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

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
, 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number811-05199

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, 2022

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, 100 F 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.

SemiAnnual Report
June 30, 2022 (Unaudited)

Columbia Variable Portfolio – Long Government/Credit Bond Fund

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

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

Table of Contents

Fund at a Glance	3
Understanding Your Fund’s Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	13
Statement of Operations	14
Statement of Changes in Net Assets	15
Financial Highlights	16
Notes to Financial Statements	18
Liquidity Risk Management Program	28
Approval of Management Agreement	28

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Columbia Variable Portfolio – Long Government/Credit Bond Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT is available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

Fund investment manager

Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

Fund distributor

Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Variable Portfolio – Long Government/Credit Bond Fund | Semiannual Report 2022

Table of Contents

Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks total return, consisting of current income and capital appreciation.

Portfolio management

Tom Murphy, CFA

Lead Portfolio Manager

Managed Fund since 2017

Royce D. Wilson, CFA

Portfolio Manager

Managed Fund since 2020

John Dawson, CFA

Portfolio Manager

Managed Fund since 2020

Shannon Rinehart, CFA

Portfolio Manager

Managed Fund since February 2022

Average annual total returns (%) (for the period ended June 30, 2022)
	Inception	6 Months cumulative	1 Year	5 Years	Life
Class 1	04/30/13	-22.07	-20.66	1.01	1.71
Class 2	04/30/13	-22.15	-20.81	0.75	1.46
Bloomberg U.S. Long Government/Credit Bond Index		-21.88	-20.14	1.03	2.28

Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.

Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.

The Fund’s performance prior to May 2016 reflects returns achieved by the Investment Manager pursuant to different principal investment strategies. If the Fund’s current strategies had been in place for the prior periods, results shown may have been different.

The Bloomberg U.S. Long Government/Credit Bond Index tracks the performance of U.S. government and corporate bonds rated investment grade or better, with maturities of at least ten years.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Variable Portfolio – Long Government/Credit Bond Fund | Semiannual Report 2022

Table of Contents

Fund at a Glance (continued)
(Unaudited)

Portfolio breakdown (%) (at June 30, 2022)
Asset-Backed Securities — Agency	0.8
Corporate Bonds & Notes	52.6
Foreign Government Obligations	0.8
Money Market Funds	2.3
U.S. Treasury Obligations	43.5
Total	100.0

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.

Quality breakdown (%) (at June 30, 2022)
AAA rating	45.3
AA rating	4.1
A rating	14.5
BBB rating	33.0
BB rating	3.1
Total	100.0

Percentages indicated are based upon total fixed income investments.

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and 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 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. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund’s subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time to maturity) and the amount and type of any collateral.

4	Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Semiannual Report 2022

Table of Contents

Understanding Your Fund’s Expenses
(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund’s expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

January 1, 2022 — June 30, 2022
	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual
Class 1	1,000.00	1,000.00	779.30	1,022.32	2.21	2.51	0.50
Class 2	1,000.00	1,000.00	778.50	1,021.08	3.31	3.76	0.75

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Columbia Variable Portfolio – Long Government/Credit Bond Fund | Semiannual Report 2022

Table of Contents

Portfolio of Investments
June 30, 2022 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Asset-Backed Securities — Agency 0.8%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
United States Small Business Administration
Series 2016-20L Class 1
12/01/2036	2.810%	3,054,230	2,958,005
Series 2017-20E Class 1
05/01/2037	2.880%	280,501	271,701
Series 2017-20F Class 1
06/01/2037	2.810%	2,255,042	2,169,545
Series 2017-20G Class 1
07/01/2037	2.980%	2,301,789	2,243,718
Series 2017-20H Class 1
08/01/2037	2.750%	2,063,063	1,981,405
Series 2017-20I Class 1
09/01/2037	2.590%	3,141,831	3,027,966
Total Asset-Backed Securities — Agency (Cost $13,096,456)			12,652,340

Corporate Bonds & Notes 52.5%

Aerospace & Defense 3.1%
Arconic, Inc.
02/01/2037	5.950%	4,695,000	4,425,262
BAE Systems PLC^(a)
02/15/2031	1.900%	14,330,000	11,483,396
Boeing Co. (The)
05/01/2034	3.600%	7,597,000	6,046,352
08/01/2059	3.950%	11,460,000	7,737,518
Northrop Grumman Corp.
06/01/2043	4.750%	735,000	704,554
10/15/2047	4.030%	6,765,000	6,005,270
United Technologies Corp.
06/01/2042	4.500%	5,900,000	5,621,337
11/01/2046	3.750%	7,653,000	6,508,215
Total			48,531,904
Automotive 0.2%
General Motors Co.
04/01/2048	5.400%	2,835,000	2,482,581
Banking 10.3%
Bank of America Corp.^(b)
07/23/2031	1.898%	7,890,000	6,312,695
10/24/2031	1.922%	15,105,000	12,038,846
02/04/2033	2.972%	23,022,000	19,623,204
Subordinated
09/21/2036	2.482%	4,255,000	3,308,921

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Citigroup, Inc.^(b)
06/03/2031	2.572%	15,573,000	13,100,397
01/25/2033	3.057%	10,172,000	8,640,115
Goldman Sachs Group, Inc. (The)^(b)
07/21/2032	2.383%	28,960,000	23,439,980
HSBC Holdings PLC^(b)
05/24/2032	2.804%	11,582,000	9,508,549
11/22/2032	2.871%	9,308,000	7,624,387
JPMorgan Chase & Co.^(b)
04/22/2032	2.580%	2,285,000	1,923,985
11/15/2048	3.964%	12,044,000	10,266,381
04/22/2052	3.328%	8,093,000	6,187,651
Morgan Stanley^(b)
07/21/2032	2.239%	11,094,000	9,014,585
10/20/2032	2.511%	6,214,000	5,145,423
Subordinated
04/20/2037	5.297%	5,960,000	5,781,988
Toronto-Dominion Bank (The)
06/08/2032	4.456%	2,060,000	2,036,983
Wells Fargo & Co.^(b)
04/30/2041	3.068%	10,175,000	7,930,318
04/25/2053	4.611%	11,241,000	10,402,499
Total			162,286,907
Cable and Satellite 2.2%
Charter Communications Operating LLC/Capital
05/01/2047	5.375%	4,315,000	3,693,683
06/30/2062	3.950%	9,923,000	6,613,908
04/01/2063	5.500%	13,914,000	11,867,654
Comcast Corp.
11/01/2056	2.937%	11,385,000	7,900,579
NBCUniversal Media LLC
01/15/2043	4.450%	5,552,000	5,153,690
Total			35,229,514
Construction Machinery 0.4%
Caterpillar, Inc.
09/19/2049	3.250%	2,755,000	2,264,575
United Rentals North America, Inc.
02/15/2031	3.875%	4,075,000	3,441,977
Total			5,706,552
Diversified Manufacturing 1.1%
Carrier Global Corp.
04/05/2050	3.577%	9,245,000	7,015,682
GE Capital International Funding Co. Unlimited Co.
11/15/2035	4.418%	8,599,000	8,048,072

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

6	Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Semiannual Report 2022

Table of Contents

Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
General Electric Co.^(c)
Junior Subordinated
3-month USD LIBOR + 3.330% 12/31/2049	5.159%	2,335,000	2,042,639
Total			17,106,393
Electric 6.2%
AEP Texas, Inc.
01/15/2050	3.450%	12,460,000	9,606,108
AES Corp. (The)
01/15/2031	2.450%	4,830,000	3,885,054
Berkshire Hathaway Energy Co.^(a)
05/01/2053	4.600%	4,670,000	4,506,211
CenterPoint Energy, Inc.
09/01/2049	3.700%	4,290,000	3,441,644
Dominion Energy, Inc.
08/15/2031	2.250%	7,221,000	5,945,732
Dominion Resources, Inc.
12/01/2044	4.700%	1,900,000	1,754,470
DTE Energy Co.
06/15/2029	3.400%	4,952,000	4,542,851
Duke Energy Corp.
06/15/2051	3.500%	10,723,000	8,087,848
Emera US Finance LP
06/15/2046	4.750%	3,340,000	2,945,926
Eversource Energy
08/15/2030	1.650%	6,764,000	5,377,937
01/15/2050	3.450%	4,737,000	3,657,846
Exelon Corp.^(a)
03/15/2052	4.100%	8,365,000	7,176,679
Georgia Power Co.
03/15/2042	4.300%	14,365,000	12,492,383
Jersey Central Power & Light Co.^(a)
03/01/2032	2.750%	1,380,000	1,172,936
Pacific Gas and Electric Co.
07/01/2050	4.950%	10,410,000	8,301,171
PacifiCorp
02/15/2050	4.150%	1,526,000	1,368,330
Southern California Edison Co.
04/01/2047	4.000%	865,000	701,612
03/01/2048	4.125%	2,200,000	1,815,803
1st Refunding Mortgage
03/15/2043	3.900%	1,252,000	1,002,448
Xcel Energy, Inc.
12/01/2049	3.500%	11,550,000	9,173,156
Total			96,956,145

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Environmental 0.4%
GFL Environmental, Inc.^(a)
09/01/2028	3.500%	5,905,000	5,119,905
Waste Connections, Inc.
01/15/2052	2.950%	2,312,000	1,656,393
Total			6,776,298
Food and Beverage 2.6%
Anheuser-Busch Companies LLC/InBev Worldwide, Inc.
02/01/2046	4.900%	10,740,000	10,129,640
Anheuser-Busch InBev Worldwide, Inc.
04/15/2058	4.750%	10,457,000	9,431,345
Bacardi Ltd.^(a)
05/15/2038	5.150%	9,541,000	9,054,332
05/15/2048	5.300%	1,375,000	1,291,989
Kraft Heinz Foods Co.
06/01/2046	4.375%	11,952,000	9,956,836
Tyson Foods, Inc.
06/02/2047	4.550%	1,900,000	1,734,565
Total			41,598,707
Health Care 2.5%
Becton Dickinson and Co.
05/20/2050	3.794%	5,815,000	4,804,614
Cigna Corp.
12/15/2048	4.900%	4,859,000	4,665,000
03/15/2050	3.400%	5,985,000	4,576,929
CVS Health Corp.
07/20/2045	5.125%	10,305,000	9,948,206
03/25/2048	5.050%	490,000	468,809
HCA, Inc.^(a)
03/15/2052	4.625%	11,934,000	9,547,719
New York and Presbyterian Hospital (The)
08/01/2036	3.563%	3,425,000	3,123,167
Thermo Fisher Scientific, Inc.
10/15/2041	2.800%	2,850,000	2,235,236
Total			39,369,680
Healthcare Insurance 1.8%
Aetna, Inc.
08/15/2047	3.875%	4,360,000	3,602,245
Anthem, Inc.
08/15/2044	4.650%	3,500,000	3,316,804
Centene Corp.
12/15/2029	4.625%	2,197,000	2,048,675
02/15/2030	3.375%	3,679,000	3,120,100
08/01/2031	2.625%	2,650,000	2,126,625

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

Columbia Variable Portfolio – Long Government/Credit Bond Fund | Semiannual Report 2022

Table of Contents

Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
UnitedHealth Group, Inc.
08/15/2039	3.500%	3,760,000	3,279,536
05/15/2041	3.050%	12,313,000	9,953,241
05/15/2062	4.950%	1,134,000	1,149,210
Total			28,596,436
Independent Energy 0.5%
Canadian Natural Resources Ltd.
02/15/2037	6.500%	2,580,000	2,757,583
ConocoPhillips Co.
11/15/2044	4.300%	2,890,000	2,656,048
Occidental Petroleum Corp.
04/15/2046	4.400%	528,000	427,685
08/15/2049	4.400%	2,437,000	1,950,938
Total			7,792,254
Integrated Energy 0.8%
BP Capital Markets America, Inc.
03/17/2052	3.001%	1,780,000	1,285,623
Cenovus Energy, Inc.
02/15/2052	3.750%	6,384,000	4,855,694
Shell International Finance BV
11/26/2041	2.875%	7,684,000	5,946,266
Total Capital International SA
06/29/2060	3.386%	1,315,000	1,008,146
Total			13,095,729
Life Insurance 2.2%
Guardian Life Insurance Co. of America (The)^(a)
Subordinated
06/19/2064	4.875%	3,770,000	3,650,780
Massachusetts Mutual Life Insurance Co.^(a)
Subordinated
10/15/2070	3.729%	6,405,000	4,708,150
Metropolitan Life Global Funding I^(a)
01/07/2031	1.550%	7,105,000	5,666,671
New York Life Insurance Co.^(a)
Subordinated
05/15/2050	3.750%	5,359,000	4,383,928
Northwestern Mutual Life Insurance Co. (The)^(a)
Subordinated
09/30/2059	3.625%	9,583,000	7,184,988
Teachers Insurance & Annuity Association of America^(a)
Subordinated
09/15/2044	4.900%	710,000	690,461
05/15/2050	3.300%	8,870,000	6,858,663
Voya Financial, Inc.
06/15/2046	4.800%	2,005,000	1,842,266
Total			34,985,907

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Media and Entertainment 2.0%
Magallanes, Inc.^(a)
03/15/2062	5.391%	17,065,000	14,311,775
Netflix, Inc.^(a)
11/15/2029	5.375%	10,080,000	9,527,610
Walt Disney Co. (The)
09/15/2044	4.750%	8,657,000	8,444,990
Total			32,284,375
Midstream 2.2%
Enterprise Products Operating LLC
03/15/2044	4.850%	2,314,000	2,102,078
01/31/2060	3.950%	5,523,000	4,350,557
Kinder Morgan Energy Partners LP
03/01/2043	5.000%	1,345,000	1,177,184
Kinder Morgan, Inc.
02/15/2046	5.050%	8,890,000	7,944,744
MPLX LP
04/15/2048	4.700%	1,427,000	1,198,824
03/14/2052	4.950%	3,596,000	3,110,180
Plains All American Pipeline LP/Finance Corp.
06/15/2044	4.700%	7,315,000	5,792,576
Western Gas Partners LP
08/15/2048	5.500%	1,530,000	1,254,060
Williams Companies, Inc. (The)
06/24/2044	5.750%	7,165,000	7,191,138
Total			34,121,341
Natural Gas 0.9%
NiSource, Inc.
02/15/2043	5.250%	1,575,000	1,528,127
02/15/2044	4.800%	3,351,000	3,019,086
05/15/2047	4.375%	6,804,000	5,986,949
Sempra Energy
02/01/2048	4.000%	3,650,000	3,022,806
Total			13,556,968
Pharmaceuticals 2.5%
AbbVie, Inc.
11/06/2042	4.400%	5,075,000	4,613,822
06/15/2044	4.850%	8,291,000	7,949,718
11/14/2048	4.875%	884,000	851,795
11/21/2049	4.250%	1,779,000	1,576,851
Amgen, Inc.
02/22/2062	4.400%	13,820,000	12,018,396
Bristol-Myers Squibb Co.
03/15/2062	3.900%	5,117,000	4,401,933

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

8	Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Semiannual Report 2022

Table of Contents

Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Gilead Sciences, Inc.
10/01/2040	2.600%	6,300,000	4,621,801
10/01/2050	2.800%	4,580,000	3,205,114
Total			39,239,430
Property & Casualty 0.9%
Berkshire Hathaway Finance Corp.
03/15/2052	3.850%	12,730,000	10,894,596
Liberty Mutual Group, Inc.^(a)
10/15/2050	3.951%	4,435,000	3,369,453
Total			14,264,049
Railroads 0.8%
Canadian Pacific Railway Co.
12/02/2051	3.100%	1,698,000	1,251,012
CSX Corp.
11/01/2046	3.800%	8,888,000	7,514,391
Norfolk Southern Corp.
08/15/2052	4.050%	4,725,000	4,114,903
Total			12,880,306
Restaurants 0.3%
McDonald’s Corp.
09/01/2049	3.625%	5,450,000	4,467,953
Retailers 1.1%
Amazon.com, Inc.
04/13/2062	4.100%	9,325,000	8,437,875
Lowe’s Companies, Inc.
04/01/2062	4.450%	11,366,000	9,713,375
Total			18,151,250
Supermarkets 0.0%
Kroger Co. (The)
02/01/2047	4.450%	820,000	743,160
Technology 3.3%
Apple, Inc.
02/09/2045	3.450%	5,375,000	4,683,325
Broadcom, Inc.^(a)
11/15/2036	3.187%	10,137,000	7,699,988
Fidelity National Information Services, Inc.
03/01/2041	3.100%	1,670,000	1,221,363
Intel Corp.
08/12/2051	3.050%	8,795,000	6,549,250
MSCI, Inc.^(a)
11/01/2031	3.625%	5,850,000	4,854,475

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
NXP BV/Funding LLC/USA, Inc.
05/01/2030	3.400%	1,255,000	1,117,988
01/15/2033	5.000%	2,156,000	2,106,971
02/15/2042	3.125%	3,530,000	2,585,573
Oracle Corp.
07/08/2034	4.300%	8,105,000	7,109,774
07/15/2046	4.000%	2,500,000	1,854,924
04/01/2050	3.600%	10,976,000	7,660,327
03/25/2061	4.100%	1,518,000	1,087,635
VeriSign, Inc.
06/15/2031	2.700%	3,740,000	3,012,233
Total			51,543,826
Tobacco 0.2%
BAT Capital Corp.
08/15/2047	4.540%	3,520,000	2,586,491
Transportation Services 0.2%
FedEx Corp.
11/15/2045	4.750%	4,060,000	3,728,021
04/01/2046	4.550%	220,000	197,170
Total			3,925,191
Wireless 1.2%
American Tower Corp.
06/15/2030	2.100%	7,470,000	5,968,480
Crown Castle International Corp.
01/15/2051	3.250%	1,340,000	963,081
T-Mobile USA, Inc.
04/15/2029	3.375%	5,000	4,376
04/15/2050	4.500%	1,670,000	1,483,703
T-Mobile USA, Inc.^(a)
10/15/2052	3.400%	6,206,000	4,576,884
11/15/2060	3.600%	3,540,000	2,580,045
Vodafone Group PLC
02/19/2043	4.375%	3,205,000	2,784,139
Total			18,360,708
Wirelines 2.6%
AT&T, Inc.
09/15/2055	3.550%	189,000	141,639
12/01/2057	3.800%	30,678,000	23,792,708
Telefonica Emisiones SAU
03/06/2048	4.895%	6,755,000	5,776,722

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

Columbia Variable Portfolio – Long Government/Credit Bond Fund | Semiannual Report 2022

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Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Verizon Communications, Inc.
03/22/2041	3.400%	7,916,000	6,442,405
03/22/2051	3.550%	5,290,000	4,241,249
Total			40,394,723
Total Corporate Bonds & Notes (Cost $1,010,013,001)			827,034,778

Foreign Government Obligations^(d) 0.8%

Mexico 0.8%
Mexico Government International Bond
08/14/2041	4.280%	16,440,000	12,994,920
Total Foreign Government Obligations (Cost $16,501,663)			12,994,920

U.S. Treasury Obligations 43.4%

U.S. Treasury
02/15/2036	4.500%	37,500,000	44,074,219
05/15/2038	4.500%	30,000,000	35,357,812
02/15/2039	3.500%	49,000,000	51,166,719
08/15/2040	3.875%	10,000,000	10,775,000
02/15/2041	4.750%	8,000,000	9,632,500
05/15/2041	4.375%	25,383,000	29,063,535
05/15/2042	3.250%	22,558,700	22,019,406
05/15/2043	2.875%	17,600,000	16,035,250
08/15/2044	3.125%	16,500,000	15,628,594
11/15/2044	3.000%	10,000,000	9,262,500
11/15/2045	3.000%	12,000,000	11,150,625
11/15/2047	2.750%	20,750,000	18,584,219
02/15/2048	3.000%	101,200,000	95,349,375

U.S. Treasury Obligations (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
08/15/2049	2.250%	495,000	406,132
02/15/2050	2.000%	2,900,000	2,247,500
05/15/2050	1.250%	22,250,000	14,153,086
08/15/2050	1.375%	19,610,000	12,905,831
11/15/2050	1.625%	24,800,000	17,437,500
02/15/2051	1.875%	22,000,000	16,503,437
05/15/2051	2.375%	2,600,000	2,194,969
05/15/2052	2.875%	102,497,900	96,796,454
U.S. Treasury^(e)
05/15/2047	3.000%	122,157,900	114,179,462
U.S. Treasury^(f)
STRIPS
02/15/2040	0.000%	38,410,800	21,885,154
11/15/2041	0.000%	13,661,000	7,003,931
05/15/2043	0.000%	19,069,000	9,145,671
Total U.S. Treasury Obligations (Cost $728,929,652)			682,958,881

Money Market Funds 2.2%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 1.247%^(g),(h)	35,412,291	35,391,044
Total Money Market Funds (Cost $35,392,257)		35,391,044
Total Investments in Securities (Cost: $1,803,933,029)		1,571,031,963
Other Assets & Liabilities, Net		4,284,169
Net Assets		1,575,316,132

At June 30, 2022, securities and/or cash totaling $5,734,116 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	1,547	09/2022	USD	214,452,875	—	(1,119,182)
U.S. Ultra Treasury Bond	81	09/2022	USD	12,501,844	89,154	—
Total					89,154	(1,119,182)

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	(840)	09/2022	USD	(99,566,250)	388,159	—
U.S. Treasury 5-Year Note	(29)	09/2022	USD	(3,255,250)	33,260	—
U.S. Treasury Ultra 10-Year Note	(611)	09/2022	USD	(77,826,125)	399,100	—
Total					820,519	—

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

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Portfolio of Investments (continued)
June 30, 2022 (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, 2022, the total value of these securities amounted to $129,417,038, which represents 8.22% 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, 2022.
(c)	Variable rate security. The interest rate shown was the current rate as of June 30, 2022.
(d)	Principal and interest may not be guaranteed by a governmental entity.
(e)	This security or a portion of this security has been pledged as collateral in connection with derivative contracts.
(f)	Zero coupon bond.
(g)	The rate shown is the seven-day current annualized yield at June 30, 2022.
(h)	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, 2022 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, 1.247%
	40,772,963	248,288,528	(253,672,430)	1,983	35,391,044	(16,189)	125,599	35,412,291

Abbreviation Legend

LIBOR	London Interbank Offered Rate
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.

Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.

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

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Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Fair value measurements (continued)
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund’s investments at June 30, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Asset-Backed Securities — Agency	—	12,652,340	—	12,652,340
Corporate Bonds & Notes	—	827,034,778	—	827,034,778
Foreign Government Obligations	—	12,994,920	—	12,994,920
U.S. Treasury Obligations	644,924,125	38,034,756	—	682,958,881
Money Market Funds	35,391,044	—	—	35,391,044
Total Investments in Securities	680,315,169	890,716,794	—	1,571,031,963
Investments in Derivatives
Asset
Futures Contracts	909,673	—	—	909,673
Liability
Futures Contracts	(1,119,182)	—	—	(1,119,182)
Total	680,105,660	890,716,794	—	1,570,822,454

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

Derivative instruments are valued at unrealized appreciation (depreciation).

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

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Statement of Assets and Liabilities
June 30, 2022 (Unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $1,768,540,772)	$1,535,640,919
Affiliated issuers (cost $35,392,257)	35,391,044
Receivable for:
Investments sold	13,146,928
Dividends	33,116
Interest	14,329,478
Foreign tax reclaims	29,778
Variation margin for futures contracts	2,775,615
Prepaid expenses	12,052
Trustees’ deferred compensation plan	121,712
Total assets	1,601,480,642
Liabilities
Payable for:
Investments purchased	24,174,994
Capital shares purchased	141,927
Variation margin for futures contracts	1,651,387
Management services fees	21,086
Distribution and/or service fees	87
Service fees	854
Compensation of board members	21,177
Other expenses	31,286
Trustees’ deferred compensation plan	121,712
Total liabilities	26,164,510
Net assets applicable to outstanding capital stock	$1,575,316,132
Represented by
Paid in capital	1,796,261,495
Total distributable earnings (loss)	(220,945,363)
Total - representing net assets applicable to outstanding capital stock	$1,575,316,132
Class 1
Net assets	$1,562,522,160
Shares outstanding	179,108,202
Net asset value per share	$8.72
Class 2
Net assets	$12,793,972
Shares outstanding	1,473,619
Net asset value per share	$8.68

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

Columbia Variable Portfolio – Long Government/Credit Bond Fund | Semiannual Report 2022

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Statement of Operations
Six Months Ended June 30, 2022 (Unaudited)

Net investment income
Income:
Dividends — affiliated issuers	$125,599
Interest	27,893,209
Total income	28,018,808
Expenses:
Management services fees	4,165,540
Distribution and/or service fees
Class 2	19,069
Service fees	4,791
Compensation of board members	16,002
Custodian fees	6,940
Printing and postage fees	6,225
Audit fees	19,642
Legal fees	14,169
Interest on collateral	866
Compensation of chief compliance officer	247
Other	13,500
Total expenses	4,266,991
Net investment income	23,751,817
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(51,932,376)
Investments — affiliated issuers	(16,189)
Foreign currency translations	(197)
Futures contracts	(26,670,217)
Net realized loss	(78,618,979)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(379,555,610)
Investments — affiliated issuers	1,983
Futures contracts	(1,129,554)
Net change in unrealized appreciation (depreciation)	(380,683,181)
Net realized and unrealized loss	(459,302,160)
Net decrease in net assets resulting from operations	$(435,550,343)

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

14	Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Semiannual Report 2022

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Statement of Changes in Net Assets

	Six Months Ended June 30, 2022 (Unaudited)	Year Ended December 31, 2021
Operations
Net investment income	$23,751,817	$44,988,577
Net realized gain (loss)	(78,618,979)	41,755,636
Net change in unrealized appreciation (depreciation)	(380,683,181)	(129,601,629)
Net decrease in net assets resulting from operations	(435,550,343)	(42,857,416)
Distributions to shareholders
Net investment income and net realized gains
Class 1	—	(135,589,361)
Class 2	—	(1,313,978)
Total distributions to shareholders	—	(136,903,339)
Increase in net assets from capital stock activity	31,090,631	382,998,483
Total increase (decrease) in net assets	(404,459,712)	203,237,728
Net assets at beginning of period	1,979,775,844	1,776,538,116
Net assets at end of period	$1,575,316,132	$1,979,775,844

	Six Months Ended		Year Ended
	June 30, 2022 (Unaudited)		December 31, 2021
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class 1
Subscriptions	4,467,161	39,169,808	35,337,035	407,096,137
Distributions reinvested	—	—	12,041,684	135,589,361
Redemptions	(553,807)	(5,674,994)	(13,308,181)	(152,760,735)
Net increase	3,913,354	33,494,814	34,070,538	389,924,763
Class 2
Subscriptions	83,629	811,865	164,343	1,884,931
Distributions reinvested	—	—	117,006	1,313,978
Redemptions	(330,302)	(3,216,048)	(890,100)	(10,125,189)
Net decrease	(246,673)	(2,404,183)	(608,751)	(6,926,280)
Total net increase	3,666,681	31,090,631	33,461,787	382,998,483

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

Columbia Variable Portfolio – Long Government/Credit Bond Fund | Semiannual Report 2022

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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 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 6/30/2022 (Unaudited)	$11.19	0.13	(2.60)	(2.47)	—	—	—
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)
Year Ended 12/31/2018	$10.63	0.31	(0.85)	(0.54)	(0.35)	(0.30)	(0.65)
Year Ended 12/31/2017	$9.92	0.34	0.77	1.11	(0.36)	(0.04)	(0.40)
Class 2
Six Months Ended 6/30/2022 (Unaudited)	$11.15	0.12	(2.59)	(2.47)	—	—	—
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)
Year Ended 12/31/2018	$10.60	0.28	(0.85)	(0.57)	(0.32)	(0.30)	(0.62)
Year Ended 12/31/2017	$9.90	0.31	0.76	1.07	(0.33)	(0.04)	(0.37)

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	Annualized.
(d)	Ratios include interest on collateral expense which is less than 0.01%.

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

16	Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Semiannual Report 2022

Table of Contents

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 6/30/2022 (Unaudited)	$8.72	(22.07%)	0.50%^(c),(d)	0.50%^(c),(d)	2.80%^(c)	31%	$1,562,522
Year Ended 12/31/2021	$11.19	(3.21%)	0.50%^(d)	0.50%^(d)	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
Year Ended 12/31/2018	$9.44	(5.11%)	0.51%	0.51%	3.13%	80%	$1,412,097
Year Ended 12/31/2017	$10.63	11.35%	0.54%	0.54%	3.32%	161%	$1,434,026
Class 2
Six Months Ended 6/30/2022 (Unaudited)	$8.68	(22.15%)	0.75%^(c),(d)	0.75%^(c),(d)	2.53%^(c)	31%	$12,794
Year Ended 12/31/2021	$11.15	(3.47%)	0.75%^(d)	0.75%^(d)	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
Year Ended 12/31/2018	$9.41	(5.37%)	0.76%	0.76%	2.87%	80%	$12,261
Year Ended 12/31/2017	$10.60	10.99%	0.79%	0.79%	3.07%	161%	$16,156

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

Columbia Variable Portfolio – Long Government/Credit Bond Fund | Semiannual Report 2022

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Notes to Financial Statements
June 30, 2022 (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 by pricing services approved by the Board of Trustees based upon 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.

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Notes to Financial Statements (continued)
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Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.

Foreign currency transactions and translations

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

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 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 (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP 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 CCP 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.

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Notes to Financial Statements (continued)
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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.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP 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. Any interest expense paid by the Fund is shown in the Statement of Operations. 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 and to manage exposure to movements in interest rates. 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.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

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.

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, 2022:

	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	909,673*

	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	1,119,182*

*	Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin 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, 2022:

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Interest rate risk	(26,670,217)

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Interest rate risk	(1,129,554)

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended June 30, 2022:

Derivative instrument	Average notional amounts ($)*
Futures contracts — long	252,335,891
Futures contracts — short	179,045,860

*	Based on the ending quarterly outstanding amounts for the six months ended June 30, 2022.

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.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Security transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income recognition

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. 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.

Foreign taxes

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

Distributions to subaccounts

Distributions to the subaccounts of Contracts, Qualified Plans and Qualified Investors are recorded at the close of business on the record date and are payable on the first business day following the record date. Dividends from net investment income, if any, are declared and distributed 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.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Guarantees and indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Note 3. Fees and other transactions with affiliates

Management services fees

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 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, 2022 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 "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, 2022 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

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

the Distributor for selling shares of the Fund. The Fund pays a monthly distribution fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class 2 shares of the Fund. The Fund pays no distribution and service fees for Class 1 shares.

Expenses waived/reimbursed by the Investment Manager and its affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:

	Fee rate(s) contractual through April 30, 2023
Class 1	0.54%
Class 2	0.79

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, 2022, 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) ($)	Net unrealized (depreciation) ($)
1,803,933,000	1,602,000	(234,713,000)	(233,111,000)

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

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.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $568,279,633 and $524,500,452, respectively, for the six months ended June 30, 2022, of which $118,920,924 and $20,172,086, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

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. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

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 did not borrow or lend money under the Interfund Program during the six months ended June 30, 2022.

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 28, 2021 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 $950 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 0.11448% 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 28, 2021 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 one-month London Interbank Offered Rate (LIBOR) rate and (iii) the overnight bank funding rate, plus in each case, 1.25%.

The Fund had no borrowings during the six months ended June 30, 2022.

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.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Interest rate risk

Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing 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, 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.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country’s credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund’s ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

Shareholder concentration risk

At June 30, 2022, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity 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 its activities as 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 provides services to the Fund.

Columbia Variable Portfolio – Long Government/Credit Bond Fund | Semiannual Report 2022

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Liquidity Risk Management Program

(Unaudited)

Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a liquidity risk management program (Program). The Program’s principal objectives include assessing, managing and periodically reviewing the Fund’s liquidity risk. Liquidity risk is defined as the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund.

The Board has appointed the Investment Manager as the program administrator for the Fund’s Program. The Investment Manager has delegated oversight of the Program to its Liquidity Risk Management Committee (the Committee). At a board meeting during the fiscal period, the Committee provided the Board with a report addressing the operations of the program and assessing its adequacy and effectiveness of implementation for the period January 1, 2021, through December 31, 2021, including:

•	the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders;
•	there were no material changes to the Program during the period;
•	the implementation of the Program was effective to manage the Fund’s liquidity risk; and
•	the Program operated adequately during the period.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

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 November 2021 and March, April and June 2022, including reports providing the results of analyses performed by an independent third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses to written requests for information by independent legal counsels to the Independent Trustees (Independent Legal Counsel) to the Investment Manager, 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, 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 23, 2022 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 all information that 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:

28	Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Semiannual Report 2022

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Approval of Management Agreement (continued)
(Unaudited)

•	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 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

•	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, as well as planned 2022 initiatives in this regard. 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. The Board also observed that the Investment Manager has been able to effectively manage, operate and distribute the Funds through the COVID-19 pandemic period with no disruptions in services provided. The Board also considered added personnel and resources obtained by Columbia Threadneedle through Ameriprise Financial’s acquisition of BMO Financial Group’s Europe, Middle East, and Africa (EMEA) asset management business.

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 2021 in the performance of administrative services, and noted the various enhancements anticipated for 2022. In evaluating the quality of services provided under the Management Agreement, the Board also took

Columbia Variable Portfolio – Long Government/Credit Bond Fund | Semiannual Report 2022

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Approval of Management Agreement (continued)
(Unaudited)
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

In this connection, 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 performance of a benchmark index, (iii) the percentage ranking of the Fund among its comparison group, (iv) the Fund’s performance relative to peers and benchmarks and (v) the net assets of the Fund. The Board observed that the Fund’s performance for certain periods ranked above median based on information provided by Broadridge.

The Board also reviewed a description of the third-party data provider’s 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.

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 reviewed the fees charged to comparable institutional or other accounts/vehicles managed by the Investment Manager and discussed differences in how the products are managed and operated, thus explaining many of the differences in fees.

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) approximated the peer universe’s median expense ratio.

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.

30	Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Semiannual Report 2022

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Approval of Management Agreement (continued)
(Unaudited)
considered 2020 profitability and that the 2022 information showed that the profitability generated by the Investment Manager in 2021 increased from 2020 levels, due to a variety of factors, including the increased 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, to groups of related funds and to the Investment Manager as a whole, 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 provided 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 23, 2022, 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.

Columbia Variable Portfolio – Long Government/Credit Bond Fund | Semiannual Report 2022

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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 and/or summary 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

SAR7016_12_A01_(08/22)

SemiAnnual Report
June 30, 2022 (Unaudited)

Columbia Variable Portfolio – Small Company Growth Fund

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

Table of Contents

Fund at a Glance	3
Understanding Your Fund’s Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	10
Statement of Operations	11
Statement of Changes in Net Assets	12
Financial Highlights	14
Notes to Financial Statements	16
Liquidity Risk Management Program	24
Approval of Management Agreement	24

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Columbia Variable Portfolio – Small Company Growth Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

Additional Fund information

Fund investment manager

Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

Fund distributor

Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Variable Portfolio – Small Company Growth Fund | Semiannual Report 2022

Table of Contents

Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Portfolio management

Daniel Cole, CFA

Co-Portfolio Manager

Managed Fund since 2015

Wayne Collete, CFA

Co-Portfolio Manager

Managed Fund since 2010

Average annual total returns (%) (for the period ended June 30, 2022)
	Inception	6 Months cumulative	1 Year	5 Years	10 Years
Class 1	01/01/89	-38.87	-44.92	9.71	11.42
Class 2	06/01/00	-38.95	-45.06	9.44	11.13
Russell 2000 Growth Index		-29.45	-33.43	4.80	9.30

The Russell 2000 Growth Index measures the performance of those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values.

Columbia Variable Portfolio – Small Company Growth Fund | Semiannual Report 2022

Table of Contents

Fund at a Glance (continued)
(Unaudited)

Portfolio breakdown (%) (at June 30, 2022)
Common Stocks	94.9
Money Market Funds	5.1
Total	100.0

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.

Equity sector breakdown (%) (at June 30, 2022)
Consumer Discretionary	17.3
Consumer Staples	2.9
Energy	3.6
Financials	1.8
Health Care	31.4
Industrials	21.4
Information Technology	19.6
Materials	2.0
Total	100.0

Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.

4	Columbia Variable Portfolio – Small Company Growth Fund \| Semiannual Report 2022

Table of Contents

Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

January 1, 2022 — June 30, 2022
	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual
Class 1	1,000.00	1,000.00	611.30	1,020.43	3.52	4.41	0.88
Class 2	1,000.00	1,000.00	610.50	1,019.19	4.51	5.66	1.13

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Columbia Variable Portfolio – Small Company Growth Fund | Semiannual Report 2022

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Portfolio of Investments
June 30, 2022 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Common Stocks 95.2%
Issuer	Shares	Value ($)
Consumer Discretionary 16.5%
Hotels, Restaurants & Leisure 11.1%
Caesars Entertainment, Inc.^(a)	47,642	1,824,689
Churchill Downs, Inc.	7,528	1,441,838
Kura Sushi USA, Inc., Class A^(a)	12,618	624,970
Papa John’s International, Inc.	80,894	6,756,267
Planet Fitness, Inc., Class A^(a)	161,845	11,007,078
SeaWorld Entertainment, Inc.^(a)	58,768	2,596,370
Texas Roadhouse, Inc.	38,707	2,833,352
Total		27,084,564
Internet & Direct Marketing Retail 0.8%
Xometry, Inc., Class A^(a)	56,071	1,902,489
Specialty Retail 4.6%
Asbury Automotive Group, Inc.^(a)	8,626	1,460,727
Five Below, Inc.^(a)	10,366	1,175,815
Floor & Decor Holdings, Inc.^(a)	59,822	3,766,393
Leslie’s, Inc.^(a)	146,076	2,217,434
Lithia Motors, Inc., Class A	9,359	2,571,947
Total		11,192,316
Total Consumer Discretionary		40,179,369
Consumer Staples 2.8%
Food & Staples Retailing 2.8%
BJ’s Wholesale Club Holdings, Inc.^(a)	109,610	6,830,895
Total Consumer Staples		6,830,895
Energy 3.4%
Oil, Gas & Consumable Fuels 3.4%
Antero Resources Corp.^(a)	65,906	2,020,019
Matador Resources Co.	26,390	1,229,510
Northern Oil and Gas, Inc.	204,866	5,174,915
Total		8,424,444
Total Energy		8,424,444
Financials 1.7%
Banks 0.5%
Triumph Bancorp, Inc.^(a)	18,451	1,154,294
Capital Markets 1.0%
Open Lending Corp., Class A^(a)	236,426	2,418,638

Common Stocks (continued)
Issuer	Shares	Value ($)
Insurance 0.2%
Goosehead Insurance, Inc., Class A	12,792	584,211
Total Financials		4,157,143
Health Care 29.9%
Biotechnology 3.9%
Arrowhead Pharmaceuticals, Inc.^(a)	39,848	1,403,048
Intellia Therapeutics, Inc.^(a)	20,968	1,085,304
Iovance Biotherapeutics, Inc.^(a)	82,283	908,404
IVERIC bio, Inc.^(a)	969	9,322
Natera, Inc.^(a)	99,402	3,522,807
Revolution Medicines, Inc.^(a)	65,382	1,274,295
Vericel Corp.^(a)	55,173	1,389,256
Total		9,592,436
Health Care Equipment & Supplies 6.1%
Axonics, Inc.^(a)	136,096	7,712,560
BioLife Solutions, Inc.^(a)	109,761	1,515,800
Heska Corp.^(a)	59,634	5,636,009
Total		14,864,369
Health Care Providers & Services 7.9%
Addus HomeCare Corp.^(a)	45,467	3,786,492
Amedisys, Inc.^(a)	44,486	4,676,368
Chemed Corp.	23,053	10,820,848
Total		19,283,708
Health Care Technology 4.2%
Doximity, Inc., Class A^(a)	132,428	4,611,143
Inspire Medical Systems, Inc.^(a)	23,868	4,359,967
Sharecare, Inc.^(a)	716,791	1,132,530
Total		10,103,640
Life Sciences Tools & Services 7.8%
Bio-Techne Corp.	22,797	7,902,352
Caris Life Sciences, Inc.^{(a),(b),(c),(d)}	308,642	771,605
Codexis, Inc.^(a)	166,717	1,743,860
DNA Script^{(a),(b),(c),(d)}	1,585	634,652

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

6	Columbia Variable Portfolio – Small Company Growth Fund \| Semiannual Report 2022

Table of Contents

Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Common Stocks (continued)
Issuer	Shares	Value ($)
Olink Holding AB ADR^(a)	82,009	1,246,537
Repligen Corp.^(a)	41,841	6,794,978
Total		19,093,984
Total Health Care		72,938,137
Industrials 20.3%
Aerospace & Defense 2.5%
Aerojet Rocketdyne Holdings, Inc.^(a)	64,802	2,630,961
Axon Enterprise, Inc.^(a)	38,574	3,593,940
Total		6,224,901
Air Freight & Logistics 1.0%
GXO Logistics, Inc.^(a)	55,860	2,417,062
Building Products 4.3%
Advanced Drainage Systems, Inc.	67,452	6,075,401
Simpson Manufacturing Co., Inc.	43,188	4,345,145
Total		10,420,546
Machinery 9.3%
Evoqua Water Technologies Corp.^(a)	179,902	5,848,614
Helios Technologies, Inc.	76,152	5,045,070
Hillman Solutions Corp.^(a)	557,393	4,815,876
Kornit Digital Ltd.^(a)	106,559	3,377,920
RBC Bearings, Inc.^(a)	19,767	3,655,907
Total		22,743,387
Trading Companies & Distributors 3.2%
Ferguson PLC	11,357	1,257,333
SiteOne Landscape Supply, Inc.^(a)	55,172	6,558,296
Total		7,815,629
Total Industrials		49,621,525
Information Technology 18.7%
Electronic Equipment, Instruments & Components 0.3%
908 Devices, Inc.^(a)	32,551	670,225
IT Services 2.9%
DigitalOcean Holdings, Inc.^(a)	128,091	5,297,844
Flywire Corp.^(a)	96,920	1,708,699
Total		7,006,543

Common Stocks (continued)
Issuer	Shares	Value ($)
Semiconductors & Semiconductor Equipment 3.7%
Onto Innovation, Inc.^(a)	90,965	6,343,899
SiTime Corp.^(a)	16,864	2,749,338
Total		9,093,237
Software 11.8%
Avalara, Inc.^(a)	83,365	5,885,569
Bill.com Holdings, Inc.^(a)	41,449	4,556,903
Five9, Inc.^(a)	76,141	6,939,491
LiveVox Holdings, Inc.^(a)	405,245	672,707
Paylocity Holding Corp.^(a)	29,584	5,160,041
Stronghold Digital Mining, Inc., Class A^(a)	83,086	137,923
Workiva, Inc., Class A^(a)	82,287	5,430,119
Total		28,782,753
Total Information Technology		45,552,758
Materials 1.9%
Chemicals 1.9%
Livent Corp.^(a)	201,188	4,564,956
Total Materials		4,564,956
Total Common Stocks (Cost $291,412,772)		232,269,227

Money Market Funds 5.1%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 1.247%^(e),(f)	12,508,279	12,500,774
Total Money Market Funds (Cost $12,501,404)		12,500,774
Total Investments in Securities (Cost: $303,914,176)		244,770,001
Other Assets & Liabilities, Net		(817,088)
Net Assets		243,952,913

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

Columbia Variable Portfolio – Small Company Growth Fund | Semiannual Report 2022

Table of Contents

Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Notes to Portfolio of Investments

(a)	Non-income producing investment.
(b)	Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At June 30, 2022, the total value of these securities amounted to $1,406,257, which represents 0.58% of total net assets.
(c)	Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These securities are valued at fair value determined in good faith under consistently applied procedures established by the Fund’s Board of Trustees. At June 30, 2022, the total market value of these securities amounted to $1,406,257, which represents 0.58% of total net assets. Additional information on these securities is as follows:

Security	Acquisition Dates	Shares	Cost ($)	Value ($)
Caris Life Sciences, Inc.	05/11/2021	308,642	2,502,312	771,605
DNA Script	10/01/2021	1,585	1,382,080	634,652
			3,884,392	1,406,257

(d)	Valuation based on significant unobservable inputs.
(e)	The rate shown is the seven-day current annualized yield at June 30, 2022.
(f)	As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended June 30, 2022 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, 1.247%
	12,081,400	61,791,959	(61,372,586)	1	12,500,774	(5,557)	29,349	12,508,279

Abbreviation Legend

ADR	American Depositary Receipt

Fair value measurements

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).

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

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Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

The following table is a summary of the inputs used to value the Fund’s investments at June 30, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Common Stocks
Consumer Discretionary	40,179,369	—	—	40,179,369
Consumer Staples	6,830,895	—	—	6,830,895
Energy	8,424,444	—	—	8,424,444
Financials	4,157,143	—	—	4,157,143
Health Care	71,531,880	—	1,406,257	72,938,137
Industrials	49,621,525	—	—	49,621,525
Information Technology	45,552,758	—	—	45,552,758
Materials	4,564,956	—	—	4,564,956
Total Common Stocks	230,862,970	—	1,406,257	232,269,227
Money Market Funds	12,500,774	—	—	12,500,774
Total Investments in Securities	243,363,744	—	1,406,257	244,770,001

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

The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.

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

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Statement of Assets and Liabilities
June 30, 2022 (Unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $291,412,772)	$232,269,227
Affiliated issuers (cost $12,501,404)	12,500,774
Receivable for:
Dividends	52,359
Expense reimbursement due from Investment Manager	354
Prepaid expenses	4,387
Trustees’ deferred compensation plan	65,311
Total assets	244,892,412
Liabilities
Payable for:
Investments purchased	802,708
Capital shares purchased	2,659
Management services fees	5,907
Distribution and/or service fees	1
Service fees	4,498
Compensation of board members	37,502
Other expenses	20,913
Trustees’ deferred compensation plan	65,311
Total liabilities	939,499
Net assets applicable to outstanding capital stock	$243,952,913
Represented by
Paid in capital	217,626,433
Total distributable earnings (loss)	26,326,480
Total - representing net assets applicable to outstanding capital stock	$243,952,913
Class 1
Net assets	$243,819,766
Shares outstanding	16,356,135
Net asset value per share	$14.91
Class 2
Net assets	$133,147
Shares outstanding	9,623
Net asset value per share	$13.84

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

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Statement of Operations
Six Months Ended June 30, 2022 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$270,272
Dividends — affiliated issuers	29,349
Interfund lending	310
Total income	299,931
Expenses:
Management services fees	1,326,806
Distribution and/or service fees
Class 2	595
Service fees	21,259
Compensation of board members	7,269
Custodian fees	5,528
Printing and postage fees	6,620
Audit fees	14,669
Legal fees	6,880
Compensation of chief compliance officer	47
Other	6,734
Total expenses	1,396,407
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(47,334)
Total net expenses	1,349,073
Net investment loss	(1,049,142)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(25,437,327)
Investments — affiliated issuers	(5,557)
Foreign currency translations	132
Net realized loss	(25,442,752)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(129,824,002)
Investments — affiliated issuers	1
Net change in unrealized appreciation (depreciation)	(129,824,001)
Net realized and unrealized loss	(155,266,753)
Net decrease in net assets resulting from operations	$(156,315,895)

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

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Statement of Changes in Net Assets

	Six Months Ended June 30, 2022 (Unaudited)	Year Ended December 31, 2021
Operations
Net investment loss	$(1,049,142)	$(3,543,735)
Net realized gain (loss)	(25,442,752)	117,963,677
Net change in unrealized appreciation (depreciation)	(129,824,001)	(113,263,649)
Net increase (decrease) in net assets resulting from operations	(156,315,895)	1,156,293
Distributions to shareholders
Net investment income and net realized gains
Class 1	—	(72,117,821)
Class 2	—	(179,545)
Total distributions to shareholders	—	(72,297,366)
Decrease in net assets from capital stock activity	(3,597,969)	(95,624,356)
Total decrease in net assets	(159,913,864)	(166,765,429)
Net assets at beginning of period	403,866,777	570,632,206
Net assets at end of period	$243,952,913	$403,866,777

	Six Months Ended		Year Ended
	June 30, 2022 (Unaudited)		December 31, 2021
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class 1
Subscriptions	19	314	841,588	25,713,118
Distributions reinvested	—	—	2,690,963	72,117,821
Redemptions	(170,682)	(3,185,295)	(5,986,616)	(192,536,188)
Net decrease	(170,663)	(3,184,981)	(2,454,065)	(94,705,249)
Class 2
Subscriptions	—	—	5,273	153,257
Distributions reinvested	—	—	7,202	179,545
Redemptions	(25,694)	(412,988)	(42,389)	(1,251,909)
Net decrease	(25,694)	(412,988)	(29,914)	(919,107)
Total net decrease	(196,357)	(3,597,969)	(2,483,979)	(95,624,356)

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

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Financial Highlights

	Net asset value, beginning of period	Net investment income (loss)	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net realized gains	Total distributions to shareholders
Class 1
Six Months Ended 6/30/2022 (Unaudited)	$24.39	(0.06)	(9.42)	(9.48)	—	—
Year Ended 12/31/2021	$29.97	(0.22)	(0.18)^(d)	(0.40)	(5.18)	(5.18)
Year Ended 12/31/2020	$17.82	(0.12)	12.66	12.54	(0.39)	(0.39)
Year Ended 12/31/2019	$15.64	(0.06)	6.33	6.27	(4.09)	(4.09)
Year Ended 12/31/2018	$18.71	(0.06)	0.02	(0.04)	(3.03)	(3.03)
Year Ended 12/31/2017	$15.31	(0.06)	4.43	4.37	(0.97)	(0.97)
Class 2
Six Months Ended 6/30/2022 (Unaudited)	$22.67	(0.09)	(8.74)	(8.83)	—	—
Year Ended 12/31/2021	$28.21	(0.29)	(0.13)^(d)	(0.42)	(5.12)	(5.12)
Year Ended 12/31/2020	$16.80	(0.17)	11.92	11.75	(0.34)	(0.34)
Year Ended 12/31/2019	$14.91	(0.11)	6.04	5.93	(4.04)	(4.04)
Year Ended 12/31/2018	$17.97	(0.10)	0.03	(0.07)	(2.99)	(2.99)
Year Ended 12/31/2017	$14.75	(0.10)	4.25	4.15	(0.93)	(0.93)

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	Annualized.
(d)	Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

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

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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 (loss) ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class 1
Six Months Ended 6/30/2022 (Unaudited)	$14.91	(38.87%)	0.92%^(c)	0.88%^(c)	(0.69%)^(c)	32%	$243,820
Year Ended 12/31/2021	$24.39	(2.90%)	0.91%	0.90%	(0.76%)	61%	$403,066
Year Ended 12/31/2020	$29.97	71.12%	0.91%	0.90%	(0.57%)	80%	$568,792
Year Ended 12/31/2019	$17.82	40.70%	0.97%	0.89%	(0.36%)	100%	$337,568
Year Ended 12/31/2018	$15.64	(1.75%)	1.24%	0.90%	(0.31%)	156%	$24,611
Year Ended 12/31/2017	$18.71	29.25%	1.25%	0.93%	(0.38%)	153%	$30,341
Class 2
Six Months Ended 6/30/2022 (Unaudited)	$13.84	(38.95%)	1.15%^(c)	1.13%^(c)	(0.95%)^(c)	32%	$133
Year Ended 12/31/2021	$22.67	(3.13%)	1.15%	1.15%	(1.01%)	61%	$801
Year Ended 12/31/2020	$28.21	70.67%	1.17%	1.15%	(0.81%)	80%	$1,840
Year Ended 12/31/2019	$16.80	40.39%	1.22%	1.14%	(0.62%)	100%	$572
Year Ended 12/31/2018	$14.91	(2.00%)	1.49%	1.15%	(0.55%)	156%	$499
Year Ended 12/31/2017	$17.97	28.84%	1.50%	1.18%	(0.63%)	153%	$540

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

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Notes to Financial Statements
June 30, 2022 (Unaudited)

Note 1. Organization

Columbia Variable Portfolio – Small Company Growth 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

Note 2. Summary of significant accounting policies

Basis of preparation

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security valuation

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

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.

Foreign currency transactions and translations

Security transactions

Income recognition

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Expenses

Determination of class net asset value

Federal income tax status

Distributions to subaccounts

Guarantees and indemnifications

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 0.87% to 0.75% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended June 30, 2022 was 0.87% of the Fund’s average daily net assets.

Compensation of board members

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

Compensation of Chief Compliance Officer

Service fees

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. The Board of Trustees has approved, and the Fund has adopted, a distribution plan (the Plan) which sets the distribution fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor for selling shares of the Fund. The Fund pays a monthly distribution fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class 2 shares of the Fund. The Fund pays no distribution and service fees for Class 1 shares.

Expenses waived/reimbursed by the Investment Manager and its affiliates

	May 1, 2022 through April 30, 2023	Prior to May 1, 2022
Class 1	0.87%	0.89%
Class 2	1.12	1.14

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

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

At June 30, 2022, 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) ($)	Net unrealized (depreciation) ($)
303,914,000	14,505,000	(73,649,000)	(59,144,000)

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

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $96,597,055 and $101,165,812, respectively, for the six months ended June 30, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

Note 7. Interfund lending

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

The Fund’s activity in the Interfund Program during the six months ended June 30, 2022 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Lender	2,360,000	0.76	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, 2022.

