Columbia Funds Variable Insurance Trust N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-05199

Columbia Funds Variable Insurance Trust

(Exact name of registrant as specified in charter)

290 Congress Street

Boston, MA 02210

(Address of principal executive offices) (Zip code)

Daniel J. Beckman

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

Ryan C. Larrenaga, Esq.

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

(Name and address of agent for service)

Registrant's telephone number, including area code:

(800) 345-6611

Date of fiscal year end:

December 31

Date of reporting period:

June 30, 2024

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders

Columbia Variable Portfolio – Long Government/Credit Bond Fund

Class 1

Semiannual Shareholder Report |

June

30, 2024

This

semiannual shareholder report

contains important information about Columbia Variable Portfolio – Long Government/Credit Bond 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

1-800-345-6611.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$ 24	0.49%

Key Fund Statistics

Fund net assets	$1,490,644,951
Total number of portfolio holdings	198
Portfolio turnover for the reporting period	24%

Graphical Representation of FundHoldings

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.

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.

Top Holdings

U.S. Treasury 08/15/2043 4.375%	6.8%
U.S. Treasury 05/15/2047 3.000%	6.3%
U.S. Treasury 02/15/2048 3.000%	5.2%
U.S. Treasury 05/15/2052 2.875%	5.0%
U.S. Treasury 02/15/2039 3.500%	3.0%
U.S. Treasury 02/15/2036 4.500%	2.6%
U.S. Treasury 05/15/2038 4.500%	2.0%
U.S. Treasury 05/15/2041 4.375%	1.7%
U.S. Treasury 02/15/2040	1.3%
AT&T, Inc. 12/01/2057 3.800%	1.2%

Asset Categories

Credit Quality

Availability of Additional Information

For additional

information

about the Fund: including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report.

Columbia Variable funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.

© 2024 Columbia

Management

Investment Distributors, Inc.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

Columbia Variable Portfolio – Long Government/Credit Bond Fund

Class 2

Semiannual Shareholder Report | June 30, 2024

This

semiannual shareholder report

contains important information about Columbia Variable Portfolio – Long Government/Credit Bond 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

1-800-345-6611.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$36	0.74%

Key Fund Statistics

Fund net assets	$1,490,644,951
Total number of portfolio holdings	198
Portfolio turnover for the reporting period	24%

Graphical Representation of FundHoldings

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.

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.

Top Holdings

U.S. Treasury 08/15/2043 4.375%	6.8%
U.S. Treasury 05/15/2047 3.000%	6.3%
U.S. Treasury 02/15/2048 3.000%	5.2%
U.S. Treasury 05/15/2052 2.875%	5.0%
U.S. Treasury 02/15/2039 3.500%	3.0%
U.S. Treasury 02/15/2036 4.500%	2.6%
U.S. Treasury 05/15/2038 4.500%	2.0%
U.S. Treasury 05/15/2041 4.375%	1.7%
U.S. Treasury 02/15/2040	1.3%
AT&T, Inc. 12/01/2057 3.800%	1.2%

Asset Categories

Credit Quality

Availability of Additional Information

For

additional

information about the Fund: including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report.

Columbia Variable funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers,

LLC

.Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.

© 2024 Columbia Management Investment Distributors, Inc.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) The registrant’s “Schedule I – Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 7 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

 

Columbia Variable Portfolio – Long Government/Credit Bond Fund

Semiannual Financial Statements and Additional Information

June 30, 2024 (Unaudited)

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured No Financial Institution Guarantee May Lose Value

Table of Contents

Portfolio of Investments	3
Statement of Assets and Liabilities	10
Statement of Operations	11
Statement of Changes in Net Assets	12
Financial Highlights	14
Notes to Financial Statements	16
Approval of Management Agreement	26

Columbia Variable Portfolio – Long Government/Credit Bond Fund | 2024

Portfolio of InvestmentsJune 30, 2024 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Asset-Backed Securities - Agency 0.6%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
United States Small Business Administration
Series 2016-20L Class 1
12/01/2036	2.810%	2,466,905	2,224,880
Series 2017-20E Class 1
05/01/2037	2.880%	217,176	196,155
Series 2017-20F Class 1
06/01/2037	2.810%	1,844,200	1,657,926
Series 2017-20G Class 1
07/01/2037	2.980%	1,593,558	1,449,910
Series 2017-20H Class 1
08/01/2037	2.750%	1,577,666	1,422,447
Series 2017-20I Class 1
09/01/2037	2.590%	2,383,873	2,120,976
Total Asset-Backed Securities — Agency (Cost $10,083,378)			9,072,294
Corporate Bonds & Notes 49.6%
Aerospace & Defense 3.5%
BAE Systems PLC(a)
03/26/2034	5.300%	14,809,000	14,653,533
Boeing Co. (The)
08/01/2059	3.950%	12,227,000	7,789,750
05/01/2060	5.930%	455,000	407,074
L3Harris Technologies, Inc.
07/31/2033	5.400%	2,910,000	2,900,179
06/01/2034	5.350%	6,375,000	6,328,359
Lockheed Martin Corp.
02/15/2055	5.200%	3,290,000	3,148,395
Northrop Grumman Corp.
06/01/2043	4.750%	4,425,000	3,965,897
10/15/2047	4.030%	6,765,000	5,350,838
United Technologies Corp.
06/01/2036	6.050%	256,000	267,561
07/15/2038	6.125%	7,375,000	7,736,347
11/01/2046	3.750%	3,000	2,246
Total			52,550,179
Banking 6.2%
Bank of America Corp.(b)
10/24/2031	1.922%	8,270,000	6,758,604
02/04/2033	2.972%	14,212,000	12,031,251
03/20/2051	4.083%	420,000	335,489
Subordinated
09/21/2036	2.482%	2,668,000	2,130,353

