# EDGAR Filing Document

**Accession Number:** 0000929521
**File Stem:** 0001193125-26-096341
**Filing Date:** 2026-3
**Character Count:** 242753
**Document Hash:** 1492ad9cc0de1cccc515345425fb8fa8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-096341.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001193125-26-096341

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COLUMBIA FUNDS VARIABLE SERIES TRUST
- **CENTRAL INDEX KEY:** 0000929521

**ORGANIZATION NAME:**
- **EIN:** 362692100
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08748
- **FILM NUMBER:** 26730537

**BUSINESS ADDRESS:**
- **STREET 1:** 71 S. WACKER DRIVE, SUITE 2500
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3126349200

**MAIL ADDRESS:**
- **STREET 1:** 71 S. WACKER DRIVE, SUITE 2500
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WANGER ADVISORS TRUST
- **DATE OF NAME CHANGE:** 19940909

## Series and Classes Contracts Data

### Columbia Variable Portfolio - Acorn Fund (Series ID: S000008981)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000024403 | Columbia Variable Portfolio - Acorn Fund | WUSAX           |

### Columbia Variable Portfolio - Acorn International Fund (Series ID: S000008982)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000024404 | Columbia Variable Portfolio - Acorn International Fund | WSCAX           |

?xml version='1.0' encoding='ASCII'? N-CSR

### 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 811-08748

## Columbia Funds Variable Series Trust

#### (Exact name of registrant as specified in charter)

#### 290 Congress Street

#### Boston, MA 02210

#### (Address of principal executive offices) (Zip code)

#### Michael G. Clarke

#### 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, 2025

------

#### Item 1. Reports to Stockholders.

# Columbia Variable Portfolio – Acorn Fund
WUSAX

![Image](g108509g65h49.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Acorn Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Columbia Variable Portfolio – Acorn Fund | $93 | 0.91% |

---

## Management's Discussion of Fund Performance
The performance of the Fund for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selections in the consumer discretionary, energy and industrials sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| Larger allocations to the industrials and health care sectors and smaller allocations to the financials and communication services sectors buoyed the Fund's relative performance during the annual period.

**Individual holdings** \| Positions in Celestica Inc., an electronic component manufacturer; Exact Sciences Corporation, a cancer screening and diagnostics company; Aerovironment Inc., a robotics systems developer; Curtiss-Wright Corporation, which builds high-precision parts for airplanes, the military, and nuclear power systems; and Coherent Corp., which makes lasers, optical parts, and high tech materials, were among the top contributors to the Fund's relative performance.

### Top Performance Detractors
**Stock selection** \| Selections in the health care, information technology, financials and consumer staples sectors hurt the Fund's relative performance during the annual period.

**Allocations** \| A large weighting in the consumer staples sector and a small allocation to the utilities sector detracted from the Fund's relative performance.

**Individual holdings** \| Fund positions in Globant SA, which helps organizations build modern digital technology like apps, websites, AI systems, and software; Parsons Corporation, a developer of national security and cybersecurity systems to protect roads, bridges, airports, and water systems; Glaukos Corp., a medical technology and pharmaceutical company; Credo Technology Group, a developer of connectivity solutions; and Blue Owl Capital, an asset management firm, were top detractors from the Fund's relative performance during the period.

Columbia Variable Portfolio – Acorn Fund \| ASR7064_00_12_D01_(02/26) \|

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

### Growth of $10,000
![Growth of 10K Chart](g108509g42y41.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Acorn Fund ($22956)** | **Russell 3000<sup>®</sup> Index ($38012)** | **Russell 2500<sup>®</sup> Growth Index ($27272)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9077 | $9436 | $9011 |
| **02/16** | $8854 | $9433 | $9038 |
| **03/16** | $9468 | $10097 | $9734 |
| **04/16** | $9742 | $10159 | $9827 |
| **05/16** | $10142 | $10341 | $10071 |
| **06/16** | $10173 | $10362 | $9997 |
| **07/16** | $10692 | $10774 | $10591 |
| **08/16** | $10657 | $10801 | $10664 |
| **09/16** | $10649 | $10818 | $10695 |
| **10/16** | $10220 | $10584 | $10137 |
| **11/16** | $11210 | $11058 | $10876 |
| **12/16** | $11369 | $11274 | $10973 |
| **01/17** | $11514 | $11486 | $11233 |
| **02/17** | $11874 | $11913 | $11573 |
| **03/17** | $11973 | $11921 | $11659 |
| **04/17** | $12299 | $12047 | $11864 |
| **05/17** | $12264 | $12171 | $11869 |
| **06/17** | $12675 | $12280 | $12140 |
| **07/17** | $12670 | $12512 | $12301 |
| **08/17** | $12553 | $12536 | $12325 |
| **09/17** | $13254 | $12842 | $12841 |
| **10/17** | $13381 | $13122 | $13185 |
| **11/17** | $13625 | $13521 | $13619 |
| **12/17** | $13595 | $13656 | $13656 |
| **01/18** | $14236 | $14375 | $14338 |
| **02/18** | $13869 | $13846 | $13868 |
| **03/18** | $14119 | $13568 | $13981 |
| **04/18** | $14195 | $13619 | $13892 |
| **05/18** | $15278 | $14004 | $14631 |
| **06/18** | $15716 | $14095 | $14754 |
| **07/18** | $15942 | $14563 | $15030 |
| **08/18** | $16931 | $15074 | $16046 |
| **09/18** | $16446 | $15099 | $15811 |
| **10/18** | $14533 | $13988 | $13912 |
| **11/18** | $15089 | $14268 | $14175 |
| **12/18** | $13396 | $12940 | $12637 |
| **01/19** | $14969 | $14051 | $14141 |
| **02/19** | $16114 | $14545 | $15073 |
| **03/19** | $15655 | $14757 | $15036 |
| **04/19** | $16296 | $15346 | $15562 |
| **05/19** | $15215 | $14353 | $14528 |
| **06/19** | $16040 | $15361 | $15659 |
| **07/19** | $16300 | $15590 | $15903 |
| **08/19** | $15661 | $15272 | $15451 |
| **09/19** | $15575 | $15540 | $15161 |
| **10/19** | $15945 | $15874 | $15550 |
| **11/19** | $17066 | $16478 | $16609 |
| **12/19** | $17563 | $16954 | $16763 |
| **01/20** | $17176 | $16935 | $16781 |
| **02/20** | $15819 | $15549 | $15643 |
| **03/20** | $12813 | $13410 | $12871 |
| **04/20** | $14683 | $15187 | $14935 |
| **05/20** | $16072 | $15999 | $16494 |
| **06/20** | $16219 | $16364 | $17101 |
| **07/20** | $16698 | $17294 | $18037 |
| **08/20** | $17637 | $18546 | $18849 |
| **09/20** | $17247 | $17871 | $18704 |
| **10/20** | $17655 | $17485 | $18925 |
| **11/20** | $20206 | $19613 | $21682 |
| **12/20** | $21818 | $20495 | $23547 |
| **01/21** | $22651 | $20404 | $24205 |
| **02/21** | $23368 | $21042 | $24965 |
| **03/21** | $23058 | $21796 | $24133 |
| **04/21** | $23678 | $22919 | $24980 |
| **05/21** | $22916 | $23024 | $24286 |
| **06/21** | $23964 | $23592 | $25589 |
| **07/21** | $23928 | $23991 | $25035 |
| **08/21** | $24550 | $24675 | $25662 |
| **09/21** | $23497 | $23568 | $24685 |
| **10/21** | $25136 | $25161 | $25951 |
| **11/21** | $23900 | $24778 | $24614 |
| **12/21** | $23760 | $25754 | $24735 |
| **01/22** | $20298 | $24239 | $21471 |
| **02/22** | $20298 | $23628 | $21536 |
| **03/22** | $19846 | $24395 | $21691 |
| **04/22** | $17021 | $22206 | $19214 |
| **05/22** | $16366 | $22176 | $18748 |
| **06/22** | $15130 | $20321 | $17450 |
| **07/22** | $17397 | $22227 | $19441 |
| **08/22** | $16863 | $21397 | $19072 |
| **09/22** | $15275 | $19413 | $17429 |
| **10/22** | $16271 | $21005 | $18846 |
| **11/22** | $16733 | $22102 | $19406 |
| **12/22** | $15809 | $20808 | $18251 |
| **01/23** | $17383 | $22241 | $20078 |
| **02/23** | $17339 | $21721 | $19761 |
| **03/23** | $17412 | $22302 | $19446 |
| **04/23** | $17195 | $22539 | $19200 |
| **05/23** | $17065 | $22627 | $19179 |
| **06/23** | $18379 | $24172 | $20693 |
| **07/23** | $18942 | $25039 | $21384 |
| **08/23** | $18610 | $24555 | $20514 |
| **09/23** | $17426 | $23386 | $19278 |
| **10/23** | $15867 | $22766 | $17940 |
| **11/23** | $17426 | $24888 | $19530 |
| **12/23** | $19245 | $26209 | $21706 |
| **01/24** | $18942 | $26499 | $21215 |
| **02/24** | $20342 | $27933 | $22935 |
| **03/24** | $21079 | $28835 | $23553 |
| **04/24** | $19678 | $27566 | $21798 |
| **05/24** | $19981 | $28868 | $22682 |
| **06/24** | $19794 | $29762 | $22560 |
| **07/24** | $20790 | $30315 | $23935 |
| **08/24** | $21050 | $30975 | $23749 |
| **09/24** | $21598 | $31616 | $24137 |
| **10/24** | $21497 | $31384 | $24077 |
| **11/24** | $23576 | $33471 | $26942 |
| **12/24** | $21974 | $32448 | $24723 |
| **01/25** | $22508 | $33473 | $25669 |
| **02/25** | $20703 | $32831 | $23960 |
| **03/25** | $18913 | $30916 | $22053 |
| **04/25** | $18812 | $30709 | $21982 |
| **05/25** | $20082 | $32655 | $23422 |
| **06/25** | $21122 | $34314 | $24548 |
| **07/25** | $21555 | $35070 | $25123 |
| **08/25** | $22089 | $35881 | $26442 |
| **09/25** | $22667 | $37120 | $27182 |
| **10/25** | $23403 | $37915 | $27877 |
| **11/25** | $23706 | $38019 | $27498 |
| **12/25** | $22956 | $38012 | $27272 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Columbia Variable Portfolio – Acorn Fund<sup>Footnote Reference(a)</sup> | 4.47 | 1.02 | 8.66 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |
| Russell 2500<sup>®</sup> Growth Index | 10.31 | 2.98 | 10.55 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to May 1, 2022 reflects returns achieved pursuant to a strategy with a different market capitalization limit on the companies in which the Fund invested a majority of its assets. If the Fund's current strategies had been in place for the prior periods, results shown may have been different. |

---

**The Fund's past performance is not a good predictor of the Fund's 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** | $470289787 |
| **Total number of portfolio holdings** | 114 |
| **Management services fees (represents 0.78% of Fund average net assets)** | $3669312 |
| **Portfolio turnover for the reporting period** | 78% |

---

Columbia Variable Portfolio – Acorn Fund \| ASR7064_00_12_D01_(02/26) \|

## 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.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Industrials | 26.9% |
| Health Care | 20.7% |
| Information Technology | 19.5% |
| Consumer Discretionary | 10.8% |
| Financials | 10.4% |
| Consumer Staples | 4.6% |
| Energy | 1.9% |
| Real Estate | 1.5% |
| Communication Services | 0.8% |

---

### Top Holdings

---

| | |
|:---|:---|
| Celestica, Inc. | 2.2% |
| Churchill Downs, Inc. | 2.1% |
| Insmed, Inc. | 2.1% |
| GCM Grosvenor, Inc., Class A | 2.0% |
| Carlyle Group, Inc. (The) | 2.0% |
| Wingstop, Inc. | 2.0% |
| TopBuild Corp. | 2.0% |
| VSE Corp. | 1.9% |
| FTAI Aviation Ltd. | 1.8% |
| Cavco Industries, Inc. | 1.8% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 97.1% |
| Money Market Funds | 1.8% |
| Exchange-Traded Equity Funds | 1.0% |

---

## Certain Fund Changes
This is a summary of the changes to the Fund. For more complete information, you may review the Fund's prospectus, which is available at columbiathreadneedleus.com/resources/literature or upon request at 1-800-345-6611.

On June 1, 2025, the Fund's name changed from Wanger Acorn to Columbia Variable Portfolio - Acorn Fund as announced in its prospectus dated May 1, 2025. On June 26, 2025, the Fund's Board of Trustees approved a Novation of Management Agreement pursuant to which all rights, duties and obligations under the Fund's Management Agreement with Columbia Wanger Asset Management, LLC (CWAM) were transferred to its parent company Columbia Management Investment Advisers, LLC on July 7, 2025. The services provided to, and management fees paid by, the Fund were not changed as a result of that transfer. Effective March 1, 2025, the Board of Trustees approved a reduction in the advisory fee rates payable to CWAM by the Fund.

## 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.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g108509g75b35.jpg)

Columbia Variable Portfolio – Acorn Fund \| ASR7064_00_12_D01_(02/26) \|

# Columbia Variable Portfolio – Acorn International Fund
WSCAX

![Image](g108509g65h49.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Acorn International Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Columbia Variable Portfolio – Acorn International Fund | $116 | 1.09% |

---

## Management's Discussion of Fund Performance
The performance of the Fund for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selections in the financials, information technology and consumer discretionary sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| A smaller allocation to the consumer discretionary sector buoyed the Fund's relative performance during the annual period.

**Individual holdings** \| Positions in Taisei Corporation, a Japanese construction and engineering company; Kokusai Electric Corporation, a Japanese manufacturer of electrical equipment, semiconductor systems and industrial video cameras; Bank of Ireland, an Irish diversified financial services company; BELIMO Holding, a Swiss heating, ventilation and air conditioning manufacturer; and Simplex Holdings, a Japanese system development and financial solutions provider, were among the top contributors to Fund performance.

### Top Performance Detractors
**Stock selection** \| Selections in the industrials, communication services, consumer staples, health care and materials sectors hurt the Fund's relative performance during the annual period.

**Allocations** \| Large weightings in the communication services and real estate sectors and small allocations to the industrials and materials sectors detracted from the Fund's relative performance.

**Individual holdings** \| Fund positions in Silergy Corp., a Taiwanese manufacturer of power management integrated circuits; Interparfums, a perfume and fragrance manufacturer; IMCD N.V., a distributor of specialty chemicals and ingredients headquartered in the Netherlands; Amplifon SpA, an Italian maker of customized hearing solutions; and Auto Trader Group, a UK-based digital automotive company, were top detractors from Fund performance during the period.

