<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0000815425</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000058874</seriesId>
        <classId>C000206841</classId>
        <classId>C000193051</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>Columbia Funds Variable Insurance Trust</regName>
      <regFileNumber>811-05199</regFileNumber>
      <regCik>0000815425</regCik>
      <regLei>549300293M2AM3RU8K52</regLei>
      <regStreet1>290 Congress Street</regStreet1>
      <regCity>Boston</regCity>
      <regStateConditional regCountry="US" regState="US-MA"/>
      <regZipOrPostalCode>02110</regZipOrPostalCode>
      <regPhone>800-345-6611</regPhone>
      <seriesName>Variable Portfolio - Managed Risk U.S. Fund</seriesName>
      <seriesId>S000058874</seriesId>
      <seriesLei>5493005L8NUOKP6FJY42</seriesLei>
      <repPdEnd>2025-12-31</repPdEnd>
      <repPdDate>2025-06-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>430559256.820000000000</totAssets>
      <totLiabs>26395137.390000000000</totLiabs>
      <netAssets>404164119.430000000000</netAssets>
      <assetsAttrMiscSec>0.000000000000</assetsAttrMiscSec>
      <assetsInvested>0.000000000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.000000000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.000000000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.000000000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.000000000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.000000000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.000000000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.000000000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.000000000000</amtPayAftOneYrOther>
      <delayDeliv>26238462.240000000000</delayDeliv>
      <standByCommit>0.000000000000</standByCommit>
      <liquidPref>0.000000000000</liquidPref>
      <cshNotRptdInCorD>0.000000000000</cshNotRptdInCorD>
      <curMetrics>
        <curMetric>
          <curCd>USD</curCd>
          <intrstRtRiskdv01 period10Yr="411.884050000000" period1Yr="126.599002000000" period30Yr="191.259921000000" period3Mon="17.613021000000" period5Yr="346.080226000000"/>
          <intrstRtRiskdv100 period10Yr="41188.405000000000" period1Yr="12659.900200000000" period30Yr="19125.992100000000" period3Mon="1761.302100000000" period5Yr="34608.022600000000"/>
        </curMetric>
      </curMetrics>
      <creditSprdRiskInvstGrade period10Yr="0.000000000000" period1Yr="0.000000000000" period30Yr="0.000000000000" period3Mon="11456.033100000000" period5Yr="0.000000000000"/>
      <creditSprdRiskNonInvstGrade period10Yr="0.000000000000" period1Yr="0.000000000000" period30Yr="458.976300000000" period3Mon="66139.450000000000" period5Yr="5092.754200000000"/>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000193051" rtn1="-0.640000" rtn2="2.130000" rtn3="3.030000"/>
          <monthlyTotReturn classId="C000206841" rtn1="N/A" rtn2="N/A" rtn3="N/A"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <creditContracts>
            <mon1 netRealizedGain="-3371.36" netUnrealizedAppr="-25768.82"/>
            <mon2 netRealizedGain="-3371.37" netUnrealizedAppr="73406.54"/>
            <mon3 netRealizedGain="24627.36" netUnrealizedAppr="6388.03"/>
            <swapCategory>
              <instrMon1 netRealizedGain="-3371.36" netUnrealizedAppr="-25768.82"/>
              <instrMon2 netRealizedGain="-3371.37" netUnrealizedAppr="73406.54"/>
              <instrMon3 netRealizedGain="24627.36" netUnrealizedAppr="6388.03"/>
            </swapCategory>
          </creditContracts>
          <equityContracts>
            <mon1 netRealizedGain="-2360484.56" netUnrealizedAppr="1143262.69"/>
            <mon2 netRealizedGain="-1595448.13" netUnrealizedAppr="-334516.22"/>
            <mon3 netRealizedGain="702054.58" netUnrealizedAppr="-1129376.36"/>
            <futureCategory>
              <instrMon1 netRealizedGain="-2746372.2" netUnrealizedAppr="903449.42"/>
              <instrMon2 netRealizedGain="-1595448.13" netUnrealizedAppr="843297.98"/>
              <instrMon3 netRealizedGain="1522464.71" netUnrealizedAppr="-1402988.83"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="385887.64" netUnrealizedAppr="239813.27"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="-1177814.20"/>
              <instrMon3 netRealizedGain="-820410.13" netUnrealizedAppr="273612.47"/>
            </optionCategory>
          </equityContracts>
          <interestRtContracts>
            <mon1 netRealizedGain="-150427.76" netUnrealizedAppr="287182.76"/>
            <mon2 netRealizedGain="-146088.81" netUnrealizedAppr="-201100.92"/>
            <mon3 netRealizedGain="13791.92" netUnrealizedAppr="28040.34"/>
            <futureCategory>
              <instrMon1 netRealizedGain="-150427.76" netUnrealizedAppr="287182.76"/>
              <instrMon2 netRealizedGain="-146088.81" netUnrealizedAppr="-201100.92"/>
              <instrMon3 netRealizedGain="13791.92" netUnrealizedAppr="28040.34"/>
