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Columbia Funds Variable Series Trust II
2024-06-30
Columbia Variable Portfolio – Limited Duration Credit Fund
Class 1
This <div style="-sec-ix-hidden:hidden695602;display:inline;">semiannual shareholder report</div> contains important information about Columbia Variable Portfolio – Limited Duration Credit Fund (the Fund) for the period of January 1, 2024 to June 30, 2024.
You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">1-800-345-6611.</div>
columbiathreadneedleus.com/resources/literature
1-800-345-6611
<div style="margin-top: 0px; font-family: ITCFrankGothForAMPF-Md; color: rgb(0, 63, 107); font-size: 12pt; margin-bottom: 3pt;"><div style="font-weight:bold;display:inline;">What were the Fund costs for the reporting period?</div></div><div style="margin-top: 0; margin-bottom: 0; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 10pt;"><div style="font-style:italic;display:inline;">(Based on a hypothetical $10,000 investment)</div> </div><div style="margin-bottom: 8pt;"><table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid;"><tr style="page-break-inside: avoid; border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; border-bottom-color: rgb(190, 231, 248);"><td style="page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 63, 107); font-size: 8pt; text-align: left; vertical-align: bottom; font-family: 'ITCFrankGothicForAMPF-Bk';">Class</td><td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: bottom; font-family: 'ITCFrankGothicForAMPF-Bk';">Costs of a $10,000 investment</td><td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: bottom; font-family: 'ITCFrankGothicForAMPF-Bk';">Costs paid as a percentage of a $10,000 investment</td></tr><tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: auto; border-bottom-color: initial;"><td style="page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; vertical-align: bottom; color: rgb(0, 63, 107); font-size: 8pt;">Class 1 </td><td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'ITCFrankGothicForAMPF-Bk'; vertical-align: bottom; color: rgb(0, 63, 107); font-size: 8pt;">$21</td><td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'ITCFrankGothicForAMPF-Bk'; vertical-align: bottom; color: rgb(0, 63, 107); font-size: 8pt;">0.41%</td></tr></table></div>
21
0.0041
Key Fund Statistics<div style="width: auto; margin-bottom: 12pt;"><table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid;"><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: auto; border-bottom-color: rgb(190, 231, 248); border-top-color: rgb(190, 231, 248); border-top-style: solid; border-top-width: 0.5pt;"><td style="page-break-inside: avoid; vertical-align: middle; padding-top: 2pt; padding-right: 10pt; padding-bottom: 2pt; padding-left: 10pt; text-align: left; font-family: 'ITCFrankGothForAMPF-Md'; font-weight: normal; width: 75%; color: rgb(0, 63, 107); font-size: 8pt;">Fund net assets</td><td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 2pt; padding-right: 10pt; padding-bottom: 2pt; padding-left: 10pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt;">$813,696,482</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: auto; border-bottom-color: rgb(190, 231, 248);"><td style="page-break-inside: avoid; vertical-align: middle; padding-top: 2pt; padding-right: 10pt; padding-bottom: 2pt; padding-left: 10pt; text-align: left; font-family: 'ITCFrankGothForAMPF-Md'; font-weight: normal; width: 75%; color: rgb(0, 63, 107); font-size: 8pt;">Total number of portfolio holdings</td><td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 2pt; padding-right: 10pt; padding-bottom: 2pt; padding-left: 10pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt;">91</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: auto; border-bottom-color: rgb(190, 231, 248);"><td style="page-break-inside: avoid; vertical-align: middle; padding-top: 2pt; padding-right: 10pt; padding-bottom: 2pt; padding-left: 10pt; text-align: left; font-family: 'ITCFrankGothForAMPF-Md'; font-weight: normal; width: 75%; color: rgb(0, 63, 107); font-size: 8pt;">Portfolio turnover for the reporting period </td><td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 2pt; padding-right: 10pt; padding-bottom: 2pt; padding-left: 10pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt;">56%</td></tr></table></div>