Columbia Variable Portfolio – Acorn International Fund \| ASR7062_00_12_D01_(02/26) \|

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

### Growth of $10,000
![Growth of 10K Chart](g108509g12b66.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Acorn International Fund ($15247)** | **MSCI EAFE Index (Net) ($21959)** | **MSCI EAFE SMID Cap Growth Index (Net) ($18583)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9430 | $9277 | $9249 |
| **02/16** | $9328 | $9107 | $9207 |
| **03/16** | $10099 | $9699 | $9908 |
| **04/16** | $10163 | $9980 | $10071 |
| **05/16** | $10220 | $9890 | $10123 |
| **06/16** | $9984 | $9558 | $9712 |
| **07/16** | $10464 | $10042 | $10271 |
| **08/16** | $10435 | $10049 | $10129 |
| **09/16** | $10716 | $10173 | $10363 |
| **10/16** | $10241 | $9965 | $9941 |
| **11/16** | $9803 | $9766 | $9627 |
| **12/16** | $9859 | $10100 | $9827 |
| **01/17** | $10247 | $10393 | $10233 |
| **02/17** | $10560 | $10542 | $10418 |
| **03/17** | $10848 | $10832 | $10673 |
| **04/17** | $11319 | $11107 | $11103 |
| **05/17** | $11932 | $11515 | $11609 |
| **06/17** | $11844 | $11495 | $11556 |
| **07/17** | $12127 | $11826 | $11921 |
| **08/17** | $12102 | $11822 | $12030 |
| **09/17** | $12347 | $12116 | $12360 |
| **10/17** | $12528 | $12300 | $12653 |
| **11/17** | $12799 | $12429 | $12813 |
| **12/17** | $13104 | $12628 | $13084 |
| **01/18** | $13780 | $13262 | $13775 |
| **02/18** | $13346 | $12663 | $13256 |
| **03/18** | $13401 | $12435 | $13070 |
| **04/18** | $13423 | $12719 | $13192 |
| **05/18** | $13380 | $12433 | $13228 |
| **06/18** | $12930 | $12281 | $13032 |
| **07/18** | $13017 | $12584 | $13180 |
| **08/18** | $12886 | $12341 | $13139 |
| **09/18** | $12707 | $12448 | $13010 |
| **10/18** | $11359 | $11457 | $11634 |
| **11/18** | $11485 | $11442 | $11482 |
| **12/18** | $10785 | $10887 | $10806 |
| **01/19** | $11615 | $11602 | $11619 |
| **02/19** | $12024 | $11898 | $11943 |
| **03/19** | $12145 | $11973 | $12041 |
| **04/19** | $12563 | $12310 | $12469 |
| **05/19** | $12024 | $11719 | $11849 |
| **06/19** | $12614 | $12414 | $12482 |
| **07/19** | $12389 | $12256 | $12440 |
| **08/19** | $12122 | $11939 | $12181 |
| **09/19** | $12314 | $12281 | $12384 |
| **10/19** | $13011 | $12722 | $12896 |
| **11/19** | $13423 | $12866 | $13260 |
| **12/19** | $14019 | $13284 | $13726 |
| **01/20** | $13334 | $13006 | $13497 |
| **02/20** | $12283 | $11831 | $12252 |
| **03/20** | $9884 | $10252 | $10568 |
| **04/20** | $11108 | $10914 | $11675 |
| **05/20** | $12305 | $11389 | $12666 |
| **06/20** | $12544 | $11777 | $12935 |
| **07/20** | $13259 | $12051 | $13555 |
| **08/20** | $13979 | $12671 | $14425 |
| **09/20** | $13997 | $12342 | $14406 |
| **10/20** | $13556 | $11849 | $13944 |
| **11/20** | $14826 | $13686 | $15562 |
| **12/20** | $16033 | $14322 | $16468 |
| **01/21** | $16227 | $14169 | $16344 |
| **02/21** | $16216 | $14487 | $16247 |
| **03/21** | $16176 | $14820 | $16455 |
| **04/21** | $17343 | $15266 | $17236 |
| **05/21** | $17680 | $15764 | $17564 |
| **06/21** | $17751 | $15587 | $17542 |
| **07/21** | $18417 | $15704 | $17884 |
| **08/21** | $18913 | $15981 | $18334 |
| **09/21** | $18195 | $15517 | $17592 |
| **10/21** | $19059 | $15899 | $17957 |
| **11/21** | $18399 | $15159 | $17165 |
| **12/21** | $19049 | $15935 | $17722 |
| **01/22** | $16491 | $15165 | $15608 |
| **02/22** | $15773 | $14897 | $15320 |
| **03/22** | $15510 | $14993 | $15367 |
| **04/22** | $13881 | $14023 | $14053 |
| **05/22** | $13746 | $14128 | $13845 |
| **06/22** | $12313 | $12817 | $12397 |
| **07/22** | $13488 | $13456 | $13366 |
| **08/22** | $12537 | $12817 | $12634 |
| **09/22** | $10835 | $11618 | $11208 |
| **10/22** | $11463 | $12242 | $11694 |
| **11/22** | $12998 | $13621 | $12903 |
| **12/22** | $12602 | $13632 | $12815 |
| **01/23** | $13755 | $14736 | $13846 |
| **02/23** | $13496 | $14429 | $13475 |
| **03/23** | $13935 | $14786 | $13801 |
| **04/23** | $14094 | $15204 | $14045 |
| **05/23** | $13690 | $14560 | $13607 |
| **06/23** | $14072 | $15223 | $13890 |
| **07/23** | $14512 | $15715 | $14414 |
| **08/23** | $13784 | $15113 | $13847 |
| **09/23** | $12789 | $14597 | $13038 |
| **10/23** | $12126 | $14005 | $12208 |
| **11/23** | $13733 | $15305 | $13638 |
| **12/23** | $14738 | $16118 | $14642 |
| **01/24** | $14087 | $16211 | $14421 |
| **02/24** | $14369 | $16508 | $14758 |
| **03/24** | $14593 | $17051 | $15097 |
| **04/24** | $13928 | $16614 | $14427 |
| **05/24** | $14659 | $17258 | $14983 |
| **06/24** | $14485 | $16979 | $14684 |
| **07/24** | $14857 | $17477 | $15280 |
| **08/24** | $15375 | $18046 | $15785 |
| **09/24** | $15726 | $18212 | $16187 |
| **10/24** | $14281 | $17222 | $15121 |
| **11/24** | $14157 | $17124 | $15261 |
| **12/24** | $13522 | $16735 | $14870 |
| **01/25** | $14278 | $17614 | $15482 |
| **02/25** | $14058 | $17956 | $15390 |
| **03/25** | $13412 | $17883 | $15233 |
| **04/25** | $14410 | $18702 | $16204 |
| **05/25** | $15260 | $19558 | $17188 |
| **06/25** | $16015 | $19989 | $17858 |
| **07/25** | $15421 | $19708 | $17648 |
| **08/25** | $15555 | $20549 | $18263 |
| **09/25** | $15592 | $20942 | $18538 |
| **10/25** | $15421 | $21188 | $18478 |
| **11/25** | $15169 | $21320 | $18303 |
| **12/25** | $15247 | $21959 | $18583 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Columbia Variable Portfolio – Acorn International Fund<sup>Footnote Reference(a)</sup> | 12.76 | (1.00) | 4.31 |
| MSCI EAFE Index (Net) | 31.22 | 8.92 | 8.18 |
| MSCI EAFE SMID Cap Growth Index (Net) | 24.96 | 2.45 | 6.39 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to September 3, 2024 reflects returns achieved pursuant to different principal investment strategies. If the Fund's current strategies had been in place for the prior periods, results shown would have been different. |

---

**The Fund's past performance is not a good predictor of the Fund's 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** | $270862436 |
| **Total number of portfolio holdings** | 71 |
| **Management services fees (represents 0.93% of Fund average net assets)** | $2594772 |
| **Portfolio turnover for the reporting period** | 29% |

---

Columbia Variable Portfolio – Acorn International Fund \| ASR7062_00_12_D01_(02/26) \|

## 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.

#### Geographic Allocation

---

| | |
|:---|:---|
| Japan | 39.4% |
| United Kingdom | 14.6% |
| Germany | 6.8% |
| Switzerland | 6.5% |
| Italy | 4.3% |
| France | 4.2% |
| Finland | 3.4% |
| United States | 2.9% |
| Australia | 2.7% |
| Sweden | 2.6% |
| Other | 12.5% |

---

### Top Holdings

---

| | |
|:---|:---|
| Taisei Corp. | 3.4% |
| Niterra Co., Ltd. | 2.6% |
| Bank of Ireland Group PLC | 2.5% |
| Kokusai Electric Corp. | 2.4% |
| Prysmian SpA | 2.4% |
| Capcom Co., Ltd. | 2.3% |
| BE Semiconductor Industries NV | 2.3% |
| Nemetschek SE | 2.3% |
| Kraftia Corp. | 2.2% |
| CTS Eventim AG & Co. KGaA | 2.2% |

---

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Industrials | 31.3% |
| Information Technology | 18.9% |
| Financials | 9.5% |
| Communication Services | 9.0% |
| Health Care | 6.9% |
| Consumer Discretionary | 6.0% |
| Consumer Staples | 5.9% |
| Real Estate | 4.7% |
| Materials | 3.1% |
| Energy | 2.9% |

---

## Certain Fund Changes
This is a summary of the changes to the Fund. For more complete information, you may review the Fund's prospectus, which is available at columbiathreadneedleus.com/resources/literature or upon request at 1-800-345-6611.

On June 1, 2025, the Fund's name changed from Wanger International to Columbia Variable Portfolio - Acorn International Fund as announced in its prospectus dated May 1, 2025. On June 26, 2025, the Fund's Board of Trustees approved a Novation of Management Agreement pursuant to which all rights, duties and obligations under the Fund's Management Agreement with Columbia Wanger Asset Management, LLC (CWAM) were transferred to its parent company Columbia Management Investment Advisers, LLC on July 7, 2025. The services provided to, and management fees paid by, the Fund were not changed as a result of that transfer. Effective March 1, 2025, the Board of Trustees approved a reduction in the advisory fee rates payable to CWAM by the Fund.

## 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.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g108509g75b35.jpg)

Columbia Variable Portfolio – Acorn International Fund \| ASR7062_00_12_D01_(02/26) \|

------

#### Item 2. Code of Ethics.
The registrant has adopted a code of ethics (the "Code") that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. During the period covered by this report, there were not any amendments to a provision of the Code that relates to any element of the code of ethics definition enumerated in paragraph (b) of Item 2 of Form N-CSR. During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the Code that relates to one or more of the items set forth in paragraph (b) of Item 2 of Form N-CSR. A copy of the Code is attached hereto.

#### Item 3. Audit Committee Financial Expert.
The registrant's Board of Trustees has determined that J. Kevin Connaughton, Brian J. Gallagher, Douglas A. Hacker, David M. Moffett and Sandra L. Yeager qualify as "audit committee financial experts," as such term is defined in Form N-CSR. Mr. Connaughton, Mr. Gallagher, Mr. Hacker, Mr. Moffett and Ms. Yeager, are also each "independent" members of the Audit Committee pursuant to paragraph (a)(2) of Item 3 of Form N-CSR.

#### 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 ($)** | **Amount billed to the registrant ($)** | **Amount billed to the registrant's<br>investment advisor ($)** | **Amount billed to the registrant's<br>investment advisor ($)** |
|  | **December 31,<br>2025** | **December 31,<br>2024** | **December 31,<br>2025** | **December 31,<br>2024** |
|  Audit fees <sup>(a)</sup> | 63860 | 66286 | 0 | 0 |
|  Audit-related fees <sup>(b)</sup> | 0 | 0 | 0 | 0 |
|  Tax fees <sup>(c)</sup> | 26172 | 27590 | 0 | 0 |
|  All other fees <sup>(d)</sup> | 0 | 0 | 0 | 0 |
|  Non-audit fees <sup>(g)</sup> | 0 | 0 | 474000 | 581000 |

---

(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 Trustees 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.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) The registrant's "Schedule I – Investments in securities of unaffiliated issuers" (as set forth in 17 CFR 210.12-12) is included in Item 7 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

![](g108509img0428a5a71.jpg)

Columbia Variable Portfolio – Acorn Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_e6e0bfba-bdc2-4bc4-b098-e6bab4fdf8e6_POI-CommonContent-Date-336_1) | 3 |
| [Statement of Assets and Liabilities](#xx_e6e0bfba-bdc2-4bc4-b098-e6bab4fdf8e6_FS-CommonContent-Date-336_1) | 8 |
| [Statement of Operations](#xx_e6e0bfba-bdc2-4bc4-b098-e6bab4fdf8e6_FS-CommonContent-Date-336_2) | 9 |
| [Statement of Changes in Net Assets](#xx_e6e0bfba-bdc2-4bc4-b098-e6bab4fdf8e6_FS-CommonContent-Date-336_3) | 10 |
| [Financial Highlights](#xx_e6e0bfba-bdc2-4bc4-b098-e6bab4fdf8e6_FIHI-CommonContent-Date-336_1) | 11 |
| [Notes to Financial Statements](#xx_e6e0bfba-bdc2-4bc4-b098-e6bab4fdf8e6_NTF-CommonContent-Date-336_1) | 12 |
| [Report of Independent Registered Public Accounting Firm](#xx_e6e0bfba-bdc2-4bc4-b098-e6bab4fdf8e6_AUD-CommonContent-Date-336_1) | 21 |
| [Federal Income Tax Information](#xx_e6e0bfba-bdc2-4bc4-b098-e6bab4fdf8e6_CCH-CommonContent-Date-336_1) | 22 |
| [Results of Meeting of Shareholders](#xx_e6e0bfba-bdc2-4bc4-b098-e6bab4fdf8e6_ROMOS-CommonContent-Date-336_1) | 23 |