            </futureCategory>
          </interestRtContracts>
          <otherContracts>
            <mon1 netRealizedGain="44.98" netUnrealizedAppr="N/A"/>
            <mon2 netRealizedGain="81.39" netUnrealizedAppr="N/A"/>
            <mon3 netRealizedGain="-121.27" netUnrealizedAppr="N/A"/>
            <futureCategory>
              <instrMon1 netRealizedGain="44.98" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="81.39" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="-121.27" netUnrealizedAppr="N/A"/>
            </futureCategory>
          </otherContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="-1105512.95" netUnrealizedAppr="-557279.76"/>
        <othMon2 netRealizedGain="624498.97" netUnrealizedAppr="9853702.72"/>
        <othMon3 netRealizedGain="786482.54" netUnrealizedAppr="11478061.90"/>
      </returnInfo>
      <mon1Flow redemption="3335305.20" reinvestment="0.00" sales="1.97"/>
      <mon2Flow redemption="4222275.39" reinvestment="0.00" sales="101365.95"/>
      <mon3Flow redemption="3786215.77" reinvestment="0.00" sales="760291.22"/>


      <varInfo>

        <fundsDesignatedInfo>
          <nameDesignatedIndex>N/A</nameDesignatedIndex>
          <indexIdentifier>N/A</indexIdentifier>

        </fundsDesignatedInfo>

      </varInfo>
    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>JPMorgan</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>S&amp;P500 EMINI SEP 25</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="ESU5"/>
          <other otherDesc="Internal Id" value="ESU5I25"/>
        </identifiers>
        <balance>-25.000000000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-192522.170000000000</valUSD>
        <pctVal>-0.0476346516</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>JPMorgan</counterpartyName>
              <counterpartyLei>ZBUT11V806EZRVTWT807</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>S&amp;P500 EMINI SEP 25</issuerName>
                <issueTitle>S&amp;P500 EMINI SEP 25</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <other otherDesc="Contract Identifier" value="ESU5I25"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-09-19</expDate>
            <notionalAmt>-7624665.33</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-192522.170000000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>US 5YR NOTE SEP 25</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="FVU5"/>
          <other otherDesc="Internal Id" value="FVU5C25"/>
        </identifiers>
        <balance>35.000000000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>41845.430000000000</valUSD>
        <pctVal>0.0103535737</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>JPMorgan</counterpartyName>
              <counterpartyLei>ZBUT11V806EZRVTWT807</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>US 5YR NOTE SEP 25</issuerName>
                <issueTitle>US 5YR NOTE SEP 25</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <other otherDesc="Contract Identifier" value="FVU5C25"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-09-30</expDate>
            <notionalAmt>3773154.57</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>41845.430000000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>RUSSELL 2000 EMINI CME SEP 25</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="RTYU5"/>
          <other otherDesc="Internal Id" value="RTYU5I25"/>
        </identifiers>
        <balance>-13.000000000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-21937.240000000000</valUSD>
        <pctVal>-0.0054278049</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>JPMorgan</counterpartyName>
              <counterpartyLei>ZBUT11V806EZRVTWT807</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>RUSSELL 2000 EMINI CME SEP 25</issuerName>
                <issueTitle>RUSSELL 2000 EMINI CME SEP 25</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <other otherDesc="Contract Identifier" value="RTYU5I25"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-09-19</expDate>
            <notionalAmt>-1402667.76</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-21937.240000000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>US 2YR NOTE SEP 25</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="TUU5"/>
          <other otherDesc="Internal Id" value="TUU5C25"/>
        </identifiers>
        <balance>27.000000000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>24835.300000000000</valUSD>
        <pctVal>0.0061448552</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>JPMorgan</counterpartyName>
              <counterpartyLei>ZBUT11V806EZRVTWT807</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>US 2YR NOTE SEP 25</issuerName>
                <issueTitle>US 2YR NOTE SEP 25</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <other otherDesc="Contract Identifier" value="TUU5C25"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-09-30</expDate>
