 2006-117 Class GS |
| -1.0 x 30-day Average SOFR + <br> 6.536% <br>Cap 6.650% <br>12/25/2036<br>| &nbsp;&nbsp; 2.230% | 77609 | &nbsp;&nbsp; 7519 |
| CMO Series 2006-43 Class SI | CMO Series 2006-43 Class SI | CMO Series 2006-43 Class SI | CMO Series 2006-43 Class SI |
| -1.0 x 30-day Average SOFR + <br> 6.486% <br>Cap 6.600% <br>06/25/2036<br>| &nbsp;&nbsp; 2.180% | 322605 | &nbsp;&nbsp; 32906 |
| CMO Series 2006-58 Class IG | CMO Series 2006-58 Class IG | CMO Series 2006-58 Class IG | CMO Series 2006-58 Class IG |
| -1.0 x 30-day Average SOFR + <br> 6.406% <br>Cap 6.520% <br>07/25/2036<br>| &nbsp;&nbsp; 2.100% | 88666 | &nbsp;&nbsp; 6448 |
| CMO Series 2006-8 Class WN | CMO Series 2006-8 Class WN | CMO Series 2006-8 Class WN | CMO Series 2006-8 Class WN |
| -1.0 x 30-day Average SOFR + <br> 6.586% <br>Cap 6.700% <br>03/25/2036<br>| &nbsp;&nbsp; 2.280% | 356564 | &nbsp;&nbsp; 33929 |
| CMO Series 2006-94 Class GI | CMO Series 2006-94 Class GI | CMO Series 2006-94 Class GI | CMO Series 2006-94 Class GI |
| -1.0 x 30-day Average SOFR + <br> 6.536% <br>Cap 6.650% <br>10/25/2026<br>| &nbsp;&nbsp; 2.230% | 19696 | &nbsp;&nbsp; 179 |
| CMO Series 2007-109 Class PI | CMO Series 2007-109 Class PI | CMO Series 2007-109 Class PI | CMO Series 2007-109 Class PI |
| -1.0 x 30-day Average SOFR + <br> 6.236% <br>Cap 6.350% <br>12/25/2037<br>| &nbsp;&nbsp; 1.930% | 78030 | &nbsp;&nbsp; 4989 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2007-65 Class KI | CMO Series 2007-65 Class KI | CMO Series 2007-65 Class KI | CMO Series 2007-65 Class KI |
| -1.0 x 30-day Average SOFR + <br> 6.506% <br>Cap 6.620% <br>07/25/2037<br>| &nbsp;&nbsp; 2.200% | 59377 | &nbsp;&nbsp; 6019 |
| CMO Series 2007-72 Class EK | CMO Series 2007-72 Class EK | CMO Series 2007-72 Class EK | CMO Series 2007-72 Class EK |
| -1.0 x 30-day Average SOFR + <br> 6.286% <br>Cap 6.400% <br>07/25/2037<br>| &nbsp;&nbsp; 1.980% | 349417 | &nbsp;&nbsp; 37028 |
| CMO Series 2007-W7 Class 2A2 | CMO Series 2007-W7 Class 2A2 | CMO Series 2007-W7 Class 2A2 | CMO Series 2007-W7 Class 2A2 |
| -1.0 x 30-day Average SOFR + <br> 6.416% <br>Cap 6.530% <br>07/25/2037<br>| &nbsp;&nbsp; 2.110% | 116992 | &nbsp;&nbsp; 9579 |
| CMO Series 2009-112 Class ST | CMO Series 2009-112 Class ST | CMO Series 2009-112 Class ST | CMO Series 2009-112 Class ST |
| -1.0 x 30-day Average SOFR + <br> 6.136% <br>Cap 6.250% <br>01/25/2040<br>| &nbsp;&nbsp; 1.830% | 99675 | &nbsp;&nbsp; 10156 |
| CMO Series 2009-17 Class QS | CMO Series 2009-17 Class QS | CMO Series 2009-17 Class QS | CMO Series 2009-17 Class QS |
| -1.0 x 30-day Average SOFR + <br> 6.536% <br>Cap 6.650% <br>03/25/2039<br>| &nbsp;&nbsp; 2.230% | 24458 | &nbsp;&nbsp; 2497 |
| CMO Series 2009-37 Class KI | CMO Series 2009-37 Class KI | CMO Series 2009-37 Class KI | CMO Series 2009-37 Class KI |
| -1.0 x 30-day Average SOFR + <br> 5.886% <br>Cap 6.000% <br>06/25/2039<br>| &nbsp;&nbsp; 1.580% | 110090 | &nbsp;&nbsp; 7183 |
| CMO Series 2009-68 Class SA | CMO Series 2009-68 Class SA | CMO Series 2009-68 Class SA | CMO Series 2009-68 Class SA |
| -1.0 x 30-day Average SOFR + <br> 6.636% <br>Cap 6.750% <br>09/25/2039<br>| &nbsp;&nbsp; 2.330% | 153363 | &nbsp;&nbsp; 15114 |
| CMO Series 2010-125 Class SA | CMO Series 2010-125 Class SA | CMO Series 2010-125 Class SA | CMO Series 2010-125 Class SA |
| -1.0 x 30-day Average SOFR + <br> 4.326% <br>Cap 4.440% <br>11/25/2040<br>| &nbsp;&nbsp; 0.020% | 276885 | &nbsp;&nbsp; 11510 |
| CMO Series 2010-147 Class SA | CMO Series 2010-147 Class SA | CMO Series 2010-147 Class SA | CMO Series 2010-147 Class SA |
| -1.0 x 30-day Average SOFR + <br> 6.416% <br>Cap 6.530% <br>01/25/2041<br>| &nbsp;&nbsp; 2.110% | 664927 | &nbsp;&nbsp; 82034 |
| CMO Series 2010-35 Class SB | CMO Series 2010-35 Class SB | CMO Series 2010-35 Class SB | CMO Series 2010-35 Class SB |
| -1.0 x 30-day Average SOFR + <br> 6.306% <br>Cap 6.420% <br>04/25/2040<br>| &nbsp;&nbsp; 2.000% | 57712 | &nbsp;&nbsp; 5697 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2010-42 Class S | CMO Series 2010-42 Class S | CMO Series 2010-42 Class S | CMO Series 2010-42 Class S |
| -1.0 x 30-day Average SOFR + <br> 6.286% <br>Cap 6.400% <br>05/25/2040<br>| &nbsp;&nbsp; 1.980% | 46441 | &nbsp;&nbsp; 3999 |
| CMO Series 2010-68 Class SA | CMO Series 2010-68 Class SA | CMO Series 2010-68 Class SA | CMO Series 2010-68 Class SA |
| -1.0 x 30-day Average SOFR + <br> 4.886% <br>Cap 5.000% <br>07/25/2040<br>| &nbsp;&nbsp; 0.580% | 237465 | &nbsp;&nbsp; 17695 |
| Federal National Mortgage Association<sup>(h)</sup>  | Federal National Mortgage Association<sup>(h)</sup>  | Federal National Mortgage Association<sup>(h)</sup>  | Federal National Mortgage Association<sup>(h)</sup>  |
| CMO Series 2006-15 Class OP | CMO Series 2006-15 Class OP | CMO Series 2006-15 Class OP | CMO Series 2006-15 Class OP |
| 03/25/2036 | &nbsp;&nbsp; 0.000% | 56867 | &nbsp;&nbsp; 48327 |
| CMO Series 2006-8 Class WQ | CMO Series 2006-8 Class WQ | CMO Series 2006-8 Class WQ | CMO Series 2006-8 Class WQ |
| 03/25/2036 | &nbsp;&nbsp; 0.000% | 97245 | &nbsp;&nbsp; 80552 |
| CMO Series 2009-86 Class BO | CMO Series 2009-86 Class BO | CMO Series 2009-86 Class BO | CMO Series 2009-86 Class BO |
| 03/25/2037 | &nbsp;&nbsp; 0.000% | 15922 | &nbsp;&nbsp; 14176 |
| CMO Series 2013-101 Class DO | CMO Series 2013-101 Class DO | CMO Series 2013-101 Class DO | CMO Series 2013-101 Class DO |
| 10/25/2043 | &nbsp;&nbsp; 0.000% | 764849 | &nbsp;&nbsp; 569094 |
| CMO Series 2013-128 Class | CMO Series 2013-128 Class | CMO Series 2013-128 Class | CMO Series 2013-128 Class |
| 12/25/2043 | &nbsp;&nbsp; 0.000% | 446140 | &nbsp;&nbsp; 326006 |
| CMO Series 2013-92 Class | CMO Series 2013-92 Class | CMO Series 2013-92 Class | CMO Series 2013-92 Class |
| 09/25/2043 | &nbsp;&nbsp; 0.000% | 494916 | &nbsp;&nbsp; 370034 |
| Federal National Mortgage Association<sup>(d)</sup>  | Federal National Mortgage Association<sup>(d)</sup>  | Federal National Mortgage Association<sup>(d)</sup>  | Federal National Mortgage Association<sup>(d)</sup>  |
| CMO Series 2009-86 Class IP | CMO Series 2009-86 Class IP | CMO Series 2009-86 Class IP | CMO Series 2009-86 Class IP |
| 10/25/2039 | &nbsp;&nbsp; 5.500% | 45772 | &nbsp;&nbsp; 7810 |
| Federal National Mortgage Association<sup>(c)</sup>  | Federal National Mortgage Association<sup>(c)</sup>  | Federal National Mortgage Association<sup>(c)</sup>  | Federal National Mortgage Association<sup>(c)</sup>  |
| CMO Series 2010-61 Class WA | CMO Series 2010-61 Class WA | CMO Series 2010-61 Class WA | CMO Series 2010-61 Class WA |
| 06/25/2040 | &nbsp;&nbsp; 6.038% | 34448 | &nbsp;&nbsp; 35035 |
| CMO Series 2011-2 Class WA | CMO Series 2011-2 Class WA | CMO Series 2011-2 Class WA | CMO Series 2011-2 Class WA |
| 02/25/2051 | &nbsp;&nbsp; 5.825% | 38569 | &nbsp;&nbsp; 40037 |
| CMO Series 2011-43 Class WA | CMO Series 2011-43 Class WA | CMO Series 2011-43 Class WA | CMO Series 2011-43 Class WA |
| 05/25/2051 | &nbsp;&nbsp; 5.726% | 53399 | &nbsp;&nbsp; 55598 |
| Federal National Mortgage Association<sup>(c),(d)</sup>  | Federal National Mortgage Association<sup>(c),(d)</sup>  | Federal National Mortgage Association<sup>(c),(d)</sup>  | Federal National Mortgage Association<sup>(c),(d)</sup>  |
| CMO Series 2011-30 Class LS | CMO Series 2011-30 Class LS | CMO Series 2011-30 Class LS | CMO Series 2011-30 Class LS |
| 04/25/2041 | &nbsp;&nbsp; 1.884% | 134271 | &nbsp;&nbsp; 8903 |
| Federal National Mortgage Association REMICS<sup>(b)</sup>  | Federal National Mortgage Association REMICS<sup>(b)</sup>  | Federal National Mortgage Association REMICS<sup>(b)</sup>  | Federal National Mortgage Association REMICS<sup>(b)</sup>  |
| CMO Series 2010-107 Class FB | CMO Series 2010-107 Class FB | CMO Series 2010-107 Class FB | CMO Series 2010-107 Class FB |
| 30-day Average SOFR + 0.524% <br>Floor 0.410%, Cap 7.000% <br>09/25/2040<br>| &nbsp;&nbsp; 4.830% | 655611 | &nbsp;&nbsp; 648603 |
| CMO Series 2011-117 Class AF | CMO Series 2011-117 Class AF | CMO Series 2011-117 Class AF | CMO Series 2011-117 Class AF |
| 30-day Average SOFR + 0.564% <br>Floor 0.450%, Cap 7.000% <br>11/25/2041<br>| &nbsp;&nbsp; 4.870% | 467967 | &nbsp;&nbsp; 462632 |
| CMO Series 2011-117 Class FA | CMO Series 2011-117 Class FA | CMO Series 2011-117 Class FA | CMO Series 2011-117 Class FA |
| 30-day Average SOFR + 0.564% <br>Floor 0.450%, Cap 7.000% <br>11/25/2041<br>| &nbsp;&nbsp; 4.870% | 1081284 | &nbsp;&nbsp; 1069196 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2011-127 Class FC | CMO Series 2011-127 Class FC | CMO Series 2011-127 Class FC | CMO Series 2011-127 Class FC |
| 30-day Average SOFR + 0.564% <br>Floor 0.450%, Cap 7.000% <br>12/25/2041<br>| &nbsp;&nbsp; 4.870% | 499302 | &nbsp;&nbsp; 493274 |
| CMO Series 2011-142 Class EF | CMO Series 2011-142 Class EF | CMO Series 2011-142 Class EF | CMO Series 2011-142 Class EF |
| 30-day Average SOFR + 0.614% <br>Floor 0.500%, Cap 7.000% <br>01/25/2042<br>| &nbsp;&nbsp; 4.920% | 557051 | &nbsp;&nbsp; 551680 |
| CMO Series 2012-106 Class FA | CMO Series 2012-106 Class FA | CMO Series 2012-106 Class FA | CMO Series 2012-106 Class FA |
| 30-day Average SOFR + 0.454% <br>Floor 0.340%, Cap 6.500% <br>10/25/2042<br>| &nbsp;&nbsp; 4.760% | 449168 | &nbsp;&nbsp; 443462 |
| CMO Series 2012-12 Class FA | CMO Series 2012-12 Class FA | CMO Series 2012-12 Class FA | CMO Series 2012-12 Class FA |
| 30-day Average SOFR + 0.614% <br>Floor 0.500%, Cap 7.000% <br>02/25/2042<br>| &nbsp;&nbsp; 4.920% | 495576 | &nbsp;&nbsp; 490695 |
| CMO Series 2012-47 Class JF | CMO Series 2012-47 Class JF | CMO Series 2012-47 Class JF | CMO Series 2012-47 Class JF |
| 30-day Average SOFR + 0.614% <br>Floor 0.500%, Cap 7.000% <br>05/25/2042<br>| &nbsp;&nbsp; 4.920% | 666128 | &nbsp;&nbsp; 659510 |
| CMO Series 2016-11 Class CF | CMO Series 2016-11 Class CF | CMO Series 2016-11 Class CF | CMO Series 2016-11 Class CF |
| 30-day Average SOFR + 0.464% <br>Floor 0.350%, Cap 6.500% <br>03/25/2046<br>| &nbsp;&nbsp; 4.770% | 653658 | &nbsp;&nbsp; 645484 |
| CMO Series 2016-11 Class FG | CMO Series 2016-11 Class FG | CMO Series 2016-11 Class FG | CMO Series 2016-11 Class FG |
| 30-day Average SOFR + 0.464% <br>Floor 0.350%, Cap 6.500% <br>03/25/2046<br>| &nbsp;&nbsp; 4.770% | 879058 | &nbsp;&nbsp; 868012 |
| CMO Series 2016-22 Class FA | CMO Series 2016-22 Class FA | CMO Series 2016-22 Class FA | CMO Series 2016-22 Class FA |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>04/25/2046<br>| &nbsp;&nbsp; 4.820% | 1683242 | &nbsp;&nbsp; 1663888 |
| CMO Series 2016-22 Class FG | CMO Series 2016-22 Class FG | CMO Series 2016-22 Class FG | CMO Series 2016-22 Class FG |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>04/25/2046<br>| &nbsp;&nbsp; 4.820% | 1473276 | &nbsp;&nbsp; 1455966 |
| CMO Series 2016-69 Class BF | CMO Series 2016-69 Class BF | CMO Series 2016-69 Class BF | CMO Series 2016-69 Class BF |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>10/25/2046<br>| &nbsp;&nbsp; 4.820% | 1081056 | &nbsp;&nbsp; 1070493 |
| CMO Series 2016-75 Class FE | CMO Series 2016-75 Class FE | CMO Series 2016-75 Class FE | CMO Series 2016-75 Class FE |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>10/25/2046<br>| &nbsp;&nbsp; 4.820% | 1045059 | &nbsp;&nbsp; 1035431 |
| CMO Series 2016-78 Class FA | CMO Series 2016-78 Class FA | CMO Series 2016-78 Class FA | CMO Series 2016-78 Class FA |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>03/25/2044<br>| &nbsp;&nbsp; 4.820% | 676774 | &nbsp;&nbsp; 668581 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2016-79 Class FH | CMO Series 2016-79 Class FH | CMO Series 2016-79 Class FH | CMO Series 2016-79 Class FH |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>11/25/2046<br>| &nbsp;&nbsp; 4.820% | 1037956 | &nbsp;&nbsp; 1028300 |
| CMO Series 2016-82 Class FE | CMO Series 2016-82 Class FE | CMO Series 2016-82 Class FE | CMO Series 2016-82 Class FE |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>11/25/2046<br>| &nbsp;&nbsp; 4.820% | 1847877 | &nbsp;&nbsp; 1831339 |
| CMO Series 2016-82 Class FH | CMO Series 2016-82 Class FH | CMO Series 2016-82 Class FH | CMO Series 2016-82 Class FH |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>11/25/2046<br>| &nbsp;&nbsp; 4.820% | 1700065 | &nbsp;&nbsp; 1681229 |
| CMO Series 2016-84 Class FB | CMO Series 2016-84 Class FB | CMO Series 2016-84 Class FB | CMO Series 2016-84 Class FB |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>11/25/2046<br>| &nbsp;&nbsp; 4.820% | 1015428 | &nbsp;&nbsp; 1003826 |
| CMO Series 2016-86 Class FE | CMO Series 2016-86 Class FE | CMO Series 2016-86 Class FE | CMO Series 2016-86 Class FE |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>11/25/2046<br>| &nbsp;&nbsp; 4.820% | 2648466 | &nbsp;&nbsp; 2617800 |
| CMO Series 2016-88 Class CF | CMO Series 2016-88 Class CF | CMO Series 2016-88 Class CF | CMO Series 2016-88 Class CF |
| 30-day Average SOFR + 0.564% <br>Floor 0.450%, Cap 6.500% <br>12/25/2046<br>| &nbsp;&nbsp; 4.870% | 1429921 | &nbsp;&nbsp; 1416846 |
| CMO Series 2016-91 Class AF | CMO Series 2016-91 Class AF | CMO Series 2016-91 Class AF | CMO Series 2016-91 Class AF |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>12/25/2046<br>| &nbsp;&nbsp; 4.820% | 759639 | &nbsp;&nbsp; 753556 |
| CMO Series 2017-12 Class FD | CMO Series 2017-12 Class FD | CMO Series 2017-12 Class FD | CMO Series 2017-12 Class FD |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>03/25/2047<br>| &nbsp;&nbsp; 4.820% | 1038568 | &nbsp;&nbsp; 1028451 |
| CMO Series 2017-23 Class FA | CMO Series 2017-23 Class FA | CMO Series 2017-23 Class FA | CMO Series 2017-23 Class FA |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>04/25/2047<br>| &nbsp;&nbsp; 4.820% | 1178434 | &nbsp;&nbsp; 1165804 |
| CMO Series 2017-26 Class FA | CMO Series 2017-26 Class FA | CMO Series 2017-26 Class FA | CMO Series 2017-26 Class FA |
| 30-day Average SOFR + 0.464% <br>Floor 0.350%, Cap 6.500% <br>04/25/2047<br>| &nbsp;&nbsp; 4.770% | 2179569 | &nbsp;&nbsp; 2157540 |
| CMO Series 2017-9 Class BF | CMO Series 2017-9 Class BF | CMO Series 2017-9 Class BF | CMO Series 2017-9 Class BF |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>03/25/2047<br>| &nbsp;&nbsp; 4.820% | 991028 | &nbsp;&nbsp; 981459 |