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Citigroup, Inc.(b)
01/25/2033	3.057%	6,748,000	5,722,356
06/11/2035	5.449%	5,337,000	5,296,257
Subordinated
02/13/2035	5.827%	5,035,000	4,990,767
Goldman Sachs Group, Inc. (The)(b)
07/21/2032	2.383%	21,945,000	18,034,530
HSBC Holdings PLC(b)
03/09/2044	6.332%	2,710,000	2,833,193
JPMorgan Chase & Co.(b)
04/22/2035	5.766%	9,089,000	9,330,248
Morgan Stanley(b)
07/21/2032	2.239%	5,084,000	4,158,998
Subordinated
09/16/2036	2.484%	11,938,000	9,447,899
Wells Fargo & Co.(b)
07/25/2034	5.557%	7,736,000	7,734,937
04/04/2051	5.013%	4,030,000	3,674,001
Total			92,478,883
Cable and Satellite 2.1%
Charter Communications Operating LLC/Capital
05/01/2047	5.375%	17,780,000	14,213,099
12/01/2061	4.400%	1,061,000	692,586
06/30/2062	3.950%	1,227,000	726,967
Comcast Corp.
05/15/2053	5.350%	1,970,000	1,887,456
06/01/2054	5.650%	1,237,000	1,235,198
11/01/2056	2.937%	9,750,000	5,882,258
NBCUniversal Media LLC
01/15/2043	4.450%	7,742,000	6,684,994
Total			31,322,558
Chemicals 0.1%
LYB International Finance III LLC
04/01/2051	3.625%	2,550,000	1,752,459
Construction Machinery 0.2%
United Rentals North America, Inc.
02/15/2031	3.875%	4,075,000	3,637,975
Diversified Manufacturing 0.6%
Carrier Global Corp.
02/15/2030	2.722%	4,810,000	4,248,180
04/05/2040	3.377%	6,305,000	4,882,546
Total			9,130,726

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Long Government/Credit Bond Fund  | 2024

3

Portfolio of Investments (continued)June 30, 2024 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Electric 7.7%
AEP Texas, Inc.
01/15/2050	3.450%	13,470,000	8,898,725
05/15/2051	3.450%	375,000	246,787
05/15/2052	5.250%	1,553,000	1,386,999
AES Corp. (The)
01/15/2031	2.450%	1,790,000	1,473,741
CenterPoint Energy, Inc.
09/01/2049	3.700%	4,290,000	3,079,471
Consolidated Edison Co. of New York, Inc.
11/15/2053	5.900%	2,885,000	2,953,708
Constellation Energy Generation LLC
03/15/2054	5.750%	2,900,000	2,811,217
Dominion Resources, Inc.
12/01/2044	4.700%	5,510,000	4,663,333
Duke Energy Carolinas LLC
01/15/2054	5.400%	3,845,000	3,684,673
Duke Energy Corp.
08/15/2052	5.000%	18,745,000	16,294,564
Duke Energy Indiana LLC
04/01/2050	2.750%	955,000	575,285
Emera US Finance LP
06/15/2046	4.750%	3,738,000	3,074,510
Eversource Energy
08/15/2030	1.650%	6,053,000	4,885,492
Exelon Corp.
03/15/2052	4.100%	8,365,000	6,417,086
03/15/2053	5.600%	8,518,000	8,194,980
FirstEnergy Corp.
03/01/2050	3.400%	3,370,000	2,237,489
Jersey Central Power & Light Co.(a)
03/01/2032	2.750%	2,179,000	1,800,365
MidAmerican Energy Co.
02/01/2055	5.300%	2,290,000	2,181,000
NextEra Energy Capital Holdings, Inc.
03/15/2034	5.250%	11,220,000	11,024,037
Oncor Electric Delivery Co. LLC(a)
06/15/2054	5.550%	4,652,000	4,565,569
Pacific Gas and Electric Co.
07/01/2050	4.950%	9,395,000	7,759,117
Southern California Edison Co.
06/01/2034	5.200%	4,252,000	4,150,302
Virginia Electric and Power Co.
01/15/2034	5.000%	8,289,000	8,054,299

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Xcel Energy, Inc.
06/01/2032	4.600%	3,345,000	3,129,101
12/01/2049	3.500%	2,902,000	1,967,714
Total			115,509,564
Environmental 0.3%
GFL Environmental, Inc.(a)
09/01/2028	3.500%	4,515,000	4,162,962
Food and Beverage 2.2%
Bacardi Ltd.(a)
05/15/2038	5.150%	9,541,000	8,813,436
05/15/2048	5.300%	5,792,000	5,223,953
Campbell Soup Co.
03/21/2034	5.400%	3,796,000	3,773,078
04/24/2050	3.125%	5,253,000	3,414,937
Coca-Cola Co. (The)
05/13/2064	5.400%	2,200,000	2,180,347
Constellation Brands, Inc.
05/01/2033	4.900%	4,047,000	3,906,170
J M Smucker Co. (The)
11/15/2053	6.500%	1,661,000	1,783,081
Mars, Inc.(a)
04/01/2054	4.125%	480,000	388,422
04/01/2059	4.200%	4,053,000	3,232,390
Total			32,715,814
Health Care 2.6%
Becton Dickinson & Co.
02/08/2034	5.110%	9,155,000	9,006,351
Cigna Corp.
03/15/2050	3.400%	10,694,000	7,282,799
CVS Health Corp.
06/01/2044	6.000%	4,020,000	3,941,181
07/20/2045	5.125%	12,440,000	10,938,815
HCA, Inc.
03/15/2052	4.625%	5,789,000	4,674,783
New York and Presbyterian Hospital (The)
08/01/2036	3.563%	3,425,000	2,906,896
Total			38,750,825
Healthcare Insurance 2.6%
Aetna, Inc.
11/15/2042	4.125%	4,360,000	3,422,776
08/15/2047	3.875%	1,927,000	1,397,448
Anthem, Inc.
08/15/2044	4.650%	3,500,000	3,053,012

