# EDGAR Filing Document

**Accession Number:** 0000815425
**File Stem:** 0001683863-23-001722
**Filing Date:** 2023-3
**Character Count:** 2717600
**Document Hash:** c3c6237272997c7b2d54bcf5f7e3220b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683863-23-001722.hdr.sgml**: 20230303

**ACCESSION NUMBER**: 0001683863-23-001722

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 51

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230303

**DATE AS OF CHANGE**: 20230303

**EFFECTIVENESS DATE**: 20230303

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05199
- **FILM NUMBER:** 23701634

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

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

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

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

## Series and Classes Contracts Data

### Columbia Variable Portfolio - Small Company Growth Fund (Series ID: S000010658)

| Class ID   | Class Name                                                      | Ticker Symbol   |
|:---|:---|:---|
| C000029536 | Columbia Variable Portfolio - Small Company Growth Fund Class 1 |  |
| C000029537 | Columbia Variable Portfolio - Small Company Growth Fund Class 2 |  |

### Columbia Variable Portfolio - Strategic Income Fund (Series ID: S000012560)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000034143 | Columbia Variable Portfolio - Strategic Income Fund Class 1 |  |
| C000034144 | Columbia Variable Portfolio - Strategic Income Fund Class 2 |  |

### Columbia Variable Portfolio - Small Cap Value Fund (Series ID: S000012561)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000034145 | Columbia Variable Portfolio - Small Cap Value Fund Class 1 |  |
| C000034146 | Columbia Variable Portfolio - Small Cap Value Fund Class 2 |  |

### Columbia Variable Portfolio - Contrarian Core Fund (Series ID: S000036673)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000112074 | Columbia Variable Portfolio - Contrarian Core Fund Class 1 |  |
| C000112075 | Columbia Variable Portfolio - Contrarian Core Fund Class 2 |  |

### Columbia Variable Portfolio - Long Government/Credit Bond Fund (Series ID: S000040388)

| Class ID   | Class Name                                                             | Ticker Symbol   |
|:---|:---|:---|
| C000125446 | Columbia Variable Portfolio - Long Government/Credit Bond Fund Class 1 |  |
| C000125447 | Columbia Variable Portfolio - Long Government/Credit Bond Fund Class 2 |  |

### Variable Portfolio - Managed Volatility Conservative Fund (Series ID: S000040389)

| Class ID   | Class Name                                                        | Ticker Symbol   |
|:---|:---|:---|
| C000125448 | Variable Portfolio - Managed Volatility Conservative Fund Class 2 |  |
| C000206835 | Variable Portfolio - Managed Volatility Conservative Fund Class 1 |  |

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

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

### Variable Portfolio - Managed Volatility Growth Fund (Series ID: S000040391)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000125450 | Variable Portfolio - Managed Volatility Growth Fund Class 2 |  |
| C000205759 | Variable Portfolio - Managed Volatility Growth Fund Class 1 |  |

### Variable Portfolio - U.S. Flexible Conservative Growth Fund (Series ID: S000055414)

| Class ID   | Class Name                                                          | Ticker Symbol   |
|:---|:---|:---|
| C000174387 | Variable Portfolio - U.S. Flexible Conservative Growth Fund Class 2 |  |
| C000206837 | Variable Portfolio - U.S. Flexible Conservative Growth Fund Class 1 |  |

### Variable Portfolio - U.S. Flexible Growth Fund (Series ID: S000055415)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000174388 | Variable Portfolio - U.S. Flexible Growth Fund Class 2 |  |
| C000206838 | Variable Portfolio - U.S. Flexible Growth Fund Class 1 |  |

### Variable Portfolio - U.S. Flexible Moderate Growth Fund (Series ID: S000055416)

| Class ID   | Class Name                                                      | Ticker Symbol   |
|:---|:---|:---|
| C000174389 | Variable Portfolio - U.S. Flexible Moderate Growth Fund Class 2 |  |
| C000206839 | Variable Portfolio - U.S. Flexible Moderate Growth Fund Class 1 |  |

### Variable Portfolio - Managed Risk Fund (Series ID: S000058873)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000193050 | Variable Portfolio - Managed Risk Fund Class 2 |  |
| C000206840 | Variable Portfolio - Managed Risk Fund Class 1 |  |

### Variable Portfolio - Managed Risk U.S. Fund (Series ID: S000058874)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000193051 | Variable Portfolio - Managed Risk U.S. Fund Class 2 |  |
| C000206841 | Variable Portfolio - Managed Risk U.S. Fund Class 1 |  |

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 <u>811-05199</u>

<u>Columbia Funds Variable Insurance Trust</u>

(Exact name of registrant as specified in charter)

290 Congress Street, Boston, MA 02210

(Address of principal executive offices) (Zip code)

Daniel J. Beckman

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

Ryan C. Larrenaga, Esq.

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>(800) 345-6611</u>

Date of fiscal year end: <u>December 31</u>

Date of reporting period: <u>December 31, 2022</u>

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

#### Item 1. Reports to Stockholders.

------

![](imgde98b5b41.jpg)

Annual Report

December 31, 2022

![](img05e981bf2.jpg)

Columbia Variable Portfolio – Long Government/Credit Bond Fund

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.

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

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_bbae3f9a-15bc-44ce-bf51-7f55ee5c1dbc_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_bbae3f9a-15bc-44ce-bf51-7f55ee5c1dbc_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_7b5c16de-ffc8-441a-80e7-7ebeb49dbaeb_1)<br>| 7 |
| [Portfolio of Investments](#xx_7e129461-fd55-48e7-b5e4-9405ec3c578c_1)<br>| 8 |
| [Statement of Assets and Liabilities](#xx_5cbc23f9-613c-4359-b160-048f35dcc14b_1)<br>| 15 |
| [Statement of Operations](#xx_5cbc23f9-613c-4359-b160-048f35dcc14b_2)<br>| 16 |
| [Statement of Changes in Net Assets](#xx_5cbc23f9-613c-4359-b160-048f35dcc14b_3)<br>| 17 |
| [Financial Highlights](#xx_5a7c7bec-ce40-4fb0-b7c7-7a676490131c_1)<br>| 18 |
| [Notes to Financial Statements](#xx_72ca361e-beff-41eb-a792-f15394c05e56_1)<br>| 20 |
| [Report of Independent Registered Public Accounting Firm](#xx_cfd166e3-16b2-4f5e-bd25-f23eecda551c_1)<br>| 31 |
| [Trustees and Officers](#xx_c6739d50-25c3-42ee-b5de-e62c7c0f6ffa_1)<br>| 32 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Columbia Variable Portfolio – Long Government/Credit Bond Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_468_1f4b8711-b4ad-45a8-9c99-e611b7a220f5_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks total return, consisting of current income and capital appreciation.

Portfolio management

#### Tom Murphy, CFA
Lead Portfolio Manager

Managed Fund since 2017

#### Royce D. Wilson, CFA
Portfolio Manager

Managed Fund since 2020

#### John Dawson, CFA
Portfolio Manager

Managed Fund since 2020

#### Shannon Rinehart, CFA
Portfolio Manager

Managed Fund since 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**Life** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;04/30/13 | &nbsp;&nbsp;&nbsp;&nbsp;-27.55 | &nbsp;&nbsp;&nbsp;&nbsp;-1.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;04/30/13 | &nbsp;&nbsp;&nbsp;&nbsp;-27.70 | &nbsp;&nbsp;&nbsp;&nbsp;-1.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| &nbsp;&nbsp;Bloomberg U.S. Long Government/Credit Bond Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-27.09 | &nbsp;&nbsp;&nbsp;&nbsp;-1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The Fund's performance prior to May 2016 reflects returns achieved by the Investment Manager pursuant to different principal investment strategies. If the Fund's current strategies had been in place for the prior periods, results shown may have been different.

The Bloomberg U.S. Long Government/Credit Bond Index tracks the performance of U.S. government and corporate bonds rated investment grade or better, with maturities of at least ten years.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_468_1f4b8711-b4ad-45a8-9c99-e611b7a220f5_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (April 30, 2013 — December 31, 2022)
![](imge0c1fcd43.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Columbia Variable Portfolio – Long Government/Credit Bond Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Asset-Backed Securities — Agency | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;51.6 |
| &nbsp;&nbsp;Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| &nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;41.9 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Quality breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Quality breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;AAA rating | &nbsp;&nbsp;&nbsp;44.2 |
| &nbsp;&nbsp;AA rating | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| &nbsp;&nbsp;A rating | &nbsp;&nbsp;&nbsp;14.9 |
| &nbsp;&nbsp;BBB rating | &nbsp;&nbsp;&nbsp;34.7 |
| &nbsp;&nbsp;BB rating | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| &nbsp;&nbsp;Not rated | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total fixed income investments.

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody's, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as "Not rated." Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund's subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time to maturity) and the amount and type of any collateral.

4 Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_468_1f4b8711-b4ad-45a8-9c99-e611b7a220f5_TOC)

Manager Discussion of Fund Performance

(Unaudited)

*At December 31, 2022, approximately 99.15% of the Fund's shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may also experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.*

For the 12-month period ended December 31, 2022, Class 2 shares of Columbia Variable Portfolio – Long Government/Credit Bond Fund returned -27.70%. The Fund's benchmark, the Bloomberg U.S. Long Government/Credit Bond Index, returned -27.09% during the same time period.

Market overview

Historically high inflation and efforts on the part of the U.S. Federal Reserve (Fed) to contain prices were the principal drivers of the bond market's negative return for the 12 months ended December 31, 2022. Inflation had begun to drift upward in late 2021 but spiked in the wake of Russia's late-February 2022 invasion of Ukraine. U.S. consumer price inflation rose above 8% in March 2022 and peaked at 9.1% in June 2022. The Fed responded by raising its benchmark overnight lending rate seven times, leaving the federal funds target range at 4.25%-4.50% at year-end, as compared to 0.0%-0.25% entering 2022.

The U.S. Treasury yield curve finished the 12-month period dramatically higher along its length. The two-year U.S. Treasury note began 2022 at 0.73% and ended the year at 4.41% for an increase of 368 basis points, while the yield on the bellwether 10-year U.S. Treasury rose a more modest 236 basis points, from 1.52% to 3.88%, and the 30-year yield rose 207 basis points from 1.90% to 3.97%. (A basis point is 1/100 of a percent.) As a result, the U.S. Treasury curve ended 2022 significantly inverted (meaning that short-term yields were higher than long-term yields), a development which has frequently foreshadowed recession.

Against this backdrop, bond market returns for the 12 months were negative and credit spreads generally widened.

The Fund's notable contributors during the period

• The Fund's positioning along the yield curve and stance with respect to duration and corresponding interest rate sensitivity added to relative performance, as interest rates finished the period sharply higher.
We generally seek to keep the Fund positioned relatively neutrally with respect to the yield curve and duration rather than actively manage this exposure.

• While overall security selection detracted slightly, positive contributions were led by overweights to utility Southern Company, managed care provider UnitedHealth Group and energy
exploration and production company Occidental Petroleum.

The Fund's notable detractors during the period

• The Fund's slightly overweight stance with respect to credit risk detracted from performance as credit spreads widened over the 12-month period. The Fund was underweight credit risk at period-end.

• The Fund's overall sector allocation detracted from performance – in particular, overweight positioning in life insurance and media and entertainment. At period end, leading industry overweights included
banking, aerospace and defense and life insurance, while the biggest underweights were to pharmaceuticals, technology and railroads.

• The Fund's overall security selection detracted modestly from performance relative to the benchmark, with bank holdings weighing most heavily on return, most notably Bank of
America Corp., Citigroup Inc. and HSBC Bank PLC.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Mortgage- and asset-backed securities are affected by interest rates, financial health of issuers/originators, creditworthiness of entities providing credit enhancements and the value of underlying assets. Fixed-income securities present issuer default risk. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund's income and yield. These risks may be heightened for longer maturity and duration securities. Non-investment-grade (high-yield or junk) securities present greater price volatility and more risk to principal and income than higher rated securities. Prepayment and extension risk exists as a loan, bond or other investment***

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Annual Report 2022 5

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[**Table of Contents**](#JOB_468_1f4b8711-b4ad-45a8-9c99-e611b7a220f5_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

*may be called, prepaid or redeemed before maturity and that similar yielding investments may not be available for purchase. Investing in **derivatives** is a specialized activity that involves special risks that subject the Fund to significant loss potential, including when used as leverage, and may result in greater fluctuation in Fund value. See the Fund's prospectus for more information on these and other risks.*

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

6 Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_468_1f4b8711-b4ad-45a8-9c99-e611b7a220f5_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;929.70 | &nbsp;&nbsp;&nbsp;&nbsp;1022.56 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;928.80 | &nbsp;&nbsp;&nbsp;&nbsp;1021.31 | &nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp;&nbsp;3.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_468_1f4b8711-b4ad-45a8-9c99-e611b7a220f5_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Agency 0.7%** | &nbsp;&nbsp;**Asset-Backed Securities — Agency 0.7%** | &nbsp;&nbsp;**Asset-Backed Securities — Agency 0.7%** | &nbsp;&nbsp;**Asset-Backed Securities — Agency 0.7%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;United States Small Business Administration | &nbsp;&nbsp;United States Small Business Administration | &nbsp;&nbsp;United States Small Business Administration | &nbsp;&nbsp;United States Small Business Administration |
| &nbsp;&nbsp;Series 2016-20L Class 1 | &nbsp;&nbsp;Series 2016-20L Class 1 | &nbsp;&nbsp;Series 2016-20L Class 1 | &nbsp;&nbsp;Series 2016-20L Class 1 |
| &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;2.810% | &nbsp;&nbsp;2822922 | &nbsp;&nbsp;&nbsp;&nbsp;2583066 |
| &nbsp;&nbsp;Series 2017-20E Class 1 | &nbsp;&nbsp;Series 2017-20E Class 1 | &nbsp;&nbsp;Series 2017-20E Class 1 | &nbsp;&nbsp;Series 2017-20E Class 1 |
| &nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;2.880% | &nbsp;&nbsp;&nbsp;&nbsp;257640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237989 |
| &nbsp;&nbsp;Series 2017-20F Class 1 | &nbsp;&nbsp;Series 2017-20F Class 1 | &nbsp;&nbsp;Series 2017-20F Class 1 | &nbsp;&nbsp;Series 2017-20F Class 1 |
| &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;2.810% | &nbsp;&nbsp;2142947 | &nbsp;&nbsp;&nbsp;&nbsp;1960504 |
| &nbsp;&nbsp;Series 2017-20G Class 1 | &nbsp;&nbsp;Series 2017-20G Class 1 | &nbsp;&nbsp;Series 2017-20G Class 1 | &nbsp;&nbsp;Series 2017-20G Class 1 |
| &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;2.980% | &nbsp;&nbsp;2013829 | &nbsp;&nbsp;&nbsp;&nbsp;1869090 |
| &nbsp;&nbsp;Series 2017-20H Class 1 | &nbsp;&nbsp;Series 2017-20H Class 1 | &nbsp;&nbsp;Series 2017-20H Class 1 | &nbsp;&nbsp;Series 2017-20H Class 1 |
| &nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;2.750% | &nbsp;&nbsp;1876165 | &nbsp;&nbsp;&nbsp;&nbsp;1712187 |
| &nbsp;&nbsp;Series 2017-20I Class 1 | &nbsp;&nbsp;Series 2017-20I Class 1 | &nbsp;&nbsp;Series 2017-20I Class 1 | &nbsp;&nbsp;Series 2017-20I Class 1 |
| &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;2.590% | &nbsp;&nbsp;2808436 | &nbsp;&nbsp;&nbsp;&nbsp;2583865 |
| &nbsp;&nbsp;Total Asset-Backed Securities — Agency<br> (Cost $11,921,939) | &nbsp;&nbsp;Total Asset-Backed Securities — Agency<br> (Cost $11,921,939) | &nbsp;&nbsp;Total Asset-Backed Securities — Agency<br> (Cost $11,921,939) | &nbsp;&nbsp;**10946701** |
| &nbsp;&nbsp;**Corporate Bonds & Notes 51.1%** | &nbsp;&nbsp;**Corporate Bonds & Notes 51.1%** | &nbsp;&nbsp;**Corporate Bonds & Notes 51.1%** | &nbsp;&nbsp;**Corporate Bonds & Notes 51.1%** |
| &nbsp;&nbsp;**Aerospace & Defense 3.4%** | &nbsp;&nbsp;**Aerospace & Defense 3.4%** | &nbsp;&nbsp;**Aerospace & Defense 3.4%** | &nbsp;&nbsp;**Aerospace & Defense 3.4%** |
| &nbsp;&nbsp;Arconic, Inc. | &nbsp;&nbsp;Arconic, Inc. | &nbsp;&nbsp;Arconic, Inc. | &nbsp;&nbsp;Arconic, Inc. |
| &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;5.950% | &nbsp;&nbsp;4695000 | &nbsp;&nbsp;&nbsp;&nbsp;4559531 |
| &nbsp;&nbsp;BAE Systems PLC<sup>(a)</sup> | &nbsp;&nbsp;BAE Systems PLC<sup>(a)</sup> | &nbsp;&nbsp;BAE Systems PLC<sup>(a)</sup> | &nbsp;&nbsp;BAE Systems PLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;1.900% | 14330000 | &nbsp;&nbsp;11095572 |
| &nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;Boeing Co. (The) |
| &nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;3.600% | &nbsp;&nbsp;7597000 | &nbsp;&nbsp;&nbsp;&nbsp;6062294 |
| &nbsp;&nbsp;08/01/2059 | &nbsp;&nbsp;3.950% | 12580000 | &nbsp;&nbsp;&nbsp;&nbsp;8444373 |
| &nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;Northrop Grumman Corp. |
| &nbsp;&nbsp;06/01/2043 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;&nbsp;735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679428 |
| &nbsp;&nbsp;10/15/2047 | &nbsp;&nbsp;4.030% | &nbsp;&nbsp;6765000 | &nbsp;&nbsp;&nbsp;&nbsp;5607038 |
| &nbsp;&nbsp;United Technologies Corp. | &nbsp;&nbsp;United Technologies Corp. | &nbsp;&nbsp;United Technologies Corp. | &nbsp;&nbsp;United Technologies Corp. |
| &nbsp;&nbsp;07/15/2038 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;5900000 | &nbsp;&nbsp;&nbsp;&nbsp;6294155 |
| &nbsp;&nbsp;11/01/2046 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;8648000 | &nbsp;&nbsp;&nbsp;&nbsp;6734011 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**49476402** |
| &nbsp;&nbsp;**Automotive 0.2%** | &nbsp;&nbsp;**Automotive 0.2%** | &nbsp;&nbsp;**Automotive 0.2%** | &nbsp;&nbsp;**Automotive 0.2%** |
| &nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;General Motors Co. |
| &nbsp;&nbsp;04/01/2048 | &nbsp;&nbsp;5.400% | &nbsp;&nbsp;2835000 | &nbsp;&nbsp;&nbsp;&nbsp;2332041 |
| &nbsp;&nbsp;**Banking 9.8%** | &nbsp;&nbsp;**Banking 9.8%** | &nbsp;&nbsp;**Banking 9.8%** | &nbsp;&nbsp;**Banking 9.8%** |
| &nbsp;&nbsp;Bank of America Corp.<sup>(b)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(b)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(b)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;07/23/2031 | &nbsp;&nbsp;1.898% | &nbsp;&nbsp;7890000 | &nbsp;&nbsp;&nbsp;&nbsp;6066191 |
| &nbsp;&nbsp;10/24/2031 | &nbsp;&nbsp;1.922% | 15105000 | &nbsp;&nbsp;11529764 |
| &nbsp;&nbsp;02/04/2033 | &nbsp;&nbsp;2.972% | 23022000 | &nbsp;&nbsp;18562984 |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;09/21/2036 | &nbsp;&nbsp;2.482% | &nbsp;&nbsp;4255000 | &nbsp;&nbsp;&nbsp;&nbsp;3136847 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Citigroup, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Citigroup, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Citigroup, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Citigroup, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;06/03/2031 | &nbsp;&nbsp;2.572% | 15573000 | &nbsp;&nbsp;&nbsp;&nbsp;12596403 |
| &nbsp;&nbsp;01/25/2033 | &nbsp;&nbsp;3.057% | 10172000 | &nbsp;&nbsp;&nbsp;&nbsp;8213409 |
| &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(b)</sup> |
| &nbsp;&nbsp;07/21/2032 | &nbsp;&nbsp;2.383% | 28960000 | &nbsp;&nbsp;&nbsp;&nbsp;22449639 |
| &nbsp;&nbsp;HSBC Holdings PLC<sup>(b)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(b)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(b)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(b)</sup> |
| &nbsp;&nbsp;05/24/2032 | &nbsp;&nbsp;2.804% | 11582000 | &nbsp;&nbsp;&nbsp;&nbsp;8940421 |
| &nbsp;&nbsp;11/22/2032 | &nbsp;&nbsp;2.871% | &nbsp;&nbsp;9308000 | &nbsp;&nbsp;&nbsp;&nbsp;7127832 |
| &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(b)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(b)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(b)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(b)</sup> |
| &nbsp;&nbsp;04/22/2032 | &nbsp;&nbsp;2.580% | &nbsp;&nbsp;6505000 | &nbsp;&nbsp;&nbsp;&nbsp;5204260 |
| &nbsp;&nbsp;11/15/2048 | &nbsp;&nbsp;3.964% | 12044000 | &nbsp;&nbsp;&nbsp;&nbsp;9428839 |
| &nbsp;&nbsp;Morgan Stanley<sup>(b)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(b)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(b)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(b)</sup> |
| &nbsp;&nbsp;07/21/2032 | &nbsp;&nbsp;2.239% | 11094000 | &nbsp;&nbsp;&nbsp;&nbsp;8499898 |
| &nbsp;&nbsp;10/20/2032 | &nbsp;&nbsp;2.511% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18758 |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;09/16/2036 | &nbsp;&nbsp;2.484% | &nbsp;&nbsp;1390000 | &nbsp;&nbsp;&nbsp;&nbsp;1013913 |
| &nbsp;&nbsp;04/20/2037 | &nbsp;&nbsp;5.297% | &nbsp;&nbsp;5960000 | &nbsp;&nbsp;&nbsp;&nbsp;5453423 |
| &nbsp;&nbsp;Wells Fargo & Co.<sup>(b)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(b)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(b)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(b)</sup> |
| &nbsp;&nbsp;04/25/2053 | &nbsp;&nbsp;4.611% | 18481000 | &nbsp;&nbsp;&nbsp;&nbsp;15715197 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**143957778** |
| &nbsp;&nbsp;**Cable and Satellite 2.2%** | &nbsp;&nbsp;**Cable and Satellite 2.2%** | &nbsp;&nbsp;**Cable and Satellite 2.2%** | &nbsp;&nbsp;**Cable and Satellite 2.2%** |
| &nbsp;&nbsp;Charter Communications Operating LLC/Capital | &nbsp;&nbsp;Charter Communications Operating LLC/Capital | &nbsp;&nbsp;Charter Communications Operating LLC/Capital | &nbsp;&nbsp;Charter Communications Operating LLC/Capital |
| &nbsp;&nbsp;05/01/2047 | &nbsp;&nbsp;5.375% | 17780000 | &nbsp;&nbsp;&nbsp;&nbsp;14009725 |
| &nbsp;&nbsp;12/01/2061 | &nbsp;&nbsp;4.400% | &nbsp;&nbsp;&nbsp;&nbsp;858000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551277 |
| &nbsp;&nbsp;06/30/2062 | &nbsp;&nbsp;3.950% | &nbsp;&nbsp;6723000 | &nbsp;&nbsp;&nbsp;&nbsp;3971889 |
| &nbsp;&nbsp;Comcast Corp. | &nbsp;&nbsp;Comcast Corp. | &nbsp;&nbsp;Comcast Corp. | &nbsp;&nbsp;Comcast Corp. |
| &nbsp;&nbsp;11/01/2056 | &nbsp;&nbsp;2.937% | 11385000 | &nbsp;&nbsp;&nbsp;&nbsp;7140965 |
| &nbsp;&nbsp;NBCUniversal Media LLC | &nbsp;&nbsp;NBCUniversal Media LLC | &nbsp;&nbsp;NBCUniversal Media LLC | &nbsp;&nbsp;NBCUniversal Media LLC |
| &nbsp;&nbsp;01/15/2043 | &nbsp;&nbsp;4.450% | &nbsp;&nbsp;7282000 | &nbsp;&nbsp;&nbsp;&nbsp;6387515 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**32061371** |
| &nbsp;&nbsp;**Construction Machinery 0.4%** | &nbsp;&nbsp;**Construction Machinery 0.4%** | &nbsp;&nbsp;**Construction Machinery 0.4%** | &nbsp;&nbsp;**Construction Machinery 0.4%** |
| &nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;Caterpillar, Inc. |
| &nbsp;&nbsp;09/19/2049 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;2755000 | &nbsp;&nbsp;&nbsp;&nbsp;2090252 |
| &nbsp;&nbsp;United Rentals North America, Inc. | &nbsp;&nbsp;United Rentals North America, Inc. | &nbsp;&nbsp;United Rentals North America, Inc. | &nbsp;&nbsp;United Rentals North America, Inc. |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;4075000 | &nbsp;&nbsp;&nbsp;&nbsp;3429515 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**5519767** |
| &nbsp;&nbsp;**Diversified Manufacturing 0.6%** | &nbsp;&nbsp;**Diversified Manufacturing 0.6%** | &nbsp;&nbsp;**Diversified Manufacturing 0.6%** | &nbsp;&nbsp;**Diversified Manufacturing 0.6%** |
| &nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;Carrier Global Corp. |
| &nbsp;&nbsp;04/05/2050 | &nbsp;&nbsp;3.577% | &nbsp;&nbsp;9245000 | &nbsp;&nbsp;&nbsp;&nbsp;6621806 |
| &nbsp;&nbsp;General Electric Co.<sup>(c)</sup> | &nbsp;&nbsp;General Electric Co.<sup>(c)</sup> | &nbsp;&nbsp;General Electric Co.<sup>(c)</sup> | &nbsp;&nbsp;General Electric Co.<sup>(c)</sup> |
| &nbsp;&nbsp;Junior Subordinated | &nbsp;&nbsp;Junior Subordinated | &nbsp;&nbsp;Junior Subordinated | &nbsp;&nbsp;Junior Subordinated |
| &nbsp;&nbsp;3-month USD LIBOR + 3.330%<br> 12/31/2049 | &nbsp;&nbsp;8.099% | &nbsp;&nbsp;2185000 | &nbsp;&nbsp;&nbsp;&nbsp;2163704 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**8785510** |

---

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

8 Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_468_1f4b8711-b4ad-45a8-9c99-e611b7a220f5_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Electric 6.9%** | &nbsp;&nbsp;**Electric 6.9%** | &nbsp;&nbsp;**Electric 6.9%** | &nbsp;&nbsp;**Electric 6.9%** |
| &nbsp;&nbsp;AEP Texas, Inc. | &nbsp;&nbsp;AEP Texas, Inc. | &nbsp;&nbsp;AEP Texas, Inc. | &nbsp;&nbsp;AEP Texas, Inc. |
| &nbsp;&nbsp;01/15/2050 | &nbsp;&nbsp;3.450% | 13470000 | &nbsp;&nbsp;&nbsp;&nbsp;9538185 |
| &nbsp;&nbsp;AES Corp. (The) | &nbsp;&nbsp;AES Corp. (The) | &nbsp;&nbsp;AES Corp. (The) | &nbsp;&nbsp;AES Corp. (The) |
| &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;2.450% | &nbsp;&nbsp;4330000 | &nbsp;&nbsp;&nbsp;&nbsp;3432114 |
| &nbsp;&nbsp;Berkshire Hathaway Energy Co.<sup>(a)</sup> | &nbsp;&nbsp;Berkshire Hathaway Energy Co.<sup>(a)</sup> | &nbsp;&nbsp;Berkshire Hathaway Energy Co.<sup>(a)</sup> | &nbsp;&nbsp;Berkshire Hathaway Energy Co.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2053 | &nbsp;&nbsp;4.600% | &nbsp;&nbsp;4670000 | &nbsp;&nbsp;&nbsp;&nbsp;4106352 |
| &nbsp;&nbsp;CenterPoint Energy, Inc. | &nbsp;&nbsp;CenterPoint Energy, Inc. | &nbsp;&nbsp;CenterPoint Energy, Inc. | &nbsp;&nbsp;CenterPoint Energy, Inc. |
| &nbsp;&nbsp;09/01/2049 | &nbsp;&nbsp;3.700% | &nbsp;&nbsp;4290000 | &nbsp;&nbsp;&nbsp;&nbsp;3213805 |
| &nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;Dominion Energy, Inc. |
| &nbsp;&nbsp;08/15/2052 | &nbsp;&nbsp;4.850% | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186726 |
| &nbsp;&nbsp;Dominion Resources, Inc. | &nbsp;&nbsp;Dominion Resources, Inc. | &nbsp;&nbsp;Dominion Resources, Inc. | &nbsp;&nbsp;Dominion Resources, Inc. |
| &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;4.700% | &nbsp;&nbsp;5510000 | &nbsp;&nbsp;&nbsp;&nbsp;4692057 |
| &nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;DTE Energy Co. |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;3.400% | &nbsp;&nbsp;4952000 | &nbsp;&nbsp;&nbsp;&nbsp;4404349 |
| &nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;Duke Energy Corp. |
| &nbsp;&nbsp;08/15/2052 | &nbsp;&nbsp;5.000% | 18820000 | &nbsp;&nbsp;&nbsp;&nbsp;16884249 |
| &nbsp;&nbsp;Emera US Finance LP | &nbsp;&nbsp;Emera US Finance LP | &nbsp;&nbsp;Emera US Finance LP | &nbsp;&nbsp;Emera US Finance LP |
| &nbsp;&nbsp;06/15/2046 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;6725000 | &nbsp;&nbsp;&nbsp;&nbsp;5232052 |
| &nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;Eversource Energy |
| &nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;1.650% | &nbsp;&nbsp;6764000 | &nbsp;&nbsp;&nbsp;&nbsp;5261252 |
| &nbsp;&nbsp;01/15/2050 | &nbsp;&nbsp;3.450% | &nbsp;&nbsp;4737000 | &nbsp;&nbsp;&nbsp;&nbsp;3464487 |
| &nbsp;&nbsp;Exelon Corp.<sup>(a)</sup> | &nbsp;&nbsp;Exelon Corp.<sup>(a)</sup> | &nbsp;&nbsp;Exelon Corp.<sup>(a)</sup> | &nbsp;&nbsp;Exelon Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2052 | &nbsp;&nbsp;4.100% | &nbsp;&nbsp;8365000 | &nbsp;&nbsp;&nbsp;&nbsp;6727705 |
| &nbsp;&nbsp;Georgia Power Co. | &nbsp;&nbsp;Georgia Power Co. | &nbsp;&nbsp;Georgia Power Co. | &nbsp;&nbsp;Georgia Power Co. |
| &nbsp;&nbsp;03/15/2042 | &nbsp;&nbsp;4.300% | 12195000 | &nbsp;&nbsp;&nbsp;&nbsp;10453325 |
| &nbsp;&nbsp;Jersey Central Power & Light Co.<sup>(a)</sup> | &nbsp;&nbsp;Jersey Central Power & Light Co.<sup>(a)</sup> | &nbsp;&nbsp;Jersey Central Power & Light Co.<sup>(a)</sup> | &nbsp;&nbsp;Jersey Central Power & Light Co.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;2.750% | &nbsp;&nbsp;1380000 | &nbsp;&nbsp;&nbsp;&nbsp;1108245 |
| &nbsp;&nbsp;Pacific Gas and Electric Co. | &nbsp;&nbsp;Pacific Gas and Electric Co. | &nbsp;&nbsp;Pacific Gas and Electric Co. | &nbsp;&nbsp;Pacific Gas and Electric Co. |
| &nbsp;&nbsp;07/01/2050 | &nbsp;&nbsp;4.950% | &nbsp;&nbsp;8200000 | &nbsp;&nbsp;&nbsp;&nbsp;6424337 |
| &nbsp;&nbsp;Southern California Edison Co. | &nbsp;&nbsp;Southern California Edison Co. | &nbsp;&nbsp;Southern California Edison Co. | &nbsp;&nbsp;Southern California Edison Co. |
| &nbsp;&nbsp;04/01/2047 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5095000 | &nbsp;&nbsp;&nbsp;&nbsp;4000459 |
| &nbsp;&nbsp;03/01/2048 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;1757568 |
| &nbsp;&nbsp;1st Refunding Mortgage | &nbsp;&nbsp;1st Refunding Mortgage | &nbsp;&nbsp;1st Refunding Mortgage | &nbsp;&nbsp;1st Refunding Mortgage |
| &nbsp;&nbsp;03/15/2043 | &nbsp;&nbsp;3.900% | &nbsp;&nbsp;1252000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967222 |
| &nbsp;&nbsp;Southern Co. (The) | &nbsp;&nbsp;Southern Co. (The) | &nbsp;&nbsp;Southern Co. (The) | &nbsp;&nbsp;Southern Co. (The) |
| &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;4.400% | &nbsp;&nbsp;1640000 | &nbsp;&nbsp;&nbsp;&nbsp;1371642 |
| &nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;Xcel Energy, Inc. |
| &nbsp;&nbsp;12/01/2049 | &nbsp;&nbsp;3.500% | 11550000 | &nbsp;&nbsp;&nbsp;&nbsp;8443843 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**101669974** |
| &nbsp;&nbsp;**Environmental 0.3%** | &nbsp;&nbsp;**Environmental 0.3%** | &nbsp;&nbsp;**Environmental 0.3%** | &nbsp;&nbsp;**Environmental 0.3%** |
| &nbsp;&nbsp;GFL Environmental, Inc.<sup>(a)</sup> | &nbsp;&nbsp;GFL Environmental, Inc.<sup>(a)</sup> | &nbsp;&nbsp;GFL Environmental, Inc.<sup>(a)</sup> | &nbsp;&nbsp;GFL Environmental, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;5905000 | &nbsp;&nbsp;&nbsp;&nbsp;5195360 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Food and Beverage 2.2%** | &nbsp;&nbsp;**Food and Beverage 2.2%** | &nbsp;&nbsp;**Food and Beverage 2.2%** | &nbsp;&nbsp;**Food and Beverage 2.2%** |
| &nbsp;&nbsp;Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | &nbsp;&nbsp;Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | &nbsp;&nbsp;Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | &nbsp;&nbsp;Anheuser-Busch Companies LLC/InBev Worldwide, Inc. |
| &nbsp;&nbsp;02/01/2046 | &nbsp;&nbsp;4.900% | 16535000 | &nbsp;&nbsp;15131165 |
| &nbsp;&nbsp;Bacardi Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Bacardi Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Bacardi Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Bacardi Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2038 | &nbsp;&nbsp;5.150% | &nbsp;&nbsp;9541000 | &nbsp;&nbsp;&nbsp;&nbsp;8651356 |
| &nbsp;&nbsp;05/15/2048 | &nbsp;&nbsp;5.300% | &nbsp;&nbsp;2402000 | &nbsp;&nbsp;&nbsp;&nbsp;2154260 |
| &nbsp;&nbsp;Kraft Heinz Foods Co. | &nbsp;&nbsp;Kraft Heinz Foods Co. | &nbsp;&nbsp;Kraft Heinz Foods Co. | &nbsp;&nbsp;Kraft Heinz Foods Co. |
| &nbsp;&nbsp;06/01/2046 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;7731000 | &nbsp;&nbsp;&nbsp;&nbsp;6315000 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**32251781** |
| &nbsp;&nbsp;**Health Care 2.2%** | &nbsp;&nbsp;**Health Care 2.2%** | &nbsp;&nbsp;**Health Care 2.2%** | &nbsp;&nbsp;**Health Care 2.2%** |
| &nbsp;&nbsp;Becton Dickinson and Co. | &nbsp;&nbsp;Becton Dickinson and Co. | &nbsp;&nbsp;Becton Dickinson and Co. | &nbsp;&nbsp;Becton Dickinson and Co. |
| &nbsp;&nbsp;05/20/2050 | &nbsp;&nbsp;3.794% | &nbsp;&nbsp;1353000 | &nbsp;&nbsp;&nbsp;&nbsp;1040360 |
| &nbsp;&nbsp;Cigna Corp. | &nbsp;&nbsp;Cigna Corp. | &nbsp;&nbsp;Cigna Corp. | &nbsp;&nbsp;Cigna Corp. |
| &nbsp;&nbsp;03/15/2050 | &nbsp;&nbsp;3.400% | &nbsp;&nbsp;7765000 | &nbsp;&nbsp;&nbsp;&nbsp;5509670 |
| &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;CVS Health Corp. |
| &nbsp;&nbsp;07/20/2045 | &nbsp;&nbsp;5.125% | 10305000 | &nbsp;&nbsp;&nbsp;&nbsp;9389687 |
| &nbsp;&nbsp;03/25/2048 | &nbsp;&nbsp;5.050% | &nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442308 |
| &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(a)</sup> |
| &nbsp;&nbsp;11/22/2052 | &nbsp;&nbsp;6.377% | &nbsp;&nbsp;3984000 | &nbsp;&nbsp;&nbsp;&nbsp;4271691 |
| &nbsp;&nbsp;HCA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HCA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HCA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HCA, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2052 | &nbsp;&nbsp;4.625% | 11934000 | &nbsp;&nbsp;&nbsp;&nbsp;9346024 |
| &nbsp;&nbsp;New York and Presbyterian Hospital (The) | &nbsp;&nbsp;New York and Presbyterian Hospital (The) | &nbsp;&nbsp;New York and Presbyterian Hospital (The) | &nbsp;&nbsp;New York and Presbyterian Hospital (The) |
| &nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;3.563% | &nbsp;&nbsp;3425000 | &nbsp;&nbsp;&nbsp;&nbsp;2871712 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**32871452** |
| &nbsp;&nbsp;**Healthcare Insurance 2.6%** | &nbsp;&nbsp;**Healthcare Insurance 2.6%** | &nbsp;&nbsp;**Healthcare Insurance 2.6%** | &nbsp;&nbsp;**Healthcare Insurance 2.6%** |
| &nbsp;&nbsp;Aetna, Inc. | &nbsp;&nbsp;Aetna, Inc. | &nbsp;&nbsp;Aetna, Inc. | &nbsp;&nbsp;Aetna, Inc. |
| &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;4360000 | &nbsp;&nbsp;&nbsp;&nbsp;3579452 |
| &nbsp;&nbsp;Anthem, Inc. | &nbsp;&nbsp;Anthem, Inc. | &nbsp;&nbsp;Anthem, Inc. | &nbsp;&nbsp;Anthem, Inc. |
| &nbsp;&nbsp;08/15/2044 | &nbsp;&nbsp;4.650% | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;3122522 |
| &nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;Centene Corp. |
| &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;5874000 | &nbsp;&nbsp;&nbsp;&nbsp;4971431 |
| &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;9425000 | &nbsp;&nbsp;&nbsp;&nbsp;7373871 |
| &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;UnitedHealth Group, Inc. |
| &nbsp;&nbsp;08/15/2039 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;3760000 | &nbsp;&nbsp;&nbsp;&nbsp;3083470 |
| &nbsp;&nbsp;02/15/2063 | &nbsp;&nbsp;6.050% | 14223000 | &nbsp;&nbsp;15661634 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**37792380** |
| &nbsp;&nbsp;**Independent Energy 0.2%** | &nbsp;&nbsp;**Independent Energy 0.2%** | &nbsp;&nbsp;**Independent Energy 0.2%** | &nbsp;&nbsp;**Independent Energy 0.2%** |
| &nbsp;&nbsp;Canadian Natural Resources Ltd. | &nbsp;&nbsp;Canadian Natural Resources Ltd. | &nbsp;&nbsp;Canadian Natural Resources Ltd. | &nbsp;&nbsp;Canadian Natural Resources Ltd. |
| &nbsp;&nbsp;02/15/2037 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;2580000 | &nbsp;&nbsp;&nbsp;&nbsp;2570201 |
| &nbsp;&nbsp;**Integrated Energy 0.4%** | &nbsp;&nbsp;**Integrated Energy 0.4%** | &nbsp;&nbsp;**Integrated Energy 0.4%** | &nbsp;&nbsp;**Integrated Energy 0.4%** |
| &nbsp;&nbsp;BP Capital Markets America, Inc. | &nbsp;&nbsp;BP Capital Markets America, Inc. | &nbsp;&nbsp;BP Capital Markets America, Inc. | &nbsp;&nbsp;BP Capital Markets America, Inc. |
| &nbsp;&nbsp;03/17/2052 | &nbsp;&nbsp;3.001% | &nbsp;&nbsp;1780000 | &nbsp;&nbsp;&nbsp;&nbsp;1185287 |
| &nbsp;&nbsp;Cenovus Energy, Inc. | &nbsp;&nbsp;Cenovus Energy, Inc. | &nbsp;&nbsp;Cenovus Energy, Inc. | &nbsp;&nbsp;Cenovus Energy, Inc. |
| &nbsp;&nbsp;02/15/2052 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;6384000 | &nbsp;&nbsp;&nbsp;&nbsp;4502334 |