| CMO Series 2017-9 Class DF | CMO Series 2017-9 Class DF | CMO Series 2017-9 Class DF | CMO Series 2017-9 Class DF |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>03/25/2047<br>| &nbsp;&nbsp; 4.820% | 906659 | &nbsp;&nbsp; 897968 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2017-96B Class FB | CMO Series 2017-96B Class FB | CMO Series 2017-96B Class FB | CMO Series 2017-96B Class FB |
| 30-day Average SOFR + 0.414% <br>Floor 0.300%, Cap 6.500% <br>12/25/2047<br>| &nbsp;&nbsp; 4.720% | 1329705 | &nbsp;&nbsp; 1309046 |
| CMO Series 2018-36 Class FD | CMO Series 2018-36 Class FD | CMO Series 2018-36 Class FD | CMO Series 2018-36 Class FD |
| 30-day Average SOFR + 0.364% <br>Floor 0.250%, Cap 6.500% <br>06/25/2048<br>| &nbsp;&nbsp; 4.670% | 1774643 | &nbsp;&nbsp; 1752711 |
| Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
| CMO Series 2013-49C Class AP | CMO Series 2013-49C Class AP | CMO Series 2013-49C Class AP | CMO Series 2013-49C Class AP |
| 05/25/2043 | &nbsp;&nbsp; 1.750% | 592571 | &nbsp;&nbsp; 501098 |
| CMO Series 2015-72 Class GL | CMO Series 2015-72 Class GL | CMO Series 2015-72 Class GL | CMO Series 2015-72 Class GL |
| 10/25/2045 | &nbsp;&nbsp; 3.000% | 751000 | &nbsp;&nbsp; 651612 |
| CMO Series 2017-24 Class PG | CMO Series 2017-24 Class PG | CMO Series 2017-24 Class PG | CMO Series 2017-24 Class PG |
| 04/25/2047 | &nbsp;&nbsp; 2.625% | 3140248 | &nbsp;&nbsp; 2747878 |
| CMO Series 2019-13 Class PE | CMO Series 2019-13 Class PE | CMO Series 2019-13 Class PE | CMO Series 2019-13 Class PE |
| 03/25/2049 | &nbsp;&nbsp; 3.000% | 729061 | &nbsp;&nbsp; 660009 |
| CMO Series 2019-81 Class LH | CMO Series 2019-81 Class LH | CMO Series 2019-81 Class LH | CMO Series 2019-81 Class LH |
| 12/25/2049 | &nbsp;&nbsp; 3.000% | 883789 | &nbsp;&nbsp; 794506 |
| CMO Series 2022-62 Class KA | CMO Series 2022-62 Class KA | CMO Series 2022-62 Class KA | CMO Series 2022-62 Class KA |
| 09/25/2052 | &nbsp;&nbsp; 3.250% | 910321 | &nbsp;&nbsp; 859416 |
| CMO Series 2024-64 Class KY | CMO Series 2024-64 Class KY | CMO Series 2024-64 Class KY | CMO Series 2024-64 Class KY |
| 12/25/2043 | &nbsp;&nbsp; 3.000% | 913000 | &nbsp;&nbsp; 760205 |
| Freddie Mac REMICS | Freddie Mac REMICS | Freddie Mac REMICS | Freddie Mac REMICS |
| CMO Series 205217 Class CD | CMO Series 205217 Class CD | CMO Series 205217 Class CD | CMO Series 205217 Class CD |
| 07/25/2049 | &nbsp;&nbsp; 2.500% | 1387699 | &nbsp;&nbsp; 1280114 |
| CMO Series 4091 Class BX | CMO Series 4091 Class BX | CMO Series 4091 Class BX | CMO Series 4091 Class BX |
| 10/15/2041 | &nbsp;&nbsp; 3.250% | 1141964 | &nbsp;&nbsp; 1072957 |
| CMO Series 4091 Class EX | CMO Series 4091 Class EX | CMO Series 4091 Class EX | CMO Series 4091 Class EX |
| 07/15/2042 | &nbsp;&nbsp; 3.375% | 734913 | &nbsp;&nbsp; 690450 |
| CMO Series 4091 Class MX | CMO Series 4091 Class MX | CMO Series 4091 Class MX | CMO Series 4091 Class MX |
| 02/15/2042 | &nbsp;&nbsp; 3.250% | 881736 | &nbsp;&nbsp; 822706 |
| CMO Series 4117 Class HB | CMO Series 4117 Class HB | CMO Series 4117 Class HB | CMO Series 4117 Class HB |
| 10/15/2042 | &nbsp;&nbsp; 2.500% | 779872 | &nbsp;&nbsp; 694179 |
| CMO Series 4446 Class CP | CMO Series 4446 Class CP | CMO Series 4446 Class CP | CMO Series 4446 Class CP |
| 03/15/2045 | &nbsp;&nbsp; 2.250% | 951274 | &nbsp;&nbsp; 847912 |
| CMO Series 4582 Class HA | CMO Series 4582 Class HA | CMO Series 4582 Class HA | CMO Series 4582 Class HA |
| 09/15/2045 | &nbsp;&nbsp; 3.000% | 3577034 | &nbsp;&nbsp; 3398245 |
| CMO Series 4719 Class LA | CMO Series 4719 Class LA | CMO Series 4719 Class LA | CMO Series 4719 Class LA |
| 09/15/2047 | &nbsp;&nbsp; 3.500% | 1036511 | &nbsp;&nbsp; 960522 |
| CMO Series 4719 Class LM | CMO Series 4719 Class LM | CMO Series 4719 Class LM | CMO Series 4719 Class LM |
| 09/15/2047 | &nbsp;&nbsp; 3.000% | 816050 | &nbsp;&nbsp; 731292 |
| CMO Series 4753 Class BD | CMO Series 4753 Class BD | CMO Series 4753 Class BD | CMO Series 4753 Class BD |
| 01/15/2048 | &nbsp;&nbsp; 3.000% | 870182 | &nbsp;&nbsp; 784068 |
| CMO Series 4857 Class JA | CMO Series 4857 Class JA | CMO Series 4857 Class JA | CMO Series 4857 Class JA |
| 01/15/2049 | &nbsp;&nbsp; 3.350% | 3037349 | &nbsp;&nbsp; 2907008 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 4927 Class BG | CMO Series 4927 Class BG | CMO Series 4927 Class BG | CMO Series 4927 Class BG |
| 11/25/2049 | &nbsp;&nbsp; 3.000% | 1410394 | &nbsp;&nbsp; 1304587 |
| CMO Series 4937 Class MD | CMO Series 4937 Class MD | CMO Series 4937 Class MD | CMO Series 4937 Class MD |
| 10/25/2049 | &nbsp;&nbsp; 2.500% | 1395485 | &nbsp;&nbsp; 1242182 |
| CMO Series 4940 Class AG | CMO Series 4940 Class AG | CMO Series 4940 Class AG | CMO Series 4940 Class AG |
| 05/15/2040 | &nbsp;&nbsp; 3.000% | 1064356 | &nbsp;&nbsp; 1008930 |
| CMO Series 4941 Class GA | CMO Series 4941 Class GA | CMO Series 4941 Class GA | CMO Series 4941 Class GA |
| 12/15/2047 | &nbsp;&nbsp; 2.000% | 807179 | &nbsp;&nbsp; 679120 |
| CMO Series 4954 Class LB | CMO Series 4954 Class LB | CMO Series 4954 Class LB | CMO Series 4954 Class LB |
| 02/25/2050 | &nbsp;&nbsp; 2.500% | 668532 | &nbsp;&nbsp; 588024 |
| CMO Series 5020 Class ET | CMO Series 5020 Class ET | CMO Series 5020 Class ET | CMO Series 5020 Class ET |
| 10/25/2050 | &nbsp;&nbsp; 3.500% | 1223964 | &nbsp;&nbsp; 1125872 |
| CMO Series 5058 Class BC | CMO Series 5058 Class BC | CMO Series 5058 Class BC | CMO Series 5058 Class BC |
| 11/25/2050 | &nbsp;&nbsp; 5.000% | 1024245 | &nbsp;&nbsp; 1011532 |
| CMO Series 5092Z Class HE | CMO Series 5092Z Class HE | CMO Series 5092Z Class HE | CMO Series 5092Z Class HE |
| 02/25/2051 | &nbsp;&nbsp; 2.000% | 1454043 | &nbsp;&nbsp; 1205058 |
| CMO Series 5116 Class PB | CMO Series 5116 Class PB | CMO Series 5116 Class PB | CMO Series 5116 Class PB |
| 02/25/2051 | &nbsp;&nbsp; 2.250% | 1507102 | &nbsp;&nbsp; 1330777 |
| CMO Series 5118 Class CA | CMO Series 5118 Class CA | CMO Series 5118 Class CA | CMO Series 5118 Class CA |
| 10/15/2033 | &nbsp;&nbsp; 1.500% | 1458000 | &nbsp;&nbsp; 1345337 |
| CMO Series 5182 Class M | CMO Series 5182 Class M | CMO Series 5182 Class M | CMO Series 5182 Class M |
| 05/25/2049 | &nbsp;&nbsp; 2.500% | 1201905 | &nbsp;&nbsp; 1059393 |
| CMO Series 5201 Class CA | CMO Series 5201 Class CA | CMO Series 5201 Class CA | CMO Series 5201 Class CA |
| 07/25/2048 | &nbsp;&nbsp; 2.500% | 1717798 | &nbsp;&nbsp; 1517877 |
| CMO Series 5202 Class BH | CMO Series 5202 Class BH | CMO Series 5202 Class BH | CMO Series 5202 Class BH |
| 12/25/2047 | &nbsp;&nbsp; 2.000% | 1103592 | &nbsp;&nbsp; 1019485 |
| CMO Series 5202R Class TA | CMO Series 5202R Class TA | CMO Series 5202R Class TA | CMO Series 5202R Class TA |
| 12/25/2048 | &nbsp;&nbsp; 2.500% | 2532817 | &nbsp;&nbsp; 2328441 |
| CMO Series 5207 Class PA | CMO Series 5207 Class PA | CMO Series 5207 Class PA | CMO Series 5207 Class PA |
| 06/25/2051 | &nbsp;&nbsp; 3.000% | 1934439 | &nbsp;&nbsp; 1738881 |
| CMO Series 5210 Class DC | CMO Series 5210 Class DC | CMO Series 5210 Class DC | CMO Series 5210 Class DC |
| 09/25/2051 | &nbsp;&nbsp; 3.000% | 1334381 | &nbsp;&nbsp; 1249411 |
| CMO Series 5220 Class QK | CMO Series 5220 Class QK | CMO Series 5220 Class QK | CMO Series 5220 Class QK |
| 09/25/2050 | &nbsp;&nbsp; 3.500% | 3369040 | &nbsp;&nbsp; 3221149 |
| CMO Series 5228 Class TN | CMO Series 5228 Class TN | CMO Series 5228 Class TN | CMO Series 5228 Class TN |
| 07/25/2039 | &nbsp;&nbsp; 3.500% | 226493 | &nbsp;&nbsp; 217623 |
| CMO Series 5529 Class HA | CMO Series 5529 Class HA | CMO Series 5529 Class HA | CMO Series 5529 Class HA |
| 03/15/2043 | &nbsp;&nbsp; 3.000% | 6668624 | &nbsp;&nbsp; 6352178 |
| Freddie Mac REMICS<sup>(b)</sup>  | Freddie Mac REMICS<sup>(b)</sup>  | Freddie Mac REMICS<sup>(b)</sup>  | Freddie Mac REMICS<sup>(b)</sup>  |
| CMO Series 4184 Class FN | CMO Series 4184 Class FN | CMO Series 4184 Class FN | CMO Series 4184 Class FN |
| 30-day Average SOFR + 0.464% <br>Floor 0.350%, Cap 7.000% <br>03/15/2043<br>| &nbsp;&nbsp; 4.768% | 396548 | &nbsp;&nbsp; 389877 |
| CMO Series 4281 Class FA | CMO Series 4281 Class FA | CMO Series 4281 Class FA | CMO Series 4281 Class FA |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>12/15/2043<br>| &nbsp;&nbsp; 4.818% | 311673 | &nbsp;&nbsp; 309197 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 4286 Class VF | CMO Series 4286 Class VF | CMO Series 4286 Class VF | CMO Series 4286 Class VF |
| 30-day Average SOFR + 0.564% <br>Floor 0.450%, Cap 6.500% <br>12/15/2043<br>| &nbsp;&nbsp; 4.868% | 1568241 | &nbsp;&nbsp; 1547734 |
| CMO Series 4303 Class FA | CMO Series 4303 Class FA | CMO Series 4303 Class FA | CMO Series 4303 Class FA |
| 30-day Average SOFR + 0.464% <br>Floor 0.350%, Cap 7.000% <br>02/15/2044<br>| &nbsp;&nbsp; 4.768% | 562223 | &nbsp;&nbsp; 551229 |
| CMO Series 4826 Class KF | CMO Series 4826 Class KF | CMO Series 4826 Class KF | CMO Series 4826 Class KF |
| 30-day Average SOFR + 0.414% <br>Floor 0.300%, Cap 6.500% <br>09/15/2048<br>| &nbsp;&nbsp; 4.718% | 683300 | &nbsp;&nbsp; 667831 |
| CMO Series 4903 Class NF | CMO Series 4903 Class NF | CMO Series 4903 Class NF | CMO Series 4903 Class NF |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>08/25/2049<br>| &nbsp;&nbsp; 4.820% | 635181 | &nbsp;&nbsp; 624902 |
| CMO Series 5119 Class QF | CMO Series 5119 Class QF | CMO Series 5119 Class QF | CMO Series 5119 Class QF |
| 30-day Average SOFR + 0.200% <br>Floor 0.200%, Cap 6.500% <br>06/25/2051<br>| &nbsp;&nbsp; 4.505% | 1887997 | &nbsp;&nbsp; 1766986 |
| CMO Series 5335 Class FB | CMO Series 5335 Class FB | CMO Series 5335 Class FB | CMO Series 5335 Class FB |
| 30-day Average SOFR + 0.814% <br>Floor 0.700%, Cap 7.500% <br>10/15/2039<br>| &nbsp;&nbsp; 5.118% | 3772215 | &nbsp;&nbsp; 3769923 |
| CMO Series 5396 Class HF | CMO Series 5396 Class HF | CMO Series 5396 Class HF | CMO Series 5396 Class HF |
| 30-day Average SOFR + 0.950% <br>Floor 0.950%, Cap 8.000% <br>04/25/2054<br>| &nbsp;&nbsp; 5.255% | 3342908 | &nbsp;&nbsp; 3330853 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| 12/20/2037- <br>03/20/2052<br>| &nbsp;&nbsp; 2.500% | 19699005 | &nbsp;&nbsp; 17002428 |
| 09/20/2038 | &nbsp;&nbsp; 7.000% | 30509 | &nbsp;&nbsp; 32069 |
| 07/20/2040- <br>12/15/2040<br>| &nbsp;&nbsp; 3.750% | 1063329 | &nbsp;&nbsp; 1001500 |
| 11/15/2040- <br>11/20/2040<br>| &nbsp;&nbsp; 3.625% | 572332 | &nbsp;&nbsp; 532333 |
| 12/15/2040 | &nbsp;&nbsp; 3.490% | 860221 | &nbsp;&nbsp; 828073 |
| 06/20/2043- <br>03/20/2052<br>| &nbsp;&nbsp; 3.000% | 21858327 | &nbsp;&nbsp; 19445634 |
| 12/20/2048- <br>04/20/2050<br>| &nbsp;&nbsp; 4.500% | 7085610 | &nbsp;&nbsp; 6833627 |
| 12/20/2048 | &nbsp;&nbsp; 5.000% | 551994 | &nbsp;&nbsp; 549446 |
| 01/20/2050- <br>02/20/2052<br>| &nbsp;&nbsp; 3.500% | 31056223 | &nbsp;&nbsp; 28226950 |
| 02/20/2050- <br>11/20/2054<br>| &nbsp;&nbsp; 4.000% | 27591711 | &nbsp;&nbsp; 25758520 |
| 01/20/2053 | &nbsp;&nbsp; 6.000% | 6021476 | &nbsp;&nbsp; 6197856 |
| 11/01/2070 | &nbsp;&nbsp; 2.932% | 3115536 | &nbsp;&nbsp; 2813276 |
| CMO Series 2003-75 Class ZX | CMO Series 2003-75 Class ZX | CMO Series 2003-75 Class ZX | CMO Series 2003-75 Class ZX |
| 09/16/2033 | &nbsp;&nbsp; 6.000% | 194019 | &nbsp;&nbsp; 194604 |
| CMO Series 2005-26 Class XY | CMO Series 2005-26 Class XY | CMO Series 2005-26 Class XY | CMO Series 2005-26 Class XY |
| 03/20/2035 | &nbsp;&nbsp; 5.500% | 187631 | &nbsp;&nbsp; 191018 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2005-72 Class AZ | CMO Series 2005-72 Class AZ | CMO Series 2005-72 Class AZ | CMO Series 2005-72 Class AZ |
| 09/20/2035 | &nbsp;&nbsp; 5.500% | 161759 | &nbsp;&nbsp; 164179 |
| CMO Series 2006-17 Class JN | CMO Series 2006-17 Class JN | CMO Series 2006-17 Class JN | CMO Series 2006-17 Class JN |
| 04/20/2036 | &nbsp;&nbsp; 6.000% | 80760 | &nbsp;&nbsp; 81273 |
| CMO Series 2006-38 Class ZK | CMO Series 2006-38 Class ZK | CMO Series 2006-38 Class ZK | CMO Series 2006-38 Class ZK |
| 08/20/2036 | &nbsp;&nbsp; 6.500% | 314956 | &nbsp;&nbsp; 314095 |
| CMO Series 2006-69 Class MB | CMO Series 2006-69 Class MB | CMO Series 2006-69 Class MB | CMO Series 2006-69 Class MB |
| 12/20/2036 | &nbsp;&nbsp; 5.500% | 367032 | &nbsp;&nbsp; 378154 |
| CMO Series 2008-23 Class PH | CMO Series 2008-23 Class PH | CMO Series 2008-23 Class PH | CMO Series 2008-23 Class PH |
| 03/20/2038 | &nbsp;&nbsp; 5.000% | 300935 | &nbsp;&nbsp; 306711 |
| CMO Series 2010-130 Class CP | CMO Series 2010-130 Class CP | CMO Series 2010-130 Class CP | CMO Series 2010-130 Class CP |
| 10/16/2040 | &nbsp;&nbsp; 7.000% | 150004 | &nbsp;&nbsp; 160235 |
| CMO Series 2010-163 Class NC | CMO Series 2010-163 Class NC | CMO Series 2010-163 Class NC | CMO Series 2010-163 Class NC |
| 12/20/2040 | &nbsp;&nbsp; 4.000% | 1201557 | &nbsp;&nbsp; 1195979 |
| CMO Series 2013-152 Class HA | CMO Series 2013-152 Class HA | CMO Series 2013-152 Class HA | CMO Series 2013-152 Class HA |
| 06/20/2043 | &nbsp;&nbsp; 2.500% | 1365874 | &nbsp;&nbsp; 1264728 |
| CMO Series 2013-H01 Class FA | CMO Series 2013-H01 Class FA | CMO Series 2013-H01 Class FA | CMO Series 2013-H01 Class FA |
| 01/20/2063 | &nbsp;&nbsp; 1.650% | 35 | &nbsp;&nbsp; 33 |
| CMO Series 2013-H04 Class BA | CMO Series 2013-H04 Class BA | CMO Series 2013-H04 Class BA | CMO Series 2013-H04 Class BA |
| 02/20/2063 | &nbsp;&nbsp; 1.650% | 2674 | &nbsp;&nbsp; 2521 |
| CMO Series 2013-H09 Class HA | CMO Series 2013-H09 Class HA | CMO Series 2013-H09 Class HA | CMO Series 2013-H09 Class HA |
| 04/20/2063 | &nbsp;&nbsp; 1.650% | 29994 | &nbsp;&nbsp; 28782 |
| CMO Series 2014-133 Class BP | CMO Series 2014-133 Class BP | CMO Series 2014-133 Class BP | CMO Series 2014-133 Class BP |
| 09/20/2044 | &nbsp;&nbsp; 2.250% | 1029077 | &nbsp;&nbsp; 925598 |
| CMO Series 2014-149 Class KP | CMO Series 2014-149 Class KP | CMO Series 2014-149 Class KP | CMO Series 2014-149 Class KP |
| 07/16/2044 | &nbsp;&nbsp; 2.250% | 1026673 | &nbsp;&nbsp; 942891 |
| CMO Series 2014-181 Class L | CMO Series 2014-181 Class L | CMO Series 2014-181 Class L | CMO Series 2014-181 Class L |
| 12/20/2044 | &nbsp;&nbsp; 3.000% | 966138 | &nbsp;&nbsp; 877128 |
| CMO Series 2015-144 Class CA | CMO Series 2015-144 Class CA | CMO Series 2015-144 Class CA | CMO Series 2015-144 Class CA |
| 10/20/2045 | &nbsp;&nbsp; 2.500% | 1474755 | &nbsp;&nbsp; 1304745 |
| CMO Series 2016-136 Class A | CMO Series 2016-136 Class A | CMO Series 2016-136 Class A | CMO Series 2016-136 Class A |