The accompanying Notes to Financial Statements are an integral part of this statement.

4

Columbia Variable Portfolio – Long Government/Credit Bond Fund  | 2024

Portfolio of Investments (continued)June 30, 2024 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Centene Corp.
02/15/2030	3.375%	5,874,000	5,212,256
10/15/2030	3.000%	5,328,000	4,557,852
03/01/2031	2.500%	5,202,000	4,272,252
UnitedHealth Group, Inc.
02/15/2053	5.875%	7,930,000	8,237,136
04/15/2053	5.050%	2,510,000	2,328,158
04/15/2064	5.500%	5,845,000	5,668,619
Total			38,149,509
Independent Energy 0.4%
Canadian Natural Resources Ltd.
02/15/2037	6.500%	2,580,000	2,673,714
Diamondback Energy, Inc.
04/18/2064	5.900%	3,167,000	3,057,359
Total			5,731,073
Integrated Energy 1.3%
BP Capital Markets America, Inc.
11/17/2034	5.227%	10,240,000	10,164,562
Cenovus Energy, Inc.
02/15/2052	3.750%	6,384,000	4,507,895
Total Capital International SA
06/29/2060	3.386%	1,315,000	881,142
TotalEnergies Capital SA
04/05/2064	5.638%	3,388,000	3,358,597
Total			18,912,196
Life Insurance 1.4%
MetLife, Inc.
07/15/2052	5.000%	4,428,000	4,035,082
New York Life Global Funding(a)
01/09/2034	5.000%	4,310,000	4,232,250
New York Life Insurance Co.(a)
Subordinated
05/15/2050	3.750%	5,359,000	3,999,420
Northwestern Mutual Life Insurance Co. (The)(a)
Subordinated
09/30/2059	3.625%	2,813,000	1,922,077
Teachers Insurance & Annuity Association of America(a)
Subordinated
05/15/2050	3.300%	9,275,000	6,285,387
Total			20,474,216
Media and Entertainment 1.3%
Fox Corp.
01/25/2049	5.576%	1,950,000	1,789,414
Meta Platforms, Inc.
05/15/2063	5.750%	5,455,000	5,609,141

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Viacom, Inc.
03/15/2043	4.375%	2,113,000	1,401,422
Warnermedia Holdings, Inc.
03/15/2062	5.391%	13,486,000	10,519,681
Total			19,319,658
Midstream 2.8%
Enbridge, Inc.
04/05/2054	5.950%	5,346,000	5,305,557
Energy Transfer LP
05/15/2054	5.950%	7,374,000	7,143,181
09/01/2054	6.050%	3,230,000	3,166,416
Kinder Morgan Energy Partners LP
03/01/2043	5.000%	1,345,000	1,173,175
09/01/2044	5.400%	3,058,000	2,799,353
Kinder Morgan, Inc.
02/15/2046	5.050%	4,996,000	4,375,590
MPLX LP
04/15/2048	4.700%	1,427,000	1,179,484
03/14/2052	4.950%	5,551,000	4,713,291
Plains All American Pipeline LP/Finance Corp.
06/15/2044	4.700%	6,020,000	4,959,906
Williams Companies, Inc. (The)
06/24/2044	5.750%	7,165,000	7,015,820
Total			41,831,773
Natural Gas 0.9%
NiSource, Inc.
02/15/2043	5.250%	1,575,000	1,445,762
02/15/2044	4.800%	7,017,000	6,088,916
05/15/2047	4.375%	1,794,000	1,441,222
NiSource, Inc.(b)
11/30/2054	6.950%	1,968,000	1,977,591
Sempra Energy
02/01/2048	4.000%	3,650,000	2,776,821
Total			13,730,312
Pharmaceuticals 3.2%
AbbVie, Inc.
03/15/2064	5.500%	5,521,000	5,448,557
Amgen, Inc.
02/22/2062	4.400%	4,107,000	3,263,921
03/02/2063	5.750%	14,807,000	14,517,155
Bristol-Myers Squibb Co.
02/22/2064	5.650%	11,978,000	11,703,790
Merck & Co., Inc.
05/17/2053	5.000%	4,275,000	4,023,211

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Long Government/Credit Bond Fund  | 2024

