8dd5a3cf3a68c19

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-05199

Columbia Funds Variable Insurance Trust

(Exact name of registrant as specified in charter)

290 Congress Street

Boston, MA 02210

(Address of principal executive offices) (Zip code)

Daniel J. Beckman

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

Ryan C. Larrenaga, Esq.

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

(Name and address of agent for service)

Registrant's telephone number, including area code:

(800) 345-6611

Date of fiscal year end:

Last Day of

December

Date of reporting period:

December 31, 2024

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 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

Columbia Variable Portfolio – Long Government/Credit Bond Fund

Class 1

Annual Shareholder Report | December 31, 2024

This annual shareholder report contains important information about Columbia Variable Portfolio – Long Government/Credit Bond Fund (the Fund) for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at

columbiathreadneedleus.com/resources/literature

. You can also request more information by contacting us at

1-800-345-6611.

What

were

the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 1	$ 48	0.49 %

Management's Discussion of Fund Performance

The performance of Class 1 shares for the period presented is shown in the Average Annual Total Returns table.

Top Performance Contributors

Allocation

| Industry selection was positive for the period with overweights to the banking and midstream sectors. Additional positive returns were driven by an overweight to the electric sector.

Security selection

| Holdings in two financial companies, as well as a semiconductor technology manufacturer contributed positively to Fund performance.

Credit

| Credit allocations to cash, as well as to bonds rated AAA, A, and a small allocation to higher-quality high-yield positions impacted credit allocation positively for the period.

Top Performance Detractors

Allocation

| An overweight allocation to the health care sector had a negative impact on Fund performance.

Security selection

| A Fund holding in a personal health company detracted from Fund performance during the period, as did an allocation to an insurance company.

Credit

| Credit allocations to bonds rated AA, BBB and an unrated security position had a negative impact on Fund performance for the period.

Derivatives usage

| On a standalone basis, the Fund’s use of derivatives had a negative impact on Fund performance during the period.

Fund Performance

The following shows the change in value of a hypothetical $10,000 investment in Class 1 shares of the Fund during the stated time period.

Growth of $10,000

Average Annual Total Returns (%)	1 year	5 years	10 years
Class 1 (a)	(4.14 )	(3.36 )	0.94
Bloomberg U.S. Long Government/Credit Bond Index	(4.15 )	(3.26 )	0.99
Bloomberg U.S. Aggregate Bond Index (b)	1.25	(0.33 )	1.35

(a)	The Fund’s performance prior to May 2016 reflects returns achieved by Columbia Management Investment Advisers, LLC 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.
(b)	Effective August 1, 2024, the Fund compares its performance to the Bloomberg U.S. Aggregate Bond Index, a broad-based performance index, as required by new regulatory requirements. The Fund’s performance also continues to be compared to its prior benchmark, which management believes more closely represents the market sectors and/or asset classes in which the Fund primarily invests.

Past performance does not guarantee future performance.

Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit

columbiathreadneedleus.com/investment-products/variable-products

for more recent performance information.

Key

Fund

Statistics

Fund net assets	$ 1,467,204,561
Total number of portfolio holdings	188
Management services fees (represents 0.49% of Fund average net assets)	$ 7,472,340
Portfolio turnover for the reporting period	41%

Graphical Representation of Fund

Holdings

The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

Bond ratings on Fund holdings are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody’s Ratings, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated by Moody's Ratings, S&P or Fitch, but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as “Not rated.” Credit quality ratin

assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, includin

g d

aily.

Top Holdings

U.S. Treasury 08/15/2043 4.375%	6.7 %
U.S. Treasury 05/15/2047 3.000%	6.2 %
U.S. Treasury 02/15/2048 3.000%	5.1 %
U.S. Treasury 05/15/2052 2.875%	4.9 %
U.S. Treasury 02/15/2039 3.500%	2.9 %
U.S. Treasury 02/15/2036 4.500%	2.6 %
U.S. Treasury 05/15/2038 4.500%	2.0 %
U.S. Treasury 05/15/2041 4.375%	1.7 %
U.S. Treasury 02/15/2040 0.000%	1.3 %
AT&T, Inc. 12/01/2057 3.800%	1.2 %

Asset Categories

Graphical Representation - Allocation 1 Chart

Credit Quality

Graphical Representation - Allocation 2 Chart

Availability of Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.

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

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

Columbia Variable Portfolio – Long Government/Credit Bond Fund

Class 2

Annual Shareholder Report | December 31, 2024

columbiathreadneedleus.com/resources/literature

. You can also request more information by contacting us at

1-800-345-6611.

What

were

the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 2	$ 73	0.74 %

Management's Discussion of Fund Performance

The performance of Class 2 shares for the period presented is shown in the Average Annual Total Returns table.

Top Performance Contributors

Allocation

| Industry selection was positive for the period with overweights to the banking and midstream sectors. Additional positive returns were driven by an overweight to the electric sector.

Security selection

| Holdings in two financial companies, as well as a semiconductor technology manufacturer contributed positively to Fund performance.

Credit

| Credit allocations to cash, as well as to bonds rated AAA, A, and a small allocation to higher-quality high-yield positions impacted credit allocation positively for the period.

Top Performance Detractors

Allocation

| An overweight allocation to the health care sector had a negative impact on Fund performance.

Security selection

| A Fund holding in a personal health company detracted from Fund performance during the period, as did an allocation to an insurance company.

Credit

| Credit allocations to bonds rated AA, BBB and an unrated security position had a negative impact on Fund performance for the period.

Derivatives usage

| On a standalone basis, the Fund’s use of derivatives had a negative impact on Fund performance during the period.

Fund Performance

The following shows the change in value of a hypothetical $10,000 investment in Class 2 shares of the Fund during the stated time period.