Note 8. Line of credit

The Fund had no borrowings during the six months ended June 30, 2022.

Note 9. Significant risks

Health care sector risk

The Fund is more susceptible to the particular risks that may affect companies in the health care sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the health care sector are subject to certain risks, including restrictions on government reimbursement for medical expenses, government approval of medical products and services, competitive pricing pressures, and the rising cost of medical products and services (especially for companies dependent upon a relatively limited number of products or services). Performance of such companies may be affected by factors including, government regulation, obtaining and protecting patents (or the failure to do so), product liability and other similar litigation as well as product obsolescence.

Industrials sector risk

The Fund is more susceptible to the particular risks that may affect companies in the industrials sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the industrials sector are subject to certain risks, including changes in supply and demand for their specific product or service and for industrial sector products in general, including decline in demand for such products due to rapid technological developments and frequent new product introduction. Performance of such companies may be affected by factors including government regulation, world events and economic conditions and risks for environmental damage and product liability claims.

Market risk

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

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, 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.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund’s ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

Shareholder concentration risk

At June 30, 2022, affiliated shareholders of record owned 91.4% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity 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.

Small- and mid-cap company risk

Investments in small- and mid-capitalization companies (small- and mid-cap companies) often involve greater risks than investments in larger, more established companies (larger companies) because small- and mid-cap companies tend to have less predictable earnings and may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. Securities of small- and mid-cap companies may be less liquid and more volatile than the securities of larger companies.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Note 10. Subsequent events

Note 11. Information regarding pending and settled legal proceedings

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Liquidity Risk Management Program

(Unaudited)

•	the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders;
•	there were no material changes to the Program during the period;
•	the implementation of the Program was effective to manage the Fund’s liquidity risk; and
•	the Program operated adequately during the period.

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 – Small Company Growth 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).

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Approval of Management Agreement (continued)
(Unaudited)

•	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 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;

•

•	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

•	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

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Investment performance

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

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

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Economies of scale

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.

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Columbia Variable Portfolio – Small Company Growth Fund

P.O. Box 219104

Kansas City, MO 64121-9104

SAR7025_12_A01_(08/22)

SemiAnnual Report
June 30, 2022 (Unaudited)

Columbia Variable Portfolio – Strategic Income Fund

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

Table of Contents

Fund at a Glance	3
Understanding Your Fund’s Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	30
Statement of Operations	32
Statement of Changes in Net Assets	33
Financial Highlights	34
Notes to Financial Statements	36
Liquidity Risk Management Program	54
Approval of Management Agreement	54

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Columbia Variable Portfolio – Strategic Income Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

Additional Fund information

Fund investment manager

Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

Fund distributor

Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

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Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks total return, consisting of current income and capital appreciation.

Portfolio management

Gene Tannuzzo, CFA

Lead Portfolio Manager

Managed Fund since 2010

Jason Callan

Portfolio Manager

Managed Fund since 2017

Alex Christensen, CFA

Portfolio Manager

Managed Fund since 2021

Average annual total returns (%) (for the period ended June 30, 2022)
	Inception	6 Months cumulative	1 Year	5 Years	10 Years
Class 1	07/05/94	-10.35	-10.71	1.87	3.13
Class 2	06/01/00	-10.48	-10.86	1.64	2.87
Bloomberg U.S. Aggregate Bond Index		-10.35	-10.29	0.88	1.54
ICE BofA US Cash Pay High Yield Constrained Index		-13.99	-12.58	1.93	4.38
FTSE Non-U.S. World Government Bond (All Maturities) Index - Unhedged		-18.74	-21.92	-2.62	-1.71
JPMorgan Emerging Markets Bond Index - Global		-18.83	-19.25	-1.00	2.05

The Fund’s performance prior to August 29, 2014 reflects returns achieved pursuant to different principal investment strategies. If the Fund’s current strategies had been in place for the prior periods, results shown may have been different.

The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.

The ICE BofA US Cash Pay High Yield Constrained Index tracks the performance of U.S. dollar-denominated below investment grade corporate debt, currently in a coupon paying period that is publicly issued in the U.S. domestic market.

The FTSE Non-U.S. World Government Bond (All Maturities) Index — Unhedged is calculated on a market-weighted basis and includes all fixed-rate bonds with a remaining maturity of one year or longer and with amounts outstanding of at least the equivalent of U.S. $25 million, while excluding floating or variable rate bonds, securities aimed principally at non-institutional investors and private placement-type securities.

The JPMorgan Emerging Markets Bond Index — Global is based on U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities, such as Brady bonds, Eurobonds and loans, and reflects reinvestment of all distributions and changes in market prices.

Columbia Variable Portfolio – Strategic Income Fund | Semiannual Report 2022

Table of Contents

Fund at a Glance (continued)
(Unaudited)

Portfolio breakdown (%) (at June 30, 2022)
Asset-Backed Securities — Non-Agency	4.4
Commercial Mortgage-Backed Securities - Non-Agency	2.8
Common Stocks	0.0^(a)
Convertible Bonds	0.1
Corporate Bonds & Notes	33.1
Foreign Government Obligations	4.1
Money Market Funds	8.2
Options Purchased Calls	0.7
Residential Mortgage-Backed Securities - Agency	19.5
Residential Mortgage-Backed Securities - Non-Agency	15.6
Senior Loans	6.9
U.S. Treasury Obligations	4.6
Total	100.0

(a)	Rounds to zero.

Percentages indicated are based upon total investments including options purchased and excluding all other investments in derivatives, if any. The Fund’s portfolio composition is subject to change.

Quality breakdown (%) (at June 30, 2022)
AAA rating	26.5
AA rating	2.1
A rating	7.4
BBB rating	17.4
BB rating	21.5
B rating	16.0
CCC rating	3.1
CC rating	0.0^(a)
C rating	0.0^(a)
Not rated	6.0
Total	100.0

(a)	Rounds to zero.

Percentages indicated are based upon total fixed income investments.

Market exposure through derivatives investments (% of notional exposure) (at June 30, 2022)^(a)
	Long	Short	Net
Fixed Income Derivative Contracts	336.1	(233.8)	102.3
Foreign Currency Derivative Contracts	—	(2.3)	(2.3)
Total Notional Market Value of Derivative Contracts	336.1	(236.1)	100.0

(a) The Fund has market exposure (long and/or short) to fixed income and foreign currency through its investments in derivatives. 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. For a description of the Fund’s investments in derivatives, see Investments in derivatives following the Portfolio of Investments, and Note 2 of the Notes to Financial Statements.

4	Columbia Variable Portfolio – Strategic Income Fund \| Semiannual Report 2022

Table of Contents

Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

January 1, 2022 — June 30, 2022
	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual
Class 1	1,000.00	1,000.00	896.50	1,021.32	3.29	3.51	0.70
Class 2	1,000.00	1,000.00	895.20	1,020.08	4.46	4.76	0.95

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Columbia Variable Portfolio – Strategic Income Fund | Semiannual Report 2022

Table of Contents

Portfolio of Investments
June 30, 2022 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Asset-Backed Securities — Non-Agency 4.8%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
ARES XLIV CLO Ltd.^(a),(b)
Series 2017-44A Class DR
3-month USD LIBOR + 6.870% Floor 6.870% 04/15/2034	7.914%	500,000	455,428
Bain Capital Credit CLO Ltd.^(a),(b)
Series 2021-5A Class E
3-month USD LIBOR + 6.500% Floor 6.500% 10/23/2034	7.684%	280,000	248,073
Series 2021-6A Class E
3-month USD LIBOR + 6.500% Floor 6.500% 10/21/2034	7.598%	250,000	216,455
Series 2021-7A Class E
3-month USD LIBOR + 6.750% Floor 6.750% 01/22/2035	7.116%	250,000	219,450
Ballyrock CLO Ltd.^(a),(b)
Series 2021-18A Class D
3-month USD LIBOR + 6.500% Floor 6.500% 01/15/2035	6.734%	250,000	216,016
Barings CLO Ltd.^(a),(b)
Series 2021-2A Class E
3-month USD LIBOR + 6.250% Floor 6.250% 07/15/2034	7.294%	250,000	221,197
Carlyle Global Market Strategies CLO Ltd.^(a),(b)
Series 2016-3A Class ERR
3-month USD LIBOR + 7.000% Floor 7.000% 07/20/2034	8.063%	250,000	220,559
Consumer Loan Underlying Bond Credit Trust^(a)
Subordinated Series 2018-P1 Class C
07/15/2025	5.210%	37,617	37,535
FREED ABS Trust^(a)
Subordinated Series 2019-2 Class C
11/18/2026	4.860%	625,542	626,082
Subordinated Series 2021-1CP Class B
03/20/2028	1.410%	914,686	903,919
LendingPoint Asset Securitization Trust^(a),(c),(d)
Subordinated Series 2021-1 Class B
04/15/2027	2.853%	339,863	336,889
Madison Park Funding XXII Ltd.^(a),(b)
Series 2016-22A Class DR
3-month USD LIBOR + 3.500% Floor 3.500% 01/15/2033	4.544%	400,000	371,116

Asset-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Octagon 55 Ltd.^(a),(b)
Series 2021-1A Class E
3-month USD LIBOR + 6.500% Floor 6.500% 07/20/2034	7.563%	300,000	260,330
Octagon Investment Partners 48 Ltd.^(a),(b)
Series 2020-3A Class ER
3-month USD LIBOR + 6.700% Floor 6.700% 10/20/2034	7.763%	250,000	219,246
Pagaya AI Debt Selection Trust^(a)
Series 2019-3 Class A
11/16/2026	3.821%	12,120	12,118
Subordinated Series 2020-3 Class C
05/17/2027	6.430%	1,200,000	1,168,228
Subordinated Series 2021-1 Class C
11/15/2027	4.090%	499,794	455,744
Subordinated Series 2021-3 Class C
05/15/2029	3.270%	299,984	277,079
Voya CLO Ltd.^(a),(b)
Series 2021-1A Class E
3-month USD LIBOR + 6.350% Floor 6.350% 07/15/2034	7.394%	250,000	214,703
Series 2021-2A Class E
3-month USD LIBOR + 6.600% Floor 6.600% 10/20/2034	7.663%	250,000	217,805
Total Asset-Backed Securities — Non-Agency (Cost $7,418,331)			6,897,972

Commercial Mortgage-Backed Securities - Non-Agency 3.1%

Braemar Hotels & Resorts Trust^(a),(b)
Series 2018-PRME Class E
1-month USD LIBOR + 2.400% Floor 2.400% 06/15/2035	3.724%	300,000	281,822
Subordinated Series 2018-PRME Class D
1-month USD LIBOR + 1.800% Floor 1.925% 06/15/2035	3.124%	300,000	287,645
CLNY Trust^(a),(b)
Series 2019-IKPR Class E
1-month USD LIBOR + 2.721% Floor 2.721% 11/15/2038	4.045%	300,000	275,951

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

6	Columbia Variable Portfolio – Strategic Income Fund \| Semiannual Report 2022

Table of Contents

Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Series 2019-IKPR Class F
1-month USD LIBOR + 3.417% Floor 3.417% 11/15/2038	4.741%	650,000	591,381
COMM Mortgage Trust^(a),(e)
Subordinated Series 2020-CBM Class F
02/10/2037	3.754%	150,000	130,994
Credit Suisse Mortgage Capital Certificates OA LLC^(a)
Subordinated Series 2014-USA Class E
09/15/2037	4.373%	500,000	392,147
Subordinated Series 2014-USA Class F
09/15/2037	4.373%	400,000	286,768
CSMC Trust^(a),(e)
Subordinated Series 2019-UVIL Class E
12/15/2041	3.393%	600,000	452,574
Extended Stay America Trust^(a),(b)
Series 2021-ESH Class D
1-month USD LIBOR + 2.250% Floor 2.250% 07/15/2038	3.125%	198,777	191,806
Morgan Stanley Capital I Trust^(a),(e)
Series 2019-MEAD Class E
11/10/2036	3.283%	600,000	536,259
Progress Residential Trust^(a)
Subordinated Series 2020-SFR2 Class F
06/18/2037	6.152%	500,000	497,254
UBS Commercial Mortgage Trust^(a),(b)
Series 2018-NYCH Class E
1-month USD LIBOR + 2.900% Floor 3.200% 02/15/2032	4.224%	450,000	422,211
Total Commercial Mortgage-Backed Securities - Non-Agency (Cost $4,683,963)			4,346,812

Common Stocks —%
Issuer	Shares	Value ($)
Financials —%
Diversified Financial Services —%
Fairlane Management Corp.^(c),(d),(f)	2,000	—
Total Financials		—
Total Common Stocks (Cost $—)		—

Convertible Bonds 0.1%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Cable and Satellite 0.1%
DISH Network Corp.
Subordinated
08/15/2026	3.375%	158,000	106,729
Total Convertible Bonds (Cost $148,880)			106,729

Corporate Bonds & Notes 36.6%

Aerospace & Defense 0.8%
Boeing Co. (The)
08/01/2059	3.950%	515,000	347,716
05/01/2060	5.930%	285,000	260,727
Bombardier, Inc.^(a)
04/15/2027	7.875%	113,000	94,052
Howmet Aerospace, Inc.
01/15/2029	3.000%	107,000	88,615
TransDigm, Inc.^(a)
12/15/2025	8.000%	70,000	70,911
03/15/2026	6.250%	76,000	73,439
TransDigm, Inc.
06/15/2026	6.375%	11,000	10,301
11/15/2027	5.500%	251,000	213,739
05/01/2029	4.875%	48,000	39,019
Total			1,198,519
Airlines 0.3%
Air Canada^(a)
08/15/2026	3.875%	75,000	63,659
American Airlines, Inc.^(a)
07/15/2025	11.750%	41,000	42,435
American Airlines, Inc./AAdvantage Loyalty IP Ltd.^(a)
04/20/2026	5.500%	153,175	141,121
04/20/2029	5.750%	107,995	92,206
Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.^(a)
01/20/2026	5.750%	92,595	82,977
United Airlines, Inc.^(a)
04/15/2026	4.375%	33,000	29,268
Total			451,666
Automotive 0.6%
American Axle & Manufacturing, Inc.
04/01/2027	6.500%	8,000	7,083
Ford Motor Co.
02/12/2032	3.250%	133,000	99,415
01/15/2043	4.750%	105,000	74,846

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

Columbia Variable Portfolio – Strategic Income Fund | Semiannual Report 2022

Table of Contents

Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Ford Motor Credit Co. LLC
09/08/2024	3.664%	47,000	44,729
06/16/2025	5.125%	113,000	107,982
11/13/2025	3.375%	63,000	56,721
08/17/2027	4.125%	74,000	65,155
02/16/2028	2.900%	22,000	17,740
11/13/2030	4.000%	19,000	15,404
Goodyear Tire & Rubber Co. (The)
07/15/2029	5.000%	84,000	70,014
IAA Spinco, Inc.^(a)
06/15/2027	5.500%	57,000	53,081
KAR Auction Services, Inc.^(a)
06/01/2025	5.125%	130,000	122,326
Panther BF Aggregator 2 LP/Finance Co., Inc.^(a)
05/15/2027	8.500%	67,000	64,810
Tenneco, Inc.^(a)
01/15/2029	7.875%	40,000	38,741
Total			838,047
Banking 6.9%
Bank of America Corp.^(g)
10/22/2030	2.884%	1,010,000	883,410
07/23/2031	1.898%	1,000,000	800,088
10/20/2032	2.572%	646,000	533,040
02/04/2033	2.972%	710,000	605,181
Citigroup, Inc.^(g)
01/25/2033	3.057%	785,000	666,781
Goldman Sachs Group, Inc. (The)^(g)
07/21/2032	2.383%	1,310,000	1,060,303
02/24/2033	3.102%	648,000	554,145
HSBC Holdings PLC^(g)
05/24/2032	2.804%	270,000	221,664
11/22/2032	2.871%	599,000	490,654
JPMorgan Chase & Co.^(g)
04/22/2032	2.580%	1,078,000	907,683
11/08/2032	2.545%	1,340,000	1,113,375
Morgan Stanley^(g)
07/21/2032	2.239%	212,000	172,264
10/20/2032	2.511%	408,000	337,839
Subordinated
04/20/2037	5.297%	215,000	208,578
Wells Fargo & Co.^(g)
02/11/2031	2.572%	1,060,000	911,362
03/02/2033	3.350%	387,000	343,495
Total			9,809,862
Brokerage/Asset Managers/Exchanges 0.2%
AG Issuer LLC^(a)
03/01/2028	6.250%	18,000	15,560

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Hightower Holding LLC^(a)
04/15/2029	6.750%	42,000	31,619
NFP Corp.^(a)
08/15/2028	4.875%	131,000	112,303
08/15/2028	6.875%	156,000	129,728
Total			289,210
Building Materials 0.4%
American Builders & Contractors Supply Co., Inc.^(a)
01/15/2028	4.000%	254,000	219,184
Beacon Roofing Supply, Inc.^(a)
11/15/2026	4.500%	70,000	63,698
05/15/2029	4.125%	26,000	21,353
James Hardie International Finance DAC^(a)
01/15/2028	5.000%	66,000	59,454
SRS Distribution, Inc.^(a)
07/01/2028	4.625%	75,000	65,509
07/01/2029	6.125%	40,000	31,523
12/01/2029	6.000%	49,000	38,437
White Cap Buyer LLC^(a)
10/15/2028	6.875%	38,000	30,443
Total			529,601
Cable and Satellite 2.1%
CCO Holdings LLC/Capital Corp.^(a)
06/01/2029	5.375%	60,000	54,667
03/01/2030	4.750%	58,000	49,608
08/15/2030	4.500%	76,000	63,513
02/01/2031	4.250%	30,000	24,636
02/01/2032	4.750%	55,000	45,283
CCO Holdings LLC/Capital Corp.
05/01/2032	4.500%	206,000	166,780
Charter Communications Operating LLC/Capital
05/01/2047	5.375%	140,000	119,841
06/30/2062	3.950%	236,000	157,299
04/01/2063	5.500%	807,000	688,314
CSC Holdings LLC
06/01/2024	5.250%	16,000	14,975
CSC Holdings LLC^(a)
01/15/2030	5.750%	117,000	85,119
12/01/2030	4.125%	154,000	120,035
12/01/2030	4.625%	69,000	46,217
02/15/2031	3.375%	132,000	97,950
DIRECTV Holdings LLC/Financing Co., Inc.^(a)
08/15/2027	5.875%	43,000	36,685
DISH DBS Corp.^(a)
12/01/2028	5.750%	180,000	133,224
DISH DBS Corp.
06/01/2029	5.125%	197,000	119,713

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

8	Columbia Variable Portfolio – Strategic Income Fund \| Semiannual Report 2022

Table of Contents

Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Radiate Holdco LLC/Finance, Inc.^(a)
09/15/2026	4.500%	73,000	63,043
09/15/2028	6.500%	110,000	85,110
Sirius XM Radio, Inc.^(a)
09/01/2026	3.125%	37,000	33,080
07/01/2030	4.125%	78,000	65,138
Videotron Ltd.^(a)
06/15/2029	3.625%	388,000	320,285
Virgin Media Finance PLC^(a)
07/15/2030	5.000%	126,000	99,854
VZ Secured Financing BV^(a)
01/15/2032	5.000%	101,000	83,830
Ziggo Bond Co. BV^(a)
02/28/2030	5.125%	118,000	92,557
Ziggo BV^(a)
01/15/2030	4.875%	137,000	116,134
Total			2,982,890
Chemicals 0.4%
Axalta Coating Systems LLC^(a)
02/15/2029	3.375%	56,000	45,740
Element Solutions, Inc.^(a)
09/01/2028	3.875%	70,000	57,888
HB Fuller Co.
10/15/2028	4.250%	86,000	72,250
Herens Holdco Sarl^(a)
05/15/2028	4.750%	42,000	35,024
Illuminate Buyer LLC/Holdings IV, Inc.^(a)
07/01/2028	9.000%	39,000	30,930
INEOS Quattro Finance 2 Plc^(a)
01/15/2026	3.375%	22,000	18,480
Ingevity Corp.^(a)
11/01/2028	3.875%	46,000	38,520
Innophos Holdings, Inc.^(a)
02/15/2028	9.375%	69,000	62,871
Iris Holdings, Inc.^(a),(h)
02/15/2026	8.750%	19,000	15,578
Olympus Water US Holding Corp.^(a)
10/01/2028	4.250%	63,000	49,410
SPCM SA^(a)
03/15/2027	3.125%	4,000	3,375
Unifrax Escrow Issuer Corp.^(a)
09/30/2028	5.250%	32,000	25,569
WR Grace Holdings LLC^(a)
06/15/2027	4.875%	99,000	86,136
08/15/2029	5.625%	119,000	87,796
Total			629,567

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Construction Machinery 0.2%
H&E Equipment Services, Inc.^(a)
12/15/2028	3.875%	182,000	147,087
Herc Holdings, Inc.^(a)
07/15/2027	5.500%	50,000	45,762
Ritchie Bros. Auctioneers, Inc.^(a)
01/15/2025	5.375%	18,000	17,629
United Rentals North America, Inc.
01/15/2032	3.750%	19,000	15,624
Total			226,102
Consumer Cyclical Services 0.4%
APX Group, Inc.^(a)
07/15/2029	5.750%	14,000	10,870
Arches Buyer, Inc.^(a)
06/01/2028	4.250%	72,000	58,762
12/01/2028	6.125%	25,000	20,406
ASGN, Inc.^(a)
05/15/2028	4.625%	77,000	66,259
Staples, Inc.^(a)
04/15/2026	7.500%	132,000	109,460
04/15/2027	10.750%	12,000	7,943
Uber Technologies, Inc.^(a)
05/15/2025	7.500%	40,000	39,880
01/15/2028	6.250%	97,000	89,679
08/15/2029	4.500%	164,000	134,910
Total			538,169
Consumer Products 0.2%
CD&R Smokey Buyer, Inc.^(a)
07/15/2025	6.750%	60,000	53,265
Mattel, Inc.
10/01/2040	6.200%	40,000	38,508
Newell Brands, Inc.
04/01/2046	6.000%	225,000	182,043
Spectrum Brands, Inc.
07/15/2025	5.750%	38,000	37,604
Tempur Sealy International, Inc.^(a)
10/15/2031	3.875%	40,000	29,986
Total			341,406
Diversified Manufacturing 0.8%
Carrier Global Corp.
04/05/2050	3.577%	681,000	516,785
GE Capital International Funding Co. Unlimited Co.
11/15/2035	4.418%	55,000	51,476

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

Columbia Variable Portfolio – Strategic Income Fund | Semiannual Report 2022

Table of Contents

Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
General Electric Co.^(b)
Junior Subordinated
3-month USD LIBOR + 3.330% 12/31/2049	5.159%	290,000	253,690
Madison IAQ LLC^(a)
06/30/2028	4.125%	24,000	19,883
06/30/2029	5.875%	49,000	37,374
Resideo Funding, Inc.^(a)
09/01/2029	4.000%	34,000	26,551
Vertical US Newco, Inc.^(a)
07/15/2027	5.250%	24,000	21,433
WESCO Distribution, Inc.^(a)
06/15/2025	7.125%	95,000	94,779
06/15/2028	7.250%	49,000	48,448
Total			1,070,419
Electric 1.7%
AEP Texas, Inc.
01/15/2050	3.450%	435,000	335,366
Calpine Corp.^(a)
02/15/2028	4.500%	44,000	40,048
Clearway Energy Operating LLC^(a)
02/15/2031	3.750%	224,000	181,649
01/15/2032	3.750%	96,000	75,926
Emera US Finance LP
06/15/2046	4.750%	365,000	321,935
Georgia Power Co.
03/15/2042	4.300%	200,000	173,928
Leeward Renewable Energy Operations LLC^(a)
07/01/2029	4.250%	56,000	45,301
NextEra Energy Operating Partners LP^(a)
07/15/2024	4.250%	24,000	22,985
09/15/2027	4.500%	191,000	176,898
NRG Energy, Inc.^(a)
06/15/2029	5.250%	29,000	25,908
02/15/2031	3.625%	159,000	125,120
02/15/2032	3.875%	319,000	253,252
Pacific Gas and Electric Co.
07/01/2050	4.950%	415,000	330,930
Pattern Energy Operations LP/Inc.^(a)
08/15/2028	4.500%	41,000	35,666
PG&E Corp.
07/01/2028	5.000%	35,000	30,083
TerraForm Power Operating LLC^(a)
01/31/2028	5.000%	69,000	62,643
01/15/2030	4.750%	89,000	76,270

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Vistra Operations Co. LLC^(a)
07/31/2027	5.000%	24,000	21,754
05/01/2029	4.375%	107,000	89,886
Total			2,425,548
Environmental 0.2%
Covanta Holding Corp.^(a)
12/01/2029	4.875%	27,000	21,970
GFL Environmental, Inc.^(a)
06/01/2025	4.250%	68,000	64,169
08/01/2025	3.750%	29,000	26,888
08/01/2028	4.000%	56,000	46,530
06/15/2029	4.750%	46,000	38,453
08/15/2029	4.375%	37,000	29,951
Waste Pro USA, Inc.^(a)
02/15/2026	5.500%	120,000	106,436
Total			334,397
Finance Companies 0.5%
Navient Corp.
06/25/2025	6.750%	58,000	53,024
Provident Funding Associates LP/Finance Corp.^(a)
06/15/2025	6.375%	67,000	60,047
Quicken Loans LLC/Co-Issuer, Inc.^(a)
03/01/2029	3.625%	111,000	87,169
03/01/2031	3.875%	138,000	103,855
Rocket Mortgage LLC/Co-Issuer, Inc.^(a)
10/15/2033	4.000%	425,000	303,223
Springleaf Finance Corp.
03/15/2024	6.125%	80,000	76,418
Total			683,736
Food and Beverage 2.3%
Anheuser-Busch Companies LLC/InBev Worldwide, Inc.
02/01/2046	4.900%	967,000	912,045
Bacardi Ltd.^(a)
05/15/2048	5.300%	520,000	488,607
Darling Ingredients, Inc.^(a)
04/15/2027	5.250%	70,000	67,880
FAGE International SA/USA Dairy Industry, Inc.^(a)
08/15/2026	5.625%	229,000	200,362
Kraft Heinz Foods Co.
06/01/2046	4.375%	823,000	685,615
Lamb Weston Holdings, Inc.^(a)
05/15/2028	4.875%	36,000	33,892
01/31/2030	4.125%	45,000	39,149
01/31/2032	4.375%	45,000	39,133

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

10	Columbia Variable Portfolio – Strategic Income Fund \| Semiannual Report 2022

Table of Contents

Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Pilgrim’s Pride Corp.^(a)
04/15/2031	4.250%	112,000	93,437
03/01/2032	3.500%	725,000	568,377
Post Holdings, Inc.^(a)
03/01/2027	5.750%	12,000	11,626
04/15/2030	4.625%	28,000	23,622
09/15/2031	4.500%	53,000	43,514
Primo Water Holdings, Inc.^(a)
04/30/2029	4.375%	43,000	35,105
Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed^(a)
03/01/2029	4.625%	56,000	47,331
US Foods, Inc.^(a)
04/15/2025	6.250%	4,000	3,988
02/15/2029	4.750%	17,000	14,854
06/01/2030	4.625%	35,000	29,839
Total			3,338,376
Gaming 0.4%
Boyd Gaming Corp.^(a)
06/15/2031	4.750%	82,000	69,392
Caesars Entertainment, Inc.^(a)
10/15/2029	4.625%	127,000	99,113
Colt Merger Sub, Inc.^(a)
07/01/2025	6.250%	28,000	26,986
07/01/2027	8.125%	83,000	80,033
International Game Technology PLC^(a)
02/15/2025	6.500%	55,000	54,672
Midwest Gaming Borrower LLC^(a)
05/01/2029	4.875%	107,000	87,368
Penn National Gaming, Inc.^(a)
07/01/2029	4.125%	35,000	26,765
Scientific Games Holdings LP/US FinCo, Inc.^(a)
03/01/2030	6.625%	61,000	51,879
Scientific Games International, Inc.^(a)
07/01/2025	8.625%	20,000	20,521
05/15/2028	7.000%	45,000	42,483
11/15/2029	7.250%	28,000	26,503
Wynn Las Vegas LLC/Capital Corp.^(a)
03/01/2025	5.500%	47,000	43,020
Total			628,735
Health Care 2.2%
Acadia Healthcare Co., Inc.^(a)
07/01/2028	5.500%	12,000	11,227
04/15/2029	5.000%	29,000	26,201
AdaptHealth LLC^(a)
08/01/2029	4.625%	19,000	15,620
03/01/2030	5.125%	61,000	51,286

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Avantor Funding, Inc.^(a)
07/15/2028	4.625%	29,000	26,551
11/01/2029	3.875%	256,000	223,978
Catalent Pharma Solutions, Inc.^(a)
07/15/2027	5.000%	14,000	13,176
02/15/2029	3.125%	10,000	8,232
04/01/2030	3.500%	28,000	22,978
Change Healthcare Holdings LLC/Finance, Inc.^(a)
03/01/2025	5.750%	24,000	23,399
Charles River Laboratories International, Inc.^(a)
05/01/2028	4.250%	17,000	15,288
03/15/2029	3.750%	21,000	18,225
03/15/2031	4.000%	19,000	16,270
CHS/Community Health Systems, Inc.^(a)
03/15/2026	8.000%	48,000	43,708
03/15/2027	5.625%	108,000	91,401
04/15/2029	6.875%	44,000	28,167
05/15/2030	5.250%	101,000	77,093
02/15/2031	4.750%	39,000	28,689
Cigna Corp.
03/15/2050	3.400%	380,000	290,599
03/15/2051	3.400%	390,000	299,930
CVS Health Corp.
03/25/2048	5.050%	340,000	325,296
HCA, Inc.
09/01/2028	5.625%	106,000	104,341
HCA, Inc.^(a)
03/15/2052	4.625%	560,000	448,024
Hologic, Inc.^(a)
02/01/2028	4.625%	75,000	70,266
IQVIA, Inc.^(a)
10/15/2026	5.000%	16,000	15,258
05/15/2027	5.000%	61,000	57,714
Mozart Debt Merger Sub, Inc.^(a)
10/01/2029	5.250%	20,000	16,623
Owens & Minor, Inc.^(a)
04/01/2030	6.625%	43,000	39,212
Radiology Partners, Inc.^(a)
02/01/2028	9.250%	42,000	31,564
RP Escrow Issuer LLC^(a)
12/15/2025	5.250%	192,000	166,372
Select Medical Corp.^(a)
08/15/2026	6.250%	181,000	169,329
Surgery Center Holdings, Inc.^(a)
04/15/2027	10.000%	53,000	51,919
Syneos Health, Inc.^(a)
01/15/2029	3.625%	28,000	23,825

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

Columbia Variable Portfolio – Strategic Income Fund | Semiannual Report 2022

Table of Contents

Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Tenet Healthcare Corp.
07/15/2024	4.625%	6,000	5,765
Tenet Healthcare Corp.^(a)
02/01/2027	6.250%	51,000	47,135
11/01/2027	5.125%	89,000	80,411
10/01/2028	6.125%	77,000	66,258
01/15/2030	4.375%	37,000	31,434
US Acute Care Solutions LLC^(a)
03/01/2026	6.375%	49,000	43,965
Total			3,126,729
Healthcare Insurance 0.2%
Centene Corp.
10/15/2030	3.000%	52,000	43,100
08/01/2031	2.625%	237,000	190,192
Total			233,292
Home Construction 0.2%
Meritage Homes Corp.
06/06/2027	5.125%	44,000	40,461
Meritage Homes Corp.^(a)
04/15/2029	3.875%	195,000	161,752
Shea Homes LP/Funding Corp.^(a)
02/15/2028	4.750%	47,000	37,854
Taylor Morrison Communities, Inc.^(a)
01/15/2028	5.750%	52,000	46,713
Total			286,780
Independent Energy 1.4%
Apache Corp.
01/15/2030	4.250%	26,000	23,181
09/01/2040	5.100%	31,000	26,182
02/01/2042	5.250%	16,000	13,321
04/15/2043	4.750%	176,000	137,549
Callon Petroleum Co.
10/01/2024	6.125%	85,000	86,286
07/01/2026	6.375%	136,000	125,243
Callon Petroleum Co.^(a)
08/01/2028	8.000%	129,000	124,067
CNX Resources Corp.^(a)
03/14/2027	7.250%	26,000	25,516
01/15/2029	6.000%	41,000	38,130
Colgate Energy Partners III LLC^(a)
07/01/2029	5.875%	75,000	65,707
Comstock Resources, Inc.^(a)
03/01/2029	6.750%	19,000	17,061
01/15/2030	5.875%	27,000	23,359
CrownRock LP/Finance, Inc.^(a)
05/01/2029	5.000%	22,000	19,746

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Hilcorp Energy I LP/Finance Co.^(a)
02/01/2029	5.750%	57,000	49,749
04/15/2030	6.000%	34,000	29,936
04/15/2032	6.250%	28,000	24,480
Matador Resources Co.
09/15/2026	5.875%	75,000	72,267
Occidental Petroleum Corp.
09/01/2030	6.625%	117,000	120,535
01/01/2031	6.125%	170,000	172,489
09/15/2036	6.450%	449,000	467,680
03/15/2040	6.200%	31,000	30,683
03/15/2046	6.600%	114,000	121,010
Southwestern Energy Co.
02/01/2029	5.375%	17,000	15,795
02/01/2032	4.750%	158,000	135,153
Total			1,965,125
Integrated Energy 0.1%
Cenovus Energy, Inc.
02/15/2052	3.750%	105,000	79,863
Leisure 0.6%
Carnival Corp.^(a)
03/01/2026	7.625%	324,000	252,926
03/01/2027	5.750%	95,000	68,627
05/01/2029	6.000%	87,000	60,916
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Operations LLC^(a)
05/01/2025	5.500%	15,000	14,582
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Operations LLC
10/01/2028	6.500%	29,000	27,640
Cinemark USA, Inc.^(a)
03/15/2026	5.875%	105,000	93,733
07/15/2028	5.250%	20,000	16,055
NCL Corp., Ltd.^(a)
03/15/2026	5.875%	31,000	24,322
Royal Caribbean Cruises Ltd.^(a)
07/01/2026	4.250%	56,000	39,772
08/31/2026	5.500%	198,000	145,525
07/15/2027	5.375%	23,000	16,706
04/01/2028	5.500%	35,000	24,323
Six Flags Entertainment Corp.^(a)
07/31/2024	4.875%	75,000	71,463
Total			856,590
Life Insurance 0.9%
Guardian Life Insurance Co. of America (The)^(a)
Subordinated
06/19/2064	4.875%	389,000	376,699

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

12	Columbia Variable Portfolio – Strategic Income Fund \| Semiannual Report 2022

Table of Contents

Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Massachusetts Mutual Life Insurance Co.^(a)
Subordinated
10/15/2070	3.729%	350,000	257,276
Peachtree Corners Funding Trust^(a)
02/15/2025	3.976%	300,000	298,556
Teachers Insurance & Annuity Association of America^(a)
Subordinated
09/15/2044	4.900%	340,000	330,643
Total			1,263,174
Media and Entertainment 1.3%
Cengage Learning, Inc.^(a)
06/15/2024	9.500%	208,000	192,441
Clear Channel International BV^(a)
08/01/2025	6.625%	68,000	63,185
Clear Channel Outdoor Holdings, Inc.^(a)
04/15/2028	7.750%	90,000	65,487
06/01/2029	7.500%	81,000	58,522
Clear Channel Worldwide Holdings, Inc.^(a)
08/15/2027	5.125%	73,000	61,644
iHeartCommunications, Inc.
05/01/2026	6.375%	12,000	11,119
05/01/2027	8.375%	91,130	72,822
Magallanes, Inc.^(a)
03/15/2062	5.391%	825,000	691,897
Netflix, Inc.
04/15/2028	4.875%	54,000	50,983
11/15/2028	5.875%	77,000	75,378
05/15/2029	6.375%	17,000	17,136
Netflix, Inc.^(a)
11/15/2029	5.375%	53,000	50,096
06/15/2030	4.875%	308,000	282,665
Outfront Media Capital LLC/Corp.^(a)
01/15/2029	4.250%	15,000	11,965
03/15/2030	4.625%	78,000	62,603
Playtika Holding Corp.^(a)
03/15/2029	4.250%	69,000	57,354
Roblox Corp.^(a)
05/01/2030	3.875%	56,000	45,375
Univision Communications, Inc.^(a)
05/01/2029	4.500%	22,000	19,011
Total			1,889,683
Metals and Mining 0.4%
Allegheny Technologies, Inc.
10/01/2029	4.875%	16,000	12,934
10/01/2031	5.125%	99,000	77,630

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Constellium SE^(a)
06/15/2028	5.625%	107,000	96,830
04/15/2029	3.750%	268,000	213,467
Hudbay Minerals, Inc.^(a)
04/01/2029	6.125%	143,000	115,955
Kaiser Aluminum Corp.^(a)
03/01/2028	4.625%	13,000	10,882
06/01/2031	4.500%	78,000	59,723
Novelis Corp.^(a)
11/15/2026	3.250%	28,000	23,738
08/15/2031	3.875%	33,000	25,419
Total			636,578
Midstream 2.6%
Cheniere Energy Partners LP
10/01/2029	4.500%	69,000	61,647
03/01/2031	4.000%	33,000	28,134
Cheniere Energy Partners LP^(a)
01/31/2032	3.250%	94,000	74,096
Cheniere Energy, Inc.
10/15/2028	4.625%	76,000	68,758
CNX Midstream Partners LP^(a)
04/15/2030	4.750%	40,000	33,542
DCP Midstream Operating LP
04/01/2044	5.600%	47,000	38,031
Delek Logistics Partners LP/Finance Corp.
05/15/2025	6.750%	32,000	29,785
DT Midstream, Inc.^(a)
06/15/2029	4.125%	33,000	28,060
06/15/2031	4.375%	66,000	55,172
Enterprise Products Operating LLC
03/15/2044	4.850%	48,000	43,604
01/31/2060	3.950%	116,000	91,375
EQM Midstream Partners LP^(a)
07/01/2027	6.500%	22,000	20,465
01/15/2029	4.500%	73,000	59,302
01/15/2031	4.750%	292,000	232,925
EQM Midstream Partners LP
07/15/2048	6.500%	277,000	206,414
Galaxy Pipeline Assets Bidco Ltd.^(a)
03/31/2036	2.625%	400,000	324,128
09/30/2040	3.250%	200,000	158,075
Holly Energy Partners LP/Finance Corp.^(a)
04/15/2027	6.375%	26,000	24,518
02/01/2028	5.000%	38,000	32,586
Kinder Morgan Energy Partners LP
03/01/2043	5.000%	37,000	32,384
Kinder Morgan, Inc.
02/15/2046	5.050%	328,000	293,124

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

Columbia Variable Portfolio – Strategic Income Fund | Semiannual Report 2022

Table of Contents

Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
NuStar Logistics LP
10/01/2025	5.750%	136,000	127,179
06/01/2026	6.000%	93,000	86,115
Plains All American Pipeline LP/Finance Corp.
06/15/2044	4.700%	702,000	555,897
Rockies Express Pipeline LLC^(a)
05/15/2025	3.600%	26,000	23,359
Rockpoint Gas Storage Canada Ltd.^(a)
03/31/2023	7.000%	57,000	56,298
Superior Plus LP/General Partner, Inc.^(a)
03/15/2029	4.500%	21,000	17,842
TransMontaigne Partners LP/TLP Finance Corp.
02/15/2026	6.125%	96,000	84,845
Venture Global Calcasieu Pass LLC^(a)
08/15/2029	3.875%	81,000	71,015
08/15/2031	4.125%	225,000	193,249
11/01/2033	3.875%	305,000	251,563
Western Gas Partners LP
08/15/2048	5.500%	61,000	49,999
Williams Companies, Inc. (The)
09/15/2045	5.100%	220,000	204,966
Total			3,658,452
Natural Gas 0.3%
NiSource, Inc.
05/15/2047	4.375%	465,000	409,161
Oil Field Services 0.2%
Transocean Sentry Ltd.^(a)
05/15/2023	5.375%	296,696	282,140
Other Industry 0.0%
Hillenbrand, Inc.
03/01/2031	3.750%	21,000	17,094
Other REIT 0.3%
Blackstone Mortgage Trust, Inc.^(a)
01/15/2027	3.750%	60,000	49,410
Ladder Capital Finance Holdings LLLP/Corp.^(a)
10/01/2025	5.250%	42,000	38,376
02/01/2027	4.250%	102,000	82,594
06/15/2029	4.750%	128,000	98,794
Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer^(a)
05/15/2029	4.875%	97,000	83,431
RHP Hotel Properties LP/Finance Corp.^(a)
02/15/2029	4.500%	15,000	12,714

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
RLJ Lodging Trust LP^(a)
07/01/2026	3.750%	20,000	17,577
09/15/2029	4.000%	26,000	21,495
Total			404,391
Packaging 0.3%
Ardagh Metal Packaging Finance USA LLC/PLC^(a)
06/15/2027	6.000%	26,000	25,723
09/01/2029	4.000%	135,000	108,257
Ardagh Packaging Finance PLC/Holdings USA, Inc.^(a)
08/15/2026	4.125%	18,000	15,250
08/15/2027	5.250%	95,000	66,552
BWAY Holding Co.^(a)
04/15/2024	5.500%	46,000	43,938
CANPACK SA/Eastern PA Land Investment Holding LLC^(a)
11/01/2025	3.125%	38,000	33,440
Canpack SA/US LLC^(a)
11/15/2029	3.875%	84,000	66,390
Trivium Packaging Finance BV^(a)
08/15/2026	5.500%	29,000	27,338
08/15/2027	8.500%	39,000	36,743
Total			423,631
Pharmaceuticals 1.1%
AbbVie, Inc.
11/14/2048	4.875%	221,000	212,949
11/21/2049	4.250%	447,000	396,207
Amgen, Inc.
02/22/2062	4.400%	569,000	494,824
Bausch Health Companies, Inc.^(a)
04/01/2026	9.250%	20,000	14,306
02/01/2027	6.125%	41,000	34,943
01/15/2028	7.000%	41,000	23,473
06/01/2028	4.875%	13,000	10,174
01/30/2030	5.250%	51,000	26,553
Endo Dac/Finance LLC/Finco, Inc.^(a)
06/30/2028	6.000%	17,000	1,351
Grifols Escrow Issuer SA^(a)
10/15/2028	4.750%	19,000	16,479
Organon Finance 1 LLC^(a)
04/30/2028	4.125%	207,000	183,184
04/30/2031	5.125%	82,000	70,770
Par Pharmaceutical, Inc.^(a)
04/01/2027	7.500%	27,000	20,520
Total			1,505,733

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

14	Columbia Variable Portfolio – Strategic Income Fund \| Semiannual Report 2022

Table of Contents

Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Property & Casualty 0.9%
Alliant Holdings Intermediate LLC/Co-Issuer^(a)
10/15/2027	4.250%	129,000	112,646
10/15/2027	6.750%	79,000	70,043
11/01/2029	5.875%	50,000	41,496
AssuredPartners, Inc.^(a)
01/15/2029	5.625%	51,000	41,243
Berkshire Hathaway Finance Corp.
03/15/2052	3.850%	737,000	630,740
BroadStreet Partners, Inc.^(a)
04/15/2029	5.875%	67,000	52,256
GTCR AP Finance, Inc.^(a)
05/15/2027	8.000%	11,000	10,334
HUB International Ltd.^(a)
05/01/2026	7.000%	193,000	182,233
12/01/2029	5.625%	62,000	51,947
Radian Group, Inc.
03/15/2025	6.625%	30,000	29,523
Ryan Specialty Group LLC^(a)
02/01/2030	4.375%	17,000	14,794
USI, Inc.^(a)
05/01/2025	6.875%	39,000	37,665
Total			1,274,920
Restaurants 0.2%
1011778 BC ULC/New Red Finance, Inc.^(a)
04/15/2025	5.750%	18,000	18,129
01/15/2028	3.875%	66,000	57,410
Fertitta Entertainment LLC/Finance Co., Inc.^(a)
01/15/2030	6.750%	97,000	74,515
IRB Holding Corp.^(a)
06/15/2025	7.000%	124,000	121,014
Yum! Brands, Inc.
04/01/2032	5.375%	53,000	48,897
Total			319,965
Retailers 0.5%
Asbury Automotive Group, Inc.^(a)
11/15/2029	4.625%	14,000	11,565
02/15/2032	5.000%	14,000	11,451
Group 1 Automotive, Inc.^(a)
08/15/2028	4.000%	21,000	17,784
L Brands, Inc.
11/01/2035	6.875%	60,000	48,736
LCM Investments Holdings II LLC^(a)
05/01/2029	4.875%	67,000	51,277

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Lowe’s Companies, Inc.
10/15/2050	3.000%	424,000	295,640
04/01/2062	4.450%	224,000	191,430
PetSmart, Inc./Finance Corp.^(a)
02/15/2028	4.750%	37,000	31,970
02/15/2029	7.750%	47,000	42,403
Total			702,256
Supermarkets 0.1%
Albertsons Companies LLC/Safeway, Inc./New Albertsons LP/Albertsons LLC^(a)
02/15/2028	5.875%	59,000	55,171
Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC^(a)
03/15/2026	3.250%	19,000	16,609
Total			71,780
Technology 2.2%
Black Knight InfoServ LLC^(a)
09/01/2028	3.625%	16,000	13,895
Boxer Parent Co., Inc.^(a)
10/02/2025	7.125%	17,000	16,283
Broadcom, Inc.^(a)
04/15/2034	3.469%	205,000	166,277
11/15/2036	3.187%	129,000	97,987
Camelot Finance SA^(a)
11/01/2026	4.500%	35,000	32,081
CDK Global, Inc.
06/01/2027	4.875%	57,000	56,504
Clarivate Science Holdings Corp.^(a)
07/01/2028	3.875%	26,000	21,858
07/01/2029	4.875%	64,000	52,538
Condor Merger Sub, Inc.^(a)
02/15/2030	7.375%	54,000	43,895
Entegris Escrow Corp.^(a)
04/15/2029	4.750%	22,000	20,507
06/15/2030	5.950%	81,000	77,184
Everi Holdings, Inc.^(a)
07/15/2029	5.000%	8,000	6,780
Gartner, Inc.^(a)
06/15/2029	3.625%	168,000	144,870
10/01/2030	3.750%	398,000	344,049
HealthEquity, Inc.^(a)
10/01/2029	4.500%	58,000	50,770
Helios Software Holdings, Inc.^(a)
05/01/2028	4.625%	68,000	54,644
ION Trading Technologies Sarl^(a)
05/15/2028	5.750%	38,000	30,231
Logan Merger Sub, Inc.^(a)
09/01/2027	5.500%	143,000	97,870

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

Columbia Variable Portfolio – Strategic Income Fund | Semiannual Report 2022

Table of Contents

Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Minerva Merger Sub, Inc.^(a)
02/15/2030	6.500%	88,000	73,429
NCR Corp.^(a)
10/01/2028	5.000%	52,000	44,294
04/15/2029	5.125%	85,000	72,066
Nielsen Finance LLC/Co.^(a)
10/01/2028	5.625%	138,000	128,117
07/15/2029	4.500%	36,000	32,595
07/15/2031	4.750%	29,000	26,168
NXP BV/Funding LLC/USA, Inc.
01/15/2033	5.000%	194,000	189,588
02/15/2042	3.125%	149,000	109,136
Oracle Corp.
04/01/2050	3.600%	297,000	207,281
03/25/2061	4.100%	287,000	205,633
Plantronics, Inc.^(a)
03/01/2029	4.750%	177,000	176,441
PTC, Inc.^(a)
02/15/2028	4.000%	40,000	36,968
Sabre GLBL, Inc.^(a)
09/01/2025	7.375%	5,000	4,639
Shift4 Payments LLC/Finance Sub, Inc.^(a)
11/01/2026	4.625%	151,000	134,098
Square, Inc.^(a)
06/01/2031	3.500%	31,000	24,886
Switch Ltd.^(a)
09/15/2028	3.750%	27,000	26,714
06/15/2029	4.125%	83,000	82,356
Tempo Acquisition LLC/Finance Corp.^(a)
06/01/2025	5.750%	28,000	26,729
Verscend Escrow Corp.^(a)
08/15/2026	9.750%	97,000	94,314
ZoomInfo Technologies LLC/Finance Corp.^(a)
02/01/2029	3.875%	152,000	127,300
Total			3,150,975
Transportation Services 0.1%
Adani Ports & Special Economic Zone Ltd.^(a)
07/03/2029	4.375%	200,000	176,896
Wireless 1.3%
Altice France Holding SA^(a)
02/15/2028	6.000%	180,000	124,143
Altice France SA^(a)
02/01/2027	8.125%	28,000	25,800
07/15/2029	5.125%	64,000	48,290
10/15/2029	5.500%	35,000	26,812

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
American Tower Corp.
08/15/2029	3.800%	268,000	246,073
06/15/2030	2.100%	75,000	59,925
SBA Communications Corp.
02/15/2027	3.875%	44,000	40,232
02/01/2029	3.125%	175,000	143,172
Sprint Capital Corp.
11/15/2028	6.875%	206,000	217,069
03/15/2032	8.750%	56,000	67,499
Sprint Corp.
06/15/2024	7.125%	17,000	17,487
T-Mobile USA, Inc.
02/15/2029	2.625%	50,000	42,044
02/15/2031	2.875%	95,000	78,862
04/15/2031	3.500%	76,000	65,798
T-Mobile USA, Inc.^(a)
04/15/2031	3.500%	301,000	258,527
10/15/2052	3.400%	10,000	7,375
Vmed O2 UK Financing I PLC^(a)
01/31/2031	4.250%	51,000	41,637
07/15/2031	4.750%	386,000	317,017
Total			1,827,762
Wirelines 0.8%
AT&T, Inc.
12/01/2057	3.800%	567,000	439,744
CenturyLink, Inc.
12/01/2023	6.750%	49,000	48,643
04/01/2024	7.500%	65,000	64,455
04/01/2025	5.625%	65,000	61,703
CenturyLink, Inc.^(a)
12/15/2026	5.125%	31,000	26,132
02/15/2027	4.000%	28,000	23,672
Front Range BidCo, Inc.^(a)
03/01/2027	4.000%	47,000	38,989
03/01/2028	6.125%	29,000	21,012
Frontier Communications Holdings LLC^(a)
05/15/2030	8.750%	19,000	19,222
Iliad Holding SAS^(a)
10/15/2026	6.500%	164,000	147,548
10/15/2028	7.000%	120,000	104,888
Network i2i Ltd.^(a),(g)
12/31/2049	5.650%	200,000	185,326
Total			1,181,334
Total Corporate Bonds & Notes (Cost $60,808,259)			52,060,554

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

16	Columbia Variable Portfolio – Strategic Income Fund \| Semiannual Report 2022

Table of Contents

Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Foreign Government Obligations^(i),(j) 4.5%
Issuer	Coupon Rate		Principal Amount ($)	Value ($)
Angola 0.2%
Angolan Government International Bond^(a)
11/26/2029	8.000%		400,000	317,315
Brazil 0.1%
Brazilian Government International Bond
06/12/2030	3.875%		202,000	169,516
Canada 0.2%
MEGlobal Canada ULC^(a)
05/18/2025	5.000%		200,000	201,759
NOVA Chemicals Corp.^(a)
06/01/2027	5.250%		70,000	60,144
05/15/2029	4.250%		45,000	35,299
Total				297,202
Colombia 0.3%
Colombia Government International Bond
06/15/2045	5.000%		300,000	200,558
05/15/2049	5.200%		273,000	184,858
Total				385,416
Dominican Republic 0.4%
Dominican Republic International Bond^(a)
01/25/2027	5.950%		218,000	209,095
04/30/2044	7.450%		200,000	171,545
01/27/2045	6.850%		200,000	159,683
Total				540,323
Egypt 0.2%
Egypt Government International Bond^(a)
04/11/2031	6.375%	EUR	100,000	66,019
05/29/2032	7.625%		200,000	130,381
01/31/2047	8.500%		250,000	147,759
Total				344,159
Guatemala 0.1%
Guatemala Government Bond^(a)
06/01/2050	6.125%		200,000	168,245
Indonesia 0.4%
Indonesia Government International Bond
10/30/2049	3.700%		200,000	160,435
PT Indonesia Asahan Aluminium Persero^(a)
11/15/2048	6.757%		200,000	181,385
PT Pertamina Persero^(a)
05/30/2044	6.450%		200,000	203,338
Total				545,158

