Third Quarter Report
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
Variable Portfolio – Partners International Value Fund
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
Portfolio of Investments
Variable Portfolio – Partners International Value Fund, September 30, 2023 (Unaudited)
Variable Portfolio – Partners International Value Fund, September 30, 2023 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 98.1% | ||
Issuer | Shares | Value ($) |
Australia 2.0% | ||
BHP Group Ltd. | 72,000 | 2,022,540 |
BHP Group Ltd., ADR | 36,800 | 2,093,184 |
Macquarie Group Ltd. | 63,000 | 6,746,551 |
Santos Ltd. | 1,625,600 | 8,194,696 |
Sonic Healthcare Ltd. | 223,000 | 4,258,173 |
Westpac Banking Corp. | 229,100 | 3,096,872 |
Total | 26,412,016 | |
Belgium 1.6% | ||
Anheuser-Busch InBev SA/NV | 217,300 | 12,046,280 |
Groupe Bruxelles Lambert NV | 49,800 | 3,705,630 |
KBC Group NV | 97,200 | 6,051,344 |
Total | 21,803,254 | |
Brazil 1.5% | ||
Ambev SA | 5,970,900 | 15,584,886 |
Banco do Brasil SA | 416,800 | 3,917,956 |
Total | 19,502,842 | |
Canada 1.1% | ||
CCL Industries, Inc., Class B | 78,000 | 3,273,904 |
Magna International, Inc. | 188,330 | 10,092,796 |
TFI International, Inc. | 12,557 | 1,612,695 |
Total | 14,979,395 | |
China 1.7% | ||
Alibaba Group Holding Ltd.(a) | 1,396,500 | 15,141,113 |
China Overseas Land & Investment Ltd. | 1,663,000 | 3,436,108 |
Haier Smart Home Co., Ltd., Class H | 1,206,000 | 3,769,434 |
Total | 22,346,655 | |
Denmark 0.8% | ||
Danske Bank A/S | 362,184 | 8,404,839 |
Novo Nordisk A/S | 28,200 | 2,567,646 |
Total | 10,972,485 | |
Finland 1.7% | ||
Nokia OYJ | 6,140,366 | 23,088,242 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
France 12.6% | ||
Accor SA | 530,283 | 17,835,768 |
Amundi SA | 312,333 | 17,542,750 |
Bouygues SA | 191,190 | 6,684,882 |
Capgemini SE | 50,400 | 8,794,487 |
Cie de Saint-Gobain SA | 68,400 | 4,093,768 |
Cie Generale des Etablissements Michelin SCA | 695,816 | 21,296,819 |
Engie SA | 252,500 | 3,872,383 |
Publicis Groupe SA | 46,065 | 3,486,783 |
Rexel SA | 1,043,624 | 23,383,413 |
Sanofi | 294,484 | 31,620,296 |
Societe Generale SA | 182,000 | 4,403,966 |
Sodexo SA | 51,404 | 5,291,916 |
TotalEnergies SE | 159,800 | 10,506,748 |
Veolia Environnement SA | 334,240 | 9,661,599 |
Total | 168,475,578 | |
Germany 12.0% | ||
Allianz SE, Registered Shares | 33,400 | 7,948,406 |
BASF SE | 491,755 | 22,259,264 |
Bayer AG, Registered Shares | 259,147 | 12,445,383 |
Covestro AG(a) | 266,864 | 14,350,598 |
Daimler Truck Holding AG | 580,774 | 20,108,867 |
Deutsche Boerse AG | 27,000 | 4,662,813 |
DHL Group | 208,011 | 8,440,158 |
Evonik Industries AG | 374,603 | 6,832,828 |
Fresenius Medical Care AG & Co. KGaA | 324,649 | 13,957,302 |
Heidelberg Materials AG | 116,500 | 9,022,973 |
Infineon Technologies AG | 214,700 | 7,111,025 |
K+S AG | 86,500 | 1,564,296 |
SAP SE | 93,600 | 12,115,774 |
Siemens AG, Registered Shares | 90,078 | 12,872,935 |
Siemens Energy AG(a) | 131,150 | 1,709,239 |
Talanx AG | 25,900 | 1,639,210 |
Zalando SE(a) | 162,300 | 3,606,037 |
Total | 160,647,108 |
2 | Variable Portfolio – Partners International Value Fund | Third Quarter Report 2023 |
Portfolio of Investments (continued)
Variable Portfolio – Partners International Value Fund, September 30, 2023 (Unaudited)
Variable Portfolio – Partners International Value Fund, September 30, 2023 (Unaudited)
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Hong Kong 1.8% | ||
CK Asset Holdings Ltd. | 720,500 | 3,784,493 |
CK Hutchison Holdings Ltd. | 1,529,500 | 8,120,254 |