---

Columbia Variable Portfolio – Acorn Fund \| 2025

------

Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks 97.1%** | **Common Stocks 97.1%** | **Common Stocks 97.1%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 0.8%** | **Communication Services 0.8%** | **Communication Services 0.8%** |
| **Media 0.8%** | **Media 0.8%** | **Media 0.8%** |
| NIQ Global Intelligence PLC<sup>(a)</sup> <br>| &nbsp;&nbsp; 235122 | &nbsp;&nbsp; 3877162 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **3877162** |
| **Consumer Discretionary 10.8%** | **Consumer Discretionary 10.8%** | **Consumer Discretionary 10.8%** |
| **Automobile Components 1.3%** | **Automobile Components 1.3%** | **Automobile Components 1.3%** |
| Dorman Products, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 49695 | &nbsp;&nbsp; 6121927 |
| **Hotels, Restaurants & Leisure 4.1%** | **Hotels, Restaurants & Leisure 4.1%** | **Hotels, Restaurants & Leisure 4.1%** |
| Churchill Downs, Inc. | &nbsp;&nbsp; 86472 | &nbsp;&nbsp; 9838784 |
| Wingstop, Inc. | &nbsp;&nbsp; 39510 | &nbsp;&nbsp; 9422740 |
| Total |  | &nbsp;&nbsp; 19261524 |
| **Household Durables 4.9%** | **Household Durables 4.9%** | **Household Durables 4.9%** |
| Cavco Industries, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 14124 | &nbsp;&nbsp; 8343612 |
| SharkNinja, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 50295 | &nbsp;&nbsp; 5628011 |
| TopBuild Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 22260 | &nbsp;&nbsp; 9286649 |
| Total |  | &nbsp;&nbsp; 23258272 |
| **Specialty Retail 0.5%** | **Specialty Retail 0.5%** | **Specialty Retail 0.5%** |
| Five Below, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 12512 | &nbsp;&nbsp; 2356760 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **50998483** |
| **Consumer Staples 4.6%** | **Consumer Staples 4.6%** | **Consumer Staples 4.6%** |
| **Consumer Staples Distribution & Retail 2.2%** | **Consumer Staples Distribution & Retail 2.2%** | **Consumer Staples Distribution & Retail 2.2%** |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 71995 | &nbsp;&nbsp; 6481710 |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 47458 | &nbsp;&nbsp; 3780979 |
| Total |  | &nbsp;&nbsp; 10262689 |
| **Household Products 1.1%** | **Household Products 1.1%** | **Household Products 1.1%** |
| WD-40 Co. | &nbsp;&nbsp; 25481 | &nbsp;&nbsp; 5017209 |
| **Personal Care Products 1.3%** | **Personal Care Products 1.3%** | **Personal Care Products 1.3%** |
| elf Beauty, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 80941 | &nbsp;&nbsp; 6154753 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **21434651** |
| **Energy 1.9%** | **Energy 1.9%** | **Energy 1.9%** |
| **Energy Equipment & Services 0.9%** | **Energy Equipment & Services 0.9%** | **Energy Equipment & Services 0.9%** |
| TechnipFMC PLC | &nbsp;&nbsp; 93746 | &nbsp;&nbsp; 4177321 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Oil, Gas & Consumable Fuels 1.0%** | **Oil, Gas & Consumable Fuels 1.0%** | **Oil, Gas & Consumable Fuels 1.0%** |
| Antero Resources Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 67704 | &nbsp;&nbsp; 2333080 |
| EQT Corp. | &nbsp;&nbsp; 41315 | &nbsp;&nbsp; 2214484 |
| Total |  | &nbsp;&nbsp; 4547564 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **8724885** |
| **Financials 10.4%** | **Financials 10.4%** | **Financials 10.4%** |
| **Banks 1.7%** | **Banks 1.7%** | **Banks 1.7%** |
| Lakeland Financial Corp. | &nbsp;&nbsp; 40968 | &nbsp;&nbsp; 2337634 |
| Western Alliance Bancorp | &nbsp;&nbsp; 67348 | &nbsp;&nbsp; 5661947 |
| Total |  | &nbsp;&nbsp; 7999581 |
| **Capital Markets 7.4%** | **Capital Markets 7.4%** | **Capital Markets 7.4%** |
| Blue Owl Capital, Inc. | &nbsp;&nbsp; 267021 | &nbsp;&nbsp; 3989294 |
| Carlyle Group, Inc. (The) | &nbsp;&nbsp; 160957 | &nbsp;&nbsp; 9514168 |
| GCM Grosvenor, Inc., Class A | &nbsp;&nbsp; 841029 | &nbsp;&nbsp; 9520448 |
| Miami International Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 71851 | &nbsp;&nbsp; 3188747 |
| Moelis & Co., ADR, Class A | &nbsp;&nbsp; 68136 | &nbsp;&nbsp; 4683669 |
| StoneX Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 40244 | &nbsp;&nbsp; 3828412 |
| Total |  | &nbsp;&nbsp; 34724738 |
| **Insurance 1.3%** | **Insurance 1.3%** | **Insurance 1.3%** |
| Ryan Specialty Holdings, Inc., Class A | &nbsp;&nbsp; 123459 | &nbsp;&nbsp; 6374188 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **49098507** |
| **Health Care 20.7%** | **Health Care 20.7%** | **Health Care 20.7%** |
| **Biotechnology 6.4%** | **Biotechnology 6.4%** | **Biotechnology 6.4%** |
| Absci Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 488126 | &nbsp;&nbsp; 1703560 |
| Annexon, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 339867 | &nbsp;&nbsp; 1706132 |
| BridgeBio Pharma, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 53367 | &nbsp;&nbsp; 4082042 |
| Insmed, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 55691 | &nbsp;&nbsp; 9692462 |
| Madrigal Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2602 | &nbsp;&nbsp; 1515249 |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 22209 | &nbsp;&nbsp; 3149902 |
| Nuvalent, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 33222 | &nbsp;&nbsp; 3341801 |
| Revolution Medicines, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 47129 | &nbsp;&nbsp; 3753825 |
| Vaxcyte, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 29030 | &nbsp;&nbsp; 1339444 |
| Total |  | &nbsp;&nbsp; 30284417 |

---

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

Columbia Variable Portfolio – Acorn Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Health Care Equipment & Supplies 4.6%** | **Health Care Equipment & Supplies 4.6%** | **Health Care Equipment & Supplies 4.6%** |
| Glaukos Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 53098 | &nbsp;&nbsp; 5995295 |
| iRhythm Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 13264 | &nbsp;&nbsp; 2353564 |
| Masimo Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 60897 | &nbsp;&nbsp; 7920264 |
| Penumbra, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 17386 | &nbsp;&nbsp; 5405481 |
| Total |  | &nbsp;&nbsp; 21674604 |
| **Health Care Providers & Services 5.4%** | **Health Care Providers & Services 5.4%** | **Health Care Providers & Services 5.4%** |
| Alignment Healthcare, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 281104 | &nbsp;&nbsp; 5551804 |
| Billiontoone, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 15172 | &nbsp;&nbsp; 1241676 |
| Encompass Health Corp. | &nbsp;&nbsp; 54778 | &nbsp;&nbsp; 5814137 |
| Guardant Health, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 15998 | &nbsp;&nbsp; 1634036 |
| HealthEquity, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 85025 | &nbsp;&nbsp; 7789140 |
| Pennant Group, Inc. (The)<sup>(a)</sup> <br>| &nbsp;&nbsp; 111026 | &nbsp;&nbsp; 3125382 |
| Total |  | &nbsp;&nbsp; 25156175 |
| **Health Care Technology 0.9%** | **Health Care Technology 0.9%** | **Health Care Technology 0.9%** |
| Doximity, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 47560 | &nbsp;&nbsp; 2105957 |
| Phreesia, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 120425 | &nbsp;&nbsp; 2037591 |
| Total |  | &nbsp;&nbsp; 4143548 |
| **Life Sciences Tools & Services 2.4%** | **Life Sciences Tools & Services 2.4%** | **Life Sciences Tools & Services 2.4%** |
| Adaptive Biotechnologies Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 159263 | &nbsp;&nbsp; 2586431 |
| BioLife Solutions, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 132304 | &nbsp;&nbsp; 3199111 |
| Bio-Techne Corp. | &nbsp;&nbsp; 32955 | &nbsp;&nbsp; 1938083 |
| Charles River Laboratories International, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2423 | &nbsp;&nbsp; 483340 |
| DNA Script<sup>(a),(b),(c),(d)</sup> <br>| &nbsp;&nbsp; 2550 | &nbsp;&nbsp; 200783 |
| Fortrea Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 43804 | &nbsp;&nbsp; 755619 |
| ICON PLC<sup>(a)</sup> <br>| &nbsp;&nbsp; 11112 | &nbsp;&nbsp; 2024829 |
| Total |  | &nbsp;&nbsp; 11188196 |
| **Pharmaceuticals 1.0%** | **Pharmaceuticals 1.0%** | **Pharmaceuticals 1.0%** |
| AtaiBeckley, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 173056 | &nbsp;&nbsp; 707799 |
| Corcept Therapeutics, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 24243 | &nbsp;&nbsp; 843656 |
| Crinetics Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 28140 | &nbsp;&nbsp; 1309917 |
| Mind Medicine MindMed, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 79754 | &nbsp;&nbsp; 1067906 |
| Terns Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 23041 | &nbsp;&nbsp; 930857 |
| Total |  | &nbsp;&nbsp; 4860135 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **97307075** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Industrials 26.9%** | **Industrials 26.9%** | **Industrials 26.9%** |
| **Aerospace & Defense 8.3%** | **Aerospace & Defense 8.3%** | **Aerospace & Defense 8.3%** |
| Aerovironment, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 23077 | &nbsp;&nbsp; 5582095 |
| Axon Enterprise, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 10741 | &nbsp;&nbsp; 6100136 |
| Beta Technologies, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 89948 | &nbsp;&nbsp; 2537433 |
| Curtiss-Wright Corp. | &nbsp;&nbsp; 12796 | &nbsp;&nbsp; 7054051 |
| Karman Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 31210 | &nbsp;&nbsp; 2283636 |
| Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 57800 | &nbsp;&nbsp; 4387598 |
| Moog, Inc., Class A | &nbsp;&nbsp; 8565 | &nbsp;&nbsp; 2086006 |
| VSE Corp. | &nbsp;&nbsp; 52116 | &nbsp;&nbsp; 9004081 |
| Total |  | &nbsp;&nbsp; 39035036 |
| **Building Products 2.4%** | **Building Products 2.4%** | **Building Products 2.4%** |
| Janus International Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 639734 | &nbsp;&nbsp; 4183861 |
| Modine Manufacturing Co.<sup>(a)</sup> <br>| &nbsp;&nbsp; 53281 | &nbsp;&nbsp; 7113546 |
| Total |  | &nbsp;&nbsp; 11297407 |
| **Commercial Services & Supplies 0.6%** | **Commercial Services & Supplies 0.6%** | **Commercial Services & Supplies 0.6%** |
| Healthcare Services Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 150110 | &nbsp;&nbsp; 2870103 |
| **Construction & Engineering 3.3%** | **Construction & Engineering 3.3%** | **Construction & Engineering 3.3%** |
| MasTec, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 24182 | &nbsp;&nbsp; 5256441 |
| MYR Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 10437 | &nbsp;&nbsp; 2280484 |
| Sterling Infrastructure, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 26103 | &nbsp;&nbsp; 7993522 |
| Total |  | &nbsp;&nbsp; 15530447 |
| **Electrical Equipment 1.0%** | **Electrical Equipment 1.0%** | **Electrical Equipment 1.0%** |
| Bloom Energy Corp., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 55245 | &nbsp;&nbsp; 4800238 |
| **Machinery 3.9%** | **Machinery 3.9%** | **Machinery 3.9%** |
| Esab Corp. | &nbsp;&nbsp; 48556 | &nbsp;&nbsp; 5424677 |
| Mueller Water Products, Inc., Class A | &nbsp;&nbsp; 208044 | &nbsp;&nbsp; 4955608 |
| SPX Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 39636 | &nbsp;&nbsp; 7929578 |
| Total |  | &nbsp;&nbsp; 18309863 |
| **Marine Transportation 0.8%** | **Marine Transportation 0.8%** | **Marine Transportation 0.8%** |
| Matson, Inc. | &nbsp;&nbsp; 28273 | &nbsp;&nbsp; 3493129 |
| **Professional Services 3.1%** | **Professional Services 3.1%** | **Professional Services 3.1%** |
| Parsons Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 116138 | &nbsp;&nbsp; 7177328 |
| Paylocity Holding Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 31710 | &nbsp;&nbsp; 4835775 |
| Willdan Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 26210 | &nbsp;&nbsp; 2716929 |
| Total |  | &nbsp;&nbsp; 14730032 |