Growth of $10,000

Average Annual Total Returns (%)	1 year	5 years	10 years
Class 2 (a)	(4.39 )	(3.58 )	0.70
Bloomberg U.S. Long Government/Credit Bond Index	(4.15 )	(3.26 )	0.99
Bloomberg U.S. Aggregate Bond Index (b)	1.25	(0.33 )	1.35

(a)	The Fund’s performance prior to May 2016 reflects returns achieved by Columbia Management Investment Advisers, LLC 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.
(b)	Effective August 1, 2024, the Fund compares its performance to the Bloomberg U.S. Aggregate Bond Index, a broad-based performance index, as required by new regulatory requirements. The Fund’s performance also continues to be compared to its prior benchmark, which management believes more closely represents the market sectors and/or asset classes in which the Fund primarily invests.

Past performance does not guarantee future performance.

columbiathreadneedleus.com/investment-products/variable-products

for more recent performance information.

Key

Fund

Statistics

Fund net assets	$ 1,467,204,561
Total number of portfolio holdings	188
Management services fees (represents 0.49% of Fund average net assets)	$ 7,472,340
Portfolio turnover for the reporting period	41%

Graphical Representation of Fund

Holdings

ily.

Top Holdings

U.S. Treasury 08/15/2043 4.375%	6.7 %
U.S. Treasury 05/15/2047 3.000%	6.2 %
U.S. Treasury 02/15/2048 3.000%	5.1 %
U.S. Treasury 05/15/2052 2.875%	4.9 %
U.S. Treasury 02/15/2039 3.500%	2.9 %
U.S. Treasury 02/15/2036 4.500%	2.6 %
U.S. Treasury 05/15/2038 4.500%	2.0 %
U.S. Treasury 05/15/2041 4.375%	1.7 %
U.S. Treasury 02/15/2040 0.000%	1.3 %
AT&T, Inc. 12/01/2057 3.800%	1.2 %

Asset Categories

Credit Quality

Availability of Additional Information

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

Item 4. Principal Accountant Fees and Services.

The Registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for the series of the relevant registrant whose reports to shareholders are included in this annual filing.

	Amount billed to the registrant ($)		Amount billed to the registrant's investment advisor ($)
	December 31, 2024	December 31, 2023	December 31, 2024	December 31, 2023
Audit fees ^(a)	41,999	40,290	0	0
Audit-related fees ^(b)	0	0	0	0
Tax fees ^(c)	13,430	12,500	0	0
All other fees ^(d)	0	0	0	0
Non-audit fees ^(g)	0	0	581,000	577,000

(a) Audit Fees include amounts related to the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Audit-Related Fees include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported in Audit Fees above.

(c) Tax Fees include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice, tax planning and foreign tax filings, if applicable.

(d) All Other Fees include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above and typically include SOC-1 reviews.

(e)(1) Audit Committee Pre-Approval Policies and Procedures
The registrant’s Audit Committee is required to pre-approve the engagement of the registrant’s independent auditors to provide audit and non-audit services to the registrant and non-audit services to its investment adviser (excluding any sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser (the “Adviser”) or any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (a “Control Affiliate”) if the engagement relates directly to the operations and financial reporting of the registrant.

The Audit Committee has adopted a Policy for Engagement of Independent Auditors for Audit and Non-Audit Services (the “Policy”). The Policy sets forth the understanding of the Audit Committee regarding the engagement of the registrant’s independent accountants to provide (i) audit and permissible audit-related, tax and other services to the registrant (“Fund Services”); (ii) non-audit services to the registrant’s Adviser and any Control Affiliates, that relates directly to the operations and financial reporting of a Fund (“Fund-related Adviser Services”); and (iii) certain other audit and non-audit services to the registrant’s Adviser and its Control Affiliates. A service will require specific pre-approval by the Audit Committee if it is to be provided by the Fund’s independent auditor; provided, however, that pre-approval of non-audit services to the Fund, the Adviser or Control Affiliates may be waived if certain de minimis requirements set forth in the SEC’s rules are met.

Under the Policy, the Audit Committee may delegate pre-approval authority to any pre-designated member or members who are independent board members. The member(s) to whom such authority is delegated must report, for informational purposes only, any pre-approval decisions to the Audit Committee at its next regular meeting. The Audit Committee's responsibilities with respect to the pre-approval of services performed by the independent auditor may not be delegated to management.

On an annual basis, at a regularly scheduled Audit Committee meeting, the Fund’s Treasurer or other Fund officer shall submit to the Audit Committee a schedule of the types of Fund Services and Fund-related Adviser Services that are subject to specific pre-approval. This schedule will provide a description of each type of service that is subject to specific pre-approval, along with total projected fees for each service. The pre-approval will generally cover a one-year period. The Audit Committee will review and approve the types of services and the projected fees for the next one-year period and may add to, or subtract from, the list of pre-approved services from time to time, based on subsequent determinations. This specific approval acknowledges that the Audit Committee is in agreement with the specific types of services that the independent auditor will be permitted to perform and the projected fees for each service.

The Fund’s Treasurer or other Fund officer shall report to the Audit Committee at each of its regular meetings regarding all Fund Services or Fund-related Adviser Services provided since the last such report was rendered, including a description of the services, by category, with forecasted fees for the annual reporting period, proposed changes requiring specific pre-approval and a description of services provided by the independent auditor, by category, with actual fees during the current reporting period.

(e)(2) None, or 0%, of the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund or affiliated entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

(h) The registrant’s Audit Committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant’s independence.

(i) Not applicable.

(j) Not applicable.