Galaxy Entertainment Group Ltd. | 2,031,000 | 12,152,735 |
Total | 24,057,482 | |
Hungary 0.3% | ||
OTP Bank Nyrt | 100,443 | 3,621,362 |
Ireland 1.7% | ||
AIB Group PLC | 1,638,400 | 7,343,659 |
Bank of Ireland Group PLC | 725,073 | 7,088,035 |
Ryanair Holdings PLC, ADR(a) | 6,600 | 641,586 |
Smurfit Kappa Group PLC | 213,300 | 7,085,777 |
Total | 22,159,057 | |
Isle of Man 0.3% | ||
Entain PLC | 322,300 | 3,655,469 |
Israel 0.5% | ||
Check Point Software Technologies Ltd.(a) | 52,500 | 6,997,200 |
Italy 1.3% | ||
Enel SpA | 2,505,038 | 15,362,761 |
Prysmian SpA | 67,300 | 2,701,307 |
Total | 18,064,068 | |
Japan 15.6% | ||
Astellas Pharma, Inc. | 472,800 | 6,544,322 |
Bridgestone Corp. | 76,100 | 2,965,462 |
Denka Co., Ltd. | 116,200 | 2,098,963 |
FANUC Corp. | 187,000 | 4,863,390 |
Fujitsu Ltd. | 60,200 | 7,080,187 |
Fukuoka Financial Group, Inc. | 255,700 | 6,118,041 |
Hitachi Ltd. | 148,200 | 9,185,077 |
Iida Group Holdings Co., Ltd. | 219,400 | 3,640,822 |
Isuzu Motors Ltd. | 294,200 | 3,698,568 |
Komatsu Ltd. | 635,100 | 17,129,372 |
Kyocera Corp. | 129,300 | 6,555,217 |
MinebeaMitsumi, Inc. | 576,700 | 9,396,215 |
MS&AD Insurance Group Holdings, Inc. | 127,100 | 4,651,138 |
Nintendo Co., Ltd. | 184,700 | 7,674,833 |
Olympus Corp. | 330,600 | 4,292,341 |
ORIX Corp. | 520,000 | 9,709,650 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Rakuten Group, Inc. | 1,071,800 | 4,403,805 |
Resona Holdings, Inc. | 2,076,650 | 11,482,171 |
SBI Holdings, Inc. | 347,700 | 7,317,629 |
Seven & I Holdings Co., Ltd. | 248,200 | 9,717,081 |
Sony Group Corp. | 152,400 | 12,462,599 |
Square Enix Holdings Co., Ltd. | 61,400 | 2,103,894 |
Subaru Corp. | 578,600 | 11,250,578 |
Sumitomo Mitsui Financial Group, Inc. | 273,300 | 13,426,149 |
T&D Holdings, Inc. | 250,000 | 4,111,251 |
Takeda Pharmaceutical Co., Ltd. | 221,700 | 6,871,928 |
Toray Industries, Inc. | 1,992,300 | 10,366,068 |
Toyota Industries Corp. | 125,300 | 9,863,052 |
Total | 208,979,803 | |
Netherlands 9.0% | ||
AerCap Holdings NV(a) | 139,200 | 8,723,664 |
ArcelorMittal SA | 726,781 | 18,195,730 |
ASML Holding NV | 12,900 | 7,594,880 |
CNH Industrial NV | 541,400 | 6,572,404 |
EXOR NV | 26,400 | 2,335,044 |
Heineken Holding NV | 82,320 | 6,203,737 |
ING Groep NV | 1,316,528 | 17,351,928 |
Koninklijke Philips NV | 915,628 | 18,268,842 |
NXP Semiconductors NV | 29,300 | 5,857,656 |
Randstad NV | 358,345 | 19,797,156 |
Shell PLC | 178,700 | 5,663,758 |
Stellantis NV | 196,700 | 3,766,496 |
Total | 120,331,295 | |
Norway 1.0% | ||
Aker BP ASA | 233,304 | 6,442,004 |
DNB Bank ASA | 346,900 | 6,969,836 |
Total | 13,411,840 | |
Singapore 0.7% | ||
DBS Group Holdings Ltd. | 371,400 | 9,121,455 |
South Korea 2.3% | ||
Samsung Electronics Co., Ltd. | 406,605 | 20,555,564 |
Shinhan Financial Group Co., Ltd. | 399,670 | 10,518,592 |
Shinhan Financial Group Co., Ltd., ADR | 15,057 | 398,860 |
Total | 31,473,016 |
Variable Portfolio – Partners International Value Fund | Third Quarter Report 2023 | 3 |
Portfolio of Investments (continued)
Variable Portfolio – Partners International Value Fund, September 30, 2023 (Unaudited)
Variable Portfolio – Partners International Value Fund, September 30, 2023 (Unaudited)
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Spain 0.8% | ||
CaixaBank SA | 2,801,976 | 11,163,055 |
Sweden 1.1% | ||
Essity AB, Class B | 262,300 | 5,657,089 |
Husqvarna AB, Class B | 150,500 | 1,148,490 |
Skandinaviska Enskilda Banken AB, Class A | 400,700 | 4,777,087 |
Volvo AB, B Shares | 159,800 | 3,291,503 |
Total | 14,874,169 | |
Switzerland 5.2% | ||
ABB Ltd. | 173,600 | 6,196,342 |