---

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

Columbia Variable Portfolio – Acorn Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Trading Companies & Distributors 3.5%** | **Trading Companies & Distributors 3.5%** | **Trading Companies & Distributors 3.5%** |
| Applied Industrial Technologies, Inc. | &nbsp;&nbsp; 21320 | &nbsp;&nbsp; 5474337 |
| FTAI Aviation Ltd. | &nbsp;&nbsp; 43059 | &nbsp;&nbsp; 8476164 |
| McGrath Rentcorp | &nbsp;&nbsp; 22440 | &nbsp;&nbsp; 2354629 |
| Total |  | &nbsp;&nbsp; 16305130 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **126371385** |
| **Information Technology 19.5%** | **Information Technology 19.5%** | **Information Technology 19.5%** |
| **Communications Equipment 1.4%** | **Communications Equipment 1.4%** | **Communications Equipment 1.4%** |
| InterDigital, Inc. | &nbsp;&nbsp; 5844 | &nbsp;&nbsp; 1860613 |
| Viavi Solutions, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 273426 | &nbsp;&nbsp; 4872451 |
| Total |  | &nbsp;&nbsp; 6733064 |
| **Electronic Equipment, Instruments & Components 4.5%** | **Electronic Equipment, Instruments & Components 4.5%** | **Electronic Equipment, Instruments & Components 4.5%** |
| Celestica, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 35124 | &nbsp;&nbsp; 10383006 |
| Coherent Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 40057 | &nbsp;&nbsp; 7393320 |
| Ingram Micro Holding Corp. | &nbsp;&nbsp; 155060 | &nbsp;&nbsp; 3308980 |
| Total |  | &nbsp;&nbsp; 21085306 |
| **IT Services 0.9%** | **IT Services 0.9%** | **IT Services 0.9%** |
| Applied Digital Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 42571 | &nbsp;&nbsp; 1043841 |
| Globant SA<sup>(a)</sup> <br>| &nbsp;&nbsp; 50086 | &nbsp;&nbsp; 3274122 |
| Total |  | &nbsp;&nbsp; 4317963 |
| **Semiconductors & Semiconductor Equipment 4.6%** | **Semiconductors & Semiconductor Equipment 4.6%** | **Semiconductors & Semiconductor Equipment 4.6%** |
| Credo Technology Group Holding Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 24363 | &nbsp;&nbsp; 3505592 |
| Lattice Semiconductor Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 60863 | &nbsp;&nbsp; 4478299 |
| Marvell Technology, Inc. | &nbsp;&nbsp; 57115 | &nbsp;&nbsp; 4853633 |
| Semtech Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 80638 | &nbsp;&nbsp; 5942214 |
| SiTime Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2599 | &nbsp;&nbsp; 917941 |
| Tower Semiconductor Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 16937 | &nbsp;&nbsp; 1988743 |
| Total |  | &nbsp;&nbsp; 21686422 |
| **Software 8.1%** | **Software 8.1%** | **Software 8.1%** |
| Alkami Technology, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 105062 | &nbsp;&nbsp; 2423780 |
| Braze, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 74385 | &nbsp;&nbsp; 2550662 |
| CommVault Systems, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 11335 | &nbsp;&nbsp; 1420956 |
| Dynatrace, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 96881 | &nbsp;&nbsp; 4198822 |
| Gen Digital, Inc. | &nbsp;&nbsp; 178293 | &nbsp;&nbsp; 4847787 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Gitlab, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 63724 | &nbsp;&nbsp; 2391562 |
| Hut 8 Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 27287 | &nbsp;&nbsp; 1253565 |
| Monday.com Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 20220 | &nbsp;&nbsp; 2983663 |
| SailPoint, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 155522 | &nbsp;&nbsp; 3146210 |
| SPS Commerce, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 20988 | &nbsp;&nbsp; 1870660 |
| Unity Software, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 44824 | &nbsp;&nbsp; 1979876 |
| Varonis Systems, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 71561 | &nbsp;&nbsp; 2347201 |
| Vertex, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 72675 | &nbsp;&nbsp; 1451320 |
| Workiva, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 21049 | &nbsp;&nbsp; 1815476 |
| Zeta Global Holdings Corp., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 169585 | &nbsp;&nbsp; 3451055 |
| Total |  | &nbsp;&nbsp; 38132595 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **91955350** |
| **Real Estate 1.5%** | **Real Estate 1.5%** | **Real Estate 1.5%** |
| **Real Estate Management & Development 1.5%** | **Real Estate Management & Development 1.5%** | **Real Estate Management & Development 1.5%** |
| Colliers International Group, Inc. | &nbsp;&nbsp; 47070 | &nbsp;&nbsp; 6919761 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **6919761** |
| Total Common Stocks <br>(Cost $370,044,920) | Total Common Stocks <br>(Cost $370,044,920) | &nbsp;&nbsp; **456687259** |
| **Exchange-Traded Equity Funds 1.0%** | **Exchange-Traded Equity Funds 1.0%** | **Exchange-Traded Equity Funds 1.0%** |
|  | **Shares** | **Value ($)** |
| **International 0.3%** | **International 0.3%** | **International 0.3%** |
| Global X Blockchain ETF | &nbsp;&nbsp; 22367 | &nbsp;&nbsp; 1428804 |
| **Sector 0.7%** | **Sector 0.7%** | **Sector 0.7%** |
| State Street SPDR S&P Biotech ETF | &nbsp;&nbsp; 27113 | &nbsp;&nbsp; 3305888 |
| Total Exchange-Traded Equity Funds <br>(Cost $4,515,936) | Total Exchange-Traded Equity Funds <br>(Cost $4,515,936) | &nbsp;&nbsp; **4734692** |
| **Money Market Funds 1.8%** | **Money Market Funds 1.8%** | **Money Market Funds 1.8%** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(e),(f)</sup> <br>| &nbsp;&nbsp; 8367010 | &nbsp;&nbsp; 8364500 |
| Total Money Market Funds <br>(Cost $8,363,945) | Total Money Market Funds <br>(Cost $8,363,945) | &nbsp;&nbsp; **8364500** |
| **Total Investments in Securities** <br>**(Cost: $382,924,801)** | **Total Investments in Securities** <br>**(Cost: $382,924,801)** | &nbsp;&nbsp; **469786451** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **503336** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **470289787** |

---

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

Columbia Variable Portfolio – Acorn Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At December 31, 2025, the total value of these securities amounted to $200,783, which represents 0.04% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These securities are valued at fair value determined in good faith under consistently applied procedures approved by the Fund's Board of Trustees. At December 31, 2025, the total market value of these securities amounted to $200,783, which represents 0.04% of total net assets. Additional information on these securities is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Acquisition** <br>**Dates**<br>| **Shares** | **Cost ($)** | **Value ($)** |
| DNA Script | 10/01/2021 | &nbsp;&nbsp; 2550 | &nbsp;&nbsp; 2223535 | &nbsp;&nbsp; 200783 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(d) Valuation based on significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown is the seven-day current annualized yield at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Under the Investment Company Act of 1940, 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, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% |
|  | 4740598 | &nbsp;&nbsp; 112326041 | &nbsp;&nbsp; (108701983)<br>| &nbsp;&nbsp; (156)<br>| &nbsp;&nbsp; 8364500 | &nbsp;&nbsp; (615)<br>| &nbsp;&nbsp; 282855 | &nbsp;&nbsp; 8367010 |

---

**Abbreviation Legend** 

ADR American Depositary Receipt

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

Columbia Variable Portfolio – Acorn Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation 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 following table is a summary of the inputs used to value the Fund's investments at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Communication Services | 3877162 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3877162 |
| Consumer Discretionary | 50998483 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50998483 |
| Consumer Staples | 21434651 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21434651 |
| Energy | 8724885 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8724885 |
| Financials | 49098507 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49098507 |
| Health Care | 97106292 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 200783 | &nbsp;&nbsp;&nbsp;&nbsp; 97307075 |
| Industrials | 126371385 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 126371385 |
| Information Technology | 91955350 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 91955350 |
| Real Estate | 6919761 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6919761 |
| Total Common Stocks | 456486476 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 200783 | &nbsp;&nbsp;&nbsp;&nbsp; 456687259 |
| Exchange-Traded Equity Funds | 4734692 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4734692 |
| Money Market Funds | 8364500 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8364500 |
| Total Investments in Securities | 469585668 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 200783 | &nbsp;&nbsp;&nbsp;&nbsp; 469786451 |

---

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

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

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

Columbia Variable Portfolio – Acorn Fund \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $374,560,856) | $461421951 |
| Affiliated issuers (cost $8,363,945) | 8364500 |
| Receivable for: |  |
| Investments sold | 1307196 |
| Capital shares sold | 36797 |
| Dividends | 104200 |
| Foreign tax reclaims | 3277 |
| Expense reimbursement due from Investment Manager | 196 |
| Prepaid expenses | 2349 |
| Total assets | 471240466 |
| **Liabilities** |  |
| Payable for: |  |
| Capital shares redeemed | 352949 |
| Management services fees | 10311 |
| Service fees | 96499 |
| Compensation of chief compliance officer | 78 |
| Compensation of board members | 1414 |
| Other expenses | 35231 |
| Deferred compensation of board members | 454197 |
| Total liabilities | 950679 |
| **Net assets applicable to outstanding capital stock** | **$470289787** |
| **Represented by** |  |
| Paid in capital | 404570771 |
| Total distributable earnings (loss) | 65719016 |
| **Total - representing net assets applicable to outstanding capital stock** | **$470289787** |
| Shares outstanding | 29570873 |
| Net asset value per share | 15.90 |

---

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

Columbia Variable Portfolio – Acorn Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $1532114 |
| Dividends — affiliated issuers | 282855 |
| Income from securities lending — net | 67368 |
| Foreign taxes withheld | (2732)<br>|
| Total income | 1879605 |
| Expenses: |  |
| Management services fees | 3669312 |
| Service fees | 581952 |
| Administration fees | 60951 |
| Custodian fees | 7504 |
| Printing and postage fees | 41349 |
| Accounting services fees | 32339 |
| Legal fees | 25122 |
| Compensation of chief compliance officer | 71 |
| Compensation of board members | 21202 |
| Deferred compensation of board members | 31317 |
| Other | 22281 |
| Total expenses | 4493400 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (173473)<br>|
| Total net expenses | 4319927 |
| **Net investment loss** | (2440322)<br>|
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 30406075 |
| Investments — affiliated issuers | (615)<br>|
| Net realized gain | 30405460 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | (9014260)<br>|
| Investments — affiliated issuers | (156)<br>|
| Net change in unrealized appreciation (depreciation) | (9014416)<br>|
| Net realized and unrealized gain | 21391044 |
| **Net increase in net assets resulting from operations** | **$18950722** |

---

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

Columbia Variable Portfolio – Acorn Fund \| 2025

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment loss | $(2440322)<br>| &nbsp;&nbsp; $(3177886)<br>|
| Net realized gain | 30405460 | &nbsp;&nbsp; 68581650 |
| Net change in unrealized appreciation (depreciation) | (9014416)<br>| &nbsp;&nbsp; 4536539 |
| Net increase in net assets resulting from operations | 18950722 | &nbsp;&nbsp; 69940303 |
| Decrease in net assets from capital stock activity | (64969704)<br>| &nbsp;&nbsp; (82790837)<br>|
| Total decrease in net assets | (46018982)<br>| &nbsp;&nbsp; (12850534)<br>|
| Net assets at beginning of year | 516308769 | &nbsp;&nbsp; 529159303 |
| **Net assets at end of year** | **$470289787** | &nbsp;&nbsp; **$516308769** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Shares sold | 369207 | &nbsp;&nbsp;&nbsp;&nbsp; 5192390 | &nbsp;&nbsp;&nbsp;&nbsp; 332200 | &nbsp;&nbsp;&nbsp;&nbsp; 4719350 |
| Shares redeemed | (4727729)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (70162094)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6111121)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (87510187)<br>|
| **Total net decrease** | **(4358522)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(64969704)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(5778921)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(82790837)**<br>|

---

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

Columbia Variable Portfolio – Acorn Fund \| 2025

------

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. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Per share data** |  |  |  |  |  |
| Net asset value, beginning of period | $15.22 | &nbsp;&nbsp;&nbsp; $13.33 | &nbsp;&nbsp;&nbsp; $10.95 | &nbsp;&nbsp;&nbsp; $25.74 | &nbsp;&nbsp;&nbsp; $24.63 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss) | (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>|
| Net realized and unrealized gain (loss) | 0.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp; (8.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.36 |
| Total from investment operations | 0.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp; (8.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.17 |
| **Less distributions to shareholders from:** |  |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.20)<br>|
| Net realized gains |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6.59)<br>| &nbsp;&nbsp;&nbsp; (0.86)<br>|
| Total distributions to shareholders |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6.59)<br>| &nbsp;&nbsp;&nbsp; (1.06)<br>|
| Net asset value, end of period | $15.90 | &nbsp;&nbsp;&nbsp; $15.22 | &nbsp;&nbsp;&nbsp; $13.33 | &nbsp;&nbsp;&nbsp; $10.95 | &nbsp;&nbsp;&nbsp; $25.74 |
| Total return | 4.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.18 %<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.74 %<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; (33.46<br> %)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.90<br> %<br>|
| **Ratios to average net assets** |  |  |  |  |  |
| Total gross expenses<sup>(b)</sup> <br>| 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>|
| Total net expenses<sup>(b),(d)</sup> <br>| 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>|
| Net investment loss | (0.52)%<br>| &nbsp;&nbsp;&nbsp; (0.60)%<br>| &nbsp;&nbsp;&nbsp; (0.31)%<br>| &nbsp;&nbsp;&nbsp; (0.40)%<br>| &nbsp;&nbsp;&nbsp; (0.71)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover | 78<br> %<br>| &nbsp;&nbsp;&nbsp; 82<br> %<br>| &nbsp;&nbsp;&nbsp; 65<br> %<br>| &nbsp;&nbsp;&nbsp; 119<br> %<br>| &nbsp;&nbsp;&nbsp; 70<br> %<br>|
| Net assets, end of period (in thousands) | $470290 | &nbsp;&nbsp;&nbsp; $516309 | &nbsp;&nbsp;&nbsp; $529159 | &nbsp;&nbsp;&nbsp; $418142 | &nbsp;&nbsp;&nbsp; $685554 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | Had the Investment Manager and/or its affiliates not waived a portion of expenses, total return would have been reduced. |
| (b) | 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. |
| (c) | Ratios include 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. If these had been excluded, expenses would have been higher by 0.01%.  |
| (d) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.  |

---

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

Columbia Variable Portfolio – Acorn Fund \| 2025

------

Notes to Financial Statements

December 31, 2025

Note 1. Organization

Columbia Variable Portfolio – Acorn Fund (formerly known as Wanger Acorn) (the Fund), a series of Columbia Funds Variable Series Trust (formerly known as Wanger Advisors 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.

Effective June 1, 2025, the Fund was renamed Columbia Variable Portfolio – Acorn Fund and the Trust was renamed Columbia Funds Variable Series Trust.

**Fund shares**

The Trust may issue an unlimited number of shares (without par value). The Fund offers 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.

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**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. Prior to July 7, 2025, the chief operating decision maker (CODM) was Columbia Wanger Asset Management, LLC (CWAM), a wholly-owned subsidiary of Columbia Management Investment Advisers, LLC (Columbia Management or the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Effective July 7, 2025, Columbia Management is the CODM. The CODM, through its Investment Oversight Committee and Global Executive Group, is 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**

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

Columbia Variable Portfolio – Acorn Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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

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.

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.

**Securities lending**

Effective November 30, 2025, the security lending program was terminated and any outstanding loans were recalled on or before the effective date. The Fund, prior to November 30, 2025, had the ability to lend securities up to one-third of the value of its total assets to certain approved brokers, dealers, banks or other institutional borrowers of securities that the Fund's securities lending agent had determined were credit worthy under guidelines established by the Board of Trustees, to earn additional income. The Fund retained the benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. The Fund also received a fee for the loan. The Fund had the ability to recall the loans at any time and could do so in order to vote proxies or to sell the loaned securities. Each loan was collateralized by cash that exceeded the value of the securities on loan. The market value of the loaned securities was determined daily at the close of business of the Fund and any additional required collateral was delivered to the Fund on the next business day. The Fund elected to invest the cash collateral in the Dreyfus Government Cash Management Fund, a third-party institutional government money market fund in accordance with investment guidelines contained in the securities lending agreement and approved by the Board of Trustees. The income earned from the securities lending program was paid to the Fund, net of any fees remitted to Goldman Sachs Agency Lending, the Fund's lending agent, and borrower rebates. The Investment Manager did not retain any fees earned by the lending program. The net lending income earned by the Fund for the year ended December 31, 2025, is included in the Statement of Operations.

**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**

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

Columbia Variable Portfolio – Acorn Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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

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

**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.

**Determination of net asset value** 

The net asset value per share of the Fund is computed by dividing the value of the net assets of the Fund by the total number of outstanding shares of the Fund, rounded to the nearest cent, at the close of regular trading (ordinarily 4:00 p.m. Eastern Time) every day the New York Stock Exchange is open.

**Federal income tax status**

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

**Foreign taxes**

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

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

**Distributions to subaccounts**

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

Columbia Variable Portfolio – Acorn Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Guarantees and indemnifications**

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

Note 3. Fees and other transactions with affiliates

**Management services fees**

Prior to July 7, 2025, CWAM furnished investment supervision to the Fund and was responsible for the overall management of the Fund's business affairs.