---

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

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_468_1f4b8711-b4ad-45a8-9c99-e611b7a220f5_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Total Capital International SA | &nbsp;&nbsp;Total Capital International SA | &nbsp;&nbsp;Total Capital International SA | &nbsp;&nbsp;Total Capital International SA |
| &nbsp;&nbsp;06/29/2060 | &nbsp;&nbsp;3.386% | &nbsp;&nbsp;1315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923894 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**6611515** |
| &nbsp;&nbsp;**Life Insurance 1.7%** | &nbsp;&nbsp;**Life Insurance 1.7%** | &nbsp;&nbsp;**Life Insurance 1.7%** | &nbsp;&nbsp;**Life Insurance 1.7%** |
| &nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;MetLife, Inc. |
| &nbsp;&nbsp;07/15/2052 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5302000 | &nbsp;&nbsp;&nbsp;&nbsp;5087614 |
| &nbsp;&nbsp;New York Life Insurance Co.<sup>(a)</sup> | &nbsp;&nbsp;New York Life Insurance Co.<sup>(a)</sup> | &nbsp;&nbsp;New York Life Insurance Co.<sup>(a)</sup> | &nbsp;&nbsp;New York Life Insurance Co.<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;05/15/2050 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;5359000 | &nbsp;&nbsp;&nbsp;&nbsp;4100987 |
| &nbsp;&nbsp;Northwestern Mutual Life Insurance Co. (The)<sup>(a)</sup> | &nbsp;&nbsp;Northwestern Mutual Life Insurance Co. (The)<sup>(a)</sup> | &nbsp;&nbsp;Northwestern Mutual Life Insurance Co. (The)<sup>(a)</sup> | &nbsp;&nbsp;Northwestern Mutual Life Insurance Co. (The)<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;09/30/2059 | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;9583000 | &nbsp;&nbsp;&nbsp;&nbsp;6638429 |
| &nbsp;&nbsp;Teachers Insurance & Annuity Association of America<sup>(a)</sup> | &nbsp;&nbsp;Teachers Insurance & Annuity Association of America<sup>(a)</sup> | &nbsp;&nbsp;Teachers Insurance & Annuity Association of America<sup>(a)</sup> | &nbsp;&nbsp;Teachers Insurance & Annuity Association of America<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;09/15/2044 | &nbsp;&nbsp;4.900% | &nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649546 |
| &nbsp;&nbsp;05/15/2050 | &nbsp;&nbsp;3.300% | &nbsp;&nbsp;8870000 | &nbsp;&nbsp;&nbsp;&nbsp;6224196 |
| &nbsp;&nbsp;Voya Financial, Inc. | &nbsp;&nbsp;Voya Financial, Inc. | &nbsp;&nbsp;Voya Financial, Inc. | &nbsp;&nbsp;Voya Financial, Inc. |
| &nbsp;&nbsp;06/15/2046 | &nbsp;&nbsp;4.800% | &nbsp;&nbsp;2005000 | &nbsp;&nbsp;&nbsp;&nbsp;1635072 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**24335844** |
| &nbsp;&nbsp;**Media and Entertainment 1.9%** | &nbsp;&nbsp;**Media and Entertainment 1.9%** | &nbsp;&nbsp;**Media and Entertainment 1.9%** | &nbsp;&nbsp;**Media and Entertainment 1.9%** |
| &nbsp;&nbsp;Magallanes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2042 | &nbsp;&nbsp;5.050% | 10148000 | &nbsp;&nbsp;&nbsp;&nbsp;7803823 |
| &nbsp;&nbsp;03/15/2062 | &nbsp;&nbsp;5.391% | 13536000 | &nbsp;&nbsp;&nbsp;&nbsp;9915877 |
| &nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;5.375% | 10080000 | &nbsp;&nbsp;&nbsp;&nbsp;9868831 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**27588531** |
| &nbsp;&nbsp;**Midstream 2.7%** | &nbsp;&nbsp;**Midstream 2.7%** | &nbsp;&nbsp;**Midstream 2.7%** | &nbsp;&nbsp;**Midstream 2.7%** |
| &nbsp;&nbsp;Enterprise Products Operating LLC | &nbsp;&nbsp;Enterprise Products Operating LLC | &nbsp;&nbsp;Enterprise Products Operating LLC | &nbsp;&nbsp;Enterprise Products Operating LLC |
| &nbsp;&nbsp;03/15/2044 | &nbsp;&nbsp;4.850% | &nbsp;&nbsp;2314000 | &nbsp;&nbsp;&nbsp;&nbsp;2032234 |
| &nbsp;&nbsp;01/31/2060 | &nbsp;&nbsp;3.950% | &nbsp;&nbsp;5523000 | &nbsp;&nbsp;&nbsp;&nbsp;4016219 |
| &nbsp;&nbsp;Kinder Morgan Energy Partners LP | &nbsp;&nbsp;Kinder Morgan Energy Partners LP | &nbsp;&nbsp;Kinder Morgan Energy Partners LP | &nbsp;&nbsp;Kinder Morgan Energy Partners LP |
| &nbsp;&nbsp;03/01/2043 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1345000 | &nbsp;&nbsp;&nbsp;&nbsp;1151444 |
| &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;Kinder Morgan, Inc. |
| &nbsp;&nbsp;02/15/2046 | &nbsp;&nbsp;5.050% | 10245000 | &nbsp;&nbsp;&nbsp;&nbsp;8732629 |
| &nbsp;&nbsp;MPLX LP | &nbsp;&nbsp;MPLX LP | &nbsp;&nbsp;MPLX LP | &nbsp;&nbsp;MPLX LP |
| &nbsp;&nbsp;04/15/2048 | &nbsp;&nbsp;4.700% | &nbsp;&nbsp;1427000 | &nbsp;&nbsp;&nbsp;&nbsp;1138434 |
| &nbsp;&nbsp;03/14/2052 | &nbsp;&nbsp;4.950% | &nbsp;&nbsp;5551000 | &nbsp;&nbsp;&nbsp;&nbsp;4558292 |
| &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. | &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. | &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. | &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. |
| &nbsp;&nbsp;06/15/2044 | &nbsp;&nbsp;4.700% | &nbsp;&nbsp;8350000 | &nbsp;&nbsp;&nbsp;&nbsp;6319456 |
| &nbsp;&nbsp;Western Gas Partners LP | &nbsp;&nbsp;Western Gas Partners LP | &nbsp;&nbsp;Western Gas Partners LP | &nbsp;&nbsp;Western Gas Partners LP |
| &nbsp;&nbsp;03/01/2048 | &nbsp;&nbsp;5.300% | &nbsp;&nbsp;&nbsp;&nbsp;402000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332848 |
| &nbsp;&nbsp;08/15/2048 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;3730000 | &nbsp;&nbsp;&nbsp;&nbsp;3097895 |
| &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;Williams Companies, Inc. (The) |
| &nbsp;&nbsp;06/24/2044 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;7165000 | &nbsp;&nbsp;&nbsp;&nbsp;6827668 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Williams Cos, Inc. (The) | &nbsp;&nbsp;Williams Cos, Inc. (The) | &nbsp;&nbsp;Williams Cos, Inc. (The) | &nbsp;&nbsp;Williams Cos, Inc. (The) |
| &nbsp;&nbsp;08/15/2052 | &nbsp;&nbsp;5.300% | &nbsp;&nbsp;1864000 | &nbsp;&nbsp;&nbsp;&nbsp;1679145 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**39886264** |
| &nbsp;&nbsp;**Natural Gas 0.9%** | &nbsp;&nbsp;**Natural Gas 0.9%** | &nbsp;&nbsp;**Natural Gas 0.9%** | &nbsp;&nbsp;**Natural Gas 0.9%** |
| &nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;NiSource, Inc. |
| &nbsp;&nbsp;02/15/2043 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;1575000 | &nbsp;&nbsp;&nbsp;&nbsp;1490944 |
| &nbsp;&nbsp;02/15/2044 | &nbsp;&nbsp;4.800% | &nbsp;&nbsp;7017000 | &nbsp;&nbsp;&nbsp;&nbsp;6195496 |
| &nbsp;&nbsp;05/15/2047 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;3294000 | &nbsp;&nbsp;&nbsp;&nbsp;2770907 |
| &nbsp;&nbsp;Sempra Energy | &nbsp;&nbsp;Sempra Energy | &nbsp;&nbsp;Sempra Energy | &nbsp;&nbsp;Sempra Energy |
| &nbsp;&nbsp;02/01/2048 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3650000 | &nbsp;&nbsp;&nbsp;&nbsp;2869699 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**13327046** |
| &nbsp;&nbsp;**Pharmaceuticals 1.6%** | &nbsp;&nbsp;**Pharmaceuticals 1.6%** | &nbsp;&nbsp;**Pharmaceuticals 1.6%** | &nbsp;&nbsp;**Pharmaceuticals 1.6%** |
| &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;AbbVie, Inc. |
| &nbsp;&nbsp;06/15/2044 | &nbsp;&nbsp;4.850% | &nbsp;&nbsp;8176000 | &nbsp;&nbsp;&nbsp;&nbsp;7488148 |
| &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;Amgen, Inc. |
| &nbsp;&nbsp;03/01/2053 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;7891000 | &nbsp;&nbsp;&nbsp;&nbsp;7026842 |
| &nbsp;&nbsp;02/22/2062 | &nbsp;&nbsp;4.400% | &nbsp;&nbsp;5776000 | &nbsp;&nbsp;&nbsp;&nbsp;4633614 |
| &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;Bristol-Myers Squibb Co. |
| &nbsp;&nbsp;03/15/2062 | &nbsp;&nbsp;3.900% | &nbsp;&nbsp;5117000 | &nbsp;&nbsp;&nbsp;&nbsp;3996050 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**23144654** |
| &nbsp;&nbsp;**Property & Casualty 1.0%** | &nbsp;&nbsp;**Property & Casualty 1.0%** | &nbsp;&nbsp;**Property & Casualty 1.0%** | &nbsp;&nbsp;**Property & Casualty 1.0%** |
| &nbsp;&nbsp;Berkshire Hathaway Finance Corp. | &nbsp;&nbsp;Berkshire Hathaway Finance Corp. | &nbsp;&nbsp;Berkshire Hathaway Finance Corp. | &nbsp;&nbsp;Berkshire Hathaway Finance Corp. |
| &nbsp;&nbsp;03/15/2052 | &nbsp;&nbsp;3.850% | 13820000 | &nbsp;&nbsp;11153986 |
| &nbsp;&nbsp;Liberty Mutual Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Liberty Mutual Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Liberty Mutual Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Liberty Mutual Group, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2050 | &nbsp;&nbsp;3.951% | &nbsp;&nbsp;4435000 | &nbsp;&nbsp;&nbsp;&nbsp;3123643 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**14277629** |
| &nbsp;&nbsp;**Railroads 1.1%** | &nbsp;&nbsp;**Railroads 1.1%** | &nbsp;&nbsp;**Railroads 1.1%** | &nbsp;&nbsp;**Railroads 1.1%** |
| &nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;CSX Corp. |
| &nbsp;&nbsp;11/01/2046 | &nbsp;&nbsp;3.800% | &nbsp;&nbsp;8888000 | &nbsp;&nbsp;&nbsp;&nbsp;7002039 |
| &nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;Norfolk Southern Corp. |
| &nbsp;&nbsp;08/15/2052 | &nbsp;&nbsp;4.050% | &nbsp;&nbsp;3285000 | &nbsp;&nbsp;&nbsp;&nbsp;2645167 |
| &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;Union Pacific Corp. |
| &nbsp;&nbsp;01/20/2063 | &nbsp;&nbsp;5.150% | &nbsp;&nbsp;6353000 | &nbsp;&nbsp;&nbsp;&nbsp;6164683 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**15811889** |
| &nbsp;&nbsp;**Retailers 1.4%** | &nbsp;&nbsp;**Retailers 1.4%** | &nbsp;&nbsp;**Retailers 1.4%** | &nbsp;&nbsp;**Retailers 1.4%** |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;Amazon.com, Inc. |
| &nbsp;&nbsp;04/13/2062 | &nbsp;&nbsp;4.100% | &nbsp;&nbsp;9325000 | &nbsp;&nbsp;&nbsp;&nbsp;7707577 |
| &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;Lowe's Companies, Inc. |
| &nbsp;&nbsp;04/01/2062 | &nbsp;&nbsp;4.450% | 11366000 | &nbsp;&nbsp;&nbsp;&nbsp;8899534 |
| &nbsp;&nbsp;09/15/2062 | &nbsp;&nbsp;5.800% | &nbsp;&nbsp;4805000 | &nbsp;&nbsp;&nbsp;&nbsp;4633232 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**21240343** |

---

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

10 Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_468_1f4b8711-b4ad-45a8-9c99-e611b7a220f5_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Technology 3.8%** | &nbsp;&nbsp;**Technology 3.8%** | &nbsp;&nbsp;**Technology 3.8%** | &nbsp;&nbsp;**Technology 3.8%** |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;Apple, Inc. |
| &nbsp;&nbsp;08/08/2062 | &nbsp;&nbsp;4.100% | &nbsp;&nbsp;8395000 | &nbsp;&nbsp;&nbsp;&nbsp;7087521 |
| &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;3.187% | 13567000 | &nbsp;&nbsp;&nbsp;&nbsp;9791837 |
| &nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;Fidelity National Information Services, Inc. |
| &nbsp;&nbsp;03/01/2041 | &nbsp;&nbsp;3.100% | &nbsp;&nbsp;1670000 | &nbsp;&nbsp;&nbsp;&nbsp;1156527 |
| &nbsp;&nbsp;07/15/2052 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;1672000 | &nbsp;&nbsp;&nbsp;&nbsp;1548161 |
| &nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;Intel Corp. |
| &nbsp;&nbsp;08/12/2051 | &nbsp;&nbsp;3.050% | &nbsp;&nbsp;8795000 | &nbsp;&nbsp;&nbsp;&nbsp;5716359 |
| &nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;International Business Machines Corp. |
| &nbsp;&nbsp;07/27/2052 | &nbsp;&nbsp;4.900% | &nbsp;&nbsp;3420000 | &nbsp;&nbsp;&nbsp;&nbsp;3127142 |
| &nbsp;&nbsp;MSCI, Inc.<sup>(a)</sup> | &nbsp;&nbsp;MSCI, Inc.<sup>(a)</sup> | &nbsp;&nbsp;MSCI, Inc.<sup>(a)</sup> | &nbsp;&nbsp;MSCI, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;5850000 | &nbsp;&nbsp;&nbsp;&nbsp;4867671 |
| &nbsp;&nbsp;NXP BV/Funding LLC/USA, Inc. | &nbsp;&nbsp;NXP BV/Funding LLC/USA, Inc. | &nbsp;&nbsp;NXP BV/Funding LLC/USA, Inc. | &nbsp;&nbsp;NXP BV/Funding LLC/USA, Inc. |
| &nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;3.400% | &nbsp;&nbsp;1255000 | &nbsp;&nbsp;&nbsp;&nbsp;1083012 |
| &nbsp;&nbsp;01/15/2033 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4846000 | &nbsp;&nbsp;&nbsp;&nbsp;4572537 |
| &nbsp;&nbsp;02/15/2042 | &nbsp;&nbsp;3.125% | &nbsp;&nbsp;3530000 | &nbsp;&nbsp;&nbsp;&nbsp;2379071 |
| &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;Oracle Corp. |
| &nbsp;&nbsp;07/08/2034 | &nbsp;&nbsp;4.300% | &nbsp;&nbsp;8105000 | &nbsp;&nbsp;&nbsp;&nbsp;7141159 |
| &nbsp;&nbsp;07/15/2046 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;1835987 |
| &nbsp;&nbsp;04/01/2050 | &nbsp;&nbsp;3.600% | &nbsp;&nbsp;2661000 | &nbsp;&nbsp;&nbsp;&nbsp;1815371 |
| &nbsp;&nbsp;03/25/2061 | &nbsp;&nbsp;4.100% | &nbsp;&nbsp;1518000 | &nbsp;&nbsp;&nbsp;&nbsp;1059968 |
| &nbsp;&nbsp;VeriSign, Inc. | &nbsp;&nbsp;VeriSign, Inc. | &nbsp;&nbsp;VeriSign, Inc. | &nbsp;&nbsp;VeriSign, Inc. |
| &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;2.700% | &nbsp;&nbsp;3740000 | &nbsp;&nbsp;&nbsp;&nbsp;3059711 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**56242034** |
| &nbsp;&nbsp;**Tobacco 0.2%** | &nbsp;&nbsp;**Tobacco 0.2%** | &nbsp;&nbsp;**Tobacco 0.2%** | &nbsp;&nbsp;**Tobacco 0.2%** |
| &nbsp;&nbsp;Reynolds American, Inc. | &nbsp;&nbsp;Reynolds American, Inc. | &nbsp;&nbsp;Reynolds American, Inc. | &nbsp;&nbsp;Reynolds American, Inc. |
| &nbsp;&nbsp;08/15/2035 | &nbsp;&nbsp;5.700% | &nbsp;&nbsp;4100000 | &nbsp;&nbsp;&nbsp;&nbsp;3709311 |
| &nbsp;&nbsp;**Wireless 1.0%** | &nbsp;&nbsp;**Wireless 1.0%** | &nbsp;&nbsp;**Wireless 1.0%** | &nbsp;&nbsp;**Wireless 1.0%** |
| &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;American Tower Corp. |
| &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;2.100% | &nbsp;&nbsp;7470000 | &nbsp;&nbsp;&nbsp;&nbsp;5921934 |
| &nbsp;&nbsp;Crown Castle International Corp. | &nbsp;&nbsp;Crown Castle International Corp. | &nbsp;&nbsp;Crown Castle International Corp. | &nbsp;&nbsp;Crown Castle International Corp. |
| &nbsp;&nbsp;01/15/2051 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;1340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875345 |
| &nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;T-Mobile US, Inc. |
| &nbsp;&nbsp;04/15/2050 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;1670000 | &nbsp;&nbsp;&nbsp;&nbsp;1378917 |
| &nbsp;&nbsp;11/15/2060 | &nbsp;&nbsp;3.600% | &nbsp;&nbsp;6515000 | &nbsp;&nbsp;&nbsp;&nbsp;4286119 |
| &nbsp;&nbsp;Vodafone Group PLC | &nbsp;&nbsp;Vodafone Group PLC | &nbsp;&nbsp;Vodafone Group PLC | &nbsp;&nbsp;Vodafone Group PLC |
| &nbsp;&nbsp;02/19/2043 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;3205000 | &nbsp;&nbsp;&nbsp;&nbsp;2557243 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**15019558** |
| &nbsp;&nbsp;**Wirelines 2.4%** | &nbsp;&nbsp;**Wirelines 2.4%** | &nbsp;&nbsp;**Wirelines 2.4%** | &nbsp;&nbsp;**Wirelines 2.4%** |
| &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;AT&T, Inc. |
| &nbsp;&nbsp;12/01/2057 | &nbsp;&nbsp;3.800% | 26408000 | &nbsp;&nbsp;18303068 |
| &nbsp;&nbsp;Telefonica Emisiones SAU | &nbsp;&nbsp;Telefonica Emisiones SAU | &nbsp;&nbsp;Telefonica Emisiones SAU | &nbsp;&nbsp;Telefonica Emisiones SAU |
| &nbsp;&nbsp;03/06/2048 | &nbsp;&nbsp;4.895% | &nbsp;&nbsp;6755000 | &nbsp;&nbsp;&nbsp;&nbsp;5211207 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;Verizon Communications, Inc. |
| &nbsp;&nbsp;03/22/2041 | &nbsp;&nbsp;3.400% | &nbsp;&nbsp;10830000 | &nbsp;&nbsp;&nbsp;&nbsp;8155604 |
| &nbsp;&nbsp;03/22/2051 | &nbsp;&nbsp;3.550% | &nbsp;&nbsp;&nbsp;&nbsp;5830000 | &nbsp;&nbsp;&nbsp;&nbsp;4173417 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**35843296** |
| &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $912,354,086) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $912,354,086) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $912,354,086) | &nbsp;&nbsp;**751521931** |
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(d)</sup> 0.9%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(d)</sup> 0.9%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(d)</sup> 0.9%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(d)</sup> 0.9%** |
| &nbsp;&nbsp;**Mexico 0.9%** | &nbsp;&nbsp;**Mexico 0.9%** | &nbsp;&nbsp;**Mexico 0.9%** | &nbsp;&nbsp;**Mexico 0.9%** |
| &nbsp;&nbsp;Mexico Government International Bond | &nbsp;&nbsp;Mexico Government International Bond | &nbsp;&nbsp;Mexico Government International Bond | &nbsp;&nbsp;Mexico Government International Bond |
| &nbsp;&nbsp;08/14/2041 | &nbsp;&nbsp;4.280% | &nbsp;&nbsp;16440000 | &nbsp;&nbsp;&nbsp;&nbsp;12711175 |
| &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $16,500,544) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $16,500,544) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $16,500,544) | &nbsp;&nbsp;&nbsp;&nbsp;**12711175** |
| &nbsp;&nbsp;**U.S. Treasury Obligations 41.5%** | &nbsp;&nbsp;**U.S. Treasury Obligations 41.5%** | &nbsp;&nbsp;**U.S. Treasury Obligations 41.5%** | &nbsp;&nbsp;**U.S. Treasury Obligations 41.5%** |
| &nbsp;&nbsp;U.S. Treasury | &nbsp;&nbsp;U.S. Treasury | &nbsp;&nbsp;U.S. Treasury | &nbsp;&nbsp;U.S. Treasury |
| &nbsp;&nbsp;07/31/2024 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;&nbsp;8113800 | &nbsp;&nbsp;&nbsp;&nbsp;7912223 |
| &nbsp;&nbsp;02/15/2036 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;37500000 | &nbsp;&nbsp;&nbsp;&nbsp;40031250 |
| &nbsp;&nbsp;05/15/2038 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;30000000 | &nbsp;&nbsp;&nbsp;&nbsp;31903125 |
| &nbsp;&nbsp;02/15/2039 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;49000000 | &nbsp;&nbsp;&nbsp;&nbsp;46090625 |
| &nbsp;&nbsp;08/15/2040 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;9762500 |
| &nbsp;&nbsp;02/15/2041 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;8711250 |
| &nbsp;&nbsp;05/15/2041 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;25383000 | &nbsp;&nbsp;&nbsp;&nbsp;26330896 |
| &nbsp;&nbsp;05/15/2042 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;22558700 | &nbsp;&nbsp;&nbsp;&nbsp;19802309 |
| &nbsp;&nbsp;05/15/2043 | &nbsp;&nbsp;2.875% | &nbsp;&nbsp;17600000 | &nbsp;&nbsp;&nbsp;&nbsp;14396250 |
| &nbsp;&nbsp;08/15/2044 | &nbsp;&nbsp;3.125% | &nbsp;&nbsp;16500000 | &nbsp;&nbsp;&nbsp;&nbsp;13965703 |
| &nbsp;&nbsp;11/15/2044 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;8276563 |
| &nbsp;&nbsp;11/15/2045 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12000000 | &nbsp;&nbsp;&nbsp;&nbsp;9900000 |
| &nbsp;&nbsp;11/15/2047 | &nbsp;&nbsp;2.750% | &nbsp;&nbsp;20750000 | &nbsp;&nbsp;&nbsp;&nbsp;16279023 |
| &nbsp;&nbsp;02/15/2048 | &nbsp;&nbsp;3.000% | 101200000 | &nbsp;&nbsp;&nbsp;&nbsp;83363500 |
| &nbsp;&nbsp;08/15/2049 | &nbsp;&nbsp;2.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349980 |
| &nbsp;&nbsp;02/15/2050 | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;&nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;1925328 |
| &nbsp;&nbsp;05/15/2050 | &nbsp;&nbsp;1.250% | &nbsp;&nbsp;22250000 | &nbsp;&nbsp;&nbsp;&nbsp;12035859 |
| &nbsp;&nbsp;08/15/2050 | &nbsp;&nbsp;1.375% | &nbsp;&nbsp;19610000 | &nbsp;&nbsp;&nbsp;&nbsp;10969344 |
| &nbsp;&nbsp;11/15/2050 | &nbsp;&nbsp;1.625% | &nbsp;&nbsp;24800000 | &nbsp;&nbsp;&nbsp;&nbsp;14845125 |
| &nbsp;&nbsp;02/15/2051 | &nbsp;&nbsp;1.875% | &nbsp;&nbsp;22000000 | &nbsp;&nbsp;&nbsp;&nbsp;14055937 |
| &nbsp;&nbsp;05/15/2051 | &nbsp;&nbsp;2.375% | &nbsp;&nbsp;&nbsp;&nbsp;2600000 | &nbsp;&nbsp;&nbsp;&nbsp;1874438 |
| &nbsp;&nbsp;05/15/2052 | &nbsp;&nbsp;2.875% | 102497900 | &nbsp;&nbsp;&nbsp;&nbsp;82542840 |
| &nbsp;&nbsp;U.S. Treasury<sup>(e)</sup> | &nbsp;&nbsp;U.S. Treasury<sup>(e)</sup> | &nbsp;&nbsp;U.S. Treasury<sup>(e)</sup> | &nbsp;&nbsp;U.S. Treasury<sup>(e)</sup> |
| &nbsp;&nbsp;05/15/2047 | &nbsp;&nbsp;3.000% | 122157900 | &nbsp;&nbsp;100360350 |
| &nbsp;&nbsp;U.S. Treasury<sup>(f)</sup> | &nbsp;&nbsp;U.S. Treasury<sup>(f)</sup> | &nbsp;&nbsp;U.S. Treasury<sup>(f)</sup> | &nbsp;&nbsp;U.S. Treasury<sup>(f)</sup> |
| &nbsp;&nbsp;STRIPS | &nbsp;&nbsp;STRIPS | &nbsp;&nbsp;STRIPS | &nbsp;&nbsp;STRIPS |
| &nbsp;&nbsp;02/15/2040 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;38410800 | &nbsp;&nbsp;&nbsp;&nbsp;19754555 |
| &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;13661000 | &nbsp;&nbsp;&nbsp;&nbsp;6285661 |
| &nbsp;&nbsp;05/15/2043 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;19069000 | &nbsp;&nbsp;&nbsp;&nbsp;8162426 |
| &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $737,064,552) | &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $737,064,552) | &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $737,064,552) | &nbsp;&nbsp;**609887060** |

---

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

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_468_1f4b8711-b4ad-45a8-9c99-e611b7a220f5_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 4.8%** | &nbsp;&nbsp;**Money Market Funds 4.8%** | &nbsp;&nbsp;**Money Market Funds 4.8%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(g),(h)</sup> | &nbsp;&nbsp;70199930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70178871 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $70,165,891) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $70,165,891) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**70178871** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $1,748,007,012)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $1,748,007,012)** | &nbsp;&nbsp;**1455245738** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14939487** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**1470185225** |

---

At December 31, 2022, securities and/or cash totaling $8,340,592 were pledged as collateral.

#### Investments in derivatives

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;U.S. Long Bond | 1797 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;225242719 | &nbsp;&nbsp;&nbsp;&nbsp;31160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Long Bond | 93 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11656969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(327314) |
| &nbsp;&nbsp;U.S. Treasury Ultra Bond | 357 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47949563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(997688) |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;31160 | &nbsp;&nbsp;&nbsp;&nbsp;(1325002) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;U.S. Treasury 10-Year Note | (1172) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;(131611938) | &nbsp;&nbsp;&nbsp;&nbsp;511371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury 2-Year Note | (35) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7177734) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(8259) |
| &nbsp;&nbsp;U.S. Treasury 5-Year Note | (4) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(431719) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | (483) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57129844) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;590071 | &nbsp;&nbsp;&nbsp;&nbsp;(8259) |

---

#### Notes to Portfolio of Investments
(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A
eligible securities, which are often sold only to qualified institutional buyers. At December 31, 2022, the total value of these securities amounted to $115,641,405, which represents 7.87% of total net assets.

(b) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then
increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of December 31, 2022.

(c) Variable rate security. The interest rate shown was the current rate as of December 31, 2022.

(d) Principal and interest may not be guaranteed by a governmental entity.

(e) This security or a portion of this security has been pledged as collateral in connection with derivative contracts.

(f) Zero coupon bond.

(g) The rate shown is the seven-day current annualized yield at December 31, 2022.

(h) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 40772963 | &nbsp;&nbsp;432991205 | &nbsp;&nbsp;(403601473) | &nbsp;&nbsp;16176 | &nbsp;&nbsp;70178871 | &nbsp;&nbsp;(16188) | &nbsp;&nbsp;787567 | &nbsp;&nbsp;70199930 |

---

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

12 Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_468_1f4b8711-b4ad-45a8-9c99-e611b7a220f5_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Abbreviation Legend
LIBOR London Interbank Offered Rate <br> STRIPS Separate Trading of Registered Interest and Principal Securities

#### Currency Legend
USD US Dollar

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

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

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

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

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

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

Investments falling into the Level 3 category 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, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities — Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10946701 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10946701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751521931 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751521931 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12711175 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12711175 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609887060 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609887060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 70178871 | &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;70178871 |
| &nbsp;&nbsp;Total Investments in Securities | 70178871 | &nbsp;&nbsp;&nbsp;&nbsp;1385066867 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1455245738 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;621231 | &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;621231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;(1333261) | &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;(1333261) |
| &nbsp;&nbsp;Total | 69466841 | &nbsp;&nbsp;&nbsp;&nbsp;1385066867 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1454533708 |

---

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

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_468_1f4b8711-b4ad-45a8-9c99-e611b7a220f5_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Fair value measurements (continued) 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.**

#### Derivative instruments are valued at unrealized appreciation (depreciation).
The accompanying Notes to Financial Statements are an integral part of this statement.

14 Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_468_1f4b8711-b4ad-45a8-9c99-e611b7a220f5_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $1,677,841,121) | $1385066867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $70,165,891) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70178871 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15107157 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200813 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15762 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123819 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;1470967053 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103792 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31428 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123819 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781828 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$1470185225** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;1896298544 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(426113319) |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$1470185225** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $1458010549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;190814753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.64 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$12174676 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1598207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.62 |

---

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

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Annual Report 2022 15

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[**Table of Contents**](#JOB_468_1f4b8711-b4ad-45a8-9c99-e611b7a220f5_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$787567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57675507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58463354 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7908703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13439 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27880 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8111785 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50351569 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(116436979) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16188) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(197) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;(39133482) |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;(155586846) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(439430011) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1632075) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(441045910) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(596632756) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(546281187)** |

---

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

16 Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_468_1f4b8711-b4ad-45a8-9c99-e611b7a220f5_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$50351569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44988577 |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(155586846) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41755636 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(441045910) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129601629) |
| &nbsp;&nbsp;Net decrease in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(546281187) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42857416) |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93715132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135589361) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(721980) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1313978) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94437112) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136903339) |
| &nbsp;&nbsp;Increase in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;131127680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382998483 |
| &nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(509590619) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203237728 |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;1979775844 | &nbsp;&nbsp;&nbsp;&nbsp;1776538116 |
| &nbsp;&nbsp;**Net assets at end of year** | **$1470185225** | &nbsp;&nbsp;**$1979775844** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;5886038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49880640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35337035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407096137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | 10948029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93715132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12041684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135589361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;(1214162) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11077426) | &nbsp;&nbsp;&nbsp;&nbsp;(13308181) | &nbsp;&nbsp;&nbsp;&nbsp;(152760735) |
| &nbsp;&nbsp;Net increase | 15619905 | &nbsp;&nbsp;&nbsp;&nbsp;132518346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34070538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389924763 |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;257108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1884931 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313978 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(463734) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4273056) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(890100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10125189) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(122085) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1390666) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(608751) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6926280) |
| &nbsp;&nbsp;**Total net increase** | **15497820** | &nbsp;&nbsp;&nbsp;&nbsp;**131127680** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33461787** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**382998483** |

---

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

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Annual Report 2022 17

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[**Table of Contents**](#JOB_468_1f4b8711-b4ad-45a8-9c99-e611b7a220f5_TOC)

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 portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $11.19 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;(3.30) | &nbsp;&nbsp;(3.03) | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(0.52) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $12.38 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;(0.65) | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(0.56) | &nbsp;&nbsp;(0.80) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $10.99 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(0.52) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | &nbsp;&nbsp;&nbsp;$9.44 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.30) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $10.63 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;(0.85) | &nbsp;&nbsp;(0.54) | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.65) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $11.15 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;(3.28) | &nbsp;&nbsp;(3.03) | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(0.50) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $12.34 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;(0.66) | &nbsp;&nbsp;(0.42) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.56) | &nbsp;&nbsp;(0.77) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $10.95 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(0.49) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | &nbsp;&nbsp;&nbsp;$9.41 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.27) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $10.60 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;(0.85) | &nbsp;&nbsp;(0.57) | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.62) |

---

---

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

---

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

18 Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_468_1f4b8711-b4ad-45a8-9c99-e611b7a220f5_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | &nbsp;&nbsp;$7.64 | (27.55%) | 0.50%<sup>(c)</sup> | 0.50%<sup>(c)</sup> | 3.13% | 53% | $1458011 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $11.19 | &nbsp;&nbsp;(3.21%) | 0.50%<sup>(c)</sup> | 0.50%<sup>(c)</sup> | 2.32% | 48% | $1960592 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $12.38 | 17.25% | 0.50% | 0.50% | 2.38% | 46% | $1747792 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $10.99 | 19.74% | 0.50% | 0.50% | 2.94% | 49% | $1607152 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | &nbsp;&nbsp;$9.44 | &nbsp;&nbsp;(5.11%) | 0.51% | 0.51% | 3.13% | 80% | $1412097 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | &nbsp;&nbsp;$7.62 | (27.70%) | 0.75%<sup>(c)</sup> | 0.75%<sup>(c)</sup> | 2.85% | 53% | &nbsp;&nbsp;&nbsp;&nbsp;$12175 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $11.15 | &nbsp;&nbsp;(3.47%) | 0.75%<sup>(c)</sup> | 0.75%<sup>(c)</sup> | 2.07% | 48% | &nbsp;&nbsp;&nbsp;&nbsp;$19183 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $12.34 | 17.07% | 0.75% | 0.75% | 2.11% | 46% | &nbsp;&nbsp;&nbsp;&nbsp;$28746 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $10.95 | 19.42% | 0.75% | 0.75% | 2.68% | 49% | &nbsp;&nbsp;&nbsp;&nbsp;$16192 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | &nbsp;&nbsp;$9.41 | &nbsp;&nbsp;(5.37%) | 0.76% | 0.76% | 2.87% | 80% | &nbsp;&nbsp;&nbsp;&nbsp;$12261 |

---

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

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Annual Report 2022 19

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[**Table of Contents**](#JOB_468_1f4b8711-b4ad-45a8-9c99-e611b7a220f5_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Columbia Variable Portfolio – Long Government/Credit Bond Fund (the Fund), a series of Columbia Funds Variable Insurance Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

20 Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

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.

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

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker's customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund), potentially resulting in losses to the Fund.

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Annual Report 2022 21

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Notes to Financial Statements (continued)

December 31, 2022

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

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

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

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

#### Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark and to manage exposure to movements in interest rates. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

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

22 Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

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

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;621,231\* |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;1,333,261\* |

---

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;(39133482) |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;(1632075) |

---

The following table is a summary of the average outstanding volume by derivative instrument for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)\*** |
| &nbsp;&nbsp;Futures contracts — long | 257393243 |
| &nbsp;&nbsp;Futures contracts — short | 185562800 |

---

\* Based on the ending quarterly outstanding amounts for the year ended December 31, 2022.

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

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Annual Report 2022 23

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Notes to Financial Statements (continued)

December 31, 2022

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

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

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

Dividend income is recorded on the ex-dividend date.

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

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

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

#### 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 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

24 Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

determined in accordance with federal income tax regulations, which may differ from GAAP. All dividends and distributions are reinvested in additional shares of the applicable share class of the Fund at the net asset value as of the ex-dividend date of the distribution.

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

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.50% to 0.34% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.49% of the Fund's average daily net assets.

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

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Annual Report 2022 25

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Notes to Financial Statements (continued)

December 31, 2022

#### 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, 2022 was 0.00% of the Fund's average daily net assets.

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

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

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

---

| | |
|:---|:---|
|  | **Fee rate(s) contractual<br> through<br> April 30, 2023** |
| &nbsp;&nbsp;Class 1 | 0.54% |
| &nbsp;&nbsp;Class 2 | 0.79 |

---

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

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, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, derivative investments, principal and/or interest from fixed income securities, capital loss carryforwards, trustees' deferred compensation, foreign currency transactions and distribution reclassifications. 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.

26 Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

The following reclassifications were made:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Undistributed net<br> investment<br> income ($)** | **Accumulated<br> net realized<br> (loss) ($)** | **Paid in<br> capital ($)** |
| &nbsp;&nbsp;(149260) | 149260 |  |

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| &nbsp;&nbsp;**Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** | **Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** |
| &nbsp;&nbsp;54924506 | 39512606 | 94437112 | 88307395 | 48595944 | 136903339 |

---

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

At December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Undistributed<br> ordinary income ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;49913515 – (180850403) | (295035357) |

---

At December 31, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;1749569065 | 1183815 | (296219172) | (295035357) |

---

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, 2022, 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, 2022, capital loss carryforwards utilized, if any, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**No expiration<br> short-term ($)** | **No expiration<br> long-term ($)** | **Total ($)** | **Utilized ($)** |
| &nbsp;&nbsp;(75161506) | (105688897) | (180850403) |  |

---

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 $852,197,778 and $834,572,396, respectively, for the year ended December 31, 2022, of which $127,003,347 and $20,172,086, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Annual Report 2022 27

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Notes to Financial Statements (continued)

December 31, 2022

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. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 7. Interfund lending

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

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

The Fund's activity in the Interfund Program during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Lender | 2800000 | &nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;1 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2022.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 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 $950 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 in each case, 1.00%. 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 27, 2022 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 $950 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 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

28 Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

Note 9. Significant risks

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

#### Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund's performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.

#### Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund's investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.

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

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Annual Report 2022 29

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Notes to Financial Statements (continued)

December 31, 2022

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

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

Note 11. Information regarding pending and settled legal proceedings

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

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

30 Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Annual Report 2022

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Report of Independent Registered Public Accounting Firm

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

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Variable Portfolio – Long Government/Credit Bond Fund (one of the funds constituting Columbia Funds Variable Insurance Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 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, 2022 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

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

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Annual Report 2022 31

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## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

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32 Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Annual Report 2022

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## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

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## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

36 Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Annual Report 2022

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## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Annual Report 2022 37

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#### Columbia Variable Portfolio – Long Government/Credit Bond Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img05e981bf2.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 and/or summary 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 (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© 2023 Columbia Management Investment Advisers, LLC.

ANN7016_12_B01_(02/23)

------

![](img8006b9a71.jpg)

Annual Report

December 31, 2022

![](img27d4ec932.jpg)

Columbia Variable Portfolio – Small Company Growth Fund

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.

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

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_459ff679-bbbc-456f-a5a9-2c92805a63d8_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_459ff679-bbbc-456f-a5a9-2c92805a63d8_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_e41f5695-b429-4fa4-8c9a-270868616a2f_1)<br>| 7 |
| [Portfolio of Investments](#xx_0402f25a-02d0-40d0-8c9a-2921da7b99a8_1)<br>| 8 |
| [Statement of Assets and Liabilities](#xx_63156166-c0ed-44ec-8f96-42ba46777365_1)<br>| 12 |
| [Statement of Operations](#xx_63156166-c0ed-44ec-8f96-42ba46777365_2)<br>| 13 |
| [Statement of Changes in Net Assets](#xx_63156166-c0ed-44ec-8f96-42ba46777365_3)<br>| 14 |
| [Financial Highlights](#xx_d80c67ba-4e48-4a19-a7dd-b4140e5647d1_2)<br>| 16 |
| [Notes to Financial Statements](#xx_36e81e6b-81c3-4cbe-9ca6-cebcd689948c_1)<br>| 18 |
| [Report of Independent Registered Public Accounting Firm](#xx_4065dcc0-6c3e-416e-9b24-2cfcdce2f4d8_1)<br>| 27 |
| [Federal Income Tax Information](#xx_38346f40-49b0-4db9-9fa2-e3ede2ea9f80_1)<br>| 28 |
| [Trustees and Officers](#xx_38346f40-49b0-4db9-9fa2-e3ede2ea9f80_1)<br>| 28 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Columbia Variable Portfolio – Small Company Growth Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Variable Portfolio – Small Company Growth Fund \| Annual Report 2022

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Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Portfolio management

#### Daniel Cole, CFA
Co-Portfolio Manager

Managed Fund since 2015

#### Wayne Collete, CFA
Co-Portfolio Manager

Managed Fund since 2010

#### Dana Kelley, CFA\*
Co-Portfolio Manager

Managed Fund since October 2022

\**Effective October 2022, Mr. Kelley was added as Co-Portfolio Manager of the Fund.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;01/01/89 | &nbsp;&nbsp;&nbsp;&nbsp;-35.77 | &nbsp;&nbsp;&nbsp;&nbsp;8.09 | &nbsp;&nbsp;&nbsp;&nbsp;11.57 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;06/01/00 | &nbsp;&nbsp;&nbsp;&nbsp;-35.96 | &nbsp;&nbsp;&nbsp;&nbsp;7.82 | &nbsp;&nbsp;&nbsp;&nbsp;11.29 |
| &nbsp;&nbsp;Russell 2000 Growth Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-26.36 | &nbsp;&nbsp;&nbsp;&nbsp;3.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.20 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The Russell 2000 Growth Index measures the performance of those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Variable Portfolio – Small Company Growth Fund \| Annual Report 2022 3

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Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](imgbda1ee773.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Columbia Variable Portfolio – Small Company Growth Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;95.8 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;12.9 |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;5.6 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;28.1 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;22.7 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;20.0 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

4 Columbia Variable Portfolio – Small Company Growth Fund \| Annual Report 2022

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Manager Discussion of Fund Performance

(Unaudited)

*At December 31, 2022, approximately 92.07% of the Fund's shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may also experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.*

For the 12-month period that ended December 31, 2022, Class 2 shares of Columbia Variable Portfolio - Small Company Growth Fund returned -35.96%, trailing the -26.36% return of the Fund's primary benchmark, the Russell 2000 Growth Index.

Market overview

In 2022, global markets took a pummeling, as looser monetary policies and stimulus spending from the previous two years came home to roost. At the start of the year, the rhetoric of the Federal Reserve (Fed) on inflation amid a tight labor market and supply chain bottlenecks had primed the market for interest rate hikes. The Russian invasion of Ukraine in February 2022 added further inflationary pressure on energy and food prices, dampening market sentiment. The Fed subsequently embarked on an interest rate-raising trajectory that extended through the year with seven interest rate raises, resulting in, by June 2022, consumer sentiment reaching its lowest point in over a year. Following this, bearish investor sentiment continued to prevail despite a rollover in energy prices and an easing in supply chain disruptions. Markets rebounded in the fourth quarter on more benign economic data and expectations of a Fed pivot on interest rate hikes. Unfortunately, this was not substantial enough to reverse the damage of the previous nine months.

Small- and mid-cap stocks trailed large-cap stocks, and growth stocks considerably underperformed value stocks due to their greater sensitivity to rising interest rates. In other words, higher rates reduce the value of companies' future earnings when measured in today's dollars. Also, less economically sensitive companies that trade at lower valuations provide more defense in a volatile and uncertain environment. From a sector perspective, the poorest performing areas of the benchmark were the communication services, real estate, health care, consumer discretionary and information technology sectors. While interest rates had a bearing on information technology and smaller cap names, tight labor costs had an impact on services names. Energy benefited from high inflation, the only sector in the benchmark with positive returns for the year.

Factor correlations were skewed because of extreme volatility of inflation data, coupled with extreme market reaction to that data. Company fundamentals were additionally lost in the upheaval. Stocks, especially among longer duration names, suffered declines from the compression of multiples and the types of higher quality, profitable growers we seek were most severely impacted in a backdrop of rising rates. In response, we remained focused on investing in growing companies with what we believe to have outstanding business models and competitive advantages. Continuing our selectivity across sectors, we look for opportunities that we believe, from a bottom-up perspective, have the ability to stand on their own and relatively detached from the surrounding macro environment.

The Fund's notable detractors during the period

• Kornit Digital Ltd. is an Israeli-American international company that manufactures, markets and services a range of digital printing applications for the textile industry. Prior to 2022, Kornit benefited from
several years of robust demand for their equipment as customers scrambled to meet sky-rocketing demand from end-customers. However, the re-calibration of e-commerce growth in a post-COVID-19 scenario, coupled with
macroeconomic headwinds, resulted in a greater-than-expected pause in demand.

• Caesars Entertainment, Inc. engages in the management of casinos and resorts under the Caesars, Harrah's, Horseshoe and Eldorado brands. The company had earnings misses in the year, driven by a
wider-than-expected loss in the company's digital segment. Despite taking steps to rein in spending, its large debt load in a rising rate environment has resulted in investors shying away.

• Heska Corp. discovers, develops, manufactures and markets companion animal health products. The company benefited from the surge in demand for veterinary medicine and companion animal
purchases during the COVID-19 pandemic. However, during the year, that trend abated and affected profitability.

Columbia Variable Portfolio – Small Company Growth Fund \| Annual Report 2022 5

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Manager Discussion of Fund Performance (continued)

(Unaudited)

The Fund's notable contributors during the period

• In the industrials sector, Axon Enterprise, Inc., the manufacturer of Tasers and market leading provider of law enforcement technology including body and vehicle cameras, utilized their monopolistic position to make
market expansions into judiciary, corrections, federal agency and other governmental affairs. During the year, revenue along with international contract wins and strong revenue forecasts helped to separate them from
an uncertain and challenging macroeconomic environment.

• Axonics, Inc. is a medical technology company that focuses on the design, development and commercialization of sacral neuromodulation solutions. The company has a unique product called Bulkamid, which is a
minimally-invasive, cost-effective treatment for women suffering from stress urinary incontinence. This product has been in high demand and generating revenues above expectations. In addition, Axonics has been taking
market share from Medtronic, another big player in the sacral neuromodulation space.

