PORTFOLIO OF INVESTMENTS Columbia Variable Portfolio – Large Cap Index Fund, March 31, 2021 (Unaudited) (Percentages represent value of investments compared to net assets) Investments in securities Common Stocks 99.0% Common Stocks (continued) Issuer Shares Value ($) Issuer Shares Value ($) Communication Services 10.8% Wireless Telecommunication Services 0.2% Diversified Telecommunication Services 1.4% T-Mobile USA, Inc.(a) 27,145 3,400,997 AT&T, Inc. 331,396 10,031,357 Total Communication Services 170,702,229 Lumen Technologies, Inc. 45,873 612,404 Consumer Discretionary 12.3% Verizon Communications, Inc. 192,293 11,181,838 Auto Components 0.1% Total 21,825,599 Aptiv PLC(a) 12,549 1,730,507 Entertainment 2.1% BorgWarner, Inc. 11,102 514,689 Activision Blizzard, Inc. 36,005 3,348,465 Total 2,245,196 Electronic Arts, Inc. 13,363 1,808,949 Automobiles 1.9% Live Nation Entertainment, Inc.(a) 6,666 564,277 Ford Motor Co.(a) 181,592 2,224,502 Netflix, Inc.(a) 20,585 10,738,371 General Motors Co.(a) 58,920 3,385,543 Take-Two Interactive Software, Inc.(a) 5,354 946,052 Tesla Motors, Inc.(a) 35,679 23,831,075 Walt Disney Co. (The)(a) 84,356 15,565,369 Total 29,441,120 Total 32,971,483 Distributors 0.1% Interactive Media & Services 5.8% Genuine Parts Co. 6,715 776,187 Alphabet, Inc., Class A(a) 13,975 28,823,717 LKQ Corp.(a) 12,963 548,724 Alphabet, Inc., Class C(a) 13,392 27,703,093 Pool Corp. 1,869 645,253 Facebook, Inc., Class A(a) 111,771 32,919,913 Total 1,970,164 Twitter, Inc.(a) 37,092 2,360,164 Hotels, Restaurants & Leisure 1.8% Total 91,806,887 Caesars Entertainment, Inc.(a) 9,680 846,516 Media 1.3% Carnival Corp.(a) 37,075 983,970 Charter Communications, Inc., Class A(a) 6,572 4,055,055 Chipotle Mexican Grill, Inc.(a) 1,312 1,864,116 Comcast Corp., Class A 212,415 11,493,776 Darden Restaurants, Inc. 6,061 860,662 Discovery, Inc., Class A(a) 7,553 328,253 Domino’s Pizza, Inc. 1,804 663,493 Discovery, Inc., Class C(a) 13,462 496,613 Hilton Worldwide Holdings, Inc.(a) 12,895 1,559,263 DISH Network Corp., Class A(a) 11,500 416,300 Las Vegas Sands Corp.(a) 15,259 927,137 Fox Corp., Class A 15,532 560,861 Marriott International, Inc., Class A(a) 12,360 1,830,640 Fox Corp., Class B 7,141 249,435 McDonald’s Corp. 34,644 7,765,106 Interpublic Group of Companies, Inc. (The) 18,156 530,155 MGM Resorts International 19,084 725,001 News Corp., Class A 18,178 462,267 Norwegian Cruise Line Holdings Ltd.(a) 16,881 465,747 News Corp., Class B 5,658 132,737 Penn National Gaming, Inc.(a) 6,910 724,444 Omnicom Group, Inc. 9,987 740,536 Royal Caribbean Cruises Ltd.(a) 10,170 870,654 ViacomCBS, Inc., Class B 27,301 1,231,275 Starbucks Corp. 54,704 5,977,506 Total 20,697,263 Wynn Resorts Ltd.(a) 4,885 612,432 Yum! Brands, Inc. 13,942 1,508,246 Total 28,184,933 Columbia Variable Portfolio – Large Cap Index Fund | Quarterly Report 2021 1 PORTFOLIO OF INVESTMENTS (continued) Columbia Variable Portfolio – Large Cap Index Fund, March 31, 2021 (Unaudited) Common Stocks (continued) Common Stocks (continued) Issuer Shares Value ($) Issuer Shares Value ($) Household Durables 0.4% Tractor Supply Co. 5,403 956,763 (a) D.R. Horton, Inc. 15,375 1,370,220 Ulta Beauty, Inc. 2,623 810,953 Garmin Ltd. 6,943 915,434 Total 36,017,158 Leggett & Platt, Inc. 6,178 282,026 Textiles, Apparel & Luxury Goods 0.7% Lennar Corp., Class A 12,756 1,291,290 Hanesbrands, Inc. 16,204 318,733 Mohawk Industries, Inc.(a) 2,744 527,699 NIKE, Inc., Class B 59,080 7,851,141 Newell Brands, Inc. 17,558 470,203 PVH Corp.(a) 3,299 348,704 NVR, Inc.(a) 163 767,882 Ralph Lauren Corp.(a) 2,245 276,494 PulteGroup, Inc. 12,359 648,106 Tapestry, Inc.(a) 12,913 532,145 Whirlpool Corp. 2,921 643,642 Under Armour, Inc., Class A(a) 8,766 194,255 Total 6,916,502 Under Armour, Inc., Class C(a) 9,059 167,229 Internet & Direct Marketing Retail 4.5% VF Corp. 14,926 1,192,886 Amazon.com, Inc.(a) 19,892 61,547,439 Total 10,881,587 Booking Holdings, Inc.