| 07/20/2044 | &nbsp;&nbsp; 3.000% | 833170 | &nbsp;&nbsp; 753323 |
| CMO Series 2016-93 Class AB | CMO Series 2016-93 Class AB | CMO Series 2016-93 Class AB | CMO Series 2016-93 Class AB |
| 07/20/2044 | &nbsp;&nbsp; 1.750% | 1844166 | &nbsp;&nbsp; 1523987 |
| CMO Series 2016-99 Class TL | CMO Series 2016-99 Class TL | CMO Series 2016-99 Class TL | CMO Series 2016-99 Class TL |
| 04/16/2044 | &nbsp;&nbsp; 2.000% | 405390 | &nbsp;&nbsp; 336205 |
| CMO Series 2017-139 Class GA | CMO Series 2017-139 Class GA | CMO Series 2017-139 Class GA | CMO Series 2017-139 Class GA |
| 09/20/2047 | &nbsp;&nbsp; 3.000% | 3323977 | &nbsp;&nbsp; 3014463 |
| CMO Series 2017-167 Class BQ | CMO Series 2017-167 Class BQ | CMO Series 2017-167 Class BQ | CMO Series 2017-167 Class BQ |
| 08/20/2044 | &nbsp;&nbsp; 2.500% | 630363 | &nbsp;&nbsp; 593382 |
| CMO Series 2018-65 Class DC | CMO Series 2018-65 Class DC | CMO Series 2018-65 Class DC | CMO Series 2018-65 Class DC |
| 05/20/2048 | &nbsp;&nbsp; 3.500% | 1261000 | &nbsp;&nbsp; 1166227 |
| CMO Series 2021-105 Class P | CMO Series 2021-105 Class P | CMO Series 2021-105 Class P | CMO Series 2021-105 Class P |
| 06/20/2051 | &nbsp;&nbsp; 1.750% | 3455335 | &nbsp;&nbsp; 2796625 |
| CMO Series 2021-107 Class DB | CMO Series 2021-107 Class DB | CMO Series 2021-107 Class DB | CMO Series 2021-107 Class DB |
| 04/20/2051 | &nbsp;&nbsp; 1.750% | 3233521 | &nbsp;&nbsp; 2619344 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2021-135 Class A | CMO Series 2021-135 Class A | CMO Series 2021-135 Class A | CMO Series 2021-135 Class A |
| 08/20/2051 | &nbsp;&nbsp; 2.000% | 1033508 | &nbsp;&nbsp; 833004 |
| CMO Series 2021-215 Class GA | CMO Series 2021-215 Class GA | CMO Series 2021-215 Class GA | CMO Series 2021-215 Class GA |
| 12/20/2051 | &nbsp;&nbsp; 2.000% | 6884550 | &nbsp;&nbsp; 5983968 |
| CMO Series 2021-225G Class YC | CMO Series 2021-225G Class YC | CMO Series 2021-225G Class YC | CMO Series 2021-225G Class YC |
| 12/20/2051 | &nbsp;&nbsp; 2.000% | 631611 | &nbsp;&nbsp; 528131 |
| CMO Series 2021-24 Class BC | CMO Series 2021-24 Class BC | CMO Series 2021-24 Class BC | CMO Series 2021-24 Class BC |
| 02/20/2051 | &nbsp;&nbsp; 1.250% | 1454622 | &nbsp;&nbsp; 1124140 |
| CMO Series 2021-27 Class BD | CMO Series 2021-27 Class BD | CMO Series 2021-27 Class BD | CMO Series 2021-27 Class BD |
| 02/20/2051 | &nbsp;&nbsp; 5.000% | 1216028 | &nbsp;&nbsp; 1208285 |
| CMO Series 2021-27 Class NT | CMO Series 2021-27 Class NT | CMO Series 2021-27 Class NT | CMO Series 2021-27 Class NT |
| 02/20/2051 | &nbsp;&nbsp; 5.000% | 1337195 | &nbsp;&nbsp; 1314924 |
| CMO Series 2021-27 Class Q | CMO Series 2021-27 Class Q | CMO Series 2021-27 Class Q | CMO Series 2021-27 Class Q |
| 02/20/2051 | &nbsp;&nbsp; 5.000% | 1194510 | &nbsp;&nbsp; 1186516 |
| CMO Series 2021-8 Class CY | CMO Series 2021-8 Class CY | CMO Series 2021-8 Class CY | CMO Series 2021-8 Class CY |
| 01/20/2051 | &nbsp;&nbsp; 5.000% | 1043652 | &nbsp;&nbsp; 1036476 |
| CMO Series 2021-89 Class LK | CMO Series 2021-89 Class LK | CMO Series 2021-89 Class LK | CMO Series 2021-89 Class LK |
| 05/20/2051 | &nbsp;&nbsp; 2.000% | 2485670 | &nbsp;&nbsp; 2128129 |
| CMO Series 2021-97 Class QK | CMO Series 2021-97 Class QK | CMO Series 2021-97 Class QK | CMO Series 2021-97 Class QK |
| 06/20/2051 | &nbsp;&nbsp; 2.000% | 5981165 | &nbsp;&nbsp; 4929726 |
| CMO Series 2022-107 Class C | CMO Series 2022-107 Class C | CMO Series 2022-107 Class C | CMO Series 2022-107 Class C |
| 06/20/2051 | &nbsp;&nbsp; 2.500% | 5482268 | &nbsp;&nbsp; 4363958 |
| CMO Series 2022-153 Class KA | CMO Series 2022-153 Class KA | CMO Series 2022-153 Class KA | CMO Series 2022-153 Class KA |
| 12/20/2049 | &nbsp;&nbsp; 4.000% | 1352792 | &nbsp;&nbsp; 1331423 |
| CMO Series 2022-205 Class A | CMO Series 2022-205 Class A | CMO Series 2022-205 Class A | CMO Series 2022-205 Class A |
| 09/20/2051 | &nbsp;&nbsp; 2.000% | 2040488 | &nbsp;&nbsp; 1580726 |
| CMO Series 2022-24 Class AH | CMO Series 2022-24 Class AH | CMO Series 2022-24 Class AH | CMO Series 2022-24 Class AH |
| 02/20/2052 | &nbsp;&nbsp; 2.500% | 413545 | &nbsp;&nbsp; 351853 |
| CMO Series 2022-31 Class GH | CMO Series 2022-31 Class GH | CMO Series 2022-31 Class GH | CMO Series 2022-31 Class GH |
| 12/20/2049 | &nbsp;&nbsp; 2.500% | 3403845 | &nbsp;&nbsp; 3068790 |
| CMO Series 2022-34 Class DN | CMO Series 2022-34 Class DN | CMO Series 2022-34 Class DN | CMO Series 2022-34 Class DN |
| 09/20/2041 | &nbsp;&nbsp; 3.500% | 2631641 | &nbsp;&nbsp; 2475504 |
| CMO Series 2022-46 Class LY | CMO Series 2022-46 Class LY | CMO Series 2022-46 Class LY | CMO Series 2022-46 Class LY |
| 03/20/2052 | &nbsp;&nbsp; 3.000% | 470000 | &nbsp;&nbsp; 387693 |
| CMO Series 2022-5 Class BA | CMO Series 2022-5 Class BA | CMO Series 2022-5 Class BA | CMO Series 2022-5 Class BA |
| 10/20/2049 | &nbsp;&nbsp; 2.000% | 6483315 | &nbsp;&nbsp; 5475654 |
| CMO Series 2022-50 Class CA | CMO Series 2022-50 Class CA | CMO Series 2022-50 Class CA | CMO Series 2022-50 Class CA |
| 03/20/2052 | &nbsp;&nbsp; 3.000% | 4660713 | &nbsp;&nbsp; 4162718 |
| CMO Series 2022-66 Class CG | CMO Series 2022-66 Class CG | CMO Series 2022-66 Class CG | CMO Series 2022-66 Class CG |
| 04/20/2052 | &nbsp;&nbsp; 3.500% | 2939106 | &nbsp;&nbsp; 2800462 |
| CMO Series 2022-78 Class HW | CMO Series 2022-78 Class HW | CMO Series 2022-78 Class HW | CMO Series 2022-78 Class HW |
| 04/20/2052 | &nbsp;&nbsp; 2.500% | 1053000 | &nbsp;&nbsp; 817305 |
| CMO Series 2022-84 Class A | CMO Series 2022-84 Class A | CMO Series 2022-84 Class A | CMO Series 2022-84 Class A |
| 01/20/2052 | &nbsp;&nbsp; 2.500% | 1698002 | &nbsp;&nbsp; 1421271 |
| CMO Series 2022-9 Class GA | CMO Series 2022-9 Class GA | CMO Series 2022-9 Class GA | CMO Series 2022-9 Class GA |
| 01/20/2052 | &nbsp;&nbsp; 2.000% | 1199066 | &nbsp;&nbsp; 986676 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2023-196 Class E | CMO Series 2023-196 Class E | CMO Series 2023-196 Class E | CMO Series 2023-196 Class E |
| 09/20/2048 | &nbsp;&nbsp; 3.000% | 1611285 | &nbsp;&nbsp; 1531322 |
| CMO Series 2023-81 Class YJ | CMO Series 2023-81 Class YJ | CMO Series 2023-81 Class YJ | CMO Series 2023-81 Class YJ |
| 06/20/2053 | &nbsp;&nbsp; 3.500% | 3852000 | &nbsp;&nbsp; 3301645 |
| CMO Series 2024-110 Class JC | CMO Series 2024-110 Class JC | CMO Series 2024-110 Class JC | CMO Series 2024-110 Class JC |
| 09/20/2047 | &nbsp;&nbsp; 3.000% | 557510 | &nbsp;&nbsp; 525777 |
| CMO Series 2024-110 Class JL | CMO Series 2024-110 Class JL | CMO Series 2024-110 Class JL | CMO Series 2024-110 Class JL |
| 10/20/2049 | &nbsp;&nbsp; 3.000% | 1262000 | &nbsp;&nbsp; 1075096 |
| CMO Series 2024-45 Class BD | CMO Series 2024-45 Class BD | CMO Series 2024-45 Class BD | CMO Series 2024-45 Class BD |
| 03/20/2054 | &nbsp;&nbsp; 2.000% | 1056553 | &nbsp;&nbsp; 968762 |
| CMO Series 2025-1 Class GC | CMO Series 2025-1 Class GC | CMO Series 2025-1 Class GC | CMO Series 2025-1 Class GC |
| 10/20/2051 | &nbsp;&nbsp; 3.500% | 16018510 | &nbsp;&nbsp; 15321660 |
| CMO Series 2025-7 Class EL | CMO Series 2025-7 Class EL | CMO Series 2025-7 Class EL | CMO Series 2025-7 Class EL |
| 01/20/2055 | &nbsp;&nbsp; 2.500% | 543000 | &nbsp;&nbsp; 379912 |
| Government National Mortgage Association<sup>(c)</sup>  | Government National Mortgage Association<sup>(c)</sup>  | Government National Mortgage Association<sup>(c)</sup>  | Government National Mortgage Association<sup>(c)</sup>  |
| 03/20/2048 | &nbsp;&nbsp; 4.757% | 2464086 | &nbsp;&nbsp; 2496588 |
| CMO Series 2010-H17 Class XQ | CMO Series 2010-H17 Class XQ | CMO Series 2010-H17 Class XQ | CMO Series 2010-H17 Class XQ |
| 07/20/2060 | &nbsp;&nbsp; 5.140% | 3853 | &nbsp;&nbsp; 3917 |
| CMO Series 2011-137 Class WA | CMO Series 2011-137 Class WA | CMO Series 2011-137 Class WA | CMO Series 2011-137 Class WA |
| 07/20/2040 | &nbsp;&nbsp; 5.584% | 328078 | &nbsp;&nbsp; 339169 |
| CMO Series 2012-141 Class WC | CMO Series 2012-141 Class WC | CMO Series 2012-141 Class WC | CMO Series 2012-141 Class WC |
| 01/20/2042 | &nbsp;&nbsp; 3.731% | 249425 | &nbsp;&nbsp; 237332 |
| CMO Series 2013-54 Class WA | CMO Series 2013-54 Class WA | CMO Series 2013-54 Class WA | CMO Series 2013-54 Class WA |
| 11/20/2042 | &nbsp;&nbsp; 4.883% | 654361 | &nbsp;&nbsp; 669378 |
| CMO Series 2013-75 Class WA | CMO Series 2013-75 Class WA | CMO Series 2013-75 Class WA | CMO Series 2013-75 Class WA |
| 06/20/2040 | &nbsp;&nbsp; 5.092% | 165951 | &nbsp;&nbsp; 170067 |
| CMO Series 2021-27 Class CW | CMO Series 2021-27 Class CW | CMO Series 2021-27 Class CW | CMO Series 2021-27 Class CW |
| 02/20/2051 | &nbsp;&nbsp; 5.000% | 1491640 | &nbsp;&nbsp; 1482279 |
| Government National Mortgage Association<sup>(b)</sup>  | Government National Mortgage Association<sup>(b)</sup>  | Government National Mortgage Association<sup>(b)</sup>  | Government National Mortgage Association<sup>(b)</sup>  |
| 1-year CMT + 1.703% <br>02/20/2072<br>| &nbsp;&nbsp; 5.798% | 6138386 | &nbsp;&nbsp; 6416192 |
| 1-year CMT + 1.739% <br>04/20/2072<br>| &nbsp;&nbsp; 5.854% | 5587535 | &nbsp;&nbsp; 5843990 |
| CMO Series 2007-16 Class NS | CMO Series 2007-16 Class NS | CMO Series 2007-16 Class NS | CMO Series 2007-16 Class NS |
| -3.5 x 1-month Term SOFR + <br> 22.874% <br>Cap 23.275% <br>04/20/2037<br>| &nbsp;&nbsp; 7.763% | 30326 | &nbsp;&nbsp; 33439 |
| CMO Series 2012-H10 Class FA | CMO Series 2012-H10 Class FA | CMO Series 2012-H10 Class FA | CMO Series 2012-H10 Class FA |
| 1-month Term SOFR + 0.664% <br>Floor 0.550%, Cap 10.500% <br>12/20/2061<br>| &nbsp;&nbsp; 4.996% | 118465 | &nbsp;&nbsp; 118805 |
| CMO Series 2012-H21 Class CF | CMO Series 2012-H21 Class CF | CMO Series 2012-H21 Class CF | CMO Series 2012-H21 Class CF |
| 1-month Term SOFR + 0.814% <br>Floor 0.700% <br>05/20/2061<br>| &nbsp;&nbsp; 5.146% | 5776 | &nbsp;&nbsp; 5776 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2012-H21 Class DF | CMO Series 2012-H21 Class DF | CMO Series 2012-H21 Class DF | CMO Series 2012-H21 Class DF |
| 1-month Term SOFR + 0.764% <br>Floor 0.650% <br>05/20/2061<br>| &nbsp;&nbsp; 5.096% | 5151 | &nbsp;&nbsp; 5151 |
| CMO Series 2012-H26 Class MA | CMO Series 2012-H26 Class MA | CMO Series 2012-H26 Class MA | CMO Series 2012-H26 Class MA |
| 1-month Term SOFR + 0.664% <br>Floor 0.550% <br>07/20/2062<br>| &nbsp;&nbsp; 4.996% | 2972 | &nbsp;&nbsp; 2968 |
| CMO Series 2012-H28 Class FA | CMO Series 2012-H28 Class FA | CMO Series 2012-H28 Class FA | CMO Series 2012-H28 Class FA |
| 1-month Term SOFR + 0.694% <br>Floor 0.580% <br>09/20/2062<br>| &nbsp;&nbsp; 5.026% | 4076 | &nbsp;&nbsp; 4077 |
| CMO Series 2012-H29 Class FA | CMO Series 2012-H29 Class FA | CMO Series 2012-H29 Class FA | CMO Series 2012-H29 Class FA |
| 1-month Term SOFR + 0.629% <br>Floor 0.515%, Cap 11.500% <br>10/20/2062<br>| &nbsp;&nbsp; 4.961% | 92508 | &nbsp;&nbsp; 92700 |
| CMO Series 2013-H01 Class TA | CMO Series 2013-H01 Class TA | CMO Series 2013-H01 Class TA | CMO Series 2013-H01 Class TA |
| 1-month Term SOFR + 0.614% <br>Floor 0.500%, Cap 10.500% <br>01/20/2063<br>| &nbsp;&nbsp; 4.946% | 4428 | &nbsp;&nbsp; 4403 |
| CMO Series 2013-H05 Class FB | CMO Series 2013-H05 Class FB | CMO Series 2013-H05 Class FB | CMO Series 2013-H05 Class FB |
| 1-month Term SOFR + 0.514% <br>Floor 0.400% <br>02/20/2062<br>| &nbsp;&nbsp; 4.839% | 5706 | &nbsp;&nbsp; 5642 |
| CMO Series 2013-H07 Class GA | CMO Series 2013-H07 Class GA | CMO Series 2013-H07 Class GA | CMO Series 2013-H07 Class GA |
| 1-month Term SOFR + 0.584% <br>Floor 0.470%, Cap 10.500% <br>03/20/2063<br>| &nbsp;&nbsp; 4.916% | 156841 | &nbsp;&nbsp; 157086 |
| CMO Series 2013-H07 Class HA | CMO Series 2013-H07 Class HA | CMO Series 2013-H07 Class HA | CMO Series 2013-H07 Class HA |
| 1-month Term SOFR + 0.524% <br>Floor 0.410%, Cap 11.000% <br>03/20/2063<br>| &nbsp;&nbsp; 4.856% | 120724 | &nbsp;&nbsp; 120812 |
| CMO Series 2013-H09 Class GA | CMO Series 2013-H09 Class GA | CMO Series 2013-H09 Class GA | CMO Series 2013-H09 Class GA |
| 1-month Term SOFR + 0.594% <br>Floor 0.480%, Cap 11.000% <br>04/20/2063<br>| &nbsp;&nbsp; 4.926% | 140893 | &nbsp;&nbsp; 141050 |
| CMO Series 2013-H09 Class SA | CMO Series 2013-H09 Class SA | CMO Series 2013-H09 Class SA | CMO Series 2013-H09 Class SA |
| 1-month Term SOFR + 0.614% <br>Floor 0.500%, Cap 10.500% <br>04/20/2063<br>| &nbsp;&nbsp; 4.946% | 313582 | &nbsp;&nbsp; 314332 |
| CMO Series 2013-H21 Class FA | CMO Series 2013-H21 Class FA | CMO Series 2013-H21 Class FA | CMO Series 2013-H21 Class FA |
| 1-month Term SOFR + 0.864% <br>Floor 0.750%, Cap 11.000% <br>09/20/2063<br>| &nbsp;&nbsp; 5.196% | 50700 | &nbsp;&nbsp; 50889 |
| CMO Series 2013-H21 Class FB | CMO Series 2013-H21 Class FB | CMO Series 2013-H21 Class FB | CMO Series 2013-H21 Class FB |
| 1-month Term SOFR + 0.814% <br>Floor 0.700%, Cap 11.000% <br>09/20/2063<br>| &nbsp;&nbsp; 5.146% | 107008 | &nbsp;&nbsp; 107408 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2015-H23 Class FB | CMO Series 2015-H23 Class FB | CMO Series 2015-H23 Class FB | CMO Series 2015-H23 Class FB |
| 1-month Term SOFR + 0.634% <br>Floor 0.520%, Cap 11.000% <br>09/20/2065<br>| &nbsp;&nbsp; 4.966% | 429117 | &nbsp;&nbsp; 429909 |
| CMO Series 2015-H26 Class FG | CMO Series 2015-H26 Class FG | CMO Series 2015-H26 Class FG | CMO Series 2015-H26 Class FG |
| 1-month Term SOFR + 0.634% <br>Floor 0.520%, Cap 11.000% <br>10/20/2065<br>| &nbsp;&nbsp; 4.966% | 246571 | &nbsp;&nbsp; 247064 |
| CMO Series 2020-H05 Class FK | CMO Series 2020-H05 Class FK | CMO Series 2020-H05 Class FK | CMO Series 2020-H05 Class FK |
| 1-month Term SOFR + 0.724% <br>Floor 0.610%, Cap 99.000% <br>03/20/2070<br>| &nbsp;&nbsp; 5.056% | 2288643 | &nbsp;&nbsp; 2259943 |
| Government National Mortgage Association<sup>(b),(d)</sup>  | Government National Mortgage Association<sup>(b),(d)</sup>  | Government National Mortgage Association<sup>(b),(d)</sup>  | Government National Mortgage Association<sup>(b),(d)</sup>  |
| CMO Series 2005-3 Class SE | CMO Series 2005-3 Class SE | CMO Series 2005-3 Class SE | CMO Series 2005-3 Class SE |
| -1.0 x 1-month Term SOFR + <br> 5.986% <br>Cap 6.100% <br>01/20/2035<br>| &nbsp;&nbsp; 1.668% | 271460 | &nbsp;&nbsp; 6270 |
| CMO Series 2007-40 Class SN | CMO Series 2007-40 Class SN | CMO Series 2007-40 Class SN | CMO Series 2007-40 Class SN |