            <notionalAmt>5591797.52</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>24835.300000000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CTIVP - PRINCIPAL LARGE CAP GROWTH FUND</name>
        <lei>N/A</lei>
        <title>CTIVP PRINCIPAL LG CAP GRO FD 1</title>
        <cusip>19766E277</cusip>
        <identifiers>
          <other otherDesc="Internal Id" value="19766E277"/>
        </identifiers>
        <balance>437716.109000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>34330074.430000000000</valUSD>
        <pctVal>8.4940925677</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COLUMBIA VP DISCIPLINED CORE FD-1</name>
        <lei>N/A</lei>
        <title>COLUMBIA VP DISCIPLINED CORE FD -1</title>
        <cusip>19766E814</cusip>
        <identifiers>
          <isin value="US19766E8140"/>
          <other otherDesc="Internal Id" value="19766E814"/>
        </identifiers>
        <balance>352974.436000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>40980332.020000000000</valUSD>
        <pctVal>10.1395274964</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COLUMBIA VP INTERMED BOND FD CL 1</name>
        <lei>N/A</lei>
        <title>COLUMBIA VP INTERMED BOND FD CL 1</title>
        <cusip>19766E871</cusip>
        <identifiers>
          <other otherDesc="Internal Id" value="19766E871"/>
        </identifiers>
        <balance>6421129.318000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>56698571.880000000000</valUSD>
        <pctVal>14.0286010445</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COLUMBIA SHORT TERM CASH FUND</name>
        <lei>N/A</lei>
        <title>COLUMBIA SHORT TERM CASH FUND</title>
        <cusip>19766H239</cusip>
        <identifiers>
          <other otherDesc="Internal Id" value="19766H239"/>
        </identifiers>
        <balance>26779647.096000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26774291.170000000000</valUSD>
        <pctVal>6.6246086386</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COLUMBIA VP SEL LARGE CAP EQ FD 1</name>
        <lei>N/A</lei>
        <title>COLUMBIA VP SEL LARGE CAP EQ FD 1</title>
        <cusip>19766L495</cusip>
        <identifiers>
          <other otherDesc="Internal Id" value="19766L495"/>
        </identifiers>
        <balance>1697686.712000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>41117972.160000000000</valUSD>
        <pctVal>10.1735830034</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CTIVP - T ROWE LRG CAP VAL CL1</name>
        <lei>N/A</lei>
        <title>CTIVP - T ROWE LRG CAP VAL CL1</title>
        <cusip>19766L826</cusip>
        <identifiers>
          <isin value="US19766L8265"/>
          <other otherDesc="Internal Id" value="19766L826"/>
        </identifiers>
        <balance>827381.832000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>33666166.740000000000</valUSD>
        <pctVal>8.3298257123</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>iShares Core U.S. Aggregate Bond ETF</name>
        <lei>549300F7VSXTKBGHJE47</lei>
        <title>iShares Core U.S. Aggregate Bond ETF</title>
        <cusip>464287226</cusip>
        <identifiers>
          <isin value="US4642872265"/>
          <ticker value="AGG"/>
          <other otherDesc="Internal Id" value="464287226"/>
        </identifiers>
        <balance>142500.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14136000.000000000000</valUSD>
        <pctVal>3.4975890537</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ISHARES IBOXX INVESTMENT GRADE CORPORATE BOND FUND ETF</name>
        <lei>549300FYCXFXG8POR355</lei>
        <title>iShares iBoxx $ Investment Grade Corporate Bond ETF</title>
        <cusip>464287242</cusip>
        <identifiers>
          <isin value="US4642872422"/>
          <ticker value="LQD"/>
          <other otherDesc="Internal Id" value="464287242"/>
        </identifiers>
        <balance>16685.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1828842.850000000000</valUSD>
        <pctVal>0.4525000519</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VANGUARD TOTAL BOND MARKET ETF</name>
        <lei>N/A</lei>
        <title>Vanguard Total Bond Market ETF</title>
        <cusip>921937835</cusip>
        <identifiers>
          <isin value="US9219378356"/>
          <ticker value="BND"/>
          <other otherDesc="Internal Id" value="921937835"/>
        </identifiers>
        <balance>180000.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13253400.000000000000</valUSD>
        <pctVal>3.2792124196</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VANGUARD INTERMEDIATE-TERM CORPORATE BOND ETF</name>
        <lei>N/A</lei>
        <title>Vanguard Intermediate-Term Corporate Bond ETF</title>
        <cusip>92206C870</cusip>
        <identifiers>
          <isin value="US92206C8709"/>
          <ticker value="VCIT"/>
          <other otherDesc="Internal Id" value="92206C870"/>
        </identifiers>
        <balance>38150.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3163398.000000000000</valUSD>