Prior to April 1, 2025, CWAM furnished investment advisory services to the Fund under an investment advisory agreement (the Advisory Agreement) and provided administrative services to the Fund under a separate administrative services agreement (the Administration Agreement). Effective April 1, 2025, the Fund entered into a new management services agreement (the Management Agreement) that combined the management services fee that was previously paid under the Advisory Agreement with the administrative services fee that was previously paid under the Administration Agreement. On June 26, 2025, the Fund's Board of Trustees approved a Novation of Management Agreement pursuant to which all rights, duties and obligations under the Fund's then-current Management Agreement with CWAM transferred to its parent company Columbia Management on July 7, 2025. Prior to July, 7, 2025, Columbia Management was the sub-administrator of the Fund and the investment adviser of each of the other Columbia funds except for Columbia Variable Portfolio - Acorn International Fund and each series of Columbia Acorn Trust. The services provided to, and management fees paid by, the Fund did not change as a result of this transfer and the current portfolio managers of the Fund continued to manage the Fund after the transition.

For the period from January 1, 2025 through February 28, 2025, CWAM received an advisory fee that was equal to a percentage of the Fund's daily net assets that declined from 0.74% to 0.63% as the Fund's net assets increased. The annualized effective advisory fee rate for the period from January 1, 2025 through February 28, 2025 was 0.74% of the Fund's average daily net assets.

Effective March 1, 2025, the Board of Trustees approved a reduction in the advisory fee rates payable to CWAM by the Fund. For the period March 1, 2025 through March 31, 2025 CWAM received an advisory fee that was equal to a percentage of the Fund's daily net assets that declined from 0.74% to 0.61% as the Fund's net assets increased. The annualized effective advisory fee rate for the period from March 1, 2025 through March 31, 2025 was 0.74% of the Fund's average daily net assets. Advisory fees paid by the Fund for the period January 1, 2025 through March 31, 2025 are included in Management services fees on the Statement of Operations.

For the period April 1, 2025 through December 31, 2025, the Investment Manager (CWAM prior to July 7, 2025 and Columbia Management beginning July 7, 2025) received a management services fee that was equal to a percentage of the Fund's daily net assets that declined from 0.79% to 0.63% as the Fund's net assets increased. The annualized effective management services fee rate for the period April 1, 2025 through December 31, 2025 was 0.79% of the Fund's average daily net assets.

For the period January 1, 2025 through December 31, 2025, the effective blended advisory fee (for the period January 1, 2025 through March 31, 2025) and management services fee (for the period April 1, 2025 through December 31, 2025) was 0.78% of the Fund's average daily net assets.

Columbia Variable Portfolio – Acorn Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Administration fees**

Prior to April 1, 2025, CWAM received an administration fee from the Fund at the following annual rates:

---

| | |
|:---|:---|
| **Aggregate average daily net assets of the Trust** | **Annual** <br>**fee rate**<br>|
| Up to $4 billion | 0.05% |
| $4 billion to $6 billion | 0.04% |
| $6 billion to $8 billion | 0.03% |
| $8 billion and over | 0.02% |

---

For the period January 1, 2025 through March 31, 2025, the annualized effective administration fee rate was 0.05% 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.

**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, 2025 was 0.12% 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 to 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.

**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) indefinitely, 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 annual rate of 0.91% of the Fund's average daily net assets for the period March 1, 2025 through April 30, 2027. Prior to March 1, 2025, it did not exceed the annual rate of 0.95 of the Fund's average daily net assets.

Columbia Variable Portfolio – Acorn Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At December 31, 2025, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, passive foreign investment company (pfic) holdings, capital loss carryforwards, trustees' deferred compensation, net operating loss reclassification and miscellaneous adjustments. 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:

---

| | | |
|:---|:---|:---|
| **Excess of distributions** <br>**over net investment** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(loss) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Paid in** <br>**capital ($)**<br>|
| 2411459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42124)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2369335)<br>|

---

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.

For the years ended December 31, 2025 and December 31, 2024, there were no distributions.

At December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Undistributed** <br>**ordinary income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Undistributed** <br>**long-term** <br>**capital gains ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Capital loss** <br>**carryforwards ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9296125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23496300)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80373388 |

---

At December 31, 2025, 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** <br>**tax cost ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
| 389413063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108513357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28139969)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80373388 |

---

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

Columbia Variable Portfolio – Acorn Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

The following capital loss carryforwards, determined at December 31, 2025, 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, 2025, capital loss carryforwards utilized, if any, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **No expiration** <br>**short-term ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **No expiration** <br>**long-term ($)**<br>| **Total ($)** | **Utilized ($)** |
| (19472605)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4023695)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23496300)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23103452 |

---

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 $367,458,718 and $439,488,341, respectively, for the year ended December 31, 2025. 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. 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 23, 2025 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 $750 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 other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 23, 2025 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, 2025.

Columbia Variable Portfolio – Acorn Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Note 8. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. 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.

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.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

**Shareholder concentration risk** 

At December 31, 2025, one unaffiliated shareholder of record owned 22.7% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 53.2% 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 9. 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 10. 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, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse

Columbia Variable Portfolio – Acorn Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Columbia Variable Portfolio – Acorn Fund \| 2025

------

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Columbia Funds Variable Series Trust and Shareholders of Columbia Variable Portfolio – Acorn 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 – Acorn Fund (one of the funds constituting Columbia Funds Variable Series Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and issuer of a privately offered security. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 23, 2026

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

Columbia Variable Portfolio – Acorn Fund \| 2025

------

Federal Income Tax Information

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended December 31, 2025.

---

| |
|:---|
| **Capital** <br>**gain** <br>**dividend**<br>|
| $9760931 |

---

Capital gain dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period.

Columbia Variable Portfolio – Acorn Fund \| 2025

------

Results of Meeting of Shareholders

(Unaudited)

At a Joint Special Meeting of Shareholders held on February 26, 2025, shareholders of Columbia Funds Variable Series Trust elected each of the fifteen nominees for trustee to the Board of Trustees of Columbia Funds Variable Series Trust, each to hold office until he or she dies, retires, resigns or is removed or, if sooner, until the election and qualification of his or her successor, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Trustee** | **Votes for** | **Votes withheld** | **Abstentions** |
| George S. Batejan | &nbsp;&nbsp;&nbsp;&nbsp; 44806459 | &nbsp;&nbsp;&nbsp;&nbsp; 2497578 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Daniel J. Beckman | &nbsp;&nbsp;&nbsp;&nbsp; 44545549 | &nbsp;&nbsp;&nbsp;&nbsp; 2758489 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Kathleen Blatz | &nbsp;&nbsp;&nbsp;&nbsp; 44841283 | &nbsp;&nbsp;&nbsp;&nbsp; 2462755 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Pamela G. Carlton | &nbsp;&nbsp;&nbsp;&nbsp; 44738205 | &nbsp;&nbsp;&nbsp;&nbsp; 2565833 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Janet Langford Carrig | &nbsp;&nbsp;&nbsp;&nbsp; 44923713 | &nbsp;&nbsp;&nbsp;&nbsp; 2380324 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| J. Kevin Connaughton | &nbsp;&nbsp;&nbsp;&nbsp; 44851008 | &nbsp;&nbsp;&nbsp;&nbsp; 2453030 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Olive M. Darragh | &nbsp;&nbsp;&nbsp;&nbsp; 44634747 | &nbsp;&nbsp;&nbsp;&nbsp; 2669291 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Patricia M. Flynn | &nbsp;&nbsp;&nbsp;&nbsp; 44680197 | &nbsp;&nbsp;&nbsp;&nbsp; 2623841 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Brian J. Gallagher | &nbsp;&nbsp;&nbsp;&nbsp; 44768699 | &nbsp;&nbsp;&nbsp;&nbsp; 2535339 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Douglas A. Hacker | &nbsp;&nbsp;&nbsp;&nbsp; 44744402 | &nbsp;&nbsp;&nbsp;&nbsp; 2559636 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Nancy T. Lukitsh | &nbsp;&nbsp;&nbsp;&nbsp; 44975413 | &nbsp;&nbsp;&nbsp;&nbsp; 2328625 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| David M. Moffett | &nbsp;&nbsp;&nbsp;&nbsp; 44601579 | &nbsp;&nbsp;&nbsp;&nbsp; 2702459 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Catherine James Paglia | &nbsp;&nbsp;&nbsp;&nbsp; 44611075 | &nbsp;&nbsp;&nbsp;&nbsp; 2692963 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Natalie A. Trunow | &nbsp;&nbsp;&nbsp;&nbsp; 44966319 | &nbsp;&nbsp;&nbsp;&nbsp; 2337719 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Sandra L. Yeager | &nbsp;&nbsp;&nbsp;&nbsp; 44920389 | &nbsp;&nbsp;&nbsp;&nbsp; 2383649 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |

---

Columbia Variable Portfolio – Acorn Fund \| 2025

------

**Columbia Variable Portfolio – Acorn Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g108509img3ec4f9632.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest.** The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2026 Columbia Management Investment Advisers, LLC.

ANN7064_12_E01_(02/26)

------

![](g108509img5116dcec1.jpg)

Columbia Variable Portfolio – Acorn International Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_d5ba0f62-ca07-4255-aa03-75d8d87b6b5a_POI-CommonContent-Date-334_1) | 3 |
| [Statement of Assets and Liabilities](#xx_d5ba0f62-ca07-4255-aa03-75d8d87b6b5a_FS-CommonContent-Date-334_1) | 7 |
| [Statement of Operations](#xx_d5ba0f62-ca07-4255-aa03-75d8d87b6b5a_FS-CommonContent-Date-334_2) | 8 |
| [Statement of Changes in Net Assets](#xx_d5ba0f62-ca07-4255-aa03-75d8d87b6b5a_FS-CommonContent-Date-334_3) | 9 |
| [Financial Highlights](#xx_d5ba0f62-ca07-4255-aa03-75d8d87b6b5a_FIHI-CommonContent-Date-334_1) | 10 |
| [Notes to Financial Statements](#xx_d5ba0f62-ca07-4255-aa03-75d8d87b6b5a_NTF-CommonContent-Date-334_1) | 11 |
| [Report of Independent Registered Public Accounting Firm](#xx_d5ba0f62-ca07-4255-aa03-75d8d87b6b5a_AUD-CommonContent-Date-334_1) | 20 |
| [Federal Income Tax Information](#xx_d5ba0f62-ca07-4255-aa03-75d8d87b6b5a_CCH-CommonContent-Date-334_1) | 21 |
| [Results of Meeting of Shareholders](#xx_d5ba0f62-ca07-4255-aa03-75d8d87b6b5a_ROMOS-CommonContent-Date-334_1) | 22 |

---

Columbia Variable Portfolio – Acorn International Fund \| 2025

------

Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks 98.3%** | **Common Stocks 98.3%** | **Common Stocks 98.3%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Australia 2.7%** | **Australia 2.7%** | **Australia 2.7%** |
| CAR Group Ltd. | &nbsp;&nbsp; 172467 | &nbsp;&nbsp; 3532344 |
| Pro Medicus Ltd. | &nbsp;&nbsp; 25560 | &nbsp;&nbsp; 3753824 |
| **Total** | **Total** | &nbsp;&nbsp; **7286168** |
| **Canada 1.1%** | **Canada 1.1%** | **Canada 1.1%** |
| Altus Group Ltd. | &nbsp;&nbsp; 73613 | &nbsp;&nbsp; 3041487 |
| **China 0.8%** | **China 0.8%** | **China 0.8%** |
| Silergy Corp. | &nbsp;&nbsp; 372000 | &nbsp;&nbsp; 2256079 |
| **Finland 3.4%** | **Finland 3.4%** | **Finland 3.4%** |
| Konecranes OYJ | &nbsp;&nbsp; 45490 | &nbsp;&nbsp; 4981405 |
| Valmet OYJ | &nbsp;&nbsp; 126519 | &nbsp;&nbsp; 4181169 |
| **Total** | **Total** | &nbsp;&nbsp; **9162574** |
| **France 4.2%** | **France 4.2%** | **France 4.2%** |
| Gaztransport Et Technigaz SA | &nbsp;&nbsp; 20092 | &nbsp;&nbsp; 3686615 |
| Robertet SA | &nbsp;&nbsp; 4378 | &nbsp;&nbsp; 4517332 |
| Virbac SA | &nbsp;&nbsp; 7628 | &nbsp;&nbsp; 3198442 |
| **Total** | **Total** | &nbsp;&nbsp; **11402389** |
| **Germany 6.8%** | **Germany 6.8%** | **Germany 6.8%** |
| Atoss Software SE | &nbsp;&nbsp; 19536 | &nbsp;&nbsp; 2639688 |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 63601 | &nbsp;&nbsp; 5822184 |
| Hypoport SE<sup>(a)</sup> <br>| &nbsp;&nbsp; 16171 | &nbsp;&nbsp; 2414451 |
| Nemetschek SE | &nbsp;&nbsp; 56430 | &nbsp;&nbsp; 6105176 |
| Renk Group AG | &nbsp;&nbsp; 21369 | &nbsp;&nbsp; 1331745 |
| **Total** | **Total** | &nbsp;&nbsp; **18313244** |
| **Greece 1.7%** | **Greece 1.7%** | **Greece 1.7%** |
| National Bank of Greece SA | &nbsp;&nbsp; 296331 | &nbsp;&nbsp; 4519775 |
| **Ireland 2.5%** | **Ireland 2.5%** | **Ireland 2.5%** |
| Bank of Ireland Group PLC | &nbsp;&nbsp; 361699 | &nbsp;&nbsp; 6917604 |
| **Italy 4.3%** | **Italy 4.3%** | **Italy 4.3%** |
| Carel Industries SpA | &nbsp;&nbsp; 186315 | &nbsp;&nbsp; 5353178 |
| Prysmian SpA | &nbsp;&nbsp; 64092 | &nbsp;&nbsp; 6393648 |
| **Total** | **Total** | &nbsp;&nbsp; **11746826** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Japan 39.4%** | **Japan 39.4%** | **Japan 39.4%** |
| Asics Corp. | &nbsp;&nbsp; 89400 | &nbsp;&nbsp; 2146178 |
| BayCurrent, Inc. | &nbsp;&nbsp; 37700 | &nbsp;&nbsp; 1563181 |
| Capcom Co., Ltd. | &nbsp;&nbsp; 270000 | &nbsp;&nbsp; 6271841 |
| Disco Corp. | &nbsp;&nbsp; 15400 | &nbsp;&nbsp; 4691799 |
| DMG Mori Co., Ltd. | &nbsp;&nbsp; 101500 | &nbsp;&nbsp; 1710442 |
| Gunma Bank Ltd. (The) | &nbsp;&nbsp; 247100 | &nbsp;&nbsp; 2730123 |
| Ibiden Co., Ltd. | &nbsp;&nbsp; 56000 | &nbsp;&nbsp; 2418747 |
| Kokusai Electric Corp. | &nbsp;&nbsp; 186800 | &nbsp;&nbsp; 6532798 |
| Kraftia Corp. | &nbsp;&nbsp; 123600 | &nbsp;&nbsp; 6078795 |
| Kyoritsu Maintenance Co., Ltd. | &nbsp;&nbsp; 195200 | &nbsp;&nbsp; 3479680 |
| MatsukiyoCocokara & Co. | &nbsp;&nbsp; 174900 | &nbsp;&nbsp; 3028146 |
| Modec, Inc. | &nbsp;&nbsp; 27800 | &nbsp;&nbsp; 2110426 |
| Nihon M&A Center Holdings, Inc. | &nbsp;&nbsp; 331500 | &nbsp;&nbsp; 1522120 |
| Nippon Sanso Holdings Corp. | &nbsp;&nbsp; 130900 | &nbsp;&nbsp; 3910517 |
| Nissin Foods Holdings Co., Ltd. | &nbsp;&nbsp; 110600 | &nbsp;&nbsp; 2055854 |
| Niterra Co., Ltd. | &nbsp;&nbsp; 157800 | &nbsp;&nbsp; 6952397 |
| Nomura Real Estate Holdings, Inc. | &nbsp;&nbsp; 765500 | &nbsp;&nbsp; 4725704 |
| Omron Corp. | &nbsp;&nbsp; 123900 | &nbsp;&nbsp; 3134656 |
| Open House Co., Ltd. | &nbsp;&nbsp; 63000 | &nbsp;&nbsp; 3698059 |
| Renesas Electronics Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 281800 | &nbsp;&nbsp; 3859773 |
| Sanwa Holdings Corp. | &nbsp;&nbsp; 152911 | &nbsp;&nbsp; 3981526 |
| Sekisui Chemical Co., Ltd. | &nbsp;&nbsp; 244800 | &nbsp;&nbsp; 4116866 |
| Shimadzu Corp. | &nbsp;&nbsp; 46400 | &nbsp;&nbsp; 1235243 |
| Simplex Holdings, Inc. | &nbsp;&nbsp; 737600 | &nbsp;&nbsp; 4954263 |
| Sundrug Co., Ltd. | &nbsp;&nbsp; 104500 | &nbsp;&nbsp; 2872683 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp; 150600 | &nbsp;&nbsp; 4529078 |
| Taisei Corp. | &nbsp;&nbsp; 98100 | &nbsp;&nbsp; 9297027 |
| Yaskawa Electric Corp. | &nbsp;&nbsp; 107200 | &nbsp;&nbsp; 3259029 |
| **Total** | **Total** | &nbsp;&nbsp; **106866951** |
| **Jersey 0.8%** | **Jersey 0.8%** | **Jersey 0.8%** |
| Yellow Cake PLC<sup>(a)</sup> <br>| &nbsp;&nbsp; 272967 | &nbsp;&nbsp; 2161042 |
| **Luxembourg 0.8%** | **Luxembourg 0.8%** | **Luxembourg 0.8%** |
| CVC Capital Partners PLC<sup>(b)</sup> <br>| &nbsp;&nbsp; 126258 | &nbsp;&nbsp; 2114508 |
| **Mexico 0.6%** | **Mexico 0.6%** | **Mexico 0.6%** |
| Corporación Inmobiliaria Vesta SAB de CV | &nbsp;&nbsp; 522550 | &nbsp;&nbsp; 1598337 |