| -1.0 x 1-month Term SOFR + <br> 6.566% <br>Cap 6.680% <br>07/20/2037<br>| &nbsp;&nbsp; 2.248% | 199860 | &nbsp;&nbsp; 7095 |
| CMO Series 2008-62 Class SA | CMO Series 2008-62 Class SA | CMO Series 2008-62 Class SA | CMO Series 2008-62 Class SA |
| -1.0 x 1-month Term SOFR + <br> 6.036% <br>Cap 6.150% <br>07/20/2038<br>| &nbsp;&nbsp; 1.718% | 177362 | &nbsp;&nbsp; 690 |
| CMO Series 2008-76 Class US | CMO Series 2008-76 Class US | CMO Series 2008-76 Class US | CMO Series 2008-76 Class US |
| -1.0 x 1-month Term SOFR + <br> 5.786% <br>Cap 5.900% <br>09/20/2038<br>| &nbsp;&nbsp; 1.468% | 241516 | &nbsp;&nbsp; 7354 |
| CMO Series 2008-95 Class DS | CMO Series 2008-95 Class DS | CMO Series 2008-95 Class DS | CMO Series 2008-95 Class DS |
| -1.0 x 1-month Term SOFR + <br> 7.186% <br>Cap 7.300% <br>12/20/2038<br>| &nbsp;&nbsp; 2.868% | 198370 | &nbsp;&nbsp; 2817 |
| CMO Series 2009-106 Class ST | CMO Series 2009-106 Class ST | CMO Series 2009-106 Class ST | CMO Series 2009-106 Class ST |
| -1.0 x 1-month Term SOFR + <br> 5.886% <br>Cap 6.000% <br>02/20/2038<br>| &nbsp;&nbsp; 1.568% | 310758 | &nbsp;&nbsp; 9519 |
| CMO Series 2009-64 Class SN | CMO Series 2009-64 Class SN | CMO Series 2009-64 Class SN | CMO Series 2009-64 Class SN |
| -1.0 x 1-month Term SOFR + <br> 5.986% <br>Cap 6.100% <br>07/16/2039<br>| &nbsp;&nbsp; 1.674% | 95285 | &nbsp;&nbsp; 5112 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2009-67 Class SA | CMO Series 2009-67 Class SA | CMO Series 2009-67 Class SA | CMO Series 2009-67 Class SA |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>08/16/2039<br>| &nbsp;&nbsp; 1.624% | 88853 | &nbsp;&nbsp; 7260 |
| CMO Series 2009-72 Class SM | CMO Series 2009-72 Class SM | CMO Series 2009-72 Class SM | CMO Series 2009-72 Class SM |
| -1.0 x 1-month Term SOFR + <br> 6.136% <br>Cap 6.250% <br>08/16/2039<br>| &nbsp;&nbsp; 1.824% | 222472 | &nbsp;&nbsp; 17220 |
| CMO Series 2009-81 Class SB | CMO Series 2009-81 Class SB | CMO Series 2009-81 Class SB | CMO Series 2009-81 Class SB |
| -1.0 x 1-month Term SOFR + <br> 5.976% <br>Cap 6.090% <br>09/20/2039<br>| &nbsp;&nbsp; 1.658% | 330330 | &nbsp;&nbsp; 28748 |
| CMO Series 2010-47 Class PX | CMO Series 2010-47 Class PX | CMO Series 2010-47 Class PX | CMO Series 2010-47 Class PX |
| -1.0 x 1-month Term SOFR + <br> 6.586% <br>Cap 6.700% <br>06/20/2037<br>| &nbsp;&nbsp; 2.268% | 364751 | &nbsp;&nbsp; 24154 |
| CMO Series 2011-75 Class SM | CMO Series 2011-75 Class SM | CMO Series 2011-75 Class SM | CMO Series 2011-75 Class SM |
| -1.0 x 1-month Term SOFR + <br> 6.486% <br>Cap 6.600% <br>05/20/2041<br>| &nbsp;&nbsp; 2.168% | 163331 | &nbsp;&nbsp; 10555 |
| Government National Mortgage Association<sup>(h)</sup>  | Government National Mortgage Association<sup>(h)</sup>  | Government National Mortgage Association<sup>(h)</sup>  | Government National Mortgage Association<sup>(h)</sup>  |
| CMO Series 2008-1 Class PO | CMO Series 2008-1 Class PO | CMO Series 2008-1 Class PO | CMO Series 2008-1 Class PO |
| 01/20/2038 | &nbsp;&nbsp; 0.000% | 34023 | &nbsp;&nbsp; 27459 |
| CMO Series 2010-157 Class OP | CMO Series 2010-157 Class OP | CMO Series 2010-157 Class OP | CMO Series 2010-157 Class OP |
| 12/20/2040 | &nbsp;&nbsp; 0.000% | 188243 | &nbsp;&nbsp; 160954 |
| Government National Mortgage Association<sup>(d)</sup>  | Government National Mortgage Association<sup>(d)</sup>  | Government National Mortgage Association<sup>(d)</sup>  | Government National Mortgage Association<sup>(d)</sup>  |
| CMO Series 2010-107 Class IL | CMO Series 2010-107 Class IL | CMO Series 2010-107 Class IL | CMO Series 2010-107 Class IL |
| 07/20/2039 | &nbsp;&nbsp; 6.000% | 236089 | &nbsp;&nbsp; 46772 |
| Government National Mortgage Association TBA<sup>(k)</sup>  | Government National Mortgage Association TBA<sup>(k)</sup>  | Government National Mortgage Association TBA<sup>(k)</sup>  | Government National Mortgage Association TBA<sup>(k)</sup>  |
| 07/21/2055 | &nbsp;&nbsp; 5.500% | 16600000 | &nbsp;&nbsp; 16621784 |
| Seasoned Credit Risk Transfer Trust | Seasoned Credit Risk Transfer Trust | Seasoned Credit Risk Transfer Trust | Seasoned Credit Risk Transfer Trust |
| CMO Series 2018-4 Class MZ (FHLMC) | CMO Series 2018-4 Class MZ (FHLMC) | CMO Series 2018-4 Class MZ (FHLMC) | CMO Series 2018-4 Class MZ (FHLMC) |
| 03/25/2058 | &nbsp;&nbsp; 3.500% | 4165832 | &nbsp;&nbsp; 3022681 |
| Uniform Mortgage-Backed Security TBA<sup>(k)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(k)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(k)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(k)</sup>  |
| 07/14/2055- <br>08/13/2055<br>| &nbsp;&nbsp; 5.500% | 88100000 | &nbsp;&nbsp; 88074130 |
| 07/14/2055 | &nbsp;&nbsp; 6.000% | 11200000 | &nbsp;&nbsp; 11380576 |
| Total Residential Mortgage-Backed Securities - Agency <br>(Cost $1,383,820,201) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $1,383,820,201) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $1,383,820,201) | &nbsp;&nbsp; **1363151181** |
| **Residential Mortgage-Backed Securities - Non-Agency 2.3%** | **Residential Mortgage-Backed Securities - Non-Agency 2.3%** | **Residential Mortgage-Backed Securities - Non-Agency 2.3%** | **Residential Mortgage-Backed Securities - Non-Agency 2.3%** |
| Angel Oak Mortgage Trust<sup>(a),(c)</sup>  | Angel Oak Mortgage Trust<sup>(a),(c)</sup>  | Angel Oak Mortgage Trust<sup>(a),(c)</sup>  | Angel Oak Mortgage Trust<sup>(a),(c)</sup>  |
| CMO Series 2020-2 Class A1A | CMO Series 2020-2 Class A1A | CMO Series 2020-2 Class A1A | CMO Series 2020-2 Class A1A |
| 01/26/2065 | &nbsp;&nbsp; 2.531% | 554643 | &nbsp;&nbsp; 523964 |
| CMO Series 2021-6 Class A1 | CMO Series 2021-6 Class A1 | CMO Series 2021-6 Class A1 | CMO Series 2021-6 Class A1 |
| 09/25/2066 | &nbsp;&nbsp; 1.458% | 1184182 | &nbsp;&nbsp; 993465 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Angel Oak Mortgage Trust LLC<sup>(a),(c)</sup>  | Angel Oak Mortgage Trust LLC<sup>(a),(c)</sup>  | Angel Oak Mortgage Trust LLC<sup>(a),(c)</sup>  | Angel Oak Mortgage Trust LLC<sup>(a),(c)</sup>  |
| CMO Series 2020-5 Class A1 | CMO Series 2020-5 Class A1 | CMO Series 2020-5 Class A1 | CMO Series 2020-5 Class A1 |
| 05/25/2065 | &nbsp;&nbsp; 1.373% | 92190 | &nbsp;&nbsp; 87593 |
| Asset Based Lending LLC<sup>(a),(e)</sup>  | Asset Based Lending LLC<sup>(a),(e)</sup>  | Asset Based Lending LLC<sup>(a),(e)</sup>  | Asset Based Lending LLC<sup>(a),(e)</sup>  |
| CMO Series 2025-RTL1 Class A1 | CMO Series 2025-RTL1 Class A1 | CMO Series 2025-RTL1 Class A1 | CMO Series 2025-RTL1 Class A1 |
| 06/25/2030 | &nbsp;&nbsp; 6.040% | 2155000 | &nbsp;&nbsp; 2154985 |
| Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
| CMO Series 2004-3 Class 1A1 | CMO Series 2004-3 Class 1A1 | CMO Series 2004-3 Class 1A1 | CMO Series 2004-3 Class 1A1 |
| 10/25/2034 | &nbsp;&nbsp; 5.500% | 20999 | &nbsp;&nbsp; 21011 |
| Bear Stearns Adjustable Rate Mortgage Trust<sup>(c)</sup>  | Bear Stearns Adjustable Rate Mortgage Trust<sup>(c)</sup>  | Bear Stearns Adjustable Rate Mortgage Trust<sup>(c)</sup>  | Bear Stearns Adjustable Rate Mortgage Trust<sup>(c)</sup>  |
| CMO Series 2003-4 Class 3A1 | CMO Series 2003-4 Class 3A1 | CMO Series 2003-4 Class 3A1 | CMO Series 2003-4 Class 3A1 |
| 07/25/2033 | &nbsp;&nbsp; 6.411% | 13082 | &nbsp;&nbsp; 12653 |
| CMO Series 2003-7 Class 6A | CMO Series 2003-7 Class 6A | CMO Series 2003-7 Class 6A | CMO Series 2003-7 Class 6A |
| 10/25/2033 | &nbsp;&nbsp; 6.167% | 46770 | &nbsp;&nbsp; 45354 |
| Bear Stearns Asset-Backed Securities Trust<sup>(b)</sup>  | Bear Stearns Asset-Backed Securities Trust<sup>(b)</sup>  | Bear Stearns Asset-Backed Securities Trust<sup>(b)</sup>  | Bear Stearns Asset-Backed Securities Trust<sup>(b)</sup>  |
| CMO Series 2003-SD1 Class A | CMO Series 2003-SD1 Class A | CMO Series 2003-SD1 Class A | CMO Series 2003-SD1 Class A |
| 1-month Term SOFR + 1.014% <br>Floor 0.900%, Cap 11.000% <br>12/25/2033<br>| &nbsp;&nbsp; 5.334% | 166426 | &nbsp;&nbsp; 171367 |
| Bunker Hill Loan Depositary Trust<sup>(a),(e)</sup>  | Bunker Hill Loan Depositary Trust<sup>(a),(e)</sup>  | Bunker Hill Loan Depositary Trust<sup>(a),(e)</sup>  | Bunker Hill Loan Depositary Trust<sup>(a),(e)</sup>  |
| CMO Series 2019-2 Class A1 | CMO Series 2019-2 Class A1 | CMO Series 2019-2 Class A1 | CMO Series 2019-2 Class A1 |
| 07/25/2049 | &nbsp;&nbsp; 2.879% | 436623 | &nbsp;&nbsp; 425997 |
| Chase Funding Trust<sup>(b)</sup>  | Chase Funding Trust<sup>(b)</sup>  | Chase Funding Trust<sup>(b)</sup>  | Chase Funding Trust<sup>(b)</sup>  |
| Series 2003-2 Class 2A2 | Series 2003-2 Class 2A2 | Series 2003-2 Class 2A2 | Series 2003-2 Class 2A2 |
| 1-month Term SOFR + 0.674% <br>Floor 0.560% <br>02/25/2033<br>| &nbsp;&nbsp; 4.994% | 308554 | &nbsp;&nbsp; 308107 |
| Chase Funding Trust<sup>(e)</sup>  | Chase Funding Trust<sup>(e)</sup>  | Chase Funding Trust<sup>(e)</sup>  | Chase Funding Trust<sup>(e)</sup>  |
| Series 2003-4 Class 1A5 | Series 2003-4 Class 1A5 | Series 2003-4 Class 1A5 | Series 2003-4 Class 1A5 |
| 05/25/2033 | &nbsp;&nbsp; 5.916% | 128362 | &nbsp;&nbsp; 125907 |
| Series 2003-6 Class 1A5 | Series 2003-6 Class 1A5 | Series 2003-6 Class 1A5 | Series 2003-6 Class 1A5 |
| 11/25/2034 | &nbsp;&nbsp; 5.850% | 104365 | &nbsp;&nbsp; 103158 |
| Chase Mortgage Finance Corp.<sup>(c)</sup>  | Chase Mortgage Finance Corp.<sup>(c)</sup>  | Chase Mortgage Finance Corp.<sup>(c)</sup>  | Chase Mortgage Finance Corp.<sup>(c)</sup>  |
| CMO Series 2007-A1 Class 1A3 | CMO Series 2007-A1 Class 1A3 | CMO Series 2007-A1 Class 1A3 | CMO Series 2007-A1 Class 1A3 |
| 02/25/2037 | &nbsp;&nbsp; 6.514% | 61207 | &nbsp;&nbsp; 60788 |
| CMO Series 2007-A1 Class 2A1 | CMO Series 2007-A1 Class 2A1 | CMO Series 2007-A1 Class 2A1 | CMO Series 2007-A1 Class 2A1 |
| 02/25/2037 | &nbsp;&nbsp; 5.909% | 28241 | &nbsp;&nbsp; 27086 |
| CMO Series 2007-A1 Class 7A1 | CMO Series 2007-A1 Class 7A1 | CMO Series 2007-A1 Class 7A1 | CMO Series 2007-A1 Class 7A1 |
| 02/25/2037 | &nbsp;&nbsp; 6.924% | 2680 | &nbsp;&nbsp; 2696 |
| Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
| CMO Series 2003-1 Class 3A4 | CMO Series 2003-1 Class 3A4 | CMO Series 2003-1 Class 3A4 | CMO Series 2003-1 Class 3A4 |
| 09/25/2033 | &nbsp;&nbsp; 5.250% | 18127 | &nbsp;&nbsp; 17853 |
| CMO Series 2005-2 Class 2A11 | CMO Series 2005-2 Class 2A11 | CMO Series 2005-2 Class 2A11 | CMO Series 2005-2 Class 2A11 |
| 05/25/2035 | &nbsp;&nbsp; 5.500% | 55195 | &nbsp;&nbsp; 55094 |
| Citigroup Mortgage Loan Trust, Inc.<sup>(a),(c)</sup>  | Citigroup Mortgage Loan Trust, Inc.<sup>(a),(c)</sup>  | Citigroup Mortgage Loan Trust, Inc.<sup>(a),(c)</sup>  | Citigroup Mortgage Loan Trust, Inc.<sup>(a),(c)</sup>  |
| CMO Series 2009-10 Class 1A1 | CMO Series 2009-10 Class 1A1 | CMO Series 2009-10 Class 1A1 | CMO Series 2009-10 Class 1A1 |
| 09/25/2033 | &nbsp;&nbsp; 6.485% | 30013 | &nbsp;&nbsp; 29621 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| COLT Mortgage Loan Trust<sup>(a),(c)</sup>  | COLT Mortgage Loan Trust<sup>(a),(c)</sup>  | COLT Mortgage Loan Trust<sup>(a),(c)</sup>  | COLT Mortgage Loan Trust<sup>(a),(c)</sup>  |
| CMO Series 2021-2 Class A1 | CMO Series 2021-2 Class A1 | CMO Series 2021-2 Class A1 | CMO Series 2021-2 Class A1 |
| 08/25/2066 | &nbsp;&nbsp; 0.924% | 1493986 | &nbsp;&nbsp; 1271301 |
| CMO Series 2021-4 Class A1 | CMO Series 2021-4 Class A1 | CMO Series 2021-4 Class A1 | CMO Series 2021-4 Class A1 |
| 10/25/2066 | &nbsp;&nbsp; 1.397% | 1643528 | &nbsp;&nbsp; 1398976 |
| Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
| CMO Series 2004-13 Class 1A4 | CMO Series 2004-13 Class 1A4 | CMO Series 2004-13 Class 1A4 | CMO Series 2004-13 Class 1A4 |
| 08/25/2034 | &nbsp;&nbsp; 5.500% | 86467 | &nbsp;&nbsp; 86616 |
| CMO Series 2004-3 Class A26 | CMO Series 2004-3 Class A26 | CMO Series 2004-3 Class A26 | CMO Series 2004-3 Class A26 |
| 04/25/2034 | &nbsp;&nbsp; 5.500% | 37241 | &nbsp;&nbsp; 37188 |
| CMO Series 2004-5 Class 1A4 | CMO Series 2004-5 Class 1A4 | CMO Series 2004-5 Class 1A4 | CMO Series 2004-5 Class 1A4 |
| 06/25/2034 | &nbsp;&nbsp; 5.500% | 77789 | &nbsp;&nbsp; 76860 |
| Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
| CMO Series 2003-21 Class 1A4 | CMO Series 2003-21 Class 1A4 | CMO Series 2003-21 Class 1A4 | CMO Series 2003-21 Class 1A4 |
| 09/25/2033 | &nbsp;&nbsp; 5.250% | 24573 | &nbsp;&nbsp; 24580 |
| Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates |
| CMO Series 2004-4 Class 2A4 | CMO Series 2004-4 Class 2A4 | CMO Series 2004-4 Class 2A4 | CMO Series 2004-4 Class 2A4 |
| 09/25/2034 | &nbsp;&nbsp; 5.500% | 63111 | &nbsp;&nbsp; 64076 |
| CMO Series 2004-8 Class 1A4 | CMO Series 2004-8 Class 1A4 | CMO Series 2004-8 Class 1A4 | CMO Series 2004-8 Class 1A4 |
| 12/25/2034 | &nbsp;&nbsp; 5.500% | 86508 | &nbsp;&nbsp; 88022 |
| DBRR Trust<sup>(a),(c)</sup>  | DBRR Trust<sup>(a),(c)</sup>  | DBRR Trust<sup>(a),(c)</sup>  | DBRR Trust<sup>(a),(c)</sup>  |
| CMO Series 2015-LCM Class A2 | CMO Series 2015-LCM Class A2 | CMO Series 2015-LCM Class A2 | CMO Series 2015-LCM Class A2 |
| 06/10/2034 | &nbsp;&nbsp; 3.421% | 3152000 | &nbsp;&nbsp; 3037871 |
| DBRR Trust<sup>(a)</sup>  | DBRR Trust<sup>(a)</sup>  | DBRR Trust<sup>(a)</sup>  | DBRR Trust<sup>(a)</sup>  |
| Series 2015-LCM Class A1 | Series 2015-LCM Class A1 | Series 2015-LCM Class A1 | Series 2015-LCM Class A1 |
| 06/10/2034 | &nbsp;&nbsp; 2.998% | 438700 | &nbsp;&nbsp; 430213 |
| FMC GMSR Issuer Trust<sup>(a),(c)</sup>  | FMC GMSR Issuer Trust<sup>(a),(c)</sup>  | FMC GMSR Issuer Trust<sup>(a),(c)</sup>  | FMC GMSR Issuer Trust<sup>(a),(c)</sup>  |
| CMO Series 2020-GT1 Class A | CMO Series 2020-GT1 Class A | CMO Series 2020-GT1 Class A | CMO Series 2020-GT1 Class A |
| 01/25/2026 | &nbsp;&nbsp; 4.450% | 5000000 | &nbsp;&nbsp; 4885119 |
| CMO Series 2021-GT1 Class B | CMO Series 2021-GT1 Class B | CMO Series 2021-GT1 Class B | CMO Series 2021-GT1 Class B |
| 07/25/2026 | &nbsp;&nbsp; 4.360% | 6000000 | &nbsp;&nbsp; 5663486 |
| CMO Series 2021-GT2 Class B | CMO Series 2021-GT2 Class B | CMO Series 2021-GT2 Class B | CMO Series 2021-GT2 Class B |
| 10/25/2026 | &nbsp;&nbsp; 4.440% | 3828000 | &nbsp;&nbsp; 3610177 |
| FMC GMSR Issuer Trust<sup>(a)</sup>  | FMC GMSR Issuer Trust<sup>(a)</sup>  | FMC GMSR Issuer Trust<sup>(a)</sup>  | FMC GMSR Issuer Trust<sup>(a)</sup>  |
| CMO Series 2022-GT1 Class B | CMO Series 2022-GT1 Class B | CMO Series 2022-GT1 Class B | CMO Series 2022-GT1 Class B |