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<div style="margin-top: 0px; font-family: ITCFrankGothForAMPF-Md; color: rgb(0, 63, 107); font-size: 12pt; margin-bottom: 3pt;"><div style="font-weight:bold;display:inline;">Graphical Representation of Fund<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>Holdings</div></div><div style="margin-top: 0; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 10pt; line-height: 1.1; margin-bottom: 8pt;">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 <div style="letter-spacing: 0px; top: 0px;display:inline;">change.</div></div><div style="margin-top: 0; margin-bottom: 0; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 9pt;">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, 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, S&P and 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.</div><div style="margin-bottom: 14pt; display: table; table-layout: fixed; width: 100%;"><div style="width: 33%; flex-grow: 1; flex-shrink: 1; flex-basis: auto; border-right-color: initial; border-right-style: none; border-right-width: initial; padding-left: 0; border-left-color: initial; border-left-style: none; border-left-width: initial; float: none; display: table-cell;"><div style="max-width: 270pt; padding-right: 6pt; padding-left: 0;"><div style="border-bottom-width: 0.5pt; border-bottom-style: solid; font-family: 'ITCFrankGothForAMPF-Md'; color: rgb(0, 63, 107); text-transform: none; letter-spacing: normal; font-size: 10pt; border-bottom-color: rgb(190, 231, 248); text-align: center; margin-top: 5pt; padding-bottom: 5pt; margin-bottom: 3pt;"><div style="font-weight:bold;display:inline;">Top Holdings</div> </div></div><div style="max-width: 270pt; padding-right: 6pt; padding-left: 0;"><table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid;"><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; border-bottom-color: rgb(190, 231, 248); height: auto; line-height: 12pt;"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">Bank of America Corp.<br/>12/20/2028 3.419%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">4.7%</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; border-bottom-color: rgb(190, 231, 248); height: auto; line-height: 12pt;"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">Bacardi Ltd.<br/>05/15/2028 4.700%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">3.8%</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; border-bottom-color: rgb(190, 231, 248); height: auto; line-height: 12pt;"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">JPMorgan Chase & Co.<br/>10/15/2030 2.739%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">3.4%</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; border-bottom-color: rgb(190, 231, 248); height: auto; line-height: 12pt;"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">Morgan Stanley<br/>04/18/2030 5.656%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">3.1%</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; border-bottom-color: rgb(190, 231, 248); height: auto; line-height: 12pt;"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">Centene Corp.<br/>07/15/2028 2.450%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">2.7%</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; border-bottom-color: rgb(190, 231, 248); height: auto; line-height: 12pt;"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">Peachtree Corners Funding Trust<br/>02/15/2025 3.976%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">2.4%</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; border-bottom-color: rgb(190, 231, 248); height: auto; line-height: 12pt;"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">Wells Fargo & Co.<br/>10/23/2029 6.303%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">2.2%</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; border-bottom-color: rgb(190, 231, 248); height: auto; line-height: 12pt;"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">Principal Life Global Funding II<br/>11/21/2024 2.250%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">2.1%</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; border-bottom-color: rgb(190, 231, 248); height: auto; line-height: 12pt;"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">CenterPoint Energy, Inc.<br/>08/10/2026 5.250%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">2.0%</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: auto; line-height: 12pt; border-bottom-color: rgb(190, 231, 248);"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">U.S. Treasury<br/>06/30/2028 4.000%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">2.0%</td></tr></table></div></div><div style="width: 33%; flex-grow: 1; flex-shrink: 1; flex-basis: auto; border-right-color: initial; border-right-style: none; border-right-width: initial; border-left-color: rgb(190, 231, 248); border-left-style: solid; border-left-width: 0.5pt; float: none; display: table-cell;"><div style="padding-right: 6pt; padding-left: 6pt;"><div style="border-bottom-width: 0.5pt; border-bottom-style: solid; font-family: 'ITCFrankGothForAMPF-Md'; color: rgb(0, 63, 107); text-transform: none; letter-spacing: normal; font-size: 10pt; border-bottom-color: rgb(190, 231, 248); text-align: center; margin-bottom: 5pt; margin-top: 5pt; padding-bottom: 5pt;"><div style="font-weight:bold;display:inline;">Asset Categories</div> </div></div><div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3308042.jpg" style="width: 172.8pt;"/> </div></div><div style="width: 33%; flex-grow: 1; flex-shrink: 1; flex-basis: auto; border-left-color: rgb(190, 231, 248); border-left-style: solid; border-left-width: 0.