---

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

Columbia Variable Portfolio – Acorn International Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Netherlands 2.3%** | **Netherlands 2.3%** | **Netherlands 2.3%** |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 40068 | &nbsp;&nbsp; 6264073 |
| **New Zealand 1.9%** | **New Zealand 1.9%** | **New Zealand 1.9%** |
| Fisher & Paykel Healthcare Corp., Ltd. | &nbsp;&nbsp; 238488 | &nbsp;&nbsp; 5181614 |
| **Sweden 2.6%** | **Sweden 2.6%** | **Sweden 2.6%** |
| AddTech AB, B Shares | &nbsp;&nbsp; 119452 | &nbsp;&nbsp; 4206933 |
| Munters Group AB | &nbsp;&nbsp; 152865 | &nbsp;&nbsp; 2803582 |
| **Total** | **Total** | &nbsp;&nbsp; **7010515** |
| **Switzerland 6.5%** | **Switzerland 6.5%** | **Switzerland 6.5%** |
| Belimo Holding AG, Registered Shares | &nbsp;&nbsp; 4110 | &nbsp;&nbsp; 4015731 |
| Inficon Holding AG, Registered Shares | &nbsp;&nbsp; 19224 | &nbsp;&nbsp; 2378639 |
| Interroll Holding AG, Registered Shares | &nbsp;&nbsp; 462 | &nbsp;&nbsp; 1278311 |
| Kardex Holding AG | &nbsp;&nbsp; 13774 | &nbsp;&nbsp; 4770328 |
| Tecan Group AG, Registered Shares | &nbsp;&nbsp; 13413 | &nbsp;&nbsp; 2153478 |
| VAT Group AG | &nbsp;&nbsp; 6108 | &nbsp;&nbsp; 2932450 |
| **Total** | **Total** | &nbsp;&nbsp; **17528937** |
| **United Kingdom 14.6%** | **United Kingdom 14.6%** | **United Kingdom 14.6%** |
| Ashtead Group PLC | &nbsp;&nbsp; 71151 | &nbsp;&nbsp; 4851019 |
| Auto Trader Group PLC | &nbsp;&nbsp; 447445 | &nbsp;&nbsp; 3530055 |
| Babcock International Group PLC | &nbsp;&nbsp; 339718 | &nbsp;&nbsp; 5661336 |
| Baltic Classifieds Group PLC | &nbsp;&nbsp; 845031 | &nbsp;&nbsp; 2312291 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| ConvaTec Group PLC | &nbsp;&nbsp; 1370116 | &nbsp;&nbsp; 4473311 |
| Halma PLC | &nbsp;&nbsp; 99696 | &nbsp;&nbsp; 4732058 |
| Howden Joinery Group PLC | &nbsp;&nbsp; 169841 | &nbsp;&nbsp; 1900781 |
| ICG PLC | &nbsp;&nbsp; 204731 | &nbsp;&nbsp; 5645703 |
| Rightmove PLC | &nbsp;&nbsp; 421872 | &nbsp;&nbsp; 2947495 |
| Safestore Holdings PLC | &nbsp;&nbsp; 348008 | &nbsp;&nbsp; 3452557 |
| **Total** | **Total** | &nbsp;&nbsp; **39506606** |
| **United States 1.3%** | **United States 1.3%** | **United States 1.3%** |
| Interparfums, Inc. | &nbsp;&nbsp; 40955 | &nbsp;&nbsp; 3474213 |
| Total Common Stocks <br>(Cost $206,304,386) | Total Common Stocks <br>(Cost $206,304,386) | &nbsp;&nbsp; **266352942** |
| **Money Market Funds 1.6%** | **Money Market Funds 1.6%** | **Money Market Funds 1.6%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 4176302 | &nbsp;&nbsp; 4175049 |
| Total Money Market Funds <br>(Cost $4,174,863) | Total Money Market Funds <br>(Cost $4,174,863) | &nbsp;&nbsp; **4175049** |
| **Total Investments in Securities** <br>**(Cost $210,479,249)** | **Total Investments in Securities** <br>**(Cost $210,479,249)** | &nbsp;&nbsp; **270527991** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **334445** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **$270862436** |

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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, 2025, the total value of these securities amounted to $2,114,508, which represents 0.78% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is the seven-day current annualized yield at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Under the Investment Company Act of 1940, 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, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% |
|  | 7040597 | &nbsp;&nbsp; 56540488 | &nbsp;&nbsp; (59405798)<br>| &nbsp;&nbsp; (238)<br>| &nbsp;&nbsp; 4175049 | &nbsp;&nbsp; 183 | &nbsp;&nbsp; 234005 | &nbsp;&nbsp; 4176302 |

---

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

Columbia Variable Portfolio – Acorn International Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

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.

Values of foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation. When such adjustments have been made, the foreign equity securities are classified as Level 2.

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 following table is a summary of the inputs used to value the Fund's investments at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Australia |  | &nbsp;&nbsp;&nbsp;&nbsp; 7286168 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7286168 |
| Canada | 3041487 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3041487 |
| China |  | &nbsp;&nbsp;&nbsp;&nbsp; 2256079 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2256079 |
| Finland |  | &nbsp;&nbsp;&nbsp;&nbsp; 9162574 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9162574 |
| France | 4517332 | &nbsp;&nbsp;&nbsp;&nbsp; 6885057 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11402389 |
| Germany |  | &nbsp;&nbsp;&nbsp;&nbsp; 18313244 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18313244 |
| Greece |  | &nbsp;&nbsp;&nbsp;&nbsp; 4519775 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4519775 |
| Ireland |  | &nbsp;&nbsp;&nbsp;&nbsp; 6917604 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6917604 |
| Italy |  | &nbsp;&nbsp;&nbsp;&nbsp; 11746826 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11746826 |
| Japan | 5900829 | &nbsp;&nbsp;&nbsp;&nbsp; 100966122 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 106866951 |
| Jersey |  | &nbsp;&nbsp;&nbsp;&nbsp; 2161042 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2161042 |
| Luxembourg |  | &nbsp;&nbsp;&nbsp;&nbsp; 2114508 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2114508 |
| Mexico | 1598337 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1598337 |
| Netherlands |  | &nbsp;&nbsp;&nbsp;&nbsp; 6264073 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6264073 |
| New Zealand |  | &nbsp;&nbsp;&nbsp;&nbsp; 5181614 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5181614 |
| Sweden |  | &nbsp;&nbsp;&nbsp;&nbsp; 7010515 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7010515 |
| Switzerland |  | &nbsp;&nbsp;&nbsp;&nbsp; 17528937 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17528937 |

---

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

Columbia Variable Portfolio – Acorn International Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| United Kingdom | 5764848 | &nbsp;&nbsp;&nbsp;&nbsp; 33741758 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39506606 |
| United States | 3474213 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3474213 |
| Total Common Stocks | 24297046 | &nbsp;&nbsp;&nbsp;&nbsp; 242055896 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 266352942 |
| Money Market Funds | 4175049 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4175049 |
| Total Investments in Securities | 28472095 | &nbsp;&nbsp;&nbsp;&nbsp; 242055896 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 270527991 |

---

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

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security's correlation to available market data including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable.

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

Columbia Variable Portfolio – Acorn International Fund \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $206,304,386) | $266352942 |
| Affiliated issuers (cost $4,174,863) | 4175049 |
| Foreign currency (cost $1,382) | 1433 |
| Receivable for: |  |
| Capital shares sold | 72816 |
| Dividends | 272187 |
| Foreign tax reclaims | 478475 |
| Prepaid expenses | 2089 |
| Total assets | 271354991 |
| **Liabilities** |  |
| Payable for: |  |
| Capital shares redeemed | 52450 |
| Management services fees | 6847 |
| Service fees | 48616 |
| Compensation of chief compliance officer | 45 |
| Compensation of board members | 1226 |
| Other expenses | 42099 |
| Deferred compensation of board members | 341272 |
| Total liabilities | 492555 |
| **Net assets applicable to outstanding capital stock** | **$270862436** |
| **Represented by** |  |
| Paid in capital | 214202642 |
| Total distributable earnings (loss) | 56659794 |
| **Total - representing net assets applicable to outstanding capital stock** | **$270862436** |
| Shares outstanding | 13252298 |
| Net asset value per share | 20.44 |

---

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

Columbia Variable Portfolio – Acorn International Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $5707767 |
| Dividends — affiliated issuers | 234005 |
| Income from securities lending — net | 13537 |
| Foreign taxes withheld | (498400)<br>|
| Total income | 5456909 |
| Expenses: |  |
| Management services fees | 2594772 |
| Service fees | 325849 |
| Administration fees | 34037 |
| Custodian fees | 37292 |
| Printing and postage fees | 46382 |
| Accounting services fees | 38729 |
| Legal fees | 19353 |
| Line of credit interest | 242 |
| Compensation of chief compliance officer | 40 |
| Compensation of board members | 15921 |
| Deferred compensation of board members | 23069 |
| Other | 17694 |
| Total expenses | 3153380 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (105356)<br>|
| Total net expenses | 3048024 |
| **Net investment income** | 2408885 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 257415 |
| Investments — affiliated issuers | 183 |
| Foreign currency translations | (45715)<br>|
| Net realized gain | 211883 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 30712156 |
| Investments — affiliated issuers | (238)<br>|
| Foreign currency translations | 53799 |
| Foreign capital gains tax | 301353 |
| Net change in unrealized appreciation (depreciation) | 31067070 |
| Net realized and unrealized gain | 31278953 |
| **Net increase in net assets resulting from operations** | **$33687838** |

---

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

Columbia Variable Portfolio – Acorn International Fund \| 2025

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income | $2408885 | &nbsp;&nbsp; $2526244 |
| Net realized gain | 211883 | &nbsp;&nbsp; 6945103 |
| Net change in unrealized appreciation (depreciation) | 31067070 | &nbsp;&nbsp; (33998200)<br>|
| Net increase (decrease) in net assets resulting from operations | 33687838 | &nbsp;&nbsp; (24526853)<br>|
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains | (4869952)<br>| &nbsp;&nbsp; (4216728)<br>|
| Total distributions to shareholders | (4869952)<br>| &nbsp;&nbsp; (4216728)<br>|
| Decrease in net assets from capital stock activity | (27986173)<br>| &nbsp;&nbsp; (30460201)<br>|
| Total increase (decrease) in net assets | 831713 | &nbsp;&nbsp; (59203782)<br>|
| Net assets at beginning of year | 270030723 | &nbsp;&nbsp; 329234505 |
| **Net assets at end of year** | **$270862436** | &nbsp;&nbsp; **$270030723** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Shares sold | 370881 | &nbsp;&nbsp;&nbsp;&nbsp; 7540094 | &nbsp;&nbsp;&nbsp;&nbsp; 466898 | &nbsp;&nbsp;&nbsp;&nbsp; 9092145 |
| Distributions reinvested | 234398 | &nbsp;&nbsp;&nbsp;&nbsp; 4869952 | &nbsp;&nbsp;&nbsp;&nbsp; 211628 | &nbsp;&nbsp;&nbsp;&nbsp; 4216728 |
| Shares redeemed | (1996514)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (40396219)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2190756)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (43769074)<br>|
| **Total net decrease** | **(1391235)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(27986173)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(1512230)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(30460201)**<br>|