| 04/25/2027 | &nbsp;&nbsp; 7.170% | 6000000 | &nbsp;&nbsp; 6074080 |
| CMO Series 2022-GT2 Class B | CMO Series 2022-GT2 Class B | CMO Series 2022-GT2 Class B | CMO Series 2022-GT2 Class B |
| 07/25/2027 | &nbsp;&nbsp; 10.070% | 6000000 | &nbsp;&nbsp; 6023501 |
| Freddie Mac Seasoned Credit Risk Transfer Trust | Freddie Mac Seasoned Credit Risk Transfer Trust | Freddie Mac Seasoned Credit Risk Transfer Trust | Freddie Mac Seasoned Credit Risk Transfer Trust |
| CMO Series 2024-2 Class MT (FHLMC) | CMO Series 2024-2 Class MT (FHLMC) | CMO Series 2024-2 Class MT (FHLMC) | CMO Series 2024-2 Class MT (FHLMC) |
| 05/25/2064 | &nbsp;&nbsp; 3.500% | 5922100 | &nbsp;&nbsp; 5062011 |
| GSMPS Mortgage Loan Trust<sup>(a),(b)</sup>  | GSMPS Mortgage Loan Trust<sup>(a),(b)</sup>  | GSMPS Mortgage Loan Trust<sup>(a),(b)</sup>  | GSMPS Mortgage Loan Trust<sup>(a),(b)</sup>  |
| CMO Series 2005-RP3 Class 1AF | CMO Series 2005-RP3 Class 1AF | CMO Series 2005-RP3 Class 1AF | CMO Series 2005-RP3 Class 1AF |
| 1-month Term SOFR + 0.464% <br>Floor 0.350%, Cap 10.000% <br>09/25/2035<br>| &nbsp;&nbsp; 4.784% | 379630 | &nbsp;&nbsp; 326064 |
| GSMPS Mortgage Loan Trust<sup>(a),(c),(d)</sup>  | GSMPS Mortgage Loan Trust<sup>(a),(c),(d)</sup>  | GSMPS Mortgage Loan Trust<sup>(a),(c),(d)</sup>  | GSMPS Mortgage Loan Trust<sup>(a),(c),(d)</sup>  |
| CMO Series 2005-RP3 Class 1AS | CMO Series 2005-RP3 Class 1AS | CMO Series 2005-RP3 Class 1AS | CMO Series 2005-RP3 Class 1AS |
| 09/25/2035 | &nbsp;&nbsp; 0.000% | 294213 | &nbsp;&nbsp; 4587 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
| CMO Series 2003-7F Class 1A4 | CMO Series 2003-7F Class 1A4 | CMO Series 2003-7F Class 1A4 | CMO Series 2003-7F Class 1A4 |
| 06/25/2033 | &nbsp;&nbsp; 5.250% | 76975 | &nbsp;&nbsp; 76961 |
| GSR Mortgage Loan Trust<sup>(b)</sup>  | GSR Mortgage Loan Trust<sup>(b)</sup>  | GSR Mortgage Loan Trust<sup>(b)</sup>  | GSR Mortgage Loan Trust<sup>(b)</sup>  |
| CMO Series 2005-5F Class 8A3 | CMO Series 2005-5F Class 8A3 | CMO Series 2005-5F Class 8A3 | CMO Series 2005-5F Class 8A3 |
| 1-month Term SOFR + 0.614% <br>Floor 0.500%, Cap 5.500% <br>06/25/2035<br>| &nbsp;&nbsp; 4.934% | 4588 | &nbsp;&nbsp; 4433 |
| HarborView Mortgage Loan Trust<sup>(c)</sup>  | HarborView Mortgage Loan Trust<sup>(c)</sup>  | HarborView Mortgage Loan Trust<sup>(c)</sup>  | HarborView Mortgage Loan Trust<sup>(c)</sup>  |
| CMO Series 2004-3 Class 1A | CMO Series 2004-3 Class 1A | CMO Series 2004-3 Class 1A | CMO Series 2004-3 Class 1A |
| 05/19/2034 | &nbsp;&nbsp; 5.809% | 272522 | &nbsp;&nbsp; 260814 |
| Hundred Acre Wood Trust<sup>(a),(g)</sup>  | Hundred Acre Wood Trust<sup>(a),(g)</sup>  | Hundred Acre Wood Trust<sup>(a),(g)</sup>  | Hundred Acre Wood Trust<sup>(a),(g)</sup>  |
| CMO Series 2018-1 Class A | CMO Series 2018-1 Class A | CMO Series 2018-1 Class A | CMO Series 2018-1 Class A |
| 07/13/2025 | &nbsp;&nbsp; 7.250% | 2000000 | &nbsp;&nbsp; 2000000 |
| Impac CMB Trust<sup>(b)</sup>  | Impac CMB Trust<sup>(b)</sup>  | Impac CMB Trust<sup>(b)</sup>  | Impac CMB Trust<sup>(b)</sup>  |
| CMO Series 2005-4 Class 2A1 | CMO Series 2005-4 Class 2A1 | CMO Series 2005-4 Class 2A1 | CMO Series 2005-4 Class 2A1 |
| 1-month Term SOFR + 0.714% <br>Floor 0.600%, Cap 10.250% <br>05/25/2035<br>| &nbsp;&nbsp; 5.034% | 81681 | &nbsp;&nbsp; 78399 |
| Impac Secured Assets CMN Owner Trust<sup>(c)</sup>  | Impac Secured Assets CMN Owner Trust<sup>(c)</sup>  | Impac Secured Assets CMN Owner Trust<sup>(c)</sup>  | Impac Secured Assets CMN Owner Trust<sup>(c)</sup>  |
| CMO Series 2003-3 Class A1 | CMO Series 2003-3 Class A1 | CMO Series 2003-3 Class A1 | CMO Series 2003-3 Class A1 |
| 08/25/2033 | &nbsp;&nbsp; 5.200% | 34597 | &nbsp;&nbsp; 34299 |
| Impac Secured Assets Trust<sup>(b)</sup>  | Impac Secured Assets Trust<sup>(b)</sup>  | Impac Secured Assets Trust<sup>(b)</sup>  | Impac Secured Assets Trust<sup>(b)</sup>  |
| CMO Series 2006-1 Class 2A1 | CMO Series 2006-1 Class 2A1 | CMO Series 2006-1 Class 2A1 | CMO Series 2006-1 Class 2A1 |
| 1-month Term SOFR + 0.814% <br>Floor 0.700%, Cap 11.500% <br>05/25/2036<br>| &nbsp;&nbsp; 5.134% | 21115 | &nbsp;&nbsp; 19460 |
| JPMorgan Mortgage Trust<sup>(c)</sup>  | JPMorgan Mortgage Trust<sup>(c)</sup>  | JPMorgan Mortgage Trust<sup>(c)</sup>  | JPMorgan Mortgage Trust<sup>(c)</sup>  |
| CMO Series 2006-A2 Class 5A3 | CMO Series 2006-A2 Class 5A3 | CMO Series 2006-A2 Class 5A3 | CMO Series 2006-A2 Class 5A3 |
| 11/25/2033 | &nbsp;&nbsp; 7.079% | 36238 | &nbsp;&nbsp; 35937 |
| CMO Series 2007-A1 Class 5A5 | CMO Series 2007-A1 Class 5A5 | CMO Series 2007-A1 Class 5A5 | CMO Series 2007-A1 Class 5A5 |
| 07/25/2035 | &nbsp;&nbsp; 6.360% | 42411 | &nbsp;&nbsp; 43077 |
| LHOME Mortgage Trust<sup>(a),(e)</sup>  | LHOME Mortgage Trust<sup>(a),(e)</sup>  | LHOME Mortgage Trust<sup>(a),(e)</sup>  | LHOME Mortgage Trust<sup>(a),(e)</sup>  |
| CMO Series 2023-RTL2 Class A1 | CMO Series 2023-RTL2 Class A1 | CMO Series 2023-RTL2 Class A1 | CMO Series 2023-RTL2 Class A1 |
| 06/25/2028 | &nbsp;&nbsp; 8.000% | 3700000 | &nbsp;&nbsp; 3715307 |
| CMO Series 2023-RTL4 Class A1 | CMO Series 2023-RTL4 Class A1 | CMO Series 2023-RTL4 Class A1 | CMO Series 2023-RTL4 Class A1 |
| 11/25/2028 | &nbsp;&nbsp; 7.628% | 4165000 | &nbsp;&nbsp; 4201550 |
| MASTR Adjustable Rate Mortgages Trust<sup>(c)</sup>  | MASTR Adjustable Rate Mortgages Trust<sup>(c)</sup>  | MASTR Adjustable Rate Mortgages Trust<sup>(c)</sup>  | MASTR Adjustable Rate Mortgages Trust<sup>(c)</sup>  |
| CMO Series 2004-13 Class 2A1 | CMO Series 2004-13 Class 2A1 | CMO Series 2004-13 Class 2A1 | CMO Series 2004-13 Class 2A1 |
| 04/21/2034 | &nbsp;&nbsp; 6.832% | 45550 | &nbsp;&nbsp; 44939 |
| CMO Series 2004-13 Class 3A7 | CMO Series 2004-13 Class 3A7 | CMO Series 2004-13 Class 3A7 | CMO Series 2004-13 Class 3A7 |
| 11/21/2034 | &nbsp;&nbsp; 5.824% | 83827 | &nbsp;&nbsp; 80849 |
| MASTR Asset Securitization Trust<sup>(a)</sup>  | MASTR Asset Securitization Trust<sup>(a)</sup>  | MASTR Asset Securitization Trust<sup>(a)</sup>  | MASTR Asset Securitization Trust<sup>(a)</sup>  |
| CMO Series 2004-P7 Class A6 | CMO Series 2004-P7 Class A6 | CMO Series 2004-P7 Class A6 | CMO Series 2004-P7 Class A6 |
| 12/27/2033 | &nbsp;&nbsp; 5.500% | 15765 | &nbsp;&nbsp; 13502 |
| MASTR Seasoned Securities Trust | MASTR Seasoned Securities Trust | MASTR Seasoned Securities Trust | MASTR Seasoned Securities Trust |
| CMO Series 2004-2 Class A1 | CMO Series 2004-2 Class A1 | CMO Series 2004-2 Class A1 | CMO Series 2004-2 Class A1 |
| 08/25/2032 | &nbsp;&nbsp; 6.500% | 53676 | &nbsp;&nbsp; 53203 |
| CMO Series 2004-2 Class A2 | CMO Series 2004-2 Class A2 | CMO Series 2004-2 Class A2 | CMO Series 2004-2 Class A2 |
| 08/25/2032 | &nbsp;&nbsp; 6.500% | 84539 | &nbsp;&nbsp; 84292 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Merrill Lynch Mortgage Investors Trust<sup>(b)</sup>  | Merrill Lynch Mortgage Investors Trust<sup>(b)</sup>  | Merrill Lynch Mortgage Investors Trust<sup>(b)</sup>  | Merrill Lynch Mortgage Investors Trust<sup>(b)</sup>  |
| CMO Series 2003-A Class 2A1 | CMO Series 2003-A Class 2A1 | CMO Series 2003-A Class 2A1 | CMO Series 2003-A Class 2A1 |
| 1-month Term SOFR + 0.894% <br>Floor 0.780%, Cap 11.750% <br>03/25/2028<br>| &nbsp;&nbsp; 5.214% | 12347 | &nbsp;&nbsp; 11000 |
| CMO Series 2003-E Class A1 | CMO Series 2003-E Class A1 | CMO Series 2003-E Class A1 | CMO Series 2003-E Class A1 |
| 1-month Term SOFR + 0.734% <br>Floor 0.620%, Cap 11.750% <br>10/25/2028<br>| &nbsp;&nbsp; 5.054% | 73210 | &nbsp;&nbsp; 69659 |
| CMO Series 2004-A Class A1 | CMO Series 2004-A Class A1 | CMO Series 2004-A Class A1 | CMO Series 2004-A Class A1 |
| 1-month Term SOFR + 0.574% <br>Floor 0.460%, Cap 11.750% <br>04/25/2029<br>| &nbsp;&nbsp; 4.894% | 67012 | &nbsp;&nbsp; 61900 |
| CMO Series 2004-G Class A2 | CMO Series 2004-G Class A2 | CMO Series 2004-G Class A2 | CMO Series 2004-G Class A2 |
| 6-month Term SOFR + 1.028% <br>Floor 0.600%, Cap 11.750% <br>01/25/2030<br>| &nbsp;&nbsp; 5.300% | 5586 | &nbsp;&nbsp; 5385 |
| Merrill Lynch Mortgage Investors Trust<sup>(c)</sup>  | Merrill Lynch Mortgage Investors Trust<sup>(c)</sup>  | Merrill Lynch Mortgage Investors Trust<sup>(c)</sup>  | Merrill Lynch Mortgage Investors Trust<sup>(c)</sup>  |
| CMO Series 2004-1 Class 2A1 | CMO Series 2004-1 Class 2A1 | CMO Series 2004-1 Class 2A1 | CMO Series 2004-1 Class 2A1 |
| 12/25/2034 | &nbsp;&nbsp; 5.389% | 59133 | &nbsp;&nbsp; 55762 |
| CMO Series 2004-A4 Class A2 | CMO Series 2004-A4 Class A2 | CMO Series 2004-A4 Class A2 | CMO Series 2004-A4 Class A2 |
| 08/25/2034 | &nbsp;&nbsp; 5.199% | 64905 | &nbsp;&nbsp; 61468 |
| MFA Trust<sup>(a),(c)</sup>  | MFA Trust<sup>(a),(c)</sup>  | MFA Trust<sup>(a),(c)</sup>  | MFA Trust<sup>(a),(c)</sup>  |
| CMO Series 2021-NQM2 Class A1 | CMO Series 2021-NQM2 Class A1 | CMO Series 2021-NQM2 Class A1 | CMO Series 2021-NQM2 Class A1 |
| 11/25/2064 | &nbsp;&nbsp; 1.029% | 579656 | &nbsp;&nbsp; 516398 |
| Morgan Stanley Mortgage Loan Trust<sup>(c)</sup>  | Morgan Stanley Mortgage Loan Trust<sup>(c)</sup>  | Morgan Stanley Mortgage Loan Trust<sup>(c)</sup>  | Morgan Stanley Mortgage Loan Trust<sup>(c)</sup>  |
| CMO Series 2004-3 Class 4A | CMO Series 2004-3 Class 4A | CMO Series 2004-3 Class 4A | CMO Series 2004-3 Class 4A |
| 04/25/2034 | &nbsp;&nbsp; 5.627% | 76942 | &nbsp;&nbsp; 75060 |
| NACC Reperforming Loan Remic Trust<sup>(a)</sup>  | NACC Reperforming Loan Remic Trust<sup>(a)</sup>  | NACC Reperforming Loan Remic Trust<sup>(a)</sup>  | NACC Reperforming Loan Remic Trust<sup>(a)</sup>  |
| CMO Series 2004-R2 Class A1 | CMO Series 2004-R2 Class A1 | CMO Series 2004-R2 Class A1 | CMO Series 2004-R2 Class A1 |
| 10/25/2034 | &nbsp;&nbsp; 6.500% | 63572 | &nbsp;&nbsp; 57448 |
| New Residential Mortgage Loan Trust<sup>(a),(c)</sup>  | New Residential Mortgage Loan Trust<sup>(a),(c)</sup>  | New Residential Mortgage Loan Trust<sup>(a),(c)</sup>  | New Residential Mortgage Loan Trust<sup>(a),(c)</sup>  |
| CMO Series 2019-NQM4 Class A1 | CMO Series 2019-NQM4 Class A1 | CMO Series 2019-NQM4 Class A1 | CMO Series 2019-NQM4 Class A1 |
| 09/25/2059 | &nbsp;&nbsp; 2.492% | 150077 | &nbsp;&nbsp; 142921 |
| New Residential Mortgage Loan Trust<sup>(a),(e)</sup>  | New Residential Mortgage Loan Trust<sup>(a),(e)</sup>  | New Residential Mortgage Loan Trust<sup>(a),(e)</sup>  | New Residential Mortgage Loan Trust<sup>(a),(e)</sup>  |
| CMO Series 2024-RTL1 Class A1 | CMO Series 2024-RTL1 Class A1 | CMO Series 2024-RTL1 Class A1 | CMO Series 2024-RTL1 Class A1 |
| 03/25/2039 | &nbsp;&nbsp; 6.664% | 4515000 | &nbsp;&nbsp; 4555355 |
| NRM Excess Owner LLC<sup>(a)</sup>  | NRM Excess Owner LLC<sup>(a)</sup>  | NRM Excess Owner LLC<sup>(a)</sup>  | NRM Excess Owner LLC<sup>(a)</sup>  |
| CMO Series 2025-FHT1 Class A | CMO Series 2025-FHT1 Class A | CMO Series 2025-FHT1 Class A | CMO Series 2025-FHT1 Class A |
| 03/25/2032 | &nbsp;&nbsp; 6.545% | 4990101 | &nbsp;&nbsp; 5026236 |
| NRZ Excess Spread-Collateralized Notes<sup>(a)</sup>  | NRZ Excess Spread-Collateralized Notes<sup>(a)</sup>  | NRZ Excess Spread-Collateralized Notes<sup>(a)</sup>  | NRZ Excess Spread-Collateralized Notes<sup>(a)</sup>  |
| Series 2020-PLS1 Class A | Series 2020-PLS1 Class A | Series 2020-PLS1 Class A | Series 2020-PLS1 Class A |
| 12/25/2025 | &nbsp;&nbsp; 3.844% | 1110815 | &nbsp;&nbsp; 1099651 |
| Pretium Mortgage Credit Partners LLC<sup>(a),(e)</sup>  | Pretium Mortgage Credit Partners LLC<sup>(a),(e)</sup>  | Pretium Mortgage Credit Partners LLC<sup>(a),(e)</sup>  | Pretium Mortgage Credit Partners LLC<sup>(a),(e)</sup>  |
| CMO Series 2021-RN3 Class A1 | CMO Series 2021-RN3 Class A1 | CMO Series 2021-RN3 Class A1 | CMO Series 2021-RN3 Class A1 |
| 09/25/2051 | &nbsp;&nbsp; 4.843% | 3316472 | &nbsp;&nbsp; 3304086 |
| Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
| CMO Series 2004-SL2 Class A3 | CMO Series 2004-SL2 Class A3 | CMO Series 2004-SL2 Class A3 | CMO Series 2004-SL2 Class A3 |
| 10/25/2031 | &nbsp;&nbsp; 7.000% | 94058 | &nbsp;&nbsp; 94504 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Residential Asset Securitization Trust<sup>(c)</sup>  | Residential Asset Securitization Trust<sup>(c)</sup>  | Residential Asset Securitization Trust<sup>(c)</sup>  | Residential Asset Securitization Trust<sup>(c)</sup>  |
| CMO Series 2004-IP2 Class 1A1 | CMO Series 2004-IP2 Class 1A1 | CMO Series 2004-IP2 Class 1A1 | CMO Series 2004-IP2 Class 1A1 |
| 12/25/2034 | &nbsp;&nbsp; 6.452% | 134859 | &nbsp;&nbsp; 135403 |
| Seasoned Credit Risk Transfer Trust | Seasoned Credit Risk Transfer Trust | Seasoned Credit Risk Transfer Trust | Seasoned Credit Risk Transfer Trust |
| CMO Series 2019-3 Class MB (FHLMC) | CMO Series 2019-3 Class MB (FHLMC) | CMO Series 2019-3 Class MB (FHLMC) | CMO Series 2019-3 Class MB (FHLMC) |
| 10/25/2058 | &nbsp;&nbsp; 3.500% | 1570000 | &nbsp;&nbsp; 1285679 |
| CMO Series 2019-4 Class M55D (FHLMC) | CMO Series 2019-4 Class M55D (FHLMC) | CMO Series 2019-4 Class M55D (FHLMC) | CMO Series 2019-4 Class M55D (FHLMC) |
| 02/25/2059 | &nbsp;&nbsp; 4.000% | 1427452 | &nbsp;&nbsp; 1325888 |
| CMO Series 2025-1 Class MTU (FHLMC) | CMO Series 2025-1 Class MTU (FHLMC) | CMO Series 2025-1 Class MTU (FHLMC) | CMO Series 2025-1 Class MTU (FHLMC) |
| 11/25/2064 | &nbsp;&nbsp; 3.250% | 4224172 | &nbsp;&nbsp; 3578437 |
| Seasoned Loans Structured Transaction | Seasoned Loans Structured Transaction | Seasoned Loans Structured Transaction | Seasoned Loans Structured Transaction |
| CMO Series 2018-2 Class A1 | CMO Series 2018-2 Class A1 | CMO Series 2018-2 Class A1 | CMO Series 2018-2 Class A1 |
| 11/25/2028 | &nbsp;&nbsp; 3.500% | 2339401 | &nbsp;&nbsp; 2268594 |
| Sequoia Mortgage Trust<sup>(b)</sup>  | Sequoia Mortgage Trust<sup>(b)</sup>  | Sequoia Mortgage Trust<sup>(b)</sup>  | Sequoia Mortgage Trust<sup>(b)</sup>  |
| CMO Series 2003-1 Class 1A | CMO Series 2003-1 Class 1A | CMO Series 2003-1 Class 1A | CMO Series 2003-1 Class 1A |
| 1-month Term SOFR + 0.874% <br>Floor 0.760%, Cap 12.500% <br>04/20/2033<br>| &nbsp;&nbsp; 5.192% | 156017 | &nbsp;&nbsp; 146743 |
| CMO Series 2003-8 Class A1 | CMO Series 2003-8 Class A1 | CMO Series 2003-8 Class A1 | CMO Series 2003-8 Class A1 |
| 1-month Term SOFR + 0.754% <br>Floor 0.640%, Cap 11.500% <br>01/20/2034<br>| &nbsp;&nbsp; 5.072% | 103264 | &nbsp;&nbsp; 99784 |