• Aerojet Rocketdyne Holdings, Inc. is a diversified technology-based company that provides innovative solutions to its customers in the aerospace, defense and real estate markets.
During the period, the stock was boosted on news of its proposed expansion in manufacturing capacity through a new 379,000-square foot facility in Huntsville, Alabama as well as the announcement of its acquisition by
L3Harris in an all-cash transaction valued at $4.7 billion.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Investments in small-cap companies involve risks and volatility greater than investments in larger, more established companies. Growth securities, at times, may not perform as well as value securities or the stock market in general and may be out of favor with investors. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

6 Columbia Variable Portfolio – Small Company Growth Fund \| Annual Report 2022

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Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1050.80 | &nbsp;&nbsp;&nbsp;&nbsp;1020.71 | &nbsp;&nbsp;&nbsp;&nbsp;4.47 | &nbsp;&nbsp;&nbsp;&nbsp;4.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1049.00 | &nbsp;&nbsp;&nbsp;&nbsp;1019.45 | &nbsp;&nbsp;&nbsp;&nbsp;5.75 | &nbsp;&nbsp;&nbsp;&nbsp;5.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Columbia Variable Portfolio – Small Company Growth Fund \| Annual Report 2022 7

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## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 95.9%** | &nbsp;&nbsp;**Common Stocks 95.9%** | &nbsp;&nbsp;**Common Stocks 95.9%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Communication Services 2.7%** | &nbsp;&nbsp;**Communication Services 2.7%** | &nbsp;&nbsp;**Communication Services 2.7%** |
| &nbsp;&nbsp;**Entertainment 2.7%** | &nbsp;&nbsp;**Entertainment 2.7%** | &nbsp;&nbsp;**Entertainment 2.7%** |
| &nbsp;&nbsp;World Wrestling Entertainment, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;99614 | &nbsp;&nbsp;&nbsp;&nbsp;6825551 |
| &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;&nbsp;&nbsp;**6825551** |
| &nbsp;&nbsp;**Consumer Discretionary 12.3%** | &nbsp;&nbsp;**Consumer Discretionary 12.3%** | &nbsp;&nbsp;**Consumer Discretionary 12.3%** |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure 7.6%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 7.6%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 7.6%** |
| &nbsp;&nbsp;Bowlero Corp.<sup>(a)</sup> | &nbsp;&nbsp;132673 | &nbsp;&nbsp;&nbsp;&nbsp;1788432 |
| &nbsp;&nbsp;Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13558 | &nbsp;&nbsp;&nbsp;&nbsp;2866568 |
| &nbsp;&nbsp;Kura Sushi USA, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;28647 | &nbsp;&nbsp;&nbsp;&nbsp;1365889 |
| &nbsp;&nbsp;Planet Fitness, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;103461 | &nbsp;&nbsp;&nbsp;&nbsp;8152727 |
| &nbsp;&nbsp;Wingstop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37270 | &nbsp;&nbsp;&nbsp;&nbsp;5129097 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;19302713 |
| &nbsp;&nbsp;**Internet & Direct Marketing Retail 0.9%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 0.9%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 0.9%** |
| &nbsp;&nbsp;Xometry, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;69873 | &nbsp;&nbsp;&nbsp;&nbsp;2252007 |
| &nbsp;&nbsp;**Specialty Retail 2.8%** | &nbsp;&nbsp;**Specialty Retail 2.8%** | &nbsp;&nbsp;**Specialty Retail 2.8%** |
| &nbsp;&nbsp;Five Below, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17963 | &nbsp;&nbsp;&nbsp;&nbsp;3177116 |
| &nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20985 | &nbsp;&nbsp;&nbsp;&nbsp;1461186 |
| &nbsp;&nbsp;Lithia Motors, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;12872 | &nbsp;&nbsp;&nbsp;&nbsp;2635413 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;7273715 |
| &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 1.0%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 1.0%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 1.0%** |
| &nbsp;&nbsp;Crocs, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;23389 | &nbsp;&nbsp;&nbsp;&nbsp;2536069 |
| &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**31364504** |
| &nbsp;&nbsp;**Consumer Staples 2.4%** | &nbsp;&nbsp;**Consumer Staples 2.4%** | &nbsp;&nbsp;**Consumer Staples 2.4%** |
| &nbsp;&nbsp;**Beverages 2.4%** | &nbsp;&nbsp;**Beverages 2.4%** | &nbsp;&nbsp;**Beverages 2.4%** |
| &nbsp;&nbsp;Celsius Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;57402 | &nbsp;&nbsp;&nbsp;&nbsp;5972104 |
| &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;&nbsp;&nbsp;**5972104** |
| &nbsp;&nbsp;**Energy 5.3%** | &nbsp;&nbsp;**Energy 5.3%** | &nbsp;&nbsp;**Energy 5.3%** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 5.3%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 5.3%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 5.3%** |
| &nbsp;&nbsp;Antero Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp;120910 | &nbsp;&nbsp;&nbsp;&nbsp;3747001 |
| &nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;43738 | &nbsp;&nbsp;&nbsp;&nbsp;2503563 |
| &nbsp;&nbsp;Northern Oil and Gas, Inc. | &nbsp;&nbsp;238659 | &nbsp;&nbsp;&nbsp;&nbsp;7355470 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;13606034 |
| &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**13606034** |
| &nbsp;&nbsp;**Financials 2.4%** | &nbsp;&nbsp;**Financials 2.4%** | &nbsp;&nbsp;**Financials 2.4%** |
| &nbsp;&nbsp;**Banks 1.5%** | &nbsp;&nbsp;**Banks 1.5%** | &nbsp;&nbsp;**Banks 1.5%** |
| &nbsp;&nbsp;Live Oak Bancshares, Inc. | &nbsp;&nbsp;123424 | &nbsp;&nbsp;&nbsp;&nbsp;3727405 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Insurance 0.9%** | &nbsp;&nbsp;**Insurance 0.9%** | &nbsp;&nbsp;**Insurance 0.9%** |
| &nbsp;&nbsp;Ryan Specialty Holdings, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;57037 | &nbsp;&nbsp;&nbsp;&nbsp;2367606 |
| &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;&nbsp;&nbsp;**6095011** |
| &nbsp;&nbsp;**Health Care 26.9%** | &nbsp;&nbsp;**Health Care 26.9%** | &nbsp;&nbsp;**Health Care 26.9%** |
| &nbsp;&nbsp;**Biotechnology 4.0%** | &nbsp;&nbsp;**Biotechnology 4.0%** | &nbsp;&nbsp;**Biotechnology 4.0%** |
| &nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;24772 | &nbsp;&nbsp;&nbsp;&nbsp;1004752 |
| &nbsp;&nbsp;Intellia Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731574 |
| &nbsp;&nbsp;IVERIC bio, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;49813 | &nbsp;&nbsp;&nbsp;&nbsp;1066496 |
| &nbsp;&nbsp;Natera, Inc.<sup>(a)</sup> | &nbsp;&nbsp;127691 | &nbsp;&nbsp;&nbsp;&nbsp;5129347 |
| &nbsp;&nbsp;Revolution Medicines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;37924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903350 |
| &nbsp;&nbsp;Viridian Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;42218 | &nbsp;&nbsp;&nbsp;&nbsp;1233188 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;10068707 |
| &nbsp;&nbsp;**Health Care Equipment & Supplies 6.4%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 6.4%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 6.4%** |
| &nbsp;&nbsp;Axonics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;39336 | &nbsp;&nbsp;&nbsp;&nbsp;2459680 |
| &nbsp;&nbsp;Heska Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;65227 | &nbsp;&nbsp;&nbsp;&nbsp;4054510 |
| &nbsp;&nbsp;ICU Medical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;24721 | &nbsp;&nbsp;&nbsp;&nbsp;3893063 |
| &nbsp;&nbsp;Inspire Medical Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;23627 | &nbsp;&nbsp;&nbsp;&nbsp;5951169 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;16358422 |
| &nbsp;&nbsp;**Health Care Providers & Services 7.2%** | &nbsp;&nbsp;**Health Care Providers & Services 7.2%** | &nbsp;&nbsp;**Health Care Providers & Services 7.2%** |
| &nbsp;&nbsp;Addus HomeCare Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;53442 | &nbsp;&nbsp;&nbsp;&nbsp;5316945 |
| &nbsp;&nbsp;Amedisys, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;41391 | &nbsp;&nbsp;&nbsp;&nbsp;3457804 |
| &nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18531 | &nbsp;&nbsp;&nbsp;&nbsp;9458778 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;18233527 |
| &nbsp;&nbsp;**Health Care Technology 0.5%** | &nbsp;&nbsp;**Health Care Technology 0.5%** | &nbsp;&nbsp;**Health Care Technology 0.5%** |
| &nbsp;&nbsp;Doximity, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;41451 | &nbsp;&nbsp;&nbsp;&nbsp;1391096 |
| &nbsp;&nbsp;**Life Sciences Tools & Services 8.8%** | &nbsp;&nbsp;**Life Sciences Tools & Services 8.8%** | &nbsp;&nbsp;**Life Sciences Tools & Services 8.8%** |
| &nbsp;&nbsp;BioLife Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;124373 | &nbsp;&nbsp;&nbsp;&nbsp;2263589 |
| &nbsp;&nbsp;Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;91188 | &nbsp;&nbsp;&nbsp;&nbsp;7557661 |
| &nbsp;&nbsp;Caris Life Sciences, Inc.<sup>(a),(b),(c),(d)</sup> | &nbsp;&nbsp;308642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981482 |
| &nbsp;&nbsp;DNA Script<sup>(a),(b),(c),(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493407 |
| &nbsp;&nbsp;Olink Holding AB ADR<sup>(a)</sup> | &nbsp;&nbsp;110461 | &nbsp;&nbsp;&nbsp;&nbsp;2803500 |
| &nbsp;&nbsp;Pacific Biosciences of California, Inc.<sup>(a)</sup> | &nbsp;&nbsp;224740 | &nbsp;&nbsp;&nbsp;&nbsp;1838373 |
| &nbsp;&nbsp;Repligen Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;38398 | &nbsp;&nbsp;&nbsp;&nbsp;6501165 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;22439177 |
| &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**68490929** |

---

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

8 Columbia Variable Portfolio – Small Company Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_205_e0511941-6e52-49df-b0b2-79f51524637d_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Industrials 21.8%** | &nbsp;&nbsp;**Industrials 21.8%** | &nbsp;&nbsp;**Industrials 21.8%** |
| &nbsp;&nbsp;**Aerospace & Defense 4.9%** | &nbsp;&nbsp;**Aerospace & Defense 4.9%** | &nbsp;&nbsp;**Aerospace & Defense 4.9%** |
| &nbsp;&nbsp;Aerovironment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;57039 | &nbsp;&nbsp;&nbsp;&nbsp;4885961 |
| &nbsp;&nbsp;Axon Enterprise, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;22194 | &nbsp;&nbsp;&nbsp;&nbsp;3682650 |
| &nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23018 | &nbsp;&nbsp;&nbsp;&nbsp;3843776 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;12412387 |
| &nbsp;&nbsp;**Building Products 2.9%** | &nbsp;&nbsp;**Building Products 2.9%** | &nbsp;&nbsp;**Building Products 2.9%** |
| &nbsp;&nbsp;Advanced Drainage Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44612 | &nbsp;&nbsp;&nbsp;&nbsp;3656845 |
| &nbsp;&nbsp;Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43188 | &nbsp;&nbsp;&nbsp;&nbsp;3829048 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;7485893 |
| &nbsp;&nbsp;**Commercial Services & Supplies 1.2%** | &nbsp;&nbsp;**Commercial Services & Supplies 1.2%** | &nbsp;&nbsp;**Commercial Services & Supplies 1.2%** |
| &nbsp;&nbsp;Casella Waste Systems, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;36687 | &nbsp;&nbsp;&nbsp;&nbsp;2909646 |
| &nbsp;&nbsp;**Machinery 7.4%** | &nbsp;&nbsp;**Machinery 7.4%** | &nbsp;&nbsp;**Machinery 7.4%** |
| &nbsp;&nbsp;Evoqua Water Technologies Corp.<sup>(a)</sup> | &nbsp;&nbsp;179902 | &nbsp;&nbsp;&nbsp;&nbsp;7124119 |
| &nbsp;&nbsp;Helios Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60289 | &nbsp;&nbsp;&nbsp;&nbsp;3282133 |
| &nbsp;&nbsp;Hillman Solutions Corp.<sup>(a)</sup> | &nbsp;&nbsp;557393 | &nbsp;&nbsp;&nbsp;&nbsp;4018804 |
| &nbsp;&nbsp;Kornit Digital Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;65429 | &nbsp;&nbsp;&nbsp;&nbsp;1502904 |
| &nbsp;&nbsp;RBC Bearings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14259 | &nbsp;&nbsp;&nbsp;&nbsp;2985122 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;18913082 |
| &nbsp;&nbsp;**Professional Services 1.6%** | &nbsp;&nbsp;**Professional Services 1.6%** | &nbsp;&nbsp;**Professional Services 1.6%** |
| &nbsp;&nbsp;FTI Consulting, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;24819 | &nbsp;&nbsp;&nbsp;&nbsp;3941257 |
| &nbsp;&nbsp;**Trading Companies & Distributors 3.8%** | &nbsp;&nbsp;**Trading Companies & Distributors 3.8%** | &nbsp;&nbsp;**Trading Companies & Distributors 3.8%** |
| &nbsp;&nbsp;FTAI Aviation Ltd. | &nbsp;&nbsp;164877 | &nbsp;&nbsp;&nbsp;&nbsp;2822694 |
| &nbsp;&nbsp;SiteOne Landscape Supply, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;58858 | &nbsp;&nbsp;&nbsp;&nbsp;6905221 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;9727915 |
| &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**55390180** |
| &nbsp;&nbsp;**Information Technology 19.2%** | &nbsp;&nbsp;**Information Technology 19.2%** | &nbsp;&nbsp;**Information Technology 19.2%** |
| &nbsp;&nbsp;**Communications Equipment 1.1%** | &nbsp;&nbsp;**Communications Equipment 1.1%** | &nbsp;&nbsp;**Communications Equipment 1.1%** |
| &nbsp;&nbsp;Calix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40815 | &nbsp;&nbsp;&nbsp;&nbsp;2792970 |
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 0.6%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 0.6%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 0.6%** |
| &nbsp;&nbsp;908 Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp;193651 | &nbsp;&nbsp;&nbsp;&nbsp;1475621 |
| &nbsp;&nbsp;**IT Services 1.9%** | &nbsp;&nbsp;**IT Services 1.9%** | &nbsp;&nbsp;**IT Services 1.9%** |
| &nbsp;&nbsp;Flywire Corp.<sup>(a)</sup> | &nbsp;&nbsp;136457 | &nbsp;&nbsp;&nbsp;&nbsp;3339103 |
| &nbsp;&nbsp;Globant SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9179 | &nbsp;&nbsp;&nbsp;&nbsp;1543540 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;4882643 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 3.9%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 3.9%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 3.9%** |
| &nbsp;&nbsp;Lattice Semiconductor Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56615 | &nbsp;&nbsp;&nbsp;&nbsp;3673181 |
| &nbsp;&nbsp;Onto Innovation, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72506 | &nbsp;&nbsp;&nbsp;&nbsp;4936934 |
| &nbsp;&nbsp;SiTime Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12802 | &nbsp;&nbsp;&nbsp;&nbsp;1300939 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;9911054 |
| &nbsp;&nbsp;**Software 11.7%** | &nbsp;&nbsp;**Software 11.7%** | &nbsp;&nbsp;**Software 11.7%** |
| &nbsp;&nbsp;Bill.com Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21127 | &nbsp;&nbsp;&nbsp;&nbsp;2301998 |
| &nbsp;&nbsp;Five9, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95626 | &nbsp;&nbsp;&nbsp;&nbsp;6489180 |
| &nbsp;&nbsp;Gitlab, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82405 | &nbsp;&nbsp;&nbsp;&nbsp;3744483 |
| &nbsp;&nbsp;LiveVox Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405245 | &nbsp;&nbsp;&nbsp;&nbsp;1203578 |
| &nbsp;&nbsp;Paylocity Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40253 | &nbsp;&nbsp;&nbsp;&nbsp;7819548 |
| &nbsp;&nbsp;Sprout Social, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57850 | &nbsp;&nbsp;&nbsp;&nbsp;3266211 |
| &nbsp;&nbsp;Workiva, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59371 | &nbsp;&nbsp;&nbsp;&nbsp;4985383 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;29810381 |
| &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;&nbsp;&nbsp;**48872669** |
| &nbsp;&nbsp;**Materials 2.9%** | &nbsp;&nbsp;**Materials 2.9%** | &nbsp;&nbsp;**Materials 2.9%** |
| &nbsp;&nbsp;**Chemicals 1.5%** | &nbsp;&nbsp;**Chemicals 1.5%** | &nbsp;&nbsp;**Chemicals 1.5%** |
| &nbsp;&nbsp;Livent Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123110 | &nbsp;&nbsp;&nbsp;&nbsp;2446196 |
| &nbsp;&nbsp;Valvoline, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40711 | &nbsp;&nbsp;&nbsp;&nbsp;1329214 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;3775410 |
| &nbsp;&nbsp;**Construction Materials 1.4%** | &nbsp;&nbsp;**Construction Materials 1.4%** | &nbsp;&nbsp;**Construction Materials 1.4%** |
| &nbsp;&nbsp;Summit Materials, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127537 | &nbsp;&nbsp;&nbsp;&nbsp;3620772 |
| &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;&nbsp;&nbsp;**7396182** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $270,805,793) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $270,805,793) | &nbsp;&nbsp;**244013164** |
| &nbsp;&nbsp;**Money Market Funds 4.1%** | &nbsp;&nbsp;**Money Market Funds 4.1%** | &nbsp;&nbsp;**Money Market Funds 4.1%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(e),(f)</sup> | &nbsp;&nbsp;10576964 | &nbsp;&nbsp;&nbsp;&nbsp;10573791 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $10,573,791) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $10,573,791) | &nbsp;&nbsp;&nbsp;&nbsp;**10573791** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $281,379,584)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $281,379,584)** | &nbsp;&nbsp;**254586955** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(72580)** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**254514375** |

---

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

Columbia Variable Portfolio – Small Company Growth Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_205_e0511941-6e52-49df-b0b2-79f51524637d_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Notes to Portfolio of Investments
(a) Non-income producing investment.

(b) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At December 31, 2022, the total value of these securities amounted to $1,474,889,
which represents 0.58% of total net assets.

(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 established by the Fund's Board of Trustees. At December 31, 2022, the total market value of these securities amounted to $1,474,889,
which represents 0.58% of total net assets. Additional information on these securities is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security** | **Acquisition<br> Dates** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Cost ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Caris Life Sciences, Inc. | 05/11/2021 | &nbsp;&nbsp;308642 | &nbsp;&nbsp;2502312 | &nbsp;&nbsp;&nbsp;&nbsp;981482 |
| &nbsp;&nbsp;DNA Script | 10/01/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585 | &nbsp;&nbsp;1382080 | &nbsp;&nbsp;&nbsp;&nbsp;493407 |
|  |  |  | &nbsp;&nbsp;3884392 | &nbsp;&nbsp;1474889 |

---

(d) Valuation based on significant unobservable inputs.

(e) The rate shown is the seven-day current annualized yield at December 31, 2022.

(f) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 12081400 | &nbsp;&nbsp;123126022 | &nbsp;&nbsp;(124634262) | &nbsp;&nbsp;631 | &nbsp;&nbsp;10573791 | &nbsp;&nbsp;(2218) | &nbsp;&nbsp;173610 | &nbsp;&nbsp;10576964 |

---

#### 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 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.

10 Columbia Variable Portfolio – Small Company Growth Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_205_e0511941-6e52-49df-b0b2-79f51524637d_TOC)

Portfolio of Investments (continued)

December 31, 2022

**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, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;6825551 | &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;6825551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;31364504 | &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;31364504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;5972104 | &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;5972104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;13606034 | &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;13606034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;6095011 | &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;6095011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;67016040 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1474889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68490929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;55390180 | &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;55390180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;48872669 | &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;48872669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;7396182 | &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;7396182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | 242538275 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1474889 | &nbsp;&nbsp;&nbsp;&nbsp;244013164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;10573791 | &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;10573791 |
| &nbsp;&nbsp;Total Investments in Securities | 253112066 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1474889 | &nbsp;&nbsp;&nbsp;&nbsp;254586955 |

---

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 – Small Company Growth Fund \| Annual Report 2022 11

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[**Table of Contents**](#JOB_205_e0511941-6e52-49df-b0b2-79f51524637d_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $270,805,793) | $244013164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $10,573,791) | &nbsp;&nbsp;&nbsp;&nbsp;10573791 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement due from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6185 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66371 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;254776992 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121891 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4705 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7353 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66371 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262617 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$254514375** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;326879593 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(72365218) |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$254514375** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $254385161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;27655416 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.20 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$129214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.13 |

---

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

12 Columbia Variable Portfolio – Small Company Growth Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_205_e0511941-6e52-49df-b0b2-79f51524637d_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$577143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752708 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2476869 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13899 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11919 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15729 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11662 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2613471 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114124) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2499347 |
| &nbsp;&nbsp;**Net investment loss** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1746639) |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(44656876) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2218) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;(44658962) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(97473086) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(97472455) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(142131417) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(143878056)** |

---

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

Columbia Variable Portfolio – Small Company Growth Fund \| Annual Report 2022 13

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[**Table of Contents**](#JOB_205_e0511941-6e52-49df-b0b2-79f51524637d_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;&nbsp;&nbsp;$(1746639) | &nbsp;&nbsp;&nbsp;&nbsp;$(3543735) |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(44658962) | &nbsp;&nbsp;&nbsp;&nbsp;117963677 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(97472455) | &nbsp;&nbsp;&nbsp;(113263649) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;(143878056) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156293 |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 | &nbsp;&nbsp;(112900711) | &nbsp;&nbsp;&nbsp;&nbsp;(72117821) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65674) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179545) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;(112966385) | &nbsp;&nbsp;&nbsp;&nbsp;(72297366) |
| &nbsp;&nbsp;Increase (decrease) in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;107492039 | &nbsp;&nbsp;&nbsp;&nbsp;(95624356) |
| &nbsp;&nbsp;Total decrease in net assets | &nbsp;&nbsp;(149352402) | &nbsp;&nbsp;&nbsp;(166765429) |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;403866777 | &nbsp;&nbsp;&nbsp;&nbsp;570632206 |
| &nbsp;&nbsp;**Net assets at end of year** | **$254514375** | &nbsp;&nbsp;**$403866777** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25713118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | 11485321 | &nbsp;&nbsp;&nbsp;&nbsp;112900711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2690963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72117821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(356728) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5050130) | &nbsp;&nbsp;&nbsp;&nbsp;(5986616) | &nbsp;&nbsp;&nbsp;&nbsp;(192536188) |
| &nbsp;&nbsp;Net increase (decrease) | 11128618 | &nbsp;&nbsp;&nbsp;&nbsp;107850937 | &nbsp;&nbsp;&nbsp;&nbsp;(2454065) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94705249) |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26973) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(424572) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42389) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1251909) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(358898) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29914) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(919107) |
| &nbsp;&nbsp;**Total net increase (decrease)** | **11109194** | &nbsp;&nbsp;&nbsp;&nbsp;**107492039** | &nbsp;&nbsp;&nbsp;&nbsp;**(2483979)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(95624356)** |

---

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

14 Columbia Variable Portfolio – Small Company Growth Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_205_e0511941-6e52-49df-b0b2-79f51524637d_TOC)

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 portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income<br> (loss)** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $24.39 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;(8.20) | &nbsp;&nbsp;&nbsp;(8.28) | &nbsp;&nbsp;(6.91) | &nbsp;&nbsp;(6.91) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $29.97 | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;(0.18)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;(5.18) | &nbsp;&nbsp;(5.18) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $17.82 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;12.66 | &nbsp;&nbsp;12.54 | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;(0.39) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $15.64 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;6.33 | &nbsp;&nbsp;&nbsp;&nbsp;6.27 | &nbsp;&nbsp;(4.09) | &nbsp;&nbsp;(4.09) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $18.71 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(3.03) | &nbsp;&nbsp;(3.03) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $22.67 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;(7.56) | &nbsp;&nbsp;&nbsp;(7.70) | &nbsp;&nbsp;(6.84) | &nbsp;&nbsp;(6.84) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $28.21 | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;(0.13)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;(5.12) | &nbsp;&nbsp;(5.12) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $16.80 | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;11.92 | &nbsp;&nbsp;11.75 | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;(0.34) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $14.91 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;6.04 | &nbsp;&nbsp;&nbsp;&nbsp;5.93 | &nbsp;&nbsp;(4.04) | &nbsp;&nbsp;(4.04) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $17.97 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(2.99) | &nbsp;&nbsp;(2.99) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio. |

---

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

16 Columbia Variable Portfolio – Small Company Growth Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_205_e0511941-6e52-49df-b0b2-79f51524637d_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income (loss)<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | &nbsp;&nbsp;$9.20 | (35.77%) | 0.92% | 0.88% | (0.61%) | &nbsp;&nbsp;76% | $254385 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $24.39 | &nbsp;&nbsp;(2.90%) | 0.91% | 0.90% | (0.76%) | &nbsp;&nbsp;61% | $403066 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $29.97 | 71.12% | 0.91% | 0.90% | (0.57%) | &nbsp;&nbsp;80% | $568792 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $17.82 | 40.70% | 0.97% | 0.89% | (0.36%) | 100% | $337568 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $15.64 | &nbsp;&nbsp;(1.75%) | 1.24% | 0.90% | (0.31%) | 156% | &nbsp;&nbsp;$24611 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | &nbsp;&nbsp;$8.13 | (35.96%) | 1.15% | 1.13% | (0.93%) | &nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$129 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $22.67 | &nbsp;&nbsp;(3.13%) | 1.15% | 1.15% | (1.01%) | &nbsp;&nbsp;61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$801 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $28.21 | 70.67% | 1.17% | 1.15% | (0.81%) | &nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;$1840 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $16.80 | 40.39% | 1.22% | 1.14% | (0.62%) | 100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$572 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $14.91 | &nbsp;&nbsp;(2.00%) | 1.49% | 1.15% | (0.55%) | 156% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$499 |

---

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

Columbia Variable Portfolio – Small Company Growth Fund \| Annual Report 2022 17

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[**Table of Contents**](#JOB_205_e0511941-6e52-49df-b0b2-79f51524637d_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Columbia Variable Portfolio – Small Company Growth Fund (the Fund), a series of Columbia Funds Variable Insurance Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features. Effective June 1, 2021, the Fund was closed to investors.

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.

#### 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.

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, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, 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.

18 Columbia Variable Portfolio – Small Company Growth Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

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.

#### 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.

Columbia Variable Portfolio – Small Company Growth Fund \| Annual Report 2022 19

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[**Table of Contents**](#JOB_205_e0511941-6e52-49df-b0b2-79f51524637d_TOC)

Notes to Financial Statements (continued)

December 31, 2022

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

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

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

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

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

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting

20 Columbia Variable Portfolio – Small Company Growth Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.87% to 0.75% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.87% 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 "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, 2022 was 0.01% of the Fund's average daily net assets.

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

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

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

---

| | | |
|:---|:---|:---|
|  | **May 1, 2022<br> through<br> April 30, 2023** | **Prior to<br> May 1, 2022** |
| &nbsp;&nbsp;Class 1 | 0.87% | 0.89% |
| &nbsp;&nbsp;Class 2 | 1.12 | 1.14 |

---

Columbia Variable Portfolio – Small Company Growth Fund \| Annual Report 2022 21

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Notes to Financial Statements (continued)

December 31, 2022

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

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, 2022, 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, net operating loss reclassification and excess distributions. 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:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Excess of distributions<br> over net investment<br> income ($)** | **Accumulated<br> net realized<br> (loss) ($)** | **Paid in<br> capital ($)** |
| &nbsp;&nbsp;1756208 | 80640 | (1836848) |

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| &nbsp;&nbsp;**Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** | **Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** |
| &nbsp;&nbsp;36518384 | 76448001 | 112966385 | 50473122 | 21824244 | 72297366 |

---

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

At December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Undistributed<br> ordinary income ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;— – (45184356) | (27082533) |

---

At December 31, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;281669488 | 14511423 | (41593956) | (27082533) |

---

22 Columbia Variable Portfolio – Small Company Growth Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

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, 2022, 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, 2022, capital loss carryforwards utilized, if any, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**No expiration<br> short-term ($)** | **No expiration<br> long-term ($)** | **Total ($)** | **Utilized ($)** |
| &nbsp;&nbsp;(31840944) | (13343412) | (45184356) |  |

---

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 $212,387,409 and $218,343,596, respectively, for the year ended December 31, 2022. 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. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 7. Interfund lending

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

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

The Fund's activity in the Interfund Program during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Lender | 2822222 | &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;9 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2022.

Columbia Variable Portfolio – Small Company Growth Fund \| Annual Report 2022 23

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Notes to Financial Statements (continued)

December 31, 2022

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 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 $950 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 in each case, 1.00%. 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 27, 2022 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 $950 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 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 9. Significant risks

#### Health care sector risk
The Fund is more susceptible to the particular risks that may affect companies in the health care sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the health care sector are subject to certain risks, including restrictions on government reimbursement for medical expenses, government approval of medical products and services, competitive pricing pressures, and the rising cost of medical products and services (especially for companies dependent upon a relatively limited number of products or services). Performance of such companies may be affected by factors including government regulation, obtaining and protecting patents (or the failure to do so), product liability and other similar litigation as well as product obsolescence.

#### Industrials sector risk
The Fund is more susceptible to the particular risks that may affect companies in the industrials sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the industrials sector are subject to certain risks, including changes in supply and demand for their specific product or service and for industrial sector products in general, including decline in demand for such products due to rapid technological developments and frequent new product introduction. Performance of such companies may be affected by factors including government regulation, world events and economic conditions and risks for environmental damage and product liability claims.

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

24 Columbia Variable Portfolio – Small Company Growth Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 92.1% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity 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.

#### Small- and mid-cap company risk
Investments in small- and mid-capitalization companies (small- and mid-cap companies) often involve greater risks than investments in larger, more established companies (larger companies) because small- and mid-cap companies tend to have less predictable earnings and may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. Securities of small- and mid-cap companies may be less liquid and more volatile than the securities of larger companies.

Note 10. Subsequent events

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

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as 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

Columbia Variable Portfolio – Small Company Growth Fund \| Annual Report 2022 25

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Notes to Financial Statements (continued)

December 31, 2022

affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

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

26 Columbia Variable Portfolio – Small Company Growth Fund \| Annual Report 2022

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Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Insurance Trust and Shareholders of Columbia Variable Portfolio – Small Company Growth 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 – Small Company Growth Fund (one of the funds constituting Columbia Funds Variable Insurance Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 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, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

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

Columbia Variable Portfolio – Small Company Growth Fund \| Annual Report 2022 27

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## Federal Income Tax Information
(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended December 31, 2022.

---

| |
|:---|
| &nbsp;&nbsp;**Dividends<br> received<br> deduction** |
| &nbsp;&nbsp;1.31% |

---

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

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |

---

28 Columbia Variable Portfolio – Small Company Growth Fund \| Annual Report 2022

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## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |

---

Columbia Variable Portfolio – Small Company Growth Fund \| Annual Report 2022 29

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |

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30 Columbia Variable Portfolio – Small Company Growth Fund \| Annual Report 2022

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

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## TRUSTEES AND OFFICERS (continued) (Unaudited)
\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

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## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

Columbia Variable Portfolio – Small Company Growth Fund \| Annual Report 2022 33

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#### Columbia Variable Portfolio – Small Company Growth Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img27d4ec932.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 and/or summary 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 (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© 2023 Columbia Management Investment Advisers, LLC.

ANN7025_12_B01_(02/23)

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![](img6b7eeb391.jpg)

Annual Report

December 31, 2022

![](imgd07839a02.jpg)

Columbia Variable Portfolio – Strategic Income Fund

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.

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

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_438a53ad-82a9-4750-a2f5-934f1aef56e2_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_438a53ad-82a9-4750-a2f5-934f1aef56e2_4)<br>| 6 |
| [Understanding Your Fund's Expenses](#xx_a16a657a-745c-4f3d-b6d7-5744bf17ff4d_1)<br>| 8 |
| [Portfolio of Investments](#xx_7c8d78cf-c6bb-418e-a4b9-4b91cb150e45_1)<br>| 9 |
| [Statement of Assets and Liabilities](#xx_aff020d8-2422-4734-af83-70ad7726165c_1)<br>| 31 |
| [Statement of Operations](#xx_aff020d8-2422-4734-af83-70ad7726165c_3)<br>| 33 |
| [Statement of Changes in Net Assets](#xx_aff020d8-2422-4734-af83-70ad7726165c_4)<br>| 34 |
| [Financial Highlights](#xx_ba425848-f32f-4e27-a11e-8969d0b102cc_2)<br>| 36 |
| [Notes to Financial Statements](#xx_38e1ebe7-8594-4bd6-bad1-d7e4d17814f5_1)<br>| 38 |
| [Report of Independent Registered Public Accounting Firm](#xx_9a8b16e2-6ccd-4a11-8f34-1c60fe77a9c8_1)<br>| 56 |
| [Trustees and Officers](#xx_fed34d1e-4fc9-4ac7-9a75-c865eecfff1a_1)<br>| 57 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Columbia Variable Portfolio – Strategic Income Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022

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Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks total return, consisting of current income and capital appreciation.

Portfolio management

#### Gene Tannuzzo, CFA
Lead Portfolio Manager

Managed Fund since 2010

#### Jason Callan
Portfolio Manager

Managed Fund since 2017

#### Alex Christensen, CFA
Portfolio Manager

Managed Fund since 2021

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;07/05/94 | &nbsp;&nbsp;&nbsp;&nbsp;-11.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;06/01/00 | &nbsp;&nbsp;&nbsp;&nbsp;-11.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 |
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-13.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| &nbsp;&nbsp;ICE BofA US Cash Pay High Yield Constrained Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-11.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.93 |
| &nbsp;&nbsp;FTSE Non-U.S. World Government Bond (All Maturities) Index - Unhedged |  | &nbsp;&nbsp;&nbsp;&nbsp;-22.07 | &nbsp;&nbsp;&nbsp;&nbsp;-4.21 | &nbsp;&nbsp;&nbsp;&nbsp;-2.27 |
| &nbsp;&nbsp;JPMorgan Emerging Markets Bond Index - Global |  | &nbsp;&nbsp;&nbsp;&nbsp;-16.45 | &nbsp;&nbsp;&nbsp;&nbsp;-1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The Fund's performance prior to August 29, 2014 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 may have been different.

The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.

The ICE BofA US Cash Pay High Yield Constrained Index tracks the performance of U.S. dollar-denominated below investment grade corporate debt, currently in a coupon paying period that is publicly issued in the U.S. domestic market. Effective July 1, 2022 the ICE BofA US Cash Pay High Yield Constrained Index now includes transaction costs.

The FTSE Non-U.S. World Government Bond (All Maturities) Index — Unhedged is calculated on a market-weighted basis and includes all fixed-rate bonds with a remaining maturity of one year or longer and with amounts outstanding of at least the equivalent of U.S. $25 million, while excluding floating or variable rate bonds, securities aimed principally at non-institutional investors and private placement-type securities.

The JPMorgan Emerging Markets Bond Index — Global is based on U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities, such as Brady bonds, Eurobonds and loans, and reflects reinvestment of all distributions and changes in market prices.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing or, for ICE BofA US Cash Pay High Yield Constrained Index for periods prior to July 2022, transaction costs. Securities in the Fund may not match those in an index.

Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022 3

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Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](img1ae75b233.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Columbia Variable Portfolio – Strategic Income Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Asset-Backed Securities — Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| &nbsp;&nbsp;Commercial Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;0.0<sup>(a)</sup> |
| &nbsp;&nbsp;Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;30.5 |
| &nbsp;&nbsp;Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;4.6 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;8.5 |
| &nbsp;&nbsp;Options Purchased Calls | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Residential Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;29.7 |
| &nbsp;&nbsp;Residential Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;13.6 |
| &nbsp;&nbsp;Senior Loans | &nbsp;&nbsp;&nbsp;&nbsp;5.7 |
| &nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

(a) Rounds to zero.

Percentages indicated are based upon total investments including options purchased and excluding all other investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Quality breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Quality breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;AAA rating | &nbsp;&nbsp;&nbsp;35.4 |
| &nbsp;&nbsp;AA rating | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| &nbsp;&nbsp;A rating | &nbsp;&nbsp;&nbsp;&nbsp;6.0 |
| &nbsp;&nbsp;BBB rating | &nbsp;&nbsp;&nbsp;19.2 |
| &nbsp;&nbsp;BB rating | &nbsp;&nbsp;&nbsp;17.3 |
| &nbsp;&nbsp;B rating | &nbsp;&nbsp;&nbsp;14.3 |
| &nbsp;&nbsp;CCC rating | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;Not rated | &nbsp;&nbsp;&nbsp;&nbsp;4.3 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total fixed income investments.

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody's, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as "Not rated." Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund's subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time to maturity) and the amount and type of any collateral.

4 Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022

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Fund at a Glance (continued)

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Market exposure through derivatives investments (% of notional exposure) (at December 31, 2022)<sup>(a)</sup>** | &nbsp;&nbsp;**Market exposure through derivatives investments (% of notional exposure) (at December 31, 2022)<sup>(a)</sup>** | &nbsp;&nbsp;**Market exposure through derivatives investments (% of notional exposure) (at December 31, 2022)<sup>(a)</sup>** | &nbsp;&nbsp;**Market exposure through derivatives investments (% of notional exposure) (at December 31, 2022)<sup>(a)</sup>** |
|  | &nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net |
| &nbsp;&nbsp;Fixed Income Derivative Contracts | 502.1 | &nbsp;&nbsp;&nbsp;&nbsp;(392.0) | &nbsp;&nbsp;&nbsp;&nbsp;110.1 |
| &nbsp;&nbsp;Foreign Currency Derivative Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.1) |
| &nbsp;&nbsp;**Total Notional Market Value of Derivative Contracts** | **502.1** | &nbsp;&nbsp;&nbsp;&nbsp;**(402.1)** | &nbsp;&nbsp;&nbsp;&nbsp;**100.0** |

---

(a) The Fund has market exposure (long and/or short) to fixed income and foreign currency through its investments in derivatives. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in individual markets. For a description of the Fund's investments in derivatives, see Investments in derivatives following the Portfolio of Investments, and Note 2 of the Notes to Financial Statements.

Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022 5

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Manager Discussion of Fund Performance

(Unaudited)

For the 12-month period that ended December 31, 2022, Class 2 shares of Columbia Variable Portfolio – Strategic Income Fund returned -11.52%. While absolute returns disappointed, the Fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -13.01% for the same period. During the same time period, the ICE BofA US Cash Pay High Yield Constrained Index returned -11.10%, the FTSE Non-U.S. World Government Bond (All Maturities) Index — Unhedged returned -22.07% and the JPMorgan Emerging Markets Bond Index — Global returned -16.45%.

Market overview

For a second consecutive year, fixed-income markets experienced weakness in 2022, with all major sectors within the benchmark posting negative returns. Such broad underperformance, explained in part by rising U.S. Treasury yields across the maturity spectrum, was driven by high inflation and a series of seven interest rate hikes by the U.S. Federal Reserve (Fed) that left bond investors with few places to hide.

Entering 2022, the market was anticipating a gradual normalization in monetary policy as the economy rebounded from COVID-19-related challenges. Reaccelerating inflation, which was exacerbated by Russia's late-February invasion of Ukraine, forced the Fed to pull forward this process. Indeed, in March 2022, the Fed implemented its first interest rate hike since December 2018 and also ended the bond purchase program it had used to keep longer-term borrowing costs low. As the year progressed, other geopolitical concerns further roiled risk sentiment, including the European energy crisis caused by the ongoing Russia/Ukraine war, the shuttering of China's economy under its government's zero-COVID policy, and spiking U.S./China tensions over Taiwan. Heightened concerns around a U.S. recession also weighed on credit sectors. The monetary tightening delivered by the Fed in 2022 proved to be the most aggressive since the Paul Volcker\* era in the 1980s and eventually led to a downshift in inflation momentum. This allowed the Fed to slow the pace of its interest rate hikes with a 0.5% rate increase at its December 2022 meeting and ignited hopes of smaller interest rate hikes on the horizon. This promoted positive performance for the U.S. fixed-income market and tightened credit spreads for the fourth quarter.

For the annual period as a whole, investment-grade corporate bonds and emerging markets debt were among the weakest sectors of the fixed-income market, given their longer durations. As short- to intermediate-term maturity yields rose more than longer term maturity yields, the U.S. Treasury yield curve flattened substantially during the annual period, meaning the differential in yields between shorter-term and longer-term maturities narrowed. Indeed, in the last months of 2022, the U.S. Treasury yield curve actually inverted, with shorter-term maturity yields higher than longer-term maturity yields.

The Fund's notable contributors during the period

• The Fund's duration positioning overall contributed significantly to relative performance. The Fund held a shorter duration than the benchmark throughout the annual period, which helped as interest rates rose.
A shorter duration means that a fund is less sensitive to changes in interest rates.

• Having an underweight to U.S. Treasuries boosted relative results, as yields moved dramatically higher across the maturity spectrum during the annual period.

• Having an underweighted allocation to investment-grade corporate bonds added value, as the sector was among the weakest within the benchmark during the annual period, as risk appetites waned on recession fears amid
rising interest rates and inflation.

• Positioning within the agency mortgage-backed securities (MBS) sector contributed positively to the Fund's relative results.

○ The Fund maintained an underweight allocation in agency MBS through much of the annual period, as the Fed reduced the pace of its asset purchases and eventually began to unwind its balance sheet.

○ Subsequently, significantly wider valuations provided the opportunity, in our view, to increase exposure, implementation of which resulted in a Fund overweight to the agency MBS
sector by the end of the annual period.

The Fund's notable detractors during the period

• The Fund's exposure to select out-of-benchmark sectors detracted from relative results.

6 Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_20400_3c4967ce-a655-4704-aaac-34869264e3ab_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

○ The largest detractor was high-yield corporate bonds, because the sector was among the best performers within the fixed-income market during the annual period on an absolute basis, but we had reduced the
Fund's exposure materially over the course of the year as the Fed executed an aggressive interest rate hiking cycle designed to slow economic growth to bring down inflation.

○ Exposure to non-agency MBS also detracted from relative results, as the sector underperformed the benchmark during the annual period.

• Having an overweight to commercial MBS detracted from relative results, but, notably, we reduced the Fund's exposure mid-year as part of a broader effort to upgrade the credit quality of the Fund's
portfolio.