        <pctVal>0.7827013453</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>SPX US 12/18/26 P4700</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Id" value="CT2234093"/>
        </identifiers>
        <balance>68.000000000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>782340.000000000000</valUSD>
        <pctVal>0.1935698798</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>S&amp;P 500 INDEX</indexName>
                <indexIdentifier>SPX000009</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <shareNo>100.000000000000000</shareNo>
            <exercisePrice>4700.000000000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-12-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-385754.790000000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>SPX US 12/18/26 P4800</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Id" value="CT2275713"/>
        </identifiers>
        <balance>20.000000000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>250300.000000000000</valUSD>
        <pctVal>0.0619302872</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>S&amp;P 500 INDEX</indexName>
                <indexIdentifier>SPX000009</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <shareNo>100.000000000000000</shareNo>
            <exercisePrice>4800.000000000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-12-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-64970.590000000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>SPX US 12/18/26 P5000</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Id" value="CT2293325"/>
        </identifiers>
        <balance>26.000000000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>386230.000000000000</valUSD>
        <pctVal>0.0955626641</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>S&amp;P 500 INDEX</indexName>
                <indexIdentifier>SPX000009</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <shareNo>100.000000000000000</shareNo>
            <exercisePrice>5000.000000000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-12-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-23387.770000000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>SPX US 09/19/25 C6150</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Id" value="CT2293326"/>
        </identifiers>
        <balance>2.000000000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>46880.000000000000</valUSD>
        <pctVal>0.0115992484</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>S&amp;P 500 INDEX</indexName>
                <indexIdentifier>SPX000009</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <shareNo>100.000000000000000</shareNo>
            <exercisePrice>6150.000000000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-09-19</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>11476.940000000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>SPX US 09/19/25 P6150</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Id" value="CT2293327"/>
        </identifiers>
        <balance>-2.000000000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-26400.000000000000</valUSD>
        <pctVal>-0.0065319999</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>S&amp;P 500 INDEX</indexName>
                <indexIdentifier>SPX000009</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <shareNo>100.000000000000000</shareNo>
            <exercisePrice>6150.000000000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-09-19</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>7396.940000000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>S&amp;P500 EMINI SEP 25</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="ESU5"/>
          <other otherDesc="Internal Id" value="ESU5I25"/>
        </identifiers>
        <balance>42.000000000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>468285.840000000000</valUSD>
        <pctVal>0.1158652680</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>JPMorgan</counterpartyName>
              <counterpartyLei>ZBUT11V806EZRVTWT807</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>S&amp;P500 EMINI SEP 25</issuerName>
                <issueTitle>S&amp;P500 EMINI SEP 25</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <other otherDesc="Contract Identifier" value="ESU5I25"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-09-19</expDate>
            <notionalAmt>12664589.16</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>468285.840000000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UMBS</name>
        <lei>N/A</lei>
        <title>UMBS 15YR TBA(REG B)</title>
        <cusip>01F030470</cusip>
        <identifiers>
          <isin value="US01F0304703"/>
          <other otherDesc="Internal Id" value="01F030470"/>
        </identifiers>
        <balance>270000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>257422.380000000000</valUSD>
        <pctVal>0.0636925367</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UMBS</name>
