COLUMBIA VARIABLE PORTFOLIO - EMERGING MARKETS FUND - Ameritas
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
SEMIANNUAL REPORT June 30, 2021 COLUMBIA VARIABLE PORTFOLIO – EMERGING MARKETS 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 Federally Insured • No Financial Institution Guarantee • May Lose Value
TABLE OF CONTENTS Fund at a Glance .......................................................................................................................................................... 3 Understanding Your Fund’s Expenses .............................................................................................................................. 5 Portfolio of Investments ................................................................................................................................................. 6 Statement of Assets and Liabilities ..................................................................................................................................11 Statement of Operations................................................................................................................................................12 Statement of Changes in Net Assets ................................................................................................................................13 Financial Highlights.......................................................................................................................................................14 Notes to Financial Statements .......................................................................................................................................16 Liquidity Risk Management Program .................................................................................................................................25 Approval of Management Agreement ................................................................................................................................25 Proxy voting policies and procedures The policy of the Board of Trustees is to vote the proxies of the companies in which Columbia Variable Portfolio – Emerging Markets Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov. Quarterly schedule of investments The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT is available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, can also be obtained without charge, upon request, by calling 800.345.6611. Additional Fund information Fund investment manager Columbia Management Investment Advisers, LLC (the Investment Manager) 290 Congress Street Boston, MA 02210 Fund distributor Columbia Management Investment Distributors, Inc. 290 Congress Street Boston, MA 02210 Fund transfer agent Columbia Management Investment Services Corp. P.O. Box 219104 Kansas City, MO 64121-9104 Columbia Variable Portfolio – Emerging Markets Fund | Semiannual Report 2021
FUND AT A GLANCE
(Unaudited)
Investment objective
The Fund seeks to provide shareholders with long-term capital growth.
Average annual total returns (%) (for the period ended June 30, 2021)
Portfolio management 6 Months
Inception cumulative 1 Year 5 Years 10 Years
Dara White, CFA
Class 1 05/03/10 8.00 50.55 17.11 6.89
Lead Portfolio Manager
Class 2 05/03/10 7.87 50.25 16.82 6.62
Managed Fund since 2012
Class 3 05/01/00 7.92 50.43 16.96 6.75
Robert Cameron MSCI Emerging Markets Index
Portfolio Manager (Net) 7.45 40.90 13.03 4.28
Managed Fund since 2012 Performance data quoted represents past performance and current performance may be lower or higher. Past
performance is no guarantee of future results. The investment return and principal value will fluctuate so that
Perry Vickery, CFA shares, when redeemed, may be worth more or less than the original cost. For current month-end performance
Portfolio Manager information, please contact your financial advisor or insurance representative.
Managed Fund since 2017 Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia
Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense
Derek Lin reimbursement arrangements, performance results would have been lower.
Portfolio Manager Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become
Managed Fund since 2020 due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital
gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses
imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or
Darren Powell, CFA retirement plan. If performance results included the effect of these additional charges, they would be lower.
Portfolio Manager
The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure
Managed Fund since March 2021 equity market performance of emerging markets.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees,
brokerage commissions, taxes (except the MSCI Emerging Markets Index (Net), which reflects reinvested dividends net of
withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.
Fund performance may be significantly negatively impacted by the economic impact of the
COVID-19 pandemic. The COVID-19 pandemic has adversely impacted economies and
capital markets around the world in ways that will likely continue and may change in
unforeseen ways for an indeterminate period. The COVID-19 pandemic may exacerbate
pre-existing political, social and economic risks in certain countries and globally.