Portfolio of Investments

December 31, 2024

(Percentages represent value of investments compared to net assets)

Investments in securities

Asset-Backed Securities - Agency 0.6%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
United States Small Business Administration
Series 2016-20L Class 1
12/01/2036	2.810%	2,269,910	2,049,659
Series 2017-20E Class 1
05/01/2037	2.880%	202,259	182,491
Series 2017-20F Class 1
06/01/2037	2.810%	1,718,407	1,514,797
Series 2017-20G Class 1
07/01/2037	2.980%	1,522,902	1,384,491
Series 2017-20H Class 1
08/01/2037	2.750%	1,467,728	1,322,301
Series 2017-20I Class 1
09/01/2037	2.590%	2,212,435	1,967,181
Total Asset-Backed Securities — Agency (Cost $9,393,641)			8,420,920

Corporate Bonds & Notes 45.6%

Aerospace & Defense 3.9%
BAE Systems PLC(a)
03/26/2034	5.300%	14,809,000	14,770,425
Boeing Co. (The)
08/01/2059	3.950%	12,227,000	8,088,180
05/01/2060	5.930%	2,265,000	2,087,604
L3Harris Technologies, Inc.
07/31/2033	5.400%	2,910,000	2,902,796
06/01/2034	5.350%	6,375,000	6,362,156
Lockheed Martin Corp.
02/15/2055	5.200%	3,290,000	3,105,207
Northrop Grumman Corp.
06/01/2043	4.750%	4,425,000	3,970,822
10/15/2047	4.030%	6,765,000	5,326,975
Raytheon Technologies Corp.
02/27/2053	5.375%	3,557,000	3,370,919
United Technologies Corp.
07/15/2038	6.125%	7,375,000	7,729,925
11/01/2046	3.750%	3,000	2,264
Total			57,717,273
Banking 3.7%
Bank of America Corp.(b)
03/20/2051	4.083%	6,760,000	5,280,730
Subordinated
09/21/2036	2.482%	4,763,000	3,879,628
Citigroup, Inc.
07/23/2048	4.650%	4,255,000	3,651,055

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Citigroup, Inc.(b)
Subordinated
02/13/2035	5.827%	5,035,000	5,012,093
Goldman Sachs Group, Inc. (The)(b)
10/23/2035	5.016%	7,531,000	7,223,642
11/19/2045	5.561%	4,560,000	4,405,966
JPMorgan Chase & Co.(b)
11/29/2045	5.534%	4,763,000	4,651,034
Morgan Stanley(b)
11/19/2055	5.516%	1,944,000	1,877,136
Subordinated
09/16/2036	2.484%	14,203,000	11,551,992
Wells Fargo & Co.(b)
04/04/2051	5.013%	8,205,000	7,315,257
Total			54,848,533
Cable and Satellite 1.9%
Charter Communications Operating LLC/Capital
05/01/2047	5.375%	13,700,000	11,194,286
12/01/2061	4.400%	1,061,000	704,762
06/30/2062	3.950%	7,000	4,262
Comcast Corp.
05/15/2053	5.350%	1,970,000	1,821,927
06/01/2054	5.650%	1,237,000	1,196,392
11/01/2056	2.937%	9,750,000	5,684,380
NBCUniversal Media LLC
01/15/2043	4.450%	7,742,000	6,592,539
Total			27,198,548
Chemicals 0.1%
LYB International Finance III LLC
04/01/2051	3.625%	2,550,000	1,711,288
Construction Machinery 0.3%
United Rentals North America, Inc.
02/15/2031	3.875%	4,075,000	3,641,149
Diversified Manufacturing 0.3%
Carrier Global Corp.
04/05/2040	3.377%	6,305,000	4,858,104
Electric 6.4%
AEP Texas, Inc.
01/15/2050	3.450%	14,230,000	9,573,706
05/15/2051	3.450%	1,930,000	1,281,597
AES Corp. (The)
01/15/2031	2.450%	1,790,000	1,492,391

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

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

Portfolio of Investments (continued)

December 31, 2024

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
CenterPoint Energy, Inc.
09/01/2049	3.700%	2,439,000	1,733,452
Consolidated Edison Co. of New York, Inc.
11/15/2053	5.900%	2,885,000	2,934,720
Constellation Energy Generation LLC
03/15/2054	5.750%	2,900,000	2,822,877
Dominion Resources, Inc.
12/01/2044	4.700%	5,510,000	4,656,655
Duke Energy Carolinas LLC
01/15/2054	5.400%	3,845,000	3,692,799
Duke Energy Corp.
08/15/2052	5.000%	10,555,000	9,212,957
Duke Energy Indiana LLC
04/01/2050	2.750%	955,000	575,815
Eversource Energy
07/15/2034	5.950%	3,725,000	3,820,310
Exelon Corp.
03/15/2052	4.100%	9,474,000	7,213,364
03/15/2053	5.600%	7,582,000	7,310,307
FirstEnergy Corp.
03/01/2050	3.400%	3,370,000	2,283,595
FirstEnergy Transmission LLC(a)
01/15/2035	5.000%	1,168,000	1,129,416
Jersey Central Power & Light Co.(a)
01/15/2035	5.100%	2,657,000	2,593,390
MidAmerican Energy Co.
02/01/2055	5.300%	2,290,000	2,160,841
NextEra Energy Capital Holdings, Inc.
03/15/2054	5.550%	6,207,000	5,948,059
Oncor Electric Delivery Co. LLC(a)
06/15/2054	5.550%	4,652,000	4,529,151
Pacific Gas and Electric Co.
07/01/2050	4.950%	9,395,000	8,151,915
Virginia Electric and Power Co.
01/15/2034	5.000%	6,486,000	6,311,806
04/01/2053	5.450%	978,000	931,659
Xcel Energy, Inc.
12/01/2049	3.500%	4,907,000	3,372,981
Total			93,733,763
Food and Beverage 2.4%
Bacardi Ltd.(a)
05/15/2038	5.150%	9,921,000	9,102,891
05/15/2048	5.300%	6,607,000	5,915,705
Campbell Soup Co.
03/23/2035	4.750%	3,795,000	3,580,353
04/24/2050	3.125%	5,253,000	3,385,300