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; float: none; display: table-cell;"><div style="padding-left: 6pt; padding-right: 0;"><div style="border-bottom-width: 0.5pt; border-bottom-style: solid; font-family: 'ITCFrankGothForAMPF-Md'; color: rgb(0, 63, 107); text-transform: none; letter-spacing: normal; font-size: 10pt; border-bottom-color: rgb(190, 231, 248); text-align: center; margin-bottom: 5pt; margin-top: 5pt; padding-bottom: 5pt;"><div style="font-weight:bold;display:inline;">Credit Quality</div> </div></div><div style="padding-left: 6pt; padding-right: 0;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3308038.jpg" style="width: 172.8pt;"/> </div></div></div>
<div style="margin-top: 0; margin-bottom: 0; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 9pt;">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, 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, S&P and 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.</div>
<div style="max-width: 270pt; padding-right: 6pt; padding-left: 0;"><div style="border-bottom-width: 0.5pt; border-bottom-style: solid; font-family: 'ITCFrankGothForAMPF-Md'; color: rgb(0, 63, 107); text-transform: none; letter-spacing: normal; font-size: 10pt; border-bottom-color: rgb(190, 231, 248); text-align: center; margin-top: 5pt; padding-bottom: 5pt; margin-bottom: 3pt;"><div style="font-weight:bold;display:inline;">Top Holdings</div> </div></div><div style="max-width: 270pt; padding-right: 6pt; padding-left: 0;"><table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid;"><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; border-bottom-color: rgb(190, 231, 248); height: auto; line-height: 12pt;"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">Bank of America Corp.<br/>12/20/2028 3.419%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">4.7%</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; border-bottom-color: rgb(190, 231, 248); height: auto; line-height: 12pt;"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">Bacardi Ltd.<br/>05/15/2028 4.700%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">3.8%</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; border-bottom-color: rgb(190, 231, 248); height: auto; line-height: 12pt;"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">JPMorgan Chase & Co.<br/>10/15/2030 2.739%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">3.4%</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; border-bottom-color: rgb(190, 231, 248); height: auto; line-height: 12pt;"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">Morgan Stanley<br/>04/18/2030 5.656%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">3.1%</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; border-bottom-color: rgb(190, 231, 248); height: auto; line-height: 12pt;"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">Centene Corp.<br/>07/15/2028 2.450%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">2.7%</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; border-bottom-color: rgb(190, 231, 248); height: auto; line-height: 12pt;"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">Peachtree Corners Funding Trust<br/>02/15/2025 3.976%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">2.4%</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; border-bottom-color: rgb(190, 231, 248); height: auto; line-height: 12pt;"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">Wells Fargo & Co.<br/>10/23/2029 6.303%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">2.2%</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; border-bottom-color: rgb(190, 231, 248); height: auto; line-height: 12pt;"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">Principal Life Global Funding II<br/>11/21/2024 2.250%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">2.1%</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; border-bottom-color: rgb(190, 231, 248); height: auto; line-height: 12pt;"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">CenterPoint Energy, Inc.<br/>08/10/2026 5.250%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">2.0%</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: auto; line-height: 12pt; border-bottom-color: rgb(190, 231, 248);"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">U.S. Treasury<br/>06/30/2028 4.000%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">2.0%</td></tr></table></div>
0.047
0.038
0.034
0.031
0.027
0.024
0.022
0.021
0.02
0.02
Columbia Variable Portfolio – Limited Duration Credit Fund
Class 2
This <div style="-sec-ix-hidden:hidden695611;display:inline;">semiannual shareholder report</div> contains important information about Columbia Variable Portfolio – Limited Duration Credit Fund (the Fund) for the period of January 1, 2024 to June 30, 2024.