Columbia Variable Portfolio – Emerging Markets Fund | Semiannual Report 2021 3FUND AT A GLANCE (continued)
(Unaudited)
Equity sector breakdown (%) (at June 30, 2021) Country breakdown (%) (at June 30, 2021)
Communication Services 13.1 Argentina 1.8
Consumer Discretionary 23.1 Brazil 8.7
Consumer Staples 2.2 Canada 0.5
Energy 3.7 China 30.7
Financials 15.6 Hong Kong 2.6
Health Care 7.8 Hungary 1.2
Industrials 6.5 India 11.0
Information Technology 25.9 Indonesia 3.6
Materials 1.0 Kazakhstan 0.5
Real Estate 1.1 Luxembourg 0.3
Total 100.0 Philippines 0.5
Percentages indicated are based upon total equity investments. The Fund’s portfolio Poland 1.1
composition is subject to change. Russian Federation 7.3
South Africa 1.7
South Korea 13.5
Taiwan 11.7
Thailand 0.7
United States(a) 2.2
Uruguay 0.4
Total 100.0
(a) Includes investments in Money Market Funds.
Country breakdown is based primarily on issuer’s place of organization/incorporation.
Percentages indicated are based upon total investments excluding investments in
derivatives, if any. The Fund’s portfolio composition is subject to change.
4 Columbia Variable Portfolio – Emerging Markets Fund | Semiannual Report 2021UNDERSTANDING YOUR FUND’S EXPENSES
(Unaudited)
As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and
other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing
in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.
The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life
insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and
expenses you bear may therefore be higher than those shown below.
Analyzing your Fund’s expenses
To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share
class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of
$1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways
and each method provides you with different information. The amount listed in the “Actual” column is calculated using the
Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the
amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for
example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period
under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before
expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the
hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account
balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for
details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you
can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the
hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you
compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the
ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or
expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing
ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses
imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.
January 1, 2021 — June 30, 2021
Account value at the Account value at the
beginning of the end of the Expenses paid during Fund’s annualized
period ($) period ($) the period ($) expense ratio (%)
Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual
Class 1 1,000.00 1,000.00 1,080.00 1,019.14 5.88 5.71 1.14
Class 2 1,000.00 1,000.00 1,078.70 1,017.90 7.16 6.95 1.39
Class 3 1,000.00 1,000.00 1,079.20 1,018.50 6.55 6.36 1.27
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then
multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles,
such as mutual funds and exchange-traded funds.
Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would
have been reduced.
Columbia Variable Portfolio – Emerging Markets Fund | Semiannual Report 2021 5PORTFOLIO OF INVESTMENTS
June 30, 2021 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 95.6% Common Stocks (continued)
Issuer Shares Value ($) Issuer Shares Value ($)
Argentina 1.8% Midea Group Co., Ltd., Class A 222,100 2,449,893
(a)
Globant SA 7,982 1,749,495 NetEase, Inc., ADR 30,400 3,503,600
MercadoLibre, Inc.(a) 4,079 6,354,225 New Horizon Health Ltd.(a) 269,000 2,742,036
Total 8,103,720 New Oriental Education & Technology Group, Inc.,
ADR(a) 429,274 3,515,754
Brazil 7.2%
Ping An Insurance Group Co. of China Ltd., Class H 313,000 3,059,700
Afya Ltd., Class A(a) 122,513 3,158,385
Shenzhou International Group Holdings Ltd. 184,500 4,659,141
Arco Platform Ltd., Class A(a) 40,797 1,250,836
Silergy Corp. 18,000 2,443,023
Banco BTG Pactual SA 132,959 3,255,675
Skshu Paint Co., Ltd. 83,153 2,266,332
Hapvida Participacoes e Investimentos SA 351,652 1,092,328
Songcheng Performance Development Co., Ltd.,
Itaú Unibanco Holding SA, ADR 232,579 1,397,800 Class A 1,121,700 2,916,456
Localiza Rent a Car SA 283,821 3,652,046 TAL Education Group, ADR (a)
69,414 1,751,315
Locaweb Servicos de Internet SA 684,883 3,720,604 Tencent Holdings Ltd. 334,001 25,147,774
Magazine Luiza SA 680,513 2,893,733 WuXi AppTec Co., Ltd., Class H 225,339 5,259,769
Notre Dame Intermedica Participacoes SA 93,409 1,598,196 WuXi Biologics Cayman, Inc. (a)
565,000 10,345,316
Pagseguro Digital Ltd., Class A(a) 76,781 4,293,594 Xpeng, Inc., ADR (a)
79,666 3,538,764
Stone Co., Ltd., Class A(a) 51,074 3,425,022 Zai Lab Ltd., ADR(a) 10,962 1,940,164
(a)
XP, Inc., Class A 72,868 3,173,401 Total 141,464,818
Total 32,911,620
Hong Kong 2.6%
Canada 0.5% AIA Group Ltd. 332,800 4,128,576
Parex Resources, Inc.(a) 132,543 2,213,327 Galaxy Entertainment Group Ltd. (a)
195,000 1,559,238
China 30.9% Techtronic Industries Co., Ltd. 365,503 6,369,611
Alibaba Group Holding Ltd., ADR (a)
104,490 23,696,242 Total 12,057,425
BeiGene Ltd., ADR(a) 3,264 1,120,172 Hungary 1.2%
(a)
Bilibili, Inc., ADR 18,511 2,255,380 OTP Bank Nyrt(a) 83,122 4,474,602
(a)
Burning Rock Biotech Ltd., ADR 37,913 1,116,917 Richter Gedeon Nyrt 44,905 1,195,484
China Animal Healthcare Ltd.(a),(b),(c) 4,603,000 1 Total 5,670,086
China Tourism Group Duty Free Corp., Ltd., Class A 46,900 2,175,381
India 11.1%
Country Garden Services Holdings Co., Ltd. 780,000 8,416,197
Apollo Hospitals Enterprise Ltd. 63,257 3,082,594
Everest Medicines Ltd.(a) 207,500 2,062,697
Asian Paints Ltd. 53,126 2,141,775
Glodon Co., Ltd., Class A 139,300 1,467,037 (a)
AU Small Finance Bank Ltd. 123,431 1,722,705
JD.com, Inc., ADR(a) 80,049 6,388,711 (a)
Avenue Supermarts Ltd. 57,627 2,594,640
Jinke Smart Services Group Co., Ltd., Class H 258,600 2,425,422
Bajaj Finance Ltd.(a) 41,570 3,371,691
Kingdee International Software Group Co., Ltd.(a) 703,150 2,381,472
Balkrishna Industries Ltd. 73,938 2,230,039
Kuaishou Technology(a) 49,899 1,254,923
Cholamandalam Investment and Finance Co., Ltd. 189,004 1,307,536
Kweichow Moutai Co., Ltd., Class A 8,800 2,799,136 (a)
Divi’s Laboratories Ltd. 19,320 1,146,564
Li Ning Co., Ltd. 464,000 5,660,017
Dixon Technologies India Ltd.(a) 60,244 3,589,369
Meituan, Class B(a) 65,600 2,706,076
The accompanying Notes to Financial Statements are an integral part of this statement.