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Coca-Cola Co. (The)
01/14/2055	5.200%	4,070,000	3,871,139
Constellation Brands, Inc.
05/01/2033	4.900%	4,047,000	3,909,009
J M Smucker Co. (The)
11/15/2053	6.500%	1,661,000	1,783,923
Mars, Inc.(a)
04/01/2054	4.125%	480,000	369,245
04/01/2059	4.200%	4,383,000	3,348,798
Total			35,266,363
Health Care 2.5%
Becton Dickinson & Co.
02/08/2034	5.110%	9,155,000	9,020,631
Cigna Corp.
03/15/2050	3.400%	7,444,000	4,891,567
CVS Health Corp.
03/25/2038	4.780%	5,387,000	4,656,326
07/20/2045	5.125%	12,440,000	10,462,709
HCA, Inc.
03/15/2052	4.625%	5,789,000	4,522,866
New York and Presbyterian Hospital (The)
08/01/2036	3.563%	3,425,000	2,868,116
Total			36,422,215
Healthcare Insurance 2.5%
Centene Corp.
02/15/2030	3.375%	5,874,000	5,232,892
10/15/2030	3.000%	6,238,000	5,382,339
03/01/2031	2.500%	5,202,000	4,294,902
UnitedHealth Group, Inc.
07/15/2044	5.500%	15,555,000	15,092,524
04/15/2054	5.375%	6,495,000	6,086,195
Total			36,088,852
Independent Energy 0.9%
Apache Corp.
09/01/2040	5.100%	2,680,000	2,328,130
Canadian Natural Resources Ltd.
02/15/2037	6.500%	2,580,000	2,678,387
Diamondback Energy, Inc.
04/18/2064	5.900%	3,167,000	2,974,779
Occidental Petroleum Corp.
10/01/2054	6.050%	5,994,000	5,644,171
Total			13,625,467
Integrated Energy 1.4%
BP Capital Markets America, Inc.
11/17/2034	5.227%	10,240,000	10,081,825

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

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

Portfolio of Investments (continued)

December 31, 2024

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Cenovus Energy, Inc.
02/15/2052	3.750%	6,384,000	4,410,067
Total Capital International SA
06/29/2060	3.386%	1,315,000	850,543
TotalEnergies Capital SA
04/05/2064	5.638%	3,388,000	3,234,963
09/10/2064	5.425%	1,480,000	1,371,966
Total			19,949,364
Life Insurance 1.4%
MetLife, Inc.
07/15/2052	5.000%	4,428,000	4,005,253
New York Life Insurance Co.(a)
Subordinated
05/15/2050	3.750%	8,160,000	5,962,071
Northwestern Mutual Life Insurance Co. (The)(a)
Subordinated
09/30/2059	3.625%	4,833,000	3,247,762
Teachers Insurance & Annuity Association of America(a)
Subordinated
05/15/2050	3.300%	9,979,000	6,672,421
Total			19,887,507
Media and Entertainment 1.0%
Fox Corp.
01/25/2049	5.576%	1,950,000	1,807,731
Meta Platforms, Inc.
05/15/2063	5.750%	5,455,000	5,499,219
Warnermedia Holdings, Inc.
03/15/2062	5.391%	9,896,000	7,283,482
Total			14,590,432
Midstream 3.1%
Eastern Energy Gas Holdings LLC
10/15/2054	5.650%	2,267,000	2,140,801
Enbridge, Inc.
04/05/2054	5.950%	5,346,000	5,295,761
Energy Transfer LP
05/15/2054	5.950%	7,374,000	7,112,848
09/01/2054	6.050%	1,650,000	1,615,407
Kinder Morgan Energy Partners LP
03/01/2043	5.000%	1,345,000	1,172,686
09/01/2044	5.400%	3,058,000	2,783,277
Kinder Morgan, Inc.
02/15/2046	5.050%	4,996,000	4,339,139
08/01/2054	5.950%	1,430,000	1,395,817
MPLX LP
04/15/2048	4.700%	1,427,000	1,170,137
03/14/2052	4.950%	5,551,000	4,672,326

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Plains All American Pipeline LP/Finance Corp.
06/15/2044	4.700%	6,020,000	4,972,128
Western Gas Partners LP
03/01/2048	5.300%	1,890,000	1,604,218
Williams Companies, Inc. (The)
06/24/2044	5.750%	7,165,000	6,936,689
Total			45,211,234
Natural Gas 1.1%
NiSource, Inc.
02/15/2043	5.250%	1,575,000	1,469,609
02/15/2044	4.800%	7,017,000	6,190,791
05/15/2047	4.375%	1,794,000	1,465,422
NiSource, Inc.(b)
11/30/2054	6.950%	201,000	204,620
Sempra Energy
02/01/2048	4.000%	3,650,000	2,767,323
Southern California Gas Co.
09/01/2034	5.050%	3,366,000	3,313,563
Total			15,411,328
Pharmaceuticals 3.0%
AbbVie, Inc.
11/06/2042	4.400%	8,582,000	7,425,179
Amgen, Inc.
03/02/2063	5.750%	14,807,000	14,203,914
Bristol-Myers Squibb Co.
02/22/2064	5.650%	9,943,000	9,579,670
Merck & Co., Inc.
05/17/2053	5.000%	4,275,000	3,895,434
Pfizer Investment Enterprises Pte., Ltd.
05/19/2043	5.110%	6,187,000	5,805,837
Pfizer, Inc.
12/15/2046	4.125%	3,648,000	2,934,162
Total			43,844,196
Property & Casualty 0.6%
Berkshire Hathaway Finance Corp.
03/15/2052	3.850%	7,740,000	5,855,616
Liberty Mutual Group, Inc.(a)
10/15/2050	3.951%	4,435,000	3,228,602
Total			9,084,218
Railroads 1.1%
Burlington Northern Santa Fe LLC
03/15/2055	5.500%	6,465,000	6,347,425
Canadian Pacific Railway Co.
12/02/2051	3.100%	3,980,000	2,589,359

