# EDGAR Filing Document

**Accession Number:** 0000815425
**File Stem:** 0001193125-23-052662
**Filing Date:** 2023-2
**Character Count:** 10338
**Document Hash:** 67f37bd15f600711dc8715bc96a560a4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-052662.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001193125-23-052662

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COLUMBIA FUNDS VARIABLE INSURANCE TRUST
- **CENTRAL INDEX KEY:** 0000815425
- **IRS NUMBER:** 043031721
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-14954
- **FILM NUMBER:** 23678939

**BUSINESS ADDRESS:**
- **STREET 1:** 290 CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 800-345-6611

**MAIL ADDRESS:**
- **STREET 1:** 290 CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** STEINROE VARIABLE INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** STEINROE VARIABLE INVESTMENT FUND
- **DATE OF NAME CHANGE:** 19890327

## Series and Classes Contracts Data

### Variable Portfolio - Managed Volatility Conservative Growth Fund (Series ID: S000040390)

| Class ID   | Class Name                                                               | Ticker Symbol   |
|:---|:---|:---|
| C000125449 | Variable Portfolio - Managed Volatility Conservative Growth Fund Class 2 |  |
| C000206836 | Variable Portfolio - Managed Volatility Conservative Growth Fund Class 1 |  |

#### Supplement dated February 28, 2023
to the Prospectus, Summary Prospectuses and Statement of Additional Information (SAI) of each of the following

funds (each, a Fund, and collectively, the Funds):

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Prospectus and Summary Prospectuses Dated** | &nbsp;&nbsp;&nbsp;&nbsp;**SAI Dated** |
| &nbsp;&nbsp;Columbia Funds Variable Insurance Trust |  |  |
| &nbsp;&nbsp;Variable Portfolio – Managed Risk Fund | &nbsp;&nbsp;&nbsp;&nbsp;5/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;11/23/2022 |
| &nbsp;&nbsp;Variable Portfolio – Managed Risk U.S. Fund | &nbsp;&nbsp;&nbsp;&nbsp;5/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;11/23/2022 |
| &nbsp;&nbsp;Variable Portfolio – Managed Volatility Conservative Fund | &nbsp;&nbsp;&nbsp;&nbsp;5/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;11/23/2022 |
| &nbsp;&nbsp;Variable Portfolio – Managed Volatility Conservative Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;5/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;11/23/2022 |
| &nbsp;&nbsp;Variable Portfolio – Managed Volatility Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;5/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;11/23/2022 |
| &nbsp;&nbsp;Variable Portfolio – U.S. Flexible Conservative Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;5/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;11/23/2022 |
| &nbsp;&nbsp;Variable Portfolio – U.S. Flexible Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;5/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;11/23/2022 |
| &nbsp;&nbsp;Variable Portfolio – U.S. Flexible Moderate Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;5/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;11/23/2022 |
| &nbsp;&nbsp;Columbia Funds Variable Series Trust II |  |  |
| &nbsp;&nbsp;Variable Portfolio – Managed Volatility Moderate Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;5/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;11/23/2022 |

---

*Effective immediately, the portfolio manager information under the heading "Fund Management" in each Fund's Summary Prospectus and in each Fund's Summary section of the Prospectus for the above-mentioned Funds is hereby superseded and replaced with the following:* 

*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*

<br> ---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio Management** | **Title** | **Role with Fund** | **Managed Fund Since** | **Managed Fund Since** | **Managed Fund Since** |
|  |  |  | For <br> Variable Portfolio (VP) –<br> Managed Risk Fund and<br> VP – Managed Risk<br> U.S. Fund | For <br> VP – Managed Volatility<br> Conservative Fund, VP – Managed Volatility<br> Conservative Growth Fund,<br> VP - Managed Volatility<br> Growth Fund and<br> VP – Managed Volatility<br> Moderate Growth Fund | For VP – U.S. Flexible<br> Conservative Growth Fund,<br> VP – U.S. Flexible<br> Growth Fund and<br> VP – U.S. Flexible<br> Moderate Growth Fund |
| &nbsp;&nbsp;Brian Virginia | Senior Portfolio Manager and Head of Insurance Investments | Lead Portfolio<br> Manager | 2017 | 2014 | 2016 |
| &nbsp;&nbsp;David Weiss, CFA | Vice President, Head of Sub-Advisory Management | Portfolio <br> Manager | 2017 | 2016 | 2016 |
| &nbsp;&nbsp;Joshua Kutin, CFA | Senior Portfolio Manager and Head of North America Asset Allocation | Portfolio <br> Manager | 2018 | 2018 | 2018 |
| &nbsp;&nbsp;Dan Boncarosky, CFA | Senior Portfolio Manager and | Portfolio <br> Manager | February 2023 | February 2023 | February 2023 |

---

*The rest of the section remains the same.*

SUP7043-0001_(02/23)

------

*The portfolio manager information under the heading "Primary Service Provider Contracts - Portfolio Managers" in the "More Information About the Funds" section of the Prospectus, is hereby superseded and replaced with the following:*