You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">1-800-345-6611.</div>
columbiathreadneedleus.com/resources/literature
1-800-345-6611
<div style="margin-top: 0px; font-family: ITCFrankGothForAMPF-Md; color: rgb(0, 63, 107); font-size: 12pt; margin-bottom: 3pt;"><div style="font-weight:bold;display:inline;">What were the Fund costs for the reporting period?</div></div><div style="margin-top: 0; margin-bottom: 0; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 10pt;"><div style="font-style:italic;display:inline;">(Based on a hypothetical $10,000 investment)</div> </div><div style="margin-bottom: 6pt;"><table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid;"><tr style="page-break-inside: avoid; border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; border-bottom-color: rgb(190, 231, 248);"><td style="page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 63, 107); font-size: 8pt; text-align: left; vertical-align: bottom; font-family: 'ITCFrankGothicForAMPF-Bk';">Class</td><td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: bottom; font-family: 'ITCFrankGothicForAMPF-Bk';">Costs of a $10,000 investment</td><td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: bottom; font-family: 'ITCFrankGothicForAMPF-Bk';">Costs paid as a percentage of a $10,000 investment</td></tr><tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: auto; border-bottom-color: initial;"><td style="page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; vertical-align: bottom; color: rgb(0, 63, 107); font-size: 8pt;">Class 2 </td><td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'ITCFrankGothicForAMPF-Bk'; vertical-align: bottom; color: rgb(0, 63, 107); font-size: 8pt;">$33</td><td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'ITCFrankGothicForAMPF-Bk'; vertical-align: bottom; color: rgb(0, 63, 107); font-size: 8pt;">0.66%</td></tr></table></div>
33
0.0066
Key Fund Statistics<div style="width: auto; margin-bottom: 10pt;"><table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid;"><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: auto; border-bottom-color: rgb(190, 231, 248); border-top-color: rgb(190, 231, 248); border-top-style: solid; border-top-width: 0.5pt;"><td style="page-break-inside: avoid; vertical-align: middle; padding-top: 2pt; padding-right: 10pt; padding-bottom: 2pt; padding-left: 10pt; text-align: left; font-family: 'ITCFrankGothForAMPF-Md'; font-weight: normal; width: 75%; color: rgb(0, 63, 107); font-size: 8pt;">Fund net assets</td><td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 2pt; padding-right: 10pt; padding-bottom: 2pt; padding-left: 10pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt;">$813,696,482</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: auto; border-bottom-color: rgb(190, 231, 248);"><td style="page-break-inside: avoid; vertical-align: middle; padding-top: 2pt; padding-right: 10pt; padding-bottom: 2pt; padding-left: 10pt; text-align: left; font-family: 'ITCFrankGothForAMPF-Md'; font-weight: normal; width: 75%; color: rgb(0, 63, 107); font-size: 8pt;">Total number of portfolio holdings</td><td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 2pt; padding-right: 10pt; padding-bottom: 2pt; padding-left: 10pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt;">91</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: auto; border-bottom-color: rgb(190, 231, 248);"><td style="page-break-inside: avoid; vertical-align: middle; padding-top: 2pt; padding-right: 10pt; padding-bottom: 2pt; padding-left: 10pt; text-align: left; font-family: 'ITCFrankGothForAMPF-Md'; font-weight: normal; width: 75%; color: rgb(0, 63, 107); font-size: 8pt;">Portfolio turnover for the reporting period </td><td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 2pt; padding-right: 10pt; padding-bottom: 2pt; padding-left: 10pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt;">56%</td></tr></table></div>
813696482
91
0.56
<div style="margin-top: 0px; font-family: ITCFrankGothForAMPF-Md; color: rgb(0, 63, 107); font-size: 12pt; margin-bottom: 3pt;"><div style="font-weight:bold;display:inline;">Graphical Representation of Fund<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>Holdings</div></div><div style="margin-top: 0; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 10pt; line-height: 1.1; margin-bottom: 6pt;">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.</div><div style="margin-top: 0; margin-bottom: 0; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 9pt;">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, 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, S&P and 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,<div style="letter-spacing: 0px; top: 0px;display:inline;"> and</div> are subject to change, including daily.