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

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

Portfolio of Investments (continued)

December 31, 2024

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Norfolk Southern Corp.
08/15/2052	4.050%	3,135,000	2,410,030
08/01/2054	5.350%	3,035,000	2,891,883
03/15/2064	5.950%	2,520,000	2,587,671
Total			16,826,368
Restaurants 0.3%
McDonald’s Corp.
09/01/2049	3.625%	4,135,000	2,980,162
04/01/2050	4.200%	1,855,000	1,469,426
Total			4,449,588
Retailers 1.1%
Amazon.com, Inc.
05/12/2051	3.100%	10,604,000	7,130,287
Lowe’s Companies, Inc.
04/01/2062	4.450%	12,211,000	9,441,953
Total			16,572,240
Supermarkets 0.2%
Kroger Co. (The)
09/15/2064	5.650%	3,167,000	2,981,183
Technology 3.2%
Apple, Inc.
02/08/2051	2.650%	11,872,000	7,319,376
Broadcom, Inc.(a)
11/15/2036	3.187%	14,473,000	11,656,690
Foundry JV Holdco LLC(a)
01/25/2038	6.400%	1,891,000	1,909,403
Intel Corp.
03/25/2050	4.750%	3,116,000	2,409,602
08/12/2051	3.050%	10,355,000	5,891,128
International Business Machines Corp.
02/06/2053	5.100%	3,420,000	3,135,431
NXP BV/Funding LLC/USA, Inc.
05/11/2041	3.250%	3,460,000	2,526,643
02/15/2042	3.125%	3,530,000	2,459,196
Oracle Corp.
07/15/2046	4.000%	8,400,000	6,456,357
04/01/2050	3.600%	2,661,000	1,860,828
03/25/2061	4.100%	1,518,000	1,086,935
Total			46,711,589
Tobacco 0.3%
BAT Capital Corp.
08/02/2043	7.079%	4,435,000	4,782,298

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Transportation Services 0.4%
ERAC USA Finance LLC(a)
10/30/2034	5.200%	2,462,000	2,433,588
United Parcel Service, Inc.
05/22/2064	5.600%	4,191,000	4,066,291
Total			6,499,879
Wireless 0.3%
T-Mobile US, Inc.
04/15/2050	4.500%	1,670,000	1,370,849
Vodafone Group PLC
06/28/2064	5.875%	3,615,000	3,497,286
Total			4,868,135
Wirelines 2.2%
AT&T, Inc.
12/01/2057	3.800%	26,408,000	18,286,936
Verizon Communications, Inc.(a)
02/15/2035	4.780%	3,295,000	3,140,889
Verizon Communications, Inc.
03/22/2041	3.400%	14,500,000	10,975,489
Total			32,403,314
Total Corporate Bonds & Notes (Cost $741,977,009)			669,184,428

Foreign Government Obligations(c) 0.6%

Mexico 0.6%
Mexico Government International Bond
05/04/2053	6.338%	10,495,000	9,330,881
Total Foreign Government Obligations (Cost $10,494,790)			9,330,881

U.S. Treasury Obligations 44.7%

U.S. Treasury
05/15/2033	3.375%	4,909,800	4,513,947
11/15/2033	4.500%	7,387,000	7,356,990
02/15/2036	4.500%	37,500,000	37,447,266
05/15/2038	4.500%	30,000,000	29,550,000
02/15/2039	3.500%	49,000,000	42,951,563
08/15/2040	3.875%	10,000,000	9,003,125
02/15/2041	4.750%	8,000,000	7,966,250
05/15/2041	4.375%	25,383,000	24,177,308
05/15/2043	2.875%	17,600,000	13,334,750
05/15/2043	3.875%	19,723,500	17,372,089
08/15/2043	4.375%	104,581,000	98,469,548
08/15/2044	3.125%	16,500,000	12,813,281
11/15/2044	3.000%	10,000,000	7,592,188
11/15/2045	3.000%	12,000,000	9,026,250
11/15/2047	2.750%	20,750,000	14,573,633

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

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

Portfolio of Investments (continued)

December 31, 2024

U.S. Treasury Obligations (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
02/15/2048	3.000%	101,200,000	74,302,937
08/15/2049	2.250%	495,000	306,823
02/15/2050	2.000%	2,900,000	1,686,078
05/15/2050	1.250%	22,250,000	10,565,273
11/15/2050	1.625%	24,800,000	12,950,250
02/15/2051	1.875%	22,000,000	12,251,250
05/15/2051	2.375%	2,600,000	1,636,781
05/15/2052	2.875%	102,497,900	71,780,561
02/15/2053	3.625%	12,877,300	10,476,891
U.S. Treasury(d)
05/15/2047	3.000%	122,157,900	90,339,584
U.S. Treasury(e)
STRIPS
02/15/2040	0.000%	38,410,800	18,873,807
11/15/2041	0.000%	13,661,000	6,114,898
05/15/2043	0.000%	19,069,000	7,850,320
Total U.S. Treasury Obligations (Cost $829,490,383)			655,283,641

Money Market Funds 7.4%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 4.573%(f),(g)	108,930,169	108,908,383
Total Money Market Funds (Cost $108,901,612)		108,908,383
Total Investments in Securities (Cost: $1,700,257,435)		1,451,128,253
Other Assets & Liabilities, Net		16,076,308
Net Assets		1,467,204,561

At December 31, 2024, securities and/or cash totaling $10,140,944 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	1,056	03/2025	USD	120,219,000	—	(4,514,109 )
U.S. Treasury Ultra Bond	982	03/2025	USD	116,765,938	—	(6,601,502 )
Total					—	(11,115,611 )

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	(327)	03/2025	USD	(35,561,250 )	636,412	—
U.S. Treasury 2-Year Note	(9)	03/2025	USD	(1,850,484 )	—	(1,282 )
U.S. Treasury 5-Year Note	(202)	03/2025	USD	(21,473,547 )	124,129	—
U.S. Treasury Ultra 10-Year Note	(633)	03/2025	USD	(70,460,813 )	1,663,885	—
Total					2,424,426	(1,282 )

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 December 31, 2024, the total value of these securities amounted to $80,010,447, which represents 5.45% 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 December 31, 2024.
(c)	Principal and interest may not be guaranteed by a governmental entity.
(d)	This security or a portion of this security has been pledged as collateral in connection with derivative contracts.
(e)	Zero coupon bond.
(f)	The rate shown is the seven-day current annualized yield at December 31, 2024.