Foreign Government Obligations^(i),(j) (continued)
Issuer	Coupon Rate		Principal Amount ($)	Value ($)
Ivory Coast 0.1%
Ivory Coast Government International Bond^(a)
10/17/2031	5.875%	EUR	200,000	163,872
Kazakhstan 0.1%
KazMunayGas National Co. JSC^(a)
04/19/2027	4.750%		200,000	178,072
Mexico 0.7%
Mexican Bonos
05/31/2029	8.500%	MXN	8,500,000	410,726
Mexico Government International Bond
04/16/2030	3.250%		200,000	175,853
Petroleos Mexicanos
01/28/2031	5.950%		22,000	16,010
02/16/2032	6.700%		175,000	133,424
09/21/2047	6.750%		183,000	113,232
01/23/2050	7.690%		300,000	201,204
Total				1,050,449
Oman 0.1%
Oman Government International Bond^(a)
01/17/2048	6.750%		200,000	172,357
Panama 0.1%
Panama Government International Bond
01/19/2033	3.298%		200,000	171,376
Paraguay 0.1%
Paraguay Government International Bond^(a)
08/11/2044	6.100%		200,000	173,883
Qatar 0.3%
Qatar Government International Bond^(a)
03/14/2049	4.817%		200,000	201,239
Qatar Petroleum^(a)
07/12/2031	2.250%		200,000	170,957
Total				372,196
Romania 0.1%
Romanian Government International Bond^(a)
04/03/2049	4.625%	EUR	150,000	111,756
Russian Federation 0.0%
Russian Foreign Bond - Eurobond^{(a),(c),(d),(k),(l)}
03/28/2035	0.000%		200,000	36,084
Saudi Arabia 0.3%
Saudi Arabian Oil Co.^(a)
11/24/2030	2.250%		253,000	215,234

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

Columbia Variable Portfolio – Strategic Income Fund | Semiannual Report 2022

Table of Contents

Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Foreign Government Obligations^(i),(j) (continued)
Issuer	Coupon Rate		Principal Amount ($)	Value ($)
Saudi Government International Bond^(a)
10/22/2030	3.250%		200,000	188,394
Total				403,628
South Africa 0.1%
Republic of South Africa Government International Bond
09/30/2029	4.850%		200,000	170,882
Ukraine 0.2%
Ukraine Government International Bond^(a)
09/01/2026	7.750%		200,000	51,487
09/25/2032	7.375%		420,000	104,860
03/15/2033	7.253%		200,000	49,586
Total				205,933
United Arab Emirates 0.3%
DP World Crescent Ltd.^(a)
07/18/2029	3.875%		200,000	185,232
DP World Ltd.^(a)
09/25/2048	5.625%		200,000	186,688
Total				371,920
United Kingdom 0.1%
NAK Naftogaz Ukraine via Kondor Finance PLC^(a)
07/19/2024	7.125%	EUR	200,000	65,880
Total Foreign Government Obligations (Cost $8,244,589)				6,415,622

Residential Mortgage-Backed Securities - Agency 21.6%

Federal Home Loan Mortgage Corp.
05/01/2052	3.000%		1,489,862	1,395,866
Federal Home Loan Mortgage Corp.^(b),(m)
CMO Series 4620 Class AS
-1.0 x 1-month USD LIBOR + 0.440% 11/15/2042	0.958%		619,407	28,062
Federal National Mortgage Association
11/01/2051- 05/01/2052	3.000%		4,927,946	4,626,408
05/01/2052	3.500%		4,980,877	4,839,019
Federal National Mortgage Association^(e),(m)
CMO Series 2006-5 Class N1
08/25/2034	0.000%		1,415,759	3
Federal National Mortgage Association^(m)
CMO Series 2012-133 Class EI
07/25/2031	3.500%		233,016	6,457
CMO Series 2012-139 Class IL
04/25/2040	3.500%		21,596	17
CMO Series 2013-1 Class AI
02/25/2043	3.500%		730,478	102,479

Residential Mortgage-Backed Securities - Agency (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
CMO Series 2021-3 Class TI
02/25/2051	2.500%	2,322,429	405,744
Federal National Mortgage Association^(b),(m)
CMO Series 2014-93 Class ES
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 01/25/2045	4.526%	269,971	42,650
CMO Series 2016-31 Class VS
-1.0 x 1-month USD LIBOR + 6.000% Cap 6.000% 06/25/2046	4.376%	498,174	66,059
CMO Series 2017-47 Class SE
-1.0 x 1-month USD LIBOR + 6.100% Cap 6.100% 06/25/2047	4.476%	385,651	76,127
CMO Series 2017-56 Class SB
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 07/25/2047	4.526%	783,240	130,878
CMO Series 2018-76 Class SN
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 10/25/2048	4.526%	338,972	56,715
Government National Mortgage Association^(m)
CMO Series 2014-190 Class AI
12/20/2038	3.500%	862,668	87,494
CMO Series 2020-138 Class GI
09/20/2050	3.000%	840,765	125,525
CMO Series 2021-140 Class IW
08/20/2051	3.500%	1,150,169	190,734
CMO Series 2021-16 Class KI
01/20/2051	2.500%	1,359,097	213,045
CMO Series 2021-57 Class KI
03/20/2051	3.500%	1,625,463	283,644
CMO Series 2021-89 Class IO
05/20/2051	3.000%	1,176,922	180,192
CMO Series 2021-9 Class MI
01/20/2051	2.500%	1,051,558	137,639
Government National Mortgage Association^(b),(m)
CMO Series 2016-20 Class SQ
-1.0 x 1-month USD LIBOR + 6.100% Cap 6.100% 02/20/2046	4.505%	434,706	55,182

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

18	Columbia Variable Portfolio – Strategic Income Fund \| Semiannual Report 2022

Table of Contents

Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Residential Mortgage-Backed Securities - Agency (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
CMO Series 2017-129 Class SA
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 08/20/2047	4.605%	358,748	47,683
CMO Series 2017-133 Class SM
-1.0 x 1-month USD LIBOR + 6.250% Cap 6.250% 09/20/2047	4.655%	396,521	48,869
CMO Series 2018-124 Class SA
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 09/20/2048	4.605%	668,440	80,210
CMO Series 2018-155 Class ES
-1.0 x 1-month USD LIBOR + 6.100% Cap 6.100% 11/20/2048	4.505%	511,280	60,125
CMO Series 2018-168 Class SA
-1.0 x 1-month USD LIBOR + 6.100% Cap 6.100% 12/20/2048	4.505%	469,643	55,929
CMO Series 2018-67 Class SP
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 05/20/2048	4.605%	842,206	104,350
CMO Series 2019-152 Class BS
-1.0 x 1-month USD LIBOR + 6.050% Cap 6.050% 12/20/2049	4.455%	925,492	114,435
CMO Series 2019-23 Class LS
-1.0 x 1-month USD LIBOR + 6.050% Cap 6.050% 02/20/2049	4.455%	315,838	39,330
CMO Series 2019-29 Class DS
-1.0 x 1-month USD LIBOR + 6.050% Cap 6.050% 03/20/2049	4.455%	723,403	80,970
CMO Series 2019-41 Class AS
-1.0 x 1-month USD LIBOR + 6.050% Cap 6.050% 03/20/2049	4.455%	610,749	69,562

Residential Mortgage-Backed Securities - Agency (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
CMO Series 2019-5 Class SH
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 01/20/2049	4.555%	488,336	63,995
CMO Series 2019-59 Class JS
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 05/20/2049	4.555%	470,382	60,727
CMO Series 2021-155 Class SG
-1.0 x 1-month USD LIBOR + 6.300% Cap 6.300% 09/20/2051	4.705%	1,272,984	209,909
Government National Mortgage Association TBA⁽ⁿ⁾
08/18/2052	3.000%	2,000,000	1,884,336
Uniform Mortgage-Backed Security TBA⁽ⁿ⁾
08/16/2037	3.000%	1,000,000	976,195
08/11/2052	3.500%	2,500,000	2,404,780
08/11/2052	4.000%	11,500,000	11,332,441
Total Residential Mortgage-Backed Securities - Agency (Cost $31,495,060)			30,683,785

Residential Mortgage-Backed Securities - Non-Agency 17.2%

510 Asset Backed Trust^(a),(e)
CMO Series 2021-NPL2 Class A1
06/25/2061	2.116%	424,655	394,617
Bellemeade Re Ltd.^(a),(b)
CMO Series 2019-2A Class M1B
1-month USD LIBOR + 1.450% Floor 1.450% 04/25/2029	3.074%	261,182	254,319
CMO Series 2020-3A Class M2
1-month USD LIBOR + 4.850% Floor 4.850% 10/25/2030	5.856%	550,000	539,826
CMO Series 2021-1A Class M1C
30-day Average SOFR + 2.950% Floor 2.950% 03/25/2031	3.239%	300,000	294,311
BRAVO Residential Funding Trust^(a),(e)
CMO Series 2021-B Class A1
04/01/2069	2.115%	343,184	326,795
BVRT Financing Trust^(a),(b),(d)
CMO Series 2021-2F Class M2
30-day Average SOFR + 2.500% Floor 2.500% 01/10/2032	2.717%	277,083	277,708

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

Columbia Variable Portfolio – Strategic Income Fund | Semiannual Report 2022

Table of Contents

Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
CMO Series 2021-3F Class M2
30-day Average SOFR + 2.900% Floor 2.900% 07/12/2033	3.126%	500,000	500,000
BVRT Financing Trust^{(a),(b),(c),(d)}
CMO Series 2021-CRT1 Class M4
1-month USD LIBOR + 3.500% Floor 3.500% 07/10/2032	3.589%	875,000	856,472
CHL GMSR Issuer Trust^(a),(b)
CMO Series 2018-GT1 Class A
1-month USD LIBOR + 1.000% 05/25/2023	4.374%	500,000	494,934
CIM Trust^(a),(e)
CMO Series 2021-NR4 Class A1
10/25/2061	2.816%	256,518	240,591
Connecticut Avenue Securities Trust^(a),(b)
Subordinated CMO Series 2022-R01 Class 1B2
30-day Average SOFR + 6.000% 12/25/2041	6.926%	750,000	611,956
Subordinated CMO Series 2022-R02 Class 2B1
30-day Average SOFR + 4.500% 01/25/2042	5.426%	400,000	356,321
Connecticut Avenue Securities Trust^(a),(b),(n)
Subordinated CMO Series 2022-R07 Class 1B2
30-day Average SOFR + 12.000% 06/25/2042	12.926%	300,000	299,250
CTS Corp.^(a)
CMO Series 2015-6R Class 3A2
02/27/2036	3.750%	299,281	290,057
Eagle Re Ltd.^(a),(b)
CMO Series 2019-1 Class M2
1-month USD LIBOR + 3.300% 04/25/2029	4.306%	350,000	346,307
CMO Series 2021-1 Class M1C
30-day Average SOFR + 2.700% Floor 2.700% 10/25/2033	2.989%	275,000	273,998
Fannie Mae Connecticut Avenue Securities^(a),(b)
Subordinated CMO Series 2021-R02 Class 2B1
30-day Average SOFR + 3.300% 11/25/2041	7.126%	200,000	171,056
Freddie Mac STACR REMIC Trust^(a),(b)
CMO Series 2022-HQA1 Class M2
30-day Average SOFR + 5.250% 03/25/2042	6.176%	400,000	372,049
Subordinated CMO Series 2020-DNA4 Class B1
1-month USD LIBOR + 6.000% 08/25/2050	7.624%	700,000	728,544

Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Subordinated CMO Series 2020-DNA6 Class B1
30-day Average SOFR + 3.000% 12/25/2050	3.926%	600,000	514,539
Subordinated CMO Series 2021-DNA5 Class B1
30-day Average SOFR + 3.050% 01/25/2034	3.976%	500,000	427,715
Subordinated CMO Series 2021-HQA1 Class B2
30-day Average SOFR + 5.000% 08/25/2033	5.926%	250,000	185,506
Freddie Mac Structured Agency Credit Risk Debt Notes^(a),(b)
Subordinated CMO Series 2020-HQA5 Class B1
30-day Average SOFR + 4.000% 11/25/2050	4.926%	750,000	705,716
Subordinated CMO Series 2022-DNA2 Class B1
30-day Average SOFR + 4.750% 02/25/2042	5.676%	450,000	396,106
Freddie Mac Structured Agency Credit Risk Debt Notes^(a),(e)
Subordinated CMO Series 2022-DNA2 Class B2
02/25/2042	9.426%	350,000	313,240
Loan Revolving Advance Investment Trust^{(a),(b),(c),(d)}
CMO Series 2021-2 Class A1X
1-month USD LIBOR + 2.750% Floor 2.750% 06/30/2023	3.625%	300,000	300,000
New York Mortgage Trust^(a),(e)
CMO Series 2021-BPL1 Class A1
05/25/2026	2.239%	400,000	375,819
NRZ Excess Spread-Collateralized Notes^(a)
Series 2020-PLS1 Class A
12/25/2025	3.844%	299,365	284,463
Oaktown Re VI Ltd.^(a),(b)
CMO Series 2021-1A Class M1C
30-day Average SOFR + 3.000% Floor 3.000% 10/25/2033	3.926%	200,000	190,130
PMT Credit Risk Transfer Trust^(a),(b)
Series 2019-2R Class A
1-month USD LIBOR + 2.750% Floor 2.750% 05/27/2023	4.402%	312,125	292,657
PNMAC GMSR Issuer Trust^(a),(b)
CMO Series 2018-GT1 Class A
1-month USD LIBOR + 2.850% Floor 2.850% 02/25/2023	4.474%	2,350,000	2,335,454
CMO Series 2018-GT2 Class A
1-month USD LIBOR + 2.650% 08/25/2025	4.274%	3,450,000	3,404,403
Point Securitization Trust^(a),(e)
CMO Series 2021-1 Class A1
02/25/2052	3.228%	460,704	459,593

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

20	Columbia Variable Portfolio – Strategic Income Fund \| Semiannual Report 2022

Table of Contents

Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Preston Ridge Partners Mortgage^(a),(e)
CMO Series 2021-4 Class A1
04/25/2026	1.867%	310,756	291,013
Preston Ridge Partners Mortgage Trust^(a),(e)
CMO Series 2021-1 Class A1
01/25/2026	2.115%	316,372	299,059
CMO Series 2021-2 Class A1
03/25/2026	2.115%	287,062	271,520
CMO Series 2021-3 Class A1
04/25/2026	1.867%	315,188	295,143
Pretium Mortgage Credit Partners^(a),(e)
CMO Series 2022-NPL1 Class A1
01/25/2052	2.981%	440,320	410,301
Pretium Mortgage Credit Partners I LLC^(a),(e)
CMO Series 2021-NPL1 Class A1
09/27/2060	2.240%	209,144	198,006
Pretium Mortgage Credit Partners LLC^(a),(e)
CMO Series 2021-RN2 Class A1
07/25/2051	1.744%	205,877	192,561
Radnor Re Ltd.^(a),(b)
CMO Series 2021-1 Class M2
30-day Average SOFR + 3.150% 12/27/2033	4.076%	400,000	352,950
Stonnington Mortgage Trust^{(a),(c),(d),(e)}
CMO Series 2020-1 Class A
07/28/2024	3.500%	131,980	131,980
Toorak Mortgage Corp., Ltd.^(a),(e)
CMO Series 2021-1 Class A1
06/25/2024	2.240%	400,000	380,206
Triangle Re Ltd.^(a),(b)
CMO Series 2021-1 Class M1C
1-month USD LIBOR + 3.400% Floor 3.400% 08/25/2033	5.024%	317,270	317,444
CMO Series 2021-2 Class M1C
1-month USD LIBOR + 4.500% Floor 4.500% 10/25/2033	6.124%	500,000	498,116
CMO Series 2021-2 Class M2
1-month USD LIBOR + 5.500% Floor 5.500% 10/25/2033	7.124%	250,000	236,755
VCAT Asset Securitization LLC^(a),(e)
CMO Series 2021-NPL6 Class A1
09/25/2051	1.917%	438,437	411,422
VCAT LLC^(a),(e)
CMO Series 2021-NPL5 Class A1
08/25/2051	1.868%	564,789	533,536

Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Vericrest Opportunity Loan Transferee^(a),(e)
CMO Series 2021-NPL4 Class A1
03/27/2051	2.240%	531,877	511,355
Vericrest Opportunity Loan Transferee XCIII LLC^(a),(e)
CMO Series 2021-NPL2 Class A1
02/27/2051	1.893%	357,574	341,097
Verus Securitization Trust^(a),(e)
CMO Series 2020-1 Class M1
01/25/2060	3.021%	400,000	372,907
CMO Series 2020-NPL1 Class A1
08/25/2050	3.598%	40,426	40,377
Subordinated CMO Series 2019-INV3 Class B1
11/25/2059	3.731%	300,000	279,120
Visio Trust^(a),(e)
CMO Series 2019-2 Class M1
11/25/2054	3.260%	200,000	189,907
Subordinated CMO Series 2019-2 Class B1
11/25/2054	3.910%	100,000	94,374
Total Residential Mortgage-Backed Securities - Non-Agency (Cost $25,318,025)			24,463,601

Senior Loans 7.6%
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
Airlines 0.3%
American Airlines, Inc.^(b),(o)
Term Loan
1-month USD LIBOR + 1.750% 01/29/2027	3.402%	484,896	425,768
Automotive 0.3%
Clarios Global LP^(b),(o)
1st Lien Term Loan
1-month USD LIBOR + 3.250% 04/30/2026	4.916%	422,604	393,550
Building Materials 0.3%
CP Atlas Buyer, Inc.^(b),(o)
Tranche B Term Loan
1-month USD LIBOR + 3.750% Floor 0.500% 11/23/2027	5.416%	495,065	433,390
Cable and Satellite 0.4%
Cogeco Communications Finance LP^(b),(o)
Tranche B Term Loan
3-month USD LIBOR + 2.000% 01/03/2025	3.666%	47,973	45,515

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

Columbia Variable Portfolio – Strategic Income Fund | Semiannual Report 2022

Table of Contents

Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Senior Loans (continued)
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
Virgin Media Bristol LLC^(b),(o)
Tranche Q Term Loan
1-month USD LIBOR + 3.250% 01/31/2029	4.574%	600,000	573,534
Total			619,049
Chemicals 0.8%
ColourOz Investment 1 GmbH^(b),(o)
Tranche C 1st Lien Term Loan
3-month USD LIBOR + 4.250% Floor 1.000% 09/21/2023	5.250%	46,546	40,379
ColourOz Investment 2 LLC^(b),(o)
Tranche B2 1st Lien Term Loan
3-month USD LIBOR + 4.250% Floor 1.000% 09/21/2023	5.250%	281,571	244,263
Ineos US Finance LLC^(b),(o)
Term Loan
3-month USD LIBOR + 2.000% 04/01/2024	3.666%	486,005	469,374
Nouryon Finance BV^(b),(o)
Term Loan
1-month USD LIBOR + 3.000% 10/01/2025	5.250%	371,130	350,368
Total			1,104,384
Consumer Cyclical Services 0.5%
8th Avenue Food & Provisions, Inc.^(b),(o)
1st Lien Term Loan
1-month USD LIBOR + 3.750% 10/01/2025	5.416%	33,395	28,004
2nd Lien Term Loan
1-month USD LIBOR + 7.750% 10/01/2026	9.416%	63,566	52,569
Uber Technologies, Inc.^(b),(o)
Term Loan
1-month USD LIBOR + 3.500% 02/25/2027	5.075%	697,827	666,621
Total			747,194
Diversified Manufacturing 0.3%
TK Elevator Midco GmbH^(b),(o)
Tranche B1 Term Loan
1-month USD LIBOR + 3.500% Floor 0.500% 07/30/2027	4.019%	492,547	460,226

Senior Loans (continued)
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
Electric 0.6%
Constellation Renewables LLC^(b),(o)
Term Loan
1-month USD LIBOR + 2.500% Floor 1.000% 12/15/2027	4.080%	461,237	443,710
PG&E Corp.^(b),(o)
Term Loan
1-month USD LIBOR + 3.000% Floor 1.000% 06/23/2025	4.688%	490,000	460,845
Total			904,555
Gaming 0.3%
Caesars Resort Collection LLC^(b),(o)
Tranche B1 Term Loan
1-month USD LIBOR + 3.500% 07/21/2025	5.166%	491,250	472,460
Health Care 0.3%
Medline Borrower LP^(b),(o)
Term Loan
1-month USD LIBOR + 3.250% Floor 0.500% 10/23/2028	4.916%	465,500	430,950
Media and Entertainment 0.3%
Gray Television, Inc.^(b),(o)
Tranche C Term Loan
3-month USD LIBOR + 2.500% 01/02/2026	3.562%	425,886	409,596
Pharmaceuticals 0.3%
Grifols Worldwide Operations Ltd.^(b),(o)
Tranche B Term Loan
1-month USD LIBOR + 2.000% 11/15/2027	3.666%	393,519	371,041
Property & Casualty 0.3%
Asurion LLC^(b),(o)
Tranche B8 Term Loan
1-month USD LIBOR + 3.250% 12/23/2026	4.916%	440,539	398,414
Technology 2.3%
Arches Buyer, Inc.^(b),(o)
Term Loan
1-month USD LIBOR + 3.250% Floor 0.500% 12/06/2027	4.916%	490,000	445,900

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

22	Columbia Variable Portfolio – Strategic Income Fund \| Semiannual Report 2022

Table of Contents

Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Senior Loans (continued)
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
Avaya, Inc.^(b),(o)
Tranche B1 Term Loan
1-month USD LIBOR + 4.250% 12/15/2027	5.574%	277,008	207,756
Endurance International Group Holdings, Inc.^(b),(o)
Term Loan
1-month USD LIBOR + 3.500% Floor 0.750% 02/10/2028	4.620%	876,449	785,149
GoTo Group, Inc.^(b),(o)
1st Lien Term Loan
1-month USD LIBOR + 4.750% 08/31/2027	6.345%	496,231	375,895
MA FinanceCo LLC^(b),(o)
Tranche B4 Term Loan
1-month USD LIBOR + 4.250% Floor 1.000% 06/05/2025	5.915%	481,039	438,948
Misys Ltd.^(b),(o)
1st Lien Term Loan
3-month USD LIBOR + 3.500% Floor 1.000% 06/13/2024	4.739%	494,527	444,609
Peraton Corp.^(b),(o)
Tranche B 1st Lien Term Loan
3-month USD LIBOR + 3.750% Floor 0.750% 02/01/2028	5.416%	565,607	529,952
Total			3,228,209
Wireless 0.3%
SBA Senior Finance II LLC^(b),(o)
Term Loan
3-month USD LIBOR + 1.750% 04/11/2025	3.420%	488,550	469,892
Total Senior Loans (Cost $11,801,771)			10,868,678

U.S. Treasury Obligations 5.1%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
U.S. Treasury
04/30/2024	2.500%	4,370,000	4,332,274
05/15/2032	2.875%	2,905,000	2,872,773
Total U.S. Treasury Obligations (Cost $7,287,187)			7,205,047

Options Purchased Calls 0.8%
				Value ($)
(Cost $1,190,560)				1,080,382

Money Market Funds 9.1%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 1.247%^(p),(q)	12,876,916	12,869,190
Total Money Market Funds (Cost $12,870,537)		12,869,190
Total Investments in Securities (Cost: $171,267,162)		156,998,372
Other Assets & Liabilities, Net		(14,907,205)
Net Assets		142,091,167

At June 30, 2022, securities and/or cash totaling $3,531,922 were pledged as collateral.

Investments in derivatives

Forward foreign currency exchange contracts
Currency to be sold	Currency to be purchased	Counterparty	Settlement date	Unrealized appreciation ($)	Unrealized depreciation ($)
4,500,000 MXN	222,835 USD	Citi	08/08/2022	488	—
500,000 EUR	528,133 USD	UBS	08/08/2022	2,921	—
Total				3,409	—

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

Columbia Variable Portfolio – Strategic Income Fund | Semiannual Report 2022

Table of Contents

Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Long futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
Long Gilt	54	09/2022	GBP	6,154,920	—	(271,552)
U.S. Long Bond	20	09/2022	USD	2,772,500	—	(51,710)
U.S. Treasury 10-Year Note	212	09/2022	USD	25,128,625	733,153	—
U.S. Ultra Treasury Bond	8	09/2022	USD	1,234,750	—	(33,902)
Total					733,153	(357,164)

Short futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
Euro-Bund	(25)	09/2022	EUR	(3,719,500)	70,100	—
Euro-Bund	(50)	09/2022	EUR	(7,439,000)	—	(46,382)
Japanese 10-Year Government Bond	(9)	09/2022	JPY	(1,337,490,000)	—	(117,871)
U.S. Treasury 5-Year Note	(377)	09/2022	USD	(42,318,250)	234,831	—
Total					304,931	(164,253)

Call option contracts purchased
Description	Counterparty	Trading currency	Notional amount	Number of contracts	Exercise price/Rate	Expiration date	Cost ($)	Value ($)
10-Year OTC interest rate swap with Citi to receive exercise rate and pay 3-Month USD LIBOR BBA	Citi	USD	1,250,000	1,250,000	1.00	07/08/2022	12,750	—
10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR	Citi	USD	3,730,000	3,730,000	2.25	04/27/2023	89,520	54,695
10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR	Citi	USD	7,640,000	7,640,000	2.50	05/12/2023	228,436	172,226
10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR	Citi	USD	5,230,000	5,230,000	2.25	05/26/2023	107,215	83,479
10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR	Citi	USD	7,900,000	7,900,000	2.90	06/21/2023	257,145	323,814
10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR	Citi	USD	8,000,000	8,000,000	2.75	06/26/2023	259,800	273,942
10-Year OTC interest rate swap with Morgan Stanley to receive exercise rate and pay SOFR	Morgan Stanley	USD	7,640,000	7,640,000	2.50	05/12/2023	235,694	172,226
Total							1,190,560	1,080,382

Put option contracts written
Description	Counterparty	Trading currency	Notional amount	Number of contracts	Exercise price/Rate	Expiration date	Premium received ($)	Value ($)
5-Year OTC interest rate swap with Citi to receive exercise rate and pay 3-Month USD LIBOR BBA	Citi	USD	(6,300,000)	(6,300,000)	1.75	07/05/2022	(48,825)	(377,054)
5-Year OTC interest rate swap with Citi to receive exercise rate and pay 3-Month USD LIBOR BBA	Citi	USD	(10,200,000)	(10,200,000)	1.90	07/18/2022	(102,510)	(542,526)
5-Year OTC interest rate swap with Morgan Stanley to receive exercise rate and pay 3-Month USD LIBOR BBA	Morgan Stanley	USD	(8,800,000)	(8,800,000)	1.85	07/07/2022	(74,800)	(487,082)
Total							(226,135)	(1,406,662)

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

24	Columbia Variable Portfolio – Strategic Income Fund \| Semiannual Report 2022

Table of Contents

Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Cleared interest rate swap contracts
Fund receives	Fund pays	Payment frequency	Counterparty	Maturity date	Notional currency	Notional amount	Value ($)	Upfront payments ($)	Upfront receipts ($)	Unrealized appreciation ($)	Unrealized depreciation ($)
Fixed rate of 6.361%	28-Day MXN TIIE-Banxico	Receives at Maturity, Pays at Maturity	Morgan Stanley	10/24/2025	MXN	17,000,000	(69,431)	—	—	—	(69,431)
Fixed rate of 5.985%	28-Day MXN TIIE-Banxico	Receives at Maturity, Pays at Maturity	Morgan Stanley	01/21/2026	MXN	8,000,000	(38,592)	—	—	—	(38,592)
Fixed rate of 5.960%	28-Day MXN TIIE-Banxico	Receives at Maturity, Pays at Maturity	Morgan Stanley	02/02/2026	MXN	20,000,000	(97,744)	—	—	—	(97,744)
3-Month USD LIBOR	Fixed rate of 1.781%	Receives Quarterly, Pays SemiAnnually	Morgan Stanley	08/09/2049	USD	2,100,000	455,477	—	—	455,477	—
Total							249,710	—	—	455,477	(205,767)

Credit default swap contracts - buy protection

Reference
entity

Counterparty

Maturity
date

Pay
fixed
rate
(%)

Payment
frequency

Notional
currency

Notional
amount

Value
($)

Periodic
payments
receivable
(payable)
($)

Upfront
payments
($)

Upfront
receipts
($)

Unrealized
appreciation
($)

Unrealized
depreciation
($)

Markit CMBX North America Index, Series 11 BBB-

JPMorgan

11/18/2054

3.000

Monthly

USD

200,000

32,313

(100)

6,903

—

25,308

—

Cleared credit default swap contracts - buy protection
Reference entity	Counterparty	Maturity date	Pay fixed rate (%)	Payment frequency	Notional currency	Notional amount	Value ($)	Upfront payments ($)	Upfront receipts ($)	Unrealized appreciation ($)	Unrealized depreciation ($)
Markit CDX North America High Yield Index, Series 38	Morgan Stanley	06/20/2027	5.000	Quarterly	USD	11,228,580	789,625	—	—	789,625	—

Credit default swap contracts - sell protection
Reference entity	Counterparty	Maturity date	Receive fixed rate (%)	Payment frequency	Implied credit spread (%)*	Notional currency	Notional amount	Value ($)	Periodic payments receivable (payable) ($)	Upfront payments ($)	Upfront receipts ($)	Unrealized appreciation ($)	Unrealized depreciation ($)
Markit CMBX North America Index, Series 10 BBB-	Citi	11/17/2059	3.000	Monthly	8.150	USD	500,000	(87,813)	250	—	(110,573)	23,010	—
Markit CMBX North America Index, Series 13 BBB-	Citi	12/16/2072	3.000	Monthly	6.865	USD	200,000	(40,125)	100	—	(10,120)	—	(29,905)
Markit CMBX North America Index, Series 10 BBB-	Goldman Sachs International	11/17/2059	3.000	Monthly	8.150	USD	250,000	(43,906)	125	—	(28,558)	—	(15,223)
Markit CMBX North America Index, Series 12 BBB-	Goldman Sachs International	08/17/2061	3.000	Monthly	6.852	USD	200,000	(35,312)	100	—	(10,860)	—	(24,352)
Markit CMBX North America Index, Series 13 BBB-	Goldman Sachs International	12/16/2072	3.000	Monthly	6.865	USD	100,000	(20,063)	50	—	(8,185)	—	(11,828)
Markit CMBX North America Index, Series 13 BBB-	Goldman Sachs International	12/16/2072	3.000	Monthly	6.865	USD	200,000	(40,125)	100	—	(10,255)	—	(29,770)
Markit CMBX North America Index, Series 13 BBB-	Goldman Sachs International	12/16/2072	3.000	Monthly	6.865	USD	300,000	(60,188)	150	—	(16,108)	—	(43,930)

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

Columbia Variable Portfolio – Strategic Income Fund | Semiannual Report 2022

Table of Contents

Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Credit default swap contracts - sell protection (continued)
Reference entity	Counterparty	Maturity date	Receive fixed rate (%)	Payment frequency	Implied credit spread (%)*	Notional currency	Notional amount	Value ($)	Periodic payments receivable (payable) ($)	Upfront payments ($)	Upfront receipts ($)	Unrealized appreciation ($)	Unrealized depreciation ($)
Markit CMBX North America Index, Series 10 BBB-	JPMorgan	11/17/2059	3.000	Monthly	8.150	USD	500,000	(87,813)	250	—	(109,501)	21,938	—
Markit CMBX North America Index, Series 10 BBB-	JPMorgan	11/17/2059	3.000	Monthly	8.150	USD	500,000	(87,812)	250	—	(84,823)	—	(2,739)
Markit CMBX North America Index, Series 10 BBB-	JPMorgan	11/17/2059	3.000	Monthly	8.150	USD	250,000	(43,906)	125	—	(39,521)	—	(4,260)
Markit CMBX North America Index, Series 10 BBB-	JPMorgan	11/17/2059	3.000	Monthly	8.150	USD	500,000	(87,812)	250	—	(81,679)	—	(5,883)
Markit CMBX North America Index, Series 11 BBB-	JPMorgan	11/18/2054	3.000	Monthly	6.953	USD	500,000	(80,781)	250	—	(84,165)	3,634	—
Markit CMBX North America Index, Series 13 BBB-	JPMorgan	12/16/2072	3.000	Monthly	6.865	USD	200,000	(40,125)	100	—	(12,435)	—	(27,590)
Markit CMBX North America Index, Series 10 BBB-	Morgan Stanley	11/17/2059	3.000	Monthly	8.150	USD	500,000	(87,811)	250	—	(109,186)	21,625	—
Markit CMBX North America Index, Series 10 BBB-	Morgan Stanley	11/17/2059	3.000	Monthly	8.150	USD	500,000	(87,813)	250	—	(99,102)	11,539	—
Markit CMBX North America Index, Series 10 BBB-	Morgan Stanley	11/17/2059	3.000	Monthly	8.150	USD	500,000	(87,812)	250	—	(81,679)	—	(5,883)
Total								(1,019,217)	2,850	—	(896,750)	81,746	(201,363)

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

Reference index and values for swap contracts as of period end
Reference index		Reference rate
28-Day MXN TIIE-Banxico	Interbank Equilibrium Interest Rate	8.030%
3-Month USD LIBOR	London Interbank Offered Rate	2.285%

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, 2022, the total value of these securities amounted to $64,982,304, which represents 45.73% of total net assets.
(b)	Variable rate security. The interest rate shown was the current rate as of June 30, 2022.
(c)	Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At June 30, 2022, the total value of these securities amounted to $1,661,425, which represents 1.17% of total net assets.
(d)	Valuation based on significant unobservable inputs.
(e)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of June 30, 2022.
(f)	Non-income producing investment.
(g)	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, 2022.

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

26	Columbia Variable Portfolio – Strategic Income Fund \| Semiannual Report 2022

Table of Contents

Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Notes to Portfolio of Investments (continued)

(h)	Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash.
(i)	Principal amounts are denominated in United States Dollars unless otherwise noted.
(j)	Principal and interest may not be guaranteed by a governmental entity.
(k)	Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These securities are valued at fair value determined in good faith under consistently applied procedures established by the Fund’s Board of Trustees. At June 30, 2022, the total market value of these securities amounted to $36,084, which represents 0.03% of total net assets. Additional information on these securities is as follows:

Security	Acquisition Dates	Shares	Cost ($)	Value ($)
Russian Foreign Bond - Eurobond	08/06/2020	200,000	248,175	36,084

(l)	Represents securities that have defaulted on payment of interest. The Fund has stopped accruing interest on these securities. At June 30, 2022, the total value of these securities amounted to $36,084, which represents 0.03% of total net assets.
(m)	Represents interest only securities which have the right to receive the monthly interest payments on an underlying pool of mortgage loans.
(n)	Represents a security purchased on a when-issued basis.
(o)	The stated interest rate represents the weighted average interest rate at June 30, 2022 of contracts within the senior loan facility. Interest rates on contracts are primarily determined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. These base lending rates are primarily the LIBOR and other short-term rates. Base lending rates may be subject to a floor or minimum rate. The interest rate for senior loans purchased on a when-issued or delayed delivery basis will be determined upon settlement, therefore no interest rate is disclosed. Senior loans often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay cannot be predicted with accuracy. As a result, remaining maturities of senior loans may be less than the stated maturities. Generally, the Fund is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.
(p)	The rate shown is the seven-day current annualized yield at June 30, 2022.
(q)	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, 2022 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, 1.247%
	8,799,251	47,990,266	(43,919,185)	(1,142)	12,869,190	(3,734)	30,604	12,876,916

Abbreviation Legend

CMO	Collateralized Mortgage Obligation
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
TBA	To Be Announced

Currency Legend

EUR	Euro
GBP	British Pound
JPY	Japanese Yen
MXN	Mexican Peso
USD	US Dollar

Fair value measurements

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

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Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Fair value measurements (continued)
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).

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund’s investments at June 30, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Asset-Backed Securities — Non-Agency	—	6,561,083	336,889	6,897,972
Commercial Mortgage-Backed Securities - Non-Agency	—	4,346,812	—	4,346,812
Common Stocks
Financials	—	—	—	—
Total Common Stocks	—	—	—	—
Convertible Bonds	—	106,729	—	106,729
Corporate Bonds & Notes	—	52,060,554	—	52,060,554
Foreign Government Obligations	—	6,379,538	36,084	6,415,622
Residential Mortgage-Backed Securities - Agency	—	30,683,785	—	30,683,785
Residential Mortgage-Backed Securities - Non-Agency	—	22,397,441	2,066,160	24,463,601
Senior Loans	—	10,868,678	—	10,868,678
U.S. Treasury Obligations	7,205,047	—	—	7,205,047
Options Purchased Calls	—	1,080,382	—	1,080,382
Money Market Funds	12,869,190	—	—	12,869,190
Total Investments in Securities	20,074,237	134,485,002	2,439,133	156,998,372
Investments in Derivatives
Asset
Forward Foreign Currency Exchange Contracts	—	3,409	—	3,409
Futures Contracts	1,038,084	—	—	1,038,084
Swap Contracts	—	1,352,156	—	1,352,156
Liability
Futures Contracts	(521,417)	—	—	(521,417)
Options Contracts Written	—	(1,406,662)	—	(1,406,662)
Swap Contracts	—	(407,130)	—	(407,130)
Total	20,590,904	134,026,775	2,439,133	157,056,812

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

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Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Fair value measurements (continued)
See the Portfolio of Investments for all investment classifications not indicated in the table.

Forward foreign currency exchange contracts, futures contracts and swap contracts are valued at unrealized appreciation (depreciation).

The following table is a reconciliation of Level 3 assets for which significant observable and unobservable inputs were used to determine fair value:

	Balance as of 12/31/2021 ($)	Increase (decrease) in accrued discounts/ premiums ($)	Realized gain (loss) ($)	Change in unrealized appreciation (depreciation)^(a) ($)	Purchases ($)	Sales ($)	Transfers into Level 3 ($)	Transfers out of Level 3 ($)	Balance as of 06/30/2022 ($)
Asset-Backed Securities - Non-Agency	399,800	—	—	(2,775)	—	(60,136)	—	—	336,889
Foreign Government Obligations	—	(3,592)	—	(196,516)	—	—	236,192	—	36,084
Residential Mortgage-Backed Securities - Non-Agency	3,875,627	20,089	—	(50,747)	—	(1,488,049)	—	(290,760)	2,066,160
Senior Loans	60,388	—	—	—	—	—	—	(60,388)	—
Total	4,335,815	16,497	—	(250,038)	—	(1,548,185)	236,192	(351,148)	2,439,133

(a) Change in unrealized appreciation (depreciation) relating to securities held at June 30, 2022 was $(228,782), which is comprised of Asset-Backed Securities - Non-Agency of $(2,775), Foreign Government Obligations of $(196,516) and Residential Mortgage-Backed Securities - Non-Agency of $(29,491).

The Fund’s assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain residential mortgage backed securities, asset backed securities and foreign government obligations classified as Level 3 securities are valued using the market approach and utilize single market quotations from broker dealers which may have included, but were not limited to, observable transactions for identical or similar assets in the market and the distressed nature of the security. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, manual price reviews and other control procedures. Significant increases (decreases) to any of these inputs would have resulted in a significantly higher (lower) fair value measurement.

Financial assets were transferred from Level 2 to Level 3 due to utilizing a single market quotation from a broker dealer. As a result, management concluded that the market input(s) were generally unobservable.

Financial assets were transferred from Level 3 to Level 2 as observable market inputs were utilized and management determined that there was sufficient, reliable and observable market data to value these assets as of period end.

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

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Statement of Assets and Liabilities
June 30, 2022 (Unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $157,206,065)	$143,048,800
Affiliated issuers (cost $12,870,537)	12,869,190
Options purchased (cost $1,190,560)	1,080,382
Cash	16,809
Foreign currency (cost $17,496)	17,203
Cash collateral held at broker for:
Swap contracts	450,000
TBA	309,000
Other^(a)	1,109,000
Margin deposits on:
Futures contracts	724,301
Swap contracts	939,621
Unrealized appreciation on forward foreign currency exchange contracts	3,409
Unrealized appreciation on swap contracts	107,054
Upfront payments on swap contracts	6,903
Receivable for:
Investments sold	200,299
Investments sold on a delayed delivery basis	16,535,068
Capital shares sold	317
Dividends	11,451
Interest	1,171,467
Foreign tax reclaims	1,911
Variation margin for futures contracts	340,132
Variation margin for swap contracts	27,168
Expense reimbursement due from Investment Manager	607
Prepaid expenses	844
Trustees’ deferred compensation plan	96,811
Total assets	179,067,747
Liabilities
Option contracts written, at value (premiums received $226,135)	1,406,662
Unrealized depreciation on swap contracts	201,363
Upfront receipts on swap contracts	896,750
Payable for:
Investments purchased	88,100
Investments purchased on a delayed delivery basis	33,514,516
Capital shares purchased	255,478
Variation margin for futures contracts	405,765
Variation margin for swap contracts	30,938
Management services fees	2,334
Distribution and/or service fees	856
Service fees	22,862
Compensation of board members	10,479
Compensation of chief compliance officer	2
Other expenses	38,672
Trustees’ deferred compensation plan	96,811
Other liabilities	4,992
Total liabilities	36,976,580
Net assets applicable to outstanding capital stock	$142,091,167
Represented by
Paid in capital	146,858,173
Total distributable earnings (loss)	(4,767,006)
Total - representing net assets applicable to outstanding capital stock	$142,091,167

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

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Statement of Assets and Liabilities (continued)
June 30, 2022 (Unaudited)

Class 1
Net assets	$17,066,312
Shares outstanding	4,484,667
Net asset value per share	$3.81
Class 2
Net assets	$125,024,855
Shares outstanding	33,274,943
Net asset value per share	$3.76

(a)	Includes collateral related to options contracts and swap contracts.

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

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Statement of Operations
Six Months Ended June 30, 2022 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$4,629
Dividends — affiliated issuers	30,604
Interest	3,102,597
Total income	3,137,830
Expenses:
Management services fees	438,969
Distribution and/or service fees
Class 2	160,681
Service fees	86,562
Compensation of board members	7,886
Custodian fees	20,253
Printing and postage fees	7,879
Audit fees	25,469
Legal fees	5,905
Interest on collateral	10,000
Compensation of chief compliance officer	24
Other	3,036
Total expenses	766,664
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(96,135)
Total net expenses	670,529
Net investment income	2,467,301
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(4,059,362)
Investments — affiliated issuers	(3,734)
Foreign currency translations	27,407
Forward foreign currency exchange contracts	35,464
Futures contracts	580,271
Options purchased	1,367,555
Options contracts written	(467,100)
Swap contracts	(195,375)
Net realized loss	(2,714,874)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(16,360,825)
Investments — affiliated issuers	(1,142)
Foreign currency translations	(1,681)
Forward foreign currency exchange contracts	12,080
Futures contracts	530,994
Options purchased	35,304
Options contracts written	(1,293,094)
Swap contracts	890,949
Net change in unrealized appreciation (depreciation)	(16,187,415)
Net realized and unrealized loss	(18,902,289)
Net decrease in net assets resulting from operations	$(16,434,988)

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

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Statement of Changes in Net Assets

	Six Months Ended June 30, 2022 (Unaudited)	Year Ended December 31, 2021
Operations
Net investment income	$2,467,301	$4,264,258
Net realized gain (loss)	(2,714,874)	6,933,454
Net change in unrealized appreciation (depreciation)	(16,187,415)	(8,634,602)
Net increase (decrease) in net assets resulting from operations	(16,434,988)	2,563,110
Distributions to shareholders
Net investment income and net realized gains
Class 1	—	(952,850)
Class 2	—	(6,233,060)
Total distributions to shareholders	—	(7,185,910)
Increase (decrease) in net assets from capital stock activity	11,759,314	(72,845,490)
Total decrease in net assets	(4,675,674)	(77,468,290)
Net assets at beginning of period	146,766,841	224,235,131
Net assets at end of period	$142,091,167	$146,766,841

	Six Months Ended		Year Ended
	June 30, 2022 (Unaudited)		December 31, 2021
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class 1
Subscriptions	408,343	1,630,430	1,070,904	4,682,876
Distributions reinvested	—	—	223,150	952,850
Redemptions	(404,290)	(1,630,507)	(23,791,166)	(105,162,096)
Net increase (decrease)	4,053	(77)	(22,497,112)	(99,526,370)
Class 2
Subscriptions	5,598,132	22,437,789	8,039,184	34,765,188
Distributions reinvested	—	—	1,473,537	6,233,060
Redemptions	(2,717,990)	(10,678,398)	(3,311,883)	(14,317,368)
Net increase	2,880,142	11,759,391	6,200,838	26,680,880
Total net increase (decrease)	2,884,195	11,759,314	(16,296,274)	(72,845,490)

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

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Financial Highlights

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Total distributions to shareholders
Class 1
Six Months Ended 6/30/2022 (Unaudited)	$4.25	0.07	(0.51)	(0.44)	—	—
Year Ended 12/31/2021	$4.40	0.14	(0.05)	0.09	(0.24)	(0.24)
Year Ended 12/31/2020	$4.27	0.15	0.13	0.28	(0.15)	(0.15)
Year Ended 12/31/2019	$4.02	0.18	0.23	0.41	(0.16)	(0.16)
Year Ended 12/31/2018	$4.18	0.19	(0.21)	(0.02)	(0.14)	(0.14)
Year Ended 12/31/2017	$4.05	0.18	0.08	0.26	(0.13)	(0.13)
Class 2
Six Months Ended 6/30/2022 (Unaudited)	$4.20	0.07	(0.51)	(0.44)	—	—
Year Ended 12/31/2021	$4.36	0.13	(0.06)	0.07	(0.23)	(0.23)
Year Ended 12/31/2020	$4.23	0.14	0.13	0.27	(0.14)	(0.14)
Year Ended 12/31/2019	$3.98	0.16	0.24	0.40	(0.15)	(0.15)
Year Ended 12/31/2018	$4.14	0.17	(0.20)	(0.03)	(0.13)	(0.13)
Year Ended 12/31/2017	$4.02	0.17	0.07	0.24	(0.12)	(0.12)

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	Annualized.
(d)	Ratios include interest on collateral expense. For the periods indicated below, if interest on collateral expense had been excluded, expenses would have been lower by:

Class	6/30/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018
Class 1	0.01%	0.01%	less than 0.01%	less than 0.01%	less than 0.01%
Class 2	0.01%	0.01%	less than 0.01%	less than 0.01%	less than 0.01%

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

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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 6/30/2022 (Unaudited)	$3.81	(10.35%)	0.83%^(c),(d)	0.70%^(c),(d)	3.58%^(c)	84%	$17,066
Year Ended 12/31/2021	$4.25	2.09%	0.80%^(d)	0.69%^(d)	3.21%	136%	$19,045
Year Ended 12/31/2020	$4.40	6.82%	0.74%^(d)	0.69%^(d)	3.58%	166%	$118,832
Year Ended 12/31/2019	$4.27	10.38%	0.74%^(d)	0.69%^(d)	4.19%	193%	$109,698
Year Ended 12/31/2018	$4.02	(0.39%)	0.77%^(d)	0.69%^(d)	4.49%	157%	$99,738
Year Ended 12/31/2017	$4.18	6.36%	0.77%	0.71%	4.42%	162%	$99,806
Class 2
Six Months Ended 6/30/2022 (Unaudited)	$3.76	(10.48%)	1.08%^(c),(d)	0.95%^(c),(d)	3.34%^(c)	84%	$125,025
Year Ended 12/31/2021	$4.20	1.63%	1.08%^(d)	0.94%^(d)	3.04%	136%	$127,722
Year Ended 12/31/2020	$4.36	6.62%	0.99%^(d)	0.94%^(d)	3.33%	166%	$105,403
Year Ended 12/31/2019	$4.23	10.22%	0.99%^(d)	0.94%^(d)	3.92%	193%	$102,773
Year Ended 12/31/2018	$3.98	(0.64%)	1.02%^(d)	0.94%^(d)	4.24%	157%	$68,554
Year Ended 12/31/2017	$4.14	5.90%	1.03%	0.96%	4.19%	162%	$63,882

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

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Notes to Financial Statements
June 30, 2022 (Unaudited)

Note 1. Organization

Columbia Variable Portfolio – Strategic Income 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

Note 2. Summary of significant accounting policies

Basis of preparation

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security valuation

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Senior loan securities for which reliable market quotations are readily available are generally valued by pricing services at the average of the bids received.

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.

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

Option contracts are valued at the mean of the latest quoted bid and ask prices on their primary exchanges. Option contracts, including over-the-counter option contracts, with no readily available market quotations are valued using mid-market evaluations from independent third-party vendors.

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

Foreign currency transactions and translations

Derivative instruments

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

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 amounts of derivative instruments, if applicable, are not recorded in the financial statements.

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.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Forward foreign currency exchange contracts

Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to shift foreign currency exposure back to U.S. dollars. These instruments may be used for other purposes in future periods.

The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without delivery of foreign currency.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund’s portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.

Futures contracts

Options contracts

Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund purchased and has written option contracts to manage exposure to fluctuations in interest rates. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.

Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the written option are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund realizes a gain or loss when the option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to significant counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.

Interest rate swaption contracts

Interest rate swaption contracts entered into by the Fund typically represent an option that gives the purchaser the right, but not the obligation, to enter into an interest rate swap contract on a future date. Each interest rate swaption contract will specify if the buyer is entitled to receive the fixed or floating rate if the interest rate is exercised. Changes in the value of a purchased interest rate swaption contracts are reported as unrealized appreciation or depreciation on options in the Statement of Assets and Liabilities. Gain or loss is recognized in the Statement of Operations when the interest rate swaption contract is closed or expires.

When the Fund writes an interest rate swaption contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the interest rate swaption contract written. Premiums received from writing interest rate swaption contracts that expire unexercised are recorded by the Fund on the expiration date as realized gains from options written in the Statement of Operations. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also recorded as realized gain, or if the premium is less than the amount paid for the closing purchase, as realized loss. These amounts are reflected as net realized gain (loss) on options written in the Statement of Operations.

Swap contracts

Swap contracts are negotiated in the over-the-counter market and may be entered into as a bilateral contract or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty (the CCP) and the CCP becomes the Fund’s counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the CCP in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. For a bilateral swap contract, the Fund has credit exposure to the broker, but exchanges daily variation margin with the broker based on the mark-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, the Fund has minimal credit exposure to the FCM because the CCP stands between the Fund and the relevant buyer/seller on the other side of the contract. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.

Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, that it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the FCM or CCP may not fulfill its obligation under the contract.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Credit default swap contracts

The Fund entered into credit default swap contracts to manage credit risk exposure. These instruments may be used for other purposes in future periods. Credit default swap contracts are transactions in which one party pays fixed periodic payments to a counterparty in consideration for an agreement from the counterparty to make a specific payment should a specified credit event(s) take place. Although specified credit events are contract specific, credit events are typically bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.

As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).

As the seller of a credit default swap contract, the Fund sells protection to a buyer and will generally receive a periodic interest rate on a notional amount. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized gain upon receipt of the payment. If a credit event as specified in the contract with the counterparty occurs, the Fund may either be required to accept the reference obligation from the buyer in exchange for a cash payment of its notional amount, or to pay the buyer a net cash settlement equal to the notional amount less an agreed-upon value of the reference obligation (recovery value) as of the date of the credit event. The difference between the value of the obligation or cash received and the notional amount paid will be recorded as a realized gain (loss). The maximum potential amount of undiscounted future payments the Fund could be required to make as the seller of protection under a credit default swap contract is equal to the notional amount of the reference obligation. These potential amounts may be partially offset by any recovery values of the respective reference obligations or upfront receipts upon entering into the agreement. The notional amounts and market values of all credit default swap contracts in which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments.

As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract with the counterparty. For credit default swap contracts on credit indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract.

Any upfront payment or receipt by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.

Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk.

Interest rate and inflation rate swap contracts

The Fund entered into interest rate swap transactions and/or inflation rate swap contracts to manage interest rate and market risk exposure to produce incremental earnings. These instruments may be used for other purposes in future periods. An interest rate swap or inflation rate swap, as applicable, is an agreement between two parties where there are two flows and payments are made between the two counterparties and the payments are dependent upon changes in an interest rate, inflation rate or inflation index calculated on a nominal amount. Interest rate swaps are agreements between two parties that involve the exchange of one type of interest rate for another type of interest rate cash flow on specified dates in the future, based on a predetermined, specified notional amount. Certain interest rate swaps are considered forward-starting, whereby

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

the accrual for the exchange of cash flows does not begin until a specified date in the future. The net cash flow for a standard interest rate swap transaction is generally the difference between a floating market interest rate versus a fixed interest rate.

Interest rate swaps are valued daily and unrealized appreciation (depreciation) is recorded. Certain interest rate swaps may accrue periodic interest on a daily basis as a component of unrealized appreciation (depreciation); the Fund will realize a gain or loss upon the payment or receipt of accrued interest. The Fund will realize a gain or a loss when the interest rate swap is terminated.