</div><div style="margin-bottom: 12pt; display: table; table-layout: fixed; width: 100%;"><div style="width: 33%; flex-grow: 1; flex-shrink: 1; flex-basis: auto; border-right-color: initial; border-right-style: none; border-right-width: initial; padding-left: 0; border-left-color: initial; border-left-style: none; border-left-width: initial; float: none; display: table-cell;"><div style="max-width: 270pt; padding-right: 6pt; padding-left: 0;"><div style="border-bottom-width: 0.5pt; border-bottom-style: solid; font-family: 'ITCFrankGothForAMPF-Md'; color: rgb(0, 63, 107); text-transform: none; letter-spacing: normal; font-size: 10pt; border-bottom-color: rgb(190, 231, 248); text-align: center; margin-top: 5pt; padding-bottom: 5pt; margin-bottom: 3pt;"><div style="font-weight:bold;display:inline;">Top Holdings</div> </div></div><div style="max-width: 270pt; padding-right: 6pt; padding-left: 0;"><table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid;"><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; border-bottom-color: rgb(190, 231, 248); height: auto; line-height: 12pt;"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">Bank of America Corp.<br/>12/20/2028 3.419%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">4.7%</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; border-bottom-color: rgb(190, 231, 248); height: auto; line-height: 12pt;"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">Bacardi Ltd.<br/>05/15/2028 4.700%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">3.8%</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; border-bottom-color: rgb(190, 231, 248); height: auto; line-height: 12pt;"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">JPMorgan Chase & Co.<br/>10/15/2030 2.739%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">3.4%</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; border-bottom-color: rgb(190, 231, 248); height: auto; line-height: 12pt;"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">Morgan Stanley<br/>04/18/2030 5.656%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">3.1%</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; border-bottom-color: rgb(190, 231, 248); height: auto; line-height: 12pt;"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">Centene Corp.<br/>07/15/2028 2.450%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">2.7%</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; border-bottom-color: rgb(190, 231, 248); height: auto; line-height: 12pt;"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">Peachtree Corners Funding Trust<br/>02/15/2025 3.976%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">2.4%</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; border-bottom-color: rgb(190, 231, 248); height: auto; line-height: 12pt;"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">Wells Fargo & Co.<br/>10/23/2029 6.303%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">2.2%</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; border-bottom-color: rgb(190, 231, 248); height: auto; line-height: 12pt;"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">Principal Life Global Funding II<br/>11/21/2024 2.250%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">2.1%</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; border-bottom-color: rgb(190, 231, 248); height: auto; line-height: 12pt;"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">CenterPoint Energy, Inc.<br/>08/10/2026 5.250%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">2.0%</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: auto; line-height: 12pt; border-bottom-color: rgb(190, 231, 248);"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">U.S. Treasury<br/>06/30/2028 4.000%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">2.0%</td></tr></table></div></div><div style="width: 33%; flex-grow: 1; flex-shrink: 1; flex-basis: auto; border-right-color: initial; border-right-style: none; border-right-width: initial; border-left-color: rgb(190, 231, 248); border-left-style: solid; border-left-width: 0.5pt; float: none; display: table-cell;"><div style="padding-right: 6pt; padding-left: 6pt;"><div style="border-bottom-width: 0.5pt; border-bottom-style: solid; font-family: 'ITCFrankGothForAMPF-Md'; color: rgb(0, 63, 107); text-transform: none; letter-spacing: normal; font-size: 10pt; border-bottom-color: rgb(190, 231, 248); text-align: center; margin-bottom: 5pt; margin-top: 5pt; padding-bottom: 5pt;"><div style="font-weight:bold;display:inline;">Asset Categories</div> </div></div><div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3308020.jpg" style="width: 172.8pt;"/> </div></div><div style="width: 33%; flex-grow: 1; flex-shrink: 1; flex-basis: auto; border-left-color: rgb(190, 231, 248); border-left-style: solid; border-left-width: 0.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; float: none; display: table-cell;"><div style="padding-left: 6pt; padding-right: 0;"><div style="border-bottom-width: 0.5pt; border-bottom-style: solid; font-family: 'ITCFrankGothForAMPF-Md'; color: rgb(0, 63, 107); text-transform: none; letter-spacing: normal; font-size: 10pt; border-bottom-color: rgb(190, 231, 248); text-align: center; margin-bottom: 5pt; margin-top: 5pt; padding-bottom: 5pt;"><div style="font-weight:bold;display:inline;">Credit Quality</div> </div></div><div style="padding-left: 6pt; padding-right: 0;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3308028.jpg" style="width: 172.8pt;"/> </div></div></div>