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

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

Portfolio of Investments (continued)

December 31, 2024

Notes to Portfolio of Investments (continued)

(g)

As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2024 are as follows:

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Realized gain (loss)($)	Dividends($)	End of period shares
Columbia Short-Term Cash Fund, 4.573%
	33,608,721	431,128,538	(355,822,968 )	(5,908 )	108,908,383	5,334	2,547,943	108,930,169

Abbreviation Legend

STRIPS

Separate Trading of Registered Interest and Principal Securities

Currency Legend

USD

US Dollar

Fair value measurements

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■

Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■

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

■

Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category, if any, are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund’s Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.

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

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

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

Statement of Operations

Year Ended December 31, 2024

Net investment income
Income:
Dividends — affiliated issuers	$2,547,943
Interest	66,597,638
Interfund lending	974
Total income	69,146,555
Expenses:
Management services fees	7,472,340
Distribution and/or service fees
Class 2	43,582
Service fees	11,296
Custodian fees	11,083
Printing and postage fees	13,313
Accounting services fees	41,999
Legal fees	28,840
Interest on collateral	7,254
Compensation of chief compliance officer	276
Compensation of board members	25,793
Deferred compensation of board members	15,242
Other	26,460
Total expenses	7,697,478
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(198,527 )
Total net expenses	7,498,951
Net investment income	61,647,604
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(18,781,047 )
Investments — affiliated issuers	5,334
Futures contracts	4,611,633
Net realized loss	(14,164,080 )
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(88,208,082 )
Investments — affiliated issuers	(5,908 )
Futures contracts	(22,463,813 )
Net change in unrealized appreciation (depreciation)	(110,677,803 )
Net realized and unrealized loss	(124,841,883 )
Net decrease in net assets resulting from operations	$(63,194,279 )

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

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

Statement of Changes in Net Assets

	Year Ended December 31, 2024	Year Ended December 31, 2023
Operations
Net investment income	$61,647,604	$58,256,778
Net realized loss	(14,164,080 )	(101,500,748 )
Net change in unrealized appreciation (depreciation)	(110,677,803 )	146,329,458
Net increase (decrease) in net assets resulting from operations	(63,194,279 )	103,085,488
Distributions to shareholders
Net investment income and net realized gains
Class 1	(58,270,577 )	(49,849,960 )
Class 2	(604,307 )	(486,344 )
Total distributions to shareholders	(58,874,884 )	(50,336,304 )
Increase in net assets from capital stock activity	35,400,384	30,938,931
Total increase (decrease) in net assets	(86,668,779 )	83,688,115
Net assets at beginning of year	1,553,873,340	1,470,185,225
Net assets at end of year	$1,467,204,561	$1,553,873,340

	Year Ended		Year Ended
	December 31, 2024		December 31, 2023
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class 1
Shares sold	18,978,425	144,729,900	1,594,824	11,886,605
Distributions reinvested	7,811,070	58,270,577	6,541,990	49,849,960
Shares redeemed	(21,932,386 )	(168,346,265 )	(4,544,138 )	(35,632,922 )
Net increase	4,857,109	34,654,212	3,592,676	26,103,643
Class 2
Shares sold	797,388	6,149,867	718,506	5,597,904
Distributions reinvested	81,115	604,307	63,908	486,344
Shares redeemed	(796,600 )	(6,008,002 )	(164,255 )	(1,248,960 )
Net increase	81,903	746,172	618,159	4,835,288
Total net increase	4,939,012	35,400,384	4,210,835	30,938,931

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

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

Financial Highlights

The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class 1
Year Ended 12/31/2024	$7.90	0.31	(0.63 )	(0.32 )	(0.30 )	—	(0.30 )
Year Ended 12/31/2023	$7.64	0.30	0.22	0.52	(0.26 )	—	(0.26 )
Year Ended 12/31/2022	$11.19	0.27	(3.30 )	(3.03 )	(0.25 )	(0.27 )	(0.52 )
Year Ended 12/31/2021	$12.38	0.26	(0.65 )	(0.39 )	(0.24 )	(0.56 )	(0.80 )
Year Ended 12/31/2020	$10.99	0.29	1.62	1.91	(0.33 )	(0.19 )	(0.52 )
Class 2
Year Ended 12/31/2024	$7.88	0.29	(0.63 )	(0.34 )	(0.28 )	—	(0.28 )
Year Ended 12/31/2023	$7.62	0.28	0.22	0.50	(0.24 )	—	(0.24 )
Year Ended 12/31/2022	$11.15	0.25	(3.28 )	(3.03 )	(0.23 )	(0.27 )	(0.50 )
Year Ended 12/31/2021	$12.34	0.24	(0.66 )	(0.42 )	(0.21 )	(0.56 )	(0.77 )
Year Ended 12/31/2020	$10.95	0.26	1.62	1.88	(0.30 )	(0.19 )	(0.49 )

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

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

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

Notes to Financial Statements

December 31, 2024

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.