Effects of derivative transactions in the financial statements

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, 2022:

	Asset derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Credit risk	Component of total distributable earnings (loss) — unrealized appreciation on swap contracts	896,679*
Credit risk	Upfront payments on swap contracts	6,903
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts	3,409
Interest rate risk	Component of total distributable earnings (loss) — unrealized appreciation on futures contracts	1,038,084*
Interest rate risk	Investments, at value — Options purchased	1,080,382
Interest rate risk	Component of total distributable earnings (loss) — unrealized appreciation on swap contracts	455,477*
Total		3,480,934

	Liability derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Credit risk	Component of total distributable earnings (loss) — unrealized depreciation on swap contracts	201,363*
Credit risk	Upfront receipts on swap contracts	896,750
Interest rate risk	Component of total distributable earnings (loss) — unrealized depreciation on futures contracts	521,417*
Interest rate risk	Options contracts written, at value	1,406,662
Interest rate risk	Component of total distributable earnings (loss) — unrealized depreciation on swap contracts	205,767*
Total		3,231,959

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

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June 30, 2022 (Unaudited)

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Forward foreign currency exchange contracts ($)	Futures contracts ($)	Options contracts written ($)	Options contracts purchased ($)	Swap contracts ($)	Total ($)
Credit risk	—	—	—	—	48,541	48,541
Foreign exchange risk	35,464	—	—	—	—	35,464
Interest rate risk	—	580,271	(467,100)	1,367,555	(243,916)	1,236,810
Total	35,464	580,271	(467,100)	1,367,555	(195,375)	1,320,815

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Forward foreign currency exchange contracts ($)	Futures contracts ($)	Options contracts written ($)	Options contracts purchased ($)	Swap contracts ($)	Total ($)
Credit risk	—	—	—	—	203,972	203,972
Foreign exchange risk	12,080	—	—	—	—	12,080
Interest rate risk	—	530,994	(1,293,094)	35,304	686,977	(39,819)
Total	12,080	530,994	(1,293,094)	35,304	890,949	176,233

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended June 30, 2022:

Derivative instrument	Average notional amounts ($)*
Futures contracts — long	26,128,565
Futures contracts — short	48,138,302
Credit default swap contracts — buy protection	9,610,290
Credit default swap contracts — sell protection	6,625,000

Derivative instrument	Average value ($)*
Options contracts — purchased	1,102,568
Options contracts — written	(1,400,149)

Derivative instrument	Average unrealized appreciation ($)*	Average unrealized depreciation ($)*
Forward foreign currency exchange contracts	1,705	(14,421)
Interest rate swap contracts	337,725	(186,473)

*	Based on the ending quarterly outstanding amounts for the six months ended June 30, 2022.

Investments in senior loans

The Fund may invest in senior loan participations and assignments of all or a portion of a loan. When the Fund purchases a senior loan participation, the Fund typically enters into a contractual relationship with the lender or third party selling such participations (Selling Participant), but not the borrower, and assumes the credit risk of the borrower, Selling Participant and any other parties positioned between the Fund and the borrower. In addition, the Fund may not directly benefit from the collateral supporting the senior loan that it has purchased from the Selling Participant. In contrast, when the Fund purchases an assignment of a senior loan, the Fund typically has direct rights against the borrower; provided, however, that the Fund’s rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

rights only through an administrative agent. Although certain senior loan participations or assignments are secured by collateral, the Fund could experience delays or limitations in realizing such collateral or have its interest subordinated to other indebtedness of the obligor. In the event that the administrator or collateral agent of a loan becomes insolvent or enters into receivership or bankruptcy, the Fund may incur costs and delays in realizing payment or may suffer a loss of principal and/or interest. The risk of loss is greater for unsecured or subordinated loans. In addition, senior loan participations and assignments are vulnerable to market, economic or other conditions or events that may reduce the demand for loan participations and assignments and certain loan participations and assignments which were liquid when purchased, may become illiquid.

The Fund may enter into senior loan participations and assignments where all or a portion of the loan may be unfunded. The Fund is obligated to fund these commitments at the borrower’s discretion. These commitments, if any, are generally traded and priced in the same manner as other senior loan securities and are disclosed as unfunded senior loan commitments in the Fund’s Portfolio of Investments with a corresponding payable for investments purchased. The Fund designates cash or liquid securities to cover these commitments.

Asset- and mortgage-backed securities

Delayed delivery securities

The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a “when-issued” or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

To be announced securities

The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.

In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.

Mortgage dollar roll transactions

The Fund may enter into mortgage “dollar rolls” in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique may diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

For financial reporting and tax purposes, the Fund treats “to be announced” mortgage dollar rolls as two separate transactions, one involving the purchase of a security and a separate transaction involving a sale. These transactions may increase the Fund’s portfolio turnover rate. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations.

Interest only and principal only securities

The Fund may invest in Interest Only (IO) or Principal Only (PO) securities. IOs are stripped securities entitled to receive all of the security’s interest, but none of its principal. IOs are particularly sensitive to changes in interest rates and therefore subject to greater fluctuations in price than typical interest bearing debt securities. IOs are also subject to credit risk because the Fund may not receive all or part of the interest payments if the issuer, obligor, guarantor or counterparty defaults on its obligation. Payments received for IOs are included in interest income in the Statement of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income in the Statement of Operations. POs are stripped securities entitled to receive the principal from the underlying obligation, but not the interest. POs are particularly sensitive to changes in interest rates and therefore are subject to fluctuations in price. POs are also subject to credit risk because the Fund may not receive all or part of its principal if the issuer, obligor, guarantor or counterparty defaults on its obligation. The Fund may also invest in IO or PO stripped mortgage-backed securities. Payments received for POs are treated as reductions to the cost and par value of the securities.

Offsetting of assets and liabilities

The following table presents the Fund’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of June 30, 2022:

	Citi ($)^(a)	Citi ($)^(a)	Goldman Sachs International ($)	JPMorgan ($)	Morgan Stanley ($)^(a)	Morgan Stanley ($)^(a)	UBS ($)	Total ($)
Assets
Centrally cleared credit default swap contracts ^(b)	-	-	-	-	-	20,500	-	20,500
Centrally cleared interest rate swap contracts ^(b)	-	-	-	-	-	6,668	-	6,668
Forward foreign currency exchange contracts	488	-	-	-	-	-	2,921	3,409
Options purchased calls	908,156	-	-	-	172,226	-	-	1,080,382
OTC credit default swap contracts ^(c)	-	23,010	-	57,783	33,164	-	-	113,957
Total assets	908,644	23,010	-	57,783	205,390	27,168	2,921	1,224,916
Liabilities
Centrally cleared interest rate swap contracts ^(b)	-	-	-	-	-	30,938	-	30,938
Options contracts written	919,580	-	-	-	487,082	-	-	1,406,662
OTC credit default swap contracts ^(c)	-	150,598	199,069	452,596	295,850	-	-	1,098,113
Total liabilities	919,580	150,598	199,069	452,596	782,932	30,938	-	2,535,713
Total financial and derivative net assets	(10,936)	(127,588)	(199,069)	(394,813)	(577,542)	(3,770)	2,921	(1,310,797)
Total collateral received (pledged) ^(d)	-	(127,588)	-	(394,813)	(577,542)	(3,770)	-	(1,103,713)
Net amount ^(e)	(10,936)	-	(199,069)	-	-	-	2,921	(207,084)

(a)	Exposure can only be netted across transactions governed under the same master agreement with the same legal entity.
(b)	Centrally cleared swaps are included within payable/receivable for variation margin in the Statement of Assets and Liabilities.
(c)	Over-the-Counter (OTC) swap contracts are presented at market value plus periodic payments receivable (payable), which is comprised of unrealized appreciation, unrealized depreciation, upfront payments and upfront receipts.
(d)	In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(e)	Represents the net amount due from/(to) counterparties in the event of default.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Security transactions

The trade date for senior loans purchased in the primary market is the date on which the loan is allocated. The trade date for senior loans purchased in the secondary market is the date on which the transaction is entered into.

Income recognition

Corporate actions and dividend income are recorded on the ex-dividend date.

The value of additional securities received as an income payment through a payment in kind, if any, is recorded as interest income and increases the cost basis of such securities.

The Fund may receive other income from senior loans, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest Income in the Statement of Operations.

Expenses

Determination of class net asset value

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Federal income tax status

Foreign taxes

Distributions to subaccounts

Guarantees and indemnifications

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 0.600% to 0.393% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended June 30, 2022 was 0.600% of the Fund’s average daily net assets.

Compensation of board members

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Compensation of Chief Compliance Officer

Service fees

Distribution and/or service fees

Expenses waived/reimbursed by the Investment Manager and its affiliates

	May 1, 2022 through April 30, 2023	Prior to May 1, 2022
Class 1	0.67%	0.69%
Class 2	0.92	0.94

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Note 4. Federal tax information

At June 30, 2022, 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) ($)	Net unrealized (depreciation) ($)
170,151,000	3,108,000	(17,092,000)	(13,984,000)

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

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $142,189,139 and $120,389,210, respectively, for the six months ended June 30, 2022, of which $105,850,664 and $76,411,378, 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

Note 7. Interfund lending

The Fund did not borrow or lend money under the Interfund Program during the six months ended June 30, 2022.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Note 8. Line of credit

The Fund had no borrowings during the six months ended June 30, 2022.

Note 9. Significant risks

Credit risk

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.

High-yield investments risk

Securities and other debt instruments held by the Fund that are rated below investment grade (commonly called "high-yield" or "junk" bonds) and unrated debt instruments of comparable quality expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in investment grade debt instruments. In addition, these investments have greater price fluctuations, are less liquid and are more likely to experience a default than higher-rated debt instruments. High-yield debt instruments are considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal.

Interest rate risk

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

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.

LIBOR replacement risk

The elimination of London Inter-Bank Offered Rate (LIBOR), among other "inter-bank offered" reference rates, may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. The U.K. Financial Conduct Authority and the ICE Benchmark Administration have announced that a majority of U.S. dollar LIBOR settings will cease publication after June 30, 2023. A subset of non-U.S. dollar LIBOR settings is continuing to be published on a “synthetic” basis and it is possible that a subset of U.S. dollar LIBOR settings will also be published after June 30, 2023 on a “synthetic” basis. Any such publications are, or would be considered, non-representative of the underlying market. Markets are slowly developing in response to the elimination of LIBOR. Uncertainty related to the liquidity impact of the change in rates, and how to appropriately adjust these rates at the time of transition, poses risks for the Fund. These risks are likely to persist until new reference rates and fallbacks for both legacy and new instruments and contracts are commercially accepted and market practices become more settled. Alternatives to LIBOR have been established or are in development in most major currencies, including the Secured Overnight Financing Rate (SOFR), which the U.S. Federal Reserve is promoting as the alternative reference rate to U.S. dollar LIBOR.

Liquidity risk

Market risk

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Mortgage- and other asset-backed securities risk

The value of any mortgage-backed and other asset-backed securities including collateralized debt obligations, if any, held by the Fund may be affected by, among other things, changes or perceived changes in: interest rates; factors concerning the interests in and structure of the issuer or the originator of the mortgages or other assets; the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements; or the market’s assessment of the quality of underlying assets. Payment of principal and interest on some mortgage-backed securities (but not the market value of the securities themselves) may be guaranteed by the full faith and credit of a particular U.S. Government agency, authority, enterprise or instrumentality, and some, but not all, are also insured or guaranteed by the U.S. Government. Mortgage-backed securities issued by non-governmental issuers (such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers) may entail greater risk than obligations guaranteed by the U.S. Government. Mortgage- and other asset-backed securities are subject to liquidity risk and prepayment risk. A decline or flattening of housing values may cause delinquencies in mortgages (especially sub-prime or non-prime mortgages) underlying mortgage-backed securities and thereby adversely affect the ability of the mortgage-backed securities issuer to make principal and/or interest payments to mortgage-backed securities holders, including the Fund. Rising or high interest rates tend to extend the duration of mortgage- and other asset-backed securities, making their prices more volatile and more sensitive to changes in interest rates.

Shareholder concentration risk

At June 30, 2022, two unaffiliated shareholders of record owned 25.1% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 56.1% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity 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

Note 11. Information regarding pending and settled legal proceedings

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

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.

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Liquidity Risk Management Program

(Unaudited)

•	the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders;
•	there were no material changes to the Program during the period;
•	the implementation of the Program was effective to manage the Fund’s liquidity risk; and
•	the Program operated adequately during the period.

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 – Strategic Income 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).

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Approval of Management Agreement (continued)
(Unaudited)

•	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 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;

•

•	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

•	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

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Investment performance

In this connection, 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 performance of a benchmark index, (iii) the percentage ranking of the Fund among its comparison group, (iv) the Fund’s performance relative to peers and benchmarks and (v) 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 third-party data provider’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.

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 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 in 2021 the Board had considered 2020 profitability and that the 2022 information showed that the profitability generated by the Investment Manager in 2021 increased from 2020 levels, due to a variety of factors, including the increased assets under management

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Approval of Management Agreement (continued)
(Unaudited)
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, to groups of related funds and to the Investment Manager as a whole, 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 provided 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.

Columbia Variable Portfolio – Strategic Income Fund | Semiannual Report 2022

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Columbia Variable Portfolio – Strategic Income Fund

P.O. Box 219104

Kansas City, MO 64121-9104

SAR7026_12_A01_(08/22)

SemiAnnual Report
June 30, 2022 (Unaudited)

Columbia Variable Portfolio – Small Cap Value Fund

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

Table of Contents

Fund at a Glance	3
Understanding Your Fund’s Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	12
Statement of Operations	13
Statement of Changes in Net Assets	14
Financial Highlights	16
Notes to Financial Statements	18
Liquidity Risk Management Program	26
Approval of Management Agreement	26

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Columbia Variable Portfolio – Small Cap Value Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

Additional Fund information

Fund investment manager

Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

Fund distributor

Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Variable Portfolio – Small Cap Value Fund | Semiannual Report 2022

Table of Contents

Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Portfolio management

Jeremy Javidi, CFA

Portfolio Manager

Managed Fund since 2005

Average annual total returns (%) (for the period ended June 30, 2022)
	Inception	6 Months cumulative	1 Year	5 Years	10 Years
Class 1	05/19/98	-16.14	-14.63	5.46	9.63
Class 2	06/01/00	-16.23	-14.85	5.21	9.38
Russell 2000 Value Index		-17.31	-16.28	4.89	9.05

The Russell 2000 Value Index, an unmanaged index, tracks the performance of those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values.

Columbia Variable Portfolio – Small Cap Value Fund | Semiannual Report 2022

Table of Contents

Fund at a Glance (continued)
(Unaudited)

Portfolio breakdown (%) (at June 30, 2022)
Common Stocks	98.8
Money Market Funds	1.2
Total	100.0

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.

Equity sector breakdown (%) (at June 30, 2022)
Communication Services	1.8
Consumer Discretionary	11.1
Consumer Staples	4.0
Energy	4.8
Financials	26.1
Health Care	8.1
Industrials	17.2
Information Technology	12.0
Materials	7.6
Real Estate	6.2
Utilities	1.1
Total	100.0

Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.

4	Columbia Variable Portfolio – Small Cap Value Fund \| Semiannual Report 2022

Table of Contents

Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

January 1, 2022 — June 30, 2022
	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual
Class 1	1,000.00	1,000.00	838.60	1,020.43	4.01	4.41	0.88
Class 2	1,000.00	1,000.00	837.70	1,019.19	5.15	5.66	1.13

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Columbia Variable Portfolio – Small Cap Value Fund | Semiannual Report 2022

Table of Contents

Portfolio of Investments
June 30, 2022 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Common Stocks 99.8%
Issuer	Shares	Value ($)
Communication Services 1.8%
Entertainment 0.4%
Gaia, Inc.^(a)	193,312	821,576
Playstudios, Inc.^(a)	293,640	1,256,779
Total		2,078,355
Interactive Media & Services 0.2%
Trivago NV, ADR^(a)	761,503	1,134,640
Media 0.8%
Criteo SA, ADR^(a)	102,308	2,496,315
Integral Ad Science Holding Corp.^(a)	164,830	1,636,762
Total		4,133,077
Wireless Telecommunication Services 0.4%
Telephone and Data Systems, Inc.	106,091	1,675,177
Total Communication Services		9,021,249
Consumer Discretionary 11.1%
Auto Components 1.6%
Gentherm, Inc.^(a)	39,862	2,487,787
Modine Manufacturing Co.^(a)	216,069	2,275,207
Visteon Corp.^(a)	30,845	3,194,925
Total		7,957,919
Distributors 0.1%
Educational Development Corp.	167,844	708,302
Diversified Consumer Services 0.8%
American Public Education, Inc.^(a)	68,081	1,100,189
Stride, Inc.^(a)	71,973	2,935,779
Total		4,035,968
Hotels, Restaurants & Leisure 0.2%
PlayAGS, Inc.^(a)	210,910	1,088,296
Household Durables 3.6%
Cavco Industries, Inc.^(a)	10,427	2,043,588
Century Communities, Inc.	41,240	1,854,563
Ethan Allen Interiors, Inc.	79,709	1,610,919
Hamilton Beach Brands Holding Co.	97,760	1,213,201
Legacy Housing Corp.^(a)	95,913	1,251,665
Lifetime Brands, Inc.	89,382	986,777
Lovesac Co. (The)^(a)	50,414	1,386,385

Common Stocks (continued)
Issuer	Shares	Value ($)
Meritage Homes Corp.^(a)	48,474	3,514,365
Tri Pointe Homes, Inc.^(a)	158,495	2,673,811
Universal Electronics, Inc.^(a)	55,450	1,417,856
Total		17,953,130
Internet & Direct Marketing Retail 0.7%
1-800-Flowers.com, Inc., Class A^(a)	125,569	1,194,161
Overstock.com, Inc.^(a)	49,070	1,227,241
Redbubble Ltd.^(a)	1,663,510	1,034,253
Total		3,455,655
Leisure Products 0.4%
Malibu Boats, Inc., Class A^(a)	43,323	2,283,555
Multiline Retail 0.3%
Big Lots, Inc.	72,117	1,512,293
Specialty Retail 0.6%
Urban Outfitters, Inc.^(a)	150,718	2,812,398
Textiles, Apparel & Luxury Goods 2.8%
Allbirds, Inc., Class A^(a)	410,833	1,614,574
Canada Goose Holdings, Inc.^(a)	117,710	2,119,957
Culp, Inc.	162,567	699,038
Fossil Group, Inc.^(a)	240,760	1,244,729
Kontoor Brands, Inc.	50,670	1,690,858
Movado Group, Inc.	65,029	2,011,347
Skechers U.S.A., Inc., Class A^(a)	42,126	1,498,843
Steven Madden Ltd.	93,494	3,011,442
Total		13,890,788
Total Consumer Discretionary		55,698,304
Consumer Staples 4.0%
Beverages 1.2%
Boston Beer Co., Inc. (The), Class A^(a)	7,770	2,354,077
MGP Ingredients, Inc.	37,392	3,742,565
Total		6,096,642
Food & Staples Retailing 0.6%
Andersons, Inc. (The)	86,432	2,851,392

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

6	Columbia Variable Portfolio – Small Cap Value Fund \| Semiannual Report 2022

Table of Contents

Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Common Stocks (continued)
Issuer	Shares	Value ($)
Food Products 1.7%
Fresh Del Monte Produce, Inc.	127,370	3,761,236
TreeHouse Foods, Inc.^(a)	110,540	4,622,783
Total		8,384,019
Household Products 0.2%
Oil-Dri Corp of America	37,950	1,163,167
Personal Products 0.3%
Honest Co., Inc. (The)^(a)	576,612	1,683,707
Total Consumer Staples		20,178,927
Energy 4.8%
Energy Equipment & Services 2.5%
ChampionX Corp.	212,880	4,225,668
Expro Group Holdings NV^(a)	190,383	2,193,212
Natural Gas Services Group, Inc.^(a)	155,863	1,714,493
Newpark Resources, Inc.^(a)	657,385	2,031,320
Pason Systems, Inc.	141,468	1,603,495
Profire Energy, Inc.^(a)	585,394	842,967
Total		12,611,155
Oil, Gas & Consumable Fuels 2.3%
CVR Energy, Inc.	104,090	3,487,015
Equitrans Midstream Corp.	647,290	4,116,764
Talos Energy, Inc.^(a)	139,520	2,158,374
W&T Offshore, Inc.^(a)	435,492	1,881,326
Total		11,643,479
Total Energy		24,254,634
Financials 26.1%
Banks 15.8%
Ameris Bancorp	112,146	4,506,026
Bank of Marin Bancorp	56,888	1,807,901
BankUnited, Inc.	141,212	5,022,911
Banner Corp.	68,306	3,839,480
Brookline Bancorp, Inc.	217,018	2,888,510
Capital Bancorp, Inc.	90,681	1,967,778
Capital City Bank Group, Inc.	74,042	2,065,031
Central Pacific Financial Corp.	82,178	1,762,718
Central Valley Community Bancorp	69,341	1,005,445
Community Trust Bancorp, Inc.	60,998	2,466,759
First BanCorp	359,913	4,646,477

Common Stocks (continued)
Issuer	Shares	Value ($)
First BanCorp	69,913	2,439,964
First Community Corp.	94,574	1,812,984
First Financial Corp.	46,913	2,087,628
First of Long Island Corp. (The)	55,634	975,264
Heritage Financial Corp.	114,601	2,883,361
Hilltop Holdings, Inc.	141,850	3,781,721
HomeStreet, Inc.	53,464	1,853,597
Northrim BanCorp, Inc.	65,816	2,649,752
OFG Bancorp	130,671	3,319,043
Plumas Bancorp	44,268	1,263,409
Popular, Inc.	72,833	5,603,043
Riverview Bancorp, Inc.	174,573	1,148,690
Sierra Bancorp	75,219	1,634,509
Southern First Bancshares, Inc.^(a)	52,324	2,280,803
Towne Bank	135,880	3,689,142
UMB Financial Corp.	69,151	5,953,901
Washington Federal, Inc.	135,466	4,066,689
Total		79,422,536
Capital Markets 0.7%
StoneX Group, Inc.^(a)	46,100	3,599,027
Consumer Finance 1.2%
Ezcorp, Inc., Class A^(a)	507,660	3,812,527
PROG Holdings, Inc.^(a)	150,089	2,476,468
Total		6,288,995
Diversified Financial Services 0.3%
Alerus Financial Corp.	65,011	1,547,912
Insurance 4.3%
American Equity Investment Life Holding Co.	136,430	4,989,245
Employers Holdings, Inc.	72,874	3,052,692
Global Indemnity Group LLC	92,125	2,383,274
Horace Mann Educators Corp.	55,082	2,114,047
Mercury General Corp.	61,718	2,734,107
National Western Life Group, Inc., Class A	15,105	3,061,784
ProAssurance Corp.	130,246	3,077,713
Total		21,412,862

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

Columbia Variable Portfolio – Small Cap Value Fund | Semiannual Report 2022

Table of Contents

Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Common Stocks (continued)
Issuer	Shares	Value ($)
Thrifts & Mortgage Finance 3.8%
Essent Group Ltd.	87,070	3,387,023
MGIC Investment Corp.	303,586	3,825,183
NMI Holdings, Inc., Class A^(a)	155,159	2,583,397
Provident Financial Holdings, Inc.	88,902	1,318,417
Radian Group, Inc.	231,960	4,558,014
Territorial Bancorp, Inc.	72,696	1,515,712
Western New England Bancorp, Inc.	239,429	1,786,140
Total		18,973,886
Total Financials		131,245,218
Health Care 8.0%
Biotechnology 3.9%
ACADIA Pharmaceuticals, Inc.^(a)	90,130	1,269,932
Atara Biotherapeutics, Inc.^(a)	248,400	1,935,036
Coherus Biosciences, Inc.^(a)	153,131	1,108,668
Insmed, Inc.^(a)	132,940	2,621,577
Iovance Biotherapeutics, Inc.^(a)	216,425	2,389,332
Natera, Inc.^(a)	58,880	2,086,707
Novavax, Inc.^(a)	60,360	3,104,315
Sage Therapeutics, Inc.^(a)	68,589	2,215,424
uniQure NV^(a)	85,400	1,591,856
Zentalis Pharmaceuticals, Inc.^(a)	46,400	1,303,840
Total		19,626,687
Health Care Equipment & Supplies 0.4%
Inogen, Inc.^(a)	85,960	2,078,513
Health Care Providers & Services 1.1%
Encompass Health Corp.	102,240	5,730,552
Health Care Technology 0.2%
Sharecare, Inc.^(a)	720,866	1,138,968
Pharmaceuticals 2.4%
ANI Pharmaceuticals, Inc.^(a)	52,849	1,568,030
Perrigo Co. PLC	117,940	4,784,826
Satsuma Pharmaceuticals, Inc.^(a)	204,971	848,580
Supernus Pharmaceuticals, Inc.^(a)	117,872	3,408,858
Taro Pharmaceutical Industries Ltd.^(a)	35,174	1,271,892
Total		11,882,186
Total Health Care		40,456,906

Common Stocks (continued)
Issuer	Shares	Value ($)
Industrials 17.1%
Aerospace & Defense 2.8%
Aerojet Rocketdyne Holdings, Inc.^(a)	77,880	3,161,928
Curtiss-Wright Corp.	32,640	4,310,439
Maxar Technologies, Inc.	137,560	3,588,940
Moog, Inc., Class A	39,105	3,104,546
Total		14,165,853
Air Freight & Logistics 0.1%
Radiant Logistics, Inc.^(a)	107,405	796,945
Building Products 1.7%
Caesarstone Ltd.	155,088	1,415,953
Resideo Technologies, Inc.^(a)	149,390	2,901,154
UFP Industries, Inc.	60,756	4,139,914
Total		8,457,021
Commercial Services & Supplies 1.1%
Healthcare Services Group, Inc.	152,117	2,648,357
HNI Corp.	79,123	2,744,777
Total		5,393,134
Construction & Engineering 0.6%
MDU Resources Group, Inc.	120,560	3,253,914
Electrical Equipment 2.7%
Array Technologies, Inc.^(a)	251,652	2,770,688
AZZ, Inc.	58,712	2,396,624
Encore Wire Corp.	39,872	4,143,498
Shoals Technologies Group, Inc., Class A^(a)	144,910	2,388,117
Thermon^(a)	123,834	1,739,868
Total		13,438,795
Machinery 3.6%
Gorman-Rupp Co.	58,138	1,645,306
Greenbrier Companies, Inc. (The)	70,728	2,545,501
Hurco Companies, Inc.	64,160	1,587,318
John Bean Technologies Corp.	23,660	2,612,537
LB Foster Co., Class A^(a)	87,328	1,123,911
Manitex International, Inc.^(a)	253,374	1,644,397
Mueller Industries, Inc.	79,062	4,213,214
Standex International Corp.	30,219	2,561,967
Total		17,934,151

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

8	Columbia Variable Portfolio – Small Cap Value Fund \| Semiannual Report 2022

Table of Contents

Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Common Stocks (continued)
Issuer	Shares	Value ($)
Marine 1.2%
Costamare, Inc.	211,085	2,554,128
Kirby Corp.^(a)	53,890	3,278,668
Total		5,832,796
Professional Services 1.0%
Korn/Ferry International	71,255	4,134,215
Red Violet, Inc.^(a)	61,050	1,162,392
Total		5,296,607
Road & Rail 1.3%
Marten Transport Ltd.	179,530	3,019,695
Schneider National, Inc., Class B	159,690	3,573,862
Total		6,593,557
Trading Companies & Distributors 1.0%
H&E Equipment Services, Inc.	80,462	2,330,984
Textainer Group Holdings Ltd.	97,991	2,685,934
Total		5,016,918
Total Industrials		86,179,691
Information Technology 12.0%
Communications Equipment 2.3%
Applied Optoelectronics, Inc.^(a)	479,838	743,749
Casa Systems, Inc.^(a)	301,143	1,183,492
Digi International, Inc.^(a)	99,291	2,404,828
KVH Industries, Inc.^(a)	90,010	783,087
NETGEAR, Inc.^(a)	87,257	1,616,000
Netscout Systems, Inc.^(a)	135,010	4,570,088
Total		11,301,244
Electronic Equipment, Instruments & Components 4.0%
Airgain, Inc.^(a)	125,094	1,015,763
Bel Fuse, Inc., Class B	110,849	1,724,811
ePlus, Inc.^(a)	61,999	3,293,387
FARO Technologies, Inc.^(a)	44,517	1,372,459
Knowles Corp.^(a)	98,730	1,710,991
Luna Innovations, Inc.^(a)	183,640	1,070,621
OSI Systems, Inc.^(a)	39,057	3,337,030
Powerfleet, Inc.^(a)	433,232	940,113
Vishay Intertechnology, Inc.	250,611	4,465,888
Vishay Precision Group, Inc.^(a)	48,160	1,402,901
Total		20,333,964

Common Stocks (continued)
Issuer	Shares	Value ($)
IT Services 3.6%
Cass Information Systems, Inc.	54,142	1,830,000
DigitalOcean Holdings, Inc.^(a)	61,160	2,529,578
EVERTEC, Inc.	55,200	2,035,776
IBEX Holdings Ltd.^(a)	152,220	2,567,951
International Money Express, Inc.^(a)	107,608	2,202,736
Kyndryl Holdings, Inc.^(a)	287,447	2,811,232
Payoneer Global, Inc.^(a)	426,357	1,671,319
Shift4 Payments, Inc., Class A^(a)	73,501	2,429,943
Total		18,078,535
Semiconductors & Semiconductor Equipment 0.8%
Cohu, Inc.^(a)	92,071	2,554,970
CyberOptics Corp.^(a)	45,198	1,579,218
Total		4,134,188
Software 1.3%
BTRS Holdings, Inc.^(a)	312,469	1,556,096
Cerence, Inc.^(a)	74,734	1,885,539
Cognyte Software Ltd.^(a)	248,913	1,057,880
Mitek Systems, Inc.^(a)	86,262	797,061
Upland Software, Inc.^(a)	83,390	1,210,823
Total		6,507,399
Total Information Technology		60,355,330
Materials 7.6%
Chemicals 1.1%
Aspen Aerogels, Inc.^(a)	169,180	1,671,498
Tronox Holdings PLC, Class A	217,703	3,657,411
Total		5,328,909
Construction Materials 0.9%
Eagle Materials, Inc.	42,729	4,697,626
Containers & Packaging 0.6%
Greif, Inc., Class A	48,079	2,999,168
Metals & Mining 3.7%
Ampco-Pittsburgh Corp.^(a)	262,413	1,015,538
Capstone Mining Corp.^(a)	601,285	1,518,161
Centerra Gold, Inc.	407,100	2,761,018
Commercial Metals Co.	174,170	5,765,027
ERO Copper Corp.^(a)	231,855	1,957,943
Ferroglobe PLC^(a)	229,733	1,364,614

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

Columbia Variable Portfolio – Small Cap Value Fund | Semiannual Report 2022

Table of Contents

Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Common Stocks (continued)
Issuer	Shares	Value ($)
Olympic Steel, Inc.	60,932	1,568,999
Torex Gold Resources, Inc.^(a)	215,757	1,666,116
Universal Stainless & Alloy Products, Inc.^(a)	134,429	994,775
Total		18,612,191
Paper & Forest Products 1.3%
Clearwater Paper Corp.^(a)	52,067	1,751,013
Glatfelter Corp.	136,053	936,044
Louisiana-Pacific Corp.	75,931	3,979,544
Total		6,666,601
Total Materials		38,304,495
Real Estate 6.2%
Equity Real Estate Investment Trusts (REITS) 5.8%
Highwoods Properties, Inc.	103,740	3,546,870
Hudson Pacific Properties, Inc.	230,027	3,413,601
Macerich Co. (The)	243,370	2,119,753
Outfront Media, Inc.	266,070	4,509,886
Pebblebrook Hotel Trust	204,154	3,382,832
PotlatchDeltic Corp.	101,902	4,503,049
RLJ Lodging Trust	354,135	3,906,109
Sunstone Hotel Investors, Inc.^(a)	399,179	3,959,856
Total		29,341,956

Common Stocks (continued)
Issuer	Shares	Value ($)
Real Estate Management & Development 0.4%
Forestar Group, Inc.^(a)	141,527	1,937,505
Total Real Estate		31,279,461
Utilities 1.1%
Gas Utilities 1.1%
National Fuel Gas Co.	57,315	3,785,656
RGC Resources, Inc.	75,729	1,444,152
Total		5,229,808
Total Utilities		5,229,808
Total Common Stocks (Cost $553,094,372)		502,204,023

Money Market Funds 1.2%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 1.247%^(b),(c)	6,022,891	6,019,277
Total Money Market Funds (Cost $6,018,728)		6,019,277
Total Investments in Securities (Cost: $559,113,100)		508,223,300
Other Assets & Liabilities, Net		(4,917,475)
Net Assets		503,305,825

Notes to Portfolio of Investments

(a)	Non-income producing investment.
(b)	The rate shown is the seven-day current annualized yield at June 30, 2022.
(c)	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, 2022 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, 1.247%
	3,423,863	65,019,500	(62,424,752)	666	6,019,277	(401)	4,614	6,022,891

Abbreviation Legend

ADR	American Depositary Receipt

Fair value measurements

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

10	Columbia Variable Portfolio – Small Cap Value Fund \| Semiannual Report 2022

Table of Contents

Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

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).

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation.

The following table is a summary of the inputs used to value the Fund’s investments at June 30, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Common Stocks
Communication Services	9,021,249	—	—	9,021,249
Consumer Discretionary	54,664,051	1,034,253	—	55,698,304
Consumer Staples	20,178,927	—	—	20,178,927
Energy	24,254,634	—	—	24,254,634
Financials	131,245,218	—	—	131,245,218
Health Care	40,456,906	—	—	40,456,906
Industrials	86,179,691	—	—	86,179,691
Information Technology	60,355,330	—	—	60,355,330
Materials	38,304,495	—	—	38,304,495
Real Estate	31,279,461	—	—	31,279,461
Utilities	5,229,808	—	—	5,229,808
Total Common Stocks	501,169,770	1,034,253	—	502,204,023
Money Market Funds	6,019,277	—	—	6,019,277
Total Investments in Securities	507,189,047	1,034,253	—	508,223,300

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. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.

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

Columbia Variable Portfolio – Small Cap Value Fund | Semiannual Report 2022

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Statement of Assets and Liabilities
June 30, 2022 (Unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $553,094,372)	$502,204,023
Affiliated issuers (cost $6,018,728)	6,019,277
Receivable for:
Investments sold	2,080,801
Capital shares sold	2,645
Dividends	412,569
Foreign tax reclaims	3,789
Expense reimbursement due from Investment Manager	1,292
Prepaid expenses	5,247
Trustees’ deferred compensation plan	97,739
Total assets	510,827,382
Liabilities
Due to custodian	472
Payable for:
Investments purchased	6,923,257
Capital shares purchased	308,886
Management services fees	12,043
Distribution and/or service fees	1,284
Service fees	61,665
Compensation of board members	14,092
Other expenses	102,119
Trustees’ deferred compensation plan	97,739
Total liabilities	7,521,557
Net assets applicable to outstanding capital stock	$503,305,825
Represented by
Paid in capital	329,500,066
Total distributable earnings (loss)	173,805,759
Total - representing net assets applicable to outstanding capital stock	$503,305,825
Class 1
Net assets	$316,776,333
Shares outstanding	18,205,250
Net asset value per share	$17.40
Class 2
Net assets	$186,529,492
Shares outstanding	10,821,868
Net asset value per share	$17.24

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

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Statement of Operations
Six Months Ended June 30, 2022 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$4,591,332
Dividends — affiliated issuers	4,614
Foreign taxes withheld	(30,466)
Total income	4,565,480
Expenses:
Management services fees	2,518,799
Distribution and/or service fees
Class 2	271,731
Service fees	217,562
Compensation of board members	10,089
Custodian fees	11,785
Printing and postage fees	20,886
Audit fees	14,669
Legal fees	8,148
Interest on interfund lending	209
Compensation of chief compliance officer	79
Other	11,270
Total expenses	3,085,227
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(242,357)
Total net expenses	2,842,870
Net investment income	1,722,610
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	10,058,169
Investments — affiliated issuers	(401)
Foreign currency translations	5,710
Net realized gain	10,063,478
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(111,057,061)
Investments — affiliated issuers	666
Foreign currency translations	5
Net change in unrealized appreciation (depreciation)	(111,056,390)
Net realized and unrealized loss	(100,992,912)
Net decrease in net assets resulting from operations	$(99,270,302)

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

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Statement of Changes in Net Assets

	Six Months Ended June 30, 2022 (Unaudited)	Year Ended December 31, 2021
Operations
Net investment income	$1,722,610	$3,562,012
Net realized gain	10,063,478	212,210,544
Net change in unrealized appreciation (depreciation)	(111,056,390)	(22,992,144)
Net increase (decrease) in net assets resulting from operations	(99,270,302)	192,780,412
Distributions to shareholders
Net investment income and net realized gains
Class 1	—	(2,870,583)
Class 2	—	(1,737,204)
Total distributions to shareholders	—	(4,607,787)
Decrease in net assets from capital stock activity	(39,261,920)	(241,924,101)
Total decrease in net assets	(138,532,222)	(53,751,476)
Net assets at beginning of period	641,838,047	695,589,523
Net assets at end of period	$503,305,825	$641,838,047

	Six Months Ended		Year Ended
	June 30, 2022 (Unaudited)		December 31, 2021
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class 1
Subscriptions	118,607	2,282,304	7,596,548	153,876,536
Distributions reinvested	—	—	143,817	2,870,583
Redemptions	(1,362,298)	(27,192,371)	(11,367,420)	(229,015,939)
Net decrease	(1,243,691)	(24,910,067)	(3,627,055)	(72,268,820)
Class 2
Subscriptions	497,339	9,919,902	1,822,750	36,327,358
Distributions reinvested	—	—	87,649	1,737,204
Redemptions	(1,252,959)	(24,271,755)	(10,412,308)	(207,719,843)
Net decrease	(755,620)	(14,351,853)	(8,501,909)	(169,655,281)
Total net decrease	(1,999,311)	(39,261,920)	(12,128,964)	(241,924,101)

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

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Financial Highlights

	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 6/30/2022 (Unaudited)	$20.75	0.07	(3.42)	(3.35)	—	—	—
Year Ended 12/31/2021	$16.17	0.12	4.59	4.71	(0.13)	—	(0.13)
Year Ended 12/31/2020	$15.67	0.14	1.01	1.15	(0.08)	(0.57)	(0.65)
Year Ended 12/31/2019	$14.22	0.15	2.79	2.94	(0.09)	(1.40)	(1.49)
Year Ended 12/31/2018	$20.30	0.10	(3.12)	(3.02)	(0.08)	(2.98)	(3.06)
Year Ended 12/31/2017	$19.11	0.08	2.52	2.60	(0.10)	(1.31)	(1.41)
Class 2
Six Months Ended 6/30/2022 (Unaudited)	$20.58	0.04	(3.38)	(3.34)	—	—	—
Year Ended 12/31/2021	$16.06	0.06	4.56	4.62	(0.10)	—	(0.10)
Year Ended 12/31/2020	$15.55	0.10	1.02	1.12	(0.04)	(0.57)	(0.61)
Year Ended 12/31/2019	$14.12	0.08	2.79	2.87	(0.04)	(1.40)	(1.44)
Year Ended 12/31/2018	$20.17	0.05	(3.08)	(3.03)	(0.04)	(2.98)	(3.02)
Year Ended 12/31/2017	$19.01	0.03	2.50	2.53	(0.06)	(1.31)	(1.37)

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	Annualized.
(d)	Ratios include interfund lending expense which is less than 0.01%.
(e)	Ratios include line of credit interest expense which is less than 0.01%.

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

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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 6/30/2022 (Unaudited)	$17.40	(16.14%)	0.96%^(c),(d)	0.88%^(c),(d)	0.68%^(c)	27%	$316,776
Year Ended 12/31/2021	$20.75	29.19%	0.97%^(d)	0.88%^(d)	0.58%	69%	$403,571
Year Ended 12/31/2020	$16.17	8.80%	1.02%^(d)	0.90%^(d)	1.05%	57%	$373,200
Year Ended 12/31/2019	$15.67	21.34%	1.04%^(d)	0.92%^(d)	1.00%	60%	$316,513
Year Ended 12/31/2018	$14.22	(18.01%)	1.05%	0.92%	0.51%	49%	$5,525
Year Ended 12/31/2017	$20.30	14.31%	1.01%^(e)	0.93%^(e)	0.41%	52%	$7,186
Class 2
Six Months Ended 6/30/2022 (Unaudited)	$17.24	(16.23%)	1.21%^(c),(d)	1.13%^(c),(d)	0.43%^(c)	27%	$186,529
Year Ended 12/31/2021	$20.58	28.80%	1.21%^(d)	1.13%^(d)	0.31%	69%	$238,267
Year Ended 12/31/2020	$16.06	8.59%	1.27%^(d)	1.15%^(d)	0.80%	57%	$322,390
Year Ended 12/31/2019	$15.55	20.98%	1.31%^(d)	1.17%^(d)	0.52%	60%	$315,238
Year Ended 12/31/2018	$14.12	(18.17%)	1.30%	1.17%	0.26%	49%	$284,756
Year Ended 12/31/2017	$20.17	13.98%	1.26%^(e)	1.18%^(e)	0.14%	52%	$374,640

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

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Notes to Financial Statements
June 30, 2022 (Unaudited)

Note 1. Organization

Columbia Variable Portfolio – Small Cap Value 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

Note 2. Summary of significant accounting policies

Basis of preparation

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security valuation

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.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Foreign currency transactions and translations

Security transactions

Income recognition

Expenses

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Determination of class net asset value

Federal income tax status

Foreign taxes

Distributions to subaccounts

Guarantees and indemnifications

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 0.87% to 0.75% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended June 30, 2022 was 0.86% of the Fund’s average daily net assets.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Compensation of board members

Compensation of Chief Compliance Officer

Service fees

Distribution and/or service fees

Expenses waived/reimbursed by the Investment Manager and its affiliates

	Contractual expense cap July 1, 2022 through April 30, 2023	Voluntary expense cap May 1, 2022 through June 30, 2022	Contractual expense cap prior to May 1, 2022
Class 1	0.88%	0.88%	0.88%
Class 2	1.13	1.13	1.13

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Note 4. Federal tax information

At June 30, 2022, 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) ($)	Net unrealized (depreciation) ($)
559,113,000	41,911,000	(92,801,000)	(50,890,000)

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

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $160,094,420 and $197,386,353, respectively, for the six months ended June 30, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

Note 7. Interfund lending

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

The Fund’s activity in the Interfund Program during the six months ended June 30, 2022 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Borrower	1,211,111	0.96	9

Interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at June 30, 2022.

Note 8. Line of credit

The Fund had no borrowings during the six months ended June 30, 2022.

Note 9. Significant risks

Financial sector risk

The Fund is more susceptible to the particular risks that may affect companies in the financial services sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the financial services sector are subject to certain risks, including the risk of regulatory change, decreased liquidity in credit markets and unstable interest rates. Such companies may have concentrated portfolios, such as a high level of loans to one or more industries or sectors, which makes them vulnerable to economic conditions that affect such industries or sectors. Performance of such companies may be affected by competitive pressures and exposure to investments, agreements and counterparties, including credit products that, under certain circumstances, may lead to losses (e.g., subprime loans). Companies in the financial services sector are subject to extensive governmental regulation that may limit the amount and types of loans and other financial commitments they can make, and interest rates and fees that they may charge. In addition, profitability of such companies is largely dependent upon the availability and the cost of capital.

Market risk

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Shareholder concentration risk

At June 30, 2022, one unaffiliated shareholder of record owned 25.4% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 61.5% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity 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.

Small- and mid-cap company risk

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Note 10. Subsequent events

Note 11. Information regarding pending and settled legal proceedings

Columbia Variable Portfolio – Small Cap Value Fund | Semiannual Report 2022

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Liquidity Risk Management Program

(Unaudited)

•	the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders;
•	there were no material changes to the Program during the period;
•	the implementation of the Program was effective to manage the Fund’s liquidity risk; and
•	the Program operated adequately during the period.

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 – Small Cap Value 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).

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Approval of Management Agreement (continued)
(Unaudited)

•	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 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;

•

•	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

•	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

Columbia Variable Portfolio – Small Cap Value Fund | Semiannual Report 2022

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Investment performance

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

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 reviewed the fees charged to comparable institutional or other accounts/vehicles managed by the Investment Manager, including accounts subadvised by the Investment Manager, and discussed differences in how the products are managed and operated, thus explaining many of the differences in fees.

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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, to groups of related funds and to the Investment Manager as a whole, 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 provided 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.

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Columbia Variable Portfolio – Small Cap Value Fund

P.O. Box 219104

Kansas City, MO 64121-9104

SAR7024_12_A01_(08/22)

SemiAnnual Report
June 30, 2022 (Unaudited)

Columbia Variable Portfolio – Contrarian Core Fund

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

Table of Contents

Fund at a Glance	3
Understanding Your Fund’s Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	10
Statement of Operations	11
Statement of Changes in Net Assets	12
Financial Highlights	14
Notes to Financial Statements	16
Liquidity Risk Management Program	23
Approval of Management Agreement	23

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Columbia Variable Portfolio – Contrarian Core Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

Additional Fund information

Fund investment manager

Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

Fund distributor

Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Variable Portfolio – Contrarian Core Fund | Semiannual Report 2022

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Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks total return, consisting of long-term capital appreciation and current income.

Portfolio management

Guy Pope, CFA

Portfolio Manager

Managed Fund since 2012

Average annual total returns (%) (for the period ended June 30, 2022)
	Inception	6 Months cumulative	1 Year	5 Years	10 Years
Class 1	04/30/12	-18.90	-13.09	10.44	13.00
Class 2	04/30/12	-18.98	-13.31	10.16	12.72
Russell 1000 Index		-20.94	-13.04	11.00	12.82

The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 92% of the U.S. market.

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Fund at a Glance (continued)
(Unaudited)

Portfolio breakdown (%) (at June 30, 2022)
Common Stocks	98.2
Money Market Funds	1.8
Total	100.0

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.

Equity sector breakdown (%) (at June 30, 2022)
Communication Services	12.4
Consumer Discretionary	7.0
Consumer Staples	6.7
Energy	4.5
Financials	10.4
Health Care	16.4
Industrials	8.1
Information Technology	26.7
Materials	3.3
Real Estate	1.6
Utilities	2.9
Total	100.0

Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.

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Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

January 1, 2022 — June 30, 2022
	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual
Class 1	1,000.00	1,000.00	811.00	1,021.32	3.14	3.51	0.70
Class 2	1,000.00	1,000.00	810.20	1,020.08	4.26	4.76	0.95

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

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Portfolio of Investments
June 30, 2022 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Common Stocks 97.5%
Issuer	Shares	Value ($)
Communication Services 12.1%
Entertainment 2.4%
Endeavor Group Holdings, Inc., Class A^(a)	235,324	4,838,262
Take-Two Interactive Software, Inc.^(a)	137,231	16,814,914
Walt Disney Co. (The)^(a)	100,180	9,456,992
Total		31,110,168
Interactive Media & Services 6.3%
Alphabet, Inc., Class A^(a)	14,919	32,512,380
Alphabet, Inc., Class C^(a)	15,232	33,319,238
Meta Platforms, Inc., Class A^(a)	91,347	14,729,704
Snap, Inc., Class A^(a)	142,543	1,871,589
Total		82,432,911
Media 1.6%
Comcast Corp., Class A	528,603	20,742,382
Wireless Telecommunication Services 1.8%
T-Mobile USA, Inc.^(a)	173,570	23,352,108
Total Communication Services		157,637,569
Consumer Discretionary 6.8%
Automobiles 0.7%
Tesla Motors, Inc.^(a)	14,015	9,437,981
Hotels, Restaurants & Leisure 1.0%
Chipotle Mexican Grill, Inc.^(a)	3,890	5,085,242
McDonald’s Corp.	33,523	8,276,158
Total		13,361,400
Internet & Direct Marketing Retail 3.9%
Amazon.com, Inc.^(a)	480,180	50,999,918
Specialty Retail 0.4%
Lowe’s Companies, Inc.	30,489	5,325,513
Textiles, Apparel & Luxury Goods 0.8%
Tapestry, Inc.	278,127	8,488,436
Under Armour, Inc., Class A^(a)	225,687	1,879,973
Total		10,368,409
Total Consumer Discretionary		89,493,221

Common Stocks (continued)
Issuer	Shares	Value ($)
Consumer Staples 6.5%
Beverages 0.8%
Monster Beverage Corp.^(a)	112,866	10,462,678
Food & Staples Retailing 3.8%
Sysco Corp.	266,629	22,586,143
Walmart, Inc.	227,163	27,618,477
Total		50,204,620
Food Products 1.6%
Mondelez International, Inc., Class A	338,894	21,041,929
Personal Products 0.3%
Coty, Inc., Class A^(a)	398,040	3,188,300
Total Consumer Staples		84,897,527
Energy 4.3%
Oil, Gas & Consumable Fuels 4.3%
Canadian Natural Resources Ltd.	251,166	13,482,591
Chevron Corp.	193,965	28,082,253
EOG Resources, Inc.	138,922	15,342,545
Total		56,907,389
Total Energy		56,907,389
Financials 10.2%
Banks 4.5%
Bank of America Corp.	692,371	21,553,509
JPMorgan Chase & Co.	118,045	13,293,047
Wells Fargo & Co.	601,391	23,556,486
Total		58,403,042
Capital Markets 2.5%
BlackRock, Inc.	12,471	7,595,338
MSCI, Inc.	18,646	7,684,949
State Street Corp.	290,496	17,909,078
Total		33,189,365
Consumer Finance 0.1%
American Express Co.	9,481	1,314,257
Diversified Financial Services 2.8%
Berkshire Hathaway, Inc., Class B^(a)	135,050	36,871,351

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

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Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Common Stocks (continued)
Issuer	Shares	Value ($)
Insurance 0.3%
Aon PLC, Class A	11,781	3,177,100
Total Financials		132,955,115
Health Care 16.0%
Biotechnology 2.8%
BioMarin Pharmaceutical, Inc.^(a)	119,404	9,895,010
Horizon Therapeutics PLC^(a)	70,149	5,595,084
Vertex Pharmaceuticals, Inc.^(a)	74,880	21,100,435
Total		36,590,529
Health Care Equipment & Supplies 2.6%
Abbott Laboratories	163,865	17,803,932
Baxter International, Inc.	116,038	7,453,121
Boston Scientific Corp.^(a)	233,500	8,702,545
Total		33,959,598
Health Care Providers & Services 3.2%
CVS Health Corp.	234,510	21,729,697
Elevance Health, Inc.	40,556	19,571,514
Total		41,301,211
Life Sciences Tools & Services 1.3%
IQVIA Holdings, Inc.^(a)	38,401	8,332,633
Thermo Fisher Scientific, Inc.	14,938	8,115,517
Total		16,448,150
Pharmaceuticals 6.1%
Eli Lilly & Co.	94,306	30,576,834
Johnson & Johnson	280,721	49,830,785
Total		80,407,619
Total Health Care		208,707,107
Industrials 7.9%
Aerospace & Defense 3.7%
Raytheon Technologies Corp.	507,415	48,767,656
Airlines 1.1%
Southwest Airlines Co.^(a)	419,590	15,155,591
Industrial Conglomerates 0.9%
Honeywell International, Inc.	64,870	11,275,055

Common Stocks (continued)
Issuer	Shares	Value ($)
Road & Rail 2.2%
Uber Technologies, Inc.^(a)	769,251	15,738,875
Union Pacific Corp.	60,661	12,937,778
Total		28,676,653
Total Industrials		103,874,955
Information Technology 26.0%
Electronic Equipment, Instruments & Components 0.8%
TE Connectivity Ltd.	99,263	11,231,608
IT Services 5.3%
Fidelity National Information Services, Inc.	103,963	9,530,288
Global Payments, Inc.	76,653	8,480,888
International Business Machines Corp.	73,036	10,311,953
MasterCard, Inc., Class A	72,127	22,754,626
PayPal Holdings, Inc.^(a)	66,843	4,668,315
Visa, Inc., Class A	67,208	13,232,583
Total		68,978,653
Semiconductors & Semiconductor Equipment 2.4%
Advanced Micro Devices, Inc.^(a)	76,141	5,822,502
GlobalFoundries, Inc.^(a)	58,829	2,373,162
Lam Research Corp.	19,248	8,202,535
Marvell Technology, Inc.	51,494	2,241,534
Micron Technology, Inc.	47,232	2,610,985
NVIDIA Corp.	63,983	9,699,183
Total		30,949,901
Software 12.0%
Adobe, Inc.^(a)	55,770	20,415,166
Intuit, Inc.	54,298	20,928,621
Microsoft Corp.	348,173	89,421,272
Palo Alto Networks, Inc.^(a)	33,404	16,499,572
Salesforce, Inc.^(a)	59,124	9,757,825
Total		157,022,456
Technology Hardware, Storage & Peripherals 5.5%
Apple, Inc.	527,708	72,148,238
Total Information Technology		340,330,856

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

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Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Common Stocks (continued)
Issuer	Shares	Value ($)
Materials 3.3%
Chemicals 2.9%
Corteva, Inc.	193,773	10,490,870
Ecolab, Inc.	50,540	7,771,030
International Flavors & Fragrances, Inc.	115,188	13,721,195
Nutrien Ltd.	78,501	6,255,745
Total		38,238,840
Metals & Mining 0.4%
Newmont Corp.	73,285	4,372,916
Total Materials		42,611,756
Real Estate 1.6%
Equity Real Estate Investment Trusts (REITS) 1.6%
American Tower Corp.	80,045	20,458,701
Total Real Estate		20,458,701
Utilities 2.8%
Electric Utilities 1.6%
American Electric Power Co., Inc.	222,283	21,325,831

Common Stocks (continued)
Issuer	Shares	Value ($)
Multi-Utilities 1.2%
Public Service Enterprise Group, Inc.	250,779	15,869,295
Total Utilities		37,195,126
Total Common Stocks (Cost $1,125,849,632)		1,275,069,322

Money Market Funds 1.8%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 1.247%^(b),(c)	23,107,153	23,093,289
Total Money Market Funds (Cost $23,095,451)		23,093,289
Total Investments in Securities (Cost: $1,148,945,083)		1,298,162,611
Other Assets & Liabilities, Net		9,286,750
Net Assets		1,307,449,361

Notes to Portfolio of Investments

(a)	Non-income producing investment.
(b)	The rate shown is the seven-day current annualized yield at June 30, 2022.
(c)	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, 2022 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, 1.247%
	12,885,067	156,587,688	(146,377,304)	(2,162)	23,093,289	(11,628)	67,389	23,107,153

Fair value measurements

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).