6 Columbia Variable Portfolio – Emerging Markets Fund | Semiannual Report 2021PORTFOLIO OF INVESTMENTS (continued)
June 30, 2021 (Unaudited)
Common Stocks (continued) Common Stocks (continued)
Issuer Shares Value ($) Issuer Shares Value ($)
(a)
Eicher Motors Ltd. 43,784 1,575,603 South Africa 1.7%
(a)
HDFC Bank Ltd., ADR 62,145 4,544,043 Capitec Bank Holdings Ltd. 23,002 2,711,446
HDFC Life Insurance Co., Ltd. 252,211 2,331,328 Clicks Group Ltd. 48,798 839,578
InterGlobe Aviation Ltd.(a) 64,469 1,490,660 Naspers Ltd., Class N 20,243 4,268,176
Jubilant Foodworks Ltd.(a) 32,935 1,366,460 Total 7,819,200
Kotak Mahindra Bank Ltd.(a) 106,357 2,444,727
South Korea 12.3%
Mindtree Ltd. 74,243 2,600,057
Coupang, Inc.(a) 38,864 1,625,292
PVR Ltd.(a) 87,752 1,577,277
Ecopro BM Co., Ltd. 9,989 1,880,601
Reliance Industries Ltd. 285,873 8,129,192
Kakao Corp. 39,046 5,655,522
SBI Cards & Payment Services Ltd.(a) 84,989 1,110,816
NAVER Corp. 12,238 4,541,139
Tech Mahindra Ltd. 154,073 2,273,458 (a)
Pearl Abyss Corp. 29,185 1,958,566
Total 50,630,534 (a)
Samsung Biologics Co., Ltd. 3,551 2,645,829
Indonesia 3.6% Samsung Electro-Mechanics Co., Ltd. 28,058 4,399,984
PT Ace Hardware Indonesia Tbk 16,747,500 1,446,230 Samsung Electronics Co., Ltd. 267,833 19,173,135
PT Bank BTPN Syariah Tbk 8,960,700 1,782,287 Samsung SDI Co., Ltd. 7,300 4,519,708
PT Bank Central Asia Tbk 2,399,200 4,989,625 SK Hynix, Inc. 85,812 9,685,484
PT Bank Jago Tbk(a) 1,529,700 1,438,371 Total 56,085,260
PT Bank Rakyat Indonesia Persero Tbk 24,720,000 6,721,248
Taiwan 11.8%
Total 16,377,761
Delta Electronics 269,000 2,922,379
Kazakhstan 0.5% Hon Hai Precision Industry Co., Ltd. 848,000 3,404,726
Kaspi.KZ JSC, GDR(b),(c),(d) 21,098 2,236,388 MediaTek, Inc. 270,000 9,311,285
(a)
Luxembourg 0.3% Sea Ltd. ADR 26,605 7,305,733
(a)
Global Fashion Group SA 80,495 1,217,383 Taiwan Semiconductor Manufacturing Co., Ltd. 1,354,838 29,180,545
Philippines 0.5% Taiwan Semiconductor Manufacturing Co., Ltd., ADR 15,941 1,915,470
Ayala Land, Inc. 3,208,300 2,369,338 Total 54,040,138
Poland 1.1% Thailand 0.7%
Allegro.eu SA (a)
99,862 1,718,580 Muangthai Capital PCL, Foreign Registered Shares 1,769,400 3,180,444
Dino Polska SA(a) 46,943 3,448,323 Uruguay 0.4%
Total 5,166,903 Dlocal Ltd.(a) 36,105 1,896,596
Russian Federation 7.4% Total Common Stocks
(Cost $254,727,938) 437,070,514
Detsky Mir PJSC 1,022,697 2,115,379
Fix Price Group Ltd., GDR(a),(d) 564,348 4,938,045 Preferred Stocks 2.9%
Lukoil PJSC, ADR 69,057 6,409,348 Issuer Shares Value ($)
(a)
Ozon Holdings PLC, ADR 58,816 3,447,794 Brazil 1.6%
Sberbank of Russia PJSC, ADR 448,979 7,460,682 Azul SA(a) 833,138 7,323,333
TCS Group Holding PLC, GDR 39,470 3,455,339
Yandex NV, Class A(a) 82,021 5,802,986
Total 33,629,573
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Variable Portfolio – Emerging Markets Fund | Semiannual Report 2021 7PORTFOLIO OF INVESTMENTS (continued)
June 30, 2021 (Unaudited)
Preferred Stocks (continued)
Issuer Shares Value ($)
South Korea 1.3%
Samsung Electronics Co., Ltd. 90,655 5,933,377
Total Preferred Stocks
(Cost $6,543,061) 13,256,710
Money Market Funds 2.2%
Shares Value ($)
(e),(f)
Columbia Short-Term Cash Fund, 0.051% 9,963,834 9,962,837
Total Money Market Funds
(Cost $9,962,837) 9,962,837
Total Investments in Securities
(Cost $271,233,836) 460,290,061
Other Assets & Liabilities, Net (3,019,206)
Net Assets $457,270,855
Notes to Portfolio of Investments
(a) Non-income producing investment.