Derivatives usage

The Fund utilized derivatives as a means to hedge exposures to better balance risks among four risk factors — credit, duration, currency and inflation. The Fund used U.S. Treasury futures, interest rate swaps and options on interest rate swaps to manage its interest rate exposure. The Fund used credit default swap indices and CMBX (which track the commercial mortgage-backed securities market) indices to hedge and express investment views in the high-yield corporate credit and commercial mortgage-backed securities sectors, respectively. Overall, the use of derivative instruments contributed positively to the Fund's relative performance. \*Paul Volcker was the Chair of the U.S. Federal Reserve from 1979 to 1987.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Mortgage- and asset-backed securities are affected by interest rates, financial health of issuers/originators, creditworthiness of entities providing credit enhancements and the value of underlying assets. Fixed-income securities present issuer default risk. Non-investment-grade (high-yield or junk) securities present greater price volatility and more risk to principal and income than higher rated securities. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund's income and yield. These risks may be heightened for longer maturity and duration securities. Floating rate loans typically present greater risk than other fixed-income investments as they are generally subject to legal or contractual resale restrictions, may trade less frequently and experience value impairments during liquidation. Prepayment and extension risk exists as a loan, bond or other investment may be called, prepaid or redeemed before maturity and that similar yielding investments may not be available for purchase. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Risks are enhanced for emerging market and sovereign debt issuers. Investing in derivatives is a specialized activity that involves special risks that subject the Fund to significant loss potential, including when used as leverage, and may result in greater fluctuation in fund value. Liquidity risk is associated with the difficulty of selling underlying investments at a desirable time or price. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022 7

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[**Table of Contents**](#JOB_20400_3c4967ce-a655-4704-aaac-34869264e3ab_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;988.70 | &nbsp;&nbsp;&nbsp;&nbsp;1021.66 | &nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;988.40 | &nbsp;&nbsp;&nbsp;&nbsp;1020.41 | &nbsp;&nbsp;&nbsp;&nbsp;4.64 | &nbsp;&nbsp;&nbsp;&nbsp;4.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

8 Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_20400_3c4967ce-a655-4704-aaac-34869264e3ab_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 2.7%** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 2.7%** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 2.7%** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 2.7%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;ARES XLIV CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;ARES XLIV CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;ARES XLIV CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;ARES XLIV CLO Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2017-44A Class DR | &nbsp;&nbsp;Series 2017-44A Class DR | &nbsp;&nbsp;Series 2017-44A Class DR | &nbsp;&nbsp;Series 2017-44A Class DR |
| &nbsp;&nbsp;3-month USD LIBOR + 6.870%<br> Floor 6.870%<br> 04/15/2034 | &nbsp;&nbsp;10.949% | 500000 | &nbsp;&nbsp;447446 |
| &nbsp;&nbsp;Bain Capital Credit CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Bain Capital Credit CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Bain Capital Credit CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Bain Capital Credit CLO Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2021-5A Class E | &nbsp;&nbsp;Series 2021-5A Class E | &nbsp;&nbsp;Series 2021-5A Class E | &nbsp;&nbsp;Series 2021-5A Class E |
| &nbsp;&nbsp;3-month USD LIBOR + 6.500%<br> Floor 6.500%<br> 10/23/2034 | &nbsp;&nbsp;&nbsp;&nbsp;9.283% | 280000 | &nbsp;&nbsp;233332 |
| &nbsp;&nbsp;Series 2021-6A Class E | &nbsp;&nbsp;Series 2021-6A Class E | &nbsp;&nbsp;Series 2021-6A Class E | &nbsp;&nbsp;Series 2021-6A Class E |
| &nbsp;&nbsp;3-month USD LIBOR + 6.500%<br> Floor 6.500%<br> 10/21/2034 | &nbsp;&nbsp;10.778% | 250000 | &nbsp;&nbsp;209743 |
| &nbsp;&nbsp;Series 2021-7A Class E | &nbsp;&nbsp;Series 2021-7A Class E | &nbsp;&nbsp;Series 2021-7A Class E | &nbsp;&nbsp;Series 2021-7A Class E |
| &nbsp;&nbsp;3-month USD LIBOR + 6.750%<br> Floor 6.750%<br> 01/22/2035 | &nbsp;&nbsp;11.075% | 250000 | &nbsp;&nbsp;216453 |
| &nbsp;&nbsp;Ballyrock CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Ballyrock CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Ballyrock CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Ballyrock CLO Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2021-18A Class D | &nbsp;&nbsp;Series 2021-18A Class D | &nbsp;&nbsp;Series 2021-18A Class D | &nbsp;&nbsp;Series 2021-18A Class D |
| &nbsp;&nbsp;3-month USD LIBOR + 6.500%<br> Floor 6.500%<br> 01/15/2035 | &nbsp;&nbsp;10.579% | 250000 | &nbsp;&nbsp;219712 |
| &nbsp;&nbsp;Barings CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Barings CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Barings CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Barings CLO Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2021-2A Class E | &nbsp;&nbsp;Series 2021-2A Class E | &nbsp;&nbsp;Series 2021-2A Class E | &nbsp;&nbsp;Series 2021-2A Class E |
| &nbsp;&nbsp;3-month USD LIBOR + 6.250%<br> Floor 6.250%<br> 07/15/2034 | &nbsp;&nbsp;10.329% | 250000 | &nbsp;&nbsp;217285 |
| &nbsp;&nbsp;Carlyle Global Market Strategies CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Carlyle Global Market Strategies CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Carlyle Global Market Strategies CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Carlyle Global Market Strategies CLO Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2016-3A Class ERR | &nbsp;&nbsp;Series 2016-3A Class ERR | &nbsp;&nbsp;Series 2016-3A Class ERR | &nbsp;&nbsp;Series 2016-3A Class ERR |
| &nbsp;&nbsp;3-month USD LIBOR + 7.000%<br> Floor 7.000%<br> 07/20/2034 | &nbsp;&nbsp;11.243% | 250000 | &nbsp;&nbsp;200552 |
| &nbsp;&nbsp;FREED ABS Trust<sup>(a)</sup> | &nbsp;&nbsp;FREED ABS Trust<sup>(a)</sup> | &nbsp;&nbsp;FREED ABS Trust<sup>(a)</sup> | &nbsp;&nbsp;FREED ABS Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2019-2 Class C | &nbsp;&nbsp;Subordinated Series 2019-2 Class C | &nbsp;&nbsp;Subordinated Series 2019-2 Class C | &nbsp;&nbsp;Subordinated Series 2019-2 Class C |
| &nbsp;&nbsp;11/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;4.860% | 206167 | &nbsp;&nbsp;206167 |
| &nbsp;&nbsp;Subordinated Series 2021-1CP Class B | &nbsp;&nbsp;Subordinated Series 2021-1CP Class B | &nbsp;&nbsp;Subordinated Series 2021-1CP Class B | &nbsp;&nbsp;Subordinated Series 2021-1CP Class B |
| &nbsp;&nbsp;03/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1.410% | 264584 | &nbsp;&nbsp;263134 |
| &nbsp;&nbsp;LendingPoint Asset Securitization Trust<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;LendingPoint Asset Securitization Trust<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;LendingPoint Asset Securitization Trust<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;LendingPoint Asset Securitization Trust<sup>(a),(c),(d)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-1 Class B | &nbsp;&nbsp;Subordinated Series 2021-1 Class B | &nbsp;&nbsp;Subordinated Series 2021-1 Class B | &nbsp;&nbsp;Subordinated Series 2021-1 Class B |
| &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;2.853% | &nbsp;&nbsp;25864 | &nbsp;&nbsp;&nbsp;&nbsp;25751 |
| &nbsp;&nbsp;Madison Park Funding XXII Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Madison Park Funding XXII Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Madison Park Funding XXII Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Madison Park Funding XXII Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2016-22A Class DR | &nbsp;&nbsp;Series 2016-22A Class DR | &nbsp;&nbsp;Series 2016-22A Class DR | &nbsp;&nbsp;Series 2016-22A Class DR |
| &nbsp;&nbsp;3-month USD LIBOR + 3.500%<br> Floor 3.500%<br> 01/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;7.579% | 400000 | &nbsp;&nbsp;368758 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Octagon 55 Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Octagon 55 Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Octagon 55 Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Octagon 55 Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2021-1A Class E | &nbsp;&nbsp;Series 2021-1A Class E | &nbsp;&nbsp;Series 2021-1A Class E | &nbsp;&nbsp;Series 2021-1A Class E |
| &nbsp;&nbsp;3-month USD LIBOR + 6.500%<br> Floor 6.500%<br> 07/20/2034 | &nbsp;&nbsp;&nbsp;&nbsp;9.210% | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;267421 |
| &nbsp;&nbsp;Octagon Investment Partners 48 Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Octagon Investment Partners 48 Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Octagon Investment Partners 48 Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Octagon Investment Partners 48 Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2020-3A Class ER | &nbsp;&nbsp;Series 2020-3A Class ER | &nbsp;&nbsp;Series 2020-3A Class ER | &nbsp;&nbsp;Series 2020-3A Class ER |
| &nbsp;&nbsp;3-month USD LIBOR + 6.700%<br> Floor 6.700%<br> 10/20/2034 | &nbsp;&nbsp;10.943% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;226993 |
| &nbsp;&nbsp;PAGAYA AI Debt Trust<sup>(a)</sup> | &nbsp;&nbsp;PAGAYA AI Debt Trust<sup>(a)</sup> | &nbsp;&nbsp;PAGAYA AI Debt Trust<sup>(a)</sup> | &nbsp;&nbsp;PAGAYA AI Debt Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2022-3 Class B | &nbsp;&nbsp;Subordinated Series 2022-3 Class B | &nbsp;&nbsp;Subordinated Series 2022-3 Class B | &nbsp;&nbsp;Subordinated Series 2022-3 Class B |
| &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;8.050% | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;346772 |
| &nbsp;&nbsp;Voya CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Voya CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Voya CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Voya CLO Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2021-1A Class E | &nbsp;&nbsp;Series 2021-1A Class E | &nbsp;&nbsp;Series 2021-1A Class E | &nbsp;&nbsp;Series 2021-1A Class E |
| &nbsp;&nbsp;3-month USD LIBOR + 6.350%<br> Floor 6.350%<br> 07/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;8.862% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;220738 |
| &nbsp;&nbsp;Total Asset-Backed Securities — Non-Agency<br> (Cost $4,073,619) | &nbsp;&nbsp;Total Asset-Backed Securities — Non-Agency<br> (Cost $4,073,619) | &nbsp;&nbsp;Total Asset-Backed Securities — Non-Agency<br> (Cost $4,073,619) | &nbsp;&nbsp;**3670257** |
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 2.6%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 2.6%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 2.6%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 2.6%** |
| &nbsp;&nbsp;Braemar Hotels & Resorts Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Braemar Hotels & Resorts Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Braemar Hotels & Resorts Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Braemar Hotels & Resorts Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2018-PRME Class E | &nbsp;&nbsp;Series 2018-PRME Class E | &nbsp;&nbsp;Series 2018-PRME Class E | &nbsp;&nbsp;Series 2018-PRME Class E |
| &nbsp;&nbsp;1-month USD LIBOR + 2.400%<br> Floor 2.400%<br> 06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;6.718% | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;277896 |
| &nbsp;&nbsp;Subordinated Series 2018-PRME Class D | &nbsp;&nbsp;Subordinated Series 2018-PRME Class D | &nbsp;&nbsp;Subordinated Series 2018-PRME Class D | &nbsp;&nbsp;Subordinated Series 2018-PRME Class D |
| &nbsp;&nbsp;1-month USD LIBOR + 1.800%<br> Floor 1.925%<br> 06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;6.118% | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;287292 |
| &nbsp;&nbsp;CLNY Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;CLNY Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;CLNY Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;CLNY Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated Series 2019-IKPR Class E | &nbsp;&nbsp;Subordinated Series 2019-IKPR Class E | &nbsp;&nbsp;Subordinated Series 2019-IKPR Class E | &nbsp;&nbsp;Subordinated Series 2019-IKPR Class E |
| &nbsp;&nbsp;1-month USD LIBOR + 2.721%<br> Floor 2.721%<br> 11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;7.039% | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;275657 |
| &nbsp;&nbsp;Subordinated Series 2019-IKPR Class F | &nbsp;&nbsp;Subordinated Series 2019-IKPR Class F | &nbsp;&nbsp;Subordinated Series 2019-IKPR Class F | &nbsp;&nbsp;Subordinated Series 2019-IKPR Class F |
| &nbsp;&nbsp;1-month USD LIBOR + 3.417%<br> Floor 3.417%<br> 11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;7.735% | 650000 | &nbsp;&nbsp;&nbsp;&nbsp;582352 |
| &nbsp;&nbsp;COMM Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;COMM Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;COMM Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;COMM Mortgage Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;Subordinated Series 2020-CBM Class F | &nbsp;&nbsp;Subordinated Series 2020-CBM Class F | &nbsp;&nbsp;Subordinated Series 2020-CBM Class F | &nbsp;&nbsp;Subordinated Series 2020-CBM Class F |
| &nbsp;&nbsp;02/10/2037 | &nbsp;&nbsp;&nbsp;&nbsp;3.633% | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;129078 |
| &nbsp;&nbsp;Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2014-USA Class E | &nbsp;&nbsp;Subordinated Series 2014-USA Class E | &nbsp;&nbsp;Subordinated Series 2014-USA Class E | &nbsp;&nbsp;Subordinated Series 2014-USA Class E |
| &nbsp;&nbsp;09/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;4.373% | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;277151 |
| &nbsp;&nbsp;Subordinated Series 2014-USA Class F | &nbsp;&nbsp;Subordinated Series 2014-USA Class F | &nbsp;&nbsp;Subordinated Series 2014-USA Class F | &nbsp;&nbsp;Subordinated Series 2014-USA Class F |
| &nbsp;&nbsp;09/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;4.373% | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;201152 |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_20400_3c4967ce-a655-4704-aaac-34869264e3ab_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CSMC Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;CSMC Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;CSMC Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;CSMC Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;Subordinated Series 2019-UVIL Class E | &nbsp;&nbsp;Subordinated Series 2019-UVIL Class E | &nbsp;&nbsp;Subordinated Series 2019-UVIL Class E | &nbsp;&nbsp;Subordinated Series 2019-UVIL Class E |
| &nbsp;&nbsp;12/15/2041 | &nbsp;&nbsp;3.283% | 600000 | &nbsp;&nbsp;&nbsp;&nbsp;424300 |
| &nbsp;&nbsp;Extended Stay America Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Extended Stay America Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Extended Stay America Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Extended Stay America Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2021-ESH Class D | &nbsp;&nbsp;Series 2021-ESH Class D | &nbsp;&nbsp;Series 2021-ESH Class D | &nbsp;&nbsp;Series 2021-ESH Class D |
| &nbsp;&nbsp;1-month USD LIBOR + 2.250%<br> Floor 2.250%<br> 07/15/2038 | &nbsp;&nbsp;6.568% | 195238 | &nbsp;&nbsp;&nbsp;&nbsp;186952 |
| &nbsp;&nbsp;Morgan Stanley Capital I Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Morgan Stanley Capital I Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Morgan Stanley Capital I Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Morgan Stanley Capital I Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;Series 2019-MEAD Class E | &nbsp;&nbsp;Series 2019-MEAD Class E | &nbsp;&nbsp;Series 2019-MEAD Class E | &nbsp;&nbsp;Series 2019-MEAD Class E |
| &nbsp;&nbsp;11/10/2036 | &nbsp;&nbsp;3.177% | 600000 | &nbsp;&nbsp;&nbsp;&nbsp;513894 |
| &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> | &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> | &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> | &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class F | &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class F | &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class F | &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class F |
| &nbsp;&nbsp;06/17/2037 | &nbsp;&nbsp;6.152% | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;478189 |
| &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $4,239,749) | &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $4,239,749) | &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $4,239,749) | &nbsp;&nbsp;**3633913** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks —%** | &nbsp;&nbsp;**Common Stocks —%** | &nbsp;&nbsp;**Common Stocks —%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Financials —%** | &nbsp;&nbsp;**Financials —%** | &nbsp;&nbsp;**Financials —%** |
| &nbsp;&nbsp;**Diversified Financial Services —%** | &nbsp;&nbsp;**Diversified Financial Services —%** | &nbsp;&nbsp;**Diversified Financial Services —%** |
| &nbsp;&nbsp;Fairlane Management Corp.<sup>(c),(d),(f)</sup> | &nbsp;&nbsp;2000 | &nbsp;&nbsp;— |
| &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**—** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $—) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $—) | &nbsp;&nbsp;**—** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Bonds 0.1%** | &nbsp;&nbsp;**Convertible Bonds 0.1%** | &nbsp;&nbsp;**Convertible Bonds 0.1%** | &nbsp;&nbsp;**Convertible Bonds 0.1%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Cable and Satellite 0.1%** | &nbsp;&nbsp;**Cable and Satellite 0.1%** | &nbsp;&nbsp;**Cable and Satellite 0.1%** | &nbsp;&nbsp;**Cable and Satellite 0.1%** |
| &nbsp;&nbsp;DISH Network Corp. | &nbsp;&nbsp;DISH Network Corp. | &nbsp;&nbsp;DISH Network Corp. | &nbsp;&nbsp;DISH Network Corp. |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;3.375% | 158000 | &nbsp;&nbsp;&nbsp;&nbsp;98987 |
| &nbsp;&nbsp;Total Convertible Bonds<br> (Cost $149,884) | &nbsp;&nbsp;Total Convertible Bonds<br> (Cost $149,884) | &nbsp;&nbsp;Total Convertible Bonds<br> (Cost $149,884) | &nbsp;&nbsp;&nbsp;&nbsp;**98987** |
| &nbsp;&nbsp;**Corporate Bonds & Notes 36.2%** | &nbsp;&nbsp;**Corporate Bonds & Notes 36.2%** | &nbsp;&nbsp;**Corporate Bonds & Notes 36.2%** | &nbsp;&nbsp;**Corporate Bonds & Notes 36.2%** |
| &nbsp;&nbsp;**Aerospace & Defense 1.3%** | &nbsp;&nbsp;**Aerospace & Defense 1.3%** | &nbsp;&nbsp;**Aerospace & Defense 1.3%** | &nbsp;&nbsp;**Aerospace & Defense 1.3%** |
| &nbsp;&nbsp;BAE Systems PLC<sup>(a)</sup> | &nbsp;&nbsp;BAE Systems PLC<sup>(a)</sup> | &nbsp;&nbsp;BAE Systems PLC<sup>(a)</sup> | &nbsp;&nbsp;BAE Systems PLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;1.900% | 460000 | &nbsp;&nbsp;356173 |
| &nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;Boeing Co. (The) |
| &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;3.200% | 263000 | &nbsp;&nbsp;231389 |
| &nbsp;&nbsp;08/01/2059 | &nbsp;&nbsp;3.950% | 531000 | &nbsp;&nbsp;356436 |
| &nbsp;&nbsp;05/01/2060 | &nbsp;&nbsp;5.930% | 159000 | &nbsp;&nbsp;146005 |
| &nbsp;&nbsp;Bombardier, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Bombardier, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Bombardier, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Bombardier, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;7.875% | &nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;40890 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;Howmet Aerospace, Inc. |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3.000% | 107000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90434 |
| &nbsp;&nbsp;Spirit AeroSystems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spirit AeroSystems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spirit AeroSystems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spirit AeroSystems, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;11/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;9.375% | &nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31615 |
| &nbsp;&nbsp;TransDigm, Inc.<sup>(a)</sup> | &nbsp;&nbsp;TransDigm, Inc.<sup>(a)</sup> | &nbsp;&nbsp;TransDigm, Inc.<sup>(a)</sup> | &nbsp;&nbsp;TransDigm, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;8.000% | &nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70910 |
| &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;6.250% | 256000 | &nbsp;&nbsp;&nbsp;&nbsp;253011 |
| &nbsp;&nbsp;TransDigm, Inc. | &nbsp;&nbsp;TransDigm, Inc. | &nbsp;&nbsp;TransDigm, Inc. | &nbsp;&nbsp;TransDigm, Inc. |
| &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;6.375% | &nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10720 |
| &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | 161000 | &nbsp;&nbsp;&nbsp;&nbsp;151188 |
| &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.875% | &nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20053 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1758824** |
| &nbsp;&nbsp;**Airlines 0.3%** | &nbsp;&nbsp;**Airlines 0.3%** | &nbsp;&nbsp;**Airlines 0.3%** | &nbsp;&nbsp;**Airlines 0.3%** |
| &nbsp;&nbsp;Air Canada<sup>(a)</sup> | &nbsp;&nbsp;Air Canada<sup>(a)</sup> | &nbsp;&nbsp;Air Canada<sup>(a)</sup> | &nbsp;&nbsp;Air Canada<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;3.875% | &nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38201 |
| &nbsp;&nbsp;American Airlines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;American Airlines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;American Airlines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;American Airlines, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;11.750% | &nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44109 |
| &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> | &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> | &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> | &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;04/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;96012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92331 |
| &nbsp;&nbsp;04/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% | 107995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98800 |
| &nbsp;&nbsp;Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;01/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% | &nbsp;&nbsp;95208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86144 |
| &nbsp;&nbsp;Spirit Loyalty Cayman Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Spirit Loyalty Cayman Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Spirit Loyalty Cayman Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Spirit Loyalty Cayman Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;09/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp;8.000% | &nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54806 |
| &nbsp;&nbsp;United Airlines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;United Airlines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;United Airlines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;United Airlines, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;4.375% | &nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30735 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**445126** |
| &nbsp;&nbsp;**Automotive 0.5%** | &nbsp;&nbsp;**Automotive 0.5%** | &nbsp;&nbsp;**Automotive 0.5%** | &nbsp;&nbsp;**Automotive 0.5%** |
| &nbsp;&nbsp;American Axle & Manufacturing, Inc. | &nbsp;&nbsp;American Axle & Manufacturing, Inc. | &nbsp;&nbsp;American Axle & Manufacturing, Inc. | &nbsp;&nbsp;American Axle & Manufacturing, Inc. |
| &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7253 |
| &nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;Ford Motor Co. |
| &nbsp;&nbsp;02/12/2032 | &nbsp;&nbsp;&nbsp;&nbsp;3.250% | &nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63958 |
| &nbsp;&nbsp;01/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75966 |
| &nbsp;&nbsp;Ford Motor Credit Co. LLC | &nbsp;&nbsp;Ford Motor Credit Co. LLC | &nbsp;&nbsp;Ford Motor Credit Co. LLC | &nbsp;&nbsp;Ford Motor Credit Co. LLC |
| &nbsp;&nbsp;09/08/2024 | &nbsp;&nbsp;&nbsp;&nbsp;3.664% | &nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44895 |
| &nbsp;&nbsp;06/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;5.125% | &nbsp;&nbsp;72000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69411 |
| &nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp;3.375% | &nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36231 |
| &nbsp;&nbsp;08/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp;4.125% | &nbsp;&nbsp;74000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66127 |
| &nbsp;&nbsp;11/04/2027 | &nbsp;&nbsp;&nbsp;&nbsp;7.350% | &nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46111 |
| &nbsp;&nbsp;02/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp;2.900% | &nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18179 |
| &nbsp;&nbsp;11/13/2030 | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | &nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15605 |
| &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) | &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) | &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) | &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) |
| &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% | &nbsp;&nbsp;84000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70069 |
| &nbsp;&nbsp;IAA Spinco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;IAA Spinco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;IAA Spinco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;IAA Spinco, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;57000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55394 |
| &nbsp;&nbsp;IHO Verwaltungs GmbH<sup>(a),(g)</sup> | &nbsp;&nbsp;IHO Verwaltungs GmbH<sup>(a),(g)</sup> | &nbsp;&nbsp;IHO Verwaltungs GmbH<sup>(a),(g)</sup> | &nbsp;&nbsp;IHO Verwaltungs GmbH<sup>(a),(g)</sup> |
| &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | &nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13001 |

---

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

10 Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_20400_3c4967ce-a655-4704-aaac-34869264e3ab_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;KAR Auction Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;KAR Auction Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;KAR Auction Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;KAR Auction Services, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2025 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28349 |
| &nbsp;&nbsp;Panther BF Aggregator 2 LP/Finance Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Panther BF Aggregator 2 LP/Finance Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Panther BF Aggregator 2 LP/Finance Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Panther BF Aggregator 2 LP/Finance Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;8.500% | &nbsp;&nbsp;&nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65547 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**676096** |
| &nbsp;&nbsp;**Banking 6.4%** | &nbsp;&nbsp;**Banking 6.4%** | &nbsp;&nbsp;**Banking 6.4%** | &nbsp;&nbsp;**Banking 6.4%** |
| &nbsp;&nbsp;Bank of America Corp.<sup>(h)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(h)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(h)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(h)</sup> |
| &nbsp;&nbsp;10/22/2030 | &nbsp;&nbsp;2.884% | 1010000 | &nbsp;&nbsp;&nbsp;&nbsp;848407 |
| &nbsp;&nbsp;07/23/2031 | &nbsp;&nbsp;1.898% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;768846 |
| &nbsp;&nbsp;10/20/2032 | &nbsp;&nbsp;2.572% | &nbsp;&nbsp;&nbsp;646000 | &nbsp;&nbsp;&nbsp;&nbsp;506758 |
| &nbsp;&nbsp;02/04/2033 | &nbsp;&nbsp;2.972% | &nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp;&nbsp;572484 |
| &nbsp;&nbsp;Citigroup, Inc.<sup>(h)</sup> | &nbsp;&nbsp;Citigroup, Inc.<sup>(h)</sup> | &nbsp;&nbsp;Citigroup, Inc.<sup>(h)</sup> | &nbsp;&nbsp;Citigroup, Inc.<sup>(h)</sup> |
| &nbsp;&nbsp;01/25/2033 | &nbsp;&nbsp;3.057% | &nbsp;&nbsp;&nbsp;785000 | &nbsp;&nbsp;&nbsp;&nbsp;633850 |
| &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(h)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(h)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(h)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(h)</sup> |
| &nbsp;&nbsp;07/21/2032 | &nbsp;&nbsp;2.383% | 1310000 | &nbsp;&nbsp;1015505 |
| &nbsp;&nbsp;10/21/2032 | &nbsp;&nbsp;2.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2368 |
| &nbsp;&nbsp;HSBC Holdings PLC<sup>(h)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(h)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(h)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(h)</sup> |
| &nbsp;&nbsp;05/24/2032 | &nbsp;&nbsp;2.804% | &nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;208420 |
| &nbsp;&nbsp;11/22/2032 | &nbsp;&nbsp;2.871% | &nbsp;&nbsp;&nbsp;954000 | &nbsp;&nbsp;&nbsp;&nbsp;730549 |
| &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(h)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(h)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(h)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(h)</sup> |
| &nbsp;&nbsp;04/22/2032 | &nbsp;&nbsp;2.580% | &nbsp;&nbsp;&nbsp;828000 | &nbsp;&nbsp;&nbsp;&nbsp;662433 |
| &nbsp;&nbsp;11/08/2032 | &nbsp;&nbsp;2.545% | 1340000 | &nbsp;&nbsp;1058899 |
| &nbsp;&nbsp;Morgan Stanley<sup>(h)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(h)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(h)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(h)</sup> |
| &nbsp;&nbsp;07/21/2032 | &nbsp;&nbsp;2.239% | &nbsp;&nbsp;&nbsp;182000 | &nbsp;&nbsp;&nbsp;&nbsp;139443 |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;09/16/2036 | &nbsp;&nbsp;2.484% | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51060 |
| &nbsp;&nbsp;04/20/2037 | &nbsp;&nbsp;5.297% | &nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;329401 |
| &nbsp;&nbsp;Wells Fargo & Co.<sup>(h)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(h)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(h)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(h)</sup> |
| &nbsp;&nbsp;02/11/2031 | &nbsp;&nbsp;2.572% | 1060000 | &nbsp;&nbsp;&nbsp;&nbsp;876711 |
| &nbsp;&nbsp;03/02/2033 | &nbsp;&nbsp;3.350% | &nbsp;&nbsp;&nbsp;387000 | &nbsp;&nbsp;&nbsp;&nbsp;325436 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**8730570** |
| &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 0.3%** | &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 0.3%** | &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 0.3%** | &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 0.3%** |
| &nbsp;&nbsp;AG Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;AG Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;AG Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;AG Issuer LLC<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1843 |
| &nbsp;&nbsp;AG TTMT Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;AG TTMT Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;AG TTMT Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;AG TTMT Escrow Issuer LLC<sup>(a)</sup> |
| &nbsp;&nbsp;09/30/2027 | &nbsp;&nbsp;8.625% | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80748 |
| &nbsp;&nbsp;Hightower Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;Hightower Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;Hightower Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;Hightower Holding LLC<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35158 |
| &nbsp;&nbsp;NFP Corp<sup>(a)</sup> | &nbsp;&nbsp;NFP Corp<sup>(a)</sup> | &nbsp;&nbsp;NFP Corp<sup>(a)</sup> | &nbsp;&nbsp;NFP Corp<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62040 |
| &nbsp;&nbsp;NFP Corp.<sup>(a)</sup> | &nbsp;&nbsp;NFP Corp.<sup>(a)</sup> | &nbsp;&nbsp;NFP Corp.<sup>(a)</sup> | &nbsp;&nbsp;NFP Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;131000 | &nbsp;&nbsp;&nbsp;&nbsp;111533 |
| &nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;6.875% | &nbsp;&nbsp;&nbsp;156000 | &nbsp;&nbsp;&nbsp;&nbsp;129166 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**420488** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Building Materials 0.3%** | &nbsp;&nbsp;**Building Materials 0.3%** | &nbsp;&nbsp;**Building Materials 0.3%** | &nbsp;&nbsp;**Building Materials 0.3%** |
| &nbsp;&nbsp;American Builders & Contractors Supply Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;American Builders & Contractors Supply Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;American Builders & Contractors Supply Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;American Builders & Contractors Supply Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | 163000 | &nbsp;&nbsp;145314 |
| &nbsp;&nbsp;Beacon Roofing Supply, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Beacon Roofing Supply, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Beacon Roofing Supply, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Beacon Roofing Supply, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | &nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;42179 |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.125% | &nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;21703 |
| &nbsp;&nbsp;James Hardie International Finance DAC<sup>(a)</sup> | &nbsp;&nbsp;James Hardie International Finance DAC<sup>(a)</sup> | &nbsp;&nbsp;James Hardie International Finance DAC<sup>(a)</sup> | &nbsp;&nbsp;James Hardie International Finance DAC<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% | &nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;61336 |
| &nbsp;&nbsp;SRS Distribution, Inc.<sup>(a)</sup> | &nbsp;&nbsp;SRS Distribution, Inc.<sup>(a)</sup> | &nbsp;&nbsp;SRS Distribution, Inc.<sup>(a)</sup> | &nbsp;&nbsp;SRS Distribution, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.625% | &nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;66993 |
| &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;6.125% | &nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;32466 |
| &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;6.000% | &nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp;39189 |
| &nbsp;&nbsp;White Cap Buyer LLC<sup>(a)</sup> | &nbsp;&nbsp;White Cap Buyer LLC<sup>(a)</sup> | &nbsp;&nbsp;White Cap Buyer LLC<sup>(a)</sup> | &nbsp;&nbsp;White Cap Buyer LLC<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;6.875% | &nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;33112 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**442292** |
| &nbsp;&nbsp;**Cable and Satellite 1.8%** | &nbsp;&nbsp;**Cable and Satellite 1.8%** | &nbsp;&nbsp;**Cable and Satellite 1.8%** | &nbsp;&nbsp;**Cable and Satellite 1.8%** |
| &nbsp;&nbsp;CCO Holdings LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;CCO Holdings LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;CCO Holdings LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;CCO Holdings LLC/Capital Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.375% | &nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;54236 |
| &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | &nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp;50094 |
| &nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | &nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;48853 |
| &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;4.250% | &nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;24086 |
| &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | &nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;44589 |
| &nbsp;&nbsp;CCO Holdings LLC/Capital Corp. | &nbsp;&nbsp;CCO Holdings LLC/Capital Corp. | &nbsp;&nbsp;CCO Holdings LLC/Capital Corp. | &nbsp;&nbsp;CCO Holdings LLC/Capital Corp. |
| &nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | 206000 | &nbsp;&nbsp;163976 |
| &nbsp;&nbsp;Charter Communications Operating LLC/Capital | &nbsp;&nbsp;Charter Communications Operating LLC/Capital | &nbsp;&nbsp;Charter Communications Operating LLC/Capital | &nbsp;&nbsp;Charter Communications Operating LLC/Capital |
| &nbsp;&nbsp;05/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;5.375% | 140000 | &nbsp;&nbsp;110313 |
| &nbsp;&nbsp;12/01/2061 | &nbsp;&nbsp;&nbsp;&nbsp;4.400% | &nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;35338 |
| &nbsp;&nbsp;06/30/2062 | &nbsp;&nbsp;&nbsp;&nbsp;3.950% | 134000 | &nbsp;&nbsp;&nbsp;&nbsp;79166 |
| &nbsp;&nbsp;04/01/2063 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | 540000 | &nbsp;&nbsp;415782 |
| &nbsp;&nbsp;CSC Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;CSC Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;CSC Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;CSC Holdings LLC<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% | &nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;42407 |
| &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;4.125% | 154000 | &nbsp;&nbsp;108698 |
| &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;4.625% | &nbsp;&nbsp;69000 | &nbsp;&nbsp;&nbsp;&nbsp;37970 |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;3.375% | 132000 | &nbsp;&nbsp;&nbsp;&nbsp;86110 |
| &nbsp;&nbsp;DIRECTV Holdings LLC/Financing Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;DIRECTV Holdings LLC/Financing Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;DIRECTV Holdings LLC/Financing Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;DIRECTV Holdings LLC/Financing Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.875% | &nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;38561 |
| &nbsp;&nbsp;DISH DBS Corp.<sup>(a)</sup> | &nbsp;&nbsp;DISH DBS Corp.<sup>(a)</sup> | &nbsp;&nbsp;DISH DBS Corp.<sup>(a)</sup> | &nbsp;&nbsp;DISH DBS Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% | &nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;51920 |
| &nbsp;&nbsp;DISH DBS Corp. | &nbsp;&nbsp;DISH DBS Corp. | &nbsp;&nbsp;DISH DBS Corp. | &nbsp;&nbsp;DISH DBS Corp. |
| &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.125% | 197000 | &nbsp;&nbsp;127087 |
| &nbsp;&nbsp;DISH Network Corp.<sup>(a)</sup> | &nbsp;&nbsp;DISH Network Corp.<sup>(a)</sup> | &nbsp;&nbsp;DISH Network Corp.<sup>(a)</sup> | &nbsp;&nbsp;DISH Network Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;11.750% | &nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;51417 |
| &nbsp;&nbsp;Radiate Holdco LLC/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Radiate Holdco LLC/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Radiate Holdco LLC/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Radiate Holdco LLC/Finance, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | &nbsp;&nbsp;73000 | &nbsp;&nbsp;&nbsp;&nbsp;53651 |
| &nbsp;&nbsp;09/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;6.500% | 110000 | &nbsp;&nbsp;&nbsp;&nbsp;46103 |
| &nbsp;&nbsp;Sirius XM Radio, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Sirius XM Radio, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Sirius XM Radio, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Sirius XM Radio, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;3.125% | &nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;32851 |
| &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;4.125% | &nbsp;&nbsp;78000 | &nbsp;&nbsp;&nbsp;&nbsp;64439 |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_20400_3c4967ce-a655-4704-aaac-34869264e3ab_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Videotron Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Videotron Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Videotron Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Videotron Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;3.625% | 388000 | &nbsp;&nbsp;&nbsp;&nbsp;328046 |
| &nbsp;&nbsp;Virgin Media Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Virgin Media Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Virgin Media Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Virgin Media Finance PLC<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;81000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65077 |
| &nbsp;&nbsp;VZ Secured Financing BV<sup>(a)</sup> | &nbsp;&nbsp;VZ Secured Financing BV<sup>(a)</sup> | &nbsp;&nbsp;VZ Secured Financing BV<sup>(a)</sup> | &nbsp;&nbsp;VZ Secured Financing BV<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2032 | &nbsp;&nbsp;5.000% | 101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82348 |
| &nbsp;&nbsp;Ziggo Bond Co. BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo Bond Co. BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo Bond Co. BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo Bond Co. BV<sup>(a)</sup> |
| &nbsp;&nbsp;02/28/2030 | &nbsp;&nbsp;5.125% | 118000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95728 |
| &nbsp;&nbsp;Ziggo BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo BV<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;4.875% | 102000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85288 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2424134** |
| &nbsp;&nbsp;**Chemicals 0.6%** | &nbsp;&nbsp;**Chemicals 0.6%** | &nbsp;&nbsp;**Chemicals 0.6%** | &nbsp;&nbsp;**Chemicals 0.6%** |
| &nbsp;&nbsp;Avient Corp.<sup>(a)</sup> | &nbsp;&nbsp;Avient Corp.<sup>(a)</sup> | &nbsp;&nbsp;Avient Corp.<sup>(a)</sup> | &nbsp;&nbsp;Avient Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;7.125% | &nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54099 |
| &nbsp;&nbsp;Axalta Coating Systems LLC<sup>(a)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC<sup>(a)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC<sup>(a)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46472 |
| &nbsp;&nbsp;Cheever Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;Cheever Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;Cheever Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;Cheever Escrow Issuer LLC<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;7.125% | &nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61983 |
| &nbsp;&nbsp;Element Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Element Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Element Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Element Solutions, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59751 |
| &nbsp;&nbsp;HB Fuller Co. | &nbsp;&nbsp;HB Fuller Co. | &nbsp;&nbsp;HB Fuller Co. | &nbsp;&nbsp;HB Fuller Co. |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;86000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75709 |
| &nbsp;&nbsp;Herens Holdco Sarl<sup>(a)</sup> | &nbsp;&nbsp;Herens Holdco Sarl<sup>(a)</sup> | &nbsp;&nbsp;Herens Holdco Sarl<sup>(a)</sup> | &nbsp;&nbsp;Herens Holdco Sarl<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33589 |
| &nbsp;&nbsp;Illuminate Buyer LLC/Holdings IV, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Illuminate Buyer LLC/Holdings IV, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Illuminate Buyer LLC/Holdings IV, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Illuminate Buyer LLC/Holdings IV, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;9.000% | &nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32822 |
| &nbsp;&nbsp;INEOS Quattro Finance 2 Plc<sup>(a)</sup> | &nbsp;&nbsp;INEOS Quattro Finance 2 Plc<sup>(a)</sup> | &nbsp;&nbsp;INEOS Quattro Finance 2 Plc<sup>(a)</sup> | &nbsp;&nbsp;INEOS Quattro Finance 2 Plc<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19899 |
| &nbsp;&nbsp;Ingevity Corp.<sup>(a)</sup> | &nbsp;&nbsp;Ingevity Corp.<sup>(a)</sup> | &nbsp;&nbsp;Ingevity Corp.<sup>(a)</sup> | &nbsp;&nbsp;Ingevity Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;46000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39682 |
| &nbsp;&nbsp;Innophos Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Innophos Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Innophos Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Innophos Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;9.375% | &nbsp;&nbsp;69000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67650 |
| &nbsp;&nbsp;Iris Holdings, Inc.<sup>(a),(g)</sup> | &nbsp;&nbsp;Iris Holdings, Inc.<sup>(a),(g)</sup> | &nbsp;&nbsp;Iris Holdings, Inc.<sup>(a),(g)</sup> | &nbsp;&nbsp;Iris Holdings, Inc.<sup>(a),(g)</sup> |
| &nbsp;&nbsp;02/15/2026 | &nbsp;&nbsp;8.750% | &nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16544 |
| &nbsp;&nbsp;Olympus Water US Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;Olympus Water US Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;Olympus Water US Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;Olympus Water US Holding Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;63000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51620 |
| &nbsp;&nbsp;SPCM SA<sup>(a)</sup> | &nbsp;&nbsp;SPCM SA<sup>(a)</sup> | &nbsp;&nbsp;SPCM SA<sup>(a)</sup> | &nbsp;&nbsp;SPCM SA<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;3.125% | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3461 |
| &nbsp;&nbsp;Unifrax Escrow Issuer Corp.<sup>(a)</sup> | &nbsp;&nbsp;Unifrax Escrow Issuer Corp.<sup>(a)</sup> | &nbsp;&nbsp;Unifrax Escrow Issuer Corp.<sup>(a)</sup> | &nbsp;&nbsp;Unifrax Escrow Issuer Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;09/30/2028 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25769 |
| &nbsp;&nbsp;WR Grace Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;WR Grace Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;WR Grace Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;WR Grace Holdings LLC<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;99000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87704 |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;5.625% | 119000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96273 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**773027** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Construction Machinery 0.1%** | &nbsp;&nbsp;**Construction Machinery 0.1%** | &nbsp;&nbsp;**Construction Machinery 0.1%** | &nbsp;&nbsp;**Construction Machinery 0.1%** |
| &nbsp;&nbsp;H&E Equipment Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;H&E Equipment Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;H&E Equipment Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;H&E Equipment Services, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;3.875% | 136000 | &nbsp;&nbsp;115782 |
| &nbsp;&nbsp;Herc Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Herc Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Herc Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Herc Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;46615 |
| &nbsp;&nbsp;Ritchie Bros. Auctioneers, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Ritchie Bros. Auctioneers, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Ritchie Bros. Auctioneers, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Ritchie Bros. Auctioneers, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2025 | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;23665 |
| &nbsp;&nbsp;United Rentals North America, Inc. | &nbsp;&nbsp;United Rentals North America, Inc. | &nbsp;&nbsp;United Rentals North America, Inc. | &nbsp;&nbsp;United Rentals North America, Inc. |
| &nbsp;&nbsp;01/15/2032 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;15520 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**201582** |
| &nbsp;&nbsp;**Consumer Cyclical Services 0.4%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.4%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.4%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.4%** |
| &nbsp;&nbsp;APX Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;APX Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;APX Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;APX Group, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;11607 |
| &nbsp;&nbsp;Arches Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Arches Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Arches Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Arches Buyer, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;72000 | &nbsp;&nbsp;&nbsp;&nbsp;56471 |
| &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;73000 | &nbsp;&nbsp;&nbsp;&nbsp;58579 |
| &nbsp;&nbsp;ASGN, Inc.<sup>(a)</sup> | &nbsp;&nbsp;ASGN, Inc.<sup>(a)</sup> | &nbsp;&nbsp;ASGN, Inc.<sup>(a)</sup> | &nbsp;&nbsp;ASGN, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;77000 | &nbsp;&nbsp;&nbsp;&nbsp;69796 |
| &nbsp;&nbsp;Staples, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Staples, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Staples, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Staples, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp;44763 |
| &nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2025 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;40057 |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;97000 | &nbsp;&nbsp;&nbsp;&nbsp;93453 |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;4.500% | 164000 | &nbsp;&nbsp;142979 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**517705** |
| &nbsp;&nbsp;**Consumer Products 0.3%** | &nbsp;&nbsp;**Consumer Products 0.3%** | &nbsp;&nbsp;**Consumer Products 0.3%** | &nbsp;&nbsp;**Consumer Products 0.3%** |
| &nbsp;&nbsp;CD&R Smokey Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CD&R Smokey Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CD&R Smokey Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CD&R Smokey Buyer, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;6.750% | 110000 | &nbsp;&nbsp;&nbsp;&nbsp;94872 |
| &nbsp;&nbsp;Mattel, Inc. | &nbsp;&nbsp;Mattel, Inc. | &nbsp;&nbsp;Mattel, Inc. | &nbsp;&nbsp;Mattel, Inc. |
| &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;6.200% | &nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;34561 |
| &nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;Newell Brands, Inc. |
| &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;19857 |
| &nbsp;&nbsp;09/15/2029 | &nbsp;&nbsp;6.625% | &nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;28623 |
| &nbsp;&nbsp;04/01/2046 | &nbsp;&nbsp;5.750% | 192000 | &nbsp;&nbsp;150961 |
| &nbsp;&nbsp;Scotts Miracle-Gro Co. (The) | &nbsp;&nbsp;Scotts Miracle-Gro Co. (The) | &nbsp;&nbsp;Scotts Miracle-Gro Co. (The) | &nbsp;&nbsp;Scotts Miracle-Gro Co. (The) |
| &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;26877 |
| &nbsp;&nbsp;Spectrum Brands, Inc. | &nbsp;&nbsp;Spectrum Brands, Inc. | &nbsp;&nbsp;Spectrum Brands, Inc. | &nbsp;&nbsp;Spectrum Brands, Inc. |
| &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;37607 |
| &nbsp;&nbsp;Spectrum Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spectrum Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spectrum Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spectrum Brands, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;48000 | &nbsp;&nbsp;&nbsp;&nbsp;41987 |
| &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;3550 |
| &nbsp;&nbsp;Tempur Sealy International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Tempur Sealy International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Tempur Sealy International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Tempur Sealy International, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2031 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;31314 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**470209** |

