497 1 d497.htm COLUMBIA FUNDS VARIABLE INSURANCE TRUST Columbia Funds Variable Insurance Trust

COLUMBIA FUNDS VARIABLE INSURANCE TRUST

Columbia Strategic Income Fund, Variable Series

(the “Fund”)

Supplement dated August 11, 2010 to the

Statement of Additional Information dated April 29, 2010, as supplemented

The section entitled “Investment Advisory and Other Services –The Advisor and Investment Advisory Services” is revised as follows:

 

  1. All references to Laura Ostrander and Scott Schroepfer as Portfolio Managers of the Fund are deleted.

 

  2. The following is added to the table under the heading “Portfolio Manager(s) of the Advisor”:

 

Portfolio Manager

   

Fund(s)

Brian Lavin

    Strategic Income Fund VS

 

  3. The following is added to the table under the heading “Performance Benchmarks”:

 

Portfolio Manager

   

Fund(s)

   

Primary Benchmark(s)

   

Peer Group

Brian Lavin    Strategic Income Fund VS   

Barclays Capital Government/

Credit Bond Index

Blended Benchmark*

   

Lipper General Bond Funds

Variable Underlying Funds (VUF)

Classification

 

* A custom composite established by the Advisor, consisting of a 35% weighting of the Barclays Capital Aggregate Bond Index, a 35% weighting of the JPMorgan Global High Yield Index, a 15% weighting of the Citigroup Non-U.S. World Government Bond Index-Unhedged and a 15% weighting of the JPMorgan EMBI Global Diversified Index.

 

  4. The following is added to the table under the heading “Other Accounts Managed by the Portfolio Manager(s) – Strategic Income Fund VS”:

 

     Other SEC-registered open-
end and closed-end funds		    Other pooled
investment vehicles		    Other accounts

Portfolio Manager

    Number of
accounts		    Assets    Number of
accounts		    Assets    Number of
accounts		    Assets

Brian Lavin*

    2    $ 2.92 billion    1    $ 9.56 million    4    $ 766.77 million

 

* Account information is provided as of April 30, 2010.

 

  5. The following is added to the table under the heading “Other Accounts Managed by the Portfolio Manager(s) for which the Advisory Fee is Based on Performance” – Strategic Income Fund VS”:

 

     Other SEC-registered open-
end and closed-end funds		    Other pooled
investment vehicles		    Other accounts

Portfolio Manager

    Number of
accounts		    Assets    Number of
accounts		    Assets    Number of
accounts		    Assets

Brian Lavin*

    0    $ 0    0    $ 0    0    $ 0

 

* Account information is provided as of April 30, 2010.

  6. The following is added to the table under the heading “Portfolio Manager Ownership of the Funds as of December 31, 2009”:

 

Portfolio Manager

   

Fund(s)

   

Dollar Range of Equity Securities in the
Fund Beneficially Owned

Brian Lavin*

    Strategic Income Fund VS    None

 

* Account information is provided as of April 30, 2010.

Shareholders should retain this Supplement for future reference.

C-1036-1 A (8/10)