(b) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At June 30, 2021, the total value of these securities amounted to
$2,236,389, which represents 0.49% of total net assets.
(c) Valuation based on significant unobservable inputs.
(d) 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, 2021, the total value of these securities amounted to
$7,174,433, which represents 1.57% of total net assets.
(e) The rate shown is the seven-day current annualized yield at June 30, 2021.
(f) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities,
or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended
June 30, 2021 are as follows:
Net change in
unrealized
Beginning appreciation End of Realized gain End of
Affiliated issuers of period($) Purchases($) Sales($) (depreciation)($) period($) (loss)($) Dividends($) period shares
Columbia Short-Term Cash Fund, 0.051%
1,289,633 68,910,854 (60,237,650) — 9,962,837 — 1,388 9,963,834
Abbreviation Legend
ADR American Depositary Receipt
GDR Global Depositary Receipt
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:
䡲 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.
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Columbia Variable Portfolio – Emerging Markets Fund | Semiannual Report 2021PORTFOLIO OF INVESTMENTS (continued)
June 30, 2021 (Unaudited)
Fair value measurements (continued)
䡲 Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
䡲 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.
Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of
these securities may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security
valuation.
Investments falling into the Level 3 category 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.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the 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 control 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. The Committee reports to
the Board, with members of the Committee meeting with 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, 2021:
Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities
Common Stocks
Argentina 8,103,720 — — 8,103,720
Brazil 32,911,620 — — 32,911,620
Canada 2,213,327 — — 2,213,327
China 48,827,019 92,637,798 1 141,464,818
Hong Kong — 12,057,425 — 12,057,425
Hungary — 5,670,086 — 5,670,086
India 4,544,043 46,086,491 — 50,630,534
Indonesia — 16,377,761 — 16,377,761
Kazakhstan — — 2,236,388 2,236,388
Luxembourg — 1,217,383 — 1,217,383
Philippines — 2,369,338 — 2,369,338
Poland — 5,166,903 — 5,166,903
Russian Federation 9,250,780 24,378,793 — 33,629,573
South Africa — 7,819,200 — 7,819,200
South Korea 1,625,292 54,459,968 — 56,085,260
Taiwan 9,221,203 44,818,935 — 54,040,138
Thailand — 3,180,444 — 3,180,444
Uruguay 1,896,596 — — 1,896,596
Total Common Stocks 118,593,600 316,240,525 2,236,389 437,070,514
Preferred Stocks
Brazil 7,323,333 — — 7,323,333
South Korea — 5,933,377 — 5,933,377
Total Preferred Stocks 7,323,333 5,933,377 — 13,256,710
Money Market Funds 9,962,837 — — 9,962,837
Total Investments in Securities 135,879,770 322,173,902 2,236,389 460,290,061
See the Portfolio of Investments for all investment classifications not indicated in the table.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Variable Portfolio – Emerging Markets Fund | Semiannual Report 2021 9PORTFOLIO OF INVESTMENTS (continued) June 30, 2021 (Unaudited) Fair value measurements (continued) 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. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements. 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. 10 Columbia Variable Portfolio – Emerging Markets Fund | Semiannual Report 2021