---

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

12 Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_20400_3c4967ce-a655-4704-aaac-34869264e3ab_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Diversified Manufacturing 1.2%** | &nbsp;&nbsp;**Diversified Manufacturing 1.2%** | &nbsp;&nbsp;**Diversified Manufacturing 1.2%** | &nbsp;&nbsp;**Diversified Manufacturing 1.2%** |
| &nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;Carrier Global Corp. |
| &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;2.722% | 1330000 | &nbsp;&nbsp;1120839 |
| &nbsp;&nbsp;Chart Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Chart Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Chart Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Chart Industries, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37154 |
| &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;9.500% | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12307 |
| &nbsp;&nbsp;General Electric Co.<sup>(b)</sup> | &nbsp;&nbsp;General Electric Co.<sup>(b)</sup> | &nbsp;&nbsp;General Electric Co.<sup>(b)</sup> | &nbsp;&nbsp;General Electric Co.<sup>(b)</sup> |
| &nbsp;&nbsp;Junior Subordinated | &nbsp;&nbsp;Junior Subordinated | &nbsp;&nbsp;Junior Subordinated | &nbsp;&nbsp;Junior Subordinated |
| &nbsp;&nbsp;3-month USD LIBOR + 3.330%<br> 12/31/2049 | &nbsp;&nbsp;8.099% | &nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;287174 |
| &nbsp;&nbsp;Madison IAQ LLC<sup>(a)</sup> | &nbsp;&nbsp;Madison IAQ LLC<sup>(a)</sup> | &nbsp;&nbsp;Madison IAQ LLC<sup>(a)</sup> | &nbsp;&nbsp;Madison IAQ LLC<sup>(a)</sup> |
| &nbsp;&nbsp;06/30/2028 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19986 |
| &nbsp;&nbsp;06/30/2029 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33704 |
| &nbsp;&nbsp;Resideo Funding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Resideo Funding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Resideo Funding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Resideo Funding, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27431 |
| &nbsp;&nbsp;Vertical US Newco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Vertical US Newco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Vertical US Newco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Vertical US Newco, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21349 |
| &nbsp;&nbsp;WESCO Distribution, Inc.<sup>(a)</sup> | &nbsp;&nbsp;WESCO Distribution, Inc.<sup>(a)</sup> | &nbsp;&nbsp;WESCO Distribution, Inc.<sup>(a)</sup> | &nbsp;&nbsp;WESCO Distribution, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;7.125% | &nbsp;&nbsp;&nbsp;&nbsp;61000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61834 |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;7.250% | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55762 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1677540** |
| &nbsp;&nbsp;**Electric 2.0%** | &nbsp;&nbsp;**Electric 2.0%** | &nbsp;&nbsp;**Electric 2.0%** | &nbsp;&nbsp;**Electric 2.0%** |
| &nbsp;&nbsp;AEP Texas, Inc. | &nbsp;&nbsp;AEP Texas, Inc. | &nbsp;&nbsp;AEP Texas, Inc. | &nbsp;&nbsp;AEP Texas, Inc. |
| &nbsp;&nbsp;01/15/2050 | &nbsp;&nbsp;3.450% | &nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;308026 |
| &nbsp;&nbsp;Calpine Corp.<sup>(a)</sup> | &nbsp;&nbsp;Calpine Corp.<sup>(a)</sup> | &nbsp;&nbsp;Calpine Corp.<sup>(a)</sup> | &nbsp;&nbsp;Calpine Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39325 |
| &nbsp;&nbsp;Clearway Energy Operating LLC<sup>(a)</sup> | &nbsp;&nbsp;Clearway Energy Operating LLC<sup>(a)</sup> | &nbsp;&nbsp;Clearway Energy Operating LLC<sup>(a)</sup> | &nbsp;&nbsp;Clearway Energy Operating LLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;224000 | &nbsp;&nbsp;&nbsp;&nbsp;186971 |
| &nbsp;&nbsp;01/15/2032 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;&nbsp;96000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77576 |
| &nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;Duke Energy Corp. |
| &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;2.550% | &nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;&nbsp;416201 |
| &nbsp;&nbsp;08/15/2052 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;306000 | &nbsp;&nbsp;&nbsp;&nbsp;274526 |
| &nbsp;&nbsp;Emera US Finance LP | &nbsp;&nbsp;Emera US Finance LP | &nbsp;&nbsp;Emera US Finance LP | &nbsp;&nbsp;Emera US Finance LP |
| &nbsp;&nbsp;06/15/2046 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;283970 |
| &nbsp;&nbsp;Georgia Power Co. | &nbsp;&nbsp;Georgia Power Co. | &nbsp;&nbsp;Georgia Power Co. | &nbsp;&nbsp;Georgia Power Co. |
| &nbsp;&nbsp;03/15/2042 | &nbsp;&nbsp;4.300% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;171436 |
| &nbsp;&nbsp;Leeward Renewable Energy Operations LLC<sup>(a)</sup> | &nbsp;&nbsp;Leeward Renewable Energy Operations LLC<sup>(a)</sup> | &nbsp;&nbsp;Leeward Renewable Energy Operations LLC<sup>(a)</sup> | &nbsp;&nbsp;Leeward Renewable Energy Operations LLC<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48499 |
| &nbsp;&nbsp;NextEra Energy Operating Partners LP<sup>(a)</sup> | &nbsp;&nbsp;NextEra Energy Operating Partners LP<sup>(a)</sup> | &nbsp;&nbsp;NextEra Energy Operating Partners LP<sup>(a)</sup> | &nbsp;&nbsp;NextEra Energy Operating Partners LP<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2024 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23324 |
| &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;142000 | &nbsp;&nbsp;&nbsp;&nbsp;130716 |
| &nbsp;&nbsp;NRG Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;NRG Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;NRG Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;NRG Energy, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25621 |
| &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;262000 | &nbsp;&nbsp;&nbsp;&nbsp;197534 |
| &nbsp;&nbsp;Pacific Gas and Electric Co. | &nbsp;&nbsp;Pacific Gas and Electric Co. | &nbsp;&nbsp;Pacific Gas and Electric Co. | &nbsp;&nbsp;Pacific Gas and Electric Co. |
| &nbsp;&nbsp;07/01/2050 | &nbsp;&nbsp;4.950% | &nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;246789 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Pattern Energy Operations LP/Inc.<sup>(a)</sup> | &nbsp;&nbsp;Pattern Energy Operations LP/Inc.<sup>(a)</sup> | &nbsp;&nbsp;Pattern Energy Operations LP/Inc.<sup>(a)</sup> | &nbsp;&nbsp;Pattern Energy Operations LP/Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36798 |
| &nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;PG&E Corp. |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32028 |
| &nbsp;&nbsp;TerraForm Power Operating LLC<sup>(a)</sup> | &nbsp;&nbsp;TerraForm Power Operating LLC<sup>(a)</sup> | &nbsp;&nbsp;TerraForm Power Operating LLC<sup>(a)</sup> | &nbsp;&nbsp;TerraForm Power Operating LLC<sup>(a)</sup> |
| &nbsp;&nbsp;01/31/2028 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;69000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62099 |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;89000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77811 |
| &nbsp;&nbsp;Vistra Operations Co. LLC<sup>(a)</sup> | &nbsp;&nbsp;Vistra Operations Co. LLC<sup>(a)</sup> | &nbsp;&nbsp;Vistra Operations Co. LLC<sup>(a)</sup> | &nbsp;&nbsp;Vistra Operations Co. LLC<sup>(a)</sup> |
| &nbsp;&nbsp;07/31/2027 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22335 |
| &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;81000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69888 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2731473** |
| &nbsp;&nbsp;**Environmental 0.2%** | &nbsp;&nbsp;**Environmental 0.2%** | &nbsp;&nbsp;**Environmental 0.2%** | &nbsp;&nbsp;**Environmental 0.2%** |
| &nbsp;&nbsp;GFL Environmental, Inc.<sup>(a)</sup> | &nbsp;&nbsp;GFL Environmental, Inc.<sup>(a)</sup> | &nbsp;&nbsp;GFL Environmental, Inc.<sup>(a)</sup> | &nbsp;&nbsp;GFL Environmental, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2025 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;68000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65386 |
| &nbsp;&nbsp;08/01/2025 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17943 |
| &nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48719 |
| &nbsp;&nbsp;Waste Pro USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Waste Pro USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Waste Pro USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Waste Pro USA, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2026 | &nbsp;&nbsp;5.500% | 107000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94817 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**226865** |
| &nbsp;&nbsp;**Finance Companies 0.5%** | &nbsp;&nbsp;**Finance Companies 0.5%** | &nbsp;&nbsp;**Finance Companies 0.5%** | &nbsp;&nbsp;**Finance Companies 0.5%** |
| &nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;Navient Corp. |
| &nbsp;&nbsp;06/25/2025 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55755 |
| &nbsp;&nbsp;OneMain Finance Corp. | &nbsp;&nbsp;OneMain Finance Corp. | &nbsp;&nbsp;OneMain Finance Corp. | &nbsp;&nbsp;OneMain Finance Corp. |
| &nbsp;&nbsp;09/15/2030 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2990 |
| &nbsp;&nbsp;Provident Funding Associates LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Provident Funding Associates LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Provident Funding Associates LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Provident Funding Associates LP/Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59187 |
| &nbsp;&nbsp;Quicken Loans LLC/Co-Issuer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Quicken Loans LLC/Co-Issuer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Quicken Loans LLC/Co-Issuer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Quicken Loans LLC/Co-Issuer, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;3.625% | 111000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88075 |
| &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63328 |
| &nbsp;&nbsp;Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2033 | &nbsp;&nbsp;4.000% | 425000 | &nbsp;&nbsp;&nbsp;&nbsp;317901 |
| &nbsp;&nbsp;Springleaf Finance Corp. | &nbsp;&nbsp;Springleaf Finance Corp. | &nbsp;&nbsp;Springleaf Finance Corp. | &nbsp;&nbsp;Springleaf Finance Corp. |
| &nbsp;&nbsp;03/15/2024 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77381 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**664617** |
| &nbsp;&nbsp;**Food and Beverage 1.6%** | &nbsp;&nbsp;**Food and Beverage 1.6%** | &nbsp;&nbsp;**Food and Beverage 1.6%** | &nbsp;&nbsp;**Food and Beverage 1.6%** |
| &nbsp;&nbsp;Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | &nbsp;&nbsp;Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | &nbsp;&nbsp;Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | &nbsp;&nbsp;Anheuser-Busch Companies LLC/InBev Worldwide, Inc. |
| &nbsp;&nbsp;02/01/2046 | &nbsp;&nbsp;4.900% | 340000 | &nbsp;&nbsp;&nbsp;&nbsp;311134 |
| &nbsp;&nbsp;Bacardi Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Bacardi Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Bacardi Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Bacardi Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2048 | &nbsp;&nbsp;5.300% | 520000 | &nbsp;&nbsp;&nbsp;&nbsp;466368 |
| &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68277 |
| &nbsp;&nbsp;FAGE International SA/USA Dairy Industry, Inc.<sup>(a)</sup> | &nbsp;&nbsp;FAGE International SA/USA Dairy Industry, Inc.<sup>(a)</sup> | &nbsp;&nbsp;FAGE International SA/USA Dairy Industry, Inc.<sup>(a)</sup> | &nbsp;&nbsp;FAGE International SA/USA Dairy Industry, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;5.625% | 229000 | &nbsp;&nbsp;&nbsp;&nbsp;214888 |
| &nbsp;&nbsp;Kraft Heinz Foods Co. | &nbsp;&nbsp;Kraft Heinz Foods Co. | &nbsp;&nbsp;Kraft Heinz Foods Co. | &nbsp;&nbsp;Kraft Heinz Foods Co. |
| &nbsp;&nbsp;06/01/2046 | &nbsp;&nbsp;4.375% | 299000 | &nbsp;&nbsp;&nbsp;&nbsp;244236 |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_20400_3c4967ce-a655-4704-aaac-34869264e3ab_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Lamb Weston Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Lamb Weston Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Lamb Weston Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Lamb Weston Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34128 |
| &nbsp;&nbsp;01/31/2030 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39816 |
| &nbsp;&nbsp;01/31/2032 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39303 |
| &nbsp;&nbsp;Pilgrim's Pride Corp.<sup>(a)</sup> | &nbsp;&nbsp;Pilgrim's Pride Corp.<sup>(a)</sup> | &nbsp;&nbsp;Pilgrim's Pride Corp.<sup>(a)</sup> | &nbsp;&nbsp;Pilgrim's Pride Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2031 | &nbsp;&nbsp;4.250% | 112000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95332 |
| &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;3.500% | 562000 | &nbsp;&nbsp;&nbsp;&nbsp;439291 |
| &nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11620 |
| &nbsp;&nbsp;04/15/2030 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24157 |
| &nbsp;&nbsp;09/15/2031 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44767 |
| &nbsp;&nbsp;Primo Water Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Primo Water Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Primo Water Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Primo Water Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/30/2029 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37136 |
| &nbsp;&nbsp;Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(a)</sup> | &nbsp;&nbsp;Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(a)</sup> | &nbsp;&nbsp;Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(a)</sup> | &nbsp;&nbsp;Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45821 |
| &nbsp;&nbsp;US Foods, Inc.<sup>(a)</sup> | &nbsp;&nbsp;US Foods, Inc.<sup>(a)</sup> | &nbsp;&nbsp;US Foods, Inc.<sup>(a)</sup> | &nbsp;&nbsp;US Foods, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2025 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3968 |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15096 |
| &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30927 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2166265** |
| &nbsp;&nbsp;**Gaming 0.5%** | &nbsp;&nbsp;**Gaming 0.5%** | &nbsp;&nbsp;**Gaming 0.5%** | &nbsp;&nbsp;**Gaming 0.5%** |
| &nbsp;&nbsp;Boyd Gaming Corp.<sup>(a)</sup> | &nbsp;&nbsp;Boyd Gaming Corp.<sup>(a)</sup> | &nbsp;&nbsp;Boyd Gaming Corp.<sup>(a)</sup> | &nbsp;&nbsp;Boyd Gaming Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46130 |
| &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2029 | &nbsp;&nbsp;4.625% | 127000 | &nbsp;&nbsp;&nbsp;&nbsp;103276 |
| &nbsp;&nbsp;Colt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Colt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Colt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Colt Merger Sub, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;5.750% | 109000 | &nbsp;&nbsp;&nbsp;&nbsp;106820 |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27242 |
| &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;8.125% | &nbsp;&nbsp;83000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81627 |
| &nbsp;&nbsp;International Game Technology PLC<sup>(a)</sup> | &nbsp;&nbsp;International Game Technology PLC<sup>(a)</sup> | &nbsp;&nbsp;International Game Technology PLC<sup>(a)</sup> | &nbsp;&nbsp;International Game Technology PLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2025 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55420 |
| &nbsp;&nbsp;Midwest Gaming Borrower LLC<sup>(a)</sup> | &nbsp;&nbsp;Midwest Gaming Borrower LLC<sup>(a)</sup> | &nbsp;&nbsp;Midwest Gaming Borrower LLC<sup>(a)</sup> | &nbsp;&nbsp;Midwest Gaming Borrower LLC<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;4.875% | 107000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91428 |
| &nbsp;&nbsp;Penn National Gaming, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Penn National Gaming, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Penn National Gaming, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Penn National Gaming, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27689 |
| &nbsp;&nbsp;Scientific Games Holdings LP/US FinCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scientific Games Holdings LP/US FinCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scientific Games Holdings LP/US FinCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scientific Games Holdings LP/US FinCo, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;6.625% | &nbsp;&nbsp;61000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51509 |
| &nbsp;&nbsp;Scientific Games International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scientific Games International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scientific Games International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scientific Games International, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;8.625% | &nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20423 |
| &nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;7.000% | &nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43028 |
| &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;7.250% | &nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26867 |
| &nbsp;&nbsp;Wynn Las Vegas LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;Wynn Las Vegas LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;Wynn Las Vegas LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;Wynn Las Vegas LLC/Capital Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2025 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44784 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**726243** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Health Care 2.5%** | &nbsp;&nbsp;**Health Care 2.5%** | &nbsp;&nbsp;**Health Care 2.5%** | &nbsp;&nbsp;**Health Care 2.5%** | &nbsp;&nbsp;**Health Care 2.5%** |
| &nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% |  | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11392 |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% |  | &nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26747 |
| &nbsp;&nbsp;AdaptHealth LLC<sup>(a)</sup> | &nbsp;&nbsp;AdaptHealth LLC<sup>(a)</sup> | &nbsp;&nbsp;AdaptHealth LLC<sup>(a)</sup> | &nbsp;&nbsp;AdaptHealth LLC<sup>(a)</sup> | &nbsp;&nbsp;AdaptHealth LLC<sup>(a)</sup> |
| &nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.625% |  | &nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15926 |
| &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;5.125% |  | &nbsp;&nbsp;&nbsp;&nbsp;61000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51918 |
| &nbsp;&nbsp;Avantor Funding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Avantor Funding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Avantor Funding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Avantor Funding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Avantor Funding, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.625% |  | &nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26333 |
| &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3.875% |  | &nbsp;&nbsp;&nbsp;164000 | &nbsp;&nbsp;&nbsp;&nbsp;137807 |
| &nbsp;&nbsp;Becton Dickinson Euro Finance SARL | &nbsp;&nbsp;Becton Dickinson Euro Finance SARL | &nbsp;&nbsp;Becton Dickinson Euro Finance SARL | &nbsp;&nbsp;Becton Dickinson Euro Finance SARL | &nbsp;&nbsp;Becton Dickinson Euro Finance SARL |
| &nbsp;&nbsp;08/13/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1.336% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;227000 | &nbsp;&nbsp;&nbsp;&nbsp;149739 |
| &nbsp;&nbsp;Catalent Pharma Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Catalent Pharma Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Catalent Pharma Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Catalent Pharma Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Catalent Pharma Solutions, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3.125% |  | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7966 |
| &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;3.500% |  | &nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33127 |
| &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.250% |  | &nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15643 |
| &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3.750% |  | &nbsp;&nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18567 |
| &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;4.000% |  | &nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16441 |
| &nbsp;&nbsp;CHS/Community Health Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CHS/Community Health Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CHS/Community Health Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CHS/Community Health Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CHS/Community Health Systems, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;6.875% |  | &nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22814 |
| &nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;5.250% |  | &nbsp;&nbsp;&nbsp;101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76284 |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% |  | &nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28385 |
| &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;CVS Health Corp. |
| &nbsp;&nbsp;03/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp;5.050% |  | &nbsp;&nbsp;&nbsp;396000 | &nbsp;&nbsp;&nbsp;&nbsp;357457 |
| &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.650% |  | 1175000 | &nbsp;&nbsp;1192236 |
| &nbsp;&nbsp;HCA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HCA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HCA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HCA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HCA, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;4.625% |  | &nbsp;&nbsp;&nbsp;705000 | &nbsp;&nbsp;&nbsp;&nbsp;552116 |
| &nbsp;&nbsp;IQVIA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;IQVIA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;IQVIA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;IQVIA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;IQVIA, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% |  | &nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15335 |
| &nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% |  | &nbsp;&nbsp;&nbsp;&nbsp;61000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58206 |
| &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.250% |  | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51661 |
| &nbsp;&nbsp;Owens & Minor, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Owens & Minor, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Owens & Minor, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Owens & Minor, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Owens & Minor, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;6.625% |  | &nbsp;&nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36975 |
| &nbsp;&nbsp;RP Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;RP Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;RP Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;RP Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;RP Escrow Issuer LLC<sup>(a)</sup> |
| &nbsp;&nbsp;12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;5.250% |  | &nbsp;&nbsp;&nbsp;176000 | &nbsp;&nbsp;&nbsp;&nbsp;134600 |
| &nbsp;&nbsp;Select Medical Corp.<sup>(a)</sup> | &nbsp;&nbsp;Select Medical Corp.<sup>(a)</sup> | &nbsp;&nbsp;Select Medical Corp.<sup>(a)</sup> | &nbsp;&nbsp;Select Medical Corp.<sup>(a)</sup> | &nbsp;&nbsp;Select Medical Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;6.250% |  | &nbsp;&nbsp;&nbsp;116000 | &nbsp;&nbsp;&nbsp;&nbsp;110553 |
| &nbsp;&nbsp;Surgery Center Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Surgery Center Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Surgery Center Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Surgery Center Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Surgery Center Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;10.000% |  | &nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38625 |
| &nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;Tenet Healthcare Corp. |
| &nbsp;&nbsp;07/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;4.625% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5864 |

---

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

14 Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_20400_3c4967ce-a655-4704-aaac-34869264e3ab_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Tenet Healthcare Corp.<sup>(a)</sup> | &nbsp;&nbsp;Tenet Healthcare Corp.<sup>(a)</sup> | &nbsp;&nbsp;Tenet Healthcare Corp.<sup>(a)</sup> | &nbsp;&nbsp;Tenet Healthcare Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48986 |
| &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;89000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83049 |
| &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;77000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69097 |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32056 |
| &nbsp;&nbsp;US Acute Care Solutions LLC<sup>(a)</sup> | &nbsp;&nbsp;US Acute Care Solutions LLC<sup>(a)</sup> | &nbsp;&nbsp;US Acute Care Solutions LLC<sup>(a)</sup> | &nbsp;&nbsp;US Acute Care Solutions LLC<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43488 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3469393** |
| &nbsp;&nbsp;**Healthcare Insurance 0.2%** | &nbsp;&nbsp;**Healthcare Insurance 0.2%** | &nbsp;&nbsp;**Healthcare Insurance 0.2%** | &nbsp;&nbsp;**Healthcare Insurance 0.2%** |
| &nbsp;&nbsp;Aetna, Inc. | &nbsp;&nbsp;Aetna, Inc. | &nbsp;&nbsp;Aetna, Inc. | &nbsp;&nbsp;Aetna, Inc. |
| &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44333 |
| &nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;Centene Corp. |
| &nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42601 |
| &nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;2.625% | 217000 | &nbsp;&nbsp;&nbsp;&nbsp;170443 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**257377** |
| &nbsp;&nbsp;**Home Construction 0.2%** | &nbsp;&nbsp;**Home Construction 0.2%** | &nbsp;&nbsp;**Home Construction 0.2%** | &nbsp;&nbsp;**Home Construction 0.2%** |
| &nbsp;&nbsp;Meritage Homes Corp. | &nbsp;&nbsp;Meritage Homes Corp. | &nbsp;&nbsp;Meritage Homes Corp. | &nbsp;&nbsp;Meritage Homes Corp. |
| &nbsp;&nbsp;06/06/2027 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41662 |
| &nbsp;&nbsp;Meritage Homes Corp.<sup>(a)</sup> | &nbsp;&nbsp;Meritage Homes Corp.<sup>(a)</sup> | &nbsp;&nbsp;Meritage Homes Corp.<sup>(a)</sup> | &nbsp;&nbsp;Meritage Homes Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;3.875% | 195000 | &nbsp;&nbsp;&nbsp;&nbsp;165488 |
| &nbsp;&nbsp;Shea Homes LP/Funding Corp. | &nbsp;&nbsp;Shea Homes LP/Funding Corp. | &nbsp;&nbsp;Shea Homes LP/Funding Corp. | &nbsp;&nbsp;Shea Homes LP/Funding Corp. |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41070 |
| &nbsp;&nbsp;Taylor Morrison Communities, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Taylor Morrison Communities, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Taylor Morrison Communities, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Taylor Morrison Communities, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48860 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**297080** |
| &nbsp;&nbsp;**Independent Energy 1.3%** | &nbsp;&nbsp;**Independent Energy 1.3%** | &nbsp;&nbsp;**Independent Energy 1.3%** | &nbsp;&nbsp;**Independent Energy 1.3%** |
| &nbsp;&nbsp;Apache Corp. | &nbsp;&nbsp;Apache Corp. | &nbsp;&nbsp;Apache Corp. | &nbsp;&nbsp;Apache Corp. |
| &nbsp;&nbsp;02/01/2042 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13120 |
| &nbsp;&nbsp;04/15/2043 | &nbsp;&nbsp;4.750% | 176000 | &nbsp;&nbsp;&nbsp;&nbsp;132746 |
| &nbsp;&nbsp;Callon Petroleum Co. | &nbsp;&nbsp;Callon Petroleum Co. | &nbsp;&nbsp;Callon Petroleum Co. | &nbsp;&nbsp;Callon Petroleum Co. |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;6.375% | 136000 | &nbsp;&nbsp;&nbsp;&nbsp;127923 |
| &nbsp;&nbsp;Callon Petroleum Co.<sup>(a)</sup> | &nbsp;&nbsp;Callon Petroleum Co.<sup>(a)</sup> | &nbsp;&nbsp;Callon Petroleum Co.<sup>(a)</sup> | &nbsp;&nbsp;Callon Petroleum Co.<sup>(a)</sup> |
| &nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;8.000% | 129000 | &nbsp;&nbsp;&nbsp;&nbsp;122438 |
| &nbsp;&nbsp;CNX Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp;CNX Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp;CNX Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp;CNX Resources Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;03/14/2027 | &nbsp;&nbsp;7.250% | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2991 |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37842 |
| &nbsp;&nbsp;Colgate Energy Partners III LLC<sup>(a)</sup> | &nbsp;&nbsp;Colgate Energy Partners III LLC<sup>(a)</sup> | &nbsp;&nbsp;Colgate Energy Partners III LLC<sup>(a)</sup> | &nbsp;&nbsp;Colgate Energy Partners III LLC<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;98000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84379 |
| &nbsp;&nbsp;Comstock Resources, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Comstock Resources, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Comstock Resources, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Comstock Resources, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17154 |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23349 |
| &nbsp;&nbsp;CrownRock LP/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CrownRock LP/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CrownRock LP/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CrownRock LP/Finance, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19721 |
| &nbsp;&nbsp;Hilcorp Energy I LP/Finance Co.<sup>(a)</sup> | &nbsp;&nbsp;Hilcorp Energy I LP/Finance Co.<sup>(a)</sup> | &nbsp;&nbsp;Hilcorp Energy I LP/Finance Co.<sup>(a)</sup> | &nbsp;&nbsp;Hilcorp Energy I LP/Finance Co.<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75953 |
| &nbsp;&nbsp;04/15/2030 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30427 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;Matador Resources Co. |
| &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5.875% | &nbsp;&nbsp;48000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46325 |
| &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;Occidental Petroleum Corp. |
| &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;6.625% | 117000 | &nbsp;&nbsp;&nbsp;&nbsp;120894 |
| &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;6.125% | 170000 | &nbsp;&nbsp;&nbsp;&nbsp;172039 |
| &nbsp;&nbsp;09/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;6.450% | 449000 | &nbsp;&nbsp;&nbsp;&nbsp;458068 |
| &nbsp;&nbsp;03/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;6.200% | &nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30345 |
| &nbsp;&nbsp;03/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;6.600% | 114000 | &nbsp;&nbsp;&nbsp;&nbsp;117323 |
| &nbsp;&nbsp;Southwestern Energy Co. | &nbsp;&nbsp;Southwestern Energy Co. | &nbsp;&nbsp;Southwestern Energy Co. | &nbsp;&nbsp;Southwestern Energy Co. |
| &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.375% | &nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15746 |
| &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | 158000 | &nbsp;&nbsp;&nbsp;&nbsp;134906 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1783689** |
| &nbsp;&nbsp;**Integrated Energy 0.0%** | &nbsp;&nbsp;**Integrated Energy 0.0%** | &nbsp;&nbsp;**Integrated Energy 0.0%** | &nbsp;&nbsp;**Integrated Energy 0.0%** |
| &nbsp;&nbsp;Cenovus Energy, Inc. | &nbsp;&nbsp;Cenovus Energy, Inc. | &nbsp;&nbsp;Cenovus Energy, Inc. | &nbsp;&nbsp;Cenovus Energy, Inc. |
| &nbsp;&nbsp;02/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;3.750% | 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74052 |
| &nbsp;&nbsp;**Leisure 0.5%** | &nbsp;&nbsp;**Leisure 0.5%** | &nbsp;&nbsp;**Leisure 0.5%** | &nbsp;&nbsp;**Leisure 0.5%** |
| &nbsp;&nbsp;Carnival Corp.<sup>(a)</sup> | &nbsp;&nbsp;Carnival Corp.<sup>(a)</sup> | &nbsp;&nbsp;Carnival Corp.<sup>(a)</sup> | &nbsp;&nbsp;Carnival Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;7.625% | &nbsp;&nbsp;64000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51116 |
| &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% | &nbsp;&nbsp;61000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43523 |
| &nbsp;&nbsp;Carnival Holdings Bermuda Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Carnival Holdings Bermuda Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Carnival Holdings Bermuda Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Carnival Holdings Bermuda Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;10.375% | &nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55430 |
| &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC<sup>(a)</sup> | &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC<sup>(a)</sup> | &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC<sup>(a)</sup> | &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14822 |
| &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC | &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC | &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC | &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC |
| &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;6.500% | &nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28210 |
| &nbsp;&nbsp;Cinemark USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cinemark USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cinemark USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cinemark USA, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5.875% | 145000 | &nbsp;&nbsp;&nbsp;&nbsp;120630 |
| &nbsp;&nbsp;NCL Corp., Ltd.<sup>(a)</sup> | &nbsp;&nbsp;NCL Corp., Ltd.<sup>(a)</sup> | &nbsp;&nbsp;NCL Corp., Ltd.<sup>(a)</sup> | &nbsp;&nbsp;NCL Corp., Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5.875% | &nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24399 |
| &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.875% | &nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19908 |
| &nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;4.250% | &nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25100 |
| &nbsp;&nbsp;08/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | 198000 | &nbsp;&nbsp;&nbsp;&nbsp;166585 |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.375% | &nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18710 |
| &nbsp;&nbsp;Six Flags Entertainment Corp.<sup>(a)</sup> | &nbsp;&nbsp;Six Flags Entertainment Corp.<sup>(a)</sup> | &nbsp;&nbsp;Six Flags Entertainment Corp.<sup>(a)</sup> | &nbsp;&nbsp;Six Flags Entertainment Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;07/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;4.875% | &nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72279 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**640712** |
| &nbsp;&nbsp;**Life Insurance 0.2%** | &nbsp;&nbsp;**Life Insurance 0.2%** | &nbsp;&nbsp;**Life Insurance 0.2%** | &nbsp;&nbsp;**Life Insurance 0.2%** |
| &nbsp;&nbsp;Peachtree Corners Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Peachtree Corners Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Peachtree Corners Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Peachtree Corners Funding Trust<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;3.976% | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;289954 |
| &nbsp;&nbsp;**Media and Entertainment 2.0%** | &nbsp;&nbsp;**Media and Entertainment 2.0%** | &nbsp;&nbsp;**Media and Entertainment 2.0%** | &nbsp;&nbsp;**Media and Entertainment 2.0%** |
| &nbsp;&nbsp;Cengage Learning, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cengage Learning, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cengage Learning, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cengage Learning, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;9.500% | 208000 | &nbsp;&nbsp;&nbsp;&nbsp;198109 |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_20400_3c4967ce-a655-4704-aaac-34869264e3ab_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Clear Channel International BV<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel International BV<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel International BV<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel International BV<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel International BV<sup>(a)</sup> |
| &nbsp;&nbsp;08/01/2025 | &nbsp;&nbsp;6.625% |  | &nbsp;&nbsp;&nbsp;&nbsp;68000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64895 |
| &nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2028 | &nbsp;&nbsp;7.750% |  | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66054 |
| &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;7.500% |  | &nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48006 |
| &nbsp;&nbsp;Clear Channel Worldwide Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel Worldwide Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel Worldwide Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel Worldwide Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel Worldwide Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;5.125% |  | &nbsp;&nbsp;&nbsp;&nbsp;73000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63254 |
| &nbsp;&nbsp;iHeartCommunications, Inc. | &nbsp;&nbsp;iHeartCommunications, Inc. | &nbsp;&nbsp;iHeartCommunications, Inc. | &nbsp;&nbsp;iHeartCommunications, Inc. | &nbsp;&nbsp;iHeartCommunications, Inc. |
| &nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;6.375% |  | &nbsp;&nbsp;&nbsp;&nbsp;28159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25902 |
| &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;5.250% |  | &nbsp;&nbsp;&nbsp;&nbsp;78000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66025 |
| &nbsp;&nbsp;Magallanes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2062 | &nbsp;&nbsp;5.391% |  | 1370000 | &nbsp;&nbsp;1003602 |
| &nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;Netflix, Inc. |
| &nbsp;&nbsp;04/15/2028 | &nbsp;&nbsp;4.875% |  | &nbsp;&nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52469 |
| &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;5.875% |  | &nbsp;&nbsp;&nbsp;&nbsp;77000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78132 |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;219596 |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;6.375% |  | &nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17575 |
| &nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99991 |
| &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;5.375% |  | &nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51890 |
| &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97795 |
| &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;4.875% |  | &nbsp;&nbsp;&nbsp;308000 | &nbsp;&nbsp;&nbsp;&nbsp;288038 |
| &nbsp;&nbsp;Outfront Media Capital LLC/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Outfront Media Capital LLC/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Outfront Media Capital LLC/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Outfront Media Capital LLC/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Outfront Media Capital LLC/Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;4.250% |  | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12442 |
| &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;4.625% |  | &nbsp;&nbsp;&nbsp;&nbsp;78000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64685 |
| &nbsp;&nbsp;Playtika Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;Playtika Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;Playtika Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;Playtika Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;Playtika Holding Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;4.250% |  | &nbsp;&nbsp;&nbsp;134000 | &nbsp;&nbsp;&nbsp;&nbsp;105155 |
| &nbsp;&nbsp;Roblox Corp.<sup>(a)</sup> | &nbsp;&nbsp;Roblox Corp.<sup>(a)</sup> | &nbsp;&nbsp;Roblox Corp.<sup>(a)</sup> | &nbsp;&nbsp;Roblox Corp.<sup>(a)</sup> | &nbsp;&nbsp;Roblox Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;3.875% |  | &nbsp;&nbsp;&nbsp;&nbsp;72000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56715 |
| &nbsp;&nbsp;Univision Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Univision Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Univision Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Univision Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Univision Communications, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;4.500% |  | &nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18387 |
| &nbsp;&nbsp;06/30/2030 | &nbsp;&nbsp;7.375% |  | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33492 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2732209** |
| &nbsp;&nbsp;**Metals and Mining 0.4%** | &nbsp;&nbsp;**Metals and Mining 0.4%** | &nbsp;&nbsp;**Metals and Mining 0.4%** | &nbsp;&nbsp;**Metals and Mining 0.4%** | &nbsp;&nbsp;**Metals and Mining 0.4%** |
| &nbsp;&nbsp;Allegheny Technologies, Inc. | &nbsp;&nbsp;Allegheny Technologies, Inc. | &nbsp;&nbsp;Allegheny Technologies, Inc. | &nbsp;&nbsp;Allegheny Technologies, Inc. | &nbsp;&nbsp;Allegheny Technologies, Inc. |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;4.875% |  | &nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14133 |
| &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;5.125% |  | &nbsp;&nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55277 |
| &nbsp;&nbsp;Constellium SE<sup>(a)</sup> | &nbsp;&nbsp;Constellium SE<sup>(a)</sup> | &nbsp;&nbsp;Constellium SE<sup>(a)</sup> | &nbsp;&nbsp;Constellium SE<sup>(a)</sup> | &nbsp;&nbsp;Constellium SE<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;5.625% |  | &nbsp;&nbsp;&nbsp;&nbsp;69000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63803 |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;3.750% |  | &nbsp;&nbsp;&nbsp;291000 | &nbsp;&nbsp;&nbsp;&nbsp;236946 |
| &nbsp;&nbsp;Hudbay Minerals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Hudbay Minerals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Hudbay Minerals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Hudbay Minerals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Hudbay Minerals, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;6.125% |  | &nbsp;&nbsp;&nbsp;143000 | &nbsp;&nbsp;&nbsp;&nbsp;130330 |
| &nbsp;&nbsp;Kaiser Aluminum Corp.<sup>(a)</sup> | &nbsp;&nbsp;Kaiser Aluminum Corp.<sup>(a)</sup> | &nbsp;&nbsp;Kaiser Aluminum Corp.<sup>(a)</sup> | &nbsp;&nbsp;Kaiser Aluminum Corp.<sup>(a)</sup> | &nbsp;&nbsp;Kaiser Aluminum Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;4.625% |  | &nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11397 |
| &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;4.500% |  | &nbsp;&nbsp;&nbsp;&nbsp;48000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38564 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Novelis Corp.<sup>(a)</sup> | &nbsp;&nbsp;Novelis Corp.<sup>(a)</sup> | &nbsp;&nbsp;Novelis Corp.<sup>(a)</sup> | &nbsp;&nbsp;Novelis Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;25095 |
| &nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;27003 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**602548** |
| &nbsp;&nbsp;**Midstream 2.2%** | &nbsp;&nbsp;**Midstream 2.2%** | &nbsp;&nbsp;**Midstream 2.2%** | &nbsp;&nbsp;**Midstream 2.2%** |
| &nbsp;&nbsp;Cheniere Energy Partners LP | &nbsp;&nbsp;Cheniere Energy Partners LP | &nbsp;&nbsp;Cheniere Energy Partners LP | &nbsp;&nbsp;Cheniere Energy Partners LP |
| &nbsp;&nbsp;01/31/2032 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;19913 |
| &nbsp;&nbsp;CNX Midstream Partners LP<sup>(a)</sup> | &nbsp;&nbsp;CNX Midstream Partners LP<sup>(a)</sup> | &nbsp;&nbsp;CNX Midstream Partners LP<sup>(a)</sup> | &nbsp;&nbsp;CNX Midstream Partners LP<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2030 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;33019 |
| &nbsp;&nbsp;DCP Midstream Operating LP | &nbsp;&nbsp;DCP Midstream Operating LP | &nbsp;&nbsp;DCP Midstream Operating LP | &nbsp;&nbsp;DCP Midstream Operating LP |
| &nbsp;&nbsp;04/01/2044 | &nbsp;&nbsp;5.600% | &nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;29752 |
| &nbsp;&nbsp;Delek Logistics Partners LP/Finance Corp. | &nbsp;&nbsp;Delek Logistics Partners LP/Finance Corp. | &nbsp;&nbsp;Delek Logistics Partners LP/Finance Corp. | &nbsp;&nbsp;Delek Logistics Partners LP/Finance Corp. |
| &nbsp;&nbsp;05/15/2025 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;30959 |
| &nbsp;&nbsp;DT Midstream, Inc.<sup>(a)</sup> | &nbsp;&nbsp;DT Midstream, Inc.<sup>(a)</sup> | &nbsp;&nbsp;DT Midstream, Inc.<sup>(a)</sup> | &nbsp;&nbsp;DT Midstream, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;28311 |
| &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;35127 |
| &nbsp;&nbsp;Enterprise Products Operating LLC | &nbsp;&nbsp;Enterprise Products Operating LLC | &nbsp;&nbsp;Enterprise Products Operating LLC | &nbsp;&nbsp;Enterprise Products Operating LLC |
| &nbsp;&nbsp;01/31/2060 | &nbsp;&nbsp;3.950% | 116000 | &nbsp;&nbsp;&nbsp;&nbsp;84353 |
| &nbsp;&nbsp;EQM Midstream Partners LP<sup>(a)</sup> | &nbsp;&nbsp;EQM Midstream Partners LP<sup>(a)</sup> | &nbsp;&nbsp;EQM Midstream Partners LP<sup>(a)</sup> | &nbsp;&nbsp;EQM Midstream Partners LP<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;21033 |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;73000 | &nbsp;&nbsp;&nbsp;&nbsp;61759 |
| &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;4.750% | 257000 | &nbsp;&nbsp;211776 |
| &nbsp;&nbsp;EQM Midstream Partners LP | &nbsp;&nbsp;EQM Midstream Partners LP | &nbsp;&nbsp;EQM Midstream Partners LP | &nbsp;&nbsp;EQM Midstream Partners LP |
| &nbsp;&nbsp;07/15/2048 | &nbsp;&nbsp;6.500% | 223000 | &nbsp;&nbsp;167253 |
| &nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;03/31/2036 | &nbsp;&nbsp;2.625% | 400000 | &nbsp;&nbsp;321889 |
| &nbsp;&nbsp;09/30/2040 | &nbsp;&nbsp;3.250% | 200000 | &nbsp;&nbsp;154613 |
| &nbsp;&nbsp;Holly Energy Partners LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Holly Energy Partners LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Holly Energy Partners LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Holly Energy Partners LP/Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;25659 |
| &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;34823 |
| &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;Kinder Morgan, Inc. |
| &nbsp;&nbsp;02/15/2046 | &nbsp;&nbsp;5.050% | 170000 | &nbsp;&nbsp;144905 |
| &nbsp;&nbsp;08/01/2052 | &nbsp;&nbsp;5.450% | 137000 | &nbsp;&nbsp;123730 |
| &nbsp;&nbsp;NuStar Logistics LP | &nbsp;&nbsp;NuStar Logistics LP | &nbsp;&nbsp;NuStar Logistics LP | &nbsp;&nbsp;NuStar Logistics LP |
| &nbsp;&nbsp;10/01/2025 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;87000 | &nbsp;&nbsp;&nbsp;&nbsp;84044 |
| &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;93000 | &nbsp;&nbsp;&nbsp;&nbsp;89822 |
| &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. | &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. | &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. | &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. |
| &nbsp;&nbsp;06/15/2044 | &nbsp;&nbsp;4.700% | 702000 | &nbsp;&nbsp;531289 |
| &nbsp;&nbsp;Rockies Express Pipeline LLC<sup>(a)</sup> | &nbsp;&nbsp;Rockies Express Pipeline LLC<sup>(a)</sup> | &nbsp;&nbsp;Rockies Express Pipeline LLC<sup>(a)</sup> | &nbsp;&nbsp;Rockies Express Pipeline LLC<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2025 | &nbsp;&nbsp;3.600% | &nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;24540 |
| &nbsp;&nbsp;Superior Plus LP/General Partner, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Superior Plus LP/General Partner, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Superior Plus LP/General Partner, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Superior Plus LP/General Partner, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;18034 |
| &nbsp;&nbsp;TransMontaigne Partners LP/TLP Finance Corp. | &nbsp;&nbsp;TransMontaigne Partners LP/TLP Finance Corp. | &nbsp;&nbsp;TransMontaigne Partners LP/TLP Finance Corp. | &nbsp;&nbsp;TransMontaigne Partners LP/TLP Finance Corp. |
| &nbsp;&nbsp;02/15/2026 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;96000 | &nbsp;&nbsp;&nbsp;&nbsp;83498 |
| &nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(a)</sup> | &nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(a)</sup> | &nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(a)</sup> | &nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;81000 | &nbsp;&nbsp;&nbsp;&nbsp;70918 |
| &nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;4.125% | 170000 | &nbsp;&nbsp;144927 |
| &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;3.875% | 264000 | &nbsp;&nbsp;215532 |