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

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Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Fair value measurements (continued)
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.

The following table is a summary of the inputs used to value the Fund’s investments at June 30, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Common Stocks
Communication Services	157,637,569	—	—	157,637,569
Consumer Discretionary	89,493,221	—	—	89,493,221
Consumer Staples	84,897,527	—	—	84,897,527
Energy	56,907,389	—	—	56,907,389
Financials	132,955,115	—	—	132,955,115
Health Care	208,707,107	—	—	208,707,107
Industrials	103,874,955	—	—	103,874,955
Information Technology	340,330,856	—	—	340,330,856
Materials	42,611,756	—	—	42,611,756
Real Estate	20,458,701	—	—	20,458,701
Utilities	37,195,126	—	—	37,195,126
Total Common Stocks	1,275,069,322	—	—	1,275,069,322
Money Market Funds	23,093,289	—	—	23,093,289
Total Investments in Securities	1,298,162,611	—	—	1,298,162,611

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

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

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Statement of Assets and Liabilities
June 30, 2022 (Unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $1,125,849,632)	$1,275,069,322
Affiliated issuers (cost $23,095,451)	23,093,289
Receivable for:
Investments sold	10,838,761
Capital shares sold	943
Dividends	882,607
Foreign tax reclaims	18,402
Expense reimbursement due from Investment Manager	2,335
Prepaid expenses	11,272
Trustees’ deferred compensation plan	153,782
Total assets	1,310,070,713
Liabilities
Payable for:
Investments purchased	2,185,026
Capital shares purchased	200,980
Management services fees	26,282
Distribution and/or service fees	911
Service fees	9,184
Compensation of board members	19,530
Other expenses	25,657
Trustees’ deferred compensation plan	153,782
Total liabilities	2,621,352
Net assets applicable to outstanding capital stock	$1,307,449,361
Represented by
Trust capital	$1,307,449,361
Total - representing net assets applicable to outstanding capital stock	$1,307,449,361
Class 1
Net assets	$1,175,806,738
Shares outstanding	35,626,805
Net asset value per share	$33.00
Class 2
Net assets	$131,642,623
Shares outstanding	4,089,505
Net asset value per share	$32.19

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

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Statement of Operations
Six Months Ended June 30, 2022 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$9,852,154
Dividends — affiliated issuers	67,389
Interfund lending	254
Foreign taxes withheld	(55,650)
Total income	9,864,147
Expenses:
Management services fees	5,345,246
Distribution and/or service fees
Class 2	183,860
Service fees	49,609
Compensation of board members	14,797
Custodian fees	9,221
Printing and postage fees	7,242
Audit fees	14,669
Legal fees	12,977
Compensation of chief compliance officer	211
Other	12,034
Total expenses	5,649,866
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(252,795)
Total net expenses	5,397,071
Net investment income	4,467,076
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	64,408,119
Investments — affiliated issuers	(11,628)
Foreign currency translations	1,604
Net realized gain	64,398,095
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(375,778,565)
Investments — affiliated issuers	(2,162)
Foreign currency translations	(71)
Net change in unrealized appreciation (depreciation)	(375,780,798)
Net realized and unrealized loss	(311,382,703)
Net decrease in net assets resulting from operations	$(306,915,627)

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

Columbia Variable Portfolio – Contrarian Core Fund | Semiannual Report 2022

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Statement of Changes in Net Assets

	Six Months Ended June 30, 2022 (Unaudited)	Year Ended December 31, 2021
Operations
Net investment income	$4,467,076	$8,577,104
Net realized gain	64,398,095	335,524,121
Net change in unrealized appreciation (depreciation)	(375,780,798)	15,420,836
Net increase (decrease) in net assets resulting from operations	(306,915,627)	359,522,061
Decrease in net assets from capital stock activity	(60,891,436)	(266,081,388)
Total increase (decrease) in net assets	(367,807,063)	93,440,673
Net assets at beginning of period	1,675,256,424	1,581,815,751
Net assets at end of period	$1,307,449,361	$1,675,256,424

	Six Months Ended		Year Ended
	June 30, 2022 (Unaudited)		December 31, 2021
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class 1
Subscriptions	75,536	2,680,165	81,946	3,067,204
Redemptions	(1,619,604)	(63,016,306)	(7,176,586)	(267,772,669)
Net decrease	(1,544,068)	(60,336,141)	(7,094,640)	(264,705,465)
Class 2
Subscriptions	180,971	6,567,275	300,120	10,926,608
Redemptions	(192,722)	(7,122,570)	(340,477)	(12,302,531)
Net decrease	(11,751)	(555,295)	(40,357)	(1,375,923)
Total net decrease	(1,555,819)	(60,891,436)	(7,134,997)	(266,081,388)

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

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Financial Highlights

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations
Class 1
Six Months Ended 6/30/2022 (Unaudited)	$40.69	0.12	(7.81)	(7.69)
Year Ended 12/31/2021	$32.74	0.20	7.75	7.95
Year Ended 12/31/2020	$26.76	0.25	5.73	5.98
Year Ended 12/31/2019	$20.10	0.27	6.39	6.66
Year Ended 12/31/2018	$22.07	0.24	(2.21)	(1.97)
Year Ended 12/31/2017	$18.12	0.21	3.74	3.95
Class 2
Six Months Ended 6/30/2022 (Unaudited)	$39.73	0.07	(7.61)	(7.54)
Year Ended 12/31/2021	$32.05	0.11	7.57	7.68
Year Ended 12/31/2020	$26.27	0.17	5.61	5.78
Year Ended 12/31/2019	$19.78	0.21	6.28	6.49
Year Ended 12/31/2018	$21.77	0.19	(2.18)	(1.99)
Year Ended 12/31/2017	$17.92	0.16	3.69	3.85

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	Annualized.
(d)	Ratios include interfund lending expense which is less than 0.01%.

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

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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 6/30/2022 (Unaudited)	$33.00	(18.90%)	0.73%^(c)	0.70%^(c)	0.62%^(c)	26%	$1,175,807
Year Ended 12/31/2021	$40.69	24.28%	0.73%	0.70%	0.54%	45%	$1,512,305
Year Ended 12/31/2020	$32.74	22.35%	0.74%^(d)	0.69%^(d)	0.91%	58%	$1,449,079
Year Ended 12/31/2019	$26.76	33.13%	0.74%^(d)	0.70%^(d)	1.16%	43%	$1,433,380
Year Ended 12/31/2018	$20.10	(8.93%)	0.71%	0.71%	1.09%	63%	$1,301,755
Year Ended 12/31/2017	$22.07	21.80%	0.72%	0.72%	1.04%	46%	$2,383,772
Class 2
Six Months Ended 6/30/2022 (Unaudited)	$32.19	(18.98%)	0.98%^(c)	0.95%^(c)	0.38%^(c)	26%	$131,643
Year Ended 12/31/2021	$39.73	23.96%	0.98%	0.95%	0.29%	45%	$162,952
Year Ended 12/31/2020	$32.05	22.00%	0.99%^(d)	0.94%^(d)	0.65%	58%	$132,736
Year Ended 12/31/2019	$26.27	32.81%	0.99%^(d)	0.95%^(d)	0.90%	43%	$112,800
Year Ended 12/31/2018	$19.78	(9.14%)	0.96%	0.96%	0.86%	63%	$91,923
Year Ended 12/31/2017	$21.77	21.49%	0.97%	0.97%	0.78%	46%	$110,867

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

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Notes to Financial Statements
June 30, 2022 (Unaudited)

Note 1. Organization

Columbia Variable Portfolio – Contrarian Core 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

Note 2. Summary of significant accounting policies

Basis of preparation

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security valuation

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.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Foreign currency transactions and translations

Security transactions

Income recognition

Expenses

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Determination of class net asset value

Federal income tax status

The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund’s income and loss. The components of the Fund’s net assets are reported at the partner-level for federal income tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

Foreign taxes

Guarantees and indemnifications

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 0.77% to 0.57% as the Fund’s net assets increase. Effective July 1, 2022, the management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.77% to 0.555% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended June 30, 2022 was 0.718% of the Fund’s average daily net assets.

Compensation of board members

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

Compensation of Chief Compliance Officer

Service fees

Distribution and/or service fees

Expenses waived/reimbursed by the Investment Manager and its affiliates

	May 1, 2022 through April 30, 2023	Prior to May 1, 2022
Class 1	0.68%	0.71%
Class 2	0.93	0.96

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $390,509,827 and $468,104,132, respectively, for the six months ended June 30, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

Note 6. Interfund lending

The Fund’s activity in the Interfund Program during the six months ended June 30, 2022 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Lender	1,800,000	0.85	6

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, 2022.

Note 7. Line of credit

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

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 one-month London Interbank Offered Rate (LIBOR) rate and (iii) the overnight bank funding rate, plus in each case, 1.25%.

The Fund had no borrowings during the six months ended June 30, 2022.

Note 8. Significant risks

Information technology sector risk

The Fund is more susceptible to the particular risks that may affect companies in the information technology sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the information technology sector are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of these companies’ securities historically have been more volatile than other securities, especially over the short term. Some companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action, which could negatively impact the value of their securities.

Market risk

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund’s ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

Shareholder concentration risk

At June 30, 2022, affiliated shareholders of record owned 99.5% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity 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 9. Subsequent events

Note 10. Information regarding pending and settled legal proceedings

22	Columbia Variable Portfolio – Contrarian Core Fund \| Semiannual Report 2022

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Liquidity Risk Management Program

(Unaudited)

•	the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders;
•	there were no material changes to the Program during the period;
•	the implementation of the Program was effective to manage the Fund’s liquidity risk; and
•	the Program operated adequately during the period.

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 - Contrarian Core 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).

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Approval of Management Agreement (continued)
(Unaudited)

•	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 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;

•

•	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

•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

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Investment performance

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

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 reviewed the fees charged to comparable institutional or other accounts/vehicles managed by the Investment Manager, including accounts subadvised by the Investment Manager, and discussed differences in how the products are managed and operated, thus explaining many of the differences in fees.

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Approval of Management Agreement (continued)
(Unaudited)
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 in 2021 the Board had considered 2020 profitability and that the 2022 information showed that the profitability generated by the Investment Manager in 2021 increased from 2020 levels, due to a variety of factors, including the increased 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, to groups of related funds and to the Investment Manager as a whole, 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 provided 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. In this regard, the Board noted the Proposed Additional Breakpoints.

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.

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Columbia Variable Portfolio – Contrarian Core Fund

P.O. Box 219104

Kansas City, MO 64121-9104

SAR7002_12_A01_(08/22)

SemiAnnual Report
June 30, 2022 (Unaudited)

Variable Portfolio – Managed Volatility Conservative Growth Fund

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

Table of Contents

Fund at a Glance	3
Understanding Your Fund’s Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	12
Statement of Operations	13
Statement of Changes in Net Assets	14
Financial Highlights	16
Notes to Financial Statements	18
Liquidity Risk Management Program	31
Approval of Management Agreement	31

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Variable Portfolio – Managed Volatility Conservative Growth Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

Additional Fund information

Fund investment manager

Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

Fund distributor

Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Variable Portfolio – Managed Volatility Conservative Growth Fund | Semiannual Report 2022

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Fund at a Glance
(Unaudited)

Investment objective

The Fund pursues total return while seeking to manage the Fund’s exposure to equity market volatility.

Portfolio management

Brian Virginia

Lead Portfolio Manager

Managed Fund since 2014

Anwiti Bahuguna, Ph.D.

Portfolio Manager

Managed Fund since 2015

David Weiss, CFA

Portfolio Manager

Managed Fund since 2016

Joshua Kutin, CFA

Portfolio Manager

Managed Fund since 2018

Average annual total returns (%) (for the period ended June 30, 2022)
	Inception	6 Months cumulative	1 Year	5 Years	Life
Class 1*	02/20/19	-15.28	-13.50	2.46	3.07
Class 2	04/12/13	-15.38	-13.77	2.27	2.96
Blended Benchmark		-13.97	-11.80	3.61	4.24
Bloomberg U.S. Aggregate Bond Index		-10.35	-10.29	0.88	1.41

The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share class, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/variable-products/appended-performance for more information.

The Blended Benchmark consists of 65% Bloomberg U.S. Aggregate Bond Index, 24% Russell 3000 Index and 11% MSCI EAFE Index (Net).

The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.

The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

The MSCI EAFE Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The index is compiled from a composite of securities markets of Europe, Australasia and the Far East and is widely recognized by investors in foreign markets as the measurement index for portfolios of non-North American securities.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Index (Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

Variable Portfolio – Managed Volatility Conservative Growth Fund | Semiannual Report 2022

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Fund at a Glance (continued)
(Unaudited)

Portfolio Allocation (%) (at June 30, 2022)
Allocations to Underlying Funds
Equity Funds	29.2
International	7.0
U.S. Large Cap	18.1
U.S. Mid Cap	1.3
U.S. Small Cap	2.8
Exchange-Traded Equity Funds	2.0
International Mid Large Cap	1.0
U.S. Large Cap	1.0
Exchange-Traded Fixed Income Funds	4.6
Investment Grade	4.6
Fixed Income Funds	37.5
Investment Grade	37.5
Allocations to Tactical Assets
Money Market Fund Shares Held to Cover Open Derivatives Instruments^(a)	17.8
Options Purchased Puts	0.9
Residential Mortgage-Backed Securities - Agency	8.0
Total	100.0

(a)

Includes investments in Money Market Funds which have been segregated to cover obligations relating to the Fund’s investment in derivatives as part of its tactical allocation strategy. For a description of the Fund’s investments in derivatives, see Investments in derivatives following the Portfolio of Investments and Note 2 to the Notes to Financial Statements.

Percentages indicated are based upon total investments including options purchased and excluding all other investments in derivatives, if any. The Fund’s portfolio composition is subject to change.

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Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

In addition to the ongoing expenses which the Fund bears directly, the Fund’s shareholders indirectly bear the Fund’s allocable share of the costs and expenses of each underlying fund in which the Fund invests. You can also estimate the effective expenses paid during the period, which includes the indirect fees associated with investing in the underlying funds, by using the amounts listed in the "Effective expenses paid during the period" column.

Compare with other funds

January 1, 2022 — June 30, 2022
	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)	Effective expenses paid during the period ($)		Fund’s effective annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual	Actual	Hypothetical	Actual
Class 1	1,000.00	1,000.00	847.20	1,023.41	1.28	1.40	0.28	3.30	3.61	0.72
Class 2	1,000.00	1,000.00	846.20	1,022.17	2.43	2.66	0.53	4.44	4.86	0.97

Effective expenses paid during the period and the Fund’s effective annualized expense ratio include expenses borne directly to the class plus the Fund’s pro rata portion of the ongoing expenses charged by the underlying funds using the expense ratio of each class of the underlying funds as of the underlying fund’s most recent shareholder report.

Variable Portfolio – Managed Volatility Conservative Growth Fund | Semiannual Report 2022

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Portfolio of Investments
June 30, 2022 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Equity Funds 31.4%
	Shares	Value ($)
International 7.6%
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares^(a)	4,795,199	53,322,611
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares^(a)	2,507,081	21,134,696
Variable Portfolio – Partners International Growth Fund, Class 1 Shares^(a),(b)	1,234,304	12,009,784
Variable Portfolio – Partners International Value Fund, Class 1 Shares^(a)	1,509,146	12,435,361
Total		98,902,452
U.S. Large Cap 19.4%
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares^(a),(b)	575,579	18,994,118
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares^(a),(b)	712,424	50,781,570
Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares^(a),(b)	826,726	22,073,596
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares^(a),(b)	3,464,463	50,858,324
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares^(a),(b)	687,841	22,863,825
CTIVP® – MFS® Value Fund, Class 1 Shares^(a),(b)	627,412	20,610,477
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares^(a),(b)	422,732	15,328,250
CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares^(a),(b)	450,148	19,122,271
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares^(a),(b)	664,775	20,149,345
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares^(a),(b)	446,950	13,046,468
Total		253,828,244
U.S. Mid Cap 1.4%
Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares^(a),(b)	123,650	4,228,818
Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares^(a),(b)	147,858	4,570,292
CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares^(a),(b)	120,729	4,643,250
CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares^(a),(b)	128,171	4,392,415
Total		17,834,775

Equity Funds (continued)
	Shares	Value ($)
U.S. Small Cap 3.0%
Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares^(a)	262,128	4,561,020
Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares^(a),(b)	245,354	3,658,221
Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares^(a),(b)	578,404	15,316,151
Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares^(a),(b)	516,872	16,214,282
Total		39,749,674
Total Equity Funds (Cost $298,025,311)		410,315,145

Exchange-Traded Equity Funds 2.2%

International Mid Large Cap 1.1%
iShares MSCI EAFE ETF	218,987	13,684,498
U.S. Large Cap 1.1%
SPDR S&P 500 ETF Trust	38,625	14,571,281
Total Exchange-Traded Equity Funds (Cost $19,661,157)		28,255,779

Exchange-Traded Fixed Income Funds 4.9%

Investment Grade 4.9%
iShares iBoxx $ Investment Grade Corporate Bond ETF	329,150	36,216,375
Vanguard Intermediate-Term Corporate Bond ETF	351,500	28,127,030
Total		64,343,405
Total Exchange-Traded Fixed Income Funds (Cost $70,874,685)		64,343,405

Fixed Income Funds 40.5%

Investment Grade 40.5%
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares^(a)	11,580,548	103,877,512
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares^(a)	3,196,329	29,374,260
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares^(a)	6,542,763	57,052,895
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares^(a)	3,147,297	29,458,700
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares^(a)	8,439,583	83,805,061

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

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Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Fixed Income Funds (continued)
	Shares	Value ($)
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares^(a)	10,421,577	99,526,057
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares^(a)	12,562,426	124,870,518
Total		527,965,003
Total Fixed Income Funds (Cost $586,769,554)		527,965,003

Residential Mortgage-Backed Securities - Agency 8.6%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Uniform Mortgage-Backed Security TBA^(c)
08/16/2037	2.000%	11,375,000	10,620,962
08/16/2037- 08/11/2052	2.500%	50,946,000	46,922,900
08/11/2052	3.000%	58,393,000	54,381,903
Total Residential Mortgage-Backed Securities - Agency (Cost $110,745,642)			111,925,765

Options Purchased Puts 0.9%
				Value ($)
(Cost $9,921,542)				12,281,620

Money Market Funds 19.2%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 1.247%^(a),(d)	251,012,199	250,861,591
Total Money Market Funds (Cost $250,933,595)		250,861,591
Total Investments in Securities (Cost: $1,346,931,486)		1,405,948,308
Other Assets & Liabilities, Net		(100,868,876)
Net Assets		1,305,079,432

At June 30, 2022, securities and/or cash totaling $11,365,095 were pledged as collateral.

Investments in derivatives

Forward foreign currency exchange contracts
Currency to be sold	Currency to be purchased	Counterparty	Settlement date	Unrealized appreciation ($)	Unrealized depreciation ($)
9,000,000 EUR	9,537,345 USD	Barclays	08/19/2022	75,240	—
2,437,500 GBP	2,995,775 USD	Barclays	08/19/2022	26,047	—
5,000,000 CHF	5,204,674 USD	Citi	08/19/2022	—	(49,228)
2,212,178 USD	300,000,000 JPY	Citi	08/19/2022	5,586	—
9,589,537 USD	94,000,000 NOK	Goldman Sachs International	08/19/2022	—	(36,768)
6,000,000 AUD	4,195,392 USD	UBS	08/19/2022	52,302	—
Total				159,175	(85,996)

Long futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
EURO STOXX 50 Index	26	09/2022	EUR	894,660	—	(8,080)
FTSE 100 Index	2	09/2022	GBP	142,420	749	—
FTSE 100 Index	9	09/2022	GBP	640,890	—	(14,648)
MSCI Singapore Index	12	07/2022	SGD	336,660	—	(8,743)
OMXS30 Index	60	07/2022	SEK	11,223,000	—	(29,604)
S&P 500 Index E-mini	303	09/2022	USD	57,410,925	624,969	—
SPI 200 Index	2	09/2022	AUD	323,050	340	—
SPI 200 Index	7	09/2022	AUD	1,130,675	—	(22,109)
TOPIX Index	13	09/2022	JPY	243,165,000	—	(68,554)
U.S. Long Bond	139	09/2022	USD	19,268,875	—	(102,987)
U.S. Treasury 10-Year Note	192	09/2022	USD	22,758,000	—	(129,365)
U.S. Treasury 2-Year Note	169	09/2022	USD	35,492,641	—	(102,841)
U.S. Treasury 5-Year Note	549	09/2022	USD	61,625,250	—	(328,898)
U.S. Ultra Treasury Bond	58	09/2022	USD	8,951,938	—	(93,021)
Total					626,058	(908,850)

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

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Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Short futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
Russell 2000 Index E-mini	(169)	09/2022	USD	(14,432,600)	1,533,256	—
S&P 500 Index E-mini	(145)	09/2022	USD	(27,473,875)	1,651,553	—
Total					3,184,809	—

Put option contracts purchased
Description	Counterparty	Trading currency	Notional amount	Number of contracts	Exercise price/Rate	Expiration date	Cost ($)	Value ($)
S&P 500 Index	JPMorgan	USD	99,555,494	263	3,300.00	12/15/2023	4,645,119	5,975,360
S&P 500 Index	JPMorgan	USD	48,831,402	129	3,600.00	12/15/2023	3,056,627	4,059,630
S&P 500 Index	JPMorgan	USD	46,181,636	122	3,100.00	12/15/2023	2,219,796	2,246,630
Total							9,921,542	12,281,620

Notes to Portfolio of Investments

(a)

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, 2022 are as follows:

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Capital gain distributions($)	Realized gain (loss)($)	Dividends — affiliated issuers ($)	End of period shares
Columbia Short-Term Cash Fund, 1.247%
	294,043,414	154,708,426	(197,835,588)	(54,661)	250,861,591	—	(50,299)	554,307	251,012,199
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares
	23,420,322	—	—	(4,426,204)	18,994,118	—	—	—	575,579
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares
	69,053,011	469,560	(2,715,759)	(16,025,242)	50,781,570	—	3,387,136	—	712,424
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares
	125,392,931	42,453	(6,230,100)	(15,327,772)	103,877,512	—	(684,176)	—	11,580,548
Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares
	30,645,223	899,573	(335,082)	(9,136,118)	22,073,596	—	78,893	—	826,726
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares
	35,908,596	—	(4,643,073)	(1,891,263)	29,374,260	—	(388,864)	—	3,196,329
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares
	72,158,130	976,855	(178,316)	(15,903,774)	57,052,895	—	(20,584)	—	6,542,763
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares
	69,182,495	4,952,443	(3,467,919)	(17,344,408)	53,322,611	4,227,722	(345,694)	477,773	4,795,199
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares
	68,482,528	454,779	(4,639,701)	(13,439,282)	50,858,324	—	319,324	—	3,464,463
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares
	30,785,822	131,475	(4,431,257)	(3,622,215)	22,863,825	—	854,354	—	687,841
Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares
	5,925,970	400,160	—	(2,097,312)	4,228,818	—	—	—	123,650
Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares
	6,312,094	35,563	(431,145)	(1,346,220)	4,570,292	—	440,320	—	147,858
Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares
	6,023,497	38,383	(452,283)	(1,048,577)	4,561,020	—	158,009	—	262,128
Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares
	5,984,172	—	—	(2,325,951)	3,658,221	—	—	—	245,354

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

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Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Notes to Portfolio of Investments (continued)

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Capital gain distributions($)	Realized gain (loss)($)	Dividends — affiliated issuers ($)	End of period shares
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares
	35,598,946	15,358	(3,146,007)	(3,009,597)	29,458,700	—	(293,812)	—	3,147,297
CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares
	17,879,260	126,270	(18,719,630)	714,100	—	88,047	(1,423,882)	38,223	—
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares
	97,647,861	466,905	(3,182,891)	(11,126,814)	83,805,061	—	(411,301)	—	8,439,583
CTIVP® – MFS® Value Fund, Class 1 Shares
	26,694,716	80,759	(2,478,090)	(3,686,908)	20,610,477	—	415,507	—	627,412
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares
	23,400,192	1,518,405	—	(9,590,347)	15,328,250	—	—	—	422,732
CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares
	26,084,012	708,309	(308,104)	(7,361,946)	19,122,271	—	219,408	—	450,148
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares
	26,447,252	53,088	(3,275,747)	(3,075,248)	20,149,345	—	832,458	—	664,775
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares
	119,700,953	16,227	(7,847,389)	(12,343,734)	99,526,057	—	(625,127)	—	10,421,577
CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares
	6,191,820	20,021	(450,733)	(1,117,858)	4,643,250	—	536,633	—	120,729
CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares
	6,095,412	204,555	(125,685)	(1,781,867)	4,392,415	—	76,062	—	128,171
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares
	149,842,256	21,485	(10,542,807)	(14,450,416)	124,870,518	—	(1,114,893)	—	12,562,426
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares
	17,387,873	103,348	(556,791)	(3,887,962)	13,046,468	—	722,421	—	446,950
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares
	27,843,855	4,485,145	(653,298)	(10,541,006)	21,134,696	3,828,773	(35,429)	470,485	2,507,081
Variable Portfolio – Partners International Growth Fund, Class 1 Shares
	16,237,180	1,303,130	(3,131)	(5,527,395)	12,009,784	754,231	27	—	1,234,304
Variable Portfolio – Partners International Value Fund, Class 1 Shares
	16,183,106	376,148	(1,314,762)	(2,809,131)	12,435,361	—	(46,844)	333,600	1,509,146
Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares
	20,427,005	1,240,510	—	(6,351,364)	15,316,151	—	—	—	578,404
Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares
	21,161,792	121,285	(1,465,966)	(3,602,829)	16,214,282	—	340,975	—	516,872
Total	1,498,141,696			(203,539,321)	1,189,141,739	8,898,773	2,940,622	1,874,388

(b)	Non-income producing investment.
(c)	Represents a security purchased on a when-issued basis.
(d)	The rate shown is the seven-day current annualized yield at June 30, 2022.

Abbreviation Legend

TBA	To Be Announced

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

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Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Currency Legend

AUD	Australian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
NOK	Norwegian Krone
SEK	Swedish Krona
SGD	Singapore Dollar
USD	US Dollar

Fair value measurements

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).

Certain investments that have been measured at fair value using the net asset value (NAV) per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Variable Portfolios serve as investment vehicles for variable annuity contracts and variable life insurance policies. Principle investment strategies within these Variable Portfolios vary based on the Portfolios investment objective. Investments in the Variable Portfolios may be redeemed on a daily basis without restriction.

The following table is a summary of the inputs used to value the Fund’s investments at June 30, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Assets at NAV ($)	Total ($)
Investments in Securities
Equity Funds	—	—	—	410,315,145	410,315,145
Exchange-Traded Equity Funds	28,255,779	—	—	—	28,255,779
Exchange-Traded Fixed Income Funds	64,343,405	—	—	—	64,343,405
Fixed Income Funds	—	—	—	527,965,003	527,965,003
Residential Mortgage-Backed Securities - Agency	—	111,925,765	—	—	111,925,765

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

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Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Fair value measurements (continued)

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Assets at NAV ($)	Total ($)
Options Purchased Puts	12,281,620	—	—	—	12,281,620
Money Market Funds	250,861,591	—	—	—	250,861,591
Total Investments in Securities	355,742,395	111,925,765	—	938,280,148	1,405,948,308
Investments in Derivatives
Asset
Forward Foreign Currency Exchange Contracts	—	159,175	—	—	159,175
Futures Contracts	3,810,867	—	—	—	3,810,867
Liability
Forward Foreign Currency Exchange Contracts	—	(85,996)	—	—	(85,996)
Futures Contracts	(908,850)	—	—	—	(908,850)
Total	358,644,412	111,998,944	—	938,280,148	1,408,923,504

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

Forward foreign currency exchange contracts and futures contracts are valued at unrealized appreciation (depreciation).

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

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Statement of Assets and Liabilities
June 30, 2022 (Unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $201,281,484)	$204,524,949
Affiliated issuers (cost $1,135,728,460)	1,189,141,739
Options purchased (cost $9,921,542)	12,281,620
Cash	324,836
Cash collateral held at broker for:
TBA	2,866,558
Margin deposits on:
Futures contracts	8,498,537
Unrealized appreciation on forward foreign currency exchange contracts	159,175
Receivable for:
Investments sold	530,616
Investments sold on a delayed delivery basis	122,278,991
Dividends	280,769
Interest	100,306
Variation margin for futures contracts	1,408,226
Prepaid expenses	11,907
Trustees’ deferred compensation plan	96,566
Total assets	1,542,504,795
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts	85,996
Payable for:
Investments purchased on a delayed delivery basis	235,751,525
Capital shares purchased	758,024
Variation margin for futures contracts	599,221
Management services fees	7,880
Distribution and/or service fees	8,927
Service fees	65,329
Compensation of board members	19,603
Other expenses	32,292
Trustees’ deferred compensation plan	96,566
Total liabilities	237,425,363
Net assets applicable to outstanding capital stock	$1,305,079,432
Represented by
Trust capital	$1,305,079,432
Total - representing net assets applicable to outstanding capital stock	$1,305,079,432
Class 1
Net assets	$917,364
Shares outstanding	69,508
Net asset value per share	$13.20
Class 2
Net assets	$1,304,162,068
Shares outstanding	99,617,249
Net asset value per share	$13.09

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

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Statement of Operations
Six Months Ended June 30, 2022 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$1,240,724
Dividends — affiliated issuers	1,874,388
Interest	5,733
Total income	3,120,845
Expenses:
Management services fees	1,502,693
Distribution and/or service fees
Class 2	1,806,489
Service fees	433,050
Compensation of board members	14,551
Custodian fees	14,624
Printing and postage fees	10,796
Audit fees	15,301
Legal fees	12,723
Interest on collateral	5,179
Compensation of chief compliance officer	206
Other	10,908
Total expenses	3,826,520
Net investment loss	(705,675)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(14,363,352)
Investments — affiliated issuers	2,940,622
Capital gain distributions from underlying affiliated funds	8,898,773
Foreign currency translations	(131,342)
Forward foreign currency exchange contracts	(788,168)
Futures contracts	(23,353,491)
Options purchased	(1,802,183)
Net realized loss	(28,599,141)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(20,594,419)
Investments — affiliated issuers	(203,539,321)
Forward foreign currency exchange contracts	73,179
Futures contracts	289,083
Options purchased	7,578,634
Net change in unrealized appreciation (depreciation)	(216,192,844)
Net realized and unrealized loss	(244,791,985)
Net decrease in net assets resulting from operations	$(245,497,660)

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

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Statement of Changes in Net Assets

	Six Months Ended June 30, 2022 (Unaudited)	Year Ended December 31, 2021
Operations
Net investment income (loss)	$(705,675)	$10,245,155
Net realized gain (loss)	(28,599,141)	114,778,932
Net change in unrealized appreciation (depreciation)	(216,192,844)	(35,473,925)
Net increase (decrease) in net assets resulting from operations	(245,497,660)	89,550,162
Decrease in net assets from capital stock activity	(85,152,197)	(148,956,033)
Total decrease in net assets	(330,649,857)	(59,405,871)
Net assets at beginning of period	1,635,729,289	1,695,135,160
Net assets at end of period	$1,305,079,432	$1,635,729,289

	Six Months Ended		Year Ended
	June 30, 2022 (Unaudited)		December 31, 2021
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class 1
Subscriptions	10,482	148,553	38,073	582,714
Redemptions	(6,261)	(93,331)	(9,693)	(147,942)
Net increase	4,221	55,222	28,380	434,772
Class 2
Subscriptions	811,166	11,472,011	2,448,261	36,745,727
Redemptions	(6,843,374)	(96,679,430)	(12,349,068)	(186,136,532)
Net decrease	(6,032,208)	(85,207,419)	(9,900,807)	(149,390,805)
Total net decrease	(6,027,987)	(85,152,197)	(9,872,427)	(148,956,033)

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

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Financial Highlights

	Net asset value, beginning of period	Net investment income (loss)	Net realized and unrealized gain (loss)	Total from investment operations
Class 1
Six Months Ended 6/30/2022 (Unaudited)	$15.58	0.01	(2.39)	(2.38)
Year Ended 12/31/2021	$14.73	0.13	0.72	0.85
Year Ended 12/31/2020	$13.47	0.14	1.12	1.26
Year Ended 12/31/2019^(e)	$12.36	0.16	0.95	1.11
Class 2
Six Months Ended 6/30/2022 (Unaudited)	$15.47	(0.01)	(2.37)	(2.38)
Year Ended 12/31/2021	$14.67	0.09	0.71	0.80
Year Ended 12/31/2020	$13.44	0.11	1.12	1.23
Year Ended 12/31/2019	$11.79	0.20	1.45	1.65
Year Ended 12/31/2018	$12.32	0.15	(0.68)	(0.53)
Year Ended 12/31/2017	$11.08	0.11	1.13	1.24

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	Annualized.
(d)	Ratios include interest on collateral expense which is less than 0.01%.
(e)	Class 1 shares commenced operations on February 20, 2019. Per share data and total return reflect activity from that date.

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

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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 (loss) ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class 1
Six Months Ended 6/30/2022 (Unaudited)	$13.20	(15.28%)	0.28%^(c),(d)	0.28%^(c),(d)	0.16%^(c)	78%	$917
Year Ended 12/31/2021	$15.58	5.77%	0.28%^(d)	0.28%^(d)	0.85%	180%	$1,017
Year Ended 12/31/2020	$14.73	9.35%	0.29%	0.29%	1.06%	152%	$544
Year Ended 12/31/2019^(e)	$13.47	8.98%	0.29%^(c)	0.29%^(c)	1.46%^(c)	137%	$207
Class 2
Six Months Ended 6/30/2022 (Unaudited)	$13.09	(15.38%)	0.53%^(c),(d)	0.53%^(c),(d)	(0.10%)^(c)	78%	$1,304,162
Year Ended 12/31/2021	$15.47	5.45%	0.53%^(d)	0.53%^(d)	0.62%	180%	$1,634,712
Year Ended 12/31/2020	$14.67	9.15%	0.54%	0.54%	0.78%	152%	$1,694,592
Year Ended 12/31/2019	$13.44	14.00%	0.54%	0.54%	1.58%	137%	$1,520,725
Year Ended 12/31/2018	$11.79	(4.30%)	0.54%	0.54%	1.21%	101%	$1,300,981
Year Ended 12/31/2017	$12.32	11.19%	0.53%	0.53%	0.95%	100%	$1,425,498

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

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Notes to Financial Statements
June 30, 2022 (Unaudited)

Note 1. Organization

Variable Portfolio – Managed Volatility Conservative Growth 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.

The Fund is a “fund-of-funds”, investing significantly in affiliated funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), its affiliates, or third-party advised (unaffiliated) funds, including exchange-traded funds (collectively, Underlying Funds). The Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds. For information on the investment strategies, operations and risks of the Underlying Funds, please refer to the Fund’s current prospectus as well as the prospectuses and shareholder reports of the Underlying Funds, which are available from the Securities and Exchange Commission’s website at www.sec.gov. or on the Underlying Funds’ website at www.columbiathreadneedleus.com/resources/literature.

Fund shares

Note 2. Summary of significant accounting policies

Basis of preparation

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security valuation

Investments in the Underlying Funds (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

Foreign currency transactions and translations

Derivative instruments

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

(CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP 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 CCP 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.

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.

Forward foreign currency exchange contracts

Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund’s securities and to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark. These instruments may be used for other purposes in future periods.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

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 produce incremental earnings, to manage the duration and yield curve exposure of the Fund versus the benchmark, to manage exposure to movements in interest rates, to manage exposure to the securities market and to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. 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.

Options contracts

Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund purchased option contracts to produce incremental earnings, to decrease the Fund’s exposure to equity market risk and to protect gains. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.

Effects of derivative transactions in the financial statements

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, 2022:

	Asset derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Equity risk	Component of trust capital — unrealized appreciation on futures contracts	3,810,867*
Equity risk	Investments, at value — Options Purchased	12,281,620
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts	159,175
Total		16,251,662

	Liability derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Equity risk	Component of trust capital - unrealized depreciation on futures contracts	151,738*
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts	85,996
Interest rate risk	Component of trust capital - unrealized depreciation on futures contracts	757,112*
Total		994,846

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

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Forward foreign currency exchange contracts ($)	Futures contracts ($)	Options contracts purchased ($)	Total ($)
Equity risk	—	(11,502,579)	(1,802,183)	(13,304,762)
Foreign exchange risk	(788,168)	(109,429)	—	(897,597)
Interest rate risk	—	(11,741,483)	—	(11,741,483)
Total	(788,168)	(23,353,491)	(1,802,183)	(25,943,842)

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Forward foreign currency exchange contracts ($)	Futures contracts ($)	Options contracts purchased ($)	Total ($)
Equity risk	—	2,012,889	7,578,634	9,591,523
Foreign exchange risk	73,179	(262,355)	—	(189,176)
Interest rate risk	—	(1,461,451)	—	(1,461,451)
Total	73,179	289,083	7,578,634	7,940,896

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended June 30, 2022:

Derivative instrument	Average notional amounts ($)*
Futures contracts — long	222,793,326
Futures contracts — short	46,820,651

Derivative instrument	Average value ($)*
Options contracts — purchased	12,792,190

Derivative instrument	Average unrealized appreciation ($)*	Average unrealized depreciation ($)*
Forward foreign currency exchange contracts	400,332	(210,878)

*	Based on the ending quarterly outstanding amounts for the six months ended June 30, 2022.

Asset- and mortgage-backed securities

Delayed delivery securities

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

To be announced securities

Mortgage dollar roll transactions

Offsetting of assets and liabilities

	Barclays ($)	Citi ($)	Goldman Sachs International ($)	JPMorgan ($)	UBS ($)	Total ($)
Assets
Forward foreign currency exchange contracts	101,287	5,586	-	-	52,302	159,175
Options purchased puts	-	-	-	12,281,620	-	12,281,620
Total assets	101,287	5,586	-	12,281,620	52,302	12,440,795
Liabilities
Forward foreign currency exchange contracts	-	49,228	36,768	-	-	85,996
Total financial and derivative net assets	101,287	(43,642)	(36,768)	12,281,620	52,302	12,354,799
Total collateral received (pledged) ^(a)	-	-	-	-	-	-
Net amount ^(b)	101,287	(43,642)	(36,768)	12,281,620	52,302	12,354,799

(a)	In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(b)	Represents the net amount due from/(to) counterparties in the event of default.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Security transactions

Income recognition

Corporate actions and dividend income are recorded on the ex-dividend date.

Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.

Expenses

Determination of class net asset value

Federal income tax status

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Guarantees and indemnifications

Note 3. Fees and other transactions with affiliates

Management services fees and underlying fund fees

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager). 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 a blend of (i) 0.02% on assets invested in affiliated underlying funds (including exchange-traded funds and closed-end funds) that pay a management services fee (or investment advisory services fee, as applicable) to the Investment Manager and (ii) a fee that declines from 0.72% to 0.52%, depending on asset levels, on assets invested in securities (other than affiliated underlying funds (including exchange-traded funds and closed-end funds) that pay a management services fee (or investment advisory services fee, as applicable) to the Investment Manager) including other funds advised by the Investment Manager that do not pay a management services fee to the Investment Manager, third party funds, derivatives and individual securities. The annualized effective management services fee rate for the six months ended June 30, 2022 was 0.21% of the Fund’s average daily net assets.

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the Underlying Funds in which the Fund invests. Because the Underlying Funds have varied expense and fee levels and the Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. These expenses are not reflected in the expenses shown in Statement of Operations and are not included in the ratios to average net assets shown in the Financial Highlights.

Compensation of board members

Compensation of Chief Compliance Officer

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Service fees

Distribution and/or service fees

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, including indirect expenses of the Underlying Funds, 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:

	May 1, 2022 through April 30, 2023	Prior to May 1, 2022
Class 1	0.79%	0.80%
Class 2	1.04	1.05

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), 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. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $1,025,646,598 and $1,125,529,035, respectively, for the six months ended June 30, 2022, of which $962,269,697 and $992,373,985, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Note 5. Affiliated money market fund

Note 6. Interfund lending

The Fund did not borrow or lend money under the Interfund Program during the six months ended June 30, 2022.

Note 7. Line of credit

The Fund had no borrowings during the six months ended June 30, 2022.

Note 8. Significant risks

Derivatives risk

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Market risk

Shareholder concentration risk

Note 9. Subsequent events

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Note 10. Information regarding pending and settled legal proceedings

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Liquidity Risk Management Program

(Unaudited)

•	the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders;
•	there were no material changes to the Program during the period;
•	the implementation of the Program was effective to manage the Fund’s liquidity risk; and
•	the Program operated adequately during the period.

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 Variable Portfolio - Managed Volatility Conservative Growth 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).

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Approval of Management Agreement (continued)
(Unaudited)

•	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 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 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

•	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

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Investment performance

In this connection, 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 performance of a benchmark index, (iii) the percentage ranking of the Fund among its comparison group, (iv) the Fund’s performance relative to peers and benchmarks and (v) the net assets of the Fund. The Board observed the Fund’s underperformance for certain periods, noting that appropriate steps (such as changes to the Fund’s strategy, investment process or management teams) had been taken or were contemplated to help improve the Fund’s performance.

The Board also reviewed a description of the third-party data provider’s 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, and the Investment Manager’s willingness to take steps intended to improve performance. 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.

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

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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, to groups of related funds and to the Investment Manager as a whole, 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 provided 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.

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Table of Contents

Variable Portfolio – Managed Volatility Conservative Growth Fund

P.O. Box 219104

Kansas City, MO 64121-9104

SAR7046_12_A01_(08/22)

SemiAnnual Report
June 30, 2022 (Unaudited)

Variable Portfolio – Managed Volatility Growth Fund

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

Table of Contents

Fund at a Glance	3
Understanding Your Fund’s Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	12
Statement of Operations	13
Statement of Changes in Net Assets	14
Financial Highlights	16
Notes to Financial Statements	18
Liquidity Risk Management Program	32
Approval of Management Agreement	32

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Variable Portfolio – Managed Volatility Growth Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

Additional Fund information

Fund investment manager

Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

Fund distributor

Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Variable Portfolio – Managed Volatility Growth Fund | Semiannual Report 2022

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Fund at a Glance
(Unaudited)

Investment objective

The Fund pursues total return while seeking to manage the Fund’s exposure to equity market volatility.

Portfolio management

Brian Virginia

Lead Portfolio Manager

Managed Fund since 2014

Anwiti Bahuguna, Ph.D.

Portfolio Manager

Managed Fund since 2015

David Weiss, CFA

Portfolio Manager

Managed Fund since 2016

Joshua Kutin, CFA

Portfolio Manager

Managed Fund since 2018

Average annual total returns (%) (for the period ended June 30, 2022)
	Inception	6 Months cumulative	1 Year	5 Years	Life
Class 1*	02/20/19	-19.06	-15.87	3.78	4.64
Class 2	04/12/13	-19.11	-16.09	3.61	4.55
Blended Benchmark		-17.07	-13.18	5.86	6.65
Russell 3000 Index		-21.10	-13.87	10.60	11.54

The Blended Benchmark consists of 46% Russell 3000 Index, 35% Bloomberg U.S. Aggregate Bond Index and 19% MSCI EAFE Index (Net).

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Fund at a Glance (continued)
(Unaudited)

Portfolio Allocation (%) (at June 30, 2022)
Allocations to Underlying Funds
Equity Funds	55.7
International	14.2
U.S. Large Cap	34.5
U.S. Mid Cap	2.6
U.S. Small Cap	4.4
Exchange-Traded Equity Funds	1.2
International Mid Large Cap	1.2
Exchange-Traded Fixed Income Funds	7.1
Investment Grade	7.1
Fixed Income Funds	10.6
Investment Grade	10.6
Allocations to Tactical Assets
Money Market Fund Shares Held to Cover Open Derivatives Instruments^(a)	14.8
Options Purchased Puts	1.6
Residential Mortgage-Backed Securities - Agency	9.0
Total	100.0

(a)

Percentages indicated are based upon total investments including options purchased and excluding all other investments in derivatives, if any. The Fund’s portfolio composition is subject to change.

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Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

January 1, 2022 — June 30, 2022
	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)	Effective expenses paid during the period ($)		Fund’s effective annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual	Actual	Hypothetical	Actual
Class 1	1,000.00	1,000.00	809.40	1,023.55	1.12	1.25	0.25	3.41	3.81	0.76
Class 2	1,000.00	1,000.00	808.90	1,022.32	2.24	2.51	0.50	4.53	5.06	1.01

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Portfolio of Investments
June 30, 2022 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Equity Funds 60.4%
	Shares	Value ($)
International 15.4%
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares^(a)	62,127,029	690,852,566
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares^(a)	58,246,705	491,019,719
Variable Portfolio – Partners International Growth Fund, Class 1 Shares^(a),(b)	25,630,370	249,383,496
Variable Portfolio – Partners International Value Fund, Class 1 Shares^(a)	32,480,453	267,638,934
Total		1,698,894,715
U.S. Large Cap 37.4%
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares^(a),(b)	8,445,877	278,713,954
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares^(a),(b)	9,555,953	681,148,364
Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares^(a),(b)	14,038,510	374,828,222
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares^(a),(b)	43,597,279	640,008,050
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares^(a),(b)	12,358,294	410,789,705
CTIVP® – MFS® Value Fund, Class 1 Shares^(a),(b)	11,728,265	385,273,493
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares^(a),(b)	6,969,605	252,717,882
CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares^(a),(b)	8,176,420	347,334,311
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares^(a),(b)	12,725,587	385,712,548
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares^(a),(b)	12,175,608	355,405,983
Total		4,111,932,512
U.S. Mid Cap 2.8%
Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares^(a),(b)	2,090,439	71,493,011
Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares^(a),(b)	2,640,158	81,607,298
CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares^(a),(b)	2,172,854	83,567,952
CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares^(a),(b)	2,207,178	75,639,999
Total		312,308,260

Equity Funds (continued)
	Shares	Value ($)
U.S. Small Cap 4.8%
Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares^(a)	4,599,331	80,028,359
Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares^(a),(b)	3,886,961	57,954,593
Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares^(a),(b)	6,859,214	181,631,973
Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares^(a),(b)	6,465,261	202,815,236
Total		522,430,161
Total Equity Funds (Cost $5,114,528,349)		6,645,565,648

Exchange-Traded Equity Funds 1.3%

International Mid Large Cap 1.3%
iShares MSCI EAFE ETF	2,300,000	143,727,000
Total Exchange-Traded Equity Funds (Cost $180,452,200)		143,727,000

Exchange-Traded Fixed Income Funds 7.7%

Investment Grade 7.7%
iShares iBoxx $ Investment Grade Corporate Bond ETF	3,598,500	395,942,955
Vanguard Intermediate-Term Corporate Bond ETF	5,687,000	455,073,740
Total		851,016,695
Total Exchange-Traded Fixed Income Funds (Cost $945,239,904)		851,016,695

Fixed Income Funds 11.5%

Investment Grade 11.5%
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares^(a)	18,818,139	168,798,712
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares^(a)	9,414,601	86,520,183
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares^(a)	17,995,339	156,919,361
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares^(a)	9,054,970	84,754,516
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares^(a)	16,978,641	168,597,909
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares^(a)	22,148,020	211,513,590

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

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Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Fixed Income Funds (continued)
	Shares	Value ($)
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares^(a)	38,582,420	383,509,252
Total		1,260,613,523
Total Fixed Income Funds (Cost $1,410,281,546)		1,260,613,523

Residential Mortgage-Backed Securities - Agency 9.7%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Uniform Mortgage-Backed Security TBA^(c)
08/16/2037	2.000%	87,750,000	81,933,135
08/16/2037- 08/11/2052	2.500%	466,450,000	427,766,900
08/11/2052	3.000%	603,182,000	561,748,578
Total Residential Mortgage-Backed Securities - Agency (Cost $1,060,392,658)			1,071,448,613

Options Purchased Puts 1.8%
				Value ($)
(Cost $160,163,277)				194,618,650

Money Market Funds 16.1%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 1.247%^(a),(d)	1,771,201,585	1,770,138,864
Total Money Market Funds (Cost $1,770,503,506)		1,770,138,864
Total Investments in Securities (Cost: $10,641,561,440)		11,937,128,993
Other Assets & Liabilities, Net		(934,409,508)
Net Assets		11,002,719,485

At June 30, 2022, securities and/or cash totaling $146,259,425 were pledged as collateral.