(a) 1,906 4,440,675 Total Consumer Discretionary 194,508,685 eBay, Inc. 30,033 1,839,221 Consumer Staples 6.1% Etsy, Inc.(a) 5,859 1,181,585 Beverages 1.5% Expedia Group, Inc.(a) 6,428 1,106,387 Brown-Forman Corp., Class B 8,486 585,280 Total 70,115,307 Coca-Cola Co. (The) 180,216 9,499,185 Leisure Products 0.0% Constellation Brands, Inc., Class A 7,900 1,801,200 (a) Hasbro, Inc. 5,932 570,184 Molson Coors Beverage Co., Class B 8,748 447,460 Monster Beverage Corp.(a) 17,182 1,565,108 Multiline Retail 0.5% PepsiCo, Inc. 64,108 9,068,077 Dollar General Corp. 11,384 2,306,626 Total 22,966,310 Dollar Tree, Inc.(a) 10,928 1,250,819 Target Corp. 23,270 4,609,089 Food & Staples Retailing 1.3% Total 8,166,534 Costco Wholesale Corp. 20,569 7,250,161 Kroger Co. (The) 35,374 1,273,110 Specialty Retail 2.3% Sysco Corp. 23,720 1,867,713 Advance Auto Parts, Inc. 3,049 559,461 Walgreens Boots Alliance, Inc. 33,325 1,829,543 AutoZone, Inc.(a) 1,029 1,445,025 Walmart, Inc. 64,423 8,750,576 Best Buy Co., Inc. 10,708 1,229,385 Total 20,971,103 CarMax, Inc.(a) 7,548 1,001,318 Gap, Inc. (The)(a) 9,556 284,578 Food Products 1.0% Home Depot, Inc. (The) 50,024 15,269,826 Archer-Daniels-Midland Co. 25,949 1,479,093 L Brands, Inc.(a) 10,854 671,428 Campbell Soup Co. 9,427 473,895 Lowe’s Companies, Inc. 33,967 6,459,844 ConAgra Foods, Inc. 22,700 853,520 O’Reilly Automotive, Inc.(a) 3,262 1,654,650 General Mills, Inc. 28,415 1,742,408 Ross Stores, Inc. 16,542 1,983,551 Hershey Co. (The) 6,807 1,076,595 TJX Companies, Inc. (The) 55,788 3,690,376 Hormel Foods Corp. 13,049 623,481 JM Smucker Co. (The) 5,091 644,164 2 Columbia Variable Portfolio – Large Cap Index Fund | Quarterly Report 2021 PORTFOLIO OF INVESTMENTS (continued) Columbia Variable Portfolio – Large Cap Index Fund, March 31, 2021 (Unaudited) Common Stocks (continued) Common Stocks (continued) Issuer Shares Value ($) Issuer Shares Value ($) Kellogg Co. 11,830 748,839 HollyFrontier Corp. 6,948 248,599 Kraft Heinz Co. (The) 30,123 1,204,920 Kinder Morgan, Inc. 90,464 1,506,226 Lamb Weston Holdings, Inc. 6,802 527,019 Marathon Oil Corp. 36,685 391,796 McCormick & Co., Inc. 11,566 1,031,225 Marathon Petroleum Corp. 30,267 1,618,982 Mondelez International, Inc., Class A 65,622 3,840,856 Occidental Petroleum Corp. 38,962 1,037,168 Tyson Foods, Inc., Class A 13,691 1,017,241 ONEOK, Inc. 20,676 1,047,446 Total 15,263,256 Phillips 66 20,302 1,655,425 Household Products 1.4% Pioneer Natural Resources Co. 9,562 1,518,637 Church & Dwight Co., Inc. 11,385 994,480 Valero Energy Corp. 18,982 1,359,111 Clorox Co. (The) 5,847 1,127,769 Williams Companies, Inc. (The) 56,401 1,336,140 Colgate-Palmolive Co. 39,430 3,108,267 Total 40,164,078 Kimberly-Clark Corp. 15,703 2,183,502 Total Energy 43,796,432 Procter & Gamble Co. (The) 114,422 15,496,171 Financials 11.2% Total 22,910,189 Banks 4.4% Personal Products 0.2% Bank of America Corp. 353,021 13,658,383 Estee Lauder Companies, Inc. (The), Class A 10,675 3,104,824 Citigroup, Inc. 96,992 7,056,168 Citizens Financial Group, Inc. 19,750 871,963 Tobacco 0.7% Comerica, Inc. 6,464 463,727 Altria Group, Inc. 86,367 4,418,536 Fifth Third Bancorp 33,042 1,237,423 Philip Morris International, Inc. 72,361 6,421,315 First Republic Bank 8,177 1,363,515 Total 10,839,851 Huntington Bancshares, Inc. 47,274 743,147 Total Consumer Staples 96,055,533 JPMorgan Chase & Co. 141,800 21,586,214 Energy 2.8% KeyCorp 45,023 899,560 Energy Equipment & Services 0.2% M&T Bank Corp. 5,982 906,931 Baker Hughes Co. 33,874 732,017 People’s United Financial, Inc. 19,777 354,008 Halliburton Co. 41,289 886,062 PNC Financial Services Group, Inc. (The) 19,703 3,456,103 NOV, Inc.(a) 18,043 247,550 Regions Financial Corp. 44,637 922,200 Schlumberger NV 64,977 1,766,725 SVB Financial Group(a) 2,508 1,238,099 Total 3,632,354 Truist Financial Corp. 62,603 3,651,007 Oil, Gas & Consumable Fuels 2.6% U.S. Bancorp 63,522 3,513,402 APA Corp. 17,561 314,342 Wells Fargo & Co. 192,105 7,505,542 Cabot Oil & Gas Corp. 18,563 348,613 Zions Bancorp 7,635 419,620 Chevron Corp.