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2021 (Unaudited)
Assets
Investments in securities, at value
Unaffiliated issuers (cost $261,270,999) $450,327,224
Affiliated issuers (cost $9,962,837) 9,962,837
Cash 266
Foreign currency (cost $2,354) 2,354
Receivable for:
Capital shares sold 482,834
Dividends 293,486
Foreign tax reclaims 46,803
Expense reimbursement due from Investment Manager 834
Prepaid expenses 12,776
Total assets 461,129,414
Liabilities
Payable for:
Capital shares purchased 1,464,551
Foreign capital gains taxes deferred 2,202,992
Management services fees 13,417
Distribution and/or service fees 1,384
Service fees 13,667
Compensation of board members 114,534
Compensation of chief compliance officer 44
Other expenses 47,970
Total liabilities 3,858,559
Net assets applicable to outstanding capital stock $457,270,855
Represented by
Paid in capital 216,687,637
Total distributable earnings (loss) 240,583,218
Total - representing net assets applicable to outstanding capital stock $457,270,855
Class 1
Net assets $130,869,832
Shares outstanding 5,789,568
Net asset value per share $22.60
Class 2
Net assets $90,978,587
Shares outstanding 4,068,353
Net asset value per share $22.36
Class 3
Net assets $235,422,436
Shares outstanding 10,462,304
Net asset value per share $22.50
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Variable Portfolio – Emerging Markets Fund | Semiannual Report 2021 11STATEMENT OF OPERATIONS
Six Months Ended June 30, 2021 (Unaudited)
Net investment income
Income:
Dividends — unaffiliated issuers $2,595,507
Dividends — affiliated issuers 1,388
Foreign taxes withheld (362,420)
Total income 2,234,475
Expenses:
Management services fees 2,560,132
Distribution and/or service fees
Class 2 104,107
Class 3 143,448
Service fees 93,032
Compensation of board members 27,125
Custodian fees 89,742
Printing and postage fees 15,675
Audit fees 18,426
Legal fees 8,132
Interest on interfund lending 180
Compensation of chief compliance officer 48
Other 42,890
Total expenses 3,102,937
Fees waived or expenses reimbursed by Investment Manager and its affiliates (186,164)
Total net expenses 2,916,773
Net investment loss (682,298)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers 58,241,364
Foreign currency translations (32,017)
Net realized gain 58,209,347
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers (21,292,749)
Foreign currency translations (1,233)
Foreign capital gains tax (71,309)
Net change in unrealized appreciation (depreciation) (21,365,291)
Net realized and unrealized gain 36,844,056
Net increase in net assets resulting from operations $36,161,758
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Variable Portfolio – Emerging Markets Fund | Semiannual Report 2021STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
June 30, 2021 Year Ended
(Unaudited) December 31, 2020
Operations
Net investment loss $(682,298) $(575,105)
Net realized gain 58,209,347 17,421,318
Net change in unrealized appreciation (depreciation) (21,365,291) 100,973,714
Net increase in net assets resulting from operations 36,161,758 117,819,927
Distributions to shareholders
Net investment income and net realized gains
Class 1 (6,131,794) (17,184,859)
