Portfolio of Investments
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PORTFOLIO OF INVESTMENTS Variable Portfolio – Partners International Growth Fund, September 30, 2020 (Unaudited) (Percentages represent value of investments compared to net assets) Investments in securities Common Stocks 99.4% Common Stocks (continued) Issuer Shares Value ($) Issuer Shares Value ($) Argentina 1.1% France 9.9% (a) MercadoLibre, Inc. 11,044 11,954,909 Air Liquide SA 33,000 5,230,820 Australia 3.3% Airbus Group SE(a) 115,226 8,356,836 Aristocrat Leisure Ltd. 382,096 8,332,956 Capgemini SE 100,870 12,941,155 Atlassian Corp. PLC, Class A(a) 34,922 6,348,471 Dassault Systemes 30,100 5,616,121 Cochlear Ltd. 21,100 3,014,527 L’Oreal SA 53,085 17,275,402 CSL Ltd. 90,068 18,605,054 LVMH Moet Hennessy Louis Vuitton SE 60,510 28,312,668 Total 36,301,008 Safran SA(a) 109,109 10,734,920 Canada 3.6% Sartorius Stedim Biotech 23,028 7,948,411 Alimentation Couche-Tard, Inc., Class B 179,500 6,250,922 Teleperformance SA 26,943 8,306,583 Brookfield Asset Management, Inc., Class A 129,004 4,264,872 Total SE 113,620 3,902,001 Canadian National Railway Co. 187,926 20,014,109 Total 108,624,917 Dollarama, Inc. 223,415 8,563,780 Germany 5.5% Total 39,093,683 Adidas AG(a) 18,700 6,039,018 China 9.0% Infineon Technologies AG 652,214 18,383,168 Alibaba Group Holding Ltd.(a) 950,520 34,894,654 Rational AG 13,768 10,799,191 CNOOC Ltd. 3,284,000 3,158,808 SAP SE 140,118 21,818,919 (a) NetEase, Inc. 813,375 14,603,714 TeamViewer AG 70,187 3,461,612 TAL Education Group, ADR(a) 239,650 18,222,986 Total 60,501,908 Tencent Holdings Ltd. 409,900 27,686,035 Hong Kong 3.7% Total 98,566,197 AIA Group Ltd. 2,194,400 21,812,550 Denmark 7.3% CLP Holdings Ltd. 499,500 4,663,959 Chr. Hansen Holding A/S 84,809 9,414,309 Hang Lung Properties Ltd. 2,365,000 6,027,356 Coloplast A/S, Class B 121,099 19,192,869 Hong Kong & China Gas Co., Ltd. 2,295,500 3,333,154 DSV PANALPINA A/S 62,666 10,164,624 Jardine Matheson Holdings Ltd. 115,700 4,599,260 Novo Nordisk A/S, Class B 309,470 21,441,501 Total 40,436,279 Novozymes AS, Class B 100,000 6,285,238 India 2.3% Ørsted A/S 100,425 13,844,635 Housing Development Finance Corp., Ltd. 338,078 8,013,361 Total 80,343,176 Reliance Industries Ltd. 558,289 16,931,740 Finland 1.7% Reliance Industries Ltd. 40,014 734,095 KONE OYJ, Class B 83,000 7,287,690 Total 25,679,196 Neste OYJ 209,127 11,012,570 Ireland 1.5% Total 18,300,260 Kingspan Group PLC(a) 175,308 15,954,130 Variable Portfolio – Partners International Growth Fund | Quarterly Report 2020 1 PORTFOLIO OF INVESTMENTS (continued) Variable Portfolio – Partners International Growth Fund, September 30, 2020 (Unaudited) Common Stocks (continued) Common Stocks (continued) Issuer Shares Value ($) Issuer Shares Value ($) Japan 14.1% Sweden 4.1% Asahi Intecc Co., Ltd. 192,000 6,034,303 Atlas Copco AB, Class A 340,221 16,221,328 Daikin Industries Ltd. 121,000 22,357,695 Hexagon AB, Class B(a) 268,816 20,304,485 Daito Trust Construction Co., Ltd. 39,200 3,474,877 Nibe Industrier AB, B Shares(a) 315,887 8,118,637 FANUC Corp. 31,300 6,006,957 Total 44,644,450 Hoya Corp. 128,000 14,453,290 Switzerland 9.7% Kao Corp. 62,100 4,661,894 Givaudan SA 1,350 5,829,044 Keyence Corp. 65,040 30,404,854 Kuehne & Nagel International AG 29,200 