5

Portfolio of Investments (continued)June 30, 2024 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Pfizer Investment Enterprises Pte., Ltd.
05/19/2043	5.110%	9,835,000	9,350,878
Total			48,307,512
Property & Casualty 0.5%
Berkshire Hathaway Finance Corp.
03/15/2052	3.850%	5,060,000	3,915,370
Liberty Mutual Group, Inc.(a)
10/15/2050	3.951%	4,435,000	3,216,802
Total			7,132,172
Railroads 1.5%
Burlington Northern Santa Fe LLC
03/15/2055	5.500%	12,640,000	12,677,505
CSX Corp.
11/15/2052	4.500%	1,512,000	1,294,280
Norfolk Southern Corp.
08/15/2052	4.050%	3,135,000	2,415,726
08/01/2054	5.350%	3,035,000	2,892,357
03/15/2064	5.950%	2,520,000	2,570,277
Total			21,850,145
Restaurants 0.3%
McDonald’s Corp.
09/01/2049	3.625%	4,135,000	2,999,582
04/01/2050	4.200%	1,855,000	1,479,752
Total			4,479,334
Retailers 1.5%
Amazon.com, Inc.
05/12/2051	3.100%	10,604,000	7,286,449
Home Depot, Inc. (The)
06/25/2054	5.300%	5,384,000	5,256,655
Lowe’s Companies, Inc.
04/01/2062	4.450%	11,671,000	9,083,928
09/15/2062	5.800%	452,000	439,110
Total			22,066,142
Technology 3.0%
Apple, Inc.
02/08/2051	2.650%	11,872,000	7,501,832
Broadcom, Inc.(a)
11/15/2036	3.187%	15,867,000	12,549,546
Foundry JV Holdco LLC(a)
01/25/2038	6.400%	1,891,000	1,949,055
Intel Corp.
08/12/2051	3.050%	7,075,000	4,487,496
International Business Machines Corp.
02/06/2053	5.100%	3,420,000	3,191,797

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
NXP BV/Funding LLC/USA, Inc.
05/11/2041	3.250%	3,460,000	2,524,554
02/15/2042	3.125%	3,530,000	2,490,936
Oracle Corp.
07/15/2046	4.000%	8,400,000	6,405,062
04/01/2050	3.600%	2,661,000	1,858,147
03/25/2061	4.100%	1,518,000	1,089,922
Total			44,048,347
Tobacco 0.4%
BAT Capital Corp.
08/02/2043	7.079%	2,275,000	2,402,013
Reynolds American, Inc.
08/15/2035	5.700%	3,027,000	2,956,558
Total			5,358,571
Transportation Services 0.7%
ERAC USA Finance LLC(a)
10/30/2034	5.200%	2,462,000	2,436,687
United Parcel Service, Inc.
05/22/2054	5.500%	1,400,000	1,387,467
05/22/2064	5.600%	7,261,000	7,180,034
Total			11,004,188
Wireless 0.3%
T-Mobile US, Inc.
04/15/2050	4.500%	1,670,000	1,394,499
Vodafone Group PLC
06/28/2064	5.875%	3,615,000	3,474,193
Total			4,868,692
Wirelines 2.0%
AT&T, Inc.
12/01/2057	3.800%	26,408,000	18,439,781
Verizon Communications, Inc.
03/22/2041	3.400%	14,500,000	11,083,127
Total			29,522,908
Total Corporate Bonds & Notes (Cost $812,387,797)			738,798,693
Foreign Government Obligations(c) 0.7%
Mexico 0.7%
Mexico Government International Bond
05/04/2053	6.338%	10,495,000	9,873,320
Total Foreign Government Obligations (Cost $10,494,790)			9,873,320

The accompanying Notes to Financial Statements are an integral part of this statement.

6

Columbia Variable Portfolio – Long Government/Credit Bond Fund  | 2024

Portfolio of Investments (continued)June 30, 2024 (Unaudited)

U.S. Treasury Obligations 45.9%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
U.S. Treasury
07/31/2024	3.000%	8,113,800	8,096,654
05/15/2033	3.375%	4,909,800	4,550,771
11/15/2033	4.500%	7,387,000	7,456,253
02/15/2036	4.500%	37,500,000	38,162,109
05/15/2038	4.500%	30,000,000	30,276,563
02/15/2039	3.500%	49,000,000	44,061,719
08/15/2040	3.875%	10,000,000	9,268,750
02/15/2041	4.750%	8,000,000	8,212,500
05/15/2041	4.375%	25,383,000	24,887,238
05/15/2043	2.875%	17,600,000	13,662,000
05/15/2043	3.875%	19,723,500	17,797,377
08/15/2043	4.375%	104,581,000	100,969,687
08/15/2044	3.125%	16,500,000	13,181,953
11/15/2044	3.000%	10,000,000	7,809,375
11/15/2045	3.000%	12,000,000	9,290,625
11/15/2047	2.750%	20,750,000	15,085,898
02/15/2048	3.000%	101,200,000	76,991,063
08/15/2049	2.250%	495,000	319,971
02/15/2050	2.000%	2,900,000	1,761,297
05/15/2050	1.250%	22,250,000	11,027,656
11/15/2050	1.625%	24,800,000	13,574,125
02/15/2051	1.875%	22,000,000	12,845,938
05/15/2051	2.375%	2,600,000	1,712,344
05/15/2052	2.875%	102,497,900	75,127,758

U.S. Treasury Obligations (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
02/15/2053	3.625%	12,877,300	10,955,765
U.S. Treasury(d)
05/15/2047	3.000%	122,157,900	93,450,793
U.S. Treasury(e)
STRIPS
02/15/2040	0.000%	38,410,800	19,299,927
11/15/2041	0.000%	13,661,000	6,178,401
05/15/2043	0.000%	19,069,000	7,949,389
Total U.S. Treasury Obligations (Cost $837,440,227)			683,963,899

Money Market Funds 2.2%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 5.547%(f),(g)	33,354,967	33,344,960
Total Money Market Funds (Cost $33,342,555)		33,344,960
Total Investments in Securities (Cost: $1,703,748,747)		1,475,053,166
Other Assets & Liabilities, Net		15,591,785
Net Assets		1,490,644,951

At June 30, 2024, securities and/or cash totaling $10,540,186 were pledged as collateral.