| CMO Series 2004-11 Class A1 | CMO Series 2004-11 Class A1 | CMO Series 2004-11 Class A1 | CMO Series 2004-11 Class A1 |
| 1-month Term SOFR + 0.714% <br>Floor 0.600%, Cap 11.500% <br>12/20/2034<br>| &nbsp;&nbsp; 5.032% | 78259 | &nbsp;&nbsp; 70845 |
| CMO Series 2004-12 Class A3 | CMO Series 2004-12 Class A3 | CMO Series 2004-12 Class A3 | CMO Series 2004-12 Class A3 |
| 6-month Term SOFR + 0.748% <br>Floor 0.320%, Cap 11.500% <br>01/20/2035<br>| &nbsp;&nbsp; 4.987% | 68315 | &nbsp;&nbsp; 67039 |
| Starwood Mortgage Residential Trust<sup>(a),(c)</sup>  | Starwood Mortgage Residential Trust<sup>(a),(c)</sup>  | Starwood Mortgage Residential Trust<sup>(a),(c)</sup>  | Starwood Mortgage Residential Trust<sup>(a),(c)</sup>  |
| CMO Series 2020-3 Class A1 | CMO Series 2020-3 Class A1 | CMO Series 2020-3 Class A1 | CMO Series 2020-3 Class A1 |
| 04/25/2065 | &nbsp;&nbsp; 1.486% | 261652 | &nbsp;&nbsp; 253849 |
| CMO Series 2020-INV1 Class A1 | CMO Series 2020-INV1 Class A1 | CMO Series 2020-INV1 Class A1 | CMO Series 2020-INV1 Class A1 |
| 11/25/2055 | &nbsp;&nbsp; 1.027% | 203794 | &nbsp;&nbsp; 194088 |
| CMO Series 2021-1 Class A1 | CMO Series 2021-1 Class A1 | CMO Series 2021-1 Class A1 | CMO Series 2021-1 Class A1 |
| 05/25/2065 | &nbsp;&nbsp; 1.219% | 330519 | &nbsp;&nbsp; 309236 |
| CMO Series 2021-4 Class A1 | CMO Series 2021-4 Class A1 | CMO Series 2021-4 Class A1 | CMO Series 2021-4 Class A1 |
| 08/25/2056 | &nbsp;&nbsp; 1.059% | 1357412 | &nbsp;&nbsp; 1216098 |
| Structured Adjustable Rate Mortgage Loan Trust<sup>(c)</sup>  | Structured Adjustable Rate Mortgage Loan Trust<sup>(c)</sup>  | Structured Adjustable Rate Mortgage Loan Trust<sup>(c)</sup>  | Structured Adjustable Rate Mortgage Loan Trust<sup>(c)</sup>  |
| CMO Series 2004-4 Class 5A | CMO Series 2004-4 Class 5A | CMO Series 2004-4 Class 5A | CMO Series 2004-4 Class 5A |
| 04/25/2034 | &nbsp;&nbsp; 5.131% | 52372 | &nbsp;&nbsp; 48621 |
| Structured Asset Mortgage Investments II Trust<sup>(b)</sup>  | Structured Asset Mortgage Investments II Trust<sup>(b)</sup>  | Structured Asset Mortgage Investments II Trust<sup>(b)</sup>  | Structured Asset Mortgage Investments II Trust<sup>(b)</sup>  |
| CMO Series 2004-AR5 Class 1A1 | CMO Series 2004-AR5 Class 1A1 | CMO Series 2004-AR5 Class 1A1 | CMO Series 2004-AR5 Class 1A1 |
| 1-month Term SOFR + 0.774% <br>Floor 0.660%, Cap 11.000% <br>10/19/2034<br>| &nbsp;&nbsp; 5.092% | 94800 | &nbsp;&nbsp; 90721 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2005-AR5 Class A3 | CMO Series 2005-AR5 Class A3 | CMO Series 2005-AR5 Class A3 | CMO Series 2005-AR5 Class A3 |
| 1-month Term SOFR + 0.614% <br>Floor 0.500%, Cap 11.000% <br>07/19/2035<br>| &nbsp;&nbsp; 4.932% | 50743 | &nbsp;&nbsp; 49692 |
| Structured Asset Securities Corp.<sup>(e)</sup>  | Structured Asset Securities Corp.<sup>(e)</sup>  | Structured Asset Securities Corp.<sup>(e)</sup>  | Structured Asset Securities Corp.<sup>(e)</sup>  |
| CMO Series 2004-4XS Class 1A5 | CMO Series 2004-4XS Class 1A5 | CMO Series 2004-4XS Class 1A5 | CMO Series 2004-4XS Class 1A5 |
| 02/25/2034 | &nbsp;&nbsp; 5.490% | 151840 | &nbsp;&nbsp; 149589 |
| Structured Asset Securities Corp. Mortgage Pass-Through Certificates<sup>(c)</sup>  | Structured Asset Securities Corp. Mortgage Pass-Through Certificates<sup>(c)</sup>  | Structured Asset Securities Corp. Mortgage Pass-Through Certificates<sup>(c)</sup>  | Structured Asset Securities Corp. Mortgage Pass-Through Certificates<sup>(c)</sup>  |
| CMO Series 2003-34A Class 3A3 | CMO Series 2003-34A Class 3A3 | CMO Series 2003-34A Class 3A3 | CMO Series 2003-34A Class 3A3 |
| 11/25/2033 | &nbsp;&nbsp; 5.713% | 71277 | &nbsp;&nbsp; 70847 |
| CMO Series 2003-40A Class 3A2 | CMO Series 2003-40A Class 3A2 | CMO Series 2003-40A Class 3A2 | CMO Series 2003-40A Class 3A2 |
| 01/25/2034 | &nbsp;&nbsp; 5.209% | 57996 | &nbsp;&nbsp; 56797 |
| Thornburg Mortgage Securities Trust<sup>(c)</sup>  | Thornburg Mortgage Securities Trust<sup>(c)</sup>  | Thornburg Mortgage Securities Trust<sup>(c)</sup>  | Thornburg Mortgage Securities Trust<sup>(c)</sup>  |
| CMO Series 2004-4 Class 3A | CMO Series 2004-4 Class 3A | CMO Series 2004-4 Class 3A | CMO Series 2004-4 Class 3A |
| 12/25/2044 | &nbsp;&nbsp; 5.703% | 48061 | &nbsp;&nbsp; 46363 |
| Vendee Mortgage Trust | Vendee Mortgage Trust | Vendee Mortgage Trust | Vendee Mortgage Trust |
| CMO Series 1998-2 Class 1G | CMO Series 1998-2 Class 1G | CMO Series 1998-2 Class 1G | CMO Series 1998-2 Class 1G |
| 06/15/2028 | &nbsp;&nbsp; 6.750% | 43611 | &nbsp;&nbsp; 44730 |
| Vericrest Opportunity Loan Transferee XCIV LLC<sup>(a),(e)</sup>  | Vericrest Opportunity Loan Transferee XCIV LLC<sup>(a),(e)</sup>  | Vericrest Opportunity Loan Transferee XCIV LLC<sup>(a),(e)</sup>  | Vericrest Opportunity Loan Transferee XCIV LLC<sup>(a),(e)</sup>  |
| CMO Series 2021-NPL3 Class A1 | CMO Series 2021-NPL3 Class A1 | CMO Series 2021-NPL3 Class A1 | CMO Series 2021-NPL3 Class A1 |
| 02/27/2051 | &nbsp;&nbsp; 2.240% | 269677 | &nbsp;&nbsp; 269719 |
| Vericrest Opportunity Loan Transferee XCVI LLC<sup>(a),(e)</sup>  | Vericrest Opportunity Loan Transferee XCVI LLC<sup>(a),(e)</sup>  | Vericrest Opportunity Loan Transferee XCVI LLC<sup>(a),(e)</sup>  | Vericrest Opportunity Loan Transferee XCVI LLC<sup>(a),(e)</sup>  |
| CMO Series 2021-NPL5 Class A1 | CMO Series 2021-NPL5 Class A1 | CMO Series 2021-NPL5 Class A1 | CMO Series 2021-NPL5 Class A1 |
| 03/27/2051 | &nbsp;&nbsp; 6.116% | 142114 | &nbsp;&nbsp; 142071 |
| Vericrest Opportunity Loan Transferee XCVII LLC<sup>(a),(e)</sup>  | Vericrest Opportunity Loan Transferee XCVII LLC<sup>(a),(e)</sup>  | Vericrest Opportunity Loan Transferee XCVII LLC<sup>(a),(e)</sup>  | Vericrest Opportunity Loan Transferee XCVII LLC<sup>(a),(e)</sup>  |
| CMO Series 2021-NPL6 Class A1 | CMO Series 2021-NPL6 Class A1 | CMO Series 2021-NPL6 Class A1 | CMO Series 2021-NPL6 Class A1 |
| 04/25/2051 | &nbsp;&nbsp; 5.240% | 422514 | &nbsp;&nbsp; 422096 |
| Vericrest Opportunity Loan Trust CI LLC<sup>(a),(e)</sup>  | Vericrest Opportunity Loan Trust CI LLC<sup>(a),(e)</sup>  | Vericrest Opportunity Loan Trust CI LLC<sup>(a),(e)</sup>  | Vericrest Opportunity Loan Trust CI LLC<sup>(a),(e)</sup>  |
| CMO Series 2021-NP10 Class A1 | CMO Series 2021-NP10 Class A1 | CMO Series 2021-NP10 Class A1 | CMO Series 2021-NP10 Class A1 |
| 05/25/2051 | &nbsp;&nbsp; 5.992% | 538194 | &nbsp;&nbsp; 538009 |
| Verus Securitization Trust<sup>(a),(c)</sup>  | Verus Securitization Trust<sup>(a),(c)</sup>  | Verus Securitization Trust<sup>(a),(c)</sup>  | Verus Securitization Trust<sup>(a),(c)</sup>  |
| CMO Series 2019-INV3 Class A1 | CMO Series 2019-INV3 Class A1 | CMO Series 2019-INV3 Class A1 | CMO Series 2019-INV3 Class A1 |
| 11/25/2059 | &nbsp;&nbsp; 2.692% | 50812 | &nbsp;&nbsp; 50065 |
| CMO Series 2021-1 Class A1 | CMO Series 2021-1 Class A1 | CMO Series 2021-1 Class A1 | CMO Series 2021-1 Class A1 |
| 01/25/2066 | &nbsp;&nbsp; 0.815% | 463861 | &nbsp;&nbsp; 418630 |
| CMO Series 2021-2 Class A1 | CMO Series 2021-2 Class A1 | CMO Series 2021-2 Class A1 | CMO Series 2021-2 Class A1 |
| 02/25/2066 | &nbsp;&nbsp; 1.031% | 925317 | &nbsp;&nbsp; 840779 |
| CMO Series 2021-3 Class A1 | CMO Series 2021-3 Class A1 | CMO Series 2021-3 Class A1 | CMO Series 2021-3 Class A1 |
| 06/25/2066 | &nbsp;&nbsp; 1.046% | 1037227 | &nbsp;&nbsp; 905777 |
| CMO Series 2021-4 Class A1 | CMO Series 2021-4 Class A1 | CMO Series 2021-4 Class A1 | CMO Series 2021-4 Class A1 |
| 07/25/2066 | &nbsp;&nbsp; 0.938% | 1335199 | &nbsp;&nbsp; 1114517 |
| CMO Series 2021-8 Class A1 | CMO Series 2021-8 Class A1 | CMO Series 2021-8 Class A1 | CMO Series 2021-8 Class A1 |
| 11/25/2066 | &nbsp;&nbsp; 1.824% | 1385014 | &nbsp;&nbsp; 1256205 |
| CMO Series 2021-R1 Class A1 | CMO Series 2021-R1 Class A1 | CMO Series 2021-R1 Class A1 | CMO Series 2021-R1 Class A1 |
| 10/25/2063 | &nbsp;&nbsp; 0.820% | 251323 | &nbsp;&nbsp; 241936 |
| CMO Series 2021-R3 Class A1 | CMO Series 2021-R3 Class A1 | CMO Series 2021-R3 Class A1 | CMO Series 2021-R3 Class A1 |
| 04/25/2064 | &nbsp;&nbsp; 1.020% | 447842 | &nbsp;&nbsp; 425108 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| WaMu Mortgage Pass-Through Certificates Trust<sup>(c)</sup>  | WaMu Mortgage Pass-Through Certificates Trust<sup>(c)</sup>  | WaMu Mortgage Pass-Through Certificates Trust<sup>(c)</sup>  | WaMu Mortgage Pass-Through Certificates Trust<sup>(c)</sup>  |
| CMO Series 2003-AR11 Class A6 | CMO Series 2003-AR11 Class A6 | CMO Series 2003-AR11 Class A6 | CMO Series 2003-AR11 Class A6 |
| 10/25/2033 | &nbsp;&nbsp; 6.668% | 126071 | &nbsp;&nbsp; 119728 |
| CMO Series 2003-AR5 Class A7 | CMO Series 2003-AR5 Class A7 | CMO Series 2003-AR5 Class A7 | CMO Series 2003-AR5 Class A7 |
| 06/25/2033 | &nbsp;&nbsp; 5.728% | 44274 | &nbsp;&nbsp; 44467 |
| CMO Series 2003-AR6 Class A1 | CMO Series 2003-AR6 Class A1 | CMO Series 2003-AR6 Class A1 | CMO Series 2003-AR6 Class A1 |
| 06/25/2033 | &nbsp;&nbsp; 6.339% | 34635 | &nbsp;&nbsp; 34035 |
| CMO Series 2003-AR7 Class A7 | CMO Series 2003-AR7 Class A7 | CMO Series 2003-AR7 Class A7 | CMO Series 2003-AR7 Class A7 |
| 08/25/2033 | &nbsp;&nbsp; 5.585% | 71168 | &nbsp;&nbsp; 71010 |
| CMO Series 2004-AR3 Class A2 | CMO Series 2004-AR3 Class A2 | CMO Series 2004-AR3 Class A2 | CMO Series 2004-AR3 Class A2 |
| 06/25/2034 | &nbsp;&nbsp; 5.333% | 35073 | &nbsp;&nbsp; 32866 |
| WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
| CMO Series 2004-S3 Class 1A5 | CMO Series 2004-S3 Class 1A5 | CMO Series 2004-S3 Class 1A5 | CMO Series 2004-S3 Class 1A5 |
| 07/25/2034 | &nbsp;&nbsp; 5.000% | 6797 | &nbsp;&nbsp; 6804 |
| Wells Fargo Mortgage-Backed Securities Trust<sup>(c)</sup>  | Wells Fargo Mortgage-Backed Securities Trust<sup>(c)</sup>  | Wells Fargo Mortgage-Backed Securities Trust<sup>(c)</sup>  | Wells Fargo Mortgage-Backed Securities Trust<sup>(c)</sup>  |
| CMO Series 2004-U Class A1 | CMO Series 2004-U Class A1 | CMO Series 2004-U Class A1 | CMO Series 2004-U Class A1 |
| 10/25/2034 | &nbsp;&nbsp; 7.331% | 66146 | &nbsp;&nbsp; 65475 |
| Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $90,697,673) | Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $90,697,673) | Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $90,697,673) | &nbsp;&nbsp; **87723622** |
| **U.S. Government & Agency Obligations 0.2%** | **U.S. Government & Agency Obligations 0.2%** | **U.S. Government & Agency Obligations 0.2%** | **U.S. Government & Agency Obligations 0.2%** |
| Federal National Mortgage Association<sup>(i)</sup>  | Federal National Mortgage Association<sup>(i)</sup>  | Federal National Mortgage Association<sup>(i)</sup>  | Federal National Mortgage Association<sup>(i)</sup>  |
| 11/15/2030 | &nbsp;&nbsp; 0.000% | 8393000 | &nbsp;&nbsp; 6749502 |
| Total U.S. Government & Agency Obligations <br>(Cost $7,611,822) | Total U.S. Government & Agency Obligations <br>(Cost $7,611,822) | Total U.S. Government & Agency Obligations <br>(Cost $7,611,822) | &nbsp;&nbsp; **6749502** |
| **U.S. Treasury Obligations 13.3%** | **U.S. Treasury Obligations 13.3%** | **U.S. Treasury Obligations 13.3%** | **U.S. Treasury Obligations 13.3%** |
| U.S. Treasury | U.S. Treasury | U.S. Treasury | U.S. Treasury |
| 06/30/2027 | &nbsp;&nbsp; 3.750% | 17687000 | &nbsp;&nbsp; 17698054 |
| 06/15/2028 | &nbsp;&nbsp; 3.875% | 17124000 | &nbsp;&nbsp; 17216309 |
| 03/31/2030 | &nbsp;&nbsp; 3.625% | 7921000 | &nbsp;&nbsp; 7864687 |
| 06/30/2030 | &nbsp;&nbsp; 3.875% | 24948000 | &nbsp;&nbsp; 25045453 |
| 10/31/2030 | &nbsp;&nbsp; 4.875% | 2666500 | &nbsp;&nbsp; 2799408 |
| 02/15/2032 | &nbsp;&nbsp; 1.875% | 5172000 | &nbsp;&nbsp; 4544087 |
| 05/31/2032 | &nbsp;&nbsp; 4.125% | 8729000 | &nbsp;&nbsp; 8804015 |
| 11/15/2034 | &nbsp;&nbsp; 4.250% | 18613800 | &nbsp;&nbsp; 18677785 |
| 05/15/2035 | &nbsp;&nbsp; 4.250% | 42074000 | &nbsp;&nbsp; 42146315 |
| 11/15/2040 | &nbsp;&nbsp; 1.375% | 22348000 | &nbsp;&nbsp; 14232883 |
| 02/15/2041 | &nbsp;&nbsp; 4.750% | 2185000 | &nbsp;&nbsp; 2212654 |
| 05/15/2041 | &nbsp;&nbsp; 2.250% | 9815000 | &nbsp;&nbsp; 7126610 |
| 08/15/2041 | &nbsp;&nbsp; 1.750% | 71419000 | &nbsp;&nbsp; 47393202 |
| 11/15/2041 | &nbsp;&nbsp; 2.000% | 39776000 | &nbsp;&nbsp; 27346000 |
| 11/15/2041 | &nbsp;&nbsp; 3.125% | 1443000 | &nbsp;&nbsp; 1182809 |
| 02/15/2043 | &nbsp;&nbsp; 3.125% | 1799000 | &nbsp;&nbsp; 1445946 |
| 11/15/2043 | &nbsp;&nbsp; 3.750% | 3558000 | &nbsp;&nbsp; 3107691 |
| 02/15/2044 | &nbsp;&nbsp; 3.625% | 8623000 | &nbsp;&nbsp; 7379402 |
| 05/15/2044 | &nbsp;&nbsp; 3.375% | 4501000 | &nbsp;&nbsp; 3700666 |
| 02/15/2045 | &nbsp;&nbsp; 2.500% | 10645000 | &nbsp;&nbsp; 7494745 |
| 05/15/2045 | &nbsp;&nbsp; 3.000% | 6189000 | &nbsp;&nbsp; 4740387 |
| 05/15/2045 | &nbsp;&nbsp; 5.000% | 61243000 | &nbsp;&nbsp; 62917613 |
| 05/15/2046 | &nbsp;&nbsp; 2.500% | 11063000 | &nbsp;&nbsp; 7638656 |
| 08/15/2046 | &nbsp;&nbsp; 2.250% | 2026000 | &nbsp;&nbsp; 1327030 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| 02/15/2047 | &nbsp;&nbsp; 3.000% | 11431000 | &nbsp;&nbsp; 8582180 |
| 02/15/2048 | &nbsp;&nbsp; 3.000% | 41478000 | &nbsp;&nbsp; 30823339 |
| 05/15/2048 | &nbsp;&nbsp; 3.125% | 16637000 | &nbsp;&nbsp; 12623324 |
| 08/15/2048 | &nbsp;&nbsp; 3.000% | 21126000 | &nbsp;&nbsp; 15623337 |
| 11/15/2048 | &nbsp;&nbsp; 3.375% | 4434000 | &nbsp;&nbsp; 3507710 |
| 02/15/2049 | &nbsp;&nbsp; 3.000% | 14492000 | &nbsp;&nbsp; 10681057 |
| 02/15/2050 | &nbsp;&nbsp; 2.000% | 2074000 | &nbsp;&nbsp; 1217827 |
| 02/15/2051 | &nbsp;&nbsp; 1.875% | 2997000 | &nbsp;&nbsp; 1683939 |
| 05/15/2051 | &nbsp;&nbsp; 2.375% | 11127000 | &nbsp;&nbsp; 7056952 |
| 02/15/2052 | &nbsp;&nbsp; 2.250% | 6249000 | &nbsp;&nbsp; 3818725 |
| 08/15/2054 | &nbsp;&nbsp; 4.250% | 5506000 | &nbsp;&nbsp; 5029387 |
| 02/15/2055 | &nbsp;&nbsp; 4.625% | 24057000 | &nbsp;&nbsp; 23425504 |
| U.S. Treasury<sup>(i)</sup>  | U.S. Treasury<sup>(i)</sup>  | U.S. Treasury<sup>(i)</sup>  | U.S. Treasury<sup>(i)</sup>  |
| STRIPS | STRIPS | STRIPS | STRIPS |
| 02/15/2032 | &nbsp;&nbsp; 0.000% | 8418000 | &nbsp;&nbsp; 6422452 |
| 11/15/2033 | &nbsp;&nbsp; 0.000% | 2083000 | &nbsp;&nbsp; 1459511 |
| 02/15/2034 | &nbsp;&nbsp; 0.000% | 4400000 | &nbsp;&nbsp; 3041180 |
| 05/15/2034 | &nbsp;&nbsp; 0.000% | 2400000 | &nbsp;&nbsp; 1637753 |
| 11/15/2034 | &nbsp;&nbsp; 0.000% | 1850000 | &nbsp;&nbsp; 1229547 |