*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*

<br> ---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio Management** | **Title** | **Role with Fund** | **Managed Fund Since** | **Managed Fund Since** | **Managed Fund Since** |
|  |  |  | For <br> Variable Portfolio (VP) –<br> Managed Risk Fund and<br> VP – Managed Risk<br> U.S. Fund | For <br> VP – Managed Volatility<br> Conservative Fund, VP – Managed Volatility<br> Conservative Growth Fund,<br> VP - Managed Volatility<br> Growth Fund and<br> VP – Managed Volatility<br> Moderate Growth Fund | For VP – U.S. Flexible<br> Conservative Growth Fund,<br> VP – U.S. Flexible<br> Growth Fund and<br> VP – U.S. Flexible<br> Moderate Growth Fund |
| &nbsp;&nbsp;Brian Virginia | Senior Portfolio Manager and Head of Insurance Investments | Lead Portfolio<br> Manager | 2017 | 2014 | 2016 |
| &nbsp;&nbsp;David Weiss, CFA | Vice President, Head of Sub-Advisory Management | Portfolio <br> Manager | 2017 | 2016 | 2016 |
| &nbsp;&nbsp;Joshua Kutin, CFA | Senior Portfolio Manager and Head of North America Asset Allocation | Portfolio <br> Manager | 2018 | 2018 | 2018 |
| &nbsp;&nbsp;Dan Boncarosky, CFA | Senior Portfolio Manager and | Portfolio <br> Manager | February 2023 | February 2023 | February 2023 |

---

#### Mr. Virginia joined the Investment Manager in 2010. Mr. Virginia began his investment career in 1996 and earned a B.S. from Kansas State University.
**Mr. Weiss joined the Investment Manager in August 2015 as Vice President, Head of Sub-Advisory Management. Prior to joining the Investment Manager, Mr. Weiss was at Lincoln Financial Group where he was a Portfolio Manager and CIO of Lincoln Investment Advisors Corp. Mr. Weiss began his investment career in 1999 and earned a B.S. in management from Plymouth State College and an M.B.A. from Boston University Graduate School of Management.**

**Mr. Kutin joined the Investment Manager in 2015 as a senior portfolio manager for the Global Investment Solutions Group. Mr. Kutin began his investment career in 1998 and earned a B.S. in economics and a B.S. in mathematics with computer science from Massachusetts Institute of Technology and an M.S. in finance from Princeton University.**

**Mr. Boncarosky joined one of the Columbia Management legacy firms or acquired business lines in 2008. Mr. Boncarosky began his investment career in 2008 and earned a B.S. from Leonard N. Stern School of Business at New York University.**

*The rest of the section remains the same.*

SUP7043-0001_(02/23)

------

*Effective immediately, all references to Anwiti Bahuguna in the SAI are hereby removed. Additionally, the information under the subsection "The Investment Manager and Subadvisers – Portfolio Managers" in the "Investment Management and Other Services" section of the SAI with respect to each of the Funds listed below is hereby revised to add the following:*

*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*

<br> ---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Other accounts Managed (excluding the Fund)** | **Other accounts Managed (excluding the Fund)** | **Other accounts Managed (excluding the Fund)** | **Potential <br> Conflicts<br> of Interest** | **Structure <br> of<br> Compensation** |
| **Fund** | **Portfolio <br> Manager** | **Number <br> and Type<br> of Account\*** | **Approximate <br> Total Net<br> Assets** | **Performance- <br> Based<br> Accounts\*\*** | **Potential <br> Conflicts<br> of Interest** | **Structure <br> of<br> Compensation** |
|  ***<u>Information is as of December 31, 2021, unless otherwise noted</u>*** |  ***<u>Information is as of December 31, 2021, unless otherwise noted</u>*** |  ***<u>Information is as of December 31, 2021, unless otherwise noted</u>*** |  ***<u>Information is as of December 31, 2021, unless otherwise noted</u>*** |  ***<u>Information is as of December 31, 2021, unless otherwise noted</u>*** |  ***<u>Information is as of December 31, 2021, unless otherwise noted</u>*** |  ***<u>Information is as of December 31, 2021, unless otherwise noted</u>*** |
| VP – Managed Risk Fund<br> VP – Managed Risk U.S. Fund<br> VP – MV Conservative Fund<br> VP – MV Conservative Growth Fund<br> VP – MV Growth Fund<br> VP – MV Moderate Growth Fund<br> VP – U.S. Flexible Conservative Growth Fund<br> VP – U.S. Flexible Growth Fund<br> VP – U.S. Flexible Moderate Growth Fund | Dan Boncarosky<sup>(i)</sup> | 7 RICs<br> 3 PIVs<br> 60 other accounts | $5.16 billion<br> $0.19 million<br> $127.95 million |  | Columbia Management - FoF | Columbia Management |

---

\* RIC refers to a Registered Investment Company; PIV refers to a Pooled Investment Vehicle.

\*\* Number and type of accounts for which the advisory fee paid is based in part or wholly on performance and the aggregate net assets in those accounts.

(i) The portfolio manager began managing the Fund after its last fiscal year end; reporting information is provided as of January 31, 2023.

*The rest of the section remains the same.*

*Shareholders should retain this Supplement for future reference.*

SUP7043-0001_(02/23)