Investments in derivatives

Forward foreign currency exchange contracts
Currency to be sold	Currency to be purchased	Counterparty	Settlement date	Unrealized appreciation ($)	Unrealized depreciation ($)
90,000,000 EUR	95,373,450 USD	Barclays	08/19/2022	752,400	—
17,312,500 GBP	21,277,686 USD	Barclays	08/19/2022	185,001	—
40,000,000 CHF	41,637,390 USD	Citi	08/19/2022	—	(393,827)
7,373,924 USD	1,000,000,000 JPY	Citi	08/19/2022	18,620	—
83,653,410 USD	820,000,000 NOK	Goldman Sachs International	08/19/2022	—	(320,740)
80,000,000 AUD	55,938,560 USD	UBS	08/19/2022	697,360	—
Total				1,653,381	(714,567)

Long futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
FTSE 100 Index	85	09/2022	GBP	6,052,850	—	(138,341)
MSCI Singapore Index	376	07/2022	SGD	10,548,680	—	(273,942)
OMXS30 Index	376	07/2022	SEK	70,330,800	—	(329,695)
S&P 500 Index E-mini	4,935	09/2022	USD	935,059,125	6,767,016	—
SPI 200 Index	97	09/2022	AUD	15,667,925	—	(306,363)
TOPIX Index	133	09/2022	JPY	2,487,765,000	—	(701,364)
U.S. Long Bond	1,652	09/2022	USD	229,008,500	—	(1,223,993)
U.S. Treasury 10-Year Note	2,003	09/2022	USD	237,418,094	—	(1,349,571)
U.S. Treasury 2-Year Note	1,918	09/2022	USD	402,809,971	—	(1,167,157)
U.S. Treasury 5-Year Note	2,958	09/2022	USD	332,035,500	—	(1,772,096)
U.S. Ultra Treasury Bond	1,029	09/2022	USD	158,819,719	—	(1,650,323)
Total					6,767,016	(8,912,845)

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

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Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Short futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
EURO STOXX 50 Index	(256)	09/2022	EUR	(8,808,960)	391,854	—
Russell 2000 Index E-mini	(1,555)	09/2022	USD	(132,797,000)	13,530,444	—
S&P 500 Index E-mini	(2,136)	09/2022	USD	(404,718,600)	21,621,484	—
Total					35,543,782	—

Put option contracts purchased
Description	Counterparty	Trading currency	Notional amount	Number of contracts	Exercise price/Rate	Expiration date	Cost ($)	Value ($)
S&P 500 Index	JPMorgan	USD	1,506,581,240	3,980	3,300.00	12/15/2023	70,294,931	90,425,600
S&P 500 Index	JPMorgan	USD	743,827,170	1,965	3,600.00	12/15/2023	48,019,733	61,838,550
S&P 500 Index	JPMorgan	USD	870,637,400	2,300	3,100.00	12/15/2023	41,848,613	42,354,500
Total							160,163,277	194,618,650

Cleared credit default swap contracts - sell protection

Reference
entity

Counterparty

Maturity
date

Receive
fixed
rate
(%)

Payment
frequency

Implied
credit
spread
(%)*

Notional
currency

Notional
amount

Value
($)

Upfront
payments
($)

Upfront
receipts
($)

Unrealized
appreciation
($)

Unrealized
depreciation
($)

Markit CDX North America Investment Grade Index, Series 38

Morgan Stanley

06/20/2027

1.000

Quarterly

1.010

USD

150,000,000

(2,077,193)

—

(2,077,193)

Notes to Portfolio of Investments

(a)

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Capital gain distributions($)	Realized gain (loss)($)	Dividends — affiliated issuers ($)	End of period shares
Columbia Short-Term Cash Fund, 1.247%
	2,314,051,236	1,930,822,891	(2,474,423,267)	(311,996)	1,770,138,864	—	(468,411)	4,117,672	1,771,201,585
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares
	343,662,751	—	—	(64,948,797)	278,713,954	—	—	—	8,445,877
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares
	846,944,157	—	—	(165,795,793)	681,148,364	—	—	—	9,555,953
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares
	194,015,020	—	—	(25,216,308)	168,798,712	—	—	—	18,818,139
Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares
	510,881,900	16,085,147	(114,690)	(152,024,135)	374,828,222	—	32,375	—	14,038,510
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares
	97,413,191	—	(5,044,980)	(5,848,028)	86,520,183	—	(529,695)	—	9,414,601
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares
	199,623,026	1,567,465	(317,120)	(43,954,010)	156,919,361	—	(38,606)	—	17,995,339

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

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Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Notes to Portfolio of Investments (continued)

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Capital gain distributions($)	Realized gain (loss)($)	Dividends — affiliated issuers ($)	End of period shares
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares
	864,337,263	61,200,657	(8,160,155)	(226,525,199)	690,852,566	54,774,741	(1,155,270)	6,073,916	62,127,029
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares
	837,878,607	—	(30,848,513)	(167,022,044)	640,008,050	—	1,456,112	—	43,597,279
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares
	519,825,531	—	(50,270,310)	(58,765,516)	410,789,705	—	7,036,153	—	12,358,294
Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares
	99,192,366	6,848,825	—	(34,548,180)	71,493,011	—	—	—	2,090,439
Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares
	107,931,731	—	(5,394,286)	(20,930,147)	81,607,298	—	4,600,064	—	2,640,158
Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares
	101,033,306	—	(3,993,047)	(17,011,900)	80,028,359	—	1,310,947	—	4,599,331
Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares
	94,802,986	—	—	(36,848,393)	57,954,593	—	—	—	3,886,961
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares
	96,140,569	—	(2,662,844)	(8,723,209)	84,754,516	—	(367,418)	—	9,054,970
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares
	197,363,156	—	(6,344,078)	(22,421,169)	168,597,909	—	(747,389)	—	16,978,641
CTIVP® – MFS® Value Fund, Class 1 Shares
	480,239,279	—	(29,505,521)	(65,460,265)	385,273,493	—	4,088,729	—	11,728,265
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares
	418,176,308	—	—	(165,458,426)	252,717,882	—	—	—	6,969,605
CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares
	460,267,017	14,965,652	(26,538)	(127,871,820)	347,334,311	—	(1,710)	—	8,176,420
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares
	475,691,565	—	(40,987,952)	(48,991,065)	385,712,548	—	5,048,262	—	12,725,587
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares
	245,451,388	—	(7,976,973)	(25,960,825)	211,513,590	—	(1,091,576)	—	22,148,020
CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares
	104,752,975	—	(5,241,733)	(15,943,290)	83,567,952	—	5,326,688	—	2,172,854
CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares
	101,892,807	2,984,803	(76,595)	(29,161,016)	75,639,999	—	105,441	—	2,207,178
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares
	445,839,235	—	(17,581,217)	(44,748,766)	383,509,252	—	(2,221,666)	—	38,582,420
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares
	457,468,887	—	(9,108,198)	(92,954,706)	355,405,983	—	6,855,715	—	12,175,608
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares
	631,827,354	104,610,766	(1,114,392)	(244,304,009)	491,019,719	88,953,407	23,957	10,776,651	58,246,705
Variable Portfolio – Partners International Growth Fund, Class 1 Shares
	331,623,385	30,181,956	—	(112,421,845)	249,383,496	15,661,629	—	—	25,630,370
Variable Portfolio – Partners International Value Fund, Class 1 Shares
	332,883,489	7,072,770	(11,917,616)	(60,399,709)	267,638,934	—	(1,042,585)	7,072,770	32,480,453
Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares
	238,115,678	16,460,577	—	(72,944,282)	181,631,973	—	—	—	6,859,214

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

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Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Notes to Portfolio of Investments (continued)

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Capital gain distributions($)	Realized gain (loss)($)	Dividends — affiliated issuers ($)	End of period shares
Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares
	257,419,545	—	(13,658,092)	(40,946,217)	202,815,236	—	21,962	—	6,465,261
Total	12,406,745,708			(2,198,461,065)	9,676,318,035	159,389,777	28,242,079	28,041,009

(b)	Non-income producing investment.
(c)	Represents a security purchased on a when-issued basis.
(d)	The rate shown is the seven-day current annualized yield at June 30, 2022.

Abbreviation Legend

TBA	To Be Announced

Currency Legend

AUD	Australian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
NOK	Norwegian Krone
SEK	Swedish Krona
SGD	Singapore Dollar
USD	US Dollar

Fair value measurements

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).

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

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Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Fair value measurements (continued)
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The following table is a summary of the inputs used to value the Fund’s investments at June 30, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Assets at NAV ($)	Total ($)
Investments in Securities
Equity Funds	—	—	—	6,645,565,648	6,645,565,648
Exchange-Traded Equity Funds	143,727,000	—	—	—	143,727,000
Exchange-Traded Fixed Income Funds	851,016,695	—	—	—	851,016,695
Fixed Income Funds	—	—	—	1,260,613,523	1,260,613,523
Residential Mortgage-Backed Securities - Agency	—	1,071,448,613	—	—	1,071,448,613
Options Purchased Puts	194,618,650	—	—	—	194,618,650
Money Market Funds	1,770,138,864	—	—	—	1,770,138,864
Total Investments in Securities	2,959,501,209	1,071,448,613	—	7,906,179,171	11,937,128,993
Investments in Derivatives
Asset
Forward Foreign Currency Exchange Contracts	—	1,653,381	—	—	1,653,381
Futures Contracts	42,310,798	—	—	—	42,310,798
Liability
Forward Foreign Currency Exchange Contracts	—	(714,567)	—	—	(714,567)
Futures Contracts	(8,912,845)	—	—	—	(8,912,845)
Swap Contracts	—	(2,077,193)	—	—	(2,077,193)
Total	2,992,899,162	1,070,310,234	—	7,906,179,171	11,969,388,567

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

Forward foreign currency exchange contracts, futures contracts and swap contracts are valued at unrealized appreciation (depreciation).

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

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Statement of Assets and Liabilities
June 30, 2022 (Unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $2,186,084,762)	$2,066,192,308
Affiliated issuers (cost $8,295,313,401)	9,676,318,035
Options purchased (cost $160,163,277)	194,618,650
Cash	1,111,000
Cash collateral held at broker for:
TBA	31,078,553
Margin deposits on:
Futures contracts	110,634,498
Swap contracts	4,546,374
Unrealized appreciation on forward foreign currency exchange contracts	1,653,381
Receivable for:
Investments sold	7,901,635
Investments sold on a delayed delivery basis	1,127,683,561
Dividends	1,594,206
Interest	950,239
Variation margin for futures contracts	15,272,523
Prepaid expenses	89,058
Trustees’ deferred compensation plan	458,862
Total assets	13,240,102,883
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts	714,567
Payable for:
Investments purchased on a delayed delivery basis	2,215,009,772
Capital shares purchased	11,288,050
Variation margin for futures contracts	8,999,609
Variation margin for swap contracts	52,038
Management services fees	59,044
Distribution and/or service fees	75,507
Service fees	554,852
Compensation of board members	93,083
Other expenses	78,014
Trustees’ deferred compensation plan	458,862
Total liabilities	2,237,383,398
Net assets applicable to outstanding capital stock	$11,002,719,485
Represented by
Trust capital	$11,002,719,485
Total - representing net assets applicable to outstanding capital stock	$11,002,719,485
Class 1
Net assets	$14,432,144
Shares outstanding	951,743
Net asset value per share	$15.16
Class 2
Net assets	$10,988,287,341
Shares outstanding	729,202,532
Net asset value per share	$15.07

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

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Statement of Operations
Six Months Ended June 30, 2022 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$12,731,414
Dividends — affiliated issuers	28,041,009
Interest	48,700
Total income	40,821,123
Expenses:
Management services fees	11,381,706
Distribution and/or service fees
Class 2	15,401,571
Service fees	3,694,857
Compensation of board members	73,161
Custodian fees	22,277
Printing and postage fees	30,504
Audit fees	15,302
Legal fees	69,745
Interest on collateral	109,100
Compensation of chief compliance officer	1,758
Other	70,663
Total expenses	30,870,644
Net investment income	9,950,479
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(66,104,150)
Investments — affiliated issuers	28,242,079
Capital gain distributions from underlying affiliated funds	159,389,777
Foreign currency translations	(557,272)
Forward foreign currency exchange contracts	(11,644,486)
Futures contracts	(395,682,572)
Options purchased	(23,062,870)
Swap contracts	(327,650)
Net realized loss	(309,747,144)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(260,074,970)
Investments — affiliated issuers	(2,198,461,065)
Forward foreign currency exchange contracts	938,814
Futures contracts	(6,529,324)
Options purchased	116,504,983
Swap contracts	(2,418,382)
Net change in unrealized appreciation (depreciation)	(2,350,039,944)
Net realized and unrealized loss	(2,659,787,088)
Net decrease in net assets resulting from operations	$(2,649,836,609)

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

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Statement of Changes in Net Assets

	Six Months Ended June 30, 2022 (Unaudited)	Year Ended December 31, 2021
Operations
Net investment income	$9,950,479	$29,811,980
Net realized gain (loss)	(309,747,144)	1,000,137,461
Net change in unrealized appreciation (depreciation)	(2,350,039,944)	469,812,218
Net increase (decrease) in net assets resulting from operations	(2,649,836,609)	1,499,761,659
Increase (decrease) in net assets from capital stock activity	(369,752,126)	13,236,263
Total increase (decrease) in net assets	(3,019,588,735)	1,512,997,922
Net assets at beginning of period	14,022,308,220	12,509,310,298
Net assets at end of period	$11,002,719,485	$14,022,308,220

	Six Months Ended		Year Ended
	June 30, 2022 (Unaudited)		December 31, 2021
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class 1
Subscriptions	250,369	4,153,598	455,856	8,218,379
Redemptions	(101,458)	(1,540,830)	(17,590)	(313,724)
Net increase	148,911	2,612,768	438,266	7,904,655
Class 2
Subscriptions	159,907	2,703,579	17,641,224	310,107,565
Redemptions	(22,640,504)	(375,068,473)	(16,932,875)	(304,775,957)
Net increase (decrease)	(22,480,597)	(372,364,894)	708,349	5,331,608
Total net increase (decrease)	(22,331,686)	(369,752,126)	1,146,615	13,236,263

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

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Financial Highlights

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations
Class 1
Six Months Ended 6/30/2022 (Unaudited)	$18.73	0.04	(3.61)	(3.57)
Year Ended 12/31/2021	$16.69	0.08	1.96	2.04
Year Ended 12/31/2020	$14.96	0.06	1.67	1.73
Year Ended 12/31/2019^(e)	$13.62	0.11	1.23	1.34
Class 2
Six Months Ended 6/30/2022 (Unaudited)	$18.63	0.01	(3.57)	(3.56)
Year Ended 12/31/2021	$16.65	0.04	1.94	1.98
Year Ended 12/31/2020	$14.96	0.02	1.67	1.69
Year Ended 12/31/2019	$12.65	0.13	2.18	2.31
Year Ended 12/31/2018	$13.71	0.09	(1.15)	(1.06)
Year Ended 12/31/2017	$11.67	0.05	1.99	2.04

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	Annualized.
(d)	Ratios include interest on collateral expense which is less than 0.01%.
(e)	Class 1 shares commenced operations on February 20, 2019. Per share data and total return reflect activity from that date.

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

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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 6/30/2022 (Unaudited)	$15.16	(19.06%)	0.25%^(c),(d)	0.25%^(c),(d)	0.44%^(c)	87%	$14,432
Year Ended 12/31/2021	$18.73	12.22%	0.25%^(d)	0.25%^(d)	0.46%	196%	$15,036
Year Ended 12/31/2020	$16.69	11.56%	0.25%	0.25%	0.42%	184%	$6,085
Year Ended 12/31/2019^(e)	$14.96	9.84%	0.25%^(c)	0.25%^(c)	0.88%^(c)	128%	$1,985
Class 2
Six Months Ended 6/30/2022 (Unaudited)	$15.07	(19.11%)	0.50%^(c),(d)	0.50%^(c),(d)	0.16%^(c)	87%	$10,988,287
Year Ended 12/31/2021	$18.63	11.89%	0.50%^(d)	0.50%^(d)	0.22%	196%	$14,007,272
Year Ended 12/31/2020	$16.65	11.30%	0.50%	0.50%	0.16%	184%	$12,503,225
Year Ended 12/31/2019	$14.96	18.26%	0.49%	0.49%	0.91%	128%	$11,450,160
Year Ended 12/31/2018	$12.65	(7.73%)	0.49%	0.49%	0.65%	74%	$9,820,308
Year Ended 12/31/2017	$13.71	17.48%	0.48%	0.48%	0.42%	83%	$10,121,668

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

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Notes to Financial Statements
June 30, 2022 (Unaudited)

Note 1. Organization

Variable Portfolio – Managed Volatility Growth 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

Note 2. Summary of significant accounting policies

Basis of preparation

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security valuation

Investments in the Underlying Funds (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

Foreign currency transactions and translations

Derivative instruments

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

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 (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP 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 CCP 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.

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.

Forward foreign currency exchange contracts

Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund’s securities and to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark. These instruments may be used for other purposes in future periods.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

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 produce incremental earnings, to manage the duration and yield curve exposure of the Fund versus the benchmark, to manage exposure to movements in interest rates, to manage exposure to the securities market and to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. 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.

Options contracts

Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund purchased option contracts to produce incremental earnings, to decrease the Fund’s exposure to equity market risk and to protect gains. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Swap contracts

Credit default swap contracts

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

agreement. The notional amounts and market values of all credit default swap contracts in which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments.

Effects of derivative transactions in the financial statements

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, 2022:

	Asset derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Equity risk	Component of trust capital — unrealized appreciation on futures contracts	42,310,798*
Equity risk	Investments, at value — Options Purchased	194,618,650
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts	1,653,381
Total		238,582,829

	Liability derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Credit risk	Component of trust capital - unrealized depreciation on swap contracts	2,077,193*
Equity risk	Component of trust capital - unrealized depreciation on futures contracts	1,749,705*
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts	714,567
Interest rate risk	Component of trust capital - unrealized depreciation on futures contracts	7,163,140*
Total		11,704,605

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

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Forward foreign currency exchange contracts ($)	Futures contracts ($)	Options contracts purchased ($)	Swap contracts ($)	Total ($)
Credit risk	—	—	—	(327,650)	(327,650)
Equity risk	—	(269,959,717)	(23,062,870)	—	(293,022,587)
Foreign exchange risk	(11,644,486)	(2,909,015)	—	—	(14,553,501)
Interest rate risk	—	(122,813,840)	—	—	(122,813,840)
Total	(11,644,486)	(395,682,572)	(23,062,870)	(327,650)	(430,717,578)

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Forward foreign currency exchange contracts ($)	Futures contracts ($)	Options contracts purchased ($)	Swap contracts ($)	Total ($)
Credit risk	—	—	—	(2,418,382)	(2,418,382)
Equity risk	—	9,465,140	116,504,983	—	125,970,123
Foreign exchange risk	938,814	(3,496,377)	—	—	(2,557,563)
Interest rate risk	—	(12,498,087)	—	—	(12,498,087)
Total	938,814	(6,529,324)	116,504,983	(2,418,382)	108,496,091

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended June 30, 2022:

Derivative instrument	Average notional amounts ($)*
Futures contracts — long	2,615,210,903
Futures contracts — short	470,852,968
Credit default swap contracts — sell protection	150,000,000

Derivative instrument	Average value ($)*
Options contracts — purchased	202,908,375

Derivative instrument	Average unrealized appreciation ($)*	Average unrealized depreciation ($)*
Forward foreign currency exchange contracts	3,896,264	(2,317,479)

*	Based on the ending quarterly outstanding amounts for the six months ended June 30, 2022.

Asset- and mortgage-backed securities

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Delayed delivery securities

To be announced securities

Mortgage dollar roll transactions

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Offsetting of assets and liabilities

	Barclays ($)	Citi ($)	Goldman Sachs International ($)	JPMorgan ($)	Morgan Stanley ($)	UBS ($)	Total ($)
Assets
Forward foreign currency exchange contracts	937,401	18,620	-	-	-	697,360	1,653,381
Options purchased puts	-	-	-	194,618,650	-	-	194,618,650
Total assets	937,401	18,620	-	194,618,650	-	697,360	196,272,031
Liabilities
Centrally cleared credit default swap contracts ^(a)	-	-	-	-	52,038	-	52,038
Forward foreign currency exchange contracts	-	393,827	320,740	-	-	-	714,567
Total liabilities	-	393,827	320,740	-	52,038	-	766,605
Total financial and derivative net assets	937,401	(375,207)	(320,740)	194,618,650	(52,038)	697,360	195,505,426
Total collateral received (pledged) ^(b)	-	-	-	-	(52,038)	-	(52,038)
Net amount ^(c)	937,401	(375,207)	(320,740)	194,618,650	-	697,360	195,557,464

(a)	Centrally cleared swaps are included within payable/receivable for variation margin in the Statement of Assets and Liabilities.
(b)	In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(c)	Represents the net amount due from/(to) counterparties in the event of default.

Security transactions

Income recognition

Corporate actions and dividend income are recorded on the ex-dividend date.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.

Expenses

Determination of class net asset value

Federal income tax status

Guarantees and indemnifications

Note 3. Fees and other transactions with affiliates

Management services fees and underlying fund fees

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Compensation of board members

Compensation of Chief Compliance Officer

Service fees

Distribution and/or service fees

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, including indirect expenses of the Underlying Funds, 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:

	May 1, 2022 through April 30, 2023	Prior to May 1, 2022
Class 1	0.79%	0.80%
Class 2	1.04	1.05

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

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), 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. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $9,917,631,252 and $9,973,267,392, respectively, for the six months ended June 30, 2022, of which $9,154,072,689 and $9,066,272,368, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

Note 6. Interfund lending

The Fund did not borrow or lend money under the Interfund Program during the six months ended June 30, 2022.

Note 7. Line of credit

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

The Fund had no borrowings during the six months ended June 30, 2022.

Note 8. Significant risks

Derivatives risk

Market risk

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund’s ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

Shareholder concentration risk

Note 9. Subsequent events

Note 10. Information regarding pending and settled legal proceedings

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Liquidity Risk Management Program

(Unaudited)

•	the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders;
•	there were no material changes to the Program during the period;
•	the implementation of the Program was effective to manage the Fund’s liquidity risk; and
•	the Program operated adequately during the period.

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 Variable Portfolio - Managed Volatility Growth 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).

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Approval of Management Agreement (continued)
(Unaudited)

•	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 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, 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

•	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

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Investment performance

In this connection, 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 performance of a benchmark index, (iii) the percentage ranking of the Fund among its comparison group, (iv) the Fund’s performance relative to peers and benchmarks and (v) the net assets of the Fund. The Board observed the Fund’s underperformance for certain periods, noting that appropriate steps (such as changes to the Fund’s strategy, investment process or management teams) had been taken or were contemplated to help improve the Fund’s performance.

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

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

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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, to groups of related funds and to the Investment Manager as a whole, 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 provided 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.

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Variable Portfolio – Managed Volatility Growth Fund

P.O. Box 219104

Kansas City, MO 64121-9104

SAR7047_12_A01_(08/22)

SemiAnnual Report
June 30, 2022 (Unaudited)

Variable Portfolio – Managed Volatility Conservative Fund

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

Table of Contents

Fund at a Glance	3
Understanding Your Fund’s Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	12
Statement of Operations	13
Statement of Changes in Net Assets	14
Financial Highlights	16
Notes to Financial Statements	18
Liquidity Risk Management Program	31
Approval of Management Agreement	31

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Variable Portfolio – Managed Volatility Conservative Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

Additional Fund information

Fund investment manager

Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

Fund distributor

Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Variable Portfolio – Managed Volatility Conservative Fund | Semiannual Report 2022

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Fund at a Glance
(Unaudited)

Investment objective

The Fund pursues total return while seeking to manage the Fund’s exposure to equity market volatility.

Portfolio management

Brian Virginia

Lead Portfolio Manager

Managed Fund since 2014

Anwiti Bahuguna, Ph.D.

Portfolio Manager

Managed Fund since 2015

David Weiss, CFA

Portfolio Manager

Managed Fund since 2016

Joshua Kutin, CFA

Portfolio Manager

Managed Fund since 2018

Average annual total returns (%) (for the period ended June 30, 2022)
	Inception	6 Months cumulative	1 Year	5 Years	Life
Class 1*	02/20/19	-13.42	-12.37	1.79	2.24
Class 2	04/12/13	-13.50	-12.51	1.62	2.15
Blended Benchmark		-12.42	-11.12	2.50	3.07
Bloomberg U.S. Aggregate Bond Index		-10.35	-10.29	0.88	1.41

The Blended Benchmark consists of 80% Bloomberg U.S. Aggregate Bond Index, 14% Russell 3000 Index and 6% MSCI EAFE Index (Net).

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Fund at a Glance (continued)
(Unaudited)

Portfolio Allocation (%) (at June 30, 2022)
Allocations to Underlying Funds
Equity Funds	16.7
International	4.7
U.S. Large Cap	9.3
U.S. Mid Cap	0.4
U.S. Small Cap	2.3
Exchange-Traded Equity Funds	3.0
International Mid Large Cap	1.3
U.S. Large Cap	1.7
Exchange-Traded Fixed Income Funds	3.2
Investment Grade	3.2
Fixed Income Funds	50.1
Investment Grade	50.1
Allocations to Tactical Assets
Money Market Fund Shares Held to Cover Open Derivatives Instruments^(a)	18.6
Options Purchased Puts	0.5
Residential Mortgage-Backed Securities - Agency	7.9
Total	100.0

(a)

Percentages indicated are based upon total investments including options purchased and excluding all other investments in derivatives, if any. The Fund’s portfolio composition is subject to change.

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Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

January 1, 2022 — June 30, 2022
	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)	Effective expenses paid during the period ($)		Fund’s effective annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual	Actual	Hypothetical	Actual
Class 1	1,000.00	1,000.00	865.80	1,023.36	1.34	1.45	0.29	3.24	3.51	0.70
Class 2	1,000.00	1,000.00	865.00	1,022.12	2.50	2.71	0.54	4.39	4.76	0.95

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Portfolio of Investments
June 30, 2022 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Equity Funds 17.9%
	Shares	Value ($)
International 5.0%
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares^(a)	1,864,818	20,736,778
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares^(a)	428,471	3,612,012
Variable Portfolio – Partners International Growth Fund, Class 1 Shares^(a),(b)	374,973	3,648,482
Variable Portfolio – Partners International Value Fund, Class 1 Shares^(a)	435,419	3,587,854
Total		31,585,126
U.S. Large Cap 10.0%
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares^(a),(b)	183,920	6,069,346
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares^(a),(b)	209,360	14,923,171
Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares^(a),(b)	210,020	5,607,542
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares^(a),(b)	1,103,127	16,193,909
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares^(a),(b)	169,192	5,623,953
CTIVP® – MFS® Value Fund, Class 1 Shares^(a),(b)	83,026	2,727,414
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares^(a),(b)	66,713	2,419,020
CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares^(a),(b)	63,740	2,707,656
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares^(a),(b)	89,860	2,723,645
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares^(a),(b)	131,247	3,831,095
Total		62,826,751
U.S. Mid Cap 0.4%
Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares^(a),(b)	33,236	1,136,653
Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares^(a),(b)	36,598	1,131,249
Total		2,267,902

Equity Funds (continued)
	Shares	Value ($)
U.S. Small Cap 2.5%
Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares^(a)	64,792	1,127,385
Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares^(a),(b)	59,392	885,531
Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares^(a),(b)	260,310	6,893,013
Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares^(a),(b)	216,554	6,793,308
Total		15,699,237
Total Equity Funds (Cost $88,581,840)		112,379,016

Exchange-Traded Equity Funds 3.2%

International Mid Large Cap 1.4%
iShares MSCI EAFE ETF	137,532	8,594,375
U.S. Large Cap 1.8%
SPDR S&P 500 ETF Trust	30,425	11,477,831
Total Exchange-Traded Equity Funds (Cost $14,021,764)		20,072,206

Exchange-Traded Fixed Income Funds 3.5%

Investment Grade 3.5%
iShares iBoxx $ Investment Grade Corporate Bond ETF	157,850	17,368,235
Vanguard Intermediate-Term Corporate Bond ETF	56,000	4,481,120
Total		21,849,355
Total Exchange-Traded Fixed Income Funds (Cost $24,884,682)		21,849,355

Fixed Income Funds 54.0%

Investment Grade 54.0%
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares^(a)	6,738,288	60,442,448
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares^(a)	2,495,764	22,936,072
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares^(a)	4,253,360	37,089,297
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares^(a)	2,465,855	23,080,401
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares^(a)	6,299,176	62,550,819
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares^(a)	6,325,511	60,408,629

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

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Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Fixed Income Funds (continued)
	Shares	Value ($)
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares^(a)	7,217,215	71,739,116
Total		338,246,782
Total Fixed Income Funds (Cost $375,450,296)		338,246,782

Residential Mortgage-Backed Securities - Agency 8.5%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Uniform Mortgage-Backed Security TBA^(c)
08/16/2037	2.000%	6,000,000	5,602,266
08/16/2037- 08/11/2052	2.500%	26,177,000	24,344,120
08/11/2052	3.000%	24,900,000	23,189,584
Total Residential Mortgage-Backed Securities - Agency (Cost $52,571,596)			53,135,970

Options Purchased Puts 0.5%
				Value ($)
(Cost $2,549,289)				3,236,840

Money Market Funds 20.0%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 1.247%^(a),(d)	125,402,207	125,326,966
Total Money Market Funds (Cost $125,364,038)		125,326,966
Total Investments in Securities (Cost: $683,423,505)		674,247,135
Other Assets & Liabilities, Net		(47,351,143)
Net Assets		626,895,992

At June 30, 2022, securities and/or cash totaling $5,443,061 were pledged as collateral.

Investments in derivatives

Forward foreign currency exchange contracts
Currency to be sold	Currency to be purchased	Counterparty	Settlement date	Unrealized appreciation ($)	Unrealized depreciation ($)
6,450,000 EUR	6,835,097 USD	Barclays	08/19/2022	53,922	—
2,500,000 GBP	3,072,590 USD	Barclays	08/19/2022	26,715	—
2,287,500 CHF	2,381,138 USD	Citi	08/19/2022	—	(22,522)
95,000,000 JPY	700,523 USD	Citi	08/19/2022	—	(1,769)
4,488,720 USD	44,000,000 NOK	Goldman Sachs International	08/19/2022	—	(17,210)
4,000,000 AUD	2,796,928 USD	UBS	08/19/2022	34,868	—
Total				115,505	(41,501)

Long futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
S&P 500 Index E-mini	122	09/2022	USD	23,115,950	333,295	—
U.S. Long Bond	57	09/2022	USD	7,901,625	—	(42,233)
U.S. Treasury 10-Year Note	161	09/2022	USD	19,083,531	—	(108,478)
U.S. Treasury 2-Year Note	89	09/2022	USD	18,691,391	—	(54,159)
U.S. Treasury 5-Year Note	225	09/2022	USD	25,256,250	—	(134,794)
U.S. Ultra Treasury Bond	10	09/2022	USD	1,543,438	—	(16,038)
Total					333,295	(355,702)

Short futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
EURO STOXX 50 Index	(82)	09/2022	EUR	(2,821,620)	125,516	—
FTSE 100 Index	(12)	09/2022	GBP	(854,520)	19,614	—
MSCI Singapore Index	(3)	07/2022	SGD	(84,165)	2,271	—
OMXS30 Index	(82)	07/2022	SEK	(15,338,100)	71,682	—
Russell 2000 Index E-mini	(97)	09/2022	USD	(8,283,800)	853,389	—
S&P 500 Index E-mini	(46)	09/2022	USD	(8,715,850)	498,154	—

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

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Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Short futures contracts (continued)
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
SPI 200 Index	(5)	09/2022	AUD	(807,625)	15,685	—
TOPIX Index	(13)	09/2022	JPY	(243,165,000)	66,898	—
Total					1,653,209	—

Put option contracts purchased
Description	Counterparty	Trading currency	Notional amount	Number of contracts	Exercise price/Rate	Expiration date	Cost ($)	Value ($)
S&P 500 Index	JPMorgan	USD	18,926,900	50	3,600.00	12/15/2023	1,178,651	1,573,500
S&P 500 Index	JPMorgan	USD	21,576,666	57	3,300.00	12/15/2023	1,006,737	1,295,040
S&P 500 Index	JPMorgan	USD	7,570,760	20	3,100.00	12/15/2023	363,901	368,300
Total							2,549,289	3,236,840

Notes to Portfolio of Investments

(a)

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Capital gain distributions($)	Realized gain (loss)($)	Dividends — affiliated issuers ($)	End of period shares
Columbia Short-Term Cash Fund, 1.247%
	127,701,574	68,078,416	(70,422,204)	(30,820)	125,326,966	—	(20,905)	276,279	125,402,207
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares
	7,382,751	910,876	(664,767)	(1,559,514)	6,069,346	—	254,807	—	183,920
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares
	18,089,688	2,399,752	(1,649,367)	(3,916,902)	14,923,171	—	564,494	—	209,360
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares
	70,841,347	1,835,817	(3,499,757)	(8,734,959)	60,442,448	—	(273,293)	—	6,738,288
Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares
	6,807,672	1,453,074	(588,520)	(2,064,684)	5,607,542	—	43,080	—	210,020
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares
	27,258,427	296,743	(3,038,199)	(1,580,899)	22,936,072	—	(134,895)	—	2,495,764
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares
	43,499,493	3,984,595	(768,449)	(9,626,342)	37,089,297	—	(157,753)	—	4,253,360
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares
	25,074,560	5,422,996	(3,595,744)	(6,165,034)	20,736,778	1,644,190	(190,499)	177,708	1,864,818
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares
	19,697,458	2,420,383	(1,910,811)	(4,013,121)	16,193,909	—	201,757	—	1,103,127
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares
	6,840,751	716,018	(1,068,245)	(864,571)	5,623,953	—	243,478	—	169,192
Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares
	1,312,885	436,464	(143,113)	(469,583)	1,136,653	—	(6,025)	—	33,236
Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares
	1,373,084	190,812	(151,684)	(280,963)	1,131,249	—	82,392	—	36,598
Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares
	1,342,547	157,841	(120,819)	(252,184)	1,127,385	—	52,236	—	64,792
Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares
	1,448,565	—	—	(563,034)	885,531	—	—	—	59,392

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

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Table of Contents

Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Notes to Portfolio of Investments (continued)

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Capital gain distributions($)	Realized gain (loss)($)	Dividends — affiliated issuers ($)	End of period shares
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares
	27,211,166	492,404	(2,344,829)	(2,278,340)	23,080,401	—	(210,805)	—	2,465,855
CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares
	10,891,147	90,924	(11,365,513)	383,442	—	52,837	(809,125)	22,937	—
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares
	73,613,000	1,385,854	(4,295,200)	(8,152,835)	62,550,819	—	(328,050)	—	6,299,176
CTIVP® – MFS® Value Fund, Class 1 Shares
	3,290,742	301,520	(307,508)	(557,340)	2,727,414	—	157,344	—	83,026
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares
	2,933,080	1,081,587	(370,502)	(1,225,145)	2,419,020	—	(48,752)	—	66,713
CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares
	3,249,110	680,939	(317,373)	(905,020)	2,707,656	—	10,099	—	63,740
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares
	3,284,787	308,566	(362,903)	(506,805)	2,723,645	—	231,400	—	89,860
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares
	70,860,144	1,231,049	(4,438,577)	(7,243,987)	60,408,629	—	(399,905)	—	6,325,511
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares
	84,461,385	1,350,190	(5,898,396)	(8,174,063)	71,739,116	—	(547,167)	—	7,217,215
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares
	4,648,668	542,609	(376,343)	(983,839)	3,831,095	—	132,822	—	131,247
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares
	4,365,620	1,444,288	(489,034)	(1,708,862)	3,612,012	654,474	19,697	77,763	428,471
Variable Portfolio – Partners International Growth Fund, Class 1 Shares
	4,358,562	1,191,754	(393,851)	(1,507,983)	3,648,482	229,389	860	—	374,973
Variable Portfolio – Partners International Value Fund, Class 1 Shares
	4,371,651	776,892	(813,921)	(746,768)	3,587,854	—	14,267	93,276	435,419
Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares
	7,844,897	2,104,738	(627,580)	(2,429,042)	6,893,013	—	(57,991)	—	260,310
Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares
	8,153,352	910,840	(962,223)	(1,308,661)	6,793,308	—	59,438	—	216,554
Total	672,208,113			(77,467,858)	575,952,764	2,580,890	(1,116,994)	647,963

(b)	Non-income producing investment.
(c)	Represents a security purchased on a when-issued basis.
(d)	The rate shown is the seven-day current annualized yield at June 30, 2022.

Abbreviation Legend

TBA	To Be Announced

Currency Legend

AUD	Australian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	British Pound

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

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Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Currency Legend (continued)

JPY	Japanese Yen
NOK	Norwegian Krone
SEK	Swedish Krona
SGD	Singapore Dollar
USD	US Dollar

Fair value measurements

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).

The following table is a summary of the inputs used to value the Fund’s investments at June 30, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Assets at NAV ($)	Total ($)
Investments in Securities
Equity Funds	—	—	—	112,379,016	112,379,016
Exchange-Traded Equity Funds	20,072,206	—	—	—	20,072,206
Exchange-Traded Fixed Income Funds	21,849,355	—	—	—	21,849,355
Fixed Income Funds	—	—	—	338,246,782	338,246,782
Residential Mortgage-Backed Securities - Agency	—	53,135,970	—	—	53,135,970
Options Purchased Puts	3,236,840	—	—	—	3,236,840
Money Market Funds	125,326,966	—	—	—	125,326,966
Total Investments in Securities	170,485,367	53,135,970	—	450,625,798	674,247,135
Investments in Derivatives

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

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Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Fair value measurements (continued)

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Assets at NAV ($)	Total ($)
Asset
Forward Foreign Currency Exchange Contracts	—	115,505	—	—	115,505
Futures Contracts	1,986,504	—	—	—	1,986,504
Liability
Forward Foreign Currency Exchange Contracts	—	(41,501)	—	—	(41,501)
Futures Contracts	(355,702)	—	—	—	(355,702)
Total	172,116,169	53,209,974	—	450,625,798	675,951,941

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

Forward foreign currency exchange contracts and futures contracts are valued at unrealized appreciation (depreciation).

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

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Statement of Assets and Liabilities
June 30, 2022 (Unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $91,478,042)	$95,057,531
Affiliated issuers (cost $589,396,174)	575,952,764
Options purchased (cost $2,549,289)	3,236,840
Cash	292,000
Cash collateral held at broker for:
TBA	1,387,000
Margin deposits on:
Futures contracts	4,056,061
Unrealized appreciation on forward foreign currency exchange contracts	115,505
Receivable for:
Investments sold	71,253
Investments sold on a delayed delivery basis	52,693,352
Dividends	160,786
Interest	48,886
Variation margin for futures contracts	763,914
Prepaid expenses	6,370
Trustees’ deferred compensation plan	58,280
Total assets	733,900,542
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts	41,501
Payable for:
Investments purchased on a delayed delivery basis	106,515,582
Capital shares purchased	101,790
Variation margin for futures contracts	204,495
Management services fees	3,760
Distribution and/or service fees	4,283
Service fees	30,954
Compensation of board members	14,491
Other expenses	29,414
Trustees’ deferred compensation plan	58,280
Total liabilities	107,004,550
Net assets applicable to outstanding capital stock	$626,895,992
Represented by
Trust capital	$626,895,992
Total - representing net assets applicable to outstanding capital stock	$626,895,992
Class 1
Net assets	$380,891
Shares outstanding	31,065
Net asset value per share	$12.26
Class 2
Net assets	$626,515,101
Shares outstanding	51,499,860
Net asset value per share	$12.17

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

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Statement of Operations
Six Months Ended June 30, 2022 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$624,732
Dividends — affiliated issuers	647,963
Interest	1,385
Total income	1,274,080
Expenses:
Management services fees	711,136
Distribution and/or service fees
Class 2	835,373
Service fees	200,140
Compensation of board members	10,528
Custodian fees	13,797
Printing and postage fees	7,659
Audit fees	15,301
Legal fees	8,626
Interest on collateral	2,369
Compensation of chief compliance officer	94
Other	6,519
Total expenses	1,811,542
Net investment loss	(537,462)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(7,752,509)
Investments — affiliated issuers	(1,116,994)
Capital gain distributions from underlying affiliated funds	2,580,890
Foreign currency translations	(303,153)
Forward foreign currency exchange contracts	714,385
Futures contracts	(7,174,333)
Options purchased	(430,487)
Net realized loss	(13,482,201)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(9,959,935)
Investments — affiliated issuers	(77,467,858)
Forward foreign currency exchange contracts	74,004
Futures contracts	1,033,806
Options purchased	1,881,270
Net change in unrealized appreciation (depreciation)	(84,438,713)
Net realized and unrealized loss	(97,920,914)
Net decrease in net assets resulting from operations	$(98,458,376)

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

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Statement of Changes in Net Assets

	Six Months Ended June 30, 2022 (Unaudited)	Year Ended December 31, 2021
Operations
Net investment income (loss)	$(537,462)	$6,588,506
Net realized gain (loss)	(13,482,201)	46,970,183
Net change in unrealized appreciation (depreciation)	(84,438,713)	(33,297,622)
Net increase (decrease) in net assets resulting from operations	(98,458,376)	20,261,067
Decrease in net assets from capital stock activity	(19,422,715)	(177,684,864)
Total decrease in net assets	(117,881,091)	(157,423,797)
Net assets at beginning of period	744,777,083	902,200,880
Net assets at end of period	$626,895,992	$744,777,083

	Six Months Ended		Year Ended
	June 30, 2022 (Unaudited)		December 31, 2021
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class 1
Subscriptions	4,649	62,622	8,437	117,705
Redemptions	(3,332)	(45,178)	(5,083)	(69,818)
Net increase	1,317	17,444	3,354	47,887
Class 2
Subscriptions	3,023,203	38,631,801	3,316,418	45,971,074
Redemptions	(4,443,440)	(58,071,960)	(16,190,063)	(223,703,825)
Net decrease	(1,420,237)	(19,440,159)	(12,873,645)	(177,732,751)
Total net decrease	(1,418,920)	(19,422,715)	(12,870,291)	(177,684,864)

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

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Financial Highlights

	Net asset value, beginning of period	Net investment income (loss)	Net realized and unrealized gain (loss)	Total from investment operations
Class 1
Six Months Ended 6/30/2022 (Unaudited)	$14.16	0.01	(1.91)	(1.90)
Year Ended 12/31/2021	$13.76	0.16	0.24	0.40
Year Ended 12/31/2020	$12.70	0.15	0.91	1.06
Year Ended 12/31/2019^(e)	$11.70	0.17	0.83	1.00
Class 2
Six Months Ended 6/30/2022 (Unaudited)	$14.07	(0.01)	(1.89)	(1.90)
Year Ended 12/31/2021	$13.71	0.11	0.25	0.36
Year Ended 12/31/2020	$12.68	0.15	0.88	1.03
Year Ended 12/31/2019	$11.33	0.23	1.12	1.35
Year Ended 12/31/2018	$11.63	0.17	(0.47)	(0.30)
Year Ended 12/31/2017	$10.78	0.13	0.72	0.85

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	Annualized.
(d)	Ratios include interest on collateral expense which is less than 0.01%.
(e)	Class 1 shares commenced operations on February 20, 2019. Per share data and total return reflect activity from that date.

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

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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 (loss) ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class 1
Six Months Ended 6/30/2022 (Unaudited)	$12.26	(13.42%)	0.29%^(c),(d)	0.29%^(c),(d)	0.09%^(c)	82%	$381
Year Ended 12/31/2021	$14.16	2.91%	0.29%^(d)	0.29%^(d)	1.18%	195%	$421
Year Ended 12/31/2020	$13.76	8.35%	0.30%	0.30%	1.16%	132%	$363
Year Ended 12/31/2019^(e)	$12.70	8.55%	0.31%^(c)	0.31%^(c)	1.57%^(c)	139%	$53
Class 2
Six Months Ended 6/30/2022 (Unaudited)	$12.17	(13.50%)	0.54%^(c),(d)	0.54%^(c),(d)	(0.16%)^(c)	82%	$626,515
Year Ended 12/31/2021	$14.07	2.63%	0.54%^(d)	0.54%^(d)	0.81%	195%	$744,356
Year Ended 12/31/2020	$13.71	8.12%	0.55%	0.55%	1.15%	132%	$901,838
Year Ended 12/31/2019	$12.68	11.91%	0.57%	0.57%	1.90%	139%	$572,701
Year Ended 12/31/2018	$11.33	(2.58%)	0.57%	0.57%	1.45%	119%	$426,294
Year Ended 12/31/2017	$11.63	7.88%	0.55%	0.55%	1.17%	103%	$462,907

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

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Notes to Financial Statements
June 30, 2022 (Unaudited)

Note 1. Organization

Variable Portfolio – Managed Volatility Conservative 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

Note 2. Summary of significant accounting policies

Basis of preparation

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security valuation

Investments in the Underlying Funds (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

Foreign currency transactions and translations

Derivative instruments

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

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.

Forward foreign currency exchange contracts

Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund’s securities and to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark. These instruments may be used for other purposes in future periods.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

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 produce incremental earnings, to manage the duration and yield curve exposure of the Fund versus the benchmark, to manage exposure to movements in interest rates, to manage exposure to the securities market and to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. 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.

Options contracts

Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund purchased option contracts to produce incremental earnings, to decrease the Fund’s exposure to equity market risk and to protect gains. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Effects of derivative transactions in the financial statements

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, 2022:

	Asset derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Equity risk	Component of trust capital — unrealized appreciation on futures contracts	1,986,504*
Equity risk	Investments, at value — Options Purchased	3,236,840
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts	115,505
Total		5,338,849

	Liability derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts	41,501
Interest rate risk	Component of trust capital - unrealized depreciation on futures contracts	355,702*
Total		397,203

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

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Forward foreign currency exchange contracts ($)	Futures contracts ($)	Options contracts purchased ($)	Total ($)
Equity risk	—	(2,911,292)	(430,487)	(3,341,779)
Foreign exchange risk	714,385	85,688	—	800,073
Interest rate risk	—	(4,348,729)	—	(4,348,729)
Total	714,385	(7,174,333)	(430,487)	(6,890,435)

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Forward foreign currency exchange contracts ($)	Futures contracts ($)	Options contracts purchased ($)	Total ($)
Equity risk	—	1,689,479	1,881,270	3,570,749
Foreign exchange risk	74,004	4,551	—	78,555
Interest rate risk	—	(660,224)	—	(660,224)
Total	74,004	1,033,806	1,881,270	2,989,080

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended June 30, 2022:

Derivative instrument	Average notional amounts ($)*
Futures contracts — long	90,166,676
Futures contracts — short	28,388,307

Derivative instrument	Average value ($)*
Options contracts — purchased	3,287,740

Derivative instrument	Average unrealized appreciation ($)*	Average unrealized depreciation ($)*
Forward foreign currency exchange contracts	270,755	(77,987)

*	Based on the ending quarterly outstanding amounts for the six months ended June 30, 2022.

Asset- and mortgage-backed securities

Delayed delivery securities

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

To be announced securities

Mortgage dollar roll transactions

Offsetting of assets and liabilities

	Barclays ($)	Citi ($)	Goldman Sachs International ($)	JPMorgan ($)	UBS ($)	Total ($)
Assets
Forward foreign currency exchange contracts	80,637	-	-	-	34,868	115,505
Options purchased puts	-	-	-	3,236,840	-	3,236,840
Total assets	80,637	-	-	3,236,840	34,868	3,352,345
Liabilities
Forward foreign currency exchange contracts	-	24,291	17,210	-	-	41,501
Total financial and derivative net assets	80,637	(24,291)	(17,210)	3,236,840	34,868	3,310,844
Total collateral received (pledged) ^(a)	-	-	-	-	-	-
Net amount ^(b)	80,637	(24,291)	(17,210)	3,236,840	34,868	3,310,844

(a)	In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(b)	Represents the net amount due from/(to) counterparties in the event of default.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Security transactions

Income recognition

Corporate actions and dividend income are recorded on the ex-dividend date.

Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.

Expenses

Determination of class net asset value

Federal income tax status

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Guarantees and indemnifications

Note 3. Fees and other transactions with affiliates

Management services fees and underlying fund fees

Compensation of board members

Compensation of Chief Compliance Officer

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Service fees

Distribution and/or service fees

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, including indirect expenses of the Underlying Funds, 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:

	May 1, 2022 through April 30, 2023	Prior to May 1, 2022
Class 1	0.79%	0.80%
Class 2	1.04	1.05

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), 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. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $505,281,383 and $552,806,484, respectively, for the six months ended June 30, 2022, of which $468,543,629 and $486,174,741, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Note 5. Affiliated money market fund

Note 6. Interfund lending

The Fund did not borrow or lend money under the Interfund Program during the six months ended June 30, 2022.

Note 7. Line of credit

The Fund had no borrowings during the six months ended June 30, 2022.

Note 8. Significant risks

Derivatives risk

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Market risk

Money market fund investment risk

An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. Certain money market funds float their net asset value while others seek to preserve the value of investments at a stable net asset value (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable net asset value per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and other types of money market funds. If the liquidity of a money market fund’s portfolio deteriorates below certain levels, the money market fund may suspend redemptions (i.e., impose a redemption gate) and thereby prevent the Fund from selling its investment in the money market fund or impose a fee of up to 2% on amounts the Fund redeems from the money market fund (i.e., impose a liquidity fee). These measures may result in an investment loss or prohibit the Fund from redeeming shares when the Investment Manager would otherwise redeem shares. In addition to the fees and expenses that the Fund directly bears, the Fund indirectly bears the fees and expenses of any money market funds in which it invests, including affiliated money market funds. By investing in a money market fund, the Fund will be exposed to

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

the investment risks of the money market fund in direct proportion to such investment. To the extent the Fund invests in instruments such as derivatives, the Fund may hold investments, which may be significant, in money market fund shares to cover its obligations resulting from the Fund’s investments in such instruments. Money market funds and the securities they invest in are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.

Shareholder concentration risk

Note 9. Subsequent events

Note 10. Information regarding pending and settled legal proceedings

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Liquidity Risk Management Program

(Unaudited)

•	the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders;
•	there were no material changes to the Program during the period;
•	the implementation of the Program was effective to manage the Fund’s liquidity risk; and
•	the Program operated adequately during the period.

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 Variable Portfolio – Managed Volatility Conservative 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).

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Approval of Management Agreement (continued)
(Unaudited)

•	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 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, 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

•	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

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Investment performance

In this connection, 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 performance of a benchmark index, (iii) the percentage ranking of the Fund among its comparison group, (iv) the Fund’s performance relative to peers and benchmarks and (v) the net assets of the Fund. The Board observed the Fund’s underperformance for certain periods, noting that appropriate steps (such as changes to the Fund’s strategy, investment process or management teams) had been taken or were contemplated to help improve the Fund’s performance.

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

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

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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, to groups of related funds and to the Investment Manager as a whole, 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 provided 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.

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Variable Portfolio – Managed Volatility Conservative Fund

P.O. Box 219104

Kansas City, MO 64121-9104

SAR7045_12_A01_(08/22)

SemiAnnual Report
June 30, 2022 (Unaudited)

Variable Portfolio – U.S. Flexible Conservative Growth Fund

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

Table of Contents

Fund at a Glance	3
Understanding Your Fund’s Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	10
Statement of Operations	11
Statement of Changes in Net Assets	12
Financial Highlights	14
Notes to Financial Statements	16
Liquidity Risk Management Program	27
Approval of Management Agreement	27

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Variable Portfolio – U.S. Flexible Conservative Growth Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

Additional Fund information

Fund investment manager

Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

Fund distributor

Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Variable Portfolio – U.S. Flexible Conservative Growth Fund | Semiannual Report 2022

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Fund at a Glance
(Unaudited)

Investment objective

The Fund pursues total return while seeking to manage the Fund’s exposure to equity market volatility.

Portfolio management

Brian Virginia

Lead Portfolio Manager

Managed Fund since 2016

Anwiti Bahuguna, Ph.D.

Portfolio Manager

Managed Fund since 2016

David Weiss, CFA

Portfolio Manager

Managed Fund since 2016

Joshua Kutin, CFA

Portfolio Manager

Managed Fund since 2018

Average annual total returns (%) (for the period ended June 30, 2022)
	Inception	6 Months cumulative	1 Year	5 Years	Life
Class 1*	02/20/19	-14.67	-11.74	3.01	3.77
Class 2	11/02/16	-14.78	-12.02	2.83	3.61
Blended Benchmark		-13.71	-10.17	4.74	5.21
Bloomberg U.S. Aggregate Bond Index		-10.35	-10.29	0.88	0.75
S&P 500 Index		-19.96	-10.62	11.31	13.05

The Blended Benchmark consists of 65% Bloomberg U.S. Aggregate Bond Index and 35% S&P 500 Index.

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.

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Fund at a Glance (continued)
(Unaudited)

Portfolio Allocation (%) (at June 30, 2022)
Allocations to Underlying Funds
Equity Funds	29.7
U.S. Large Cap	29.7
Exchange-Traded Fixed Income Funds	7.0
Investment Grade	7.0
Fixed Income Funds	36.5
Investment Grade	36.5
Allocations to Tactical Assets
Money Market Fund Shares Held to Cover Open Derivatives Instruments^(a)	17.2
Options Purchased Puts	0.6
Residential Mortgage-Backed Securities - Agency	9.0
Total	100.0

(a)

Percentages indicated are based upon total investments including options purchased and excluding all other investments in derivatives, if any. The Fund’s portfolio composition is subject to change.

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Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

January 1, 2022 — June 30, 2022
	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)	Effective expenses paid during the period ($)		Fund’s effective annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual	Actual	Hypothetical	Actual
Class 1	1,000.00	1,000.00	853.30	1,023.31	1.38	1.51	0.30	3.17	3.46	0.69
Class 2	1,000.00	1,000.00	852.20	1,022.07	2.53	2.76	0.55	4.32	4.71	0.94

Variable Portfolio – U.S. Flexible Conservative Growth Fund | Semiannual Report 2022

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Portfolio of Investments
June 30, 2022 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Equity Funds 32.2%
	Shares	Value ($)
U.S. Large Cap 32.2%
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares^(a),(b)	169,401	12,074,914
Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares^(a),(b)	722,899	22,677,335
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares^(a),(b)	818,609	12,017,188
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares^(a),(b)	280,079	9,309,828
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares^(a),(b)	244,592	8,868,903
CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares^(a),(b)	219,598	9,328,520
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares^(a),(b)	309,500	9,380,930
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares^(a),(b)	623,091	18,188,022
Total		101,845,640
Total Equity Funds (Cost $71,405,202)		101,845,640

Exchange-Traded Fixed Income Funds 7.6%

Investment Grade 7.6%
iShares Core U.S. Aggregate Bond ETF	22,610	2,298,985
iShares iBoxx $ Investment Grade Corporate Bond ETF	106,027	11,666,151
Vanguard Intermediate-Term Corporate Bond ETF	126,400	10,114,528
Total		24,079,664
Total Exchange-Traded Fixed Income Funds (Cost $26,166,193)		24,079,664

Fixed Income Funds 39.7%

Investment Grade 39.7%
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares^(a)	3,303,819	29,635,253
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares^(a)	766,614	7,045,184
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares^(a)	1,097,755	9,572,429
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares^(a)	757,224	7,087,614

Fixed Income Funds (continued)
	Shares	Value ($)
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares^(a)	2,610,006	25,917,357
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares^(a)	2,456,993	23,464,287
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares^(a)	2,268,283	22,546,732
Total		125,268,856
Total Fixed Income Funds (Cost $140,448,779)		125,268,856

Residential Mortgage-Backed Securities - Agency 9.8%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Uniform Mortgage-Backed Security TBA^(c)
08/16/2037	2.000%	3,800,000	3,548,102
08/16/2037- 08/11/2052	2.500%	16,107,500	14,874,957
08/11/2052	3.000%	13,477,500	12,551,711
Total Residential Mortgage-Backed Securities - Agency (Cost $30,642,580)			30,974,770

Options Purchased Puts 0.7%
				Value ($)
(Cost $1,915,964)				2,174,450

Money Market Funds 18.7%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 1.247%^(a),(d)	59,195,219	59,159,702
Total Money Market Funds (Cost $59,173,154)		59,159,702
Total Investments in Securities (Cost: $329,751,872)		343,503,082
Other Assets & Liabilities, Net		(27,450,731)
Net Assets		316,052,351

At June 30, 2022, securities and/or cash totaling $3,525,047 were pledged as collateral.