Investments in derivatives 

Long futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
U.S. Long Bond	1,176	09/2024	USD	139,135,500	1,593,999	—
U.S. Treasury Ultra Bond	868	09/2024	USD	108,798,375	1,196,031	—
Total					2,790,030	—

Short futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
U.S. Treasury 10-Year Note	(767)	09/2024	USD	(84,358,016 )	—	(720,317 )
U.S. Treasury 2-Year Note	(11)	09/2024	USD	(2,246,406 )	—	(6,004 )
U.S. Treasury 5-Year Note	(204)	09/2024	USD	(21,741,938 )	—	(144,895 )
U.S. Treasury Ultra 10-Year Note	(135)	09/2024	USD	(15,326,719 )	62,431	—
U.S. Treasury Ultra 10-Year Note	(756)	09/2024	USD	(85,829,625 )	—	(875,713 )
Total					62,431	(1,746,929 )

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Long Government/Credit Bond Fund  | 2024

7

Portfolio of Investments (continued)June 30, 2024 (Unaudited)

Notes to Portfolio of Investments 

(a)	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, 2024, the total value of these securities amounted to $79,431,854, which represents 5.33% of total net assets.
(b)	Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of June 30, 2024.
(c)	Principal and interest may not be guaranteed by a governmental entity.
(d)	This security or a portion of this security has been pledged as collateral in connection with derivative contracts.
(e)	Zero coupon bond.
(f)	The rate shown is the seven-day current annualized yield at June 30, 2024.
(g)	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, 2024 are as follows:

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Realized gain (loss)($)	Dividends($)	End of period shares
Columbia Short-Term Cash Fund, 5.547%
	33,608,721	221,652,783	(221,906,270 )	(10,274 )	33,344,960	6,253	988,501	33,354,967

Abbreviation Legend 

STRIPS Separate Trading of Registered Interest and Principal Securities

Currency Legend 

USD US Dollar

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:

■

 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.

■

 Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■

 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.

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.

The Fund’s Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using 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 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

The accompanying Notes to Financial Statements are an integral part of this statement.

8

Columbia Variable Portfolio – Long Government/Credit Bond Fund  | 2024

Portfolio of Investments (continued)June 30, 2024 (Unaudited)

Fair value measurements   (continued)

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. Representatives of Columbia Management Investment Advisers, LLC report to 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, 2024: 

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Asset-Backed Securities - Agency	—	9,072,294	—	9,072,294
Corporate Bonds & Notes	—	738,798,693	—	738,798,693
Foreign Government Obligations	—	9,873,320	—	9,873,320
U.S. Treasury Obligations	—	683,963,899	—	683,963,899
Money Market Funds	33,344,960	—	—	33,344,960
Total Investments in Securities	33,344,960	1,441,708,206	—	1,475,053,166
Investments in Derivatives
Asset
Futures Contracts	2,852,461	—	—	2,852,461
Liability
Futures Contracts	(1,746,929 )	—	—	(1,746,929 )
Total	34,450,492	1,441,708,206	—	1,476,158,698

See the Portfolio of Investments for all investment classifications not indicated in the table.

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.

Derivative instruments are valued at unrealized appreciation (depreciation).

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Long Government/Credit Bond Fund  | 2024

9

Statement of Assets and LiabilitiesJune 30, 2024 (Unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $1,670,406,192)	$1,441,708,206
Affiliated issuers (cost $33,342,555)	33,344,960
Receivable for:
Investments sold	482,690
Capital shares sold	18,980
Dividends	181,121
Interest	16,917,903
Variation margin for futures contracts	666,136
Expense reimbursement due from Investment Manager	466
Prepaid expenses	6,760
Deferred compensation of board members	177,031
Total assets	1,493,504,253
Liabilities
Payable for:
Capital shares redeemed	5,797
Variation margin for futures contracts	2,578,351
Management services fees	20,289
Distribution and/or service fees	112
Service fees	777
Compensation of chief compliance officer	125
Compensation of board members	3,159
Other expenses	29,233
Deferred compensation of board members	221,459
Total liabilities	2,859,302
Net assets applicable to outstanding capital stock	$1,490,644,951
Represented by
Paid in capital	1,925,277,488
Total distributable earnings (loss)	(434,632,537 )
Total - representing net assets applicable to outstanding capital stock	$1,490,644,951
Class 1
Net assets	$1,474,470,412
Shares outstanding	194,243,984
Net asset value per share	$7.59
Class 2
Net assets	$16,174,539
Shares outstanding	2,139,481
Net asset value per share	$7.56

The accompanying Notes to Financial Statements are an integral part of this statement.