        <lei>N/A</lei>
        <title>UMBS 30YR TBA(REG A)</title>
        <cusip>01F030678</cusip>
        <identifiers>
          <isin value="US01F0306781"/>
          <other otherDesc="Internal Id" value="01F030678"/>
        </identifiers>
        <balance>5950000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5147586.210000000000</valUSD>
        <pctVal>1.2736376048</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-07-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UMBS</name>
        <lei>N/A</lei>
        <title>UMBS 15YR TBA(REG B)</title>
        <cusip>01F032476</cusip>
        <identifiers>
          <isin value="US01F0324768"/>
          <other otherDesc="Internal Id" value="01F032476"/>
        </identifiers>
        <balance>650000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>627180.920000000000</valUSD>
        <pctVal>0.1551797623</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UMBS</name>
        <lei>N/A</lei>
        <title>UMBS 30YR TBA(REG A)</title>
        <cusip>01F032674</cusip>
        <identifiers>
          <isin value="US01F0326748"/>
          <other otherDesc="Internal Id" value="01F032674"/>
        </identifiers>
        <balance>1125000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1012731.050000000000</valUSD>
        <pctVal>0.2505742102</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-07-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UMBS</name>
        <lei>N/A</lei>
        <title>UMBS 15YR TBA(REG B)</title>
        <cusip>01F040479</cusip>
        <identifiers>
          <isin value="US01F0404792"/>
          <other otherDesc="Internal Id" value="01F040479"/>
        </identifiers>
        <balance>950000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>929119.870000000000</valUSD>
        <pctVal>0.2298867775</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.0000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UMBS</name>
        <lei>N/A</lei>
        <title>UMBS 30YR TBA(REG A)</title>
        <cusip>01F040677</cusip>
        <identifiers>
          <isin value="US01F0406771"/>
          <other otherDesc="Internal Id" value="01F040677"/>
        </identifiers>
        <balance>4950000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4602147.760000000000</valUSD>
        <pctVal>1.1386829109</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-07-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UMBS</name>
        <lei>N/A</lei>
        <title>UMBS 30YR TBA(REG A)</title>
        <cusip>01F042673</cusip>
        <identifiers>
          <isin value="US01F0426738"/>
          <other otherDesc="Internal Id" value="01F042673"/>
        </identifiers>
        <balance>4100000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3921328.070000000000</valUSD>
        <pctVal>0.9702316167</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-07-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.5000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UMBS</name>
        <lei>N/A</lei>
        <title>UMBS 30YR TBA(REG A)</title>
        <cusip>01F050676</cusip>
        <identifiers>
          <isin value="US01F0506760"/>
          <other otherDesc="Internal Id" value="01F050676"/>
        </identifiers>
        <balance>2025000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1984297.820000000000</valUSD>
        <pctVal>0.4909633796</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-07-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VP - PARTNERS CORE BD FD CL1</name>
        <lei>N/A</lei>
        <title>VP - PARTNERS CORE BD FD CL1</title>
        <cusip>19766E129</cusip>
        <identifiers>
          <other otherDesc="Internal Id" value="19766E129"/>
        </identifiers>
        <balance>6061655.829000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>60555941.730000000000</valUSD>
        <pctVal>14.9830078473</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VP PARTNERS CORE EQUITY FD CL 1</name>
        <lei>N/A</lei>
        <title>VP PARTNERS CORE EQUITY FD CL 1</title>
        <cusip>19766E236</cusip>
        <identifiers>
          <other otherDesc="Internal Id" value="19766E236"/>
        </identifiers>
        <balance>1487103.035000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>71737850.410000000000</valUSD>
        <pctVal>17.7496831018</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>US 2YR NOTE SEP 25</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="TUU5"/>
          <other otherDesc="Internal Id" value="TUU5C25"/>
        </identifiers>
        <balance>2.000000000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-97.340000000000</valUSD>
        <pctVal>-0.0000240843</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>JPMorgan</counterpartyName>
              <counterpartyLei>ZBUT11V806EZRVTWT807</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>US 2YR NOTE SEP 25</issuerName>