Segment reporting

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (ASU 2023-07). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund’s financial position or its results of operations. The intent of the ASU 2023-07 is to enable investors to better understand an entity’s overall performance and to assess its potential future cash flows through improved segment disclosures.

The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund’s financial statements.

Security valuation

Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not

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

Notes to Financial Statements (continued)

December 31, 2024

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.

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

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

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

Derivative instruments

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

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally expected to be limited to the aggregate unrealized gain netted against any collateral held by the Fund and the

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

Notes to Financial Statements (continued)

December 31, 2024

amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty provides some protection in the case of clearing member default. The clearinghouse or central counterparty stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or central counterparty may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker’s customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the central counterparty or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker’s customers (including the Fund), potentially resulting in losses to the Fund.

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

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

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

Futures contracts

Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark. These instruments may be used for other purposes in future periods. Upon entering into futures

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

Notes to Financial Statements (continued)

December 31, 2024

contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

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

Effects of derivative transactions in the financial statements

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

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at December 31, 2024:

	Asset derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Interest rate risk	Component of total distributable earnings (loss) — unrealized appreciation on futures contracts	2,424,426 *

	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	11,116,893 *

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

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2024:

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Interest rate risk	4,611,633

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Interest rate risk	(22,463,813 )

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

Notes to Financial Statements (continued)

December 31, 2024

The following table is a summary of the average daily outstanding volume by derivative instrument for the year ended December 31, 2024:

Derivative instrument	Average notional amounts ($)
Futures contracts — long	251,610,864
Futures contracts — short	204,121,633

Asset- and mortgage-backed securities

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

Security transactions

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

Income recognition

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

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

Dividend income is recorded on the ex-dividend date.

Expenses

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of class net asset value

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Federal income tax status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, because the Fund meets the exception under Internal Revenue Code Section 4982(f), the Fund expects not to be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

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

Notes to Financial Statements (continued)

December 31, 2024

Distributions to subaccounts

Distributions to the subaccounts of Contracts, Qualified Plans and Qualified Investors are recorded at the close of business on the record date and are payable on the first business day following the record date. Dividends from net investment income, if any, are declared and distributed annually. Capital gain distributions, when available, will be made annually. However, an additional capital gain distribution may be made during the fiscal year in order to comply with the Internal Revenue Code, as applicable to registered investment companies. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. All dividends and distributions are reinvested in additional shares of the applicable share class of the Fund at the net asset value as of the ex-dividend date of the distribution.

Guarantees and indemnifications

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

Recent accounting pronouncements and regulatory updates

Accounting Standards Update 2023-09 Income Taxes (Topic 740)

In December 2023, the FASB issued Accounting Standards Update No. 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management expects that the adoption of the amendments will not have a material impact on its financial statements.

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 effective management services fee rate for the year ended December 31, 2024 was 0.49% of the Fund’s average daily net assets.

Compensation of Board members

Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members" in the Statement of Operations.

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

Notes to Financial Statements (continued)

December 31, 2024

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 effective service fee rate for the year ended December 31, 2024 was 0.00% of the Fund’s average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

Distribution and/or service fees

The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Class 2 shares. The Fund pays no distribution and service fees for Class 1 shares.

Expenses waived/reimbursed by the Investment Manager and its affiliates

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

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

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

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

Notes to Financial Statements (continued)

December 31, 2024

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 December 31, 2024, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, derivative investments, tax straddles, principal and/or interest from fixed income securities, capital loss carryforwards and trustees’ deferred compensation. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

Undistributed net investment income ($)	Accumulated net realized (loss) ($)	Paid in capital ($)
17,256	(17,256 )	—

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years indicated was as follows:

Year Ended December 31, 2024			Year Ended December 31, 2023
Ordinary income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Long-term capital gains ($)	Total ($)
58,874,884	—	58,874,884	50,336,304	—	50,336,304

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At December 31, 2024, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized (depreciation) ($)
60,743,354	—	(305,339,410 )	(250,602,171 )

At December 31, 2024, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized (depreciation) ($)
1,693,037,957	5,535,630	(256,137,801 )	(250,602,171 )

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

The following capital loss carryforwards, determined at December 31, 2024, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended December 31, 2024, capital loss carryforwards utilized, if any, were as follows:

No expiration short-term ($)	No expiration long-term ($)	Total ($)	Utilized ($)
(75,903,334 )	(229,436,076 )	(305,339,410 )	—

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

Notes to Financial Statements (continued)

December 31, 2024

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 $598,403,372 and $656,762,563, respectively, for the year ended December 31, 2024, of which $7,663,724 and $8,113,800, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

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

Note 7. Interfund lending

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

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

The Fund’s activity in the Interfund Program during the year ended December 31, 2024 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Lender	538,462	5.68	13

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2024.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 24, 2024 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $900 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. 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

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

Notes to Financial Statements (continued)

December 31, 2024

other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 24, 2024 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 $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended December 31, 2024.

Note 9. Significant risks

Credit risk

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

Derivatives risk

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

Interest rate risk

Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. For example, a three-year duration means a bond is expected to decrease in value by 3% if interest rates rise 1% and increase in value by 3% if interest rates fall 1%. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. 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. Such actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative impact on the Fund’s performance and NAV. Any interest rate increases could cause the value of the Fund’s investments in debt instruments to decrease. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses.