<div style="margin-top: 0; margin-bottom: 0; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 9pt;">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, 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, S&P and 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,<div style="letter-spacing: 0px; top: 0px;display:inline;"> and</div> are subject to change, including daily.</div>
<div style="max-width: 270pt; padding-right: 6pt; padding-left: 0;"><div style="border-bottom-width: 0.5pt; border-bottom-style: solid; font-family: 'ITCFrankGothForAMPF-Md'; color: rgb(0, 63, 107); text-transform: none; letter-spacing: normal; font-size: 10pt; border-bottom-color: rgb(190, 231, 248); text-align: center; margin-top: 5pt; padding-bottom: 5pt; margin-bottom: 3pt;"><div style="font-weight:bold;display:inline;">Top Holdings</div> </div></div><div style="max-width: 270pt; padding-right: 6pt; padding-left: 0;"><table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid;"><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; border-bottom-color: rgb(190, 231, 248); height: auto; line-height: 12pt;"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">Bank of America Corp.<br/>12/20/2028 3.419%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">4.7%</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; border-bottom-color: rgb(190, 231, 248); height: auto; line-height: 12pt;"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">Bacardi Ltd.<br/>05/15/2028 4.700%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">3.8%</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; border-bottom-color: rgb(190, 231, 248); height: auto; line-height: 12pt;"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">JPMorgan Chase & Co.<br/>10/15/2030 2.739%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">3.4%</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; border-bottom-color: rgb(190, 231, 248); height: auto; line-height: 12pt;"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">Morgan Stanley<br/>04/18/2030 5.656%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">3.1%</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; border-bottom-color: rgb(190, 231, 248); height: auto; line-height: 12pt;"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">Centene Corp.<br/>07/15/2028 2.450%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">2.7%</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; border-bottom-color: rgb(190, 231, 248); height: auto; line-height: 12pt;"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">Peachtree Corners Funding Trust<br/>02/15/2025 3.976%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">2.4%</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; border-bottom-color: rgb(190, 231, 248); height: auto; line-height: 12pt;"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">Wells Fargo & Co.<br/>10/23/2029 6.303%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">2.2%</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; border-bottom-color: rgb(190, 231, 248); height: auto; line-height: 12pt;"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">Principal Life Global Funding II<br/>11/21/2024 2.250%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">2.1%</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; border-bottom-color: rgb(190, 231, 248); height: auto; line-height: 12pt;"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">CenterPoint Energy, Inc.<br/>08/10/2026 5.250%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">2.0%</td></tr><tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: auto; line-height: 12pt; border-bottom-color: rgb(190, 231, 248);"><td style="page-break-inside: avoid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; padding-left: 12pt; height: auto; line-height: 12pt; text-align: left; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">U.S. Treasury<br/>06/30/2028 4.000%</td><td style="page-break-inside: avoid; text-align: right; padding-top: 2pt; padding-right: 12pt; padding-bottom: 2pt; padding-left: 3pt; height: auto; line-height: 12pt; font-family: 'ITCFrankGothicForAMPF-Bk'; color: rgb(0, 63, 107); font-size: 8pt; vertical-align: initial;">2.0%</td></tr></table></div>
0.047
0.038
0.034
0.031
0.027
0.024
0.022
0.021
0.02
0.02