Cie Financiere Richemont SA, Class A, Registered Shares | 48,800 | 5,943,023 |
Julius Baer Group Ltd. | 296,448 | 18,975,016 |
Nestlé SA, Registered Shares | 111,300 | 12,598,717 |
Novartis AG, Registered Shares | 87,300 | 8,915,831 |
UBS AG | 722,015 | 17,784,811 |
Total | 70,413,740 | |
Taiwan 1.1% | ||
Hon Hai Precision Industry Co., Ltd. | 4,752,000 | 15,316,818 |
United Kingdom 17.7% | ||
Ashtead Group PLC | 102,000 | 6,185,548 |
Aviva PLC | 1,584,100 | 7,497,798 |
Barclays Bank PLC | 3,610,421 | 6,958,829 |
Barratt Developments PLC | 433,900 | 2,326,412 |
BP PLC | 1,622,800 | 10,460,463 |
Bunzl PLC | 121,000 | 4,309,268 |
Burberry Group PLC | 84,100 | 1,949,011 |
DCC PLC | 127,494 | 7,138,337 |
Dowlais Group PLC | 653,343 | 856,133 |
Glencore PLC | 968,400 | 5,514,565 |
GSK PLC | 379,300 | 6,862,977 |
HSBC Holdings PLC | 1,893,281 | 14,815,659 |
HSBC Holdings PLC, ADR | 17,461 | 689,011 |
Inchcape PLC | 372,600 | 3,431,809 |
Informa PLC | 461,000 | 4,209,610 |
J. Sainsbury PLC | 5,488,492 | 16,901,962 |
Kingfisher PLC | 1,797,800 | 4,880,335 |
Legal & General Group PLC | 2,345,400 | 6,328,676 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Liberty Global PLC, Class C(a) | 251,600 | 4,669,696 |
Lloyds Banking Group PLC | 14,478,500 | 7,780,663 |
NatWest Group PLC | 2,263,723 | 6,475,510 |
NatWest Group PLC, ADR | 122,191 | 712,374 |
Persimmon PLC | 208,700 | 2,733,238 |
Reckitt Benckiser Group PLC | 280,158 | 19,756,950 |
Shell PLC, ADR | 359,653 | 23,154,460 |
Smith & Nephew PLC | 529,600 | 6,572,641 |
Standard Chartered PLC | 1,195,197 | 10,992,867 |
Tesco PLC | 7,349,786 | 23,640,485 |
Travis Perkins PLC | 835,926 | 8,546,561 |
Unilever PLC | 185,700 | 9,185,985 |
Vodafone Group PLC | 2,205,129 | 2,067,089 |
Total | 237,604,922 | |
United States 2.7% | ||
Linde PLC | 18,200 | 6,776,770 |
Roche Holding AG, Genusschein Shares | 109,794 | 29,973,885 |
Total | 36,750,655 | |
Total Common Stocks (Cost $1,365,236,799) | 1,316,222,981 |
Preferred Stocks 0.9% | |||
Issuer | Shares | Value ($) | |
Germany 0.9% | |||
Henkel AG & Co. KGaA | 53,300 | 3,795,466 | |
Volkswagen AG | 72,219 | 8,297,918 | |
Total | 12,093,384 | ||
Total Preferred Stocks (Cost $22,560,012) | 12,093,384 |
Money Market Funds 0.2% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 5.515%(b),(c) | 3,065,482 | 3,064,562 |
Total Money Market Funds (Cost $3,064,562) | 3,064,562 | |
Total Investments in Securities (Cost $1,390,861,373) | 1,331,380,927 | |
Other Assets & Liabilities, Net | 11,291,943 | |
Net Assets | $1,342,672,870 |
4 | Variable Portfolio – Partners International Value Fund | Third Quarter Report 2023 |
Portfolio of Investments (continued)
Variable Portfolio – Partners International Value Fund, September 30, 2023 (Unaudited)
Variable Portfolio – Partners International Value Fund, September 30, 2023 (Unaudited)
Notes to Portfolio of Investments
(a) | Non-income producing investment. |
(b) | The rate shown is the seven-day current annualized yield at September 30, 2023. |
(c) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended September 30, 2023 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 5.515% | ||||||||
5,064,419 | 140,585,016 | (142,584,851) | (22) | 3,064,562 | 396 | 605,132 | 3,065,482 |
Abbreviation Legend
ADR | American Depositary Receipt |
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
Variable Portfolio – Partners International Value Fund | Third Quarter Report 2023 | 5 |
You may at any time request, free of charge, to receive a paper copy of this report by calling 800.345.6611.
3QT7056_12_B01_(11/23)