Liquidity risk

Liquidity risk is the risk associated with any event, circumstance, or characteristic of an investment or market that negatively impacts the Fund’s ability to sell, or realize the proceeds from the sale of, an investment at a desirable time or price. Liquidity risk may arise because of, for example, a lack of marketability of the investment, which means that when seeking to sell its portfolio investments, the Fund could find that selling is more difficult than anticipated, especially during times of high market volatility. Market participants attempting to sell the same or a similar instrument at the same time as the Fund could exacerbate the Fund’s exposure to liquidity risk. The Fund may have to accept a lower selling price for the holding, sell other liquid or more liquid investments that it might otherwise prefer to hold (thereby increasing the proportion of the Fund’s investments in less liquid or illiquid securities), or forego another more appealing investment opportunity. The liquidity of Fund investments may change significantly over time and certain investments that were liquid when purchased by the Fund

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

Notes to Financial Statements (continued)

December 31, 2024

may later become illiquid, particularly in times of overall economic distress. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may also adversely affect the liquidity and the price of the Fund’s investments. Judgment plays a larger role in valuing illiquid or less liquid investments as compared to valuing liquid or more liquid investments. Price volatility may be higher for illiquid or less liquid investments as a result of, for example, the relatively less frequent pricing of such securities (as compared to liquid or more liquid investments). 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. Overall market liquidity and other factors can lead to an increase in redemptions, which may negatively impact Fund performance and NAV, including, for example, if the Fund is forced to sell investments in a down market.

Market risk

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

Shareholder concentration risk

At December 31, 2024, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

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

Note 11. Information regarding pending and settled legal proceedings

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

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

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

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Variable Insurance Trust and Shareholders of Columbia Variable Portfolio – Long Government/Credit Bond Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Variable Portfolio – Long Government/Credit Bond Fund (one of the funds constituting Columbia Funds Variable Insurance Trust, referred to hereafter as the "Fund") as of December 31, 2024, the related statement of operations for the year ended December 31, 2024, the statement of changes in net assets for each of the two years in the period ended December 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2024 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2024 and the financial highlights for each of the five years in the period ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 24, 2025

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

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

Assets
Investments in securities, at value
Unaffiliated issuers (cost $1,591,355,823)	$1,342,219,870
Affiliated issuers (cost $108,901,612)	108,908,383
Receivable for:
Capital shares sold	168
Dividends	389,614
Interest	16,774,905
Variation margin for futures contracts	285,068
Expense reimbursement due from Investment Manager	584
Prepaid expenses	9,456
Deferred compensation of board members	186,707
Total assets	1,468,774,755
Liabilities
Payable for:
Capital shares redeemed	543,211
Variation margin for futures contracts	738,451
Management services fees	19,788
Distribution and/or service fees	114
Service fees	1,072
Compensation of chief compliance officer	260
Compensation of board members	890
Other expenses	27,764
Deferred compensation of board members	238,644
Total liabilities	1,570,194
Net assets applicable to outstanding capital stock	$1,467,204,561
Represented by
Paid in capital	1,962,637,860
Total distributable earnings (loss)	(495,433,299 )
Total - representing net assets applicable to outstanding capital stock	$1,467,204,561
Class 1
Net assets	$1,450,523,119
Shares outstanding	199,264,538
Net asset value per share	$7.28
Class 2
Net assets	$16,681,442
Shares outstanding	2,298,269
Net asset value per share	$7.26

	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
Year Ended 12/31/2024	$7.28	(4.14% )	0.50% (c)	0.49% (c)	4.06%	41%	$1,450,523
Year Ended 12/31/2023	$7.90	6.97%	0.50% (c)	0.49% (c)	3.91%	50%	$1,536,406
Year Ended 12/31/2022	$7.64	(27.55% )	0.50% (c)	0.50% (c)	3.13%	53%	$1,458,011
Year Ended 12/31/2021	$11.19	(3.21% )	0.50% (c)	0.50% (c)	2.32%	48%	$1,960,592
Year Ended 12/31/2020	$12.38	17.25%	0.50%	0.50%	2.38%	46%	$1,747,792
Class 2
Year Ended 12/31/2024	$7.26	(4.39% )	0.75% (c)	0.74% (c)	3.81%	41%	$16,681
Year Ended 12/31/2023	$7.88	6.68%	0.75% (c)	0.74% (c)	3.69%	50%	$17,467
Year Ended 12/31/2022	$7.62	(27.70% )	0.75% (c)	0.75% (c)	2.85%	53%	$12,175
Year Ended 12/31/2021	$11.15	(3.47% )	0.75% (c)	0.75% (c)	2.07%	48%	$19,183
Year Ended 12/31/2020	$12.34	17.07%	0.75%	0.75%	2.11%	46%	$28,746

(registrant)	Columbia Funds Variable Insurance Trust

By (Signature and Title)	/s/ Daniel J. Beckman
	Daniel J. Beckman, President and Principal Executive Officer

Date	February 24, 2025

By (Signature and Title)	/s/ Daniel J. Beckman
	Daniel J. Beckman, President and Principal Executive Officer

Date	February 24, 2025

By (Signature and Title)	/s/ Michael G. Clarke
	Michael G. Clarke, Chief Financial Officer,
	Principal Financial Officer and Senior Vice President

Date	February 24, 2025

By (Signature and Title)	/s/ Charles H. Chiesa
	Charles H. Chiesa, Treasurer, Chief Accounting
	Officer and Principal Financial Officer

Date	February 24, 2025

Portfolio of Investments	3
Statement of Assets and Liabilities	10
Statement of Operations	11
Statement of Changes in Net Assets	12
Financial Highlights	14
Notes to Financial Statements	16
Report of Independent Registered Public Accounting Firm	28

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Asset-Backed Securities - Agency	—	8,420,920	—	8,420,920
Corporate Bonds & Notes	—	669,184,428	—	669,184,428
Foreign Government Obligations	—	9,330,881	—	9,330,881
U.S. Treasury Obligations	—	655,283,641	—	655,283,641
Money Market Funds	108,908,383	—	—	108,908,383
Total Investments in Securities	108,908,383	1,342,219,870	—	1,451,128,253
Investments in Derivatives
Asset
Futures Contracts	2,424,426	—	—	2,424,426
Liability
Futures Contracts	(11,116,893 )	—	—	(11,116,893 )
Total	100,215,916	1,342,219,870	—	1,442,435,786