Class 2 (3,847,632) (7,093,772)
Class 3 (10,278,225) (23,201,660)
Total distributions to shareholders (20,257,651) (47,480,291)
Increase (decrease) in net assets from capital stock activity (27,516,264) 12,189,849
Total increase (decrease) in net assets (11,612,157) 82,529,485
Net assets at beginning of period 468,883,012 386,353,527
Net assets at end of period $457,270,855 $468,883,012
Six Months Ended Year Ended
June 30, 2021 (Unaudited) December 31, 2020
Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class 1
Subscriptions 74,072 1,688,966 874,539 14,585,879
Distributions reinvested 272,325 6,131,794 1,105,769 17,184,859
Redemptions (2,376,681) (54,635,711) (1,220,287) (21,626,925)
Net increase (decrease) (2,030,284) (46,814,951) 760,021 10,143,813
Class 2
Subscriptions 520,926 11,899,237 524,846 9,534,366
Distributions reinvested 172,269 3,847,632 459,958 7,093,772
Redemptions (111,710) (2,512,817) (471,860) (8,007,169)
Net increase 581,485 13,234,052 512,944 8,620,969
Class 3
Subscriptions 166,506 3,811,575 118,035 2,077,123
Distributions reinvested 457,739 10,278,225 1,497,424 23,201,660
Redemptions (351,912) (8,025,165) (1,825,799) (31,853,716)
Net increase (decrease) 272,333 6,064,635 (210,340) (6,574,933)
Total net increase (decrease) (1,176,466) (27,516,264) 1,062,625 12,189,849
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Variable Portfolio – Emerging Markets Fund | Semiannual Report 2021 13FINANCIAL 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 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
Net realized Distributions Distributions
Net asset value, investment and Total from from net from net Total
beginning of income unrealized investment investment realized distributions to
period (loss) gain (loss) operations income gains shareholders
Class 1
Six Months Ended 6/30/2021 (Unaudited) $21.90 (0.02) 1.76 1.74 (0.24) (0.80) (1.04)
Year Ended 12/31/2020 $18.98 (0.01) 5.36 5.35 (0.12) (2.31) (2.43)
Year Ended 12/31/2019 $16.38 0.09 4.79 4.88 (0.04) (2.25) (2.29)
Year Ended 12/31/2018 $21.04 0.14 (4.67) (4.53) (0.13) — (0.13)
Year Ended 12/31/2017 $14.29 0.05 6.73 6.78 (0.03) — (0.03)
Year Ended 12/31/2016 $13.61 0.03 0.67 0.70 (0.02) — (0.02)
Class 2
Six Months Ended 6/30/2021 (Unaudited) $21.66 (0.05) 1.75 1.70 (0.20) (0.80) (1.00)
Year Ended 12/31/2020 $18.78 (0.05) 5.32 5.27 (0.08) (2.31) (2.39)
Year Ended 12/31/2019 $16.26 0.06 4.73 4.79 (0.02) (2.25) (2.27)
Year Ended 12/31/2018 $20.84 0.06 (4.59) (4.53) (0.05) — (0.05)
Year Ended 12/31/2017 $14.17 0.01 6.66 6.67 (0.00)(g) — (0.00)(g)
Year Ended 12/31/2016 $13.53 0.02 0.63 0.65 (0.01) — (0.01)
Class 3
Six Months Ended 6/30/2021 (Unaudited) $21.80 (0.03) 1.75 1.72 (0.22) (0.80) (1.02)
Year Ended 12/31/2020 $18.89 (0.03) 5.35 5.32 (0.10) (2.31) (2.41)
Year Ended 12/31/2019 $16.33 0.08 4.76 4.84 (0.03) (2.25) (2.28)
Year Ended 12/31/2018 $20.96 0.09 (4.63) (4.54) (0.09) — (0.09)
Year Ended 12/31/2017 $14.24 0.03 6.71 6.74 (0.02) — (0.02)
Year Ended 12/31/2016 $13.58 0.04 0.63 0.67 (0.01) — (0.01)
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) Annualized.
(d) Ratios include interfund lending expense which is less than 0.01%.
(e) Ratios include line of credit interest expense which is less than 0.01%.
(f) The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.04%.
(g) Rounds to zero.
(h) The Fund received a payment from an affiliate which had an impact of less than 0.01%.