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

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Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Investments in derivatives

Long futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
S&P 500 Index E-mini	86	09/2022	USD	16,294,850	304,137	—
U.S. Long Bond	59	09/2022	USD	8,178,875	—	(43,714)
U.S. Treasury 10-Year Note	73	09/2022	USD	8,652,781	—	(49,186)
U.S. Treasury 2-Year Note	38	09/2022	USD	7,980,594	—	(23,124)
U.S. Treasury 5-Year Note	101	09/2022	USD	11,337,250	—	(60,508)
U.S. Ultra Treasury Bond	20	09/2022	USD	3,086,875	—	(32,076)
Total					304,137	(208,608)

Short futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
S&P 500 Index E-mini	(125)	09/2022	USD	(23,684,375)	1,346,785	—

Put option contracts purchased
Description	Counterparty	Trading currency	Notional amount	Number of contracts	Exercise price/Rate	Expiration date	Cost ($)	Value ($)
S&P 500 Index	JPMorgan	USD	21,198,128	56	3,100.00	12/15/2023	1,018,923	1,031,240
S&P 500 Index	JPMorgan	USD	7,192,222	19	3,600.00	12/15/2023	473,152	597,930
S&P 500 Index	JPMorgan	USD	9,084,912	24	3,300.00	12/15/2023	423,889	545,280
Total							1,915,964	2,174,450

Notes to Portfolio of Investments

(a)

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Capital gain distributions($)	Realized gain (loss)($)	Dividends — affiliated issuers ($)	End of period shares
Columbia Short-Term Cash Fund, 1.247%
	68,633,018	53,799,529	(63,262,378)	(10,467)	59,159,702	—	(14,828)	131,512	59,195,219
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares
	14,956,062	788,738	(565,592)	(3,104,294)	12,074,914	—	260,155	—	169,401
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares
	34,086,191	1,413,739	(1,746,265)	(4,118,412)	29,635,253	—	(226,658)	—	3,303,819
Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares
	28,037,461	1,481,333	(972,149)	(5,869,310)	22,677,335	—	367,592	—	722,899
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares
	8,191,888	38,531	(687,348)	(497,887)	7,045,184	—	(24,412)	—	766,614
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares
	10,898,866	1,377,232	(310,102)	(2,393,567)	9,572,429	—	(54,760)	—	1,097,755
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares
	14,871,821	742,401	(570,716)	(3,026,318)	12,017,188	—	77,274	—	818,609
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares
	11,442,300	624,029	(1,100,617)	(1,655,884)	9,309,828	—	554,129	—	280,079
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares
	8,164,021	172,416	(537,722)	(711,101)	7,087,614	—	(37,807)	—	757,224

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

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Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Notes to Portfolio of Investments (continued)

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Capital gain distributions($)	Realized gain (loss)($)	Dividends — affiliated issuers ($)	End of period shares
CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares
	5,448,610	51,305	(5,696,249)	196,334	—	26,679	(410,794)	11,582	—
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares
	30,049,547	843,030	(1,603,338)	(3,371,882)	25,917,357	—	(101,373)	—	2,610,006
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares
	10,814,886	2,836,624	(93,127)	(4,689,480)	8,868,903	—	(26,452)	—	244,592
CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares
	11,246,714	1,617,966	(372,589)	(3,163,571)	9,328,520	—	(20,974)	—	219,598
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares
	11,439,731	408,309	(934,764)	(1,532,346)	9,380,930	—	505,627	—	309,500
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares
	27,284,549	598,903	(1,644,583)	(2,774,582)	23,464,287	—	(170,633)	—	2,456,993
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares
	25,906,550	699,741	(1,507,227)	(2,552,332)	22,546,732	—	(132,992)	—	2,268,283
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares
	22,387,460	990,165	(718,729)	(4,470,874)	18,188,022	—	255,036	—	623,091
Total	343,859,675			(43,745,973)	286,274,198	26,679	798,130	143,094

(b)	Non-income producing investment.
(c)	Represents a security purchased on a when-issued basis.
(d)	The rate shown is the seven-day current annualized yield at June 30, 2022.

Abbreviation Legend

TBA	To Be Announced

Currency Legend

USD

US Dollar

Fair value measurements

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).

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

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Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Fair value measurements (continued)
Certain investments that have been measured at fair value using the net asset value (NAV) per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Variable Portfolios serve as investment vehicles for variable annuity contracts and variable life insurance policies. Principle investment strategies within these Variable Portfolios vary based on the Portfolios investment objective. Investments in the Variable Portfolios may be redeemed on a daily basis without restriction.

The following table is a summary of the inputs used to value the Fund’s investments at June 30, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Assets at NAV ($)	Total ($)
Investments in Securities
Equity Funds	—	—	—	101,845,640	101,845,640
Exchange-Traded Fixed Income Funds	24,079,664	—	—	—	24,079,664
Fixed Income Funds	—	—	—	125,268,856	125,268,856
Residential Mortgage-Backed Securities - Agency	—	30,974,770	—	—	30,974,770
Options Purchased Puts	2,174,450	—	—	—	2,174,450
Money Market Funds	59,159,702	—	—	—	59,159,702
Total Investments in Securities	85,413,816	30,974,770	—	227,114,496	343,503,082
Investments in Derivatives
Asset
Futures Contracts	1,650,922	—	—	—	1,650,922
Liability
Futures Contracts	(208,608)	—	—	—	(208,608)
Total	86,856,130	30,974,770	—	227,114,496	344,945,396

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

Futures contracts are valued at unrealized appreciation (depreciation).

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

Variable Portfolio – U.S. Flexible Conservative Growth Fund | Semiannual Report 2022

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Statement of Assets and Liabilities
June 30, 2022 (Unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $56,808,773)	$55,054,434
Affiliated issuers (cost $271,027,135)	286,274,198
Options purchased (cost $1,915,964)	2,174,450
Cash collateral held at broker for:
TBA	597,000
Margin deposits on:
Futures contracts	2,928,047
Receivable for:
Investments sold on a delayed delivery basis	31,823,856
Capital shares sold	64,359
Dividends	52,786
Interest	27,977
Variation margin for futures contracts	519,976
Prepaid expenses	2,907
Trustees’ deferred compensation plan	24,759
Total assets	379,544,749
Liabilities
Payable for:
Investments purchased	28,715
Investments purchased on a delayed delivery basis	63,208,912
Capital shares purchased	23,338
Variation margin for futures contracts	147,345
Management services fees	1,856
Distribution and/or service fees	2,153
Service fees	15,601
Compensation of board members	11,889
Other expenses	27,830
Trustees’ deferred compensation plan	24,759
Total liabilities	63,492,398
Net assets applicable to outstanding capital stock	$316,052,351
Represented by
Trust capital	$316,052,351
Total - representing net assets applicable to outstanding capital stock	$316,052,351
Class 1
Net assets	$257,174
Shares outstanding	20,857
Net asset value per share	$12.33
Class 2
Net assets	$315,795,177
Shares outstanding	25,832,193
Net asset value per share	$12.22

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

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Statement of Operations
Six Months Ended June 30, 2022 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$262,103
Dividends — affiliated issuers	143,094
Total income	405,197
Expenses:
Management services fees	351,504
Distribution and/or service fees
Class 2	419,802
Service fees	100,700
Compensation of board members	8,872
Custodian fees	11,159
Printing and postage fees	6,721
Audit fees	14,669
Legal fees	6,911
Compensation of chief compliance officer	47
Other	4,331
Total expenses	924,716
Net investment loss	(519,519)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(3,442,894)
Investments — affiliated issuers	798,130
Capital gain distributions from underlying affiliated funds	26,679
Futures contracts	(6,323,621)
Options purchased	(690,800)
Net realized loss	(9,632,506)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(3,265,538)
Investments — affiliated issuers	(43,745,973)
Futures contracts	613,255
Options purchased	1,917,304
Net change in unrealized appreciation (depreciation)	(44,480,952)
Net realized and unrealized loss	(54,113,458)
Net decrease in net assets resulting from operations	$(54,632,977)

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

Variable Portfolio – U.S. Flexible Conservative Growth Fund | Semiannual Report 2022

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Statement of Changes in Net Assets

	Six Months Ended June 30, 2022 (Unaudited)	Year Ended December 31, 2021
Operations
Net investment income (loss)	$(519,519)	$1,709,103
Net realized gain (loss)	(9,632,506)	24,121,105
Net change in unrealized appreciation (depreciation)	(44,480,952)	912,362
Net increase (decrease) in net assets resulting from operations	(54,632,977)	26,742,570
Decrease in net assets from capital stock activity	(3,985,711)	(69,444,229)
Total decrease in net assets	(58,618,688)	(42,701,659)
Net assets at beginning of period	374,671,039	417,372,698
Net assets at end of period	$316,052,351	$374,671,039

	Six Months Ended		Year Ended
	June 30, 2022 (Unaudited)		December 31, 2021
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class 1
Subscriptions	10,979	147,868	2,882	41,432
Redemptions	(121)	(1,580)	(86)	(1,217)
Net increase	10,858	146,288	2,796	40,215
Class 2
Subscriptions	1,419,136	18,169,819	1,705,300	23,801,038
Redemptions	(1,698,525)	(22,301,818)	(6,862,526)	(93,285,482)
Net decrease	(279,389)	(4,131,999)	(5,157,226)	(69,484,444)
Total net decrease	(268,531)	(3,985,711)	(5,154,430)	(69,444,229)

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

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Financial Highlights

	Net asset value, beginning of period	Net investment income (loss)	Net realized and unrealized gain (loss)	Total from investment operations
Class 1
Six Months Ended 6/30/2022 (Unaudited)	$14.45	(0.00)^(c)	(2.12)	(2.12)
Year Ended 12/31/2021	$13.41	0.10	0.94	1.04
Year Ended 12/31/2020	$12.63	0.09	0.69	0.78
Year Ended 12/31/2019^(e)	$11.47	0.20	0.96	1.16
Class 2
Six Months Ended 6/30/2022 (Unaudited)	$14.34	(0.02)	(2.10)	(2.12)
Year Ended 12/31/2021	$13.34	0.06	0.94	1.00
Year Ended 12/31/2020	$12.60	0.11	0.63	0.74
Year Ended 12/31/2019	$10.97	0.17	1.46	1.63
Year Ended 12/31/2018	$11.25	0.11	(0.39)	(0.28)
Year Ended 12/31/2017	$10.07	0.09	1.09	1.18

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)	Rounds to zero.
(d)	Annualized.
(e)	Class 1 shares commenced operations on February 20, 2019. Per share data and total return reflect activity from that date.

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

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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 (loss) ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class 1
Six Months Ended 6/30/2022 (Unaudited)	$12.33	(14.67%)	0.30%^(d)	0.30%^(d)	(0.04%)^(d)	79%	$257
Year Ended 12/31/2021	$14.45	7.76%	0.30%	0.30%	0.70%	179%	$144
Year Ended 12/31/2020	$13.41	6.18%	0.32%	0.32%	0.74%	243%	$97
Year Ended 12/31/2019^(e)	$12.63	10.11%	0.32%^(d)	0.32%^(d)	1.98%^(d)	156%	$3
Class 2
Six Months Ended 6/30/2022 (Unaudited)	$12.22	(14.78%)	0.55%^(d)	0.55%^(d)	(0.31%)^(d)	79%	$315,795
Year Ended 12/31/2021	$14.34	7.50%	0.55%	0.55%	0.45%	179%	$374,527
Year Ended 12/31/2020	$13.34	5.87%	0.56%	0.56%	0.84%	243%	$417,276
Year Ended 12/31/2019	$12.60	14.86%	0.59%	0.59%	1.42%	156%	$288,927
Year Ended 12/31/2018	$10.97	(2.49%)	0.65%	0.65%	0.99%	51%	$139,061
Year Ended 12/31/2017	$11.25	11.72%	0.74%	0.67%	0.80%	49%	$82,636

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

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Notes to Financial Statements
June 30, 2022 (Unaudited)

Note 1. Organization

Variable Portfolio – U.S. Flexible Conservative Growth 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

Note 2. Summary of significant accounting policies

Basis of preparation

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security valuation

Investments in the Underlying Funds (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Derivative instruments

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

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.

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 produce incremental earnings, to manage the duration and yield curve exposure of the Fund versus the benchmark, to manage exposure to movements in interest rates, to manage exposure to the securities market and to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. 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.

Options contracts

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

contracts to produce incremental earnings, to decrease the Fund’s exposure to equity market risk and to protect gains. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.

Effects of derivative transactions in the financial statements

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, 2022:

	Asset derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Equity risk	Component of trust capital — unrealized appreciation on futures contracts	1,650,922*
Equity risk	Investments, at value — Options Purchased	2,174,450
Total		3,825,372

	Liability derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Interest rate risk	Component of trust capital - unrealized depreciation on futures contracts	208,608*

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

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Futures contracts ($)	Options contracts purchased ($)	Total ($)
Equity risk	(3,089,796)	(690,800)	(3,780,596)
Interest rate risk	(3,233,825)	—	(3,233,825)
Total	(6,323,621)	(690,800)	(7,014,421)

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Futures contracts ($)	Options contracts purchased ($)	Total ($)
Equity risk	961,937	1,917,304	2,879,241
Interest rate risk	(348,682)	—	(348,682)
Total	613,255	1,917,304	2,530,559

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended June 30, 2022:

Derivative instrument	Average notional amounts ($)*
Futures contracts — long	60,120,096
Futures contracts — short	22,602,719

Derivative instrument	Average value ($)*
Options contracts — purchased	2,590,248

*	Based on the ending quarterly outstanding amounts for the six months ended June 30, 2022.

Asset- and mortgage-backed securities

Delayed delivery securities

To be announced securities

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Mortgage dollar roll transactions

Offsetting of assets and liabilities

	JPMorgan ($)
Assets
Options purchased puts	2,174,450
Total financial and derivative net assets	2,174,450
Total collateral received (pledged) ^(a)	-
Net amount ^(b)	2,174,450

(a)	In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(b)	Represents the net amount due from/(to) counterparties in the event of default.

Security transactions

Income recognition

Corporate actions and dividend income are recorded on the ex-dividend date.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.

Expenses

Determination of class net asset value

Federal income tax status

Guarantees and indemnifications

Note 3. Fees and other transactions with affiliates

Management services fees and underlying fund fees

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

pay a management services fee to the Investment Manager, third party funds, derivatives and individual securities. The annualized effective management services fee rate for the six months ended June 30, 2022 was 0.21% of the Fund’s average daily net assets.

Compensation of board members

Compensation of Chief Compliance Officer

Service fees

Distribution and/or service fees

Expenses waived/reimbursed by the Investment Manager and its affiliates

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Underlying Funds, 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:

	May 1, 2022 through April 30, 2023	Prior to May 1, 2022
Class 1	0.79%	0.80%
Class 2	1.04	1.05

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), 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. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $242,471,458 and $241,136,795, respectively, for the six months ended June 30, 2022, of which $223,426,369 and $218,425,328, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

Note 6. Interfund lending

The Fund did not borrow or lend money under the Interfund Program during the six months ended June 30, 2022.

Note 7. Line of credit

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

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 $950 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 0.11448% 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 28, 2021 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 one-month London Interbank Offered Rate (LIBOR) rate and (iii) the overnight bank funding rate, plus in each case, 1.25%.

The Fund had no borrowings during the six months ended June 30, 2022.

Note 8. Significant risks

Derivatives risk

Market risk

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund’s ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

Shareholder concentration risk

Note 9. Subsequent events

Note 10. Information regarding pending and settled legal proceedings

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Liquidity Risk Management Program

(Unaudited)

•	the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders;
•	there were no material changes to the Program during the period;
•	the implementation of the Program was effective to manage the Fund’s liquidity risk; and
•	the Program operated adequately during the period.

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 Variable Portfolio - U.S. Flexible Conservative Growth 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).

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Approval of Management Agreement (continued)
(Unaudited)

•	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 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, 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

•	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

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Investment performance

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

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

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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, to groups of related funds and to the Investment Manager as a whole, 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 provided 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.

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Variable Portfolio – U.S. Flexible Conservative Growth Fund

P.O. Box 219104

Kansas City, MO 64121-9104

SAR7059_12_A01_(08/22)

SemiAnnual Report
June 30, 2022 (Unaudited)

Variable Portfolio – U.S. Flexible Growth Fund

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

Table of Contents

Fund at a Glance	3
Understanding Your Fund’s Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	10
Statement of Operations	11
Statement of Changes in Net Assets	12
Financial Highlights	14
Notes to Financial Statements	16
Liquidity Risk Management Program	28
Approval of Management Agreement	28

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Variable Portfolio – U.S. Flexible Growth Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

Additional Fund information

Fund investment manager

Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

Fund distributor

Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

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Fund at a Glance
(Unaudited)

Investment objective

The Fund pursues total return while seeking to manage the Fund’s exposure to equity market volatility.

Portfolio management

Brian Virginia

Lead Portfolio Manager

Managed Fund since 2016

Anwiti Bahuguna, Ph.D.

Portfolio Manager

Managed Fund since 2016

David Weiss, CFA

Portfolio Manager

Managed Fund since 2016

Joshua Kutin, CFA

Portfolio Manager

Managed Fund since 2018

Average annual total returns (%) (for the period ended June 30, 2022)
	Inception	6 Months cumulative	1 Year	5 Years	Life
Class 1*	02/20/19	-17.73	-12.62	4.90	6.41
Class 2	11/02/16	-17.85	-12.82	4.70	6.23
Blended Benchmark		-16.59	-10.27	7.88	8.91
S&P 500 Index		-19.96	-10.62	11.31	13.05
Bloomberg U.S. Aggregate Bond Index		-10.35	-10.29	0.88	0.75

The Blended Benchmark consists of 65% S&P 500 Index and 35% Bloomberg U.S. Aggregate Bond Index.

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.

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Fund at a Glance (continued)
(Unaudited)

Portfolio Allocation (%) (at June 30, 2022)
Allocations to Underlying Funds
Equity Funds	54.4
U.S. Large Cap	54.4
Exchange-Traded Fixed Income Funds	8.4
Investment Grade	8.4
Fixed Income Funds	10.0
Investment Grade	10.0
Allocations to Tactical Assets
Money Market Fund Shares Held to Cover Open Derivatives Instruments^(a)	14.1
Options Purchased Puts	1.3
Residential Mortgage-Backed Securities - Agency	11.8
Total	100.0

(a)

Percentages indicated are based upon total investments including options purchased and excluding all other investments in derivatives, if any. The Fund’s portfolio composition is subject to change.

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Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

January 1, 2022 — June 30, 2022
	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)	Effective expenses paid during the period ($)		Fund’s effective annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual	Actual	Hypothetical	Actual
Class 1	1,000.00	1,000.00	822.70	1,023.46	1.22	1.35	0.27	3.07	3.41	0.68
Class 2	1,000.00	1,000.00	821.50	1,022.22	2.35	2.61	0.52	4.20	4.66	0.93

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Portfolio of Investments
June 30, 2022 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Equity Funds 60.7%
	Shares	Value ($)
U.S. Large Cap 60.7%
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares^(a),(b)	2,907,740	207,263,722
Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares^(a),(b)	16,571,959	519,862,346
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares^(a),(b)	14,074,974	206,620,624
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares^(a),(b)	6,559,340	218,032,452
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares^(a),(b)	4,597,371	166,700,656
CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares^(a),(b)	5,086,577	216,077,770
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares^(a),(b)	7,315,855	221,743,579
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares^(a),(b)	14,725,702	429,843,241
Total		2,186,144,390
Total Equity Funds (Cost $1,575,885,429)		2,186,144,390

Exchange-Traded Fixed Income Funds 9.4%

Investment Grade 9.4%
iShares iBoxx $ Investment Grade Corporate Bond ETF	1,467,100	161,425,013
Vanguard Intermediate-Term Corporate Bond ETF	2,215,000	177,244,300
Total		338,669,313
Total Exchange-Traded Fixed Income Funds (Cost $390,373,732)		338,669,313

Fixed Income Funds 11.1%

Investment Grade 11.1%
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares^(a)	4,577,554	42,067,727
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares^(a)	4,875,507	42,514,418
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares^(a)	2,934,111	27,463,283
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares^(a)	6,838,517	67,906,471

Fixed Income Funds (continued)
	Shares	Value ($)
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares^(a)	8,575,637	81,897,336
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares^(a)	13,819,145	137,362,300
Total		399,211,535
Total Fixed Income Funds (Cost $446,606,040)		399,211,535

Residential Mortgage-Backed Securities - Agency 13.2%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Uniform Mortgage-Backed Security TBA^(c)
08/16/2037	2.000%	25,950,000	24,229,799
08/16/2037- 08/11/2052	2.500%	198,550,000	181,558,158
08/11/2052	3.000%	287,988,000	268,205,698
Total Residential Mortgage-Backed Securities - Agency (Cost $469,043,747)			473,993,655

Options Purchased Puts 1.4%
				Value ($)
(Cost $44,825,332)				51,586,530

Money Market Funds 15.8%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 1.247%^(a),(d)	567,265,702	566,925,342
Total Money Market Funds (Cost $567,029,801)		566,925,342
Total Investments in Securities (Cost: $3,493,764,081)		4,016,530,765
Other Assets & Liabilities, Net		(415,972,480)
Net Assets		3,600,558,285

At June 30, 2022, securities and/or cash totaling $58,902,190 were pledged as collateral.

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

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Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Investments in derivatives

Long futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
S&P 500 Index E-mini	1,243	09/2022	USD	235,517,425	2,381,023	—
U.S. Long Bond	766	09/2022	USD	106,186,750	—	(567,542)
U.S. Treasury 10-Year Note	1,113	09/2022	USD	131,925,281	—	(749,911)
U.S. Treasury 2-Year Note	725	09/2022	USD	152,261,329	—	(441,183)
U.S. Treasury 5-Year Note	1,155	09/2022	USD	129,648,750	—	(691,944)
U.S. Ultra Treasury Bond	515	09/2022	USD	79,487,031	—	(825,965)
Total					2,381,023	(3,276,545)

Short futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
S&P 500 Index E-mini	(2,025)	09/2022	USD	(383,686,875)	22,646,041	—

Put option contracts purchased
Description	Counterparty	Trading currency	Notional amount	Number of contracts	Exercise price/Rate	Expiration date	Cost ($)	Value ($)
S&P 500 Index	JPMorgan	USD	439,861,156	1,162	3,100.00	12/15/2023	21,142,647	21,398,230
S&P 500 Index	JPMorgan	USD	185,483,620	490	3,600.00	12/15/2023	12,202,353	15,420,300
S&P 500 Index	JPMorgan	USD	246,049,700	650	3,300.00	12/15/2023	11,480,332	14,768,000
Total							44,825,332	51,586,530

Notes to Portfolio of Investments

(a)

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Capital gain distributions($)	Realized gain (loss)($)	Dividends — affiliated issuers ($)	End of period shares
Columbia Short-Term Cash Fund, 1.247%
	863,475,796	787,255,702	(1,083,751,366)	(54,790)	566,925,342	—	(222,811)	1,382,661	567,265,702
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares
	255,639,174	4,401,000	(1,979,390)	(50,797,062)	207,263,722	—	996,407	—	2,907,740
Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares
	635,588,887	15,301,025	(2,948,866)	(128,078,700)	519,862,346	—	476,231	—	16,571,959
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares
	45,803,464	202,364	(989,512)	(2,948,589)	42,067,727	—	(72,576)	—	4,577,554
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares
	45,936,176	6,899,189	(121,297)	(10,199,650)	42,514,418	—	(35,936)	—	4,875,507
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares
	253,258,260	6,182,227	(1,480,472)	(51,339,391)	206,620,624	—	72,575	—	14,074,974
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares
	256,118,120	—	(7,064,187)	(31,021,481)	218,032,452	—	3,554,743	—	6,559,340
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares
	30,561,046	231,854	(491,612)	(2,838,005)	27,463,283	—	(60,648)	—	2,934,111
CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares
	15,298,723	155,173	(15,921,797)	467,901	—	79,283	(1,094,035)	34,418	—

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

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Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Notes to Portfolio of Investments (continued)

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Capital gain distributions($)	Realized gain (loss)($)	Dividends — affiliated issuers ($)	End of period shares
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares
	76,844,876	671,831	(568,403)	(9,041,833)	67,906,471	—	(50,024)	—	6,838,517
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares
	240,855,395	26,517,232	—	(100,671,971)	166,700,656	—	—	—	4,597,371
CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares
	252,277,866	36,020,832	(597,784)	(71,623,144)	216,077,770	—	(167,762)	—	5,086,577
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares
	255,683,444	—	(8,754,253)	(25,185,612)	221,743,579	—	242,667	—	7,315,855
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares
	92,111,286	761,746	(859,521)	(10,116,175)	81,897,336	—	(103,556)	—	8,575,637
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares
	153,959,658	1,103,977	(1,523,846)	(16,177,489)	137,362,300	—	(163,990)	—	13,819,145
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares
	522,152,273	9,731,867	(1,729,383)	(100,311,516)	429,843,241	—	(71,793)	—	14,725,702
Total	3,995,564,444			(609,937,507)	3,152,281,267	79,283	3,299,492	1,417,079

(b)	Non-income producing investment.
(c)	Represents a security purchased on a when-issued basis.
(d)	The rate shown is the seven-day current annualized yield at June 30, 2022.

Abbreviation Legend

TBA	To Be Announced

Currency Legend

USD

US Dollar

Fair value measurements

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).

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

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Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Fair value measurements (continued)
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 following table is a summary of the inputs used to value the Fund’s investments at June 30, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Assets at NAV ($)	Total ($)
Investments in Securities
Equity Funds	—	—	—	2,186,144,390	2,186,144,390
Exchange-Traded Fixed Income Funds	338,669,313	—	—	—	338,669,313
Fixed Income Funds	—	—	—	399,211,535	399,211,535
Residential Mortgage-Backed Securities - Agency	—	473,993,655	—	—	473,993,655
Options Purchased Puts	51,586,530	—	—	—	51,586,530
Money Market Funds	566,925,342	—	—	—	566,925,342
Total Investments in Securities	957,181,185	473,993,655	—	2,585,355,925	4,016,530,765
Investments in Derivatives
Asset
Futures Contracts	25,027,064	—	—	—	25,027,064
Liability
Futures Contracts	(3,276,545)	—	—	—	(3,276,545)
Total	978,931,704	473,993,655	—	2,585,355,925	4,038,281,284

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

Futures contracts are valued at unrealized appreciation (depreciation).

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

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Statement of Assets and Liabilities
June 30, 2022 (Unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $859,417,479)	$812,662,968
Affiliated issuers (cost $2,589,521,270)	3,152,281,267
Options purchased (cost $44,825,332)	51,586,530
Cash	408,000
Cash collateral held at broker for:
TBA	13,283,682
Margin deposits on:
Futures contracts	45,618,508
Receivable for:
Investments sold	1,910,622
Investments sold on a delayed delivery basis	509,660,007
Capital shares sold	993
Dividends	534,944
Interest	417,709
Variation margin for futures contracts	8,146,694
Prepaid expenses	25,606
Trustees’ deferred compensation plan	66,247
Total assets	4,596,603,777
Liabilities
Payable for:
Investments purchased on a delayed delivery basis	990,872,104
Capital shares purchased	2,730,453
Variation margin for futures contracts	2,075,545
Management services fees	20,490
Distribution and/or service fees	24,668
Service fees	180,419
Compensation of board members	33,532
Other expenses	42,034
Trustees’ deferred compensation plan	66,247
Total liabilities	996,045,492
Net assets applicable to outstanding capital stock	$3,600,558,285
Represented by
Trust capital	$3,600,558,285
Total - representing net assets applicable to outstanding capital stock	$3,600,558,285
Class 1
Net assets	$5,306,119
Shares outstanding	373,735
Net asset value per share	$14.20
Class 2
Net assets	$3,595,252,166
Shares outstanding	255,360,678
Net asset value per share	$14.08

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

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Statement of Operations
Six Months Ended June 30, 2022 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$3,457,771
Dividends — affiliated issuers	1,417,079
Interest	27
Total income	4,874,877
Expenses:
Management services fees	4,053,149
Distribution and/or service fees
Class 2	4,877,083
Service fees	1,171,030
Compensation of board members	27,055
Custodian fees	13,646
Printing and postage fees	15,628
Audit fees	14,669
Legal fees	25,403
Compensation of chief compliance officer	552
Other	23,199
Total expenses	10,221,414
Net investment loss	(5,346,537)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(43,444,221)
Investments — affiliated issuers	3,299,492
Capital gain distributions from underlying affiliated funds	79,283
Foreign currency translations	(478)
Futures contracts	(112,686,853)
Options purchased	(12,132,578)
Net realized loss	(164,885,355)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(47,404,873)
Investments — affiliated issuers	(609,937,507)
Futures contracts	7,082,958
Options purchased	39,718,444
Net change in unrealized appreciation (depreciation)	(610,540,978)
Net realized and unrealized loss	(775,426,333)
Net decrease in net assets resulting from operations	$(780,772,870)

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

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Statement of Changes in Net Assets

	Six Months Ended June 30, 2022 (Unaudited)	Year Ended December 31, 2021
Operations
Net investment loss	$(5,346,537)	$(7,843,953)
Net realized gain (loss)	(164,885,355)	189,461,246
Net change in unrealized appreciation (depreciation)	(610,540,978)	383,920,619
Net increase (decrease) in net assets resulting from operations	(780,772,870)	565,537,912
Increase in net assets from capital stock activity	22,382,903	180,652,200
Total increase (decrease) in net assets	(758,389,967)	746,190,112
Net assets at beginning of period	4,358,948,252	3,612,758,140
Net assets at end of period	$3,600,558,285	$4,358,948,252

	Six Months Ended		Year Ended
	June 30, 2022 (Unaudited)		December 31, 2021
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class 1
Subscriptions	92,196	1,449,599	251,684	4,135,628
Redemptions	(1,380)	(20,645)	(31,525)	(496,660)
Net increase	90,816	1,428,954	220,159	3,638,968
Class 2
Subscriptions	4,242,333	65,864,748	16,030,706	259,886,326
Redemptions	(2,907,006)	(44,910,799)	(5,320,073)	(82,873,094)
Net increase	1,335,327	20,953,949	10,710,633	177,013,232
Total net increase	1,426,143	22,382,903	10,930,792	180,652,200

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

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Variable Portfolio – U.S. Flexible Growth Fund | Semiannual Report 2022

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Financial Highlights

	Net asset value, beginning of period	Net investment income (loss)	Net realized and unrealized gain (loss)	Total from investment operations
Class 1
Six Months Ended 6/30/2022 (Unaudited)	$17.26	(0.00)^(c)	(3.06)	(3.06)
Year Ended 12/31/2021	$14.91	0.01	2.34	2.35
Year Ended 12/31/2020	$14.19	0.05	0.67	0.72
Year Ended 12/31/2019^(f)	$12.62	0.06	1.51	1.57
Class 2
Six Months Ended 6/30/2022 (Unaudited)	$17.14	(0.02)	(3.04)	(3.06)
Year Ended 12/31/2021	$14.84	(0.03)	2.33	2.30
Year Ended 12/31/2020	$14.16	0.02	0.66	0.68
Year Ended 12/31/2019	$11.78	0.08	2.30	2.38
Year Ended 12/31/2018	$12.26	0.05	(0.53)	(0.48)
Year Ended 12/31/2017	$10.35	0.02	1.89	1.91

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)	Rounds to zero.
(d)	Annualized.
(e)	Ratios include interest on collateral expense which is less than 0.01%.
(f)	Class 1 shares commenced operations on February 20, 2019. Per share data and total return reflect activity from that date.

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

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Table of Contents

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 (loss) ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class 1
Six Months Ended 6/30/2022 (Unaudited)	$14.20	(17.73%)	0.27%^(d)	0.27%^(d)	(0.02%)^(d)	90%	$5,306
Year Ended 12/31/2021	$17.26	15.76%	0.27%^(e)	0.27%^(e)	0.06%	189%	$4,884
Year Ended 12/31/2020	$14.91	5.07%	0.28%	0.28%	0.34%	279%	$936
Year Ended 12/31/2019^(f)	$14.19	12.44%	0.30%^(d)	0.30%^(d)	0.52%^(d)	132%	$132
Class 2
Six Months Ended 6/30/2022 (Unaudited)	$14.08	(17.85%)	0.52%^(d)	0.52%^(d)	(0.27%)^(d)	90%	$3,595,252
Year Ended 12/31/2021	$17.14	15.50%	0.52%^(e)	0.52%^(e)	(0.20%)	189%	$4,354,064
Year Ended 12/31/2020	$14.84	4.80%	0.53%	0.53%	0.14%	279%	$3,611,822
Year Ended 12/31/2019	$14.16	20.20%	0.54%	0.54%	0.57%	132%	$3,032,993
Year Ended 12/31/2018	$11.78	(3.92%)	0.55%	0.55%	0.38%	44%	$1,705,527
Year Ended 12/31/2017	$12.26	18.45%	0.55%	0.55%	0.17%	9%	$998,296

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

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Notes to Financial Statements
June 30, 2022 (Unaudited)

Note 1. Organization

Variable Portfolio – U.S. Flexible Growth 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

Note 2. Summary of significant accounting policies

Basis of preparation

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security valuation

Investments in the Underlying Funds (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Foreign currency transactions and translations

Derivative instruments

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

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 CCP 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.

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 produce incremental earnings, to manage the duration and yield curve exposure of the Fund versus the benchmark, to manage exposure to movements in interest rates, to manage exposure to the securities market and to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. 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.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

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.

Options contracts

Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund purchased option contracts to decrease the Fund’s exposure to equity market risk, to protect gains and to produce incremental earnings. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.

Effects of derivative transactions in the financial statements

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, 2022:

	Asset derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Equity risk	Component of trust capital — unrealized appreciation on futures contracts	25,027,064*
Equity risk	Investments, at value — Options Purchased	51,586,530
Total		76,613,594

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

	Liability derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Interest rate risk	Component of trust capital - unrealized depreciation on futures contracts	3,276,545*

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

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Futures contracts ($)	Options contracts purchased ($)	Total ($)
Equity risk	(68,576,724)	(12,132,578)	(80,709,302)
Interest rate risk	(44,110,129)	—	(44,110,129)
Total	(112,686,853)	(12,132,578)	(124,819,431)

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Futures contracts ($)	Options contracts purchased ($)	Total ($)
Equity risk	11,584,059	39,718,444	51,302,503
Interest rate risk	(4,501,101)	—	(4,501,101)
Total	7,082,958	39,718,444	46,801,402

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended June 30, 2022:

Derivative instrument	Average notional amounts ($)*
Futures contracts — long	869,015,793
Futures contracts — short	322,895,381

Derivative instrument	Average value ($)*
Options contracts — purchased	59,356,390

*	Based on the ending quarterly outstanding amounts for the six months ended June 30, 2022.

Asset- and mortgage-backed securities

Delayed delivery securities

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

To be announced securities

Mortgage dollar roll transactions

Offsetting of assets and liabilities

	JPMorgan ($)
Assets
Options purchased puts	51,586,530
Total financial and derivative net assets	51,586,530
Total collateral received (pledged) ^(a)	-
Net amount ^(b)	51,586,530

(a)	In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(b)	Represents the net amount due from/(to) counterparties in the event of default.

Security transactions

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Income recognition

Corporate actions and dividend income are recorded on the ex-dividend date.

Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.

Expenses

Determination of class net asset value

Federal income tax status

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Guarantees and indemnifications

Note 3. Fees and other transactions with affiliates

Management services fees and underlying fund fees

Compensation of board members

Compensation of Chief Compliance Officer

Service fees

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

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, 2022 was 0.06% of the Fund’s average daily net assets.

Distribution and/or service fees

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, including indirect expenses of the Underlying Funds, 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:

	May 1, 2022 through April 30, 2023	Prior to May 1, 2022
Class 1	0.79%	0.80%
Class 2	1.04	1.05

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), 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. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $3,664,644,711 and $3,239,428,938, respectively, for the six months ended June 30, 2022, of which $3,439,417,078 and $3,190,876,311, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 6. Interfund lending

The Fund did not borrow or lend money under the Interfund Program during the six months ended June 30, 2022.

Note 7. Line of credit

The Fund had no borrowings during the six months ended June 30, 2022.

Note 8. Significant risks

Derivatives risk

Market risk

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Shareholder concentration risk

Note 9. Subsequent events

Note 10. Information regarding pending and settled legal proceedings

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

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Liquidity Risk Management Program

(Unaudited)

•	the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders;
•	there were no material changes to the Program during the period;
•	the implementation of the Program was effective to manage the Fund’s liquidity risk; and
•	the Program operated adequately during the period.

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 Variable Portfolio - U.S. Flexible Growth 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).

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Approval of Management Agreement (continued)
(Unaudited)

•	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 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, 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

•	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

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Investment performance

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

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

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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, to groups of related funds and to the Investment Manager as a whole, 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 provided 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.

Variable Portfolio – U.S. Flexible Growth Fund | Semiannual Report 2022

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Variable Portfolio – U.S. Flexible Growth Fund

P.O. Box 219104

Kansas City, MO 64121-9104

SAR7060_12_A01_(08/22)

SemiAnnual Report
June 30, 2022 (Unaudited)

Variable Portfolio – U.S. Flexible Moderate Growth Fund

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

Table of Contents

Fund at a Glance	3
Understanding Your Fund’s Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	10
Statement of Operations	11
Statement of Changes in Net Assets	12
Financial Highlights	14
Notes to Financial Statements	16
Liquidity Risk Management Program	28
Approval of Management Agreement	28

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Variable Portfolio – U.S. Flexible Moderate Growth Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

Additional Fund information

Fund investment manager

Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

Fund distributor

Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Variable Portfolio – U.S. Flexible Moderate Growth Fund | Semiannual Report 2022

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Fund at a Glance
(Unaudited)

Investment objective

The Fund pursues total return while seeking to manage the Fund’s exposure to equity market volatility.

Portfolio management

Brian Virginia

Lead Portfolio Manager

Managed Fund since 2016

Anwiti Bahuguna, Ph.D.

Portfolio Manager

Managed Fund since 2016

David Weiss, CFA

Portfolio Manager

Managed Fund since 2016

Joshua Kutin, CFA

Portfolio Manager

Managed Fund since 2018

Average annual total returns (%) (for the period ended June 30, 2022)
	Inception	6 Months cumulative	1 Year	5 Years	Life
Class 1*	02/20/19	-16.04	-11.92	4.04	5.17
Class 2	11/02/16	-16.14	-12.12	3.88	5.03
Blended Benchmark		-15.15	-10.20	6.33	7.07
Bloomberg U.S. Aggregate Bond Index		-10.35	-10.29	0.88	0.75
S&P 500 Index		-19.96	-10.62	11.31	13.05

The Blended Benchmark consists of 50% Bloomberg U.S. Aggregate Bond Index and 50% S&P 500 Index.

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.

Variable Portfolio – U.S. Flexible Moderate Growth Fund | Semiannual Report 2022

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Fund at a Glance (continued)
(Unaudited)

Portfolio Allocation (%) (at June 30, 2022)
Allocations to Underlying Funds
Equity Funds	42.1
U.S. Large Cap	42.1
Exchange-Traded Fixed Income Funds	7.9
Investment Grade	7.9
Fixed Income Funds	23.5
Investment Grade	23.5
Allocations to Tactical Assets
Money Market Fund Shares Held to Cover Open Derivatives Instruments^(a)	15.7
Options Purchased Puts	1.0
Residential Mortgage-Backed Securities - Agency	9.8
Total	100.0

(a)

Percentages indicated are based upon total investments including options purchased and excluding all other investments in derivatives, if any. The Fund’s portfolio composition is subject to change.

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Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

January 1, 2022 — June 30, 2022
	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)	Effective expenses paid during the period ($)		Fund’s effective annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual	Actual	Hypothetical	Actual
Class 1	1,000.00	1,000.00	839.60	1,023.41	1.28	1.40	0.28	3.10	3.41	0.68
Class 2	1,000.00	1,000.00	838.60	1,022.17	2.42	2.66	0.53	4.24	4.66	0.93

Variable Portfolio – U.S. Flexible Moderate Growth Fund | Semiannual Report 2022

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Portfolio of Investments
June 30, 2022 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Equity Funds 46.1%
	Shares	Value ($)
U.S. Large Cap 46.1%
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares^(a),(b)	1,335,420	95,188,772
Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares^(a),(b)	6,666,773	209,136,662
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares^(a),(b)	6,459,051	94,818,864
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares^(a),(b)	2,587,350	86,003,499
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares^(a),(b)	1,713,911	62,146,428
CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares^(a),(b)	2,055,784	87,329,697
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares^(a),(b)	2,883,636	87,403,012
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares^(a),(b)	5,737,743	167,484,715
Total		889,511,649
Total Equity Funds (Cost $616,403,019)		889,511,649

Exchange-Traded Fixed Income Funds 8.7%

Investment Grade 8.7%
iShares iBoxx $ Investment Grade Corporate Bond ETF	770,363	84,763,041
Vanguard Intermediate-Term Corporate Bond ETF	1,030,000	82,420,600
Total		167,183,641
Total Exchange-Traded Fixed Income Funds (Cost $186,770,733)		167,183,641

Fixed Income Funds 25.7%

Investment Grade 25.7%
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares^(a)	9,652,670	86,584,451
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares^(a)	3,226,913	29,655,328
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares^(a)	5,067,311	44,186,950
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares^(a)	3,119,181	29,195,539

Fixed Income Funds (continued)
	Shares	Value ($)
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares^(a)	12,475,257	123,879,298
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares^(a)	10,714,961	102,327,881
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares^(a)	8,131,569	80,827,797
Total		496,657,244
Total Fixed Income Funds (Cost $558,114,995)		496,657,244

Residential Mortgage-Backed Securities - Agency 10.7%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Uniform Mortgage-Backed Security TBA^(c)
08/16/2037	2.000%	17,575,000	16,409,970
08/16/2037- 08/11/2052	2.500%	92,595,000	84,535,724
08/11/2052	3.000%	113,100,000	105,331,001
Total Residential Mortgage-Backed Securities - Agency (Cost $204,111,542)			206,276,695

Options Purchased Puts 1.1%
				Value ($)
(Cost $18,374,405)				20,981,100

Money Market Funds 17.1%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 1.247%^(a),(d)	330,533,725	330,335,405
Total Money Market Funds (Cost $330,404,488)		330,335,405
Total Investments in Securities (Cost: $1,914,179,182)		2,110,945,734
Other Assets & Liabilities, Net		(181,783,461)
Net Assets		1,929,162,273

At June 30, 2022, securities and/or cash totaling $24,803,704 were pledged as collateral.

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

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Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Investments in derivatives

Long futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
S&P 500 Index E-mini	500	09/2022	USD	94,737,500	833,702	—
U.S. Long Bond	344	09/2022	USD	47,687,000	—	(254,875)
U.S. Treasury 10-Year Note	356	09/2022	USD	42,197,125	—	(239,864)
U.S. Treasury 2-Year Note	436	09/2022	USD	91,566,813	—	(265,318)
U.S. Treasury 5-Year Note	794	09/2022	USD	89,126,500	—	(475,674)
U.S. Ultra Treasury Bond	203	09/2022	USD	31,331,781	—	(325,574)
Total					833,702	(1,561,305)

Short futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
S&P 500 Index E-mini	(818)	09/2022	USD	(154,990,550)	9,307,731	—

Put option contracts purchased
Description	Counterparty	Trading currency	Notional amount	Number of contracts	Exercise price/Rate	Expiration date	Cost ($)	Value ($)
S&P 500 Index	JPMorgan	USD	193,054,380	510	3,100.00	12/15/2023	9,279,475	9,391,650
S&P 500 Index	JPMorgan	USD	73,814,910	195	3,600.00	12/15/2023	4,856,038	6,136,650
S&P 500 Index	JPMorgan	USD	90,849,120	240	3,300.00	12/15/2023	4,238,892	5,452,800
Total							18,374,405	20,981,100

Notes to Portfolio of Investments

(a)

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Capital gain distributions($)	Realized gain (loss)($)	Dividends — affiliated issuers ($)	End of period shares
Columbia Short-Term Cash Fund, 1.247%
	467,563,046	397,975,195	(535,154,522)	(48,314)	330,335,405	—	(104,756)	784,054	330,533,725
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares
	119,713,656	1,987,000	(2,350,524)	(24,161,360)	95,188,772	—	1,055,098	—	1,335,420
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares
	99,622,469	746,895	(994,152)	(12,790,761)	86,584,451	—	(178,028)	—	9,652,670
Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares
	261,753,036	4,376,887	(3,200,786)	(53,792,475)	209,136,662	—	1,676,121	—	6,666,773
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares
	33,053,544	125,148	(1,456,999)	(2,066,365)	29,655,328	—	(104,716)	—	3,226,913
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares
	49,956,687	5,449,938	(191,779)	(11,027,896)	44,186,950	—	(55,931)	—	5,067,311
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares
	118,745,126	2,085,133	(2,098,512)	(23,912,883)	94,818,864	—	59,957	—	6,459,051
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares
	105,623,657	—	(7,664,802)	(11,955,356)	86,003,499	—	1,111,322	—	2,587,350
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares
	32,858,215	254,191	(921,794)	(2,995,073)	29,195,539	—	(122,711)	—	3,119,181

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

Variable Portfolio – U.S. Flexible Moderate Growth Fund | Semiannual Report 2022

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Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Notes to Portfolio of Investments (continued)

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Capital gain distributions($)	Realized gain (loss)($)	Dividends — affiliated issuers ($)	End of period shares
CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares
	16,481,497	174,106	(17,155,649)	500,046	—	85,272	(1,173,998)	37,018	—
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares
	141,699,465	859,944	(2,207,268)	(16,472,843)	123,879,298	—	(248,828)	—	12,475,257
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares
	93,568,517	7,366,034	(1)	(38,788,122)	62,146,428	—	—	—	1,713,911
CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares
	103,111,784	13,754,672	(601,773)	(28,934,986)	87,329,697	—	(128,329)	—	2,055,784
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares
	104,257,247	—	(5,912,012)	(10,942,223)	87,403,012	—	1,024,369	—	2,883,636
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares
	116,435,069	703,284	(2,226,025)	(12,584,447)	102,327,881	—	(305,402)	—	10,714,961
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares
	91,408,599	554,571	(1,617,767)	(9,517,606)	80,827,797	—	(177,403)	—	8,131,569
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares
	208,763,783	1,777,228	(2,141,848)	(40,914,448)	167,484,715	—	1,088,503	—	5,737,743
Total	2,164,615,397			(300,405,112)	1,716,504,298	85,272	3,415,268	821,072

(b)	Non-income producing investment.
(c)	Represents a security purchased on a when-issued basis.
(d)	The rate shown is the seven-day current annualized yield at June 30, 2022.

Abbreviation Legend

TBA	To Be Announced

Currency Legend

USD

US Dollar

Fair value measurements

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).

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

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Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

The following table is a summary of the inputs used to value the Fund’s investments at June 30, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Assets at NAV ($)	Total ($)
Investments in Securities
Equity Funds	—	—	—	889,511,649	889,511,649
Exchange-Traded Fixed Income Funds	167,183,641	—	—	—	167,183,641
Fixed Income Funds	—	—	—	496,657,244	496,657,244
Residential Mortgage-Backed Securities - Agency	—	206,276,695	—	—	206,276,695
Options Purchased Puts	20,981,100	—	—	—	20,981,100
Money Market Funds	330,335,405	—	—	—	330,335,405
Total Investments in Securities	518,500,146	206,276,695	—	1,386,168,893	2,110,945,734
Investments in Derivatives
Asset
Futures Contracts	10,141,433	—	—	—	10,141,433
Liability
Futures Contracts	(1,561,305)	—	—	—	(1,561,305)
Total	527,080,274	206,276,695	—	1,386,168,893	2,119,525,862

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

Futures contracts are valued at unrealized appreciation (depreciation).

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

Variable Portfolio – U.S. Flexible Moderate Growth Fund | Semiannual Report 2022

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Statement of Assets and Liabilities
June 30, 2022 (Unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $390,882,275)	$373,460,336
Affiliated issuers (cost $1,504,922,502)	1,716,504,298
Options purchased (cost $18,374,405)	20,981,100
Cash	300,000
Cash collateral held at broker for:
TBA	5,880,739
Margin deposits on:
Futures contracts	18,922,965
Receivable for:
Investments sold	1,383,875
Investments sold on a delayed delivery basis	217,533,790
Dividends	302,191
Interest	180,844
Variation margin for futures contracts	3,547,296
Prepaid expenses	14,585
Trustees’ deferred compensation plan	49,436
Total assets	2,359,061,455
Liabilities
Payable for:
Investments purchased on a delayed delivery basis	426,866,414
Capital shares purchased	1,976,965
Variation margin for futures contracts	827,844
Management services fees	11,306
Distribution and/or service fees	13,203
Service fees	96,452
Compensation of board members	22,861
Other expenses	34,701
Trustees’ deferred compensation plan	49,436
Total liabilities	429,899,182
Net assets applicable to outstanding capital stock	$1,929,162,273
Represented by
Trust capital	$1,929,162,273
Total - representing net assets applicable to outstanding capital stock	$1,929,162,273
Class 1
Net assets	$2,907,459
Shares outstanding	218,603
Net asset value per share	$13.30
Class 2
Net assets	$1,926,254,814
Shares outstanding	145,973,599
Net asset value per share	$13.20

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

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Statement of Operations
Six Months Ended June 30, 2022 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$1,722,625
Dividends — affiliated issuers	821,072
Total income	2,543,697
Expenses:
Management services fees	2,210,077
Distribution and/or service fees
Class 2	2,617,862
Service fees	628,533
Compensation of board members	17,838
Custodian fees	12,401
Printing and postage fees	12,452
Audit fees	14,669
Legal fees	16,041
Compensation of chief compliance officer	296
Other	13,863
Total expenses	5,544,032
Net investment loss	(3,000,335)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(23,051,366)
Investments — affiliated issuers	3,415,268
Capital gain distributions from underlying affiliated funds	85,272
Foreign currency translations	(3)
Futures contracts	(45,671,740)
Options purchased	(5,468,926)
Net realized loss	(70,691,495)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(20,993,342)
Investments — affiliated issuers	(300,405,112)
Futures contracts	2,406,993
Options purchased	16,824,818
Net change in unrealized appreciation (depreciation)	(302,166,643)
Net realized and unrealized loss	(372,858,138)
Net decrease in net assets resulting from operations	$(375,858,473)

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

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Statement of Changes in Net Assets

	Six Months Ended June 30, 2022 (Unaudited)	Year Ended December 31, 2021
Operations
Net investment income (loss)	$(3,000,335)	$3,483,819
Net realized gain (loss)	(70,691,495)	114,141,661
Net change in unrealized appreciation (depreciation)	(302,166,643)	120,961,567
Net increase (decrease) in net assets resulting from operations	(375,858,473)	238,587,047
Increase (decrease) in net assets from capital stock activity	(28,768,829)	27,331,178
Total increase (decrease) in net assets	(404,627,302)	265,918,225
Net assets at beginning of period	2,333,789,575	2,067,871,350
Net assets at end of period	$1,929,162,273	$2,333,789,575

	Six Months Ended		Year Ended
	June 30, 2022 (Unaudited)		December 31, 2021
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class 1
Subscriptions	40,268	582,171	81,282	1,230,016
Redemptions	(8,419)	(122,433)	(6,183)	(92,662)
Net increase	31,849	459,738	75,099	1,137,354
Class 2
Subscriptions	1,630,233	23,780,707	6,918,485	103,394,533
Redemptions	(3,750,374)	(53,009,274)	(5,201,411)	(77,200,709)
Net increase (decrease)	(2,120,141)	(29,228,567)	1,717,074	26,193,824
Total net increase (decrease)	(2,088,292)	(28,768,829)	1,792,173	27,331,178

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

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Financial Highlights

	Net asset value, beginning of period	Net investment income (loss)	Net realized and unrealized gain (loss)	Total from investment operations
Class 1
Six Months Ended 6/30/2022 (Unaudited)	$15.84	(0.00)^(c)	(2.54)	(2.54)
Year Ended 12/31/2021	$14.18	0.07	1.59	1.66
Year Ended 12/31/2020	$13.41	0.08	0.69	0.77
Year Ended 12/31/2019^(f)	$12.05	0.20	1.16	1.36
Class 2
Six Months Ended 6/30/2022 (Unaudited)	$15.74	(0.02)	(2.52)	(2.54)
Year Ended 12/31/2021	$14.12	0.02	1.60	1.62
Year Ended 12/31/2020	$13.38	0.06	0.68	0.74
Year Ended 12/31/2019	$11.38	0.13	1.87	2.00
Year Ended 12/31/2018	$11.76	0.09	(0.47)	(0.38)
Year Ended 12/31/2017	$10.21	0.06	1.49	1.55

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)	Rounds to zero.
(d)	Annualized.
(e)	Ratios include interest on collateral expense which is less than 0.01%.
(f)	Class 1 shares commenced operations on February 20, 2019. Per share data and total return reflect activity from that date.