---

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

16 Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_20400_3c4967ce-a655-4704-aaac-34869264e3ab_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;Williams Companies, Inc. (The) |
| &nbsp;&nbsp;09/15/2045 | &nbsp;&nbsp;5.100% |  | 220000 | &nbsp;&nbsp;&nbsp;&nbsp;192430 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2983908** |
| &nbsp;&nbsp;**Natural Gas 0.3%** | &nbsp;&nbsp;**Natural Gas 0.3%** | &nbsp;&nbsp;**Natural Gas 0.3%** | &nbsp;&nbsp;**Natural Gas 0.3%** | &nbsp;&nbsp;**Natural Gas 0.3%** |
| &nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;NiSource, Inc. |
| &nbsp;&nbsp;05/15/2047 | &nbsp;&nbsp;4.375% |  | 465000 | &nbsp;&nbsp;&nbsp;&nbsp;391157 |
| &nbsp;&nbsp;**Oil Field Services 0.2%** | &nbsp;&nbsp;**Oil Field Services 0.2%** | &nbsp;&nbsp;**Oil Field Services 0.2%** | &nbsp;&nbsp;**Oil Field Services 0.2%** | &nbsp;&nbsp;**Oil Field Services 0.2%** |
| &nbsp;&nbsp;Nabors Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Nabors Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Nabors Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Nabors Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Nabors Industries, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;7.375% |  | &nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28415 |
| &nbsp;&nbsp;Transocean Sentry Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Transocean Sentry Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Transocean Sentry Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Transocean Sentry Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Transocean Sentry Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2023 | &nbsp;&nbsp;5.375% |  | 262628 | &nbsp;&nbsp;&nbsp;&nbsp;260542 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**288957** |
| &nbsp;&nbsp;**Other Industry 0.0%** | &nbsp;&nbsp;**Other Industry 0.0%** | &nbsp;&nbsp;**Other Industry 0.0%** | &nbsp;&nbsp;**Other Industry 0.0%** | &nbsp;&nbsp;**Other Industry 0.0%** |
| &nbsp;&nbsp;Hillenbrand, Inc. | &nbsp;&nbsp;Hillenbrand, Inc. | &nbsp;&nbsp;Hillenbrand, Inc. | &nbsp;&nbsp;Hillenbrand, Inc. | &nbsp;&nbsp;Hillenbrand, Inc. |
| &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;3.750% |  | &nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17316 |
| &nbsp;&nbsp;**Other REIT 0.5%** | &nbsp;&nbsp;**Other REIT 0.5%** | &nbsp;&nbsp;**Other REIT 0.5%** | &nbsp;&nbsp;**Other REIT 0.5%** | &nbsp;&nbsp;**Other REIT 0.5%** |
| &nbsp;&nbsp;Blackstone Mortgage Trust, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Blackstone Mortgage Trust, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Blackstone Mortgage Trust, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Blackstone Mortgage Trust, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Blackstone Mortgage Trust, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2027 | &nbsp;&nbsp;3.750% |  | &nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51163 |
| &nbsp;&nbsp;Digital Dutch Finco BV<sup>(a)</sup> | &nbsp;&nbsp;Digital Dutch Finco BV<sup>(a)</sup> | &nbsp;&nbsp;Digital Dutch Finco BV<sup>(a)</sup> | &nbsp;&nbsp;Digital Dutch Finco BV<sup>(a)</sup> | &nbsp;&nbsp;Digital Dutch Finco BV<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;1.500% | &nbsp;&nbsp;EUR | 116000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96871 |
| &nbsp;&nbsp;Digital Intrepid Holding BV<sup>(a)</sup> | &nbsp;&nbsp;Digital Intrepid Holding BV<sup>(a)</sup> | &nbsp;&nbsp;Digital Intrepid Holding BV<sup>(a)</sup> | &nbsp;&nbsp;Digital Intrepid Holding BV<sup>(a)</sup> | &nbsp;&nbsp;Digital Intrepid Holding BV<sup>(a)</sup> |
| &nbsp;&nbsp;07/18/2032 | &nbsp;&nbsp;1.375% | &nbsp;&nbsp;EUR | 201000 | &nbsp;&nbsp;&nbsp;&nbsp;152752 |
| &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2025 | &nbsp;&nbsp;5.250% |  | &nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39561 |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;4.250% |  | 102000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85889 |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;4.750% |  | 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92852 |
| &nbsp;&nbsp;Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(a)</sup> | &nbsp;&nbsp;Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(a)</sup> | &nbsp;&nbsp;Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(a)</sup> | &nbsp;&nbsp;Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(a)</sup> | &nbsp;&nbsp;Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;4.875% |  | &nbsp;&nbsp;97000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82108 |
| &nbsp;&nbsp;RHP Hotel Properties LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;RHP Hotel Properties LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;RHP Hotel Properties LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;RHP Hotel Properties LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;RHP Hotel Properties LP/Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;4.500% |  | &nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12986 |
| &nbsp;&nbsp;RLJ Lodging Trust LP<sup>(a)</sup> | &nbsp;&nbsp;RLJ Lodging Trust LP<sup>(a)</sup> | &nbsp;&nbsp;RLJ Lodging Trust LP<sup>(a)</sup> | &nbsp;&nbsp;RLJ Lodging Trust LP<sup>(a)</sup> | &nbsp;&nbsp;RLJ Lodging Trust LP<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;3.750% |  | &nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17801 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**631983** |
| &nbsp;&nbsp;**Packaging 0.2%** | &nbsp;&nbsp;**Packaging 0.2%** | &nbsp;&nbsp;**Packaging 0.2%** | &nbsp;&nbsp;**Packaging 0.2%** | &nbsp;&nbsp;**Packaging 0.2%** |
| &nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/PLC<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/PLC<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/PLC<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/PLC<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/PLC<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;6.000% |  | &nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25474 |
| &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;4.000% |  | 135000 | &nbsp;&nbsp;&nbsp;&nbsp;107086 |
| &nbsp;&nbsp;Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;4.125% |  | &nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15604 |
| &nbsp;&nbsp;BWAY Holding Co.<sup>(a)</sup> | &nbsp;&nbsp;BWAY Holding Co.<sup>(a)</sup> | &nbsp;&nbsp;BWAY Holding Co.<sup>(a)</sup> | &nbsp;&nbsp;BWAY Holding Co.<sup>(a)</sup> | &nbsp;&nbsp;BWAY Holding Co.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2024 | &nbsp;&nbsp;5.500% |  | &nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21405 |
| &nbsp;&nbsp;CANPACK SA/Eastern PA Land Investment Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;CANPACK SA/Eastern PA Land Investment Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;CANPACK SA/Eastern PA Land Investment Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;CANPACK SA/Eastern PA Land Investment Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;CANPACK SA/Eastern PA Land Investment Holding LLC<sup>(a)</sup> |
| &nbsp;&nbsp;11/01/2025 | &nbsp;&nbsp;3.125% |  | &nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33248 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Canpack SA/US LLC<sup>(a)</sup> | &nbsp;&nbsp;Canpack SA/US LLC<sup>(a)</sup> | &nbsp;&nbsp;Canpack SA/US LLC<sup>(a)</sup> | &nbsp;&nbsp;Canpack SA/US LLC<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3.875% | &nbsp;&nbsp;84000 | &nbsp;&nbsp;&nbsp;&nbsp;66510 |
| &nbsp;&nbsp;Trivium Packaging Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Trivium Packaging Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Trivium Packaging Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Trivium Packaging Finance BV<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;17760 |
| &nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;8.500% | &nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;35860 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**322947** |
| &nbsp;&nbsp;**Pharmaceuticals 0.6%** | &nbsp;&nbsp;**Pharmaceuticals 0.6%** | &nbsp;&nbsp;**Pharmaceuticals 0.6%** | &nbsp;&nbsp;**Pharmaceuticals 0.6%** |
| &nbsp;&nbsp;1375209 BC Ltd.<sup>(a)</sup> | &nbsp;&nbsp;1375209 BC Ltd.<sup>(a)</sup> | &nbsp;&nbsp;1375209 BC Ltd.<sup>(a)</sup> | &nbsp;&nbsp;1375209 BC Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;01/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;9.000% | &nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;10716 |
| &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;Amgen, Inc. |
| &nbsp;&nbsp;03/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;4.875% | 444000 | &nbsp;&nbsp;395377 |
| &nbsp;&nbsp;02/22/2062 | &nbsp;&nbsp;&nbsp;&nbsp;4.400% | 151000 | &nbsp;&nbsp;121135 |
| &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;6.125% | &nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;28205 |
| &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.875% | &nbsp;&nbsp;73000 | &nbsp;&nbsp;&nbsp;&nbsp;46703 |
| &nbsp;&nbsp;09/30/2028 | &nbsp;&nbsp;11.000% | &nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;14900 |
| &nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;14.000% | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;1782 |
| &nbsp;&nbsp;Endo Dac/Finance LLC/Finco, Inc.<sup>(a),(i)</sup> | &nbsp;&nbsp;Endo Dac/Finance LLC/Finco, Inc.<sup>(a),(i)</sup> | &nbsp;&nbsp;Endo Dac/Finance LLC/Finco, Inc.<sup>(a),(i)</sup> | &nbsp;&nbsp;Endo Dac/Finance LLC/Finco, Inc.<sup>(a),(i)</sup> |
| &nbsp;&nbsp;06/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;0.000% | &nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969 |
| &nbsp;&nbsp;Grifols Escrow Issuer SA<sup>(a)</sup> | &nbsp;&nbsp;Grifols Escrow Issuer SA<sup>(a)</sup> | &nbsp;&nbsp;Grifols Escrow Issuer SA<sup>(a)</sup> | &nbsp;&nbsp;Grifols Escrow Issuer SA<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | &nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;16439 |
| &nbsp;&nbsp;Organon Finance 1 LLC<sup>(a)</sup> | &nbsp;&nbsp;Organon Finance 1 LLC<sup>(a)</sup> | &nbsp;&nbsp;Organon Finance 1 LLC<sup>(a)</sup> | &nbsp;&nbsp;Organon Finance 1 LLC<sup>(a)</sup> |
| &nbsp;&nbsp;04/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.125% | 207000 | &nbsp;&nbsp;183282 |
| &nbsp;&nbsp;04/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp;5.125% | &nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;71030 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**890538** |
| &nbsp;&nbsp;**Property & Casualty 0.7%** | &nbsp;&nbsp;**Property & Casualty 0.7%** | &nbsp;&nbsp;**Property & Casualty 0.7%** | &nbsp;&nbsp;**Property & Casualty 0.7%** |
| &nbsp;&nbsp;Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup> | &nbsp;&nbsp;Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup> | &nbsp;&nbsp;Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup> | &nbsp;&nbsp;Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;4.250% | 129000 | &nbsp;&nbsp;116198 |
| &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;6.750% | &nbsp;&nbsp;79000 | &nbsp;&nbsp;&nbsp;&nbsp;71182 |
| &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.875% | &nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;41169 |
| &nbsp;&nbsp;AssuredPartners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;AssuredPartners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;AssuredPartners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;AssuredPartners, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;7.000% | &nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;25277 |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.625% | &nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;42369 |
| &nbsp;&nbsp;Berkshire Hathaway Finance Corp. | &nbsp;&nbsp;Berkshire Hathaway Finance Corp. | &nbsp;&nbsp;Berkshire Hathaway Finance Corp. | &nbsp;&nbsp;Berkshire Hathaway Finance Corp. |
| &nbsp;&nbsp;03/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;3.850% | 337000 | &nbsp;&nbsp;271989 |
| &nbsp;&nbsp;BroadStreet Partners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;BroadStreet Partners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;BroadStreet Partners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;BroadStreet Partners, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.875% | &nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp;57595 |
| &nbsp;&nbsp;GTCR AP Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;GTCR AP Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;GTCR AP Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;GTCR AP Finance, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;8.000% | &nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;10546 |
| &nbsp;&nbsp;HUB International Ltd.<sup>(a)</sup> | &nbsp;&nbsp;HUB International Ltd.<sup>(a)</sup> | &nbsp;&nbsp;HUB International Ltd.<sup>(a)</sup> | &nbsp;&nbsp;HUB International Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;7.000% | 193000 | &nbsp;&nbsp;189452 |
| &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.625% | &nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp;54372 |
| &nbsp;&nbsp;Ryan Specialty Group LLC<sup>(a)</sup> | &nbsp;&nbsp;Ryan Specialty Group LLC<sup>(a)</sup> | &nbsp;&nbsp;Ryan Specialty Group LLC<sup>(a)</sup> | &nbsp;&nbsp;Ryan Specialty Group LLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;6118 |
| &nbsp;&nbsp;USI, Inc.<sup>(a)</sup> | &nbsp;&nbsp;USI, Inc.<sup>(a)</sup> | &nbsp;&nbsp;USI, Inc.<sup>(a)</sup> | &nbsp;&nbsp;USI, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;6.875% | &nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;37435 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**923702** |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_20400_3c4967ce-a655-4704-aaac-34869264e3ab_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Restaurants 0.2%** | &nbsp;&nbsp;**Restaurants 0.2%** | &nbsp;&nbsp;**Restaurants 0.2%** | &nbsp;&nbsp;**Restaurants 0.2%** |
| &nbsp;&nbsp;1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2025 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17910 |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59445 |
| &nbsp;&nbsp;Fertitta Entertainment LLC/Finance Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Fertitta Entertainment LLC/Finance Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Fertitta Entertainment LLC/Finance Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Fertitta Entertainment LLC/Finance Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16930 |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37940 |
| &nbsp;&nbsp;IRB Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;IRB Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;IRB Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;IRB Holding Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;7.000% | 124000 | &nbsp;&nbsp;&nbsp;&nbsp;123663 |
| &nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;Yum! Brands, Inc. |
| &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49103 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**304991** |
| &nbsp;&nbsp;**Retailers 1.0%** | &nbsp;&nbsp;**Retailers 1.0%** | &nbsp;&nbsp;**Retailers 1.0%** | &nbsp;&nbsp;**Retailers 1.0%** |
| &nbsp;&nbsp;Asbury Automotive Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Asbury Automotive Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Asbury Automotive Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Asbury Automotive Group, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11812 |
| &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11549 |
| &nbsp;&nbsp;Group 1 Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Group 1 Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Group 1 Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Group 1 Automotive, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17854 |
| &nbsp;&nbsp;L Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;L Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;L Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;L Brands, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;9.375% | 180000 | &nbsp;&nbsp;&nbsp;&nbsp;192896 |
| &nbsp;&nbsp;L Brands, Inc. | &nbsp;&nbsp;L Brands, Inc. | &nbsp;&nbsp;L Brands, Inc. | &nbsp;&nbsp;L Brands, Inc. |
| &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;6.875% | &nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53338 |
| &nbsp;&nbsp;LCM Investments Holdings II LLC<sup>(a)</sup> | &nbsp;&nbsp;LCM Investments Holdings II LLC<sup>(a)</sup> | &nbsp;&nbsp;LCM Investments Holdings II LLC<sup>(a)</sup> | &nbsp;&nbsp;LCM Investments Holdings II LLC<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54117 |
| &nbsp;&nbsp;Lithia Motors, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Lithia Motors, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Lithia Motors, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Lithia Motors, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24619 |
| &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;Lowe's Companies, Inc. |
| &nbsp;&nbsp;04/01/2062 | &nbsp;&nbsp;4.450% | 224000 | &nbsp;&nbsp;&nbsp;&nbsp;175391 |
| &nbsp;&nbsp;09/15/2062 | &nbsp;&nbsp;5.800% | 700000 | &nbsp;&nbsp;&nbsp;&nbsp;674977 |
| &nbsp;&nbsp;PetSmart, Inc./Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;PetSmart, Inc./Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;PetSmart, Inc./Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;PetSmart, Inc./Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33529 |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;7.750% | &nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43846 |
| &nbsp;&nbsp;Wolverine World Wide, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Wolverine World Wide, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Wolverine World Wide, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Wolverine World Wide, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28017 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1321945** |
| &nbsp;&nbsp;**Supermarkets 0.0%** | &nbsp;&nbsp;**Supermarkets 0.0%** | &nbsp;&nbsp;**Supermarkets 0.0%** | &nbsp;&nbsp;**Supermarkets 0.0%** |
| &nbsp;&nbsp;Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup> | &nbsp;&nbsp;Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup> | &nbsp;&nbsp;Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup> | &nbsp;&nbsp;Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17344 |
| &nbsp;&nbsp;**Technology 1.6%** | &nbsp;&nbsp;**Technology 1.6%** | &nbsp;&nbsp;**Technology 1.6%** | &nbsp;&nbsp;**Technology 1.6%** |
| &nbsp;&nbsp;Black Knight InfoServ LLC<sup>(a)</sup> | &nbsp;&nbsp;Black Knight InfoServ LLC<sup>(a)</sup> | &nbsp;&nbsp;Black Knight InfoServ LLC<sup>(a)</sup> | &nbsp;&nbsp;Black Knight InfoServ LLC<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13952 |
| &nbsp;&nbsp;Block, Inc. | &nbsp;&nbsp;Block, Inc. | &nbsp;&nbsp;Block, Inc. | &nbsp;&nbsp;Block, Inc. |
| &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24744 |
| &nbsp;&nbsp;Boxer Parent Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Boxer Parent Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Boxer Parent Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Boxer Parent Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/02/2025 | &nbsp;&nbsp;7.125% | &nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16673 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;3.469% | 102000 | &nbsp;&nbsp;&nbsp;&nbsp;80871 |
| &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;3.187% | 219000 | &nbsp;&nbsp;158061 |
| &nbsp;&nbsp;Camelot Finance SA<sup>(a)</sup> | &nbsp;&nbsp;Camelot Finance SA<sup>(a)</sup> | &nbsp;&nbsp;Camelot Finance SA<sup>(a)</sup> | &nbsp;&nbsp;Camelot Finance SA<sup>(a)</sup> |
| &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | &nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;32905 |
| &nbsp;&nbsp;Clarivate Science Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;Clarivate Science Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;Clarivate Science Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;Clarivate Science Holdings Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;3.875% | &nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;22555 |
| &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.875% | &nbsp;&nbsp;64000 | &nbsp;&nbsp;&nbsp;&nbsp;54418 |
| &nbsp;&nbsp;Condor Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Condor Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Condor Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Condor Merger Sub, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;7.375% | &nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;43610 |
| &nbsp;&nbsp;Entegris Escrow Corp.<sup>(a)</sup> | &nbsp;&nbsp;Entegris Escrow Corp.<sup>(a)</sup> | &nbsp;&nbsp;Entegris Escrow Corp.<sup>(a)</sup> | &nbsp;&nbsp;Entegris Escrow Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | &nbsp;&nbsp;46000 | &nbsp;&nbsp;&nbsp;&nbsp;42073 |
| &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;5.950% | &nbsp;&nbsp;81000 | &nbsp;&nbsp;&nbsp;&nbsp;74727 |
| &nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3.625% | 126000 | &nbsp;&nbsp;110450 |
| &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;3.750% | 353000 | &nbsp;&nbsp;306074 |
| &nbsp;&nbsp;HealthEquity, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HealthEquity, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HealthEquity, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HealthEquity, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | &nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp;51529 |
| &nbsp;&nbsp;Helios Software Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Helios Software Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Helios Software Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Helios Software Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.625% | &nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;33490 |
| &nbsp;&nbsp;ION Trading Technologies Sarl<sup>(a)</sup> | &nbsp;&nbsp;ION Trading Technologies Sarl<sup>(a)</sup> | &nbsp;&nbsp;ION Trading Technologies Sarl<sup>(a)</sup> | &nbsp;&nbsp;ION Trading Technologies Sarl<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% | &nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;31719 |
| &nbsp;&nbsp;Logan Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Logan Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Logan Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Logan Merger Sub, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | 109000 | &nbsp;&nbsp;&nbsp;&nbsp;58833 |
| &nbsp;&nbsp;Minerva Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Minerva Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Minerva Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Minerva Merger Sub, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;6.500% | &nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp;&nbsp;65193 |
| &nbsp;&nbsp;NCR Corp.<sup>(a)</sup> | &nbsp;&nbsp;NCR Corp.<sup>(a)</sup> | &nbsp;&nbsp;NCR Corp.<sup>(a)</sup> | &nbsp;&nbsp;NCR Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;85804 |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.125% | &nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;55195 |
| &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;3298 |
| &nbsp;&nbsp;Neptune Bidco US, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Neptune Bidco US, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Neptune Bidco US, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Neptune Bidco US, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;9.290% | &nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;40516 |
| &nbsp;&nbsp;NXP BV/Funding LLC/USA, Inc. | &nbsp;&nbsp;NXP BV/Funding LLC/USA, Inc. | &nbsp;&nbsp;NXP BV/Funding LLC/USA, Inc. | &nbsp;&nbsp;NXP BV/Funding LLC/USA, Inc. |
| &nbsp;&nbsp;01/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% | 194000 | &nbsp;&nbsp;183052 |
| &nbsp;&nbsp;02/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;3.125% | 149000 | &nbsp;&nbsp;100420 |
| &nbsp;&nbsp;Picard Midco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Picard Midco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Picard Midco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Picard Midco, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;6.500% | &nbsp;&nbsp;81000 | &nbsp;&nbsp;&nbsp;&nbsp;68587 |
| &nbsp;&nbsp;PTC, Inc.<sup>(a)</sup> | &nbsp;&nbsp;PTC, Inc.<sup>(a)</sup> | &nbsp;&nbsp;PTC, Inc.<sup>(a)</sup> | &nbsp;&nbsp;PTC, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | &nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;36203 |
| &nbsp;&nbsp;Sabre GLBL, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Sabre GLBL, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Sabre GLBL, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Sabre GLBL, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;11.250% | &nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;10292 |
| &nbsp;&nbsp;Sensata Technologies BV<sup>(a)</sup> | &nbsp;&nbsp;Sensata Technologies BV<sup>(a)</sup> | &nbsp;&nbsp;Sensata Technologies BV<sup>(a)</sup> | &nbsp;&nbsp;Sensata Technologies BV<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;5.875% | &nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;47361 |
| &nbsp;&nbsp;Shift4 Payments LLC/Finance Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Shift4 Payments LLC/Finance Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Shift4 Payments LLC/Finance Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Shift4 Payments LLC/Finance Sub, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;4.625% | &nbsp;&nbsp;97000 | &nbsp;&nbsp;&nbsp;&nbsp;91502 |
| &nbsp;&nbsp;Synaptics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Synaptics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Synaptics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Synaptics, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | &nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;50212 |

---

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

18 Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_20400_3c4967ce-a655-4704-aaac-34869264e3ab_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Tempo Acquisition LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Tempo Acquisition LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Tempo Acquisition LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Tempo Acquisition LLC/Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2025 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28090 |
| &nbsp;&nbsp;Verscend Escrow Corp.<sup>(a)</sup> | &nbsp;&nbsp;Verscend Escrow Corp.<sup>(a)</sup> | &nbsp;&nbsp;Verscend Escrow Corp.<sup>(a)</sup> | &nbsp;&nbsp;Verscend Escrow Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;9.750% | &nbsp;&nbsp;97000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95017 |
| &nbsp;&nbsp;ZoomInfo Technologies LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;ZoomInfo Technologies LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;ZoomInfo Technologies LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;ZoomInfo Technologies LLC/Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;3.875% | 152000 | &nbsp;&nbsp;&nbsp;&nbsp;128087 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2245513** |
| &nbsp;&nbsp;**Transportation Services 0.1%** | &nbsp;&nbsp;**Transportation Services 0.1%** | &nbsp;&nbsp;**Transportation Services 0.1%** | &nbsp;&nbsp;**Transportation Services 0.1%** |
| &nbsp;&nbsp;Adani Ports & Special Economic Zone Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Adani Ports & Special Economic Zone Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Adani Ports & Special Economic Zone Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Adani Ports & Special Economic Zone Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;07/03/2029 | &nbsp;&nbsp;4.375% | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;168023 |
| &nbsp;&nbsp;**Wireless 1.6%** | &nbsp;&nbsp;**Wireless 1.6%** | &nbsp;&nbsp;**Wireless 1.6%** | &nbsp;&nbsp;**Wireless 1.6%** |
| &nbsp;&nbsp;Altice France Holding SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France Holding SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France Holding SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France Holding SA<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44283 |
| &nbsp;&nbsp;Altice France SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France SA<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;8.125% | &nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25561 |
| &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;64000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47868 |
| &nbsp;&nbsp;10/15/2029 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26797 |
| &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;American Tower Corp. |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;3.800% | 268000 | &nbsp;&nbsp;&nbsp;&nbsp;243712 |
| &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;2.100% | &nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59457 |
| &nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;SBA Communications Corp. |
| &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39831 |
| &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;3.125% | 112000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93269 |
| &nbsp;&nbsp;Sprint Capital Corp. | &nbsp;&nbsp;Sprint Capital Corp. | &nbsp;&nbsp;Sprint Capital Corp. | &nbsp;&nbsp;Sprint Capital Corp. |
| &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;6.875% | 178000 | &nbsp;&nbsp;&nbsp;&nbsp;185110 |
| &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;8.750% | &nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66616 |
| &nbsp;&nbsp;Sprint Corp. | &nbsp;&nbsp;Sprint Corp. | &nbsp;&nbsp;Sprint Corp. | &nbsp;&nbsp;Sprint Corp. |
| &nbsp;&nbsp;06/15/2024 | &nbsp;&nbsp;7.125% | &nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17345 |
| &nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;T-Mobile US, Inc. |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;2.875% | 685000 | &nbsp;&nbsp;&nbsp;&nbsp;565534 |
| &nbsp;&nbsp;04/15/2031 | &nbsp;&nbsp;3.500% | 557000 | &nbsp;&nbsp;&nbsp;&nbsp;482398 |
| &nbsp;&nbsp;Vmed O2 UK Financing I PLC<sup>(a)</sup> | &nbsp;&nbsp;Vmed O2 UK Financing I PLC<sup>(a)</sup> | &nbsp;&nbsp;Vmed O2 UK Financing I PLC<sup>(a)</sup> | &nbsp;&nbsp;Vmed O2 UK Financing I PLC<sup>(a)</sup> |
| &nbsp;&nbsp;01/31/2031 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41313 |
| &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;4.750% | 247000 | &nbsp;&nbsp;&nbsp;&nbsp;201136 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2140230** |
| &nbsp;&nbsp;**Wirelines 1.4%** | &nbsp;&nbsp;**Wirelines 1.4%** | &nbsp;&nbsp;**Wirelines 1.4%** | &nbsp;&nbsp;**Wirelines 1.4%** |
| &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;AT&T, Inc. |
| &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;4.350% | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;380673 |
| &nbsp;&nbsp;12/01/2057 | &nbsp;&nbsp;3.800% | 362000 | &nbsp;&nbsp;&nbsp;&nbsp;250898 |
| &nbsp;&nbsp;CenturyLink, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CenturyLink, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CenturyLink, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CenturyLink, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23853 |
| &nbsp;&nbsp;Front Range BidCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Front Range BidCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Front Range BidCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Front Range BidCo, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34832 |
| &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16538 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41882 |
| &nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;8.750% | &nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19399 |
| &nbsp;&nbsp;Iliad Holding SAS<sup>(a)</sup> | &nbsp;&nbsp;Iliad Holding SAS<sup>(a)</sup> | &nbsp;&nbsp;Iliad Holding SAS<sup>(a)</sup> | &nbsp;&nbsp;Iliad Holding SAS<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;6.500% | 128000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118883 |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;7.000% | &nbsp;&nbsp;94000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85256 |
| &nbsp;&nbsp;Network i2i Ltd.<sup>(a),(h)</sup> | &nbsp;&nbsp;Network i2i Ltd.<sup>(a),(h)</sup> | &nbsp;&nbsp;Network i2i Ltd.<sup>(a),(h)</sup> | &nbsp;&nbsp;Network i2i Ltd.<sup>(a),(h)</sup> |
| &nbsp;&nbsp;12/31/2049 | &nbsp;&nbsp;5.650% | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190508 |
| &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;Verizon Communications, Inc. |
| &nbsp;&nbsp;03/21/2031 | &nbsp;&nbsp;2.550% | 860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707778 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**1870500** |
| &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $56,748,023) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $56,748,023) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $56,748,023) | &nbsp;&nbsp;**49719124** |
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(j),(k)</sup> 5.5%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j),(k)</sup> 5.5%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j),(k)</sup> 5.5%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j),(k)</sup> 5.5%** |
| &nbsp;&nbsp;**Angola 0.1%** | &nbsp;&nbsp;**Angola 0.1%** | &nbsp;&nbsp;**Angola 0.1%** | &nbsp;&nbsp;**Angola 0.1%** |
| &nbsp;&nbsp;Angolan Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Angolan Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Angolan Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Angolan Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;11/26/2029 | &nbsp;&nbsp;8.000% | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175961 |
| &nbsp;&nbsp;**Azerbaijan 0.1%** | &nbsp;&nbsp;**Azerbaijan 0.1%** | &nbsp;&nbsp;**Azerbaijan 0.1%** | &nbsp;&nbsp;**Azerbaijan 0.1%** |
| &nbsp;&nbsp;Republic of Azerbaijan International Bond<sup>(a)</sup> | &nbsp;&nbsp;Republic of Azerbaijan International Bond<sup>(a)</sup> | &nbsp;&nbsp;Republic of Azerbaijan International Bond<sup>(a)</sup> | &nbsp;&nbsp;Republic of Azerbaijan International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;3.500% | 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137656 |
| &nbsp;&nbsp;**Brazil 0.1%** | &nbsp;&nbsp;**Brazil 0.1%** | &nbsp;&nbsp;**Brazil 0.1%** | &nbsp;&nbsp;**Brazil 0.1%** |
| &nbsp;&nbsp;Brazilian Government International Bond | &nbsp;&nbsp;Brazilian Government International Bond | &nbsp;&nbsp;Brazilian Government International Bond | &nbsp;&nbsp;Brazilian Government International Bond |
| &nbsp;&nbsp;06/12/2030 | &nbsp;&nbsp;3.875% | 202000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175470 |
| &nbsp;&nbsp;**Canada 0.2%** | &nbsp;&nbsp;**Canada 0.2%** | &nbsp;&nbsp;**Canada 0.2%** | &nbsp;&nbsp;**Canada 0.2%** |
| &nbsp;&nbsp;MEGlobal Canada ULC<sup>(a)</sup> | &nbsp;&nbsp;MEGlobal Canada ULC<sup>(a)</sup> | &nbsp;&nbsp;MEGlobal Canada ULC<sup>(a)</sup> | &nbsp;&nbsp;MEGlobal Canada ULC<sup>(a)</sup> |
| &nbsp;&nbsp;05/18/2025 | &nbsp;&nbsp;5.000% | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196457 |
| &nbsp;&nbsp;NOVA Chemicals Corp.<sup>(a)</sup> | &nbsp;&nbsp;NOVA Chemicals Corp.<sup>(a)</sup> | &nbsp;&nbsp;NOVA Chemicals Corp.<sup>(a)</sup> | &nbsp;&nbsp;NOVA Chemicals Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62884 |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36755 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**296096** |
| &nbsp;&nbsp;**Colombia 0.6%** | &nbsp;&nbsp;**Colombia 0.6%** | &nbsp;&nbsp;**Colombia 0.6%** | &nbsp;&nbsp;**Colombia 0.6%** |
| &nbsp;&nbsp;Colombia Government International Bond | &nbsp;&nbsp;Colombia Government International Bond | &nbsp;&nbsp;Colombia Government International Bond | &nbsp;&nbsp;Colombia Government International Bond |
| &nbsp;&nbsp;06/15/2045 | &nbsp;&nbsp;5.000% | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205748 |
| &nbsp;&nbsp;05/15/2049 | &nbsp;&nbsp;5.200% | 273000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186687 |
| &nbsp;&nbsp;Ecopetrol SA | &nbsp;&nbsp;Ecopetrol SA | &nbsp;&nbsp;Ecopetrol SA | &nbsp;&nbsp;Ecopetrol SA |
| &nbsp;&nbsp;04/29/2030 | &nbsp;&nbsp;6.875% | 446000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404882 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**797317** |
| &nbsp;&nbsp;**Dominican Republic 0.4%** | &nbsp;&nbsp;**Dominican Republic 0.4%** | &nbsp;&nbsp;**Dominican Republic 0.4%** | &nbsp;&nbsp;**Dominican Republic 0.4%** |
| &nbsp;&nbsp;Dominican Republic International Bond<sup>(a)</sup> | &nbsp;&nbsp;Dominican Republic International Bond<sup>(a)</sup> | &nbsp;&nbsp;Dominican Republic International Bond<sup>(a)</sup> | &nbsp;&nbsp;Dominican Republic International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;01/25/2027 | &nbsp;&nbsp;5.950% | 218000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213504 |
| &nbsp;&nbsp;04/30/2044 | &nbsp;&nbsp;7.450% | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186553 |
| &nbsp;&nbsp;01/27/2045 | &nbsp;&nbsp;6.850% | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173817 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**573874** |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_20400_3c4967ce-a655-4704-aaac-34869264e3ab_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(j),(k)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j),(k)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j),(k)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j),(k)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j),(k)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Egypt 0.3%** | &nbsp;&nbsp;**Egypt 0.3%** | &nbsp;&nbsp;**Egypt 0.3%** | &nbsp;&nbsp;**Egypt 0.3%** | &nbsp;&nbsp;**Egypt 0.3%** |
| &nbsp;&nbsp;Egypt Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Egypt Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Egypt Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Egypt Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Egypt Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;04/11/2031 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74321 |
| &nbsp;&nbsp;05/29/2032 | &nbsp;&nbsp;7.625% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;148093 |
| &nbsp;&nbsp;01/31/2047 | &nbsp;&nbsp;8.500% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;166238 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**388652** |
| &nbsp;&nbsp;**Guatemala 0.2%** | &nbsp;&nbsp;**Guatemala 0.2%** | &nbsp;&nbsp;**Guatemala 0.2%** | &nbsp;&nbsp;**Guatemala 0.2%** | &nbsp;&nbsp;**Guatemala 0.2%** |
| &nbsp;&nbsp;Guatemala Government Bond<sup>(a)</sup> | &nbsp;&nbsp;Guatemala Government Bond<sup>(a)</sup> | &nbsp;&nbsp;Guatemala Government Bond<sup>(a)</sup> | &nbsp;&nbsp;Guatemala Government Bond<sup>(a)</sup> | &nbsp;&nbsp;Guatemala Government Bond<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2050 | &nbsp;&nbsp;6.125% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;188409 |
| &nbsp;&nbsp;**Hungary 0.5%** | &nbsp;&nbsp;**Hungary 0.5%** | &nbsp;&nbsp;**Hungary 0.5%** | &nbsp;&nbsp;**Hungary 0.5%** | &nbsp;&nbsp;**Hungary 0.5%** |
| &nbsp;&nbsp;Hungary Government Bond | &nbsp;&nbsp;Hungary Government Bond | &nbsp;&nbsp;Hungary Government Bond | &nbsp;&nbsp;Hungary Government Bond | &nbsp;&nbsp;Hungary Government Bond |
| &nbsp;&nbsp;10/27/2038 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;HUF | 178140000 | &nbsp;&nbsp;&nbsp;&nbsp;252440 |
| &nbsp;&nbsp;Hungary Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Hungary Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Hungary Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Hungary Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Hungary Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;09/22/2031 | &nbsp;&nbsp;2.125% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;391990 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**644430** |
| &nbsp;&nbsp;**Indonesia 0.4%** | &nbsp;&nbsp;**Indonesia 0.4%** | &nbsp;&nbsp;**Indonesia 0.4%** | &nbsp;&nbsp;**Indonesia 0.4%** | &nbsp;&nbsp;**Indonesia 0.4%** |
| &nbsp;&nbsp;Indonesia Government International Bond | &nbsp;&nbsp;Indonesia Government International Bond | &nbsp;&nbsp;Indonesia Government International Bond | &nbsp;&nbsp;Indonesia Government International Bond | &nbsp;&nbsp;Indonesia Government International Bond |
| &nbsp;&nbsp;10/30/2049 | &nbsp;&nbsp;3.700% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;154745 |
| &nbsp;&nbsp;PT Pertamina Persero<sup>(a)</sup> | &nbsp;&nbsp;PT Pertamina Persero<sup>(a)</sup> | &nbsp;&nbsp;PT Pertamina Persero<sup>(a)</sup> | &nbsp;&nbsp;PT Pertamina Persero<sup>(a)</sup> | &nbsp;&nbsp;PT Pertamina Persero<sup>(a)</sup> |
| &nbsp;&nbsp;05/30/2044 | &nbsp;&nbsp;6.450% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;399219 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**553964** |
| &nbsp;&nbsp;**Ivory Coast 0.1%** | &nbsp;&nbsp;**Ivory Coast 0.1%** | &nbsp;&nbsp;**Ivory Coast 0.1%** | &nbsp;&nbsp;**Ivory Coast 0.1%** | &nbsp;&nbsp;**Ivory Coast 0.1%** |
| &nbsp;&nbsp;Ivory Coast Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Ivory Coast Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Ivory Coast Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Ivory Coast Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Ivory Coast Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;10/17/2031 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;179480 |
| &nbsp;&nbsp;**Mexico 0.8%** | &nbsp;&nbsp;**Mexico 0.8%** | &nbsp;&nbsp;**Mexico 0.8%** | &nbsp;&nbsp;**Mexico 0.8%** | &nbsp;&nbsp;**Mexico 0.8%** |
| &nbsp;&nbsp;Mexico Government International Bond | &nbsp;&nbsp;Mexico Government International Bond | &nbsp;&nbsp;Mexico Government International Bond | &nbsp;&nbsp;Mexico Government International Bond | &nbsp;&nbsp;Mexico Government International Bond |
| &nbsp;&nbsp;04/16/2030 | &nbsp;&nbsp;3.250% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;174416 |
| &nbsp;&nbsp;05/29/2031 | &nbsp;&nbsp;7.750% | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;9400000 | &nbsp;&nbsp;&nbsp;&nbsp;445261 |
| &nbsp;&nbsp;Petroleos Mexicanos | &nbsp;&nbsp;Petroleos Mexicanos | &nbsp;&nbsp;Petroleos Mexicanos | &nbsp;&nbsp;Petroleos Mexicanos | &nbsp;&nbsp;Petroleos Mexicanos |
| &nbsp;&nbsp;01/28/2031 | &nbsp;&nbsp;5.950% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16694 |
| &nbsp;&nbsp;02/16/2032 | &nbsp;&nbsp;6.700% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;137777 |
| &nbsp;&nbsp;09/21/2047 | &nbsp;&nbsp;6.750% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183000 | &nbsp;&nbsp;&nbsp;&nbsp;117126 |
| &nbsp;&nbsp;01/23/2050 | &nbsp;&nbsp;7.690% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;207863 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1099137** |
| &nbsp;&nbsp;**Oman 0.1%** | &nbsp;&nbsp;**Oman 0.1%** | &nbsp;&nbsp;**Oman 0.1%** | &nbsp;&nbsp;**Oman 0.1%** | &nbsp;&nbsp;**Oman 0.1%** |
| &nbsp;&nbsp;Oman Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Oman Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Oman Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Oman Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Oman Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;01/17/2048 | &nbsp;&nbsp;6.750% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;187178 |
| &nbsp;&nbsp;**Panama 0.1%** | &nbsp;&nbsp;**Panama 0.1%** | &nbsp;&nbsp;**Panama 0.1%** | &nbsp;&nbsp;**Panama 0.1%** | &nbsp;&nbsp;**Panama 0.1%** |
| &nbsp;&nbsp;Panama Government International Bond | &nbsp;&nbsp;Panama Government International Bond | &nbsp;&nbsp;Panama Government International Bond | &nbsp;&nbsp;Panama Government International Bond | &nbsp;&nbsp;Panama Government International Bond |
| &nbsp;&nbsp;01/19/2033 | &nbsp;&nbsp;3.298% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;162633 |
| &nbsp;&nbsp;**Paraguay 0.2%** | &nbsp;&nbsp;**Paraguay 0.2%** | &nbsp;&nbsp;**Paraguay 0.2%** | &nbsp;&nbsp;**Paraguay 0.2%** | &nbsp;&nbsp;**Paraguay 0.2%** |
| &nbsp;&nbsp;Paraguay Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Paraguay Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Paraguay Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Paraguay Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Paraguay Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;08/11/2044 | &nbsp;&nbsp;6.100% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;192176 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(j),(k)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j),(k)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j),(k)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j),(k)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j),(k)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Qatar 0.3%** | &nbsp;&nbsp;**Qatar 0.3%** | &nbsp;&nbsp;**Qatar 0.3%** | &nbsp;&nbsp;**Qatar 0.3%** | &nbsp;&nbsp;**Qatar 0.3%** |
| &nbsp;&nbsp;Qatar Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Qatar Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Qatar Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Qatar Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Qatar Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;03/14/2049 | &nbsp;&nbsp;4.817% |  | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;194348 |
| &nbsp;&nbsp;Qatar Petroleum<sup>(a)</sup> | &nbsp;&nbsp;Qatar Petroleum<sup>(a)</sup> | &nbsp;&nbsp;Qatar Petroleum<sup>(a)</sup> | &nbsp;&nbsp;Qatar Petroleum<sup>(a)</sup> | &nbsp;&nbsp;Qatar Petroleum<sup>(a)</sup> |
| &nbsp;&nbsp;07/12/2031 | &nbsp;&nbsp;2.250% |  | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;165809 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**360157** |
| &nbsp;&nbsp;**Romania 0.1%** | &nbsp;&nbsp;**Romania 0.1%** | &nbsp;&nbsp;**Romania 0.1%** | &nbsp;&nbsp;**Romania 0.1%** | &nbsp;&nbsp;**Romania 0.1%** |
| &nbsp;&nbsp;Romanian Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Romanian Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Romanian Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Romanian Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Romanian Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;04/03/2049 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;116035 |
| &nbsp;&nbsp;**Saudi Arabia 0.4%** | &nbsp;&nbsp;**Saudi Arabia 0.4%** | &nbsp;&nbsp;**Saudi Arabia 0.4%** | &nbsp;&nbsp;**Saudi Arabia 0.4%** | &nbsp;&nbsp;**Saudi Arabia 0.4%** |
| &nbsp;&nbsp;Saudi Arabian Oil Co.<sup>(a)</sup> | &nbsp;&nbsp;Saudi Arabian Oil Co.<sup>(a)</sup> | &nbsp;&nbsp;Saudi Arabian Oil Co.<sup>(a)</sup> | &nbsp;&nbsp;Saudi Arabian Oil Co.<sup>(a)</sup> | &nbsp;&nbsp;Saudi Arabian Oil Co.<sup>(a)</sup> |
| &nbsp;&nbsp;11/24/2030 | &nbsp;&nbsp;2.250% |  | &nbsp;&nbsp;&nbsp;453000 | &nbsp;&nbsp;&nbsp;&nbsp;373127 |
| &nbsp;&nbsp;Saudi Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Saudi Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Saudi Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Saudi Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Saudi Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;10/22/2030 | &nbsp;&nbsp;3.250% |  | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;182554 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**555681** |
| &nbsp;&nbsp;**South Africa 0.1%** | &nbsp;&nbsp;**South Africa 0.1%** | &nbsp;&nbsp;**South Africa 0.1%** | &nbsp;&nbsp;**South Africa 0.1%** | &nbsp;&nbsp;**South Africa 0.1%** |
| &nbsp;&nbsp;Republic of South Africa Government International Bond | &nbsp;&nbsp;Republic of South Africa Government International Bond | &nbsp;&nbsp;Republic of South Africa Government International Bond | &nbsp;&nbsp;Republic of South Africa Government International Bond | &nbsp;&nbsp;Republic of South Africa Government International Bond |
| &nbsp;&nbsp;09/30/2029 | &nbsp;&nbsp;4.850% |  | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;178116 |
| &nbsp;&nbsp;**Ukraine 0.1%** | &nbsp;&nbsp;**Ukraine 0.1%** | &nbsp;&nbsp;**Ukraine 0.1%** | &nbsp;&nbsp;**Ukraine 0.1%** | &nbsp;&nbsp;**Ukraine 0.1%** |
| &nbsp;&nbsp;Ukraine Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Ukraine Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Ukraine Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Ukraine Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Ukraine Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;7.750% |  | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42512 |
| &nbsp;&nbsp;09/25/2034 | &nbsp;&nbsp;7.375% |  | &nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78269 |
| &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;7.253% |  | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38562 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**159343** |
| &nbsp;&nbsp;**United Arab Emirates 0.3%** | &nbsp;&nbsp;**United Arab Emirates 0.3%** | &nbsp;&nbsp;**United Arab Emirates 0.3%** | &nbsp;&nbsp;**United Arab Emirates 0.3%** | &nbsp;&nbsp;**United Arab Emirates 0.3%** |
| &nbsp;&nbsp;DP World Crescent Ltd.<sup>(a)</sup> | &nbsp;&nbsp;DP World Crescent Ltd.<sup>(a)</sup> | &nbsp;&nbsp;DP World Crescent Ltd.<sup>(a)</sup> | &nbsp;&nbsp;DP World Crescent Ltd.<sup>(a)</sup> | &nbsp;&nbsp;DP World Crescent Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;07/18/2029 | &nbsp;&nbsp;3.875% |  | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;187064 |
| &nbsp;&nbsp;DP World Ltd.<sup>(a)</sup> | &nbsp;&nbsp;DP World Ltd.<sup>(a)</sup> | &nbsp;&nbsp;DP World Ltd.<sup>(a)</sup> | &nbsp;&nbsp;DP World Ltd.<sup>(a)</sup> | &nbsp;&nbsp;DP World Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;09/25/2048 | &nbsp;&nbsp;5.625% |  | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;187732 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**374796** |
| &nbsp;&nbsp;**United Kingdom 0.0%** | &nbsp;&nbsp;**United Kingdom 0.0%** | &nbsp;&nbsp;**United Kingdom 0.0%** | &nbsp;&nbsp;**United Kingdom 0.0%** | &nbsp;&nbsp;**United Kingdom 0.0%** |
| &nbsp;&nbsp;NAK Naftogaz Ukraine via Kondor Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;NAK Naftogaz Ukraine via Kondor Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;NAK Naftogaz Ukraine via Kondor Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;NAK Naftogaz Ukraine via Kondor Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;NAK Naftogaz Ukraine via Kondor Finance PLC<sup>(a)</sup> |
| &nbsp;&nbsp;07/19/2024 | &nbsp;&nbsp;7.125% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36090 |
| &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $9,023,766) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $9,023,766) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $9,023,766) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $9,023,766) | &nbsp;&nbsp;**7532651** |
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 35.2%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 35.2%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 35.2%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 35.2%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 35.2%** |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp;05/01/2052 | &nbsp;&nbsp;3.000% |  | 1450029 | &nbsp;&nbsp;1279028 |
| &nbsp;&nbsp;07/01/2052-<br> 08/01/2052 | &nbsp;&nbsp;4.000% |  | 2933505 | &nbsp;&nbsp;2772016 |