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Variable Portfolio – Emerging Markets Fund | Semiannual Report 2021FINANCIAL HIGHLIGHTS (continued)
Net Total gross Total net Net investment Net
asset expense expense income (loss) assets,
value, ratio to ratio to ratio to end of
Reimbursement end of Total average average average Portfolio period
from affiliate period return net assets(a) net assets(a),(b) net assets turnover (000’s)
Class 1
Six Months Ended 6/30/2021 (Unaudited) — $22.60 8.00% 1.22%(c),(d) 1.14%(c),(d) (0.20%)(c) 15% $130,870
Year Ended 12/31/2020 — $21.90 33.61% 1.23%(d),(e) 1.14%(d),(e) (0.05%) 26% $171,261
Year Ended 12/31/2019 0.01 $18.98 31.50%(f) 1.22%(d) 1.17%(d) 0.53% 26% $133,990
Year Ended 12/31/2018 — $16.38 (21.62%) 1.20%(d) 1.20%(d) 0.70% 41% $196,720
Year Ended 12/31/2017 — $21.04 47.51% 1.25%(e) 1.24%(e) 0.31% 43% $457,065
Year Ended 12/31/2016 — $14.29 5.13% 1.29%(e) 1.27%(e) 0.25% 74% $408,360
Class 2
Six Months Ended 6/30/2021 (Unaudited) — $22.36 7.87% 1.48%(c),(d) 1.39%(c),(d) (0.42%)(c) 15% $90,979
Year Ended 12/31/2020 — $21.66 33.31% 1.48%(d),(e) 1.39%(d),(e) (0.30%) 26% $75,522
Year Ended 12/31/2019 0.00(g) $18.78 31.13%(h) 1.47%(d) 1.42%(d) 0.33% 26% $55,859
Year Ended 12/31/2018 — $16.26 (21.78%) 1.47%(d) 1.46%(d) 0.33% 41% $42,531
Year Ended 12/31/2017 — $20.84 47.10% 1.50%(e) 1.48%(e) 0.04% 43% $46,421
Year Ended 12/31/2016 — $14.17 4.81% 1.54%(e) 1.52%(e) 0.14% 74% $21,331
Class 3
Six Months Ended 6/30/2021 (Unaudited) — $22.50 7.92% 1.35%(c),(d) 1.27%(c),(d) (0.30%)(c) 15% $235,422
Year Ended 12/31/2020 — $21.80 33.51% 1.35%(d),(e) 1.27%(d),(e) (0.18%) 26% $222,100
Year Ended 12/31/2019 0.00(g) $18.89 31.29%(h) 1.34%(d) 1.29%(d) 0.45% 26% $196,505
Year Ended 12/31/2018 — $16.33 (21.73%) 1.34%(d) 1.33%(d) 0.44% 41% $173,529
Year Ended 12/31/2017 — $20.96 47.34% 1.37%(e) 1.36%(e) 0.18% 43% $244,408
Year Ended 12/31/2016 — $14.24 4.97% 1.42%(e) 1.40%(e) 0.26% 74% $183,897
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Variable Portfolio – Emerging Markets Fund | Semiannual Report 2021 15NOTES TO FINANCIAL STATEMENTS June 30, 2021 (Unaudited) Note 1. Organization Columbia Variable Portfolio – Emerging Markets 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, Class 2 and Class 3 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. Security valuation Equity securities listed on an exchange are valued at the closing price or last trade on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and asked prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service. Foreign equity securities are valued based on the closing price or last trade on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available. 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. 16 Columbia Variable Portfolio – Emerging Markets Fund | Semiannual Report 2021
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2021 (Unaudited)
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
and under the general supervision of 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.
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
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend
date or upon receipt of an ex-dividend notification in the case of certain foreign securities.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs),
exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate
investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions
are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is
recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of
capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported,
estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a
wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are
subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a
proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on
the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as
realized gains.
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.
Columbia Variable Portfolio – Emerging Markets Fund | Semiannual Report 2021 17NOTES TO FINANCIAL STATEMENTS (continued) June 30, 2021 (Unaudited) 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. 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 on 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 quarterly. 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. 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 management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 1.10% to 0.70% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended June 30, 2021 was 1.10% of the Fund’s average daily net assets. 18 Columbia Variable Portfolio – Emerging Markets Fund | Semiannual Report 2021
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2021 (Unaudited)
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 "Compensation of board members" on 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, 2021, was 0.04% 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 and an annual rate of up to 0.125%
of the Fund’s average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for
Class 1 shares.
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 class’ average daily net assets:
July 1, 2021 May 1, 2021
through through Prior to
April 30, 2022 June 30, 2021 May 1, 2021
Class 1 1.13% 1.14% 1.14%
Class 2 1.38 1.39 1.39
Class 3 1.255 1.265 1.265
Columbia Variable Portfolio – Emerging Markets Fund | Semiannual Report 2021 19You can also read