---

---

| | | | |
|:---|:---|:---|:---|
| **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| 11/15/2040 | &nbsp;&nbsp; 0.000% | 32426000 | &nbsp;&nbsp; 15343965 |
| 02/15/2041 | &nbsp;&nbsp; 0.000% | 6430822 | &nbsp;&nbsp; 3001978 |
| Total U.S. Treasury Obligations <br>(Cost $525,928,142) | Total U.S. Treasury Obligations <br>(Cost $525,928,142) | Total U.S. Treasury Obligations <br>(Cost $525,928,142) | &nbsp;&nbsp; **500252074** |

---

---

| | | |
|:---|:---|:---|
| **Money Market Funds 5.2%** | **Money Market Funds 5.2%** | **Money Market Funds 5.2%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 4.473%<sup>(n),(o)</sup> <br>| &nbsp;&nbsp; 193029941 | &nbsp;&nbsp; 192991335 |
| Total Money Market Funds <br>(Cost $192,973,262) | Total Money Market Funds <br>(Cost $192,973,262) | &nbsp;&nbsp; **192991335** |
| **Total Investments in Securities** <br>**(Cost: $3,932,756,683)** | **Total Investments in Securities** <br>**(Cost: $3,932,756,683)** | &nbsp;&nbsp; **3866192486** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(115236383)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **3750956103** |

---

At June 30, 2025, securities and/or cash totaling $3,726,100 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>|
| U.S. Treasury 10-Year Note | 166 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 18612750 | &nbsp;&nbsp;&nbsp;&nbsp; 430458 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 2-Year Note | 165 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 34323867 | &nbsp;&nbsp;&nbsp;&nbsp; 129731 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 5-Year Note | 838 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 91342000 | &nbsp;&nbsp;&nbsp;&nbsp; 1123548 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury Ultra 10-Year Note | 133 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 15197328 | &nbsp;&nbsp;&nbsp;&nbsp; 376456 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury Ultra Bond | 341 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 40621625 | &nbsp;&nbsp;&nbsp;&nbsp; 1667397 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3727590 | &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>|
| U.S. Long Bond | (78) | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (9006563)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (365413)<br>|

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents privately placed and other securities and instruments exempt from Securities
 and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only
 to qualified institutional buyers. At June 30, 2025, the total value of these securities amounted to $714,698,391, which represents 19.05% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable rate security. The interest rate shown was the current rate as of June 30,
 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable or floating rate security, the interest rate of which adjusts periodically
 based on changes in current interest rates and prepayments on the underlying pool
 of assets. The interest rate shown was the current rate as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents interest only securities which have the right to receive the monthly interest
 payments on an underlying pool of mortgage loans.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Represents a security in default.

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents principal only securities which have the right to receive the principal
 portion only on an underlying pool of mortgage loans.

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

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

&nbsp;&nbsp;&nbsp;&nbsp;(i) Zero coupon bond.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Perpetual security with no specified maturity date.

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

&nbsp;&nbsp;&nbsp;&nbsp;(l) Principal and interest may not be guaranteed by a governmental entity.

&nbsp;&nbsp;&nbsp;&nbsp;(m) Represents a security purchased on a forward commitment basis.

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

&nbsp;&nbsp;&nbsp;&nbsp;(o) Under Section 2(a)(3) of 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 June 30, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 4.473% | Columbia Short-Term Cash Fund, 4.473% | Columbia Short-Term Cash Fund, 4.473% | Columbia Short-Term Cash Fund, 4.473% | Columbia Short-Term Cash Fund, 4.473% | Columbia Short-Term Cash Fund, 4.473% | Columbia Short-Term Cash Fund, 4.473% | Columbia Short-Term Cash Fund, 4.473% | Columbia Short-Term Cash Fund, 4.473% |
|  | 36745886 | &nbsp;&nbsp; 1568049941 | &nbsp;&nbsp; (1411822706)<br>| &nbsp;&nbsp; 18214 | &nbsp;&nbsp; 192991335 | &nbsp;&nbsp; 48368 | &nbsp;&nbsp; 2346373 | &nbsp;&nbsp; 193029941 |

---

**Abbreviation Legend** 

---

| | |
|:---|:---|
| BAM | Build America Mutual Assurance Co. |
| CMO | Collateralized Mortgage Obligation |
| CMT | Constant Maturity Treasury |
| FHLMC | Federal Home Loan Mortgage Corporation |
| MTA | Monthly Treasury Average |
| SOFR | Secured Overnight Financing Rate |
| STRIPS | Separate Trading of Registered Interest and Principal Securities |
| TBA | To Be Announced |

---

**Currency Legend** 

USD US Dollar

**Fair value measurements** 

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

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

■

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

■

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

■

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

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

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

**Fair value measurements (continued)**

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

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

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

The following table is a summary of the inputs used to value the Fund's investments at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 341861093 | &nbsp;&nbsp;&nbsp;&nbsp; 7197035 | &nbsp;&nbsp;&nbsp;&nbsp; 349058128 |
| Commercial Mortgage-Backed Securities - Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 123532297 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 123532297 |
| Commercial Mortgage-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 143945798 | &nbsp;&nbsp;&nbsp;&nbsp; 2258600 | &nbsp;&nbsp;&nbsp;&nbsp; 146204398 |
| Convertible Bonds |  | &nbsp;&nbsp;&nbsp;&nbsp; 1353363 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1353363 |
| Corporate Bonds & Notes |  | &nbsp;&nbsp;&nbsp;&nbsp; 1039065354 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1039065354 |
| Foreign Government Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp; 52500246 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 52500246 |
| Municipal Bonds |  | &nbsp;&nbsp;&nbsp;&nbsp; 3610986 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3610986 |
| Residential Mortgage-Backed Securities - Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 1363151181 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1363151181 |
| Residential Mortgage-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 85723622 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 87723622 |
| U.S. Government & Agency Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp; 6749502 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6749502 |
| U.S. Treasury Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp; 500252074 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 500252074 |
| Money Market Funds | 192991335 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 192991335 |
| Total Investments in Securities | 192991335 | &nbsp;&nbsp;&nbsp;&nbsp; 3661745516 | &nbsp;&nbsp;&nbsp;&nbsp; 11455635 | &nbsp;&nbsp;&nbsp;&nbsp; 3866192486 |
| **Investments in Derivatives** |  |  |  |  |
| Asset |  |  |  |  |
| Futures Contracts | 3727590 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3727590 |
| Liability |  |  |  |  |
| Futures Contracts | (365413)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (365413)<br>|
| Total | 196353512 | &nbsp;&nbsp;&nbsp;&nbsp; 3661745516 | &nbsp;&nbsp;&nbsp;&nbsp; 11455635 | &nbsp;&nbsp;&nbsp;&nbsp; 3869554663 |

---

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

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

Derivative instruments are valued at unrealized appreciation (depreciation).

The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.

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

Variable Portfolio – Partners Core Bond Fund \| 2025

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Statement of Assets and Liabilities

June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $3,739,783,421) | $3673201151 |
| Affiliated issuers (cost $192,973,262) | 192991335 |
| Cash | 39919 |
| Foreign currency (cost $1,359) | 1491 |
| Margin deposits on: |  |
| Futures contracts | 3726100 |
| Receivable for: |  |
| Investments sold | 45027294 |
| Investments sold on a delayed delivery basis  | 16052221 |
| Capital shares sold | 360 |
| Dividends | 573161 |
| Interest | 23498615 |
| Foreign tax reclaims | 80198 |
| Variation margin for futures contracts | 694836 |
| Prepaid expenses | 8592 |
| Total assets | 3955895273 |
| **Liabilities** |  |
| Payable for: |  |
| Investments purchased | 51168559 |
| Investments purchased on a delayed delivery basis | 153133033 |
| Capital shares redeemed | 12701 |
| Variation margin for futures contracts | 78000 |
| Management services fees | 145121 |
| Distribution and/or service fees | 448 |
| Service fees | 761 |
| Compensation of chief compliance officer | 381 |
| Compensation of board members | 6795 |
| Other expenses | 66271 |
| Deferred compensation of board members | 327100 |
| Total liabilities | 204939170 |
| **Net assets applicable to outstanding capital stock** | **$3750956103** |
| **Represented by** |  |
| Paid in capital | 4247513226 |
| Total distributable earnings (loss) | (496557123)<br>|
| **Total - representing net assets applicable to outstanding capital stock** | **$3750956103** |
| **Class 1** |  |
| Net assets | $3729031174 |
| Shares outstanding | 373344865 |
| Net asset value per share | $9.99 |
| **Class 2** |  |
| Net assets | $21924929 |
| Shares outstanding | 2209712 |
| Net asset value per share | $9.92 |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

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Statement of Operations

Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — affiliated issuers | $2346373 |
| Interest | 87175460 |
| Interfund lending | 1266 |
| Total income | 89523099 |
| Expenses: |  |
| Management services fees | 8793665 |
| Distribution and/or service fees |  |
| Class 2 | 26454 |
| Service fees | 6795 |
| Custodian fees | 49472 |
| Printing and postage fees | 5674 |
| Accounting services fees | 38966 |
| Legal fees | 34045 |
| Compensation of chief compliance officer | 210 |
| Compensation of board members | 28917 |
| Deferred compensation of board members | (3048)<br>|
| Other | 32532 |
| Total expenses | 9013682 |
| **Net investment income** | 80509417 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | (41263580)<br>|
| Investments — affiliated issuers | 48368 |
| Futures contracts | (4022595)<br>|
| Net realized loss | (45237807)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 111796667 |
| Investments — affiliated issuers | 18214 |
| Foreign currency translations | 182 |
| Futures contracts | 6433690 |
| Net change in unrealized appreciation (depreciation) | 118248753 |
| Net realized and unrealized gain | 73010946 |
| **Net increase in net assets resulting from operations** | **$153520363** |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

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Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income | $80509417 | &nbsp;&nbsp; $203097856 |
| Net realized loss | (45237807)<br>| &nbsp;&nbsp; (102083979)<br>|
| Net change in unrealized appreciation (depreciation) | 118248753 | &nbsp;&nbsp; 22893348 |
| Net increase in net assets resulting from operations | 153520363 | &nbsp;&nbsp; 123907225 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class 1 |  | &nbsp;&nbsp; (176742282)<br>|
| Class 2 |  | &nbsp;&nbsp; (681128)<br>|
| Total distributions to shareholders |  | &nbsp;&nbsp; (177423410)<br>|
| Decrease in net assets from capital stock activity | (180257392)<br>| &nbsp;&nbsp; (1052777264)<br>|
| Total decrease in net assets | (26737029)<br>| &nbsp;&nbsp; (1106293449)<br>|
| Net assets at beginning of period | 3777693132 | &nbsp;&nbsp; 4883986581 |
| **Net assets at end of period** | **$3750956103** | &nbsp;&nbsp; **$3777693132** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | **Year Ended** | **Year Ended** |
|  | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |
| Shares sold | 1197687 | &nbsp;&nbsp;&nbsp;&nbsp; 11723820 | &nbsp;&nbsp;&nbsp;&nbsp; 3557818 | &nbsp;&nbsp;&nbsp;&nbsp; 34530291 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18507045 | &nbsp;&nbsp;&nbsp;&nbsp; 176742282 |
| Shares redeemed | (19619418)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (192304859)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (130597934)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1267256438)<br>|
| Net decrease | (18421731)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (180581039)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (108533071)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1055983865)<br>|
| Class 2 |  |  |  |  |
| Shares sold | 174643 | &nbsp;&nbsp;&nbsp;&nbsp; 1695581 | &nbsp;&nbsp;&nbsp;&nbsp; 480577 | &nbsp;&nbsp;&nbsp;&nbsp; 4633509 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 71623 | &nbsp;&nbsp;&nbsp;&nbsp; 681128 |
| Shares redeemed | (141150)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1371934)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (219134)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2108036)<br>|
| Net increase | 33493 | &nbsp;&nbsp;&nbsp;&nbsp; 323647 | &nbsp;&nbsp;&nbsp;&nbsp; 333066 | &nbsp;&nbsp;&nbsp;&nbsp; 3206601 |
| **Total net decrease** | **(18388238)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(180257392)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(108200005)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(1052777264)**<br>|

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

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Variable Portfolio – Partners Core Bond Fund \| 2025

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Financial Highlights

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Six Months Ended 6/30/2025 (Unaudited) | $9.59<br>| 0.21<br>| 0.19<br>| 0.40<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 12/31/2024 | $9.73<br>| 0.41<br>| &nbsp;&nbsp; (0.19) <br>| 0.22<br>| &nbsp;&nbsp; (0.36) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.36) <br>|
| Year Ended 12/31/2023 | $9.41<br>| 0.35<br>| 0.23<br>| 0.58<br>| &nbsp;&nbsp; (0.26) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.26) <br>|
| Year Ended 12/31/2022 | $11.12<br>| 0.24<br>| &nbsp;&nbsp; (1.71) <br>| &nbsp;&nbsp; (1.47) <br>| &nbsp;&nbsp; (0.17) <br>| &nbsp;&nbsp; (0.07) <br>| &nbsp;&nbsp; (0.24) <br>|
| Year Ended 12/31/2021 | $11.72<br>| 0.18<br>| &nbsp;&nbsp; (0.32) <br>| &nbsp;&nbsp; (0.14) <br>| &nbsp;&nbsp; (0.17) <br>| &nbsp;&nbsp; (0.29) <br>| &nbsp;&nbsp; (0.46) <br>|
| Year Ended 12/31/2020 | $11.15<br>| 0.22<br>| 0.70<br>| 0.92<br>| &nbsp;&nbsp; (0.24) <br>| &nbsp;&nbsp; (0.11) <br>| &nbsp;&nbsp; (0.35) <br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Six Months Ended 6/30/2025 (Unaudited) | $9.54<br>| 0.20<br>| 0.18<br>| 0.38<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 12/31/2024 | $9.68<br>| 0.38<br>| &nbsp;&nbsp; (0.19) <br>| 0.19<br>| &nbsp;&nbsp; (0.33) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.33) <br>|
| Year Ended 12/31/2023 | $9.36<br>| 0.33<br>| 0.23<br>| 0.56<br>| &nbsp;&nbsp; (0.24) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.24) <br>|
| Year Ended 12/31/2022 | $11.07<br>| 0.22<br>| &nbsp;&nbsp; (1.71) <br>| &nbsp;&nbsp; (1.49) <br>| &nbsp;&nbsp; (0.15) <br>| &nbsp;&nbsp; (0.07) <br>| &nbsp;&nbsp; (0.22) <br>|
| Year Ended 12/31/2021 | $11.66<br>| 0.15<br>| &nbsp;&nbsp; (0.31) <br>| &nbsp;&nbsp; (0.16) <br>| &nbsp;&nbsp; (0.14) <br>| &nbsp;&nbsp; (0.29) <br>| &nbsp;&nbsp; (0.43) <br>|
| Year Ended 12/31/2020 | $11.10<br>| 0.19<br>| 0.69<br>| 0.88<br>| &nbsp;&nbsp; (0.21) <br>| &nbsp;&nbsp; (0.11) <br>| &nbsp;&nbsp; (0.32) <br>|

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **Notes to Financial Highlights**  |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.  |
| (c) | Ratios include interest on collateral expense which is less than 0.01%. |

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

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Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Six Months Ended 6/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $9.99<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.32%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 124%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3729031<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $9.59<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 220%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3756936<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $9.73<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 205%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4866151<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $9.41<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.29%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 248%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4842663<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $11.12<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.24%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 276%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6017964<br>|
| Year Ended 12/31/2020 | &nbsp;&nbsp;&nbsp;&nbsp; $11.72<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.27%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 298%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4765378<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Six Months Ended 6/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $9.92<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 124%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $21925<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $9.54<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 220%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $20757<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $9.68<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 205%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $17836<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $9.36<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.60%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.21%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 248%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $14909<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $11.07<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.41%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 276%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $16962<br>|
| Year Ended 12/31/2020 | &nbsp;&nbsp;&nbsp;&nbsp; $11.66<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.97%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 298%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $16394<br>|

---

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

Variable Portfolio – Partners Core Bond Fund \| 2025

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Notes to Financial Statements

June 30, 2025 (Unaudited)

Note 1. Organization

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

**Fund shares**

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

Note 2. Summary of significant accounting policies

**Basis of preparation**

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

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

**Segment reporting**

The intent of ASU 2023-07, Segment Reporting is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

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

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

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

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

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

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

**Foreign currency transactions and translations** 

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

**Derivative instruments**

The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

computed. Notional exposures provide a gauge for how the Fund may behave given changes in the underlying rate, asset or reference instrument and individual markets. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally expected to be limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty provides some protection in the case of clearing member default. The clearinghouse or central counterparty stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or central counterparty may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker's customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the central counterparty or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund), potentially resulting in losses to the Fund.