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

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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 (loss) ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class 1
Six Months Ended 6/30/2022 (Unaudited)	$13.30	(16.04%)	0.28%^(d)	0.28%^(d)	(0.03%)^(d)	82%	$2,907
Year Ended 12/31/2021	$15.84	11.71%	0.28%^(e)	0.28%^(e)	0.44%	175%	$2,959
Year Ended 12/31/2020	$14.18	5.74%	0.29%	0.29%	0.63%	232%	$1,583
Year Ended 12/31/2019^(f)	$13.41	11.29%	0.30%^(d)	0.30%^(d)	1.84%^(d)	125%	$299
Class 2
Six Months Ended 6/30/2022 (Unaudited)	$13.20	(16.14%)	0.53%^(d)	0.53%^(d)	(0.29%)^(d)	82%	$1,926,255
Year Ended 12/31/2021	$15.74	11.47%	0.53%^(e)	0.53%^(e)	0.16%	175%	$2,330,831
Year Ended 12/31/2020	$14.12	5.53%	0.54%	0.54%	0.48%	232%	$2,066,289
Year Ended 12/31/2019	$13.38	17.57%	0.55%	0.55%	1.05%	125%	$1,832,787
Year Ended 12/31/2018	$11.38	(3.23%)	0.56%	0.56%	0.74%	42%	$1,142,028
Year Ended 12/31/2017	$11.76	15.18%	0.56%	0.56%	0.56%	9%	$715,814

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

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Notes to Financial Statements
June 30, 2022 (Unaudited)

Note 1. Organization

Variable Portfolio – U.S. Flexible Moderate Growth 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

Note 2. Summary of significant accounting policies

Basis of preparation

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security valuation

Investments in the Underlying Funds (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Foreign currency transactions and translations

Derivative instruments

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

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 produce incremental earnings, to manage the duration and yield curve exposure of the Fund versus the benchmark, to manage exposure to movements in interest rates, to manage exposure to the securities market and to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. 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.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Options contracts

Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund purchased option contracts to produce incremental earnings, to decrease the Fund’s exposure to equity market risk and to protect gains. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.

Effects of derivative transactions in the financial statements

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, 2022:

	Asset derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Equity risk	Component of trust capital — unrealized appreciation on futures contracts	10,141,433*
Equity risk	Investments, at value — Options Purchased	20,981,100
Total		31,122,533

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

	Liability derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Interest rate risk	Component of trust capital - unrealized depreciation on futures contracts	1,561,305*

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

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Futures contracts ($)	Options contracts purchased ($)	Total ($)
Equity risk	(22,631,255)	(5,468,926)	(28,100,181)
Interest rate risk	(23,040,485)	—	(23,040,485)
Total	(45,671,740)	(5,468,926)	(51,140,666)

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Futures contracts ($)	Options contracts purchased ($)	Total ($)
Equity risk	4,737,588	16,824,818	21,562,406
Interest rate risk	(2,330,595)	—	(2,330,595)
Total	2,406,993	16,824,818	19,231,811

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended June 30, 2022:

Derivative instrument	Average notional amounts ($)*
Futures contracts — long	416,056,727
Futures contracts — short	138,094,057

Derivative instrument	Average value ($)*
Options contracts — purchased	24,272,700

*	Based on the ending quarterly outstanding amounts for the six months ended June 30, 2022.

Asset- and mortgage-backed securities

Delayed delivery securities

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

To be announced securities

Mortgage dollar roll transactions

Offsetting of assets and liabilities

	JPMorgan ($)
Assets
Options purchased puts	20,981,100
Total financial and derivative net assets	20,981,100
Total collateral received (pledged) ^(a)	-
Net amount ^(b)	20,981,100

(a)	In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(b)	Represents the net amount due from/(to) counterparties in the event of default.

Security transactions

Income recognition

Corporate actions and dividend income are recorded on the ex-dividend date.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.

Expenses

Determination of class net asset value

Federal income tax status

Guarantees and indemnifications

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Note 3. Fees and other transactions with affiliates

Management services fees and underlying fund fees

Compensation of board members

Compensation of Chief Compliance Officer

Service fees

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Distribution and/or service fees

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, including indirect expenses of the Underlying Funds, 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:

	May 1, 2022 through April 30, 2023	Prior to May 1, 2022
Class 1	0.79%	0.80%
Class 2	1.04	1.05

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), 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. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $1,663,499,958 and $1,564,311,480, respectively, for the six months ended June 30, 2022, of which $1,551,006,707 and $1,497,667,981, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Note 6. Interfund lending

The Fund did not borrow or lend money under the Interfund Program during the six months ended June 30, 2022.

Note 7. Line of credit

The Fund had no borrowings during the six months ended June 30, 2022.

Note 8. Significant risks

Derivatives risk

Market risk

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

such as terrorism, war, 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.

Shareholder concentration risk

Note 9. Subsequent events

Note 10. Information regarding pending and settled legal proceedings

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

(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.

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Liquidity Risk Management Program

(Unaudited)

•	the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders;
•	there were no material changes to the Program during the period;
•	the implementation of the Program was effective to manage the Fund’s liquidity risk; and
•	the Program operated adequately during the period.

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 Variable Portfolio - U.S. Flexible Moderate Growth 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).

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Approval of Management Agreement (continued)
(Unaudited)

•	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 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, 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

•	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

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Investment performance

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

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

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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, to groups of related funds and to the Investment Manager as a whole, 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 provided 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.

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Variable Portfolio – U.S. Flexible Moderate Growth Fund

P.O. Box 219104

Kansas City, MO 64121-9104

SAR7061_12_A01_(08/22)

SemiAnnual Report
June 30, 2022 (Unaudited)

Variable Portfolio – Managed Risk Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts 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

Fund at a Glance	3
Understanding Your Fund’s Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	11
Statement of Operations	12
Statement of Changes in Net Assets	13
Financial Highlights	14
Notes to Financial Statements	16
Liquidity Risk Management Program	30
Approval of Management Agreement	30

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Variable Portfolio – Managed Risk Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

Additional Fund information

Fund investment manager

Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

Fund distributor

Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

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Fund at a Glance
(Unaudited)

Investment objective

The Fund pursues total return while seeking to manage the Fund’s exposure to equity market volatility.

Portfolio management

Brian Virginia

Lead Portfolio Manager

Managed Fund since 2017

Anwiti Bahuguna, Ph.D.

Portfolio Manager

Managed Fund since 2017

David Weiss, CFA

Portfolio Manager

Managed Fund since 2017

Joshua Kutin, CFA

Portfolio Manager

Managed Fund since 2018

Average annual total returns (%) (for the period ended June 30, 2022)
	Inception	6 Months cumulative	1 Year	Life
Class 1*	02/20/19	-16.10	-12.59	3.01
Class 2	09/12/17	-16.14	-12.75	2.83
Blended Benchmark		-15.52	-12.47	4.45
Bloomberg U.S. Aggregate Bond Index		-10.35	-10.29	0.67
Russell 3000 Index		-21.10	-13.87	10.35
MSCI EAFE Index (Net)		-19.57	-17.77	1.26

The Blended Benchmark consists of 50% Bloomberg U.S. Aggregate Bond Index, 35% Russell 3000 Index and 15% MSCI EAFE Index (Net).

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Fund at a Glance (continued)
(Unaudited)

Portfolio Allocation (%) (at June 30, 2022)
Allocations to Underlying Funds
Equity Funds	50.3
International	16.1
U.S. Large Cap	29.6
U.S. Small Cap	4.6
Exchange-Traded Equity Funds	1.4
International Mid Large Cap	0.2
U.S. Mid Cap	1.2
Exchange-Traded Fixed Income Funds	6.1
Investment Grade	6.1
Fixed Income Funds	28.4
Investment Grade	28.4
Allocations to Tactical Assets
Money Market Fund Shares Held to Cover Open Derivatives Instruments^(a)	5.8
Options Purchased Puts	1.2
Residential Mortgage-Backed Securities - Agency	6.8
Total	100.0

(a)

Percentages indicated are based upon total investments including options purchased and excluding all other investments in derivatives, if any. The Fund’s portfolio composition is subject to change.

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Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

January 1, 2022 — June 30, 2022
	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)	Effective expenses paid during the period ($)		Fund’s effective annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual	Actual	Hypothetical	Actual
Class 1	1,000.00	1,000.00	839.00	1,023.55	1.14	1.25	0.25	3.60	3.96	0.79
Class 2	1,000.00	1,000.00	838.60	1,022.32	2.28	2.51	0.50	4.74	5.21	1.04

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

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Portfolio of Investments
June 30, 2022 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Equity Funds 52.9%
	Shares	Value ($)
International 16.9%
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares^(a)	1,688,797	18,779,422
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares^(a)	2,438,418	20,555,867
Total		39,335,289
U.S. Large Cap 31.1%
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares^(a),(b)	189,951	13,539,685
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares^(a),(b)	911,879	13,386,384
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares^(a),(b)	1,549,574	45,232,067
Total		72,158,136
U.S. Small Cap 4.9%
Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares^(a),(b)	210,923	5,585,243
Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares^(a),(b)	182,247	5,717,074
Total		11,302,317
Total Equity Funds (Cost $121,303,073)		122,795,742

Exchange-Traded Equity Funds 1.5%

International Mid Large Cap 0.3%
iShares MSCI EAFE ETF	10,000	624,900
U.S. Mid Cap 1.2%
iShares Core S&P Mid-Cap ETF	12,500	2,827,875
Total Exchange-Traded Equity Funds (Cost $4,089,200)		3,452,775

Exchange-Traded Fixed Income Funds 6.4%

Investment Grade 6.4%
iShares Core U.S. Aggregate Bond ETF	5,750	584,660
iShares iBoxx $ Investment Grade Corporate Bond ETF	62,220	6,846,067
Vanguard Intermediate-Term Corporate Bond ETF	87,000	6,961,740
Vanguard Total Bond Market ETF	5,000	376,300
Total		14,768,767
Total Exchange-Traded Fixed Income Funds (Cost $16,126,987)		14,768,767

Fixed Income Funds 29.9%
	Shares	Value ($)
Investment Grade 29.9%
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares^(a)	3,419,148	30,669,756
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares^(a)	3,900,116	38,767,153
Total		69,436,909
Total Fixed Income Funds (Cost $77,239,890)		69,436,909

Residential Mortgage-Backed Securities - Agency 7.1%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Uniform Mortgage-Backed Security TBA^(c)
08/16/2037	2.000%	1,548,000	1,445,384
08/16/2037- 08/11/2052	2.500%	8,823,000	8,044,541
08/11/2052	3.000%	7,501,000	6,985,746
Total Residential Mortgage-Backed Securities - Agency (Cost $16,303,892)			16,475,671

Options Purchased Puts 1.2%
				Value ($)
(Cost $2,463,370)				2,913,705

Money Market Funds 6.1%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 1.247%^(a),(d)	14,257,111	14,248,557
Total Money Market Funds (Cost $14,249,518)		14,248,557
Total Investments in Securities (Cost: $251,775,930)		244,092,126
Other Assets & Liabilities, Net		(11,881,789)
Net Assets		232,210,337

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

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Table of Contents

Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

At June 30, 2022, securities and/or cash totaling $4,402,548 were pledged as collateral.

Investments in derivatives

Forward foreign currency exchange contracts
Currency to be sold	Currency to be purchased	Counterparty	Settlement date	Unrealized appreciation ($)	Unrealized depreciation ($)
5,000,000 EUR	5,298,525 USD	Barclays	08/19/2022	41,800	—
2,000,000 GBP	2,458,072 USD	Barclays	08/19/2022	21,372	—
1,750,000 CHF	1,821,636 USD	Citi	08/19/2022	—	(17,230)
240,000,000 JPY	1,769,742 USD	Citi	08/19/2022	—	(4,469)
1,428,229 USD	14,000,000 NOK	Goldman Sachs International	08/19/2022	—	(5,476)
2,500,000 AUD	1,748,080 USD	UBS	08/19/2022	21,793	—
Total				84,965	(27,175)

Long futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
S&P 500 Index E-mini	102	09/2022	USD	19,326,450	320,844	—
U.S. Long Bond	17	09/2022	USD	2,356,625	—	(4,368)
U.S. Treasury 10-Year Note	46	09/2022	USD	5,452,438	—	(21,431)
U.S. Treasury 2-Year Note	4	09/2022	USD	840,063	2,962	—
U.S. Treasury 2-Year Note	47	09/2022	USD	9,870,734	—	(29,610)
U.S. Treasury 5-Year Note	6	09/2022	USD	673,500	6,927	—
U.S. Treasury 5-Year Note	67	09/2022	USD	7,520,750	—	(40,139)
U.S. Ultra Treasury Bond	2	09/2022	USD	308,688	9,996	—
U.S. Ultra Treasury Bond	15	09/2022	USD	2,315,156	—	(24,057)
Total					340,729	(119,605)

Short futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
EURO STOXX 50 Index	(116)	09/2022	EUR	(3,991,560)	178,288	—
FTSE 100 Index	(16)	09/2022	GBP	(1,139,360)	27,001	—
MSCI Singapore Index	(10)	07/2022	SGD	(280,550)	7,570	—
OMXS30 Index	(120)	07/2022	SEK	(22,446,000)	104,901	—
Russell 2000 Index E-mini	(70)	09/2022	USD	(5,978,000)	510,781	—
S&P 500 Index E-mini	(91)	09/2022	USD	(17,242,225)	762,103	—
SPI 200 Index	(9)	09/2022	AUD	(1,453,725)	30,299	—
TOPIX Index	(19)	09/2022	JPY	(355,395,000)	93,886	—
Total					1,714,829	—

Put option contracts purchased
Description	Counterparty	Trading currency	Notional amount	Number of contracts	Exercise price/Rate	Expiration date	Cost ($)	Value ($)
S&P 500 Index	JPMorgan	USD	16,277,134	43	3,600.00	12/15/2023	998,099	1,353,210
S&P 500 Index	JPMorgan	USD	24,604,970	65	3,100.00	12/15/2023	1,182,678	1,196,975
S&P 500 Index	JPMorgan	USD	6,056,608	16	3,300.00	12/15/2023	282,593	363,520
Total							2,463,370	2,913,705

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

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Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Cleared credit default swap contracts - sell protection

Reference
entity

Counterparty

Maturity
date

Receive
fixed
rate
(%)

Payment
frequency

Implied
credit
spread
(%)*

Notional
currency

Notional
amount

Value
($)

Upfront
payments
($)

Upfront
receipts
($)

Unrealized
appreciation
($)

Unrealized
depreciation
($)

Markit CDX North America Investment Grade Index, Series 38

Morgan Stanley

06/20/2027

1.000

Quarterly

1.010

USD

6,000,000

(83,452)

—

(83,452)

Notes to Portfolio of Investments

(a)

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Capital gain distributions($)	Realized gain (loss)($)	Dividends — affiliated issuers ($)	End of period shares
Columbia Short-Term Cash Fund, 1.247%
	21,607,090	45,768,943	(53,128,080)	604	14,248,557	—	(7,065)	35,812	14,257,111
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares
	16,957,287	269,261	(276,206)	(3,410,657)	13,539,685	—	135,358	—	189,951
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares
	33,016,381	2,449,783	(573,352)	(4,223,056)	30,669,756	—	(77,942)	—	3,419,148
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares
	22,833,024	2,315,217	(299,804)	(6,069,015)	18,779,422	1,488,940	(22,903)	161,507	1,688,797
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares
	16,706,580	322,213	(264,640)	(3,377,769)	13,386,384	—	16,135	—	911,879
CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares
	11,356,709	141,901	(11,845,944)	347,334	—	57,918	(806,156)	25,143	—
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares
	35,302,819	10,429,714	(3,568,911)	(3,396,469)	38,767,153	—	(484,775)	—	3,900,116
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares
	55,671,187	1,076,798	(814,101)	(10,701,817)	45,232,067	—	43,507	—	1,549,574
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares
	25,208,512	5,425,518	(14,607)	(10,063,556)	20,555,867	3,723,912	(821)	443,225	2,438,418
Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares
	6,751,432	1,112,339	(85,562)	(2,192,966)	5,585,243	—	(12,265)	—	210,923
Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares
	6,935,989	122,125	(226,133)	(1,114,907)	5,717,074	—	(7,691)	—	182,247
Total	252,347,010			(44,202,274)	206,481,208	5,270,770	(1,224,618)	665,687

(b)	Non-income producing investment.
(c)	Represents a security purchased on a when-issued basis.
(d)	The rate shown is the seven-day current annualized yield at June 30, 2022.

Abbreviation Legend

TBA	To Be Announced

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

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Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Currency Legend

AUD	Australian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
NOK	Norwegian Krone
SEK	Swedish Krona
SGD	Singapore Dollar
USD	US Dollar

Fair value measurements

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).

The following table is a summary of the inputs used to value the Fund’s investments at June 30, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Assets at NAV ($)	Total ($)
Investments in Securities
Equity Funds	—	—	—	122,795,742	122,795,742
Exchange-Traded Equity Funds	3,452,775	—	—	—	3,452,775
Exchange-Traded Fixed Income Funds	14,768,767	—	—	—	14,768,767
Fixed Income Funds	—	—	—	69,436,909	69,436,909
Residential Mortgage-Backed Securities - Agency	—	16,475,671	—	—	16,475,671

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

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Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Fair value measurements (continued)

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Assets at NAV ($)	Total ($)
Options Purchased Puts	2,913,705	—	—	—	2,913,705
Money Market Funds	14,248,557	—	—	—	14,248,557
Total Investments in Securities	35,383,804	16,475,671	—	192,232,651	244,092,126
Investments in Derivatives
Asset
Forward Foreign Currency Exchange Contracts	—	84,965	—	—	84,965
Futures Contracts	2,055,558	—	—	—	2,055,558
Liability
Forward Foreign Currency Exchange Contracts	—	(27,175)	—	—	(27,175)
Futures Contracts	(119,605)	—	—	—	(119,605)
Swap Contracts	—	(83,452)	—	—	(83,452)
Total	37,319,757	16,450,009	—	192,232,651	246,002,417

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

Forward foreign currency exchange contracts, futures contracts and swap contracts are valued at unrealized appreciation (depreciation).

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

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Statement of Assets and Liabilities
June 30, 2022 (Unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $36,520,079)	$34,697,213
Affiliated issuers (cost $212,792,481)	206,481,208
Options purchased (cost $2,463,370)	2,913,705
Cash collateral held at broker for:
TBA	344,000
Margin deposits on:
Futures contracts	3,876,693
Swap contracts	181,855
Unrealized appreciation on forward foreign currency exchange contracts	84,965
Receivable for:
Investments sold	117,238
Investments sold on a delayed delivery basis	18,380,413
Dividends	14,196
Interest	14,330
Variation margin for futures contracts	580,649
Expense reimbursement due from Investment Manager	255
Prepaid expenses	1,644
Trustees’ deferred compensation plan	19,490
Total assets	267,707,854
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts	27,175
Payable for:
Investments purchased on a delayed delivery basis	35,112,035
Capital shares purchased	137,928
Variation margin for futures contracts	172,745
Variation margin for swap contracts	2,082
Management services fees	985
Distribution and/or service fees	1,592
Service fees	11,627
Compensation of board members	11,144
Other expenses	714
Trustees’ deferred compensation plan	19,490
Total liabilities	35,497,517
Net assets applicable to outstanding capital stock	$232,210,337
Represented by
Trust capital	$232,210,337
Total - representing net assets applicable to outstanding capital stock	$232,210,337
Class 1
Net assets	$2,747
Shares outstanding	239
Net asset value per share^(a)	$11.52
Class 2
Net assets	$232,207,590
Shares outstanding	20,324,308
Net asset value per share	$11.43

(a)	Net asset value per share rounds to this amount due to fractional shares outstanding.

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

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Statement of Operations
Six Months Ended June 30, 2022 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$198,521
Dividends — affiliated issuers	665,687
Total income	864,208
Expenses:
Management services fees	177,237
Distribution and/or service fees
Class 2	315,646
Service fees	75,702
Compensation of board members	8,458
Custodian fees	11,410
Printing and postage fees	34,518
Audit fees	15,301
Legal fees	6,477
Interest on collateral	3,737
Compensation of chief compliance officer	35
Other	3,673
Total expenses	652,194
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(24,646)
Total net expenses	627,548
Net investment income	236,660
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(2,329,664)
Investments — affiliated issuers	(1,224,618)
Capital gain distributions from underlying affiliated funds	5,270,770
Foreign currency translations	(205,454)
Forward foreign currency exchange contracts	681,134
Futures contracts	(3,263,477)
Options purchased	(263,427)
Swap contracts	(13,002)
Net realized loss	(1,347,738)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(3,226,247)
Investments — affiliated issuers	(44,202,274)
Forward foreign currency exchange contracts	57,790
Futures contracts	1,636,244
Options purchased	1,745,113
Swap contracts	(97,100)
Net change in unrealized appreciation (depreciation)	(44,086,474)
Net realized and unrealized loss	(45,434,212)
Net decrease in net assets resulting from operations	$(45,197,552)

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

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Statement of Changes in Net Assets

	Six Months Ended June 30, 2022 (Unaudited)	Year Ended December 31, 2021
Operations
Net investment income	$236,660	$1,616,481
Net realized gain (loss)	(1,347,738)	16,747,211
Net change in unrealized appreciation (depreciation)	(44,086,474)	7,607,494
Net increase (decrease) in net assets resulting from operations	(45,197,552)	25,971,186
Increase (decrease) in net assets from capital stock activity	(303,590)	21,175,850
Total increase (decrease) in net assets	(45,501,142)	47,147,036
Net assets at beginning of period	277,711,479	230,564,443
Net assets at end of period	$232,210,337	$277,711,479

	Six Months Ended		Year Ended
	June 30, 2022 (Unaudited)		December 31, 2021
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class 2
Subscriptions	521,536	6,635,789	2,210,573	28,772,763
Redemptions	(564,851)	(6,939,379)	(574,500)	(7,596,913)
Net increase (decrease)	(43,315)	(303,590)	1,636,073	21,175,850
Total net increase (decrease)	(43,315)	(303,590)	1,636,073	21,175,850

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

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Financial Highlights

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations
Class 1
Six Months Ended 6/30/2022 (Unaudited)	$13.73	0.03	(2.24)	(2.21)
Year Ended 12/31/2021	$12.37	0.12	1.24	1.36
Year Ended 12/31/2020	$11.44	0.09	0.84	0.93
Year Ended 12/31/2019^(e)	$10.48	0.15	0.81	0.96
Class 2
Six Months Ended 6/30/2022 (Unaudited)	$13.63	0.01	(2.21)	(2.20)
Year Ended 12/31/2021	$12.31	0.08	1.24	1.32
Year Ended 12/31/2020	$11.42	0.06	0.83	0.89
Year Ended 12/31/2019	$9.84	0.12	1.46	1.58
Year Ended 12/31/2018	$10.39	0.09	(0.64)	(0.55)
Year Ended 12/31/2017^(f)	$10.00	(0.00)^(g)	0.39	0.39

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	Annualized.
(d)	Ratios include interest on collateral expense. If interest on collateral expense had been excluded, expenses would have been lower by 0.01%.
(e)	Class 1 shares commenced operations on February 20, 2019. Per share data and total return reflect activity from that date.
(f)	The Fund commenced operations on September 12, 2017. Per share data and total return reflect activity from that date.
(g)	Rounds to zero.

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

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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 (loss) ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class 1
Six Months Ended 6/30/2022 (Unaudited)	$11.52	(16.10%)	0.28%^(c),(d)	0.25%^(c),(d)	0.45%^(c)	58%	$3
Year Ended 12/31/2021	$13.73	10.99%	0.25%^(d)	0.25%^(d)	0.88%	116%	$3
Year Ended 12/31/2020	$12.37	8.13%	0.25%^(d)	0.25%^(d)	0.75%	89%	$3
Year Ended 12/31/2019^(e)	$11.44	9.16%	0.25%^(c)	0.25%^(c)	1.57%^(c)	37%	$3
Class 2
Six Months Ended 6/30/2022 (Unaudited)	$11.43	(16.14%)	0.52%^(c),(d)	0.50%^(c),(d)	0.19%^(c)	58%	$232,208
Year Ended 12/31/2021	$13.63	10.72%	0.50%^(d)	0.50%^(d)	0.63%	116%	$277,708
Year Ended 12/31/2020	$12.31	7.79%	0.50%^(d)	0.50%^(d)	0.49%	89%	$230,561
Year Ended 12/31/2019	$11.42	16.06%	0.51%	0.51%	1.12%	37%	$186,750
Year Ended 12/31/2018	$9.84	(5.29%)	0.61%	0.55%	0.85%	47%	$97,370
Year Ended 12/31/2017^(f)	$10.39	3.90%	1.17%^(c)	0.49%^(c)	(0.01%)^(c)	75%	$17,803

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

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Notes to Financial Statements
June 30, 2022 (Unaudited)

Note 1. Organization

Variable Portfolio – Managed Risk 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.

The Fund is a “fund-of-funds”, investing significantly in affiliated funds managed by the Investment Manager, a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), its affiliates, or third-party advised (unaffiliated) funds, including exchange-traded funds (collectively, Underlying Funds). The Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds. For information on the investment strategies, operations and risks of the Underlying Funds, please refer to the Fund’s current prospectus as well as the prospectuses and shareholder reports of the Underlying Funds, which are available from the Securities and Exchange Commission’s website at www.sec.gov. or on the Underlying Funds’ website at www.columbiathreadneedleus.com/resources/literature.

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 (Contracts) issued by affiliated life insurance companies (Participating Insurance Companies) 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 buying a Contract.

Note 2. Summary of significant accounting policies

Basis of preparation

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security valuation

Investments in the Underlying Funds (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

Foreign currency transactions and translations

Derivative instruments

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Table of Contents

Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

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.

Forward foreign currency exchange contracts

Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund’s securities and to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark. These instruments may be used for other purposes in future periods.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

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 produce incremental earnings, to manage the duration and yield curve exposure of the Fund versus the benchmark, to manage exposure to movements in interest rates, to manage exposure to the securities market and to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. 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.

Options contracts

Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund purchased option contracts to produce incremental earnings, to decrease the Fund’s exposure to equity market risk and to protect gains. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Swap contracts

Credit default swap contracts

20	Variable Portfolio – Managed Risk Fund \| Semiannual Report 2022

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Effects of derivative transactions in the financial statements

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, 2022:

	Asset derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Equity risk	Component of trust capital — unrealized appreciation on futures contracts	2,035,673*
Equity risk	Investments, at value — Options Purchased	2,913,705
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts	84,965
Interest rate risk	Component of trust capital — unrealized appreciation on futures contracts	19,885*
Total		5,054,228

	Liability derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Credit risk	Component of trust capital - unrealized depreciation on swap contracts	83,452*
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts	27,175
Interest rate risk	Component of trust capital - unrealized depreciation on futures contracts	119,605*
Total		230,232

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

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Forward foreign currency exchange contracts ($)	Futures contracts ($)	Options contracts purchased ($)	Swap contracts ($)	Total ($)
Credit risk	—	—	—	(13,002)	(13,002)
Equity risk	—	(1,736,717)	(263,427)	—	(2,000,144)
Foreign exchange risk	681,134	60,604	—	—	741,738
Interest rate risk	—	(1,587,364)	—	—	(1,587,364)
Total	681,134	(3,263,477)	(263,427)	(13,002)	(2,858,772)

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Forward foreign currency exchange contracts ($)	Futures contracts ($)	Options contracts purchased ($)	Swap contracts ($)	Total ($)
Credit risk	—	—	—	(97,100)	(97,100)
Equity risk	—	1,788,015	1,745,113	—	3,533,128
Foreign exchange risk	57,790	40,209	—	—	97,999
Interest rate risk	—	(191,980)	—	—	(191,980)
Total	57,790	1,636,244	1,745,113	(97,100)	3,342,047

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended June 30, 2022:

Derivative instrument	Average notional amounts ($)*
Futures contracts — long	45,789,074
Futures contracts — short	30,800,181
Credit default swap contracts — sell protection	6,000,000

Derivative instrument	Average value ($)*
Options contracts — purchased	3,043,988

Derivative instrument	Average unrealized appreciation ($)*	Average unrealized depreciation ($)*
Forward foreign currency exchange contracts	163,300	(38,239)

*	Based on the ending quarterly outstanding amounts for the six months ended June 30, 2022.

Asset- and mortgage-backed securities

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Delayed delivery securities

To be announced securities

Mortgage dollar roll transactions

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Offsetting of assets and liabilities

	Barclays ($)	Citi ($)	Goldman Sachs International ($)	JPMorgan ($)	Morgan Stanley ($)	UBS ($)	Total ($)
Assets
Forward foreign currency exchange contracts	63,172	-	-	-	-	21,793	84,965
Options purchased puts	-	-	-	2,913,705	-	-	2,913,705
Total assets	63,172	-	-	2,913,705	-	21,793	2,998,670
Liabilities
Centrally cleared credit default swap contracts ^(a)	-	-	-	-	2,082	-	2,082
Forward foreign currency exchange contracts	-	21,699	5,476	-	-	-	27,175
Total liabilities	-	21,699	5,476	-	2,082	-	29,257
Total financial and derivative net assets	63,172	(21,699)	(5,476)	2,913,705	(2,082)	21,793	2,969,413
Total collateral received (pledged) ^(b)	-	-	-	-	(2,082)	-	(2,082)
Net amount ^(c)	63,172	(21,699)	(5,476)	2,913,705	-	21,793	2,971,495

(a)	Centrally cleared swaps are included within payable/receivable for variation margin in the Statement of Assets and Liabilities.
(b)	In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(c)	Represents the net amount due from/(to) counterparties in the event of default.

Security transactions

Income recognition

Corporate actions and dividend income are recorded on the ex-dividend date.

Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.

Expenses

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Determination of class net asset value

Federal income tax status

Guarantees and indemnifications

Note 3. Fees and other transactions with affiliates

Management services fees and underlying fund fees

Compensation of board members

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Compensation of Chief Compliance Officer

Service fees

Distribution and/or service fees

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, including indirect expenses of the Underlying Funds, 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:

	May 1, 2022 through April 30, 2023	Prior to May 1, 2022
Class 1	0.79%	0.80%
Class 2	1.04	1.05

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

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. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $154,751,191 and $143,751,949, respectively, for the six months ended June 30, 2022, of which $119,658,808 and $116,560,187, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

Note 6. Interfund lending

The Fund did not borrow or lend money under the Interfund Program during the six months ended June 30, 2022.

Note 7. Line of credit

The Fund had no borrowings during the six months ended June 30, 2022.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Note 8. Significant risks

Derivatives risk

Market risk

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Shareholder concentration risk

Note 9. Subsequent events

Note 10. Information regarding pending and settled legal proceedings

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Liquidity Risk Management Program

(Unaudited)

•	the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders;
•	there were no material changes to the Program during the period;
•	the implementation of the Program was effective to manage the Fund’s liquidity risk; and
•	the Program operated adequately during the period.

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 Variable Portfolio – Managed Risk 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).

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Approval of Management Agreement (continued)
(Unaudited)

•	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 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, 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

•	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

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Investment performance

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

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

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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, to groups of related funds and to the Investment Manager as a whole, 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 provided 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.

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Variable Portfolio – Managed Risk Fund

P.O. Box 219104

Kansas City, MO 64121-9104

SAR7043_12_A01_(08/22)

SemiAnnual Report
June 30, 2022 (Unaudited)

Variable Portfolio – Managed Risk U.S. Fund

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

Table of Contents

Fund at a Glance	3
Understanding Your Fund’s Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	10
Statement of Operations	11
Statement of Changes in Net Assets	12
Financial Highlights	14
Notes to Financial Statements	16
Liquidity Risk Management Program	29
Approval of Management Agreement	29

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Variable Portfolio – Managed Risk U.S. Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

Additional Fund information

Fund investment manager

Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

Fund distributor

Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Variable Portfolio – Managed Risk U.S. Fund | Semiannual Report 2022

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Fund at a Glance
(Unaudited)

Investment objective

The Fund pursues total return while seeking to manage the Fund’s exposure to equity market volatility.

Portfolio management

Brian Virginia

Lead Portfolio Manager

Managed Fund since 2017

Anwiti Bahuguna, Ph.D.

Portfolio Manager

Managed Fund since 2017

David Weiss, CFA

Portfolio Manager

Managed Fund since 2017

Joshua Kutin, CFA

Portfolio Manager

Managed Fund since 2018

Average annual total returns (%) (for the period ended June 30, 2022)
	Inception	6 Months cumulative	1 Year	Life
Class 1*	02/20/19	-15.31	-10.84	5.08
Class 2	09/12/17	-15.47	-11.10	4.88
Blended Benchmark		-15.15	-10.20	6.11
Bloomberg U.S. Aggregate Bond Index		-10.35	-10.29	0.67
S&P 500 Index		-19.96	-10.62	11.03

The Blended Benchmark consists of 50% Bloomberg U.S. Aggregate Bond Index and 50% S&P 500 Index.

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.

Variable Portfolio – Managed Risk U.S. Fund | Semiannual Report 2022

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Fund at a Glance (continued)
(Unaudited)

Portfolio Allocation (%) (at June 30, 2022)
Allocations to Underlying Funds
Equity Funds	50.3
U.S. Large Cap	50.3
Exchange-Traded Fixed Income Funds	6.8
Investment Grade	6.8
Fixed Income Funds	28.1
Investment Grade	28.1
Allocations to Tactical Assets
Money Market Fund Shares Held to Cover Open Derivatives Instruments^(a)	6.7
Options Purchased Puts	1.2
Residential Mortgage-Backed Securities - Agency	6.9
Total	100.0

(a)

Percentages indicated are based upon total investments including options purchased and excluding all other investments in derivatives, if any. The Fund’s portfolio composition is subject to change.

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Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

January 1, 2022 — June 30, 2022
	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)	Effective expenses paid during the period ($)		Fund’s effective annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual	Actual	Hypothetical	Actual
Class 1	1,000.00	1,000.00	846.90	1,023.65	1.05	1.15	0.23	3.39	3.71	0.74
Class 2	1,000.00	1,000.00	845.30	1,022.41	2.20	2.41	0.48	4.53	4.96	0.99

Variable Portfolio – Managed Risk U.S. Fund | Semiannual Report 2022

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Portfolio of Investments
June 30, 2022 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Equity Funds 53.1%
	Shares	Value ($)
U.S. Large Cap 53.1%
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares^(a),(b)	480,651	34,260,789
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares^(a),(b)	2,329,594	34,198,441
CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares^(a),(b)	670,213	28,470,662
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares^(a),(b)	951,933	28,853,077
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares^(a),(b)	2,058,891	60,099,030
Total		185,881,999
Total Equity Funds (Cost $162,189,439)		185,881,999

Exchange-Traded Fixed Income Funds 7.2%

Investment Grade 7.2%
iShares iBoxx $ Investment Grade Corporate Bond ETF	108,685	11,958,611
Vanguard Intermediate-Term Corporate Bond ETF	166,000	13,283,320
Total		25,241,931
Total Exchange-Traded Fixed Income Funds (Cost $28,238,821)		25,241,931

Fixed Income Funds 29.8%

Investment Grade 29.8%
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares^(a)	5,370,570	48,174,011
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares^(a)	5,627,438	55,936,740
Total		104,110,751
Total Fixed Income Funds (Cost $117,236,553)		104,110,751

Residential Mortgage-Backed Securities - Agency 7.4%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Uniform Mortgage-Backed Security TBA^(c)
08/16/2037	2.000%	1,900,000	1,774,051
08/16/2037- 08/11/2052	2.500%	14,227,500	12,935,307
08/11/2052	3.000%	11,825,000	11,012,724
Total Residential Mortgage-Backed Securities - Agency (Cost $25,454,796)			25,722,082

Options Purchased Puts 1.2%
				Value ($)
(Cost $3,624,652)				4,285,925

Money Market Funds 7.0%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 1.247%^(a),(d)	24,656,106	24,641,312
Total Money Market Funds (Cost $24,643,762)		24,641,312
Total Investments in Securities (Cost: $361,388,023)		369,884,000
Other Assets & Liabilities, Net		(19,808,075)
Net Assets		350,075,925

At June 30, 2022, securities and/or cash totaling $5,777,347 were pledged as collateral.

Investments in derivatives

Long futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
S&P 500 Index E-mini	119	09/2022	USD	22,547,525	331,877	—
U.S. Long Bond	40	09/2022	USD	5,545,000	—	(25,523)
U.S. Treasury 10-Year Note	68	09/2022	USD	8,060,125	—	(38,644)
U.S. Treasury 2-Year Note	3	09/2022	USD	630,047	2,221	—

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

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Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Long futures contracts (continued)
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
U.S. Treasury 2-Year Note	66	09/2022	USD	13,861,031	—	(42,966)
U.S. Treasury 5-Year Note	5	09/2022	USD	561,250	5,772	—
U.S. Treasury 5-Year Note	105	09/2022	USD	11,786,250	—	(62,904)
U.S. Ultra Treasury Bond	30	09/2022	USD	4,630,312	—	(48,114)
Total					339,870	(218,151)

Short futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
S&P 500 Index E-mini	(272)	09/2022	USD	(51,537,200)	2,630,552	—

Put option contracts purchased
Description	Counterparty	Trading currency	Notional amount	Number of contracts	Exercise price/Rate	Expiration date	Cost ($)	Value ($)
S&P 500 Index	JPMorgan	USD	23,847,894	63	3,600.00	12/15/2023	1,473,299	1,982,610
S&P 500 Index	JPMorgan	USD	35,204,034	93	3,100.00	12/15/2023	1,692,140	1,712,595
S&P 500 Index	JPMorgan	USD	9,841,988	26	3,300.00	12/15/2023	459,213	590,720
Total							3,624,652	4,285,925

Cleared credit default swap contracts - sell protection

Reference
entity

Counterparty

Maturity
date

Receive
fixed
rate
(%)

Payment
frequency

Implied
credit
spread
(%)*

Notional
currency

Notional
amount

Value
($)

Upfront
payments
($)

Upfront
receipts
($)

Unrealized
appreciation
($)

Unrealized
depreciation
($)

Markit CDX North America Investment Grade Index, Series 38

Morgan Stanley

06/20/2027

1.000

Quarterly

1.010

USD

11,000,000

(152,327)

—

(152,327)

Notes to Portfolio of Investments

(a)

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Capital gain distributions($)	Realized gain (loss)($)	Dividends — affiliated issuers ($)	End of period shares
Columbia Short-Term Cash Fund, 1.247%
	37,658,872	61,295,941	(74,314,493)	992	24,641,312	—	(13,603)	66,481	24,656,106
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares
	39,745,297	2,652,361	(276,585)	(7,860,284)	34,260,789	—	3,840	—	480,651
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares
	46,248,954	8,202,954	(119,699)	(6,158,198)	48,174,011	—	(20,380)	—	5,370,570
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares
	39,447,129	3,083,085	(193,956)	(8,137,817)	34,198,441	—	1,724	—	2,329,594
CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares
	15,946,150	393,575	(16,904,007)	564,282	—	83,887	(1,221,873)	36,417	—

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

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Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

Notes to Portfolio of Investments (continued)

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Capital gain distributions($)	Realized gain (loss)($)	Dividends — affiliated issuers ($)	End of period shares
CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares
	32,350,303	5,740,488	(124,704)	(9,495,425)	28,470,662	—	(12,487)	—	670,213
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares
	32,744,558	874,785	(1,532,814)	(3,233,452)	28,853,077	—	60,338	—	951,933
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares
	49,443,093	13,744,204	(2,014,602)	(5,235,955)	55,936,740	—	(276,760)	—	5,627,438
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares
	68,812,441	5,136,355	(402,636)	(13,447,130)	60,099,030	—	(5,571)	—	2,058,891
Total	362,396,797			(53,002,987)	314,634,062	83,887	(1,484,772)	102,898

(b)	Non-income producing investment.
(c)	Represents a security purchased on a when-issued basis.
(d)	The rate shown is the seven-day current annualized yield at June 30, 2022.

Abbreviation Legend

TBA	To Be Announced

Currency Legend

USD

US Dollar

Fair value measurements

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).

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

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Portfolio of Investments (continued)
June 30, 2022 (Unaudited)

The following table is a summary of the inputs used to value the Fund’s investments at June 30, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Assets at NAV ($)	Total ($)
Investments in Securities
Equity Funds	—	—	—	185,881,999	185,881,999
Exchange-Traded Fixed Income Funds	25,241,931	—	—	—	25,241,931
Fixed Income Funds	—	—	—	104,110,751	104,110,751
Residential Mortgage-Backed Securities - Agency	—	25,722,082	—	—	25,722,082
Options Purchased Puts	4,285,925	—	—	—	4,285,925
Money Market Funds	24,641,312	—	—	—	24,641,312
Total Investments in Securities	54,169,168	25,722,082	—	289,992,750	369,884,000
Investments in Derivatives
Asset
Futures Contracts	2,970,422	—	—	—	2,970,422
Liability
Futures Contracts	(218,151)	—	—	—	(218,151)
Swap Contracts	—	(152,327)	—	—	(152,327)
Total	56,921,439	25,569,755	—	289,992,750	372,483,944

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

Futures contracts and swap contracts are valued at unrealized appreciation (depreciation).

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

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Statement of Assets and Liabilities
June 30, 2022 (Unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $53,693,617)	$50,964,013
Affiliated issuers (cost $304,069,754)	314,634,062
Options purchased (cost $3,624,652)	4,285,925
Cash collateral held at broker for:
TBA	789,000
Margin deposits on:
Futures contracts	4,654,946
Swap contracts	333,401
Receivable for:
Investments sold	25,281
Investments sold on a delayed delivery basis	28,626,686
Dividends	25,360
Interest	22,155
Variation margin for futures contracts	763,401
Prepaid expenses	2,038
Trustees’ deferred compensation plan	19,337
Total assets	405,145,605
Liabilities
Payable for:
Investments purchased on a delayed delivery basis	54,756,497
Capital shares purchased	29,743
Variation margin for futures contracts	199,732
Variation margin for swap contracts	3,816
Management services fees	1,318
Distribution and/or service fees	2,389
Service fees	17,199
Compensation of board members	11,664
Other expenses	27,985
Trustees’ deferred compensation plan	19,337
Total liabilities	55,069,680
Net assets applicable to outstanding capital stock	$350,075,925
Represented by
Trust capital	$350,075,925
Total - representing net assets applicable to outstanding capital stock	$350,075,925
Class 1
Net assets	$2,946
Shares outstanding	233
Net asset value per share^(a)	$12.67
Class 2
Net assets	$350,072,979
Shares outstanding	27,847,166
Net asset value per share	$12.57

(a)	Net asset value per share rounds to this amount due to fractional shares outstanding.

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

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Statement of Operations
Six Months Ended June 30, 2022 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$222,500
Dividends — affiliated issuers	102,898
Total income	325,398
Expenses:
Management services fees	248,103
Distribution and/or service fees
Class 2	451,805
Service fees	108,408
Compensation of board members	8,991
Custodian fees	11,359
Printing and postage fees	6,947
Audit fees	14,669
Legal fees	7,014
Interest on collateral	210
Compensation of chief compliance officer	50
Other	4,017
Total expenses	861,573
Net investment loss	(536,175)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(2,790,968)
Investments — affiliated issuers	(1,484,772)
Capital gain distributions from underlying affiliated funds	83,887
Foreign currency translations	(6)
Futures contracts	(4,383,722)
Options purchased	(191,997)
Swap contracts	(24,028)
Net realized loss	(8,791,606)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(3,107,653)
Investments — affiliated issuers	(53,002,987)
Futures contracts	2,155,259
Options purchased	2,327,687
Swap contracts	(177,348)
Net change in unrealized appreciation (depreciation)	(51,805,042)
Net realized and unrealized loss	(60,596,648)
Net decrease in net assets resulting from operations	$(61,132,823)

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

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Statement of Changes in Net Assets

	Six Months Ended June 30, 2022 (Unaudited)	Year Ended December 31, 2021
Operations
Net investment income (loss)	$(536,175)	$1,113,440
Net realized gain (loss)	(8,791,606)	20,217,905
Net change in unrealized appreciation (depreciation)	(51,805,042)	20,983,074
Net increase (decrease) in net assets resulting from operations	(61,132,823)	42,314,419
Increase in net assets from capital stock activity	23,384,499	61,469,870
Total increase (decrease) in net assets	(37,748,324)	103,784,289
Net assets at beginning of period	387,824,249	284,039,960
Net assets at end of period	$350,075,925	$387,824,249

	Six Months Ended		Year Ended
	June 30, 2022 (Unaudited)		December 31, 2021
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class 2
Subscriptions	2,203,635	29,356,061	4,866,878	67,596,025
Redemptions	(442,490)	(5,971,562)	(427,993)	(6,126,155)
Net increase	1,761,145	23,384,499	4,438,885	61,469,870
Total net increase	1,761,145	23,384,499	4,438,885	61,469,870

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

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Financial Highlights

	Net asset value, beginning of period	Net investment income (loss)	Net realized and unrealized gain (loss)	Total from investment operations
Class 1
Six Months Ended 6/30/2022 (Unaudited)	$14.96	(0.00)^(c)	(2.29)	(2.29)
Year Ended 12/31/2021	$13.18	0.08	1.70	1.78
Year Ended 12/31/2020	$11.97	0.09	1.12	1.21
Year Ended 12/31/2019^(f)	$10.75	0.10	1.12	1.22
Class 2
Six Months Ended 6/30/2022 (Unaudited)	$14.87	(0.02)	(2.28)	(2.30)
Year Ended 12/31/2021	$13.12	0.05	1.70	1.75
Year Ended 12/31/2020	$11.95	0.06	1.11	1.17
Year Ended 12/31/2019	$10.10	0.07	1.78	1.85
Year Ended 12/31/2018	$10.47	0.04	(0.41)	(0.37)
Year Ended 12/31/2017^(g)	$10.00	(0.01)	0.48	0.47

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)	Rounds to zero.
(d)	Annualized.
(e)	Ratios include interest on collateral expense which is less than 0.01%.
(f)	Class 1 shares commenced operations on February 20, 2019. Per share data and total return reflect activity from that date.
(g)	The Fund commenced operations on September 12, 2017. Per share data and total return reflect activity from that date.

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

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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 (loss) ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class 1
Six Months Ended 6/30/2022 (Unaudited)	$12.67	(15.31%)	0.23%^(d),(e)	0.23%^(d),(e)	(0.03%)^(d)	56%	$3
Year Ended 12/31/2021	$14.96	13.51%	0.23%^(e)	0.23%^(e)	0.57%	113%	$3
Year Ended 12/31/2020	$13.18	10.11%	0.24%	0.24%	0.75%	94%	$3
Year Ended 12/31/2019^(f)	$11.97	11.35%	0.25%^(d)	0.25%^(d)	1.02%^(d)	24%	$3
Class 2
Six Months Ended 6/30/2022 (Unaudited)	$12.57	(15.47%)	0.48%^(d),(e)	0.48%^(d),(e)	(0.30%)^(d)	56%	$350,073
Year Ended 12/31/2021	$14.87	13.34%	0.48%^(e)	0.48%^(e)	0.32%	113%	$387,821
Year Ended 12/31/2020	$13.12	9.79%	0.49%	0.49%	0.46%	94%	$284,037
Year Ended 12/31/2019	$11.95	18.32%	0.52%	0.52%	0.61%	24%	$186,201
Year Ended 12/31/2018	$10.10	(3.53%)	0.67%	0.58%	0.41%	45%	$80,119
Year Ended 12/31/2017^(g)	$10.47	4.70%	1.19%^(d)	0.52%^(d)	(0.26%)^(d)	109%	$12,190

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

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Notes to Financial Statements
June 30, 2022 (Unaudited)

Note 1. Organization

Variable Portfolio – Managed Risk U.S. 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

Note 2. Summary of significant accounting policies

Basis of preparation

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security valuation

Investments in the Underlying Funds (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

Foreign currency transactions and translations

Derivative instruments

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

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 produce incremental earnings, to manage the duration and yield curve exposure of the Fund versus the benchmark, to manage exposure to movements in interest rates, to manage exposure to the securities market and to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. 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.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Options contracts

Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund purchased option contracts to produce incremental earnings, to decrease the Fund’s exposure to equity market risk and to protect gains. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.

Swap contracts

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Credit default swap contracts

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Effects of derivative transactions in the financial statements

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, 2022:

	Asset derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Equity risk	Component of trust capital — unrealized appreciation on futures contracts	2,962,429*
Equity risk	Investments, at value — Options Purchased	4,285,925
Interest rate risk	Component of trust capital — unrealized appreciation on futures contracts	7,993*
Total		7,256,347

	Liability derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Credit risk	Component of trust capital - unrealized depreciation on swap contracts	152,327*
Interest rate risk	Component of trust capital - unrealized depreciation on futures contracts	218,151*
Total		370,478

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

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Futures contracts ($)	Options contracts purchased ($)	Swap contracts ($)	Total ($)
Credit risk	—	—	(24,028)	(24,028)
Equity risk	(2,177,970)	(191,997)	—	(2,369,967)
Interest rate risk	(2,205,752)	—	—	(2,205,752)
Total	(4,383,722)	(191,997)	(24,028)	(4,599,747)

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Futures contracts ($)	Options contracts purchased ($)	Swap contracts ($)	Total ($)
Credit risk	—	—	(177,348)	(177,348)
Equity risk	2,496,162	2,327,687	—	4,823,849
Interest rate risk	(340,903)	—	—	(340,903)
Total	2,155,259	2,327,687	(177,348)	4,305,598

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended June 30, 2022:

Derivative instrument	Average notional amounts ($)*
Futures contracts — long	60,914,613
Futures contracts — short	37,775,088
Credit default swap contracts — sell protection	11,000,000

Derivative instrument	Average value ($)*
Options contracts — purchased	4,413,360

*	Based on the ending quarterly outstanding amounts for the six months ended June 30, 2022.

Asset- and mortgage-backed securities

Delayed delivery securities

To be announced securities

Mortgage dollar roll transactions

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Offsetting of assets and liabilities

	JPMorgan ($)	Morgan Stanley ($)	Total ($)
Assets
Options purchased puts	4,285,925	-	4,285,925
Liabilities
Centrally cleared credit default swap contracts ^(a)	-	3,816	3,816
Total financial and derivative net assets	4,285,925	(3,816)	4,282,109
Total collateral received (pledged) ^(b)	-	(3,816)	(3,816)
Net amount ^(c)	4,285,925	-	4,285,925

(a)	Centrally cleared swaps are included within payable/receivable for variation margin in the Statement of Assets and Liabilities.
(b)	In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(c)	Represents the net amount due from/(to) counterparties in the event of default.

Security transactions

Income recognition

Corporate actions and dividend income are recorded on the ex-dividend date.

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.

Expenses

Determination of class net asset value

Federal income tax status

Guarantees and indemnifications

Note 3. Fees and other transactions with affiliates

Management services fees and underlying fund fees

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Compensation of board members

Compensation of Chief Compliance Officer

Service fees

Distribution and/or service fees

Expenses waived/reimbursed by the Investment Manager and its affiliates

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

	May 1, 2022 through April 30, 2023	Prior to May 1, 2022
Class 1	0.79%	0.80%
Class 2	1.04	1.05

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), 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. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $231,998,093 and $197,758,354, respectively, for the six months ended June 30, 2022, of which $178,385,966 and $172,635,022, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

Note 6. Interfund lending

The Fund did not borrow or lend money under the Interfund Program during the six months ended June 30, 2022.

Note 7. Line of credit

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

The Fund had no borrowings during the six months ended June 30, 2022.

Note 8. Significant risks

Derivatives risk

Market risk

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Notes to Financial Statements (continued)
June 30, 2022 (Unaudited)

Shareholder concentration risk

Note 9. Subsequent events

Note 10. Information regarding pending and settled legal proceedings

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Liquidity Risk Management Program

(Unaudited)

•	the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders;
•	there were no material changes to the Program during the period;
•	the implementation of the Program was effective to manage the Fund’s liquidity risk; and
•	the Program operated adequately during the period.

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 Variable Portfolio – Managed Risk U.S. 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).

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Approval of Management Agreement (continued)
(Unaudited)

•	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 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, 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

•	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

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Investment performance

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

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

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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, to groups of related funds and to the Investment Manager as a whole, 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 provided 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.

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Variable Portfolio – Managed Risk U.S. Fund

P.O. Box 219104

Kansas City, MO 64121-9104

SAR7044_12_A01_(08/22)

Item 2. Code of Ethics.

Not applicable for semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semiannual reports.

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 1 of this Form N-CSR.

(b)Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. 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.

Item 11. 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 13. Exhibits.

(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR: Not applicable for semiannual reports.

(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, 2022

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, 2022
By (Signature and Title)		/s/ Michael G. Clarke
		Michael G. Clarke, Chief Financial Officer, Principal Financial Officer
		and Senior Vice President
Date		August 22, 2022
By (Signature and Title)		/s/ Joseph Beranek
		Joseph Beranek, Treasurer, Chief Accounting Officer and Principal
		Financial Officer
Date		August 22, 2022

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