5,669,864 Makita Corp. 121,400 5,810,119 Lonza Group AG, Registered Shares 32,168 19,852,016 MISUMI Group, Inc. 104,000 2,915,841 Nestlé SA, Registered Shares 47,650 5,670,924 Murata Manufacturing Co., Ltd. 92,600 6,021,516 Novartis AG, Registered Shares 60,400 5,244,189 Nihon M&A Center, Inc. 159,600 9,130,621 Partners Group Holding AG 13,269 12,204,880 Shimano, Inc. 6,100 1,204,111 Roche Holding AG, Genusschein Shares 16,100 5,514,903 Shin-Etsu Chemical Co., Ltd. 46,500 6,084,726 SGS SA, Registered Shares 1,795 4,810,310 Shiseido Co., Ltd. 141,500 8,191,432 Sika AG 57,673 14,161,709 SMC Corp. 37,300 20,807,310 Straumann Holding AG, Registered Shares 14,183 14,347,544 Sysmex Corp. 68,900 6,592,489 Temenos AG 78,058 10,491,347 Total 154,152,035 VAT Group AG 15,900 3,033,012 Netherlands 3.3% Total 106,829,742 (a) Adyen NV 10,535 19,431,638 Taiwan 3.6% ASML Holding NV 45,613 16,848,212 Sea Ltd. ADR(a) 39,527 6,088,739 Total 36,279,850 Taiwan Semiconductor Manufacturing Co., Ltd. 1,506,000 22,656,382 New Zealand 0.6% Taiwan Semiconductor Manufacturing Co., Ltd., ADR 128,600 10,425,602 Fisher & Paykel Healthcare Corp., Ltd. 323,883 7,148,270 Total 39,170,723 Norway 0.7% United Kingdom 11.4% Tomra Systems ASA(a) 184,229 7,980,833 Ashtead Group PLC 277,465 9,991,899 Portugal 0.3% Compass Group PLC 753,544 11,319,560 Galp Energia SGPS SA 348,700 3,234,363 Diageo PLC 362,404 12,448,105 Experian PLC 579,164 21,761,715 Singapore 0.4% Halma PLC 262,128 7,919,372 Ascendas Real Estate Investment Trust 1,833,100 4,386,484 Intertek Group PLC 69,500 5,670,961 Spain 1.3% London Stock Exchange Group PLC 130,716 14,995,326 Amadeus IT Group SA, Class A 163,770 9,095,136 Reckitt Benckiser Group PLC 59,300 5,782,063 Industria de Diseno Textil SA 207,400 5,737,593 Rentokil Initial PLC(a) 1,389,919 9,606,917 Total 14,832,729 Segro PLC 936,781 11,257,810 Smith & Nephew PLC 266,400 5,218,598 Spirax-Sarco Engineering PLC 63,146 8,992,099 Total 124,964,425 2 Variable Portfolio – Partners International Growth Fund | Quarterly Report 2020 PORTFOLIO OF INVESTMENTS (continued) Variable Portfolio – Partners International Growth Fund, September 30, 2020 (Unaudited) Common Stocks (continued) Issuer Shares Value ($) United States 1.0% lululemon athletica, Inc.(a) 32,080 10,566,190 Total Common Stocks (Cost $880,632,960) 1,089,945,757 Money Market Funds 0.5% Shares Value ($) Columbia Short-Term Cash Fund, 0.136%(b),(c) 5,740,618 5,740,044 Total Money Market Funds (Cost $5,740,543) 5,740,044 Total Investments in Securities (Cost $886,373,503) 1,095,685,801 Other Assets & Liabilities, Net 596,780 Net Assets $1,096,282,581 Notes to Portfolio of Investments (a) Non-income producing investment. (b) The rate shown is the seven-day current annualized yield at September 30, 2020. (c) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended September 30, 2020 are as follows: Net change in unrealized Beginning appreciation End of Realized gain End of Affiliated issuers of period($) Purchases($) Sales($) (depreciation)($) period($) (loss)($) Dividends($) period shares Columbia Short-Term Cash Fund, 0.136% 23,668,741 302,356,341 (320,284,539) (499) 5,740,044 2,508 101,413 5,740,618 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 Growth Fund | Quarterly Report 2020 3 3QT7055_09_K01_(09/20).