                <issueTitle>US 2YR NOTE SEP 25</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <other otherDesc="Contract Identifier" value="TUU5C25"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-09-30</expDate>
            <notionalAmt>416144.22</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-97.340000000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>US 10YR NOTE SEP 25</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="TYU5"/>
          <other otherDesc="Internal Id" value="TYU5C25"/>
        </identifiers>
        <balance>-15.000000000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-21108.130000000000</valUSD>
        <pctVal>-0.0052226630</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>JPMorgan</counterpartyName>
              <counterpartyLei>ZBUT11V806EZRVTWT807</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>US 10YR NOTE SEP 25</issuerName>
                <issueTitle>US 10YR NOTE SEP 25</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <other otherDesc="Contract Identifier" value="TYU5C25"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-09-19</expDate>
            <notionalAmt>-1660766.87</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-21108.130000000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>US LONG BOND SEP 25</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="USU5"/>
          <other otherDesc="Internal Id" value="USU5C25"/>
        </identifiers>
        <balance>6.000000000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>25056.320000000000</valUSD>
        <pctVal>0.0061995409</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>JPMorgan</counterpartyName>
              <counterpartyLei>ZBUT11V806EZRVTWT807</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>US LONG BOND SEP 25</issuerName>
                <issueTitle>US LONG BOND SEP 25</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <other otherDesc="Contract Identifier" value="USU5C25"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-09-19</expDate>
            <notionalAmt>667756.18</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>25056.320000000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>US ULTRA T-BOND SEP 25</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="WNU5"/>
          <other otherDesc="Internal Id" value="WNU5C25"/>
        </identifiers>
        <balance>6.000000000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>32058.730000000000</valUSD>
        <pctVal>0.0079321069</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>JPMorgan</counterpartyName>
              <counterpartyLei>ZBUT11V806EZRVTWT807</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>US ULTRA T-BOND SEP 25</issuerName>
                <issueTitle>US ULTRA T-BOND SEP 25</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <other otherDesc="Contract Identifier" value="WNU5C25"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-09-19</expDate>
            <notionalAmt>682691.27</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>32058.730000000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>SPX US 12/18/26 P4600</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Id" value="Z95H0X2E7"/>
        </identifiers>
        <balance>63.000000000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>663705.000000000000</valUSD>
        <pctVal>0.1642167051</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>S&amp;P 500 INDEX</indexName>
                <indexIdentifier>SPX000009</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <shareNo>100.000000000000000</shareNo>
            <exercisePrice>4600.000000000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-12-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-165282.270000000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>ICE: (CDX.NA.IG.44.V1)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Id" value="Z96ZAV0E1"/>
        </identifiers>
        <balance>-11000000.000000000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>240428.650000000000</valUSD>
        <pctVal>0.0594878759</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>CDS: (CDX.NA.IG.44.V1)</indexName>
                <indexIdentifier>DJIG44058</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="3361.11" curCd="USD" fixedOrFloating="Fixed" fixedRt="1.000000000000"/>
            <otherPmntDesc fixedOrFloating="Other">CDS: (CDX.NA.IG.44.V1)</otherPmntDesc>
            <terminationDt>2030-06-20</terminationDt>
            <upfrontPmnt>203967.670000000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.000000000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-11000000.00</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>39822.090000000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-07-23</ncom:dateSigned>
      <ncom:nameOfApplicant>Columbia Funds Variable Insurance Trust</ncom:nameOfApplicant>
      <ncom:signature>Martha Skinner</ncom:signature>
      <ncom:signerName>Martha Skinner</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