---

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

20 Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_20400_3c4967ce-a655-4704-aaac-34869264e3ab_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(e),(l)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(e),(l)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(e),(l)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(e),(l)</sup> |
| &nbsp;&nbsp;CMO Series 4620 Class AS | &nbsp;&nbsp;CMO Series 4620 Class AS | &nbsp;&nbsp;CMO Series 4620 Class AS | &nbsp;&nbsp;CMO Series 4620 Class AS |
| &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;557023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25319 |
| &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association |
| &nbsp;&nbsp;11/01/2051-<br> 05/01/2052 | &nbsp;&nbsp;3.000% | 10584066 | &nbsp;&nbsp;9339622 |
| &nbsp;&nbsp;05/01/2052 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;4847369 | &nbsp;&nbsp;4458579 |
| &nbsp;&nbsp;Federal National Mortgage Association<sup>(e),(l)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(e),(l)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(e),(l)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(e),(l)</sup> |
| &nbsp;&nbsp;CMO Series 2006-5 Class N1 | &nbsp;&nbsp;CMO Series 2006-5 Class N1 | &nbsp;&nbsp;CMO Series 2006-5 Class N1 | &nbsp;&nbsp;CMO Series 2006-5 Class N1 |
| &nbsp;&nbsp;08/25/2034 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1273959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;Federal National Mortgage Association<sup>(l)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(l)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(l)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(l)</sup> |
| &nbsp;&nbsp;CMO Series 2012-133 Class EI | &nbsp;&nbsp;CMO Series 2012-133 Class EI | &nbsp;&nbsp;CMO Series 2012-133 Class EI | &nbsp;&nbsp;CMO Series 2012-133 Class EI |
| &nbsp;&nbsp;07/25/2031 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;&nbsp;145532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3015 |
| &nbsp;&nbsp;CMO Series 2013-1 Class AI | &nbsp;&nbsp;CMO Series 2013-1 Class AI | &nbsp;&nbsp;CMO Series 2013-1 Class AI | &nbsp;&nbsp;CMO Series 2013-1 Class AI |
| &nbsp;&nbsp;02/25/2043 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;&nbsp;675152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94224 |
| &nbsp;&nbsp;CMO Series 2021-3 Class TI | &nbsp;&nbsp;CMO Series 2021-3 Class TI | &nbsp;&nbsp;CMO Series 2021-3 Class TI | &nbsp;&nbsp;CMO Series 2021-3 Class TI |
| &nbsp;&nbsp;02/25/2051 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;2253535 | &nbsp;&nbsp;&nbsp;&nbsp;367911 |
| &nbsp;&nbsp;Federal National Mortgage Association<sup>(b),(l)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(b),(l)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(b),(l)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(b),(l)</sup> |
| &nbsp;&nbsp;CMO Series 2014-93 Class ES | &nbsp;&nbsp;CMO Series 2014-93 Class ES | &nbsp;&nbsp;CMO Series 2014-93 Class ES | &nbsp;&nbsp;CMO Series 2014-93 Class ES |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.150%<br> Cap 6.150%<br> 01/25/2045 | &nbsp;&nbsp;1.761% | &nbsp;&nbsp;&nbsp;&nbsp;249525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28204 |
| &nbsp;&nbsp;CMO Series 2016-31 Class VS | &nbsp;&nbsp;CMO Series 2016-31 Class VS | &nbsp;&nbsp;CMO Series 2016-31 Class VS | &nbsp;&nbsp;CMO Series 2016-31 Class VS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.000%<br> Cap 6.000%<br> 06/25/2046 | &nbsp;&nbsp;1.611% | &nbsp;&nbsp;&nbsp;&nbsp;458533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43931 |
| &nbsp;&nbsp;CMO Series 2017-47 Class SE | &nbsp;&nbsp;CMO Series 2017-47 Class SE | &nbsp;&nbsp;CMO Series 2017-47 Class SE | &nbsp;&nbsp;CMO Series 2017-47 Class SE |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.100%<br> Cap 6.100%<br> 06/25/2047 | &nbsp;&nbsp;1.711% | &nbsp;&nbsp;&nbsp;&nbsp;354197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52935 |
| &nbsp;&nbsp;CMO Series 2017-56 Class SB | &nbsp;&nbsp;CMO Series 2017-56 Class SB | &nbsp;&nbsp;CMO Series 2017-56 Class SB | &nbsp;&nbsp;CMO Series 2017-56 Class SB |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.150%<br> Cap 6.150%<br> 07/25/2047 | &nbsp;&nbsp;1.761% | &nbsp;&nbsp;&nbsp;&nbsp;723629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90965 |
| &nbsp;&nbsp;CMO Series 2018-76 Class SN | &nbsp;&nbsp;CMO Series 2018-76 Class SN | &nbsp;&nbsp;CMO Series 2018-76 Class SN | &nbsp;&nbsp;CMO Series 2018-76 Class SN |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.150%<br> Cap 6.150%<br> 10/25/2048 | &nbsp;&nbsp;1.761% | &nbsp;&nbsp;&nbsp;&nbsp;315737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37046 |
| &nbsp;&nbsp;Government National Mortgage Association<sup>(l)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(l)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(l)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(l)</sup> |
| &nbsp;&nbsp;CMO Series 2014-190 Class AI | &nbsp;&nbsp;CMO Series 2014-190 Class AI | &nbsp;&nbsp;CMO Series 2014-190 Class AI | &nbsp;&nbsp;CMO Series 2014-190 Class AI |
| &nbsp;&nbsp;12/20/2038 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;&nbsp;779448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69869 |
| &nbsp;&nbsp;CMO Series 2020-138 Class GI | &nbsp;&nbsp;CMO Series 2020-138 Class GI | &nbsp;&nbsp;CMO Series 2020-138 Class GI | &nbsp;&nbsp;CMO Series 2020-138 Class GI |
| &nbsp;&nbsp;09/20/2050 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;&nbsp;800324 | &nbsp;&nbsp;&nbsp;&nbsp;120318 |
| &nbsp;&nbsp;CMO Series 2021-140 Class IW | &nbsp;&nbsp;CMO Series 2021-140 Class IW | &nbsp;&nbsp;CMO Series 2021-140 Class IW | &nbsp;&nbsp;CMO Series 2021-140 Class IW |
| &nbsp;&nbsp;08/20/2051 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;1073558 | &nbsp;&nbsp;&nbsp;&nbsp;176882 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 2021-16 Class KI | &nbsp;&nbsp;CMO Series 2021-16 Class KI | &nbsp;&nbsp;CMO Series 2021-16 Class KI | &nbsp;&nbsp;CMO Series 2021-16 Class KI |
| &nbsp;&nbsp;01/20/2051 | &nbsp;&nbsp;2.500% | 1298763 | &nbsp;&nbsp;186511 |
| &nbsp;&nbsp;CMO Series 2021-57 Class KI | &nbsp;&nbsp;CMO Series 2021-57 Class KI | &nbsp;&nbsp;CMO Series 2021-57 Class KI | &nbsp;&nbsp;CMO Series 2021-57 Class KI |
| &nbsp;&nbsp;03/20/2051 | &nbsp;&nbsp;3.500% | 1546181 | &nbsp;&nbsp;259533 |
| &nbsp;&nbsp;CMO Series 2021-89 Class IO | &nbsp;&nbsp;CMO Series 2021-89 Class IO | &nbsp;&nbsp;CMO Series 2021-89 Class IO | &nbsp;&nbsp;CMO Series 2021-89 Class IO |
| &nbsp;&nbsp;05/20/2051 | &nbsp;&nbsp;3.000% | 1120023 | &nbsp;&nbsp;167213 |
| &nbsp;&nbsp;Government National Mortgage Association<sup>(b),(l)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(b),(l)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(b),(l)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(b),(l)</sup> |
| &nbsp;&nbsp;CMO Series 2016-20 Class SQ | &nbsp;&nbsp;CMO Series 2016-20 Class SQ | &nbsp;&nbsp;CMO Series 2016-20 Class SQ | &nbsp;&nbsp;CMO Series 2016-20 Class SQ |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.100%<br> Cap 6.100%<br> 02/20/2046 | &nbsp;&nbsp;1.747% | &nbsp;&nbsp;&nbsp;407673 | &nbsp;&nbsp;&nbsp;&nbsp;36905 |
| &nbsp;&nbsp;CMO Series 2017-129 Class SA | &nbsp;&nbsp;CMO Series 2017-129 Class SA | &nbsp;&nbsp;CMO Series 2017-129 Class SA | &nbsp;&nbsp;CMO Series 2017-129 Class SA |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.200%<br> Cap 6.200%<br> 08/20/2047 | &nbsp;&nbsp;1.847% | &nbsp;&nbsp;&nbsp;331658 | &nbsp;&nbsp;&nbsp;&nbsp;31945 |
| &nbsp;&nbsp;CMO Series 2017-133 Class SM | &nbsp;&nbsp;CMO Series 2017-133 Class SM | &nbsp;&nbsp;CMO Series 2017-133 Class SM | &nbsp;&nbsp;CMO Series 2017-133 Class SM |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.250%<br> Cap 6.250%<br> 09/20/2047 | &nbsp;&nbsp;1.897% | &nbsp;&nbsp;&nbsp;364711 | &nbsp;&nbsp;&nbsp;&nbsp;32158 |
| &nbsp;&nbsp;CMO Series 2018-124 Class SA | &nbsp;&nbsp;CMO Series 2018-124 Class SA | &nbsp;&nbsp;CMO Series 2018-124 Class SA | &nbsp;&nbsp;CMO Series 2018-124 Class SA |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.200%<br> Cap 6.200%<br> 09/20/2048 | &nbsp;&nbsp;1.847% | &nbsp;&nbsp;&nbsp;606784 | &nbsp;&nbsp;&nbsp;&nbsp;52740 |
| &nbsp;&nbsp;CMO Series 2018-155 Class ES | &nbsp;&nbsp;CMO Series 2018-155 Class ES | &nbsp;&nbsp;CMO Series 2018-155 Class ES | &nbsp;&nbsp;CMO Series 2018-155 Class ES |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.100%<br> Cap 6.100%<br> 11/20/2048 | &nbsp;&nbsp;1.747% | &nbsp;&nbsp;&nbsp;474544 | &nbsp;&nbsp;&nbsp;&nbsp;39082 |
| &nbsp;&nbsp;CMO Series 2018-168 Class SA | &nbsp;&nbsp;CMO Series 2018-168 Class SA | &nbsp;&nbsp;CMO Series 2018-168 Class SA | &nbsp;&nbsp;CMO Series 2018-168 Class SA |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.100%<br> Cap 6.100%<br> 12/20/2048 | &nbsp;&nbsp;1.747% | &nbsp;&nbsp;&nbsp;424922 | &nbsp;&nbsp;&nbsp;&nbsp;45007 |
| &nbsp;&nbsp;CMO Series 2018-67 Class SP | &nbsp;&nbsp;CMO Series 2018-67 Class SP | &nbsp;&nbsp;CMO Series 2018-67 Class SP | &nbsp;&nbsp;CMO Series 2018-67 Class SP |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.200%<br> Cap 6.200%<br> 05/20/2048 | &nbsp;&nbsp;1.847% | &nbsp;&nbsp;&nbsp;783463 | &nbsp;&nbsp;&nbsp;&nbsp;68606 |
| &nbsp;&nbsp;CMO Series 2019-152 Class BS | &nbsp;&nbsp;CMO Series 2019-152 Class BS | &nbsp;&nbsp;CMO Series 2019-152 Class BS | &nbsp;&nbsp;CMO Series 2019-152 Class BS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.050%<br> Cap 6.050%<br> 12/20/2049 | &nbsp;&nbsp;1.697% | &nbsp;&nbsp;&nbsp;855137 | &nbsp;&nbsp;&nbsp;&nbsp;75482 |
| &nbsp;&nbsp;CMO Series 2019-23 Class LS | &nbsp;&nbsp;CMO Series 2019-23 Class LS | &nbsp;&nbsp;CMO Series 2019-23 Class LS | &nbsp;&nbsp;CMO Series 2019-23 Class LS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.050%<br> Cap 6.050%<br> 02/20/2049 | &nbsp;&nbsp;1.697% | &nbsp;&nbsp;&nbsp;291017 | &nbsp;&nbsp;&nbsp;&nbsp;28914 |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_20400_3c4967ce-a655-4704-aaac-34869264e3ab_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 2019-29 Class DS | &nbsp;&nbsp;CMO Series 2019-29 Class DS | &nbsp;&nbsp;CMO Series 2019-29 Class DS | &nbsp;&nbsp;CMO Series 2019-29 Class DS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.050%<br> Cap 6.050%<br> 03/20/2049 | &nbsp;&nbsp;1.697% | &nbsp;&nbsp;&nbsp;679030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50679 |
| &nbsp;&nbsp;CMO Series 2019-41 Class AS | &nbsp;&nbsp;CMO Series 2019-41 Class AS | &nbsp;&nbsp;CMO Series 2019-41 Class AS | &nbsp;&nbsp;CMO Series 2019-41 Class AS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.050%<br> Cap 6.050%<br> 03/20/2049 | &nbsp;&nbsp;1.697% | &nbsp;&nbsp;&nbsp;559756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54906 |
| &nbsp;&nbsp;CMO Series 2019-5 Class SH | &nbsp;&nbsp;CMO Series 2019-5 Class SH | &nbsp;&nbsp;CMO Series 2019-5 Class SH | &nbsp;&nbsp;CMO Series 2019-5 Class SH |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.150%<br> Cap 6.150%<br> 01/20/2049 | &nbsp;&nbsp;1.797% | &nbsp;&nbsp;&nbsp;446714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45824 |
| &nbsp;&nbsp;CMO Series 2019-59 Class JS | &nbsp;&nbsp;CMO Series 2019-59 Class JS | &nbsp;&nbsp;CMO Series 2019-59 Class JS | &nbsp;&nbsp;CMO Series 2019-59 Class JS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.150%<br> Cap 6.150%<br> 05/20/2049 | &nbsp;&nbsp;1.797% | &nbsp;&nbsp;&nbsp;429010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43333 |
| &nbsp;&nbsp;CMO Series 2021-155 Class SG | &nbsp;&nbsp;CMO Series 2021-155 Class SG | &nbsp;&nbsp;CMO Series 2021-155 Class SG | &nbsp;&nbsp;CMO Series 2021-155 Class SG |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.300%<br> Cap 6.300%<br> 09/20/2051 | &nbsp;&nbsp;1.947% | 1208065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153448 |
| &nbsp;&nbsp;Government National Mortgage Association TBA<sup>(m)</sup> | &nbsp;&nbsp;Government National Mortgage Association TBA<sup>(m)</sup> | &nbsp;&nbsp;Government National Mortgage Association TBA<sup>(m)</sup> | &nbsp;&nbsp;Government National Mortgage Association TBA<sup>(m)</sup> |
| &nbsp;&nbsp;01/23/2053 | &nbsp;&nbsp;3.000% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1780364 |
| &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(m)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(m)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(m)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(m)</sup> |
| &nbsp;&nbsp;01/17/2038 | &nbsp;&nbsp;3.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936544 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;3.500% | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2270757 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;4.000% | 8500000 | &nbsp;&nbsp;&nbsp;&nbsp;7970110 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;4.500% | 8500000 | &nbsp;&nbsp;&nbsp;&nbsp;8179179 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;5.000% | 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;6896550 |
| &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $51,084,434) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $51,084,434) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $51,084,434) | &nbsp;&nbsp;**48365667** |
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 16.1%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 16.1%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 16.1%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 16.1%** |
| &nbsp;&nbsp;510 Asset Backed Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;510 Asset Backed Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;510 Asset Backed Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;510 Asset Backed Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPL2 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL2 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL2 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL2 Class A1 |
| &nbsp;&nbsp;06/25/2061 | &nbsp;&nbsp;2.116% | &nbsp;&nbsp;&nbsp;377988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350156 |
| &nbsp;&nbsp;Bellemeade Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Bellemeade Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Bellemeade Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Bellemeade Re Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2020-3A Class M2 | &nbsp;&nbsp;CMO Series 2020-3A Class M2 | &nbsp;&nbsp;CMO Series 2020-3A Class M2 | &nbsp;&nbsp;CMO Series 2020-3A Class M2 |
| &nbsp;&nbsp;1-month USD LIBOR + 4.850%<br> Floor 4.850%<br> 10/25/2030 | &nbsp;&nbsp;9.239% | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552217 |
| &nbsp;&nbsp;CMO Series 2021-1A Class M1C | &nbsp;&nbsp;CMO Series 2021-1A Class M1C | &nbsp;&nbsp;CMO Series 2021-1A Class M1C | &nbsp;&nbsp;CMO Series 2021-1A Class M1C |
| &nbsp;&nbsp;30-day Average SOFR + 2.950%<br> Floor 2.950%<br> 03/25/2031 | &nbsp;&nbsp;6.497% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286877 |
| &nbsp;&nbsp;BRAVO Residential Funding Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;BRAVO Residential Funding Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;BRAVO Residential Funding Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;BRAVO Residential Funding Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2021-B Class A1 | &nbsp;&nbsp;CMO Series 2021-B Class A1 | &nbsp;&nbsp;CMO Series 2021-B Class A1 | &nbsp;&nbsp;CMO Series 2021-B Class A1 |
| &nbsp;&nbsp;04/01/2069 | &nbsp;&nbsp;2.115% | &nbsp;&nbsp;&nbsp;306305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285975 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;BVRT Financing Trust<sup>(a),(b),(d)</sup> | &nbsp;&nbsp;BVRT Financing Trust<sup>(a),(b),(d)</sup> | &nbsp;&nbsp;BVRT Financing Trust<sup>(a),(b),(d)</sup> | &nbsp;&nbsp;BVRT Financing Trust<sup>(a),(b),(d)</sup> |
| &nbsp;&nbsp;CMO Series 2021-2F Class M2 | &nbsp;&nbsp;CMO Series 2021-2F Class M2 | &nbsp;&nbsp;CMO Series 2021-2F Class M2 | &nbsp;&nbsp;CMO Series 2021-2F Class M2 |
| &nbsp;&nbsp;30-day Average SOFR + 2.500%<br> Floor 2.500%<br> 01/10/2032 | &nbsp;&nbsp;&nbsp;&nbsp;3.761% | 121002 | &nbsp;&nbsp;121186 |
| &nbsp;&nbsp;CMO Series 2021-3F Class M2 | &nbsp;&nbsp;CMO Series 2021-3F Class M2 | &nbsp;&nbsp;CMO Series 2021-3F Class M2 | &nbsp;&nbsp;CMO Series 2021-3F Class M2 |
| &nbsp;&nbsp;30-day Average SOFR + 2.900%<br> Floor 2.900%<br> 07/12/2033 | &nbsp;&nbsp;&nbsp;&nbsp;4.187% | 500000 | &nbsp;&nbsp;500000 |
| &nbsp;&nbsp;BVRT Financing Trust<sup>(a),(b),(c),(d)</sup> | &nbsp;&nbsp;BVRT Financing Trust<sup>(a),(b),(c),(d)</sup> | &nbsp;&nbsp;BVRT Financing Trust<sup>(a),(b),(c),(d)</sup> | &nbsp;&nbsp;BVRT Financing Trust<sup>(a),(b),(c),(d)</sup> |
| &nbsp;&nbsp;CMO Series 2021-CRT1 Class M4 | &nbsp;&nbsp;CMO Series 2021-CRT1 Class M4 | &nbsp;&nbsp;CMO Series 2021-CRT1 Class M4 | &nbsp;&nbsp;CMO Series 2021-CRT1 Class M4 |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> Floor 3.500%<br> 07/10/2032 | &nbsp;&nbsp;&nbsp;&nbsp;3.589% | 875000 | &nbsp;&nbsp;837528 |
| &nbsp;&nbsp;CIM Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;CIM Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;CIM Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;CIM Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NR4 Class A1 | &nbsp;&nbsp;CMO Series 2021-NR4 Class A1 | &nbsp;&nbsp;CMO Series 2021-NR4 Class A1 | &nbsp;&nbsp;CMO Series 2021-NR4 Class A1 |
| &nbsp;&nbsp;10/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp;2.816% | 231075 | &nbsp;&nbsp;213589 |
| &nbsp;&nbsp;Connecticut Avenue Securities Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Connecticut Avenue Securities Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Connecticut Avenue Securities Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Connecticut Avenue Securities Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated CMO Series 2022-R01 Class 1B2 | &nbsp;&nbsp;Subordinated CMO Series 2022-R01 Class 1B2 | &nbsp;&nbsp;Subordinated CMO Series 2022-R01 Class 1B2 | &nbsp;&nbsp;Subordinated CMO Series 2022-R01 Class 1B2 |
| &nbsp;&nbsp;30-day Average SOFR + 6.000%<br> 12/25/2041 | &nbsp;&nbsp;&nbsp;&nbsp;9.928% | 750000 | &nbsp;&nbsp;641678 |
| &nbsp;&nbsp;Subordinated CMO Series 2022-R02 Class 2B1 | &nbsp;&nbsp;Subordinated CMO Series 2022-R02 Class 2B1 | &nbsp;&nbsp;Subordinated CMO Series 2022-R02 Class 2B1 | &nbsp;&nbsp;Subordinated CMO Series 2022-R02 Class 2B1 |
| &nbsp;&nbsp;30-day Average SOFR + 4.500%<br> 01/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp;8.428% | 400000 | &nbsp;&nbsp;376200 |
| &nbsp;&nbsp;Subordinated CMO Series 2022-R07 Class 1B2 | &nbsp;&nbsp;Subordinated CMO Series 2022-R07 Class 1B2 | &nbsp;&nbsp;Subordinated CMO Series 2022-R07 Class 1B2 | &nbsp;&nbsp;Subordinated CMO Series 2022-R07 Class 1B2 |
| &nbsp;&nbsp;30-day Average SOFR + 12.000%<br> 06/25/2042 | &nbsp;&nbsp;15.928% | 300000 | &nbsp;&nbsp;313368 |
| &nbsp;&nbsp;CTS Corp.<sup>(a)</sup> | &nbsp;&nbsp;CTS Corp.<sup>(a)</sup> | &nbsp;&nbsp;CTS Corp.<sup>(a)</sup> | &nbsp;&nbsp;CTS Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;CMO Series 2015-6R Class 3A2 | &nbsp;&nbsp;CMO Series 2015-6R Class 3A2 | &nbsp;&nbsp;CMO Series 2015-6R Class 3A2 | &nbsp;&nbsp;CMO Series 2015-6R Class 3A2 |
| &nbsp;&nbsp;02/27/2036 | &nbsp;&nbsp;&nbsp;&nbsp;3.750% | 241983 | &nbsp;&nbsp;232060 |
| &nbsp;&nbsp;Eagle Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Eagle Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Eagle Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Eagle Re Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2019-1 Class M2 | &nbsp;&nbsp;CMO Series 2019-1 Class M2 | &nbsp;&nbsp;CMO Series 2019-1 Class M2 | &nbsp;&nbsp;CMO Series 2019-1 Class M2 |
| &nbsp;&nbsp;1-month USD LIBOR + 3.300%<br> 04/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp;7.689% | 350000 | &nbsp;&nbsp;334470 |
| &nbsp;&nbsp;CMO Series 2021-1 Class M1C | &nbsp;&nbsp;CMO Series 2021-1 Class M1C | &nbsp;&nbsp;CMO Series 2021-1 Class M1C | &nbsp;&nbsp;CMO Series 2021-1 Class M1C |
| &nbsp;&nbsp;30-day Average SOFR + 2.700%<br> Floor 2.700%<br> 10/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp;6.247% | 275000 | &nbsp;&nbsp;268553 |
| &nbsp;&nbsp;Fannie Mae Connecticut Avenue Securities<sup>(a),(b)</sup> | &nbsp;&nbsp;Fannie Mae Connecticut Avenue Securities<sup>(a),(b)</sup> | &nbsp;&nbsp;Fannie Mae Connecticut Avenue Securities<sup>(a),(b)</sup> | &nbsp;&nbsp;Fannie Mae Connecticut Avenue Securities<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated CMO Series 2021-R02 Class 2B1 | &nbsp;&nbsp;Subordinated CMO Series 2021-R02 Class 2B1 | &nbsp;&nbsp;Subordinated CMO Series 2021-R02 Class 2B1 | &nbsp;&nbsp;Subordinated CMO Series 2021-R02 Class 2B1 |
| &nbsp;&nbsp;30-day Average SOFR + 3.300%<br> 11/25/2041 | &nbsp;&nbsp;10.128% | 200000 | &nbsp;&nbsp;184564 |
| &nbsp;&nbsp;Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2021-HQA1 Class M2 | &nbsp;&nbsp;CMO Series 2021-HQA1 Class M2 | &nbsp;&nbsp;CMO Series 2021-HQA1 Class M2 | &nbsp;&nbsp;CMO Series 2021-HQA1 Class M2 |
| &nbsp;&nbsp;30-day Average SOFR + 2.250%<br> 08/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp;6.178% | 200000 | &nbsp;&nbsp;185067 |
| &nbsp;&nbsp;CMO Series 2022-HQA1 Class M2 | &nbsp;&nbsp;CMO Series 2022-HQA1 Class M2 | &nbsp;&nbsp;CMO Series 2022-HQA1 Class M2 | &nbsp;&nbsp;CMO Series 2022-HQA1 Class M2 |
| &nbsp;&nbsp;30-day Average SOFR + 5.250%<br> 03/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp;9.178% | 400000 | &nbsp;&nbsp;388025 |

---

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

22 Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_20400_3c4967ce-a655-4704-aaac-34869264e3ab_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Subordinated CMO Series 2020-DNA4 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-DNA4 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-DNA4 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-DNA4 Class B1 |
| &nbsp;&nbsp;1-month USD LIBOR + 6.000%<br> 08/25/2050 | &nbsp;&nbsp;10.389% | &nbsp;&nbsp;&nbsp;681538 | &nbsp;&nbsp;&nbsp;&nbsp;720468 |
| &nbsp;&nbsp;Subordinated CMO Series 2020-DNA6 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-DNA6 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-DNA6 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-DNA6 Class B1 |
| &nbsp;&nbsp;30-day Average SOFR + 3.000%<br> 12/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp;6.928% | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;563101 |
| &nbsp;&nbsp;Subordinated CMO Series 2021-DNA5 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2021-DNA5 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2021-DNA5 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2021-DNA5 Class B1 |
| &nbsp;&nbsp;30-day Average SOFR + 3.050%<br> 01/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp;6.978% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;456574 |
| &nbsp;&nbsp;Subordinated CMO Series 2021-HQA1 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2021-HQA1 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2021-HQA1 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2021-HQA1 Class B2 |
| &nbsp;&nbsp;30-day Average SOFR + 5.000%<br> 08/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp;8.928% | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;190245 |
| &nbsp;&nbsp;Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated CMO Series 2020-HQA5 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-HQA5 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-HQA5 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-HQA5 Class B1 |
| &nbsp;&nbsp;30-day Average SOFR + 4.000%<br> 11/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp;7.928% | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;715341 |
| &nbsp;&nbsp;Subordinated CMO Series 2022-DNA2 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2022-DNA2 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2022-DNA2 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2022-DNA2 Class B1 |
| &nbsp;&nbsp;30-day Average SOFR + 4.750%<br> 02/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp;8.678% | &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;410714 |
| &nbsp;&nbsp;Subordinated CMO Series 2022-DNA2 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2022-DNA2 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2022-DNA2 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2022-DNA2 Class B2 |
| &nbsp;&nbsp;30-day Average SOFR + 8.500%<br> 02/25/2042 | &nbsp;&nbsp;12.428% | &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;288599 |
| &nbsp;&nbsp;Loan Revolving Advance Investment Trust<sup>(a),(b),(d)</sup> | &nbsp;&nbsp;Loan Revolving Advance Investment Trust<sup>(a),(b),(d)</sup> | &nbsp;&nbsp;Loan Revolving Advance Investment Trust<sup>(a),(b),(d)</sup> | &nbsp;&nbsp;Loan Revolving Advance Investment Trust<sup>(a),(b),(d)</sup> |
| &nbsp;&nbsp;CMO Series 2021-2 Class A1X | &nbsp;&nbsp;CMO Series 2021-2 Class A1X | &nbsp;&nbsp;CMO Series 2021-2 Class A1X | &nbsp;&nbsp;CMO Series 2021-2 Class A1X |
| &nbsp;&nbsp;1-month USD LIBOR + 2.750%<br> Floor 2.750%<br> 06/30/2023 | &nbsp;&nbsp;&nbsp;&nbsp;7.042% | &nbsp;&nbsp;&nbsp;&nbsp;29018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29018 |
| &nbsp;&nbsp;New York Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;New York Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;New York Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;New York Mortgage Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2021-BPL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-BPL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-BPL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-BPL1 Class A1 |
| &nbsp;&nbsp;05/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2.239% | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;373894 |
| &nbsp;&nbsp;NRZ Excess Spread-Collateralized Notes<sup>(a)</sup> | &nbsp;&nbsp;NRZ Excess Spread-Collateralized Notes<sup>(a)</sup> | &nbsp;&nbsp;NRZ Excess Spread-Collateralized Notes<sup>(a)</sup> | &nbsp;&nbsp;NRZ Excess Spread-Collateralized Notes<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2020-PLS1 Class A | &nbsp;&nbsp;Series 2020-PLS1 Class A | &nbsp;&nbsp;Series 2020-PLS1 Class A | &nbsp;&nbsp;Series 2020-PLS1 Class A |
| &nbsp;&nbsp;12/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;3.844% | &nbsp;&nbsp;&nbsp;253465 | &nbsp;&nbsp;&nbsp;&nbsp;230992 |
| &nbsp;&nbsp;Oaktown Re VI Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Oaktown Re VI Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Oaktown Re VI Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Oaktown Re VI Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2021-1A Class M1C | &nbsp;&nbsp;CMO Series 2021-1A Class M1C | &nbsp;&nbsp;CMO Series 2021-1A Class M1C | &nbsp;&nbsp;CMO Series 2021-1A Class M1C |
| &nbsp;&nbsp;30-day Average SOFR + 3.000%<br> Floor 3.000%<br> 10/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp;6.928% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;186495 |
| &nbsp;&nbsp;PMT Credit Risk Transfer Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;PMT Credit Risk Transfer Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;PMT Credit Risk Transfer Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;PMT Credit Risk Transfer Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2019-2R Class A | &nbsp;&nbsp;Series 2019-2R Class A | &nbsp;&nbsp;Series 2019-2R Class A | &nbsp;&nbsp;Series 2019-2R Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 2.750%<br> Floor 2.750%<br> 05/27/2023 | &nbsp;&nbsp;&nbsp;&nbsp;6.805% | &nbsp;&nbsp;&nbsp;283594 | &nbsp;&nbsp;&nbsp;&nbsp;269132 |
| &nbsp;&nbsp;PNMAC GMSR Issuer Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;PNMAC GMSR Issuer Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;PNMAC GMSR Issuer Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;PNMAC GMSR Issuer Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2018-GT1 Class A | &nbsp;&nbsp;CMO Series 2018-GT1 Class A | &nbsp;&nbsp;CMO Series 2018-GT1 Class A | &nbsp;&nbsp;CMO Series 2018-GT1 Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 2.850%<br> Floor 2.850%<br> 02/25/2023 | &nbsp;&nbsp;&nbsp;&nbsp;7.239% | 2350000 | &nbsp;&nbsp;2296748 |
| &nbsp;&nbsp;CMO Series 2018-GT2 Class A | &nbsp;&nbsp;CMO Series 2018-GT2 Class A | &nbsp;&nbsp;CMO Series 2018-GT2 Class A | &nbsp;&nbsp;CMO Series 2018-GT2 Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 2.650%<br> 08/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;6.694% | 3450000 | &nbsp;&nbsp;3386233 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Point Securitization Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Point Securitization Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Point Securitization Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Point Securitization Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 |
| &nbsp;&nbsp;02/25/2052 | &nbsp;&nbsp;3.228% | 417419 | &nbsp;&nbsp;399233 |
| &nbsp;&nbsp;Preston Ridge Partners Mortgage<sup>(a),(e)</sup> | &nbsp;&nbsp;Preston Ridge Partners Mortgage<sup>(a),(e)</sup> | &nbsp;&nbsp;Preston Ridge Partners Mortgage<sup>(a),(e)</sup> | &nbsp;&nbsp;Preston Ridge Partners Mortgage<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2021-4 Class A1 | &nbsp;&nbsp;CMO Series 2021-4 Class A1 | &nbsp;&nbsp;CMO Series 2021-4 Class A1 | &nbsp;&nbsp;CMO Series 2021-4 Class A1 |
| &nbsp;&nbsp;04/25/2026 | &nbsp;&nbsp;1.867% | 287091 | &nbsp;&nbsp;257071 |
| &nbsp;&nbsp;Preston Ridge Partners Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Preston Ridge Partners Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Preston Ridge Partners Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Preston Ridge Partners Mortgage Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 |
| &nbsp;&nbsp;01/25/2026 | &nbsp;&nbsp;2.115% | 280260 | &nbsp;&nbsp;254583 |
| &nbsp;&nbsp;CMO Series 2021-2 Class A1 | &nbsp;&nbsp;CMO Series 2021-2 Class A1 | &nbsp;&nbsp;CMO Series 2021-2 Class A1 | &nbsp;&nbsp;CMO Series 2021-2 Class A1 |
| &nbsp;&nbsp;03/25/2026 | &nbsp;&nbsp;2.115% | 248392 | &nbsp;&nbsp;225302 |
| &nbsp;&nbsp;CMO Series 2021-3 Class A1 | &nbsp;&nbsp;CMO Series 2021-3 Class A1 | &nbsp;&nbsp;CMO Series 2021-3 Class A1 | &nbsp;&nbsp;CMO Series 2021-3 Class A1 |
| &nbsp;&nbsp;04/25/2026 | &nbsp;&nbsp;1.867% | 279062 | &nbsp;&nbsp;252080 |
| &nbsp;&nbsp;Pretium Mortgage Credit Partners<sup>(a),(e)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners<sup>(a),(e)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners<sup>(a),(e)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2022-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2022-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2022-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2022-NPL1 Class A1 |
| &nbsp;&nbsp;01/25/2052 | &nbsp;&nbsp;2.981% | 407765 | &nbsp;&nbsp;364133 |
| &nbsp;&nbsp;Pretium Mortgage Credit Partners I LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners I LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners I LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners I LLC<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL1 Class A1 |
| &nbsp;&nbsp;09/27/2060 | &nbsp;&nbsp;2.240% | 180887 | &nbsp;&nbsp;164749 |
| &nbsp;&nbsp;Pretium Mortgage Credit Partners LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners LLC<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2021-RN2 Class A1 | &nbsp;&nbsp;CMO Series 2021-RN2 Class A1 | &nbsp;&nbsp;CMO Series 2021-RN2 Class A1 | &nbsp;&nbsp;CMO Series 2021-RN2 Class A1 |
| &nbsp;&nbsp;07/25/2051 | &nbsp;&nbsp;1.744% | 186811 | &nbsp;&nbsp;168588 |
| &nbsp;&nbsp;Radnor Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Radnor Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Radnor Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Radnor Re Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2021-1 Class M2 | &nbsp;&nbsp;CMO Series 2021-1 Class M2 | &nbsp;&nbsp;CMO Series 2021-1 Class M2 | &nbsp;&nbsp;CMO Series 2021-1 Class M2 |
| &nbsp;&nbsp;30-day Average SOFR + 3.150%<br> 12/27/2033 | &nbsp;&nbsp;6.697% | 400000 | &nbsp;&nbsp;346155 |
| &nbsp;&nbsp;Stonnington Mortgage Trust<sup>(a),(d),(e)</sup> | &nbsp;&nbsp;Stonnington Mortgage Trust<sup>(a),(d),(e)</sup> | &nbsp;&nbsp;Stonnington Mortgage Trust<sup>(a),(d),(e)</sup> | &nbsp;&nbsp;Stonnington Mortgage Trust<sup>(a),(d),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2020-1 Class A | &nbsp;&nbsp;CMO Series 2020-1 Class A | &nbsp;&nbsp;CMO Series 2020-1 Class A | &nbsp;&nbsp;CMO Series 2020-1 Class A |
| &nbsp;&nbsp;07/28/2024 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;90426 | &nbsp;&nbsp;&nbsp;&nbsp;90426 |
| &nbsp;&nbsp;Toorak Mortgage Corp., Ltd.<sup>(a),(e)</sup> | &nbsp;&nbsp;Toorak Mortgage Corp., Ltd.<sup>(a),(e)</sup> | &nbsp;&nbsp;Toorak Mortgage Corp., Ltd.<sup>(a),(e)</sup> | &nbsp;&nbsp;Toorak Mortgage Corp., Ltd.<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 |
| &nbsp;&nbsp;06/25/2024 | &nbsp;&nbsp;2.240% | 400000 | &nbsp;&nbsp;382963 |
| &nbsp;&nbsp;Triangle Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Triangle Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Triangle Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Triangle Re Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2021-1 Class M1C | &nbsp;&nbsp;CMO Series 2021-1 Class M1C | &nbsp;&nbsp;CMO Series 2021-1 Class M1C | &nbsp;&nbsp;CMO Series 2021-1 Class M1C |
| &nbsp;&nbsp;1-month USD LIBOR + 3.400%<br> Floor 3.400%<br> 08/25/2033 | &nbsp;&nbsp;7.789% | &nbsp;&nbsp;53799 | &nbsp;&nbsp;&nbsp;&nbsp;53734 |
| &nbsp;&nbsp;CMO Series 2021-2 Class M1C | &nbsp;&nbsp;CMO Series 2021-2 Class M1C | &nbsp;&nbsp;CMO Series 2021-2 Class M1C | &nbsp;&nbsp;CMO Series 2021-2 Class M1C |
| &nbsp;&nbsp;1-month USD LIBOR + 4.500%<br> Floor 4.500%<br> 10/25/2033 | &nbsp;&nbsp;8.889% | 500000 | &nbsp;&nbsp;492640 |
| &nbsp;&nbsp;CMO Series 2021-2 Class M2 | &nbsp;&nbsp;CMO Series 2021-2 Class M2 | &nbsp;&nbsp;CMO Series 2021-2 Class M2 | &nbsp;&nbsp;CMO Series 2021-2 Class M2 |
| &nbsp;&nbsp;1-month USD LIBOR + 5.500%<br> Floor 5.500%<br> 10/25/2033 | &nbsp;&nbsp;9.889% | 250000 | &nbsp;&nbsp;239193 |
| &nbsp;&nbsp;VCAT Asset Securitization LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;VCAT Asset Securitization LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;VCAT Asset Securitization LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;VCAT Asset Securitization LLC<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPL6 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL6 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL6 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL6 Class A1 |
| &nbsp;&nbsp;09/25/2051 | &nbsp;&nbsp;1.917% | 392674 | &nbsp;&nbsp;341849 |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_20400_3c4967ce-a655-4704-aaac-34869264e3ab_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;VCAT LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;VCAT LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;VCAT LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;VCAT LLC<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPL5 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL5 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL5 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL5 Class A1 |
| &nbsp;&nbsp;08/25/2051 | &nbsp;&nbsp;1.868% | 497614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438423 |
| &nbsp;&nbsp;Vericrest Opportunity Loan Transferee<sup>(a),(e)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee<sup>(a),(e)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee<sup>(a),(e)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPL4 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL4 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL4 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL4 Class A1 |
| &nbsp;&nbsp;03/27/2051 | &nbsp;&nbsp;2.240% | 475921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439126 |
| &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCIII LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCIII LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCIII LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCIII LLC<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPL2 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL2 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL2 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL2 Class A1 |
| &nbsp;&nbsp;02/27/2051 | &nbsp;&nbsp;1.893% | 341641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305188 |
| &nbsp;&nbsp;Verus Securitization Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2020-1 Class M1 | &nbsp;&nbsp;CMO Series 2020-1 Class M1 | &nbsp;&nbsp;CMO Series 2020-1 Class M1 | &nbsp;&nbsp;CMO Series 2020-1 Class M1 |
| &nbsp;&nbsp;01/25/2060 | &nbsp;&nbsp;3.021% | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295154 |
| &nbsp;&nbsp;Subordinated CMO Series 2019-INV3 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-INV3 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-INV3 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-INV3 Class B1 |
| &nbsp;&nbsp;11/25/2059 | &nbsp;&nbsp;3.731% | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227943 |
| &nbsp;&nbsp;Visio Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Visio Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Visio Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Visio Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2019-2 Class M1 | &nbsp;&nbsp;CMO Series 2019-2 Class M1 | &nbsp;&nbsp;CMO Series 2019-2 Class M1 | &nbsp;&nbsp;CMO Series 2019-2 Class M1 |
| &nbsp;&nbsp;11/25/2054 | &nbsp;&nbsp;3.260% | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168148 |
| &nbsp;&nbsp;Subordinated CMO Series 2019-2 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-2 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-2 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-2 Class B1 |
| &nbsp;&nbsp;11/25/2054 | &nbsp;&nbsp;3.910% | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80711 |
| &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Non-Agency<br> (Cost $23,316,263) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Non-Agency<br> (Cost $23,316,263) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Non-Agency<br> (Cost $23,316,263) | &nbsp;&nbsp;**22176459** |
| &nbsp;&nbsp;**Senior Loans 6.8%** | &nbsp;&nbsp;**Senior Loans 6.8%** | &nbsp;&nbsp;**Senior Loans 6.8%** | &nbsp;&nbsp;**Senior Loans 6.8%** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Airlines 0.3%** | &nbsp;&nbsp;**Airlines 0.3%** | &nbsp;&nbsp;**Airlines 0.3%** | &nbsp;&nbsp;**Airlines 0.3%** |
| &nbsp;&nbsp;American Airlines, Inc.<sup>(b),(n)</sup> | &nbsp;&nbsp;American Airlines, Inc.<sup>(b),(n)</sup> | &nbsp;&nbsp;American Airlines, Inc.<sup>(b),(n)</sup> | &nbsp;&nbsp;American Airlines, Inc.<sup>(b),(n)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 1.750%<br> 01/29/2027 | &nbsp;&nbsp;6.137% | 484896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458920 |
| &nbsp;&nbsp;**Automotive 0.3%** | &nbsp;&nbsp;**Automotive 0.3%** | &nbsp;&nbsp;**Automotive 0.3%** | &nbsp;&nbsp;**Automotive 0.3%** |
| &nbsp;&nbsp;Clarios Global LP<sup>(b),(n)</sup> | &nbsp;&nbsp;Clarios Global LP<sup>(b),(n)</sup> | &nbsp;&nbsp;Clarios Global LP<sup>(b),(n)</sup> | &nbsp;&nbsp;Clarios Global LP<sup>(b),(n)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> 04/30/2026 | &nbsp;&nbsp;7.634% | 422604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413273 |
| &nbsp;&nbsp;**Cable and Satellite 0.5%** | &nbsp;&nbsp;**Cable and Satellite 0.5%** | &nbsp;&nbsp;**Cable and Satellite 0.5%** | &nbsp;&nbsp;**Cable and Satellite 0.5%** |
| &nbsp;&nbsp;Cogeco Communications Finance LP<sup>(b),(n)</sup> | &nbsp;&nbsp;Cogeco Communications Finance LP<sup>(b),(n)</sup> | &nbsp;&nbsp;Cogeco Communications Finance LP<sup>(b),(n)</sup> | &nbsp;&nbsp;Cogeco Communications Finance LP<sup>(b),(n)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 2.000%<br> 01/03/2025 | &nbsp;&nbsp;6.384% | &nbsp;&nbsp;47718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46963 |
| &nbsp;&nbsp;Virgin Media Bristol LLC<sup>(b),(n)</sup> | &nbsp;&nbsp;Virgin Media Bristol LLC<sup>(b),(n)</sup> | &nbsp;&nbsp;Virgin Media Bristol LLC<sup>(b),(n)</sup> | &nbsp;&nbsp;Virgin Media Bristol LLC<sup>(b),(n)</sup> |
| &nbsp;&nbsp;Tranche Q Term Loan | &nbsp;&nbsp;Tranche Q Term Loan | &nbsp;&nbsp;Tranche Q Term Loan | &nbsp;&nbsp;Tranche Q Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> 01/31/2029 | &nbsp;&nbsp;7.568% | 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593550 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**640513** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Chemicals 0.8%** | &nbsp;&nbsp;**Chemicals 0.8%** | &nbsp;&nbsp;**Chemicals 0.8%** | &nbsp;&nbsp;**Chemicals 0.8%** |
| &nbsp;&nbsp;ColourOz Investment 1 GmbH<sup>(b),(n)</sup> | &nbsp;&nbsp;ColourOz Investment 1 GmbH<sup>(b),(n)</sup> | &nbsp;&nbsp;ColourOz Investment 1 GmbH<sup>(b),(n)</sup> | &nbsp;&nbsp;ColourOz Investment 1 GmbH<sup>(b),(n)</sup> |
| &nbsp;&nbsp;Tranche C 1st Lien Term Loan | &nbsp;&nbsp;Tranche C 1st Lien Term Loan | &nbsp;&nbsp;Tranche C 1st Lien Term Loan | &nbsp;&nbsp;Tranche C 1st Lien Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 4.250%<br> Floor 1.000%<br> 09/21/2023 | &nbsp;&nbsp;&nbsp;&nbsp;8.575% | &nbsp;&nbsp;46475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33617 |
| &nbsp;&nbsp;ColourOz Investment 2 LLC<sup>(b),(n)</sup> | &nbsp;&nbsp;ColourOz Investment 2 LLC<sup>(b),(n)</sup> | &nbsp;&nbsp;ColourOz Investment 2 LLC<sup>(b),(n)</sup> | &nbsp;&nbsp;ColourOz Investment 2 LLC<sup>(b),(n)</sup> |
| &nbsp;&nbsp;Tranche B2 1st Lien Term Loan | &nbsp;&nbsp;Tranche B2 1st Lien Term Loan | &nbsp;&nbsp;Tranche B2 1st Lien Term Loan | &nbsp;&nbsp;Tranche B2 1st Lien Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 4.250%<br> Floor 1.000%<br> 09/21/2023 | &nbsp;&nbsp;&nbsp;&nbsp;8.575% | 281893 | &nbsp;&nbsp;&nbsp;&nbsp;203902 |
| &nbsp;&nbsp;Ineos US Finance LLC<sup>(b),(n)</sup> | &nbsp;&nbsp;Ineos US Finance LLC<sup>(b),(n)</sup> | &nbsp;&nbsp;Ineos US Finance LLC<sup>(b),(n)</sup> | &nbsp;&nbsp;Ineos US Finance LLC<sup>(b),(n)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.750%<br> 11/08/2027 | &nbsp;&nbsp;&nbsp;&nbsp;8.173% | 484733 | &nbsp;&nbsp;&nbsp;&nbsp;476424 |
| &nbsp;&nbsp;Nouryon Finance BV<sup>(b),(n)</sup> | &nbsp;&nbsp;Nouryon Finance BV<sup>(b),(n)</sup> | &nbsp;&nbsp;Nouryon Finance BV<sup>(b),(n)</sup> | &nbsp;&nbsp;Nouryon Finance BV<sup>(b),(n)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.750%<br> 10/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;7.165% | 369880 | &nbsp;&nbsp;&nbsp;&nbsp;364147 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1078090** |
| &nbsp;&nbsp;**Consumer Cyclical Services 0.9%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.9%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.9%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.9%** |
| &nbsp;&nbsp;8th Avenue Food & Provisions, Inc.<sup>(b),(n)</sup> | &nbsp;&nbsp;8th Avenue Food & Provisions, Inc.<sup>(b),(n)</sup> | &nbsp;&nbsp;8th Avenue Food & Provisions, Inc.<sup>(b),(n)</sup> | &nbsp;&nbsp;8th Avenue Food & Provisions, Inc.<sup>(b),(n)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.750%<br> 10/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;8.134% | &nbsp;&nbsp;33222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27532 |
| &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 7.750%<br> 10/01/2026 | &nbsp;&nbsp;12.134% | &nbsp;&nbsp;63566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34453 |
| &nbsp;&nbsp;Arches Buyer, Inc.<sup>(b),(n)</sup> | &nbsp;&nbsp;Arches Buyer, Inc.<sup>(b),(n)</sup> | &nbsp;&nbsp;Arches Buyer, Inc.<sup>(b),(n)</sup> | &nbsp;&nbsp;Arches Buyer, Inc.<sup>(b),(n)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> Floor 0.500%<br> 12/06/2027 | &nbsp;&nbsp;&nbsp;&nbsp;7.634% | 490000 | &nbsp;&nbsp;&nbsp;&nbsp;452231 |
| &nbsp;&nbsp;Uber Technologies, Inc.<sup>(b),(n)</sup> | &nbsp;&nbsp;Uber Technologies, Inc.<sup>(b),(n)</sup> | &nbsp;&nbsp;Uber Technologies, Inc.<sup>(b),(n)</sup> | &nbsp;&nbsp;Uber Technologies, Inc.<sup>(b),(n)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> 02/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp;8.235% | 694125 | &nbsp;&nbsp;&nbsp;&nbsp;692265 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1206481** |
| &nbsp;&nbsp;**Diversified Manufacturing 0.3%** | &nbsp;&nbsp;**Diversified Manufacturing 0.3%** | &nbsp;&nbsp;**Diversified Manufacturing 0.3%** | &nbsp;&nbsp;**Diversified Manufacturing 0.3%** |
| &nbsp;&nbsp;TK Elevator Midco GmbH<sup>(b),(n)</sup> | &nbsp;&nbsp;TK Elevator Midco GmbH<sup>(b),(n)</sup> | &nbsp;&nbsp;TK Elevator Midco GmbH<sup>(b),(n)</sup> | &nbsp;&nbsp;TK Elevator Midco GmbH<sup>(b),(n)</sup> |
| &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> Floor 0.500%<br> 07/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;6.871% | 490087 | &nbsp;&nbsp;&nbsp;&nbsp;470792 |