---

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

Columbia Variable Portfolio – Acorn International Fund \| 2025

------

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. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Per share data** |  |  |  |  |  |
| Net asset value, beginning of period | $18.44 | &nbsp;&nbsp;&nbsp; $20.38 | &nbsp;&nbsp;&nbsp; $17.48 | &nbsp;&nbsp;&nbsp; $32.62 | &nbsp;&nbsp;&nbsp; $28.03 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp; 0.15 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | 2.19 | &nbsp;&nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp;&nbsp; (10.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.21 |
| Total from investment operations | 2.36 | &nbsp;&nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp; (10.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.23 |
| **Less distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>|
| Net realized gains | (0.10)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4.19)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>|
| Total distributions to shareholders | (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (4.41)<br>| &nbsp;&nbsp;&nbsp; (0.64)<br>|
| Net asset value, end of period | $20.44 | &nbsp;&nbsp;&nbsp; $18.44 | &nbsp;&nbsp;&nbsp; $20.38 | &nbsp;&nbsp;&nbsp; $17.48 | &nbsp;&nbsp;&nbsp; $32.62 |
| Total return | 12.76<br> %<br>| &nbsp;&nbsp;&nbsp; (8.25 %)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.95 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (33.84<br> %)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.81<br> %<br>|
| **Ratios to average net assets** |  |  |  |  |  |
| Total gross expenses<sup>(c)</sup> <br>| 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.27 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>|
| Total net expenses<sup>(c),(f)</sup> <br>| 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>|
| Net investment income | 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover | 29<br> %<br>| &nbsp;&nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 36<br> %<br>|
| Net assets, end of period (in thousands) | $270862 | &nbsp;&nbsp;&nbsp; $270031 | &nbsp;&nbsp;&nbsp; $329235 | &nbsp;&nbsp;&nbsp; $309209 | &nbsp;&nbsp;&nbsp; $492743 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | Net investment income per share includes European Union tax reclaims. The effect of these reclaims amounted to $0.02 per share. |
| (b) | Had the Investment Manager and/or its affiliates not waived a portion of expenses, total return would have been reduced. |
| (c) | 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, if any. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (d) | Ratios include line of credit interest expense which is less than 0.01%.  |
| (e) | Ratios include 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. If these had been excluded, expenses would have been higher by 0.01%.  |
| (f) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.  |

---

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

Columbia Variable Portfolio – Acorn International Fund \| 2025

------

Notes to Financial Statements

December 31, 2025

Note 1. Organization

Columbia Variable Portfolio – Acorn International Fund (formerly known as Wanger International) (the Fund), a series of Columbia Funds Variable Series Trust (formerly known as Wanger Advisors 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.

Effective June 1, 2025, the Fund was renamed Columbia Variable Portfolio – Acorn International Fund and the Trust was renamed Columbia Funds Variable Series Trust.

**Fund shares**

The Trust may issue an unlimited number of shares (without par value). The Fund offers 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.

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**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. Prior to July 7, 2025, the chief operating decision maker (CODM) was Columbia Wanger Asset Management, LLC (CWAM), a wholly-owned subsidiary of Columbia Management Investment Advisers, LLC (Columbia Management or the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Effective July 7, 2025, Columbia Management is the CODM. The CODM, through its Investment Oversight Committee and Global Executive Group, is 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**

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

Columbia Variable Portfolio – Acorn International Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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

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.

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.

**Foreign currency transactions and translations** 

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

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

**Securities lending**

Effective November 30, 2025, the security lending program was terminated and any outstanding loans were recalled on or before the effective date. The Fund, prior to November 30, 2025, had the ability to lend securities up to one-third of the value of its total assets to certain approved brokers, dealers, banks or other institutional borrowers of securities that the Fund's securities lending agent had determined were credit worthy under guidelines established by the Board of Trustees, to earn additional income. The Fund retained the benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. The Fund also received a fee for the loan. The Fund had the ability to recall the loans at any time and could do so in order to vote proxies or to sell the loaned securities. Each loan was collateralized by cash that exceeded the value of the securities on loan. The market value of the loaned securities was determined daily at the close of business of the Fund and any additional required collateral was delivered to the Fund on the next business day. The Fund elected to invest the cash collateral in the Dreyfus Government Cash Management Fund, a third-party institutional government money market fund in accordance with investment guidelines contained in the securities lending agreement and approved by the Board of Trustees. The income earned from the securities lending program was paid to the Fund, net of

Columbia Variable Portfolio – Acorn International Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

any fees remitted to Goldman Sachs Agency Lending, the Fund's lending agent, and borrower rebates. The Investment Manager did not retain any fees earned by the lending program. The net lending income earned by the Fund for the year ended December 31, 2025, is included in the Statement of Operations.

**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**

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

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

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

**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.

**Determination of net asset value** 

The net asset value per share of the Fund is computed by dividing the value of the net assets of the Fund by the total number of outstanding shares of the Fund, rounded to the nearest cent, at the close of regular trading (ordinarily 4:00 p.m. Eastern Time) every day the New York Stock Exchange is open.

**Federal income tax status**

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

**Foreign taxes**

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

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

Columbia Variable Portfolio – Acorn International Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**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 semi-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.

Note 3. Fees and other transactions with affiliates

**Management services fees**

Prior to July 7, 2025, CWAM furnished investment supervision to the Fund and was responsible for the overall management of the Fund's business affairs.

Prior to April 1, 2025, CWAM furnished investment advisory services to the Fund under an investment advisory agreement (the Advisory Agreement) and provided administrative services to the Fund under a separate administrative services agreement (the Administration Agreement). Effective April 1, 2025, the Fund entered into a new management services agreement (the Management Agreement) that combined the management services fee that was previously paid under the Advisory Agreement with the administrative services fee that was previously paid under the Administration Agreement. On June 26, 2025, the Fund's Board of Trustees approved a Novation of Management Agreement pursuant to which all rights, duties and obligations under the Fund's then-current Management Agreement with CWAM transferred to its parent company Columbia Management on July 7, 2025. Prior to July, 7, 2025, Columbia Management was the sub-administrator of the Fund and the investment adviser of each of the other Columbia funds except for Columbia Variable Portfolio - Acorn Fund and each series of Columbia Acorn Trust. The services provided to, and management fees paid by, the Fund did not change as a result of this transfer and the current portfolio managers of the Fund continued to manage the Fund after the transition.

For the period from January 1, 2025 through February 28, 2025, CWAM received an advisory fee that was equal to a percentage of the Fund's daily net assets that declined from 1.10% to 0.72% as the Fund's net assets increased. The annualized effective advisory fee rate for the period from January 1, 2025 through February 28, 2025 was 0.99% of the Fund's average daily net assets.

Effective March 1, 2025, the Board of Trustees approved a reduction in the advisory fee rates payable to CWAM by the Fund. For the period March 1, 2025 through March 31, 2025 CWAM received an advisory fee that was equal to a percentage of the Fund's daily net assets that declined from 0.87% to 0.70% as the Fund's net assets increased. The annualized effective advisory fee rate for the period from March 1, 2025 through March 31, 2025 was 0.87% of the Fund's average daily net assets. Advisory fees paid by the Fund for the period January 1, 2025 through March 31, 2025 are included in Management services fees on the Statement of Operations.

For the period April 1, 2025 through December 31, 2025, the Investment Manager (CWAM prior to July 7, 2025 and Columbia Management beginning July 7, 2025) received a management services fee that was equal to a percentage of the Fund's daily net assets that declined from 0.92% to 0.72% as the Fund's net assets increased. The annualized effective management services fee rate for the period April 1, 2025 through December 31, 2025 was 0.92% of the Fund's average daily net assets.

Columbia Variable Portfolio – Acorn International Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

For the period January 1, 2025 through December 31, 2025, the effective blended advisory fee (for the period January 1, 2025 through March 31, 2025) and management services fee (for the period April 1, 2025 through December 31, 2025) was 0.93% of the Fund's average daily net assets.

**Participating Affiliates** 

The Investment Manager and its investment advisory affiliates (Participating Affiliates), may coordinate in providing services to their clients. These Participating Affiliates, like the Investment Manager, are direct or indirect subsidiaries of Ameriprise Financial and are registered with the appropriate respective regulators and, where required, the Securities and Exchange Commission and the Commodity Futures Trading Commission in the United States. The Investment Manager engages employees of Participating Affiliates to provide portfolio management services to the Fund. These employees provide services to the Investment Manager pursuant to personnel-sharing agreements or other inter-company arrangements and the Fund pays no additional fees and expenses as a result of any such arrangements.

Specifically, pursuant to such arrangements, employees of Participating Affiliates serve as "associated persons" of the Investment Manager and, in this capacity, serve as Fund portfolio managers and provide portfolio management services to the Fund on behalf of the Investment Manager subject to the oversight and supervision of the Investment Manager and the Fund's Chief Compliance Officer, consistent with the investment objectives, policies and limitations set forth in the Fund's prospectus and SAI, and the Investment Manager's and the Fund's compliance policies and procedures.

**Administration fees**

Prior to April 1, 2025, CWAM received an administration fee from the Fund at the following annual rates:

---

| | |
|:---|:---|
| **Aggregate average daily net assets of the Trust** | **Annual** <br>**fee rate**<br>|
| Up to $4 billion | 0.05% |
| $4 billion to $6 billion | 0.04% |
| $6 billion to $8 billion | 0.03% |
| $8 billion and over | 0.02% |

---

For the period January 1, 2025 through March 31, 2025, the annualized effective administration fee rate was 0.05% 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.

**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

Columbia Variable Portfolio – Acorn International Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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, 2025 was 0.12% 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 to 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.

**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) through April 30, 2027, 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 annual rate of 1.08% of the Fund's average daily net assets for the period March 1, 2025 through April 30, 2027. Prior to March 1, 2025, it did not exceed the annual rate of 1.14% of the Fund's average daily net assets.

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

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At December 31, 2025, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, passive foreign investment company (pfic) holdings, capital loss carryforwards, trustees' deferred compensation, foreign currency transactions, distribution reclassifications and foreign capital gains tax. 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:

---

| | | |
|:---|:---|:---|
| **Excess of distributions** <br>**over net investment** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(loss) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Paid in** <br>**capital ($)**<br>|
| 1343144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1343144)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

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.

Columbia Variable Portfolio – Acorn International Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| **Ordinary** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Long-term** <br>**capital gains ($)**<br>| **Total ($)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ordinary** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Long-term** <br>**capital gains ($)**<br>| **Total ($)** |
| 3502950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1367002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4869952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4216728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4216728 |

---

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

At December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Undistributed** <br>**ordinary income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Undistributed** <br>**long-term** <br>**capital gains ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Capital loss** <br>**carryforwards ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
| 2023879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1250018)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56181737 |

---

At December 31, 2025, 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** <br>**tax cost ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
| 214346254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69068331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12886594)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56181737 |

---

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, 2025, 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, 2025, capital loss carryforwards utilized, if any, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **No expiration** <br>**short-term ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **No expiration** <br>**long-term ($)**<br>| **Total ($)** | **Utilized ($)** |
| (1250018)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1250018)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

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 $80,115,676 and $107,519,396, respectively, for the year ended December 31, 2025. 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.

Columbia Variable Portfolio – Acorn International Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

Note 7. 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 23, 2025 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 $750 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 other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 23, 2025 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.

For the year ended December 31, 2025, the Fund's borrowing activity was as follows:

---

| | | |
|:---|:---|:---|
| **Average loan** <br>**balance ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Weighted average** <br>**interest rate (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Days** <br>**outstanding**<br>|
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |

---

Interest expense incurred by the Fund is recorded as Line of credit interest in the Statement of Operations. The Fund had no outstanding borrowings at December 31, 2025.

Note 8. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. 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.

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.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

**Shareholder concentration risk**

At December 31, 2025, affiliated shareholders of record owned 58.3% 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

Columbia Variable Portfolio – Acorn International Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

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 10. 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, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Columbia Variable Portfolio – Acorn International Fund \| 2025

------

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Columbia Funds Variable Series Trust and Shareholders of Columbia Variable Portfolio – Acorn International 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 – Acorn International Fund (one of the funds constituting Columbia Funds Variable Series Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 23, 2026

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

Columbia Variable Portfolio – Acorn International Fund \| 2025

------

Federal Income Tax Information

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Dividends** <br>**received** <br>**deduction**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Foreign** <br>**taxes paid** <br>**to foreign** <br>**countries**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Foreign** <br>**taxes paid** <br>**per share** <br>**to foreign** <br>**countries**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Foreign** <br>**source** <br>**income**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Foreign** <br>**source** <br>**income** <br>**per share**<br>|
| 3.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $521498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5504304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.42 |

---

Dividends received deduction. The percentage of ordinary income distributed during the fiscal year that qualifies for the corporate dividends received deduction.

Foreign taxes. The Fund makes the election to pass through to shareholders the foreign taxes paid. Eligible shareholders may claim a foreign tax credit. These taxes, and the corresponding foreign source income, are provided in the table above.

Columbia Variable Portfolio – Acorn International Fund \| 2025

------

Results of Meeting of Shareholders

(Unaudited)

At a Joint Special Meeting of Shareholders held on February 26, 2025, shareholders of Columbia Funds Variable Series Trust elected each of the fifteen nominees for trustee to the Board of Trustees of Columbia Funds Variable Series Trust, each to hold office until he or she dies, retires, resigns or is removed or, if sooner, until the election and qualification of his or her successor, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Trustee** | **Votes for** | **Votes withheld** | **Abstentions** |
| George S. Batejan | &nbsp;&nbsp;&nbsp;&nbsp; 44806459 | &nbsp;&nbsp;&nbsp;&nbsp; 2497578 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Daniel J. Beckman | &nbsp;&nbsp;&nbsp;&nbsp; 44545549 | &nbsp;&nbsp;&nbsp;&nbsp; 2758489 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Kathleen Blatz | &nbsp;&nbsp;&nbsp;&nbsp; 44841283 | &nbsp;&nbsp;&nbsp;&nbsp; 2462755 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Pamela G. Carlton | &nbsp;&nbsp;&nbsp;&nbsp; 44738205 | &nbsp;&nbsp;&nbsp;&nbsp; 2565833 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Janet Langford Carrig | &nbsp;&nbsp;&nbsp;&nbsp; 44923713 | &nbsp;&nbsp;&nbsp;&nbsp; 2380324 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| J. Kevin Connaughton | &nbsp;&nbsp;&nbsp;&nbsp; 44851008 | &nbsp;&nbsp;&nbsp;&nbsp; 2453030 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Olive M. Darragh | &nbsp;&nbsp;&nbsp;&nbsp; 44634747 | &nbsp;&nbsp;&nbsp;&nbsp; 2669291 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Patricia M. Flynn | &nbsp;&nbsp;&nbsp;&nbsp; 44680197 | &nbsp;&nbsp;&nbsp;&nbsp; 2623841 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Brian J. Gallagher | &nbsp;&nbsp;&nbsp;&nbsp; 44768699 | &nbsp;&nbsp;&nbsp;&nbsp; 2535339 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Douglas A. Hacker | &nbsp;&nbsp;&nbsp;&nbsp; 44744402 | &nbsp;&nbsp;&nbsp;&nbsp; 2559636 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Nancy T. Lukitsh | &nbsp;&nbsp;&nbsp;&nbsp; 44975413 | &nbsp;&nbsp;&nbsp;&nbsp; 2328625 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| David M. Moffett | &nbsp;&nbsp;&nbsp;&nbsp; 44601579 | &nbsp;&nbsp;&nbsp;&nbsp; 2702459 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Catherine James Paglia | &nbsp;&nbsp;&nbsp;&nbsp; 44611075 | &nbsp;&nbsp;&nbsp;&nbsp; 2692963 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Natalie A. Trunow | &nbsp;&nbsp;&nbsp;&nbsp; 44966319 | &nbsp;&nbsp;&nbsp;&nbsp; 2337719 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Sandra L. Yeager | &nbsp;&nbsp;&nbsp;&nbsp; 44920389 | &nbsp;&nbsp;&nbsp;&nbsp; 2383649 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |

---

Columbia Variable Portfolio – Acorn International Fund \| 2025

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[THIS PAGE INTENTIONALLY LEFT BLANK]

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**Columbia Variable Portfolio – Acorn International Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g108509imge358bf122.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest.** The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2026 Columbia Management Investment Advisers, LLC.