10

Columbia Variable Portfolio – Long Government/Credit Bond Fund  | 2024

Statement of OperationsSix Months Ended June 30, 2024 (Unaudited)

Net investment income
Income:
Dividends — affiliated issuers	$988,501
Interest	32,819,331
Interfund lending	261
Total income	33,808,093
Expenses:
Management services fees	3,648,669
Distribution and/or service fees
Class 2	20,636
Service fees	5,252
Custodian fees	5,495
Printing and postage fees	5,909
Accounting services fees	20,524
Legal fees	13,697
Interest on collateral	3,915
Compensation of chief compliance officer	141
Compensation of board members	13,493
Deferred compensation of board members	7,445
Other	13,229
Total expenses	3,758,405
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(98,247 )
Total net expenses	3,660,158
Net investment income	30,147,935
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(14,938,937 )
Investments — affiliated issuers	6,253
Futures contracts	3,962,551
Net realized loss	(10,970,133 )
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(67,770,115 )
Investments — affiliated issuers	(10,274 )
Futures contracts	(12,665,814 )
Net change in unrealized appreciation (depreciation)	(80,446,203 )
Net realized and unrealized loss	(91,416,336 )
Net decrease in net assets resulting from operations	$(61,268,401 )

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Long Government/Credit Bond Fund  | 2024

11

Statement of Changes in Net Assets

	Six Months Ended June 30, 2024 (Unaudited)	Year Ended December 31, 2023
Operations
Net investment income	$30,147,935	$58,256,778
Net realized loss	(10,970,133 )	(101,500,748 )
Net change in unrealized appreciation (depreciation)	(80,446,203 )	146,329,458
Net increase (decrease) in net assets resulting from operations	(61,268,401 )	103,085,488
Distributions to shareholders
Net investment income and net realized gains
Class 1	—	(49,849,960 )
Class 2	—	(486,344 )
Total distributions to shareholders	—	(50,336,304 )
Increase (decrease) in net assets from capital stock activity	(1,959,988 )	30,938,931
Total increase (decrease) in net assets	(63,228,389 )	83,688,115
Net assets at beginning of period	1,553,873,340	1,470,185,225
Net assets at end of period	$1,490,644,951	$1,553,873,340

	Six Months Ended		Year Ended
	June 30, 2024 (Unaudited)		December 31, 2023
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class 1
Shares sold	788,899	5,988,841	1,594,824	11,886,605
Distributions reinvested	—	—	6,541,990	49,849,960
Shares redeemed	(952,344 )	(7,381,381 )	(4,544,138 )	(35,632,922 )
Net increase (decrease)	(163,445 )	(1,392,540 )	3,592,676	26,103,643
Class 2
Shares sold	200,542	1,532,350	718,506	5,597,904
Distributions reinvested	—	—	63,908	486,344
Shares redeemed	(277,427 )	(2,099,798 )	(164,255 )	(1,248,960 )
Net increase (decrease)	(76,885 )	(567,448 )	618,159	4,835,288
Total net increase (decrease)	(240,330 )	(1,959,988 )	4,210,835	30,938,931

The accompanying Notes to Financial Statements are an integral part of this statement.

12

Columbia Variable Portfolio – Long Government/Credit Bond Fund  | 2024

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Columbia Variable Portfolio – Long Government/Credit Bond Fund  | 2024

13

Financial 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 ratios of expenses and net investment income are 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 asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class 1
Six Months Ended 6/30/2024 (Unaudited)	$7.90	0.15	(0.46 )	(0.31 )	—	—	—
Year Ended 12/31/2023	$7.64	0.30	0.22	0.52	(0.26 )	—	(0.26 )
Year Ended 12/31/2022	$11.19	0.27	(3.30 )	(3.03 )	(0.25 )	(0.27 )	(0.52 )
Year Ended 12/31/2021	$12.38	0.26	(0.65 )	(0.39 )	(0.24 )	(0.56 )	(0.80 )
Year Ended 12/31/2020	$10.99	0.29	1.62	1.91	(0.33 )	(0.19 )	(0.52 )
Year Ended 12/31/2019	$9.44	0.31	1.54	1.85	(0.30 )	—	(0.30 )
Class 2
Six Months Ended 6/30/2024 (Unaudited)	$7.88	0.14	(0.46 )	(0.32 )	—	—	—
Year Ended 12/31/2023	$7.62	0.28	0.22	0.50	(0.24 )	—	(0.24 )
Year Ended 12/31/2022	$11.15	0.25	(3.28 )	(3.03 )	(0.23 )	(0.27 )	(0.50 )
Year Ended 12/31/2021	$12.34	0.24	(0.66 )	(0.42 )	(0.21 )	(0.56 )	(0.77 )
Year Ended 12/31/2020	$10.95	0.26	1.62	1.88	(0.30 )	(0.19 )	(0.49 )
Year Ended 12/31/2019	$9.41	0.28	1.53	1.81	(0.27 )	—	(0.27 )

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)	Ratios include interest on collateral expense which is less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