---

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

24 Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_20400_3c4967ce-a655-4704-aaac-34869264e3ab_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Electric 0.3%** | &nbsp;&nbsp;**Electric 0.3%** | &nbsp;&nbsp;**Electric 0.3%** | &nbsp;&nbsp;**Electric 0.3%** |
| &nbsp;&nbsp;Constellation Renewables LLC<sup>(b),(n)</sup> | &nbsp;&nbsp;Constellation Renewables LLC<sup>(b),(n)</sup> | &nbsp;&nbsp;Constellation Renewables LLC<sup>(b),(n)</sup> | &nbsp;&nbsp;Constellation Renewables LLC<sup>(b),(n)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.500%<br> Floor 1.000%<br> 12/15/2027 | &nbsp;&nbsp;7.240% | 461237 | &nbsp;&nbsp;456242 |
| &nbsp;&nbsp;**Gaming 0.2%** | &nbsp;&nbsp;**Gaming 0.2%** | &nbsp;&nbsp;**Gaming 0.2%** | &nbsp;&nbsp;**Gaming 0.2%** |
| &nbsp;&nbsp;Caesars Resort Collection LLC<sup>(b),(n)</sup> | &nbsp;&nbsp;Caesars Resort Collection LLC<sup>(b),(n)</sup> | &nbsp;&nbsp;Caesars Resort Collection LLC<sup>(b),(n)</sup> | &nbsp;&nbsp;Caesars Resort Collection LLC<sup>(b),(n)</sup> |
| &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> 07/21/2025 | &nbsp;&nbsp;7.884% | 279028 | &nbsp;&nbsp;278076 |
| &nbsp;&nbsp;**Health Care 0.3%** | &nbsp;&nbsp;**Health Care 0.3%** | &nbsp;&nbsp;**Health Care 0.3%** | &nbsp;&nbsp;**Health Care 0.3%** |
| &nbsp;&nbsp;Medline Borrower LP<sup>(b),(n)</sup> | &nbsp;&nbsp;Medline Borrower LP<sup>(b),(n)</sup> | &nbsp;&nbsp;Medline Borrower LP<sup>(b),(n)</sup> | &nbsp;&nbsp;Medline Borrower LP<sup>(b),(n)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> Floor 0.500%<br> 10/23/2028 | &nbsp;&nbsp;7.634% | 463167 | &nbsp;&nbsp;439536 |
| &nbsp;&nbsp;**Media and Entertainment 0.3%** | &nbsp;&nbsp;**Media and Entertainment 0.3%** | &nbsp;&nbsp;**Media and Entertainment 0.3%** | &nbsp;&nbsp;**Media and Entertainment 0.3%** |
| &nbsp;&nbsp;Gray Television, Inc.<sup>(b),(n)</sup> | &nbsp;&nbsp;Gray Television, Inc.<sup>(b),(n)</sup> | &nbsp;&nbsp;Gray Television, Inc.<sup>(b),(n)</sup> | &nbsp;&nbsp;Gray Television, Inc.<sup>(b),(n)</sup> |
| &nbsp;&nbsp;Tranche C Term Loan | &nbsp;&nbsp;Tranche C Term Loan | &nbsp;&nbsp;Tranche C Term Loan | &nbsp;&nbsp;Tranche C Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 2.500%<br> 01/02/2026 | &nbsp;&nbsp;6.620% | 425886 | &nbsp;&nbsp;413761 |
| &nbsp;&nbsp;**Property & Casualty 0.3%** | &nbsp;&nbsp;**Property & Casualty 0.3%** | &nbsp;&nbsp;**Property & Casualty 0.3%** | &nbsp;&nbsp;**Property & Casualty 0.3%** |
| &nbsp;&nbsp;Asurion LLC<sup>(b),(n)</sup> | &nbsp;&nbsp;Asurion LLC<sup>(b),(n)</sup> | &nbsp;&nbsp;Asurion LLC<sup>(b),(n)</sup> | &nbsp;&nbsp;Asurion LLC<sup>(b),(n)</sup> |
| &nbsp;&nbsp;Tranche B8 Term Loan | &nbsp;&nbsp;Tranche B8 Term Loan | &nbsp;&nbsp;Tranche B8 Term Loan | &nbsp;&nbsp;Tranche B8 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> 12/23/2026 | &nbsp;&nbsp;7.634% | 438303 | &nbsp;&nbsp;389818 |
| &nbsp;&nbsp;**Technology 1.9%** | &nbsp;&nbsp;**Technology 1.9%** | &nbsp;&nbsp;**Technology 1.9%** | &nbsp;&nbsp;**Technology 1.9%** |
| &nbsp;&nbsp;Avaya, Inc.<sup>(b),(n)</sup> | &nbsp;&nbsp;Avaya, Inc.<sup>(b),(n)</sup> | &nbsp;&nbsp;Avaya, Inc.<sup>(b),(n)</sup> | &nbsp;&nbsp;Avaya, Inc.<sup>(b),(n)</sup> |
| &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.250%<br> 12/15/2027 | &nbsp;&nbsp;8.568% | 277009 | &nbsp;&nbsp;&nbsp;&nbsp;92302 |
| &nbsp;&nbsp;Endurance International Group Holdings, Inc.<sup>(b),(n)</sup> | &nbsp;&nbsp;Endurance International Group Holdings, Inc.<sup>(b),(n)</sup> | &nbsp;&nbsp;Endurance International Group Holdings, Inc.<sup>(b),(n)</sup> | &nbsp;&nbsp;Endurance International Group Holdings, Inc.<sup>(b),(n)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> Floor 0.750%<br> 02/10/2028 | &nbsp;&nbsp;7.717% | 874235 | &nbsp;&nbsp;783533 |
| &nbsp;&nbsp;GoTo Group, Inc.<sup>(b),(n)</sup> | &nbsp;&nbsp;GoTo Group, Inc.<sup>(b),(n)</sup> | &nbsp;&nbsp;GoTo Group, Inc.<sup>(b),(n)</sup> | &nbsp;&nbsp;GoTo Group, Inc.<sup>(b),(n)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.750%<br> 08/31/2027 | &nbsp;&nbsp;9.139% | 492462 | &nbsp;&nbsp;314807 |
| &nbsp;&nbsp;MA FinanceCo LLC<sup>(b),(n)</sup> | &nbsp;&nbsp;MA FinanceCo LLC<sup>(b),(n)</sup> | &nbsp;&nbsp;MA FinanceCo LLC<sup>(b),(n)</sup> | &nbsp;&nbsp;MA FinanceCo LLC<sup>(b),(n)</sup> |
| &nbsp;&nbsp;Tranche B4 Term Loan | &nbsp;&nbsp;Tranche B4 Term Loan | &nbsp;&nbsp;Tranche B4 Term Loan | &nbsp;&nbsp;Tranche B4 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.250%<br> Floor 1.000%<br> 06/05/2025 | &nbsp;&nbsp;8.973% | 474563 | &nbsp;&nbsp;472490 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Misys Ltd.<sup>(b),(n)</sup> | &nbsp;&nbsp;Misys Ltd.<sup>(b),(n)</sup> | &nbsp;&nbsp;Misys Ltd.<sup>(b),(n)</sup> | &nbsp;&nbsp;Misys Ltd.<sup>(b),(n)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.500%<br> Floor 1.000%<br> 06/13/2024 | &nbsp;&nbsp;6.871% | &nbsp;&nbsp;&nbsp;491790 | &nbsp;&nbsp;&nbsp;&nbsp;433798 |
| &nbsp;&nbsp;Peraton Corp.<sup>(b),(n)</sup> | &nbsp;&nbsp;Peraton Corp.<sup>(b),(n)</sup> | &nbsp;&nbsp;Peraton Corp.<sup>(b),(n)</sup> | &nbsp;&nbsp;Peraton Corp.<sup>(b),(n)</sup> |
| &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.750%<br> Floor 0.750%<br> 02/01/2028 | &nbsp;&nbsp;8.134% | &nbsp;&nbsp;&nbsp;562691 | &nbsp;&nbsp;&nbsp;&nbsp;548505 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2645435** |
| &nbsp;&nbsp;**Wireless 0.4%** | &nbsp;&nbsp;**Wireless 0.4%** | &nbsp;&nbsp;**Wireless 0.4%** | &nbsp;&nbsp;**Wireless 0.4%** |
| &nbsp;&nbsp;SBA Senior Finance II LLC<sup>(b),(n)</sup> | &nbsp;&nbsp;SBA Senior Finance II LLC<sup>(b),(n)</sup> | &nbsp;&nbsp;SBA Senior Finance II LLC<sup>(b),(n)</sup> | &nbsp;&nbsp;SBA Senior Finance II LLC<sup>(b),(n)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 1.750%<br> 04/11/2025 | &nbsp;&nbsp;6.140% | &nbsp;&nbsp;&nbsp;486005 | &nbsp;&nbsp;&nbsp;&nbsp;483847 |
| &nbsp;&nbsp;Total Senior Loans<br> (Cost $10,176,137) | &nbsp;&nbsp;Total Senior Loans<br> (Cost $10,176,137) | &nbsp;&nbsp;Total Senior Loans<br> (Cost $10,176,137) | &nbsp;&nbsp;**9374784** |
| &nbsp;&nbsp;**U.S. Treasury Obligations 3.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations 3.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations 3.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations 3.1%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;U.S. Treasury | &nbsp;&nbsp;U.S. Treasury | &nbsp;&nbsp;U.S. Treasury | &nbsp;&nbsp;U.S. Treasury |
| &nbsp;&nbsp;04/30/2024 | &nbsp;&nbsp;2.500% | 1635000 | &nbsp;&nbsp;1587866 |
| &nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;2.875% | 2905000 | &nbsp;&nbsp;2678047 |
| &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $4,555,517) | &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $4,555,517) | &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $4,555,517) | &nbsp;&nbsp;**4265913** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Options Purchased Calls 0.3%** | &nbsp;&nbsp;**Options Purchased Calls 0.3%** |
|  | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;(Cost $1,117,465) | &nbsp;&nbsp;**360215** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 10.1%** | &nbsp;&nbsp;**Money Market Funds 10.1%** | &nbsp;&nbsp;**Money Market Funds 10.1%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(o),(p)</sup> | &nbsp;&nbsp;13815503 | &nbsp;&nbsp;&nbsp;&nbsp;13811358 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $13,809,472) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $13,809,472) | &nbsp;&nbsp;&nbsp;&nbsp;**13811358** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $178,294,329)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $178,294,329)** | &nbsp;&nbsp;**163009328** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;**(25721805)** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**137287523** |

---

At December 31, 2022, securities and/or cash totaling $2,149,569 were pledged as collateral.

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

Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_20400_3c4967ce-a655-4704-aaac-34869264e3ab_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Investments in derivatives

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** |
| &nbsp;&nbsp;**Currency to<br> be sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency to<br> be purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | **Settlement<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;99,900,000 HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257,408 USD | &nbsp;&nbsp;&nbsp;&nbsp;HSBC | 01/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9244) |
| &nbsp;&nbsp;&nbsp;1,089,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp;1,162,518 USD | &nbsp;&nbsp;&nbsp;&nbsp;UBS | 01/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4391) |
| &nbsp;&nbsp;Total |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(13635) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;U.S. Long Bond | 19 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2381531 | &nbsp;&nbsp;&nbsp;&nbsp;289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury 10-Year Note | 91 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;10219016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(219306) |
| &nbsp;&nbsp;U.S. Treasury 5-Year Note | 25 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2698242 | &nbsp;&nbsp;&nbsp;&nbsp;333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury 5-Year Note | 55 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5936133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59583) |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;622 | &nbsp;&nbsp;&nbsp;&nbsp;(278889) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;Euro-Bobl | (29) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3356750) | &nbsp;&nbsp;&nbsp;&nbsp;110859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Euro-Bund | (26) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3456180) | &nbsp;&nbsp;&nbsp;&nbsp;229756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Japanese 10-Year Government Bond | (9) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;(1309140000) | &nbsp;&nbsp;&nbsp;&nbsp;164371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury 2-Year Note | (106) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21738281) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(28397) |
| &nbsp;&nbsp;U.S. Treasury Ultra Bond | (8) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1074500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;528273 | &nbsp;&nbsp;&nbsp;&nbsp;(28397) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** |
| &nbsp;&nbsp;**Description** | **Counterparty** | &nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;**Number of<br> contracts** | &nbsp;&nbsp;**Exercise<br> price/Rate** | &nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;**Cost ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR | Citi | &nbsp;&nbsp;USD | &nbsp;&nbsp;3730000 | &nbsp;&nbsp;3730000 | &nbsp;&nbsp;2.25 | &nbsp;&nbsp;04/27/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5361 |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR | Citi | &nbsp;&nbsp;USD | &nbsp;&nbsp;7640000 | &nbsp;&nbsp;7640000 | &nbsp;&nbsp;2.50 | &nbsp;&nbsp;05/12/2023 | &nbsp;&nbsp;&nbsp;&nbsp;228436 | &nbsp;&nbsp;&nbsp;&nbsp;27037 |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR | Citi | &nbsp;&nbsp;USD | &nbsp;&nbsp;5230000 | &nbsp;&nbsp;5230000 | &nbsp;&nbsp;2.25 | &nbsp;&nbsp;05/26/2023 | &nbsp;&nbsp;&nbsp;&nbsp;107215 | &nbsp;&nbsp;&nbsp;&nbsp;12624 |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR | Citi | &nbsp;&nbsp;USD | &nbsp;&nbsp;8000000 | &nbsp;&nbsp;8000000 | &nbsp;&nbsp;2.75 | &nbsp;&nbsp;06/26/2023 | &nbsp;&nbsp;&nbsp;&nbsp;259800 | &nbsp;&nbsp;&nbsp;&nbsp;73033 |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR | Citi | &nbsp;&nbsp;USD | &nbsp;&nbsp;6150000 | &nbsp;&nbsp;6150000 | &nbsp;&nbsp;3.30 | &nbsp;&nbsp;11/14/2023 | &nbsp;&nbsp;&nbsp;&nbsp;196800 | &nbsp;&nbsp;215123 |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Morgan Stanley to receive exercise rate and pay SOFR | Morgan Stanley | &nbsp;&nbsp;USD | &nbsp;&nbsp;7640000 | &nbsp;&nbsp;7640000 | &nbsp;&nbsp;2.50 | &nbsp;&nbsp;05/12/2023 | &nbsp;&nbsp;&nbsp;&nbsp;235694 | &nbsp;&nbsp;&nbsp;&nbsp;27037 |
| &nbsp;&nbsp;Total |  |  |  |  |  |  | &nbsp;&nbsp;1117465 | &nbsp;&nbsp;360215 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** |
| &nbsp;&nbsp;**Description** | **Counterparty** | &nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;**Number of<br> contracts** | &nbsp;&nbsp;**Exercise<br> price/Rate** | &nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;**Premium<br> received ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Morgan Stanley to receive exercise rate and pay SOFR | Morgan Stanley | &nbsp;&nbsp;USD | &nbsp;&nbsp;(5400000) | &nbsp;&nbsp;(5400000) | &nbsp;&nbsp;3.90 | &nbsp;&nbsp;01/27/2023 | &nbsp;&nbsp;(101250) | &nbsp;&nbsp;(13664) |

---

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

26 Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_20400_3c4967ce-a655-4704-aaac-34869264e3ab_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cleared interest rate swap contracts** | &nbsp;&nbsp;**Cleared interest rate swap contracts** | &nbsp;&nbsp;**Cleared interest rate swap contracts** | &nbsp;&nbsp;**Cleared interest rate swap contracts** | &nbsp;&nbsp;**Cleared interest rate swap contracts** | &nbsp;&nbsp;**Cleared interest rate swap contracts** | &nbsp;&nbsp;**Cleared interest rate swap contracts** | &nbsp;&nbsp;**Cleared interest rate swap contracts** | &nbsp;&nbsp;**Cleared interest rate swap contracts** | &nbsp;&nbsp;**Cleared interest rate swap contracts** | &nbsp;&nbsp;**Cleared interest rate swap contracts** | &nbsp;&nbsp;**Cleared interest rate swap contracts** |
| &nbsp;&nbsp;**Fund receives** | **Fund pays** | **Payment<br> frequency** | **Counterparty** | **Maturity<br> date** | **Notional<br> currency** | **Notional<br> amount** | **Value<br> ($)** | **Upfront<br> payments<br> ($)** | **Upfront<br> receipts<br> ($)** | **Unrealized<br> appreciation<br> ($)** | **Unrealized<br> depreciation<br> ($)** |
| &nbsp;&nbsp;Fixed rate of 6.361% | 28-Day MXN TIIE-Banxico | Receives Monthly, Pays Monthly | Morgan Stanley | 10/24/2025 | MXN | 17000000 | &nbsp;&nbsp;(63774) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(63774) |
| &nbsp;&nbsp;Fixed rate of 5.985% | 28-Day MXN TIIE-Banxico | Receives Monthly, Pays Monthly | Morgan Stanley | 01/21/2026 | MXN | &nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;(34928) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(34928) |
| &nbsp;&nbsp;Fixed rate of 5.960% | 28-Day MXN TIIE-Banxico | Receives Monthly, Pays Monthly | Morgan Stanley | 02/02/2026 | MXN | 20000000 | &nbsp;&nbsp;(90352) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(90352) |
| &nbsp;&nbsp;3-Month USD LIBOR | Fixed rate of 1.781% | Receives Quarterly, Pays SemiAnnually | Morgan Stanley | 08/09/2049 | USD | &nbsp;&nbsp;&nbsp;2100000 | 639014 |  |  | 639014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total |  |  |  |  |  |  | 449960 |  |  | 639014 | (189054) |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Credit default swap contracts - buy protection** | &nbsp;&nbsp;**Credit default swap contracts - buy protection** | &nbsp;&nbsp;**Credit default swap contracts - buy protection** | &nbsp;&nbsp;**Credit default swap contracts - buy protection** | &nbsp;&nbsp;**Credit default swap contracts - buy protection** | &nbsp;&nbsp;**Credit default swap contracts - buy protection** | &nbsp;&nbsp;**Credit default swap contracts - buy protection** | &nbsp;&nbsp;**Credit default swap contracts - buy protection** | &nbsp;&nbsp;**Credit default swap contracts - buy protection** | &nbsp;&nbsp;**Credit default swap contracts - buy protection** | &nbsp;&nbsp;**Credit default swap contracts - buy protection** | &nbsp;&nbsp;**Credit default swap contracts - buy protection** | &nbsp;&nbsp;**Credit default swap contracts - buy protection** |
| &nbsp;&nbsp;**Reference<br> entity** | **Counterparty** | **Maturity<br> date** | **Pay<br> fixed<br> rate<br> (%)** | **Payment<br> frequency** | **Notional<br> currency** | **Notional<br> amount** | **Value<br> ($)** | **Periodic<br> payments<br> receivable<br> (payable)<br> ($)** | **Upfront<br> payments<br> ($)** | **Upfront<br> receipts<br> ($)** | **Unrealized<br> appreciation<br> ($)** | **Unrealized<br> depreciation<br> ($)** |
| &nbsp;&nbsp;Markit CMBX North America Index, Series 11 BBB- | Goldman Sachs International | 11/18/2054 | 3.000 | Monthly | USD | 200000 | 30312 | &nbsp;&nbsp;&nbsp;(99) | 30741 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (528) |
| &nbsp;&nbsp;Markit CMBX North America Index, Series 11 BBB- | JPMorgan | 11/18/2054 | 3.000 | Monthly | USD | 200000 | 30312 | (100) | &nbsp;&nbsp;&nbsp;6796 |  | 23416 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total |  |  |  |  |  |  | 60624 | (199) | 37537 |  | 23416 | (528) |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** |
| &nbsp;&nbsp;**Reference<br> entity** | **Counterparty** | **Maturity<br> date** | **Pay<br> fixed<br> rate<br> (%)** | **Payment<br> frequency** | **Notional<br> currency** | **Notional<br> amount** | **Value<br> ($)** | **Upfront<br> payments<br> ($)** | **Upfront<br> receipts<br> ($)** | **Unrealized<br> appreciation<br> ($)** | **Unrealized<br> depreciation<br> ($)** |
| &nbsp;&nbsp;Markit CDX North America High Yield Index, Series 39 | Morgan Stanley | 12/20/2027 | 5.000 | Quarterly | USD | 12626000 | (609483) |  |  |  | (609483) |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** |
| &nbsp;&nbsp;**Reference<br> entity** | **Counterparty** | **Maturity<br> date** | **Receive<br> fixed<br> rate<br> (%)** | **Payment<br> frequency** | **Implied<br> credit<br> spread<br> (%)\*** | **Notional<br> currency** | **Notional<br> amount** | **Value<br> ($)** | **Periodic<br> payments<br> receivable<br> (payable)<br> ($)** | **Upfront<br> payments<br> ($)** | **Upfront<br> receipts<br> ($)** | **Unrealized<br> appreciation<br> ($)** | **Unrealized<br> depreciation<br> ($)** |
| &nbsp;&nbsp;Markit CMBX North America Index, Series 10 BBB- | Citi | 11/17/2059 | 3.000 | Monthly | 8.792 | USD | 500000 | &nbsp;&nbsp;&nbsp;(86484) | &nbsp;&nbsp;&nbsp;249 |  | (109091) | 22856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Markit CMBX North America Index, Series 10 BBB- | Goldman Sachs International | 11/17/2059 | 3.000 | Monthly | 8.792 | USD | 125000 | &nbsp;&nbsp;&nbsp;(21621) | &nbsp;&nbsp;&nbsp;&nbsp;63 |  | &nbsp;&nbsp;&nbsp;(14087) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7471) |
| &nbsp;&nbsp;Markit CMBX North America Index, Series 10 BBB- | JPMorgan | 11/17/2059 | 3.000 | Monthly | 8.792 | USD | 500000 | &nbsp;&nbsp;&nbsp;(86484) | &nbsp;&nbsp;&nbsp;250 |  | (108033) | 21799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Markit CMBX North America Index, Series 10 BBB- | JPMorgan | 11/17/2059 | 3.000 | Monthly | 8.792 | USD | 500000 | &nbsp;&nbsp;&nbsp;(86484) | &nbsp;&nbsp;&nbsp;250 |  | &nbsp;&nbsp;&nbsp;(83686) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2548) |
| &nbsp;&nbsp;Markit CMBX North America Index, Series 10 BBB- | JPMorgan | 11/17/2059 | 3.000 | Monthly | 8.792 | USD | 250000 | &nbsp;&nbsp;&nbsp;(43242) | &nbsp;&nbsp;&nbsp;125 |  | &nbsp;&nbsp;&nbsp;(38991) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4126) |
| &nbsp;&nbsp;Markit CMBX North America Index, Series 10 BBB- | JPMorgan | 11/17/2059 | 3.000 | Monthly | 8.792 | USD | 500000 | &nbsp;&nbsp;&nbsp;(86484) | &nbsp;&nbsp;&nbsp;249 |  | &nbsp;&nbsp;&nbsp;(80585) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5650) |
| &nbsp;&nbsp;Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 8.792 | USD | 500000 | &nbsp;&nbsp;&nbsp;(86485) | &nbsp;&nbsp;&nbsp;251 |  | &nbsp;&nbsp;&nbsp;(97773) | 11539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 8.792 | USD | 500000 | &nbsp;&nbsp;&nbsp;(86484) | &nbsp;&nbsp;&nbsp;249 |  | &nbsp;&nbsp;&nbsp;(80585) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5650) |
| &nbsp;&nbsp;Total |  |  |  |  |  |  |  | (583768) | 1686 |  | (612831) | 56194 | (25445) |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_20400_3c4967ce-a655-4704-aaac-34869264e3ab_TOC)

Portfolio of Investments (continued)

December 31, 2022

\* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Reference index and values for swap contracts as of period end** | &nbsp;&nbsp;**Reference index and values for swap contracts as of period end** | &nbsp;&nbsp;**Reference index and values for swap contracts as of period end** |
| &nbsp;&nbsp;**Reference index** |  | **Reference rate** |
| &nbsp;&nbsp;28-Day MXN TIIE-Banxico | Interbank Equilibrium Interest Rate | 10.770% |
| &nbsp;&nbsp;3-Month USD LIBOR | London Interbank Offered Rate | 4.767% |

---

#### Notes to Portfolio of Investments
(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A
eligible securities, which are often sold only to qualified institutional buyers. At December 31, 2022, the total value of these securities amounted to $58,587,566, which represents 42.68% of total net assets.

(b) Variable rate security. The interest rate shown was the current rate as of December 31, 2022.

(c) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At December 31, 2022, the total value of these securities amounted to $863,279,
which represents 0.63% of total net assets.

(d) Valuation based on significant unobservable inputs.

(e) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The
interest rate shown was the current rate as of December 31, 2022.

(f) Non-income producing investment.

(g) Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash.

(h) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then
increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of December 31, 2022.

(i) Represents a security in default.

(j) Principal amounts are denominated in United States Dollars unless otherwise noted.

(k) Principal and interest may not be guaranteed by a governmental entity.

(l) Represents interest only securities which have the right to receive the monthly interest payments on an underlying pool of mortgage loans.

(m) Represents a security purchased on a when-issued basis.

(n) The stated interest rate represents the weighted average interest rate at December 31, 2022 of contracts within the senior loan facility. Interest rates on contracts are primarily
determined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. These base lending rates are primarily the LIBOR and other short-term rates. Base lending
rates may be subject to a floor or minimum rate. The interest rate for senior loans purchased on a when-issued or delayed delivery basis will be determined upon settlement, therefore no interest rate is disclosed.
Senior loans often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay cannot be predicted with accuracy. As a result, remaining
maturities of senior loans may be less than the stated maturities. Generally, the Fund is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.

(o) The rate shown is the seven-day current annualized yield at December 31, 2022.

(p) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 8799251 | &nbsp;&nbsp;87455273 | &nbsp;&nbsp;(82445257) | &nbsp;&nbsp;2091 | &nbsp;&nbsp;13811358 | &nbsp;&nbsp;(4076) | &nbsp;&nbsp;157786 | &nbsp;&nbsp;13815503 |

---

#### Abbreviation Legend

---

| | |
|:---|:---|
| CMO | &nbsp;&nbsp;Collateralized Mortgage Obligation |
| LIBOR | &nbsp;&nbsp;London Interbank Offered Rate |
| SOFR | &nbsp;&nbsp;Secured Overnight Financing Rate |
| TBA | &nbsp;&nbsp;To Be Announced |

---

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

28 Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_20400_3c4967ce-a655-4704-aaac-34869264e3ab_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Currency Legend

---

| | |
|:---|:---|
| EUR | &nbsp;&nbsp;Euro |
| HUF | &nbsp;&nbsp;Hungarian Forint |
| JPY | &nbsp;&nbsp;Japanese Yen |
| MXN | &nbsp;&nbsp;Mexican Peso |
| USD | &nbsp;&nbsp;US Dollar |

---

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

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

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

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

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

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

Investments falling into the Level 3 category 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, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities — Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3644506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3670257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3633913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3633913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &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;&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;Total Common Stocks | &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;&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;Convertible Bonds | &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;98987 | &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;98987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49719124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49719124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7532651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7532651 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48365667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48365667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20598301 | &nbsp;&nbsp;&nbsp;&nbsp;1578158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22176459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9374784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9374784 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4265913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4265913 |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_20400_3c4967ce-a655-4704-aaac-34869264e3ab_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Fair value measurements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Options Purchased Calls | &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;360215 | &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;360215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 13811358 | &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;&nbsp;&nbsp;&nbsp;13811358 |
| &nbsp;&nbsp;Total Investments in Securities | 13811358 | &nbsp;&nbsp;&nbsp;&nbsp;147594061 | &nbsp;&nbsp;&nbsp;&nbsp;1603909 | &nbsp;&nbsp;&nbsp;&nbsp;163009328 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;528895 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts | &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;718624 | &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;718624 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &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;(13635) | &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;(13635) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(307286) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(307286) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Contracts Written | &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;(13664) | &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;(13664) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(824510) | &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;(824510) |
| &nbsp;&nbsp;Total | 14032967 | &nbsp;&nbsp;&nbsp;&nbsp;147460876 | &nbsp;&nbsp;&nbsp;&nbsp;1603909 | &nbsp;&nbsp;&nbsp;&nbsp;163097752 |

---

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.

Forward foreign currency exchange contracts, futures contracts and swap contracts are valued at unrealized appreciation (depreciation).

The following table is a reconciliation of Level 3 assets for which significant observable and unobservable inputs were used to determine fair value:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance<br> as of<br> 12/31/2021<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Increase<br> (decrease)<br> in accrued<br> discounts/<br> premiums<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Realized<br> gain (loss)<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Change<br> in unrealized<br> appreciation<br> (depreciation)<sup>(a)</sup><br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Transfers<br> into<br> Level 3<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Transfers<br> out of<br> Level 3<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Balance<br> as of<br> 12/31/2022<br> ($)** |
| &nbsp;&nbsp;Asset-Backed Securities — Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;399800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(374136) | &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;25751 |
| &nbsp;&nbsp;Residential Mortgage-Backed Securities — Non-Agency | 3875627 | &nbsp;&nbsp;&nbsp;&nbsp;20089 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(70130) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1956668) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(290760) | &nbsp;&nbsp;&nbsp;&nbsp;1578158 |
| &nbsp;&nbsp;Senior Loans | &nbsp;&nbsp;&nbsp;&nbsp;60388 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Total** | **4335815** | &nbsp;&nbsp;&nbsp;&nbsp;**20089** | &nbsp;&nbsp;&nbsp;&nbsp;**7** | &nbsp;&nbsp;&nbsp;&nbsp;**(70050)** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;**(2330804)** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;**(351148)** | &nbsp;&nbsp;&nbsp;&nbsp;**1603909** |

---

(a) Change in unrealized appreciation (depreciation) relating to securities held at December 31, 2022 was $(48,795) which is comprised of Asset-Backed Securities — Non-Agency of $80 and Residential Mortgage-Backed Securities — Non-Agency of $(48,875).

The Fund's assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain residential mortgage backed securities and asset backed securities classified as Level 3 are valued using the market approach and utilize single market quotations from broker dealers which may have included, but were not limited to, observable transactions for identical or similar assets in the market and the distressed nature of the security. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, manual price reviews and other control procedures. Significant increases (decreases) to any of these inputs would have resulted in a significantly higher (lower) fair value measurement.

Financial assets were transferred from Level 3 to Level 2 as observable market inputs were utilized and management determined that there was sufficient, reliable and observable market data to value these assets as of period end.

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

30 Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022

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Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $163,367,392) | $148837755 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $13,809,472) | &nbsp;&nbsp;&nbsp;&nbsp;13811358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased (cost $1,117,465) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360215 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27975 |
| &nbsp;&nbsp;Foreign currency (cost $40,453) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40690 |
| &nbsp;&nbsp;Cash collateral held at broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 |
| &nbsp;&nbsp;&nbsp;&nbsp;TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132000 |
| &nbsp;&nbsp;Margin deposits on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001574 |
| &nbsp;&nbsp;Unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79610 |
| &nbsp;&nbsp;Upfront payments on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37537 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177629 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68213 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement due from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2882 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98831 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;166862196 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Option contracts written, at value (premiums received $101,250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13664 |
| &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13635 |
| &nbsp;&nbsp;Unrealized depreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25973 |
| &nbsp;&nbsp;Upfront receipts on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612831 |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;28565191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37241 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98831 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;29574673 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$137287523** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;153431014 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(16143491) |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$137287523** |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022 31

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Statement of Assets and Liabilities (continued)

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$19019258 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5434896 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.50 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $118268265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;34208774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.46 |

---

(a) Includes collateral related to options purchased and swap contracts.

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

32 Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_20400_3c4967ce-a655-4704-aaac-34869264e3ab_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157786 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6496761 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6654758 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849303 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309761 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13925 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17617 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6843 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490809 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(205369) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285440 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5369318 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(7135354) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4076) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10866) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options contracts written | &nbsp;&nbsp;&nbsp;&nbsp;(1455735) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118065 |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;(5836327) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(16733197) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2091 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4964) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235936 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(611768) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options contracts written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24981) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(159963) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(17296147) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(23132474) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(17763156)** |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022 33

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[**Table of Contents**](#JOB_20400_3c4967ce-a655-4704-aaac-34869264e3ab_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$5369318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4264258 |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(5836327) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6933454 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(17296147) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8634602) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(17763156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2563110 |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;(1229058) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(952850) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;(8819259) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6233060) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(10048317) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7185910) |
| &nbsp;&nbsp;Increase (decrease) in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;18332155 | &nbsp;&nbsp;&nbsp;&nbsp;(72845490) |
| &nbsp;&nbsp;Total decrease in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(9479318) | &nbsp;&nbsp;&nbsp;&nbsp;(77468290) |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;146766841 | &nbsp;&nbsp;&nbsp;&nbsp;224235131 |
| &nbsp;&nbsp;**Net assets at end of year** | **$137287523** | &nbsp;&nbsp;**$146766841** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;1348582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4852596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4682876 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(731953) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2812156) | &nbsp;&nbsp;&nbsp;&nbsp;(23791166) | &nbsp;&nbsp;&nbsp;&nbsp;(105162096) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3269498 | &nbsp;&nbsp;&nbsp;&nbsp;(22497112) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99526370) |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;12016613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44656341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8039184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34765188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;2449794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8819259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1473537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6233060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (10652434) | &nbsp;&nbsp;&nbsp;&nbsp;(38412943) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3311883) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14317368) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;3813973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15062657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6200838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26680880 |
| &nbsp;&nbsp;**Total net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;**4768255** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18332155** | &nbsp;&nbsp;&nbsp;&nbsp;**(16296274)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(72845490)** |

---

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

34 Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022

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Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022 35

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[**Table of Contents**](#JOB_20400_3c4967ce-a655-4704-aaac-34869264e3ab_TOC)

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 portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $4.25 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;(0.62) | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.28) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $4.40 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.24) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $4.27 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.15) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $4.02 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.16) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $4.18 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.14) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $4.20 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;(0.61) | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.27) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $4.36 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.23) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $4.23 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.14) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $3.98 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.15) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $4.14 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.13) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interest on collateral expense. For the periods indicated below, if interest on collateral expense had been excluded, expenses would have been lower by: |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Class** | **12/31/2022** | &nbsp;&nbsp;**12/31/2021** | &nbsp;&nbsp;**12/31/2020** | &nbsp;&nbsp;**12/31/2019** | &nbsp;&nbsp;**12/31/2018** |
| &nbsp;&nbsp;Class 1 | 0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;less than 0.01% | &nbsp;&nbsp;less than 0.01% | &nbsp;&nbsp;less than 0.01% |
| &nbsp;&nbsp;Class 2 | 0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;less than 0.01% | &nbsp;&nbsp;less than 0.01% | &nbsp;&nbsp;less than 0.01% |

---

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

36 Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022

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Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $3.50 | (11.37%) 0.83%<sup>(c)</sup> 0.69%<sup>(c)</sup> | 4.03% | 182% | &nbsp;&nbsp;$19019 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $4.25 | &nbsp;&nbsp;&nbsp;2.09% 0.80%<sup>(c)</sup> 0.69%<sup>(c)</sup> | 3.21% | 136% | &nbsp;&nbsp;$19045 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $4.40 | &nbsp;&nbsp;&nbsp;6.82% 0.74%<sup>(c)</sup> 0.69%<sup>(c)</sup> | 3.58% | 166% | $118832 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $4.27 | 10.38% 0.74%<sup>(c)</sup> 0.69%<sup>(c)</sup> | 4.19% | 193% | $109698 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $4.02 | &nbsp;&nbsp;(0.39%) 0.77%<sup>(c)</sup> 0.69%<sup>(c)</sup> | 4.49% | 157% | &nbsp;&nbsp;$99738 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $3.46 | (11.52%) 1.08%<sup>(c)</sup> 0.94%<sup>(c)</sup> | 3.76% | 182% | $118268 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $4.20 | &nbsp;&nbsp;&nbsp;1.63% 1.08%<sup>(c)</sup> 0.94%<sup>(c)</sup> | 3.04% | 136% | $127722 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $4.36 | &nbsp;&nbsp;&nbsp;6.62% 0.99%<sup>(c)</sup> 0.94%<sup>(c)</sup> | 3.33% | 166% | $105403 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $4.23 | 10.22% 0.99%<sup>(c)</sup> 0.94%<sup>(c)</sup> | 3.92% | 193% | $102773 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $3.98 | &nbsp;&nbsp;(0.64%) 1.02%<sup>(c)</sup> 0.94%<sup>(c)</sup> | 4.24% | 157% | &nbsp;&nbsp;$68554 |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022 37

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[**Table of Contents**](#JOB_20400_3c4967ce-a655-4704-aaac-34869264e3ab_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Columbia Variable Portfolio – Strategic Income Fund (the Fund), a series of Columbia Funds Variable Insurance Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### 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.

Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

38 Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

Senior loan securities for which reliable market quotations are readily available are generally valued by pricing services at the average of the bids received.

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.

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

Option contracts are valued at the mean of the latest quoted bid and ask prices on their primary exchanges. Option contracts, including over-the-counter option contracts, with no readily available market quotations are valued using mid-market evaluations from independent third-party vendors.

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

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.

#### Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to

Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022 39

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Notes to Financial Statements (continued)

December 31, 2022

sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker's customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

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

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

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

40 Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

#### Forward foreign currency exchange contracts
Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund's securities. These instruments may be used for other purposes in future periods.

The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without delivery of foreign currency.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund's portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.

#### Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

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

#### Options contracts
Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund purchased and has written option contracts to manage exposure to fluctuations in interest rates. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.

Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the written option are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund realizes a gain or loss when the option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.

Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022 41

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Notes to Financial Statements (continued)

December 31, 2022

For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to significant counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.

#### Interest rate swaption contracts
Interest rate swaption contracts entered into by the Fund typically represent an option that gives the purchaser the right, but not the obligation, to enter into an interest rate swap contract on a future date. Each interest rate swaption contract will specify if the buyer is entitled to receive the fixed or floating rate if the interest rate is exercised. Changes in the value of a purchased interest rate swaption contracts are reported as unrealized appreciation or depreciation on options in the Statement of Assets and Liabilities. Gain or loss is recognized in the Statement of Operations when the interest rate swaption contract is closed or expires.

When the Fund writes an interest rate swaption contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the interest rate swaption contract written. Premiums received from writing interest rate swaption contracts that expire unexercised are recorded by the Fund on the expiration date as realized gains from options written in the Statement of Operations. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also recorded as realized gain, or if the premium is less than the amount paid for the closing purchase, as realized loss. These amounts are reflected as net realized gain (loss) on options written in the Statement of Operations.

#### Swap contracts
Swap contracts are negotiated in the over-the-counter market and are entered into bilaterally or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty (the CCP) and the CCP becomes the Fund's counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the CCP in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. For a bilateral swap contract, the Fund has credit exposure to the broker, but exchanges daily variation margin with the broker based on the mark-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, the Fund has minimal credit exposure to the FCM because the CCP stands between the Fund and the relevant buyer/seller on the other side of the contract. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.

Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, that it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the bilateral counterparty, FCM or CCP, as applicable, may not fulfill its obligation under the contract.

42 Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

#### Credit default swap contracts
The Fund entered into credit default swap contracts to increase or decrease its credit exposure to an index. These instruments may be used for other purposes in future periods. Credit default swap contracts are transactions in which one party pays fixed periodic payments to a counterparty in consideration for an agreement from the counterparty to make a specific payment should a specified credit event(s) take place. Although specified credit events are contract specific, credit events are typically bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.

As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).

As the seller of a credit default swap contract, the Fund sells protection to a buyer and will generally receive a periodic interest rate on a notional amount. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized gain upon receipt of the payment. If a credit event as specified in the contract with the counterparty occurs, the Fund may either be required to accept the reference obligation from the buyer in exchange for a cash payment of its notional amount, or to pay the buyer a net cash settlement equal to the notional amount less an agreed-upon value of the reference obligation (recovery value) as of the date of the credit event. The difference between the value of the obligation or cash received and the notional amount paid will be recorded as a realized gain (loss). The maximum potential amount of undiscounted future payments the Fund could be required to make as the seller of protection under a credit default swap contract is equal to the notional amount of the reference obligation. These potential amounts may be partially offset by any recovery values of the