ANN7062_12_E01_(02/26)

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Proxy disclosures for Open-End Management Investment Companies is included in Item 7 of this Form N-CSR..

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The fees and expenses of the independent trustees are included in "Compensation of board members" and "Deferred compensation of board members" on each Fund's Statement of Operations as part of the Registrant's financial statements filed under Item 7 of this Form N-CSR. Additionally, the compensation paid by the Trust to the Chief Compliance Officer is included in "Compensation of chief compliance officer" on each Fund's Statement of Operations as part of the Registrant's financial statements filed under Item 7 of this Form N-CSR.

------

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees implemented since the registrant last provided disclosure as to such procedures in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K or Item 15 of Form N-CSR.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer, based on their evaluation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are effective and adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant's management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b) There was no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

------

#### Item 19. Exhibits.
(a)(1) [Code of ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as Exhibit 99.CODE ETH.](d108509dex99codeeth.htm)

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.](d108509dex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.](d108509dex99906cert.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

#### Columbia Funds Variable Series Trust

---

| | |
|:---|:---|
| By: | /s/ Michael G. Clarke |
| Name: | Michael G. Clarke |
| Title: | President and Principal Executive Officer |

---

Date: February 23, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Michael G. Clarke |
| Name: | Michael G. Clarke |
| Title: | President and Principal Executive Officer |

---

Date: February 23, 2026

---

| | |
|:---|:---|
| By: | /s/ Charles H. Chiesa |
| Name: | Charles H. Chiesa |
| Title: | Treasurer, Chief Financial Officer, Chief Accounting Officer and Principal Financial Officer |

---

Date: February 23, 2026

## Ex-99.Code

**Exhibit 99.CODE ETH.** 

**COLUMBIA FUNDS** 

---

| | |
|:---|:---|
| **Applicable Regulatory Authority** | Section 406 of the Sarbanes-Oxley Act of 2002; Item 2 of Form N-CSR |
| **Related Policies** | Overview and Implementation of Compliance Program Policy |
| **Requires Annual Board Approval** | No but Covered Officers Must provide annual certification |
| **Last Reviewed by AMC** | September 2025 |

---

**<u>Overview and Statement</u>**

Item 2 of Form N-CSR, the form used by registered management investment companies to file certified annual and semi-annual shareholder reports, requires a registered management investment company to disclose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether it has adopted a code of ethics that applies to the investment company's principal executive
officer and senior financial officers and, if it has not adopted such a code of ethics, why it has not done so; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any amendments to, or waivers from, the code of ethics relating to such officers.

The Board of the Columbia Funds ("Columbia Board") has adopted the following Code of Ethics for Principle Executive and Senior Financial Officers (the "Code"), which sets forth the ethical standards to which the Funds holds their principal executive officer and each of its senior financial officers.

This Code should be read and interpreted in conjunction with the *Overview and Implementation of Compliance Program Policy*.

**<u>Policy</u>**

The Board has adopted the Code in order to comply with applicable regulatory requirements as outlined below:

**I.** **Covered Officers/Purpose of the Code** 

This Code applies to the Fund's Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer or Controller (the "Covered Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or
submits to, the SEC, and in other public communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance with applicable laws and governmental rules and regulations;

*This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.* 

*Proprietary and Confidential* 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual or apparent conflicts of interest.

**II.** **Administration of the Code** 

The Board has designated an individual to be primarily responsible for the administration of the Code (the "Code Officer"). In the absence of the Code Officer, his or her designee shall serve as the Code Officer, but only on a temporary basis.

The Board has designated a person who meets the definition of a Chief Legal Officer (the "CLO") for purposes of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder as the Fund's CLO. The CLO of the Fund shall assist the Fund's Code Officer in administration of this Code. The Code Officer, in consultation with the CLO, shall be responsible for applying this Code to specific situations (in consultation with Fund counsel, where appropriate) and has the authority to interpret this Code in any particular situation.

**III.** **Managing Conflicts of Interest** 

A "conflict of interest" occurs when a Covered Officer's personal interest interferes with the interests of, or his or her service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of the Covered Officer's position with the Fund. Certain provisions in the 1940 Act and the rules and regulations thereunder and the Advisers Act and the rules and regulations thereunder govern certain conflicts of interest that arise out of the relationships between Covered Officers and the Fund. If such conflicts are addressed in conformity with applicable provisions of the 1940 Act and the Advisers Act, they will be deemed to have been handled ethically. The Fund's and its Adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of those provisions. This Code does not, and is not intended to, repeat or replace those programs and procedures, and conduct that is consistent with such programs and procedures falls outside of the parameters of this Code.

Although they do not typically present an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationships between the Fund and, as applicable, its Adviser (Columbia Management Investment Advisers, LLC ("CMIA") for the Columbia Funds, administrator, principal underwriter, pricing and bookkeeping agent and/or transfer agent (each, a "Primary Service Provider") of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or for a Primary Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Primary Service Providers and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Fund and the Primary Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. If such conflicts are addressed in conformity with applicable provisions of the 1940 Act and the Advisers Act, they will be deemed to have been handled ethically. In addition, it is recognized by the Board of the Funds that the Covered Officers also may be officers or employees of one or more other investment companies or organizations affiliated with the sponsor of the Funds covered by other similar codes and that the codes of ethics of those other investment companies or organizations will apply to the Covered Officers acting in such capacities for such other investment companies.

*This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.* 

*Proprietary and Confidential* 

------

This Code covers general conflicts of interest and other issues applicable to the Funds under the Sarbanes-Oxley Act of 2002. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interests of the Funds. Certain examples of such conflicts of interest follow.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not use his or her personal influence or personal relationships improperly to influence investment decisions or
financial reporting by the Fund whereby the Covered Officer, or a member of his or her family, would knowingly benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not knowingly cause the Fund to take action, or fail to take action, for the individual personal benefit of the
Covered Officer, or a member of his or her family, rather than the benefit of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not use material non-public knowledge of portfolio transactions made
or contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report at least annually (or more frequently, as appropriate) known affiliations or other relationships that may
give rise to conflicts of interest with respect to the Fund.

If a Covered Officer believes that he or she has a potential conflict of interest that is likely to materially compromise his or her objectivity or his or her ability to perform the duties of his or her role as a Covered Officer, including a potential conflict of interest that arises out of his or her responsibilities as an officer or employee of one or more Primary Service Providers or other funds, he or she should consult with the Code Officer, the CLO, the Fund's outside counsel, or counsel to the Independent Board Members, as appropriate.

Examples of potential conflicts of interest that may materially compromise objectivity or ability to perform the duties of a Covered Officer and which the Covered Officer should consider discussing with the Code Officer or other appropriate person include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service as a director on the board of a public or private company or service as a public official;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The receipt of a non-de minimus gift when the gift is in relation to
doing business directly or indirectly with the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The receipt of entertainment from any company with which the Fund has current or prospective business dealings,
unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

*This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.* 

*Proprietary and Confidential* 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An ownership interest in, or any consulting or employment relationship with, any of the Fund's service
providers, other than the Primary Service Providers or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A direct or indirect material financial interest in commissions, transaction charges or spreads paid by the Fund
for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**IV.** **Disclosure and Compliance** 

It is the responsibility of each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To familiarize himself or herself with the disclosure requirements generally applicable to the Fund, as well as
the business and financial operations of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To not knowingly misrepresent, and to not knowingly cause others to misrepresent, facts about the Fund to others,
whether within or outside the Fund, including to the Fund's Board, Legal Counsel, Independent Legal Counsel and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To the extent appropriate within his or her area of responsibility, consult with other officers and employees of
the Fund and the Primary Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the
Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To adhere to and, within his or her area of responsibility, promote compliance with the standards and
restrictions imposed by applicable laws, rules and regulations.

**V.** **Reporting and Accountability by Covered Officers** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon adoption of the Code or becoming a Covered Officer, acknowledge in writing to the Fund's Board that he
or she has received, read and understands the Code, using the form attached as Appendix A hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually thereafter acknowledge in writing to the Fund's Board that he or she has received and read the
Code and believes that he or she has complied with the requirements of the Code, using the form attached as Appendix B hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not retaliate against any employee or Covered Officer for reports of potential violations that are made in good
faith; and

*This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.* 

*Proprietary and Confidential* 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify the Code Officer promptly if he or she knows of any violation, or of conduct that reasonably could be
expected to be or result in a violation, of this Code. Failure to do so is a violation of this Code.

The Fund will follow the policy set forth below in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Code Officer will endeavor to take all appropriate action to investigate any potential violation reported to
him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If, after such investigation, the Code Officer believes that no violation has occurred, the Code Officer will so
notify the person(s) reporting the potential violation, and no further action is required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any matter that the Code Officer, upon consultation with the CLO, believes is a violation will be reported by the
Code Officer or the CLO to the Fund's Audit Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's Audit Committee will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This Code and any changes to or waivers of the Code will, to the extent required, be disclosed as provided by SEC
rules.

**VI.** **Other Policies** 

This Code shall be the sole code of ethics adopted by the Fund for the purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered management investment companies thereunder. Insofar as other policies or procedures of the Fund or the Fund's Primary Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Fund's and its Adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the 1940 Act and the more detailed policies and procedures of the Primary Service Providers as set forth in their respect Compliance Manuals are separate requirements applicable to the Covered Officers and are not part of this Code.

**VII.** **Disclosure of Amendments to the Code** 

Any amendments will, to the extent required, be disclosed in accordance with law.

**VIII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or upon advice of counsel, such reports and records shall not be disclosed to anyone other than the Fund's Board, the Covered Officers, the Code Officer, the CLO, the Fund's Primary Service Providers and their affiliates, and outside audit firms, legal counsel to the Fund and legal counsel to the Independent Board Members.

*This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.* 

*Proprietary and Confidential* 

------

**IX.** **Internal Use** 

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

**Reporting Requirements** 

Each Covered Officer must annually acknowledge in writing to the Fund's Board that he or she has received and read the Code and believes that he or she has complied with the requirements of the Code, using the form attached as Appendix II hereto.

The Code Officer or CLO shall report to the Fund's Audit Committee any violations of, or material issues arising under, this Code.

If the Audit Committee concurs that a violation has occurred, it will inform and make a recommendation to the Fund's Board, which will consider appropriate action, which may include review of, and appropriate modifications to: Applicable policies and procedures; Notification to the appropriate personnel of the Fund's Primary Service Providers or their boards; A recommendation to censure, suspend or dismiss the Covered Officer; or Referral of the matter to the appropriate authorities for civil action or criminal prosecution.

All material amendments to this Code must be in writing and approved or ratified by the Fund's Board, including a majority of the Independent Board Members.

The Code Officer, in conjunction with the CLO, shall be responsible for administration of this Code and for adopting procedures to ensure compliance with the requirements set forth herein.

Any issues that arise under this policy should be communicated to an employee's immediate supervisor, and appropriately escalated to AMC. Additionally, AMC will escalate any compliance issues relating to this Code to the Fund CCO and, if warranted, the appropriate Fund Board.

**Monitoring/Oversight/Escalation** 

The Code Officer shall be responsible for oversight of compliance with this Code by the Covered Officers. AMC and Ameriprise Risk & Control Services may perform periodic reviews and assessments of various lines of business, including their compliance with this Code.

**Recordkeeping** 

All records must be maintained for at least seven years, the first three in the appropriate Ameriprise Financial, Inc. management office. The following records will be maintained to evidence compliance with this Code: (1) a copy of the information or materials supplied to the Audit Committee or the Board: (i) that provided the basis for any amendment or waiver to this Code; and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Audit Committee and/or Board; (2) a copy of the policy and any amendments; and (3) a list of Covered Officers and reporting by Covered Officers.

*This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.* 

*Proprietary and Confidential*

## Ex-99.Cert

**EX-99.CERT SECTION 302 CERTIFICATION** 

I, Michael G. Clarke, certify that:

1. I have reviewed this report on Form N-CSR of Columbia Funds Variable Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

---

| | |
|:---|:---|
| By: | /s/ Michael G. Clarke |
| Name: | Michael G. Clarke |
| Title: | President and Principal Executive Officer |

---

Date: February 23, 2026

------

I, Charles H. Chiesa, certify that:

1. I have reviewed this report on Form N-CSR of Columbia Funds Variable Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

---

| | |
|:---|:---|
| By: | /s/ Charles H. Chiesa |
| Name: | Charles H. Chiesa |
| Title: | Treasurer, Chief Financial Officer, Chief Accounting Officer and Principal Financial Officer |

---

Date: February 23, 2026

## Exhibit 99.906

**EX-99.906 CERT SECTION 906 CERTIFICATION** 

**CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Certified Shareholder Report of Columbia Funds Variable Series Trust (the "Trust") on Form N-CSR for the period ending December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof ("the Report"), the undersigned hereby certifies that, to his knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

---

| | |
|:---|:---|
| By: | /s/ Michael G. Clarke |
| Name: | Michael G. Clarke |
| Title: | President and Principal Executive Officer |

---

Date: February 23, 2026

---

| | |
|:---|:---|
| By: | /s/ Charles H. Chiesa |
| Name: | Charles H. Chiesa |
| Title: | Treasurer, Chief Financial Officer, Chief Accounting Officer and Principal Financial Officer |

---

Date: February 23, 2026

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. §1350 and is not being filed as part of the Form N-CSR with the Commission.