14

Columbia Variable Portfolio – Long Government/Credit Bond Fund  | 2024

Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets(a)	Total net expense ratio to average net assets(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class 1
Six Months Ended 6/30/2024 (Unaudited)	$7.59	(3.92% )	0.50% (c)	0.49% (c)	4.07%	24%	$1,474,470
Year Ended 12/31/2023	$7.90	6.97%	0.50% (c)	0.49% (c)	3.91%	50%	$1,536,406
Year Ended 12/31/2022	$7.64	(27.55% )	0.50% (c)	0.50% (c)	3.13%	53%	$1,458,011
Year Ended 12/31/2021	$11.19	(3.21% )	0.50% (c)	0.50% (c)	2.32%	48%	$1,960,592
Year Ended 12/31/2020	$12.38	17.25%	0.50%	0.50%	2.38%	46%	$1,747,792
Year Ended 12/31/2019	$10.99	19.74%	0.50%	0.50%	2.94%	49%	$1,607,152
Class 2
Six Months Ended 6/30/2024 (Unaudited)	$7.56	(4.06% )	0.75% (c)	0.74% (c)	3.81%	24%	$16,175
Year Ended 12/31/2023	$7.88	6.68%	0.75% (c)	0.74% (c)	3.69%	50%	$17,467
Year Ended 12/31/2022	$7.62	(27.70% )	0.75% (c)	0.75% (c)	2.85%	53%	$12,175
Year Ended 12/31/2021	$11.15	(3.47% )	0.75% (c)	0.75% (c)	2.07%	48%	$19,183
Year Ended 12/31/2020	$12.34	17.07%	0.75%	0.75%	2.11%	46%	$28,746
Year Ended 12/31/2019	$10.95	19.42%	0.75%	0.75%	2.68%	49%	$16,192

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Long Government/Credit Bond Fund  | 2024

15

Notes to Financial StatementsJune 30, 2024 (Unaudited)

Note 1. Organization

Columbia Variable Portfolio – Long Government/Credit Bond Fund (the Fund), a series of Columbia Funds Variable Insurance Trust (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 and Class 2 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

Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities’ cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

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.

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

16

Columbia Variable Portfolio – Long Government/Credit Bond Fund  | 2024

Notes to Financial Statements (continued)June 30, 2024 (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 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.

Derivative instruments

The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in individual markets. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty provides some protection in the case of clearing member default. The clearinghouse or central counterparty stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or central counterparty may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker’s customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the central counterparty or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker’s customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Columbia Variable Portfolio – Long Government/Credit Bond Fund  | 2024

17

Notes to Financial Statements (continued)June 30, 2024 (Unaudited)

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or central counterparty for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker or receive interest income on cash collateral pledged to the broker. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund’s net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.  The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement.  In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

Futures contracts

Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Effects of derivative transactions in the financial statements

The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

18

Columbia Variable Portfolio – Long Government/Credit Bond Fund  | 2024

Notes to Financial Statements (continued)June 30, 2024 (Unaudited)

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at June 30, 2024: 

	Asset derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Interest rate risk	Component of total distributable earnings (loss) — unrealized appreciation on futures contracts	2,852,461 *

	Liability derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Interest rate risk	Component of total distributable earnings (loss) — unrealized depreciation on futures contracts	1,746,929 *

* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin for futures and centrally cleared swaps, if any, is reported in receivables or payables in the Statement of Assets and Liabilities.

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended June 30, 2024: 

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Interest rate risk	3,962,551
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Interest rate risk	(12,665,814 )

The following table is a summary of the average daily outstanding volume by derivative instrument for the six months ended June 30, 2024: 

Derivative instrument	Average notional amounts ($)
Futures contracts — long	269,204,308
Futures contracts — short	230,650,122

Asset- and mortgage-backed securities

The Fund may invest in asset-backed and mortgage-backed securities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. All, or a portion, of the obligation may be prepaid at any time because the underlying asset may be prepaid. As a result, decreasing market interest rates could result in an increased level of prepayment. An increased prepayment rate will have the effect of shortening the maturity of the security. Unless otherwise noted, the coupon rates presented are fixed rates.

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.

Columbia Variable Portfolio – Long Government/Credit Bond Fund  | 2024

19

Notes to Financial Statements (continued)June 30, 2024 (Unaudited)

Income recognition

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Dividend income is recorded on the ex-dividend date.

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.

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.

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 annually. 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.

20

Columbia Variable Portfolio – Long Government/Credit Bond Fund  | 2024

Notes to Financial Statements (continued)June 30, 2024 (Unaudited)

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 0.50% to 0.34% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended June 30, 2024 was 0.49% of the Fund’s average daily net assets.

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 "Deferred compensation of board members" in 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, 2024 was 0.00% 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. The Fund pays no distribution and service fees for Class 1 shares.

Columbia Variable Portfolio – Long Government/Credit Bond Fund  | 2024

21

Notes to Financial Statements (continued)June 30, 2024 (Unaudited)

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 classes’ average daily net assets: 

	Fee rate(s) contractual through April 30, 2025 (%)
Class 1	0.49
Class 2	0.74

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At June 30, 2024, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was: 

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized (depreciation) ($)
1,703,749,000	12,026,000	(239,616,000 )	(227,590,000 )

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

The following capital loss carryforwards, determined at December 31, 2023, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code.  

No expiration short-term ($)	No expiration long-term ($)	Total ($)
(75,024,925 )	(184,706,038 )	(259,730,963 )

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

22

Columbia Variable Portfolio – Long Government/Credit Bond Fund  | 2024

Notes to Financial Statements (continued)June 30, 2024 (Unaudited)

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $365,240,671 and $347,578,787, respectively, for the six months ended June 30, 2024, of which $7,663,724 and $0, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and, by October 2, 2024, to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Note 7. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.

The Fund’s activity in the Interfund Program during the six months ended June 30, 2024 was as follows: 

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Lender	320,000	5.88	5

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at June 30, 2024.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 26, 2023 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $900 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate plus, in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 26, 2023 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate plus, in each case, 1.00%.

Columbia Variable Portfolio – Long Government/Credit Bond Fund  | 2024

23

Notes to Financial Statements (continued)June 30, 2024 (Unaudited)

The Fund had no borrowings during the six months ended June 30, 2024.

Note 9. Significant risks

Credit risk

Credit risk is the risk that the value of debt instruments in the Fund’s portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings to certain debt instruments to indicate their credit risk. Lower-rated or unrated debt instruments held by the Fund may present increased credit risk as compared to higher-rated debt instruments.

Derivatives risk

Losses involving derivative instruments may be substantial, because a relatively small movement in the underlying reference (which is generally the price, rate or other economic indicator associated with a security(ies), commodity, currency, index or other instrument or asset) may result in a substantial loss for the Fund. In addition to the potential for increased losses, the use of derivative instruments may lead to increased volatility within the Fund. Derivatives will typically increase the Fund’s exposure to principal risks to which it is otherwise exposed, and may expose the Fund to additional risks, including correlation risk, counterparty risk, hedging risk, leverage risk, liquidity risk and pricing risk.

Interest rate risk

Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund’s performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.

Liquidity risk

Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund’s investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.

Market risk

The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

24

Columbia Variable Portfolio – Long Government/Credit Bond Fund  | 2024

Notes to Financial Statements (continued)June 30, 2024 (Unaudited)

Shareholder concentration risk

At June 30, 2024, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Columbia Variable Portfolio – Long Government/Credit Bond Fund  | 2024

25

 Approval of Management Agreement

(Unaudited)

Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Variable Portfolio - Long Government/Credit Bond Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds).

On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement.  The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April, May and June 2024, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination.  In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance.  The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Management Agreement.

The Board, at its June 27, 2024 Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term.  At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory agreements and the Board’s legal responsibilities related to such consideration.  The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement.  Among other things, the information and factors considered included the following:

•

Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks; 

•

Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge; 

•

The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets;

•

Terms of the Management Agreement;

•

Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

•

Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;

•

Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

•

Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

•

Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services; 

•

The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

26

Columbia Variable Portfolio – Long Government/Credit Bond Fund  | 2024

Approval of Management Agreement (continued)(Unaudited)

•

Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.

Nature, extent and quality of services provided by the Investment Manager

The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager, as well as its history, expertise, resources and relative capabilities, and the qualifications of its personnel.

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department’s processes, systems and oversight over the past several years.  The Board also took into account the broad scope of services provided by the Investment Manager to the Fund, including, among other services, investment, risk and compliance oversight.  The Board also took into account the information it received concerning the Investment Manager’s ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.

In connection with the Board’s evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2023 in the performance of administrative services, and noted the various enhancements anticipated for 2024.  In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund’s and its service providers’ compliance programs.  The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements.

In addition, the Board discussed the acceptability of the terms of the Management Agreement, noting that no changes were proposed from the form of agreement previously approved.  The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.

After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.

Investment performance

The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund’s performance relative to peers and benchmarks and (iii) the net assets of the Fund. The Board observed that Fund performance was well within the range of that of its peers.

The Board also reviewed a description of the  methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons. 

The Board also considered the Investment Manager’s performance and reputation generally.  After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund and the Investment Manager, in light of other considerations, supported the continuation of the Management Agreement. 

Columbia Variable Portfolio – Long Government/Credit Bond Fund  | 2024

27

Approval of Management Agreement (continued)(Unaudited)

Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund

The Board reviewed comparative fees and the costs of services provided under the Management Agreement.  The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund’s expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund’s contribution to the Investment Manager’s profitability. 

The Board considered the reports of JDL, which assisted in the Board’s analysis of the Funds’ performance and expenses and the reasonableness of the Funds’ fee rates.  The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current “pricing philosophy” such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund’s total expense ratio (after considering proposed expense caps/waivers) was slightly below the peer universe’s median expense ratio shown in the reports. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement.

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund.  With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds.  The Board considered that the profitability generated by the Investment Manager in 2023 had declined from 2022 levels, due to a variety of factors, including the decreased assets under management of the Funds.  It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages.  The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit.  After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.

Economies of scale

The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund’s net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth.  In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement thus provides for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders. 

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement.  In reaching its conclusions, no single factor was determinative. 

On June 27, 2024, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.

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Columbia Variable Portfolio – Long Government/Credit Bond Fund  | 2024

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Columbia Variable Portfolio – Long Government/Credit Bond Fund

P.O. Box 219104

Kansas City, MO 64121-9104

 

Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210

© 2024 Columbia Management Investment Advisers, LLC.

SAR7016_12_P01_(08/24)

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies is included in Item 7 of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Statement regarding basis for approval of Investment Advisory Contract is included in Item 7 of this Form N-CSR.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors implemented since the registrant last provided disclosure as to such procedures in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K or Item 15 of Form N-CSR.

Item 16. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b) There was no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant)	Columbia Funds Variable Insurance Trust
By (Signature and Title)	/s/ Daniel J. Beckman
	Daniel J. Beckman, President and Principal Executive Officer
Date	August 22, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Daniel J. Beckman
	Daniel J. Beckman, President and Principal Executive Officer
Date	August 22, 2024
By (Signature and Title)	/s/ Michael G. Clarke
	Michael G. Clarke, Chief Financial Officer,
	Principal Financial Officer and Senior Vice President
Date	August 22, 2024
By (Signature and Title)	/s/ Charles H. Chiesa
	Charles H. Chiesa, Treasurer, Chief Accounting
	Officer and Principal Financial Officer
Date	August 22, 2024