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

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

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

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

**Futures contracts**

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

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

**Effects of derivative transactions in the financial statements**

The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Asset derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 3,727,590<br> \*<br>|

---

---

| | | |
|:---|:---|:---|
|  | **Liability derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 365,413<br> \*<br>|

---

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin for futures and centrally cleared swaps, if any, is reported in receivables or payables in the Statement of Assets and Liabilities.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended June 30, 2025:

---

| | |
|:---|:---|
| **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>|
| Interest rate risk | &nbsp;&nbsp; (4022595)<br>|
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>|
| Interest rate risk | &nbsp;&nbsp; 6433690 |

---

The following table is a summary of the average daily outstanding volume by derivative instrument for the six months ended June 30, 2025:

---

| | |
|:---|:---|
| **Derivative instrument** | **Average notional** <br>**amounts ($)**<br>|
| Futures contracts — long | 311395290 |
| Futures contracts — short | 5973461 |

---

**Asset- and mortgage-backed securities** 

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

**Delayed delivery securities**

The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a "when-issued" or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

**To be announced securities** 

The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.

In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.

**Mortgage dollar roll transactions**

The Fund may enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. These transactions may increase the Fund's portfolio turnover rate. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique may diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

**Interest only and principal only securities** 

The Fund may invest in Interest Only (IO) or Principal Only (PO) securities. IOs are stripped securities entitled to receive all of the security's interest, but none of its principal. IOs are particularly sensitive to changes in interest rates and therefore subject to greater fluctuations in price than typical interest bearing debt securities. IOs are also subject to credit risk because the Fund may not receive all or part of the interest payments if the issuer, obligor, guarantor or counterparty defaults on its obligation. Payments received for IOs are included in interest income in the Statement of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income in the Statement of Operations. POs are stripped securities entitled to receive the principal from the underlying obligation, but not the interest. POs are particularly sensitive to changes in interest rates and therefore are subject to fluctuations in price. POs are also subject to credit risk because the Fund may not receive all or part of its principal if the issuer, obligor, guarantor or counterparty defaults on its obligation. The Fund may also invest in IO or PO stripped mortgage-backed securities. Payments received for POs are treated as reductions to the cost and par value of the securities.

**Security transactions**

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

**Income recognition**

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income. For convertible securities, premiums attributable to the conversion feature are not amortized.

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

Dividend income is recorded on the ex-dividend date.

**Expenses**

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

**Determination of class net asset value**

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

**Federal income tax status**

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

**Foreign taxes**

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

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

**Distributions to subaccounts**

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

**Guarantees and indemnifications**

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

**Recent accounting pronouncements and regulatory updates**

*Accounting Standards Update 2023-09 Income Taxes (Topic 740)*

In December 2023, the FASB issued Accounting Standards Update No. 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management expects that the adoption of the amendments will not have a material impact on its financial statements.

Note 3. Fees and other transactions with affiliates

**Management services fees**

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund's subadvisers (see Subadvisory agreements below) have the primary responsibility for the day-to-day

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

portfolio management of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.50% to 0.34% as the Fund's net assets increase. The annualized effective management services fee rate for the six months ended June 30, 2025 was 0.47% of the Fund's average daily net assets.

**Subadvisory agreements** 

The Investment Manager has entered into Subadvisory Agreements with Allspring Global Investments, LLC and J.P. Morgan Investment Management Inc., each of which subadvises a portion of the assets of the Fund. New investments in the Fund, net of redemptions, are allocated in accordance with the Investment Manager's determination. Each subadviser's proportionate share of investments in the Fund will vary due to market fluctuations. The Investment Manager compensates each subadviser to manage the investment of the Fund's assets.

**Compensation of Board members**

Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members" in the Statement of Operations.

**Compensation of Chief Compliance Officer**

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

**Service fees**

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The annualized effective service fee rate for the six months ended June 30, 2025 was 0.00% of the Fund's average daily net assets.

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

**Distribution and/or service fees**

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

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

**Expenses waived/reimbursed by the Investment Manager and its affiliates**

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contractual** <br>**expense cap** <br>**July 1, 2025** <br>**through** <br>**April 30, 2026 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Voluntary** <br>**expense cap** <br>**May 1, 2025** <br>**through** <br>**June 30, 2025 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contractual** <br>**expense cap** <br>**prior to** <br>**May 1, 2025 (%)**<br>|
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

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

At June 30, 2025, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| **Federal** <br>**tax cost ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>|
| 3932757000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53039000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (116241000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (63202000)<br>|

---

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

The following capital loss carryforwards, determined at December 31, 2024, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code.

---

| | | |
|:---|:---|:---|
| **No expiration** <br>**short-term ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **No expiration** <br>**long-term ($)**<br>| **Total ($)** |
| (225483188)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (427472292)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (652955480)<br>|

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

Variable Portfolio – Partners Core Bond Fund \| 2025

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Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $4,650,240,732 and $4,832,875,582, respectively, for the six months ended June 30, 2025, of which $3,722,571,558 and $3,727,770,014, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Note 7. Interfund lending

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

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

The Fund's activity in the Interfund Program during the six months ended June 30, 2025 was as follows:

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| | | | |
|:---|:---|:---|:---|
| **Borrower or lender** | **Average loan** <br>**balance ($)**<br>| &nbsp;&nbsp;&nbsp; **Weighted average** <br>**interest rate (%)**<br>| &nbsp;&nbsp;&nbsp; **Number of days** <br>**with outstanding loans**<br>|
| Lender | 2350000 | &nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |

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Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at June 30, 2025.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 24, 2024 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $900 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 24, 2024 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the six months ended June 30, 2025.

Note 9. Significant risks

**Credit risk**

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

**Interest rate risk**

Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund's investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. For example, a three-year duration means a bond is expected to decrease in value by 3% if interest rates rise 1% and increase in value by 3% if interest rates fall 1%. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Such actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative impact on the Fund's performance and NAV. Any interest rate increases could cause the value of the Fund's investments in debt instruments to decrease. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses.

**Liquidity risk**

Liquidity risk is the risk associated with any event, circumstance, or characteristic of an investment or market that negatively impacts the Fund's ability to sell, or realize the proceeds from the sale of, an investment at a desirable time or price. Liquidity risk may arise because of, for example, a lack of marketability of the investment, which means that when seeking to sell its portfolio investments, the Fund could find that selling is more difficult than anticipated, especially during times of high market volatility. Market participants attempting to sell the same or a similar instrument at the same time as the Fund could exacerbate the Fund's exposure to liquidity risk. The Fund may have to accept a lower selling price for the holding, sell other liquid or more liquid investments that it might otherwise prefer to hold (thereby increasing the proportion of the Fund's investments in less liquid or illiquid securities), or forego another more appealing investment opportunity. The liquidity of Fund investments may change significantly over time and certain investments that were liquid when purchased by the Fund may later become illiquid, particularly in times of overall economic distress. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may also adversely affect the liquidity and the price of the Fund's investments. Judgment plays a larger role in valuing illiquid or less liquid investments as compared to valuing liquid or more liquid investments. Price volatility may be higher for illiquid or less liquid investments as a result of, for example, the relatively less frequent pricing of such securities (as compared to liquid or more liquid investments). Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. Overall market liquidity and other factors can lead to an increase in redemptions, which may negatively impact Fund performance and NAV, including, for example, if the Fund is forced to sell investments in a down market.

Variable Portfolio – Partners Core Bond Fund \| 2025

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Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

**Market risk**

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

**Mortgage- and other asset-backed securities risk**

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

**Shareholder concentration risk**

At June 30, 2025, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

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

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Variable Portfolio – Partners Core Bond Fund \| 2025

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Approval of Management and Subadvisory

Agreements

(Unaudited)

Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Variable Portfolio – Partners Core Bond Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds). In addition, under the subadvisory agreements (the Subadvisory Agreements) between the Investment Manager and each of Allspring Global Investments, LLC and J.P. Morgan Investment Management Inc. (collectively, the Subadvisers), the Subadvisers provide portfolio management and related services for the Fund.

On an annual basis, the Fund's Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement and the Subadvisory Agreements (together, the Advisory Agreements). The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April and June 2025, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Advisory Agreements.

The Board, at its June 26, 2025 Board meeting (the June Meeting), considered the renewal of each of the Advisory Agreements for additional one-year terms. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board's consideration of advisory and subadvisory agreements and the Board's legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of each of the Advisory Agreements. Among other things, the information and factors considered included the following:

• Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;

• Information on the Fund's management fees and total expenses, including information comparing the Fund's expenses to those of a group of comparable mutual funds, as determined by Broadridge;

• The Investment Manager's agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund's net assets;

• Terms of the Advisory Agreements;

• Subadvisory fees payable by the Investment Manager under the Subadvisory Agreements;

• Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

• Descriptions of various services performed by the Investment Manager and the Subadvisers under the Advisory Agreements, including portfolio management and portfolio trading practices;

• Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Approval of Management and Subadvisory

Agreements (continued)

(Unaudited)

• Information regarding the resources of the Investment Manager and Subadvisers, including information regarding senior management, portfolio managers and other personnel;

• Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

• The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

• Report provided by the Board's independent fee consultant, JDL Consultants, LLC (JDL).

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of each of the Advisory Agreements.

Nature, extent and quality of services provided by the Investment Manager and the Subadvisers

The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager and the Subadvisers, as well as their history, expertise, resources and relative capabilities, and the qualifications of their personnel.

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager, including, in particular, detailed information regarding the process employed for selecting and overseeing affiliated and unaffiliated subadvisers. With respect to the Investment Manager, the Board also noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department's processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to each subadvised Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager's ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.

In connection with the Board's evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2024 in the performance of administrative services, and noted the various enhancements anticipated for 2025. In evaluating the quality of services provided under the Advisory Agreements, the Board also took into account the organization and strength of the Fund's and its service providers' compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity's ability to carry out its responsibilities under the Management Agreement and the Fund's other service agreements.

In addition, the Board discussed the acceptability of the terms of the Management Agreement (including the relatively broad scope of services required to be performed by the Investment Manager in addition to monitoring each Subadviser), noting that no changes were proposed from the forms of agreements previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.

The Board considered each Subadviser's organizational strength and resources, portfolio management team depth and capabilities and investment process. The Board also considered each Subadviser's capability and wherewithal to carry out its responsibilities under the applicable Subadvisory Agreement. In addition, the Board discussed the acceptability of the terms of the Subadvisory Agreements, including the scope of services required to be performed. The Board noted that the terms of the Subadvisory Agreements are generally consistent with the terms of other subadvisory agreements for subadvisers who manage other funds managed by the Investment Manager. It was observed that no changes were recommended to the Subadvisory Agreements. The Board took into account the Investment Manager's representation that each Subadviser was in a position to provide quality services to the Fund. In this regard, the Board further observed the various services provided by the Investment Manager's subadvisory oversight team.

Variable Portfolio – Partners Core Bond Fund \| 2025

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Approval of Management and Subadvisory

Agreements (continued)

(Unaudited)

After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Advisory Agreements supported the continuation of the Management Agreement and each of the Subadvisory Agreements.

Investment performance

The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund's performance relative to peers and benchmarks and (iii) the net assets of the Fund. The Board observed that the Fund's performance for certain periods ranked above median based on information provided by Broadridge.

Additionally, the Board reviewed the performance of each of the Subadvisers and the Investment Manager's process for monitoring such Subadvisers' performance. The Board considered, in particular, management's rationale for recommending the continued retention of each Subadviser and management's representations that the Investment Manager's profitability is not the key factor driving their recommendation to select, renew or terminate a Subadviser.

The Board also reviewed a description of the third-party data provider's methodology for identifying the Fund's peer groups for purposes of performance and expense comparisons.

The Board also considered the Investment Manager's and Subadvisers' performance and reputation generally, and the Investment Manager's evaluation of the contribution of each Subadviser to the Fund's investment mandate. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund, the Investment Manager and the Subadvisers, in light of other considerations, supported the continuation of the Management Agreement and each of the Subadvisory Agreements.

Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund

The Board reviewed comparative fees and the costs of services provided under each of the Advisory Agreements. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund's expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund's contribution to the Investment Manager's profitability.

The Board considered the reports of JDL, which assisted in the Board's analysis of the Funds' performance and expenses and the reasonableness of the Funds' fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current "pricing philosophy" such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund's total expense ratio (after considering proposed expense caps/waivers) was below the peer universe's median expense ratio shown in the reports.

Additionally, the Board reviewed the level of subadvisory fees paid to each Subadviser, noting that the fees are paid by the Investment Manager and do not impact the fees paid by the Fund. The Board also reviewed advisory fee rates charged by other comparable mutual funds employing each Subadviser to provide comparable subadvisory services. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees, subadvisory fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement and each of the Subadvisory Agreements.

Variable Portfolio – Partners Core Bond Fund \| 2025

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Approval of Management and Subadvisory

Agreements (continued)

(Unaudited)

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. Because the Subadvisory Agreements were negotiated at arm's length by the Investment Manager, which is responsible for payments to the Subadvisers thereunder, the Board did not consider the profitability to each Subadviser from its relationship with the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2024 had increased from 2023 levels due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement and each of the Subadvisory Agreements.

Economies of scale

The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund's net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement thus provides for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders. The Board also noted that the breakpoints in the Subadvisory Agreements did not occur at the same levels as the breakpoints in the Management Agreement. In this regard, the Board noted the potential challenges of seeking to tailor the Management Agreement breakpoints to those of a subadvisory agreement in this context.

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement and each of the Subadvisory Agreements. In reaching its conclusions, no single factor was determinative.

On June 26, 2025, the Board, including all of the Independent Trustees, determined that fees payable under each of the Advisory Agreements were fair and reasonable in light of the extent and quality of services provided and approved the renewal of each of the Advisory Agreements.

Variable Portfolio – Partners Core Bond Fund \| 2025

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**Variable Portfolio – Partners Core Bond Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](img0b4e410a2.jpg)

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

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2025 Columbia Management Investment Advisers, LLC.

SAR7052_12_D01_(08/25)

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Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

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Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

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Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The fees and expenses of the independent trustees are included in "Compensation of board members" and "Deferred compensation of board members" on each Fund's Statement of Operations as part of the Registrant's financial statements filed under Item 7 of this Form N-CSR. Additionally, the compensation paid by the Trust to the Chief Compliance Officer is included in "Compensation of chief compliance officer" on each Fund's Statement of Operations as part of the Registrant's financial statements filed under Item 7 of this Form N-CSR.

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Statement regarding basis for approval of Investment Advisory Contract is included in Item 7 of this Form N-CSR.

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Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

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Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

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Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

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Item 15. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors implemented since the registrant last provided disclosure as to such procedures in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K or Item 15 of Form N-CSR.

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Item 16. Controls and Procedures.

(a) The registrant's principal executive officer and principal financial officer, based on their evaluation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant's management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b) There was no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

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Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

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Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

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Item 19. Exhibits.

(a)(1) Not applicable.

[(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.](302_Certification.htm)

[(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.](906_Certification.htm)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
| &nbsp;&nbsp;(registrant) | &nbsp;&nbsp;Columbia Funds Variable Series Trust II |
| &nbsp;&nbsp;By (Signature and Title) | &nbsp;&nbsp;/s/ Daniel J. Beckman |
|  | &nbsp;&nbsp;Daniel J. Beckman, President and Principal Executive Officer |
| &nbsp;&nbsp;Date | &nbsp;&nbsp;August 21, 2025 |

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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| &nbsp;&nbsp;By (Signature and Title) | &nbsp;&nbsp;/s/ Daniel J. Beckman |
|  | &nbsp;&nbsp;Daniel J. Beckman, President and Principal Executive Officer |
| &nbsp;&nbsp;Date | &nbsp;&nbsp;August 21, 2025 |
| &nbsp;&nbsp;By (Signature and Title) | &nbsp;&nbsp; /s/ Michael G. Clarke |
|  | &nbsp;&nbsp;Michael G. Clarke, Chief Financial Officer, |
|  | &nbsp;&nbsp;Principal Financial Officer and Senior Vice President |
| &nbsp;&nbsp;Date | &nbsp;&nbsp;August 21, 2025 |
| &nbsp;&nbsp;By (Signature and Title) | &nbsp;&nbsp;/s/ Charles H. Chiesa |
|  | &nbsp;&nbsp;Charles H. Chiesa, Treasurer, Chief Accounting |
|  | &nbsp;&nbsp;Officer and Principal Financial Officer |
| &nbsp;&nbsp;Date | &nbsp;&nbsp;August 21, 2025 |

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## Ex-99.Cert

I, Daniel J. Beckman, certify that:

1. I have reviewed this report on Form N-CSR of Columbia Funds Variable Series Trust II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: August 21, 2025 | &nbsp;&nbsp;/s/ Daniel J. Beckman |
|  | Daniel J. Beckman, President and Principal |
|  | Executive Officer |

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I, Michael G. Clarke, certify that:

1. I have reviewed this report on Form N-CSR of Columbia Funds Variable Series Trust II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: August 21, 2025 |  | /s/ Michael G. Clarke |
|  | Michael G. Clarke, Chief Financial Officer, | Michael G. Clarke, Chief Financial Officer, |
|  | Principal Financial Officer and Senior Vice | Principal Financial Officer and Senior Vice |
|  | President | President |

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I, Charles H. Chiesa, certify that:

1. I have reviewed this report on Form N-CSR of Columbia Funds Variable Series Trust II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: August 21, 2025 |  | /s/ Charles H. Chiesa |
|  | Charles H. Chiesa, Treasurer, Chief Accounting | Charles H. Chiesa, Treasurer, Chief Accounting |
|  | Officer and Principal Financial Officer | Officer and Principal Financial Officer |

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## Exhibit 99.906

CERTIFICATION PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of Columbia Funds Variable Series Trust II (the "Trust") on Form N-CSR for the period ending June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof ("the Report"), the undersigned hereby certifies that, to his knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

---

| | |
|:---|:---|
| Date: August 21, 2025 | <u>/s/ Daniel J. Beckman</u> |
|  | Daniel J. Beckman, President and Principal Executive Officer |
| Date: August 21, 2025 | <u>/s/ Michael G. Clarke</u> |
|  | Michael G. Clarke, Chief Financial Officer, |
|  | Principal Financial Officer and Senior Vice President |
| Date: August 21, 2025 | <u>/s/ Charles H. Chiesa</u> |
|  | Charles H. Chiesa, Treasurer, Chief Accounting |
|  | Officer and Principal Financial Officer |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. §1350 and is not being filed as part of the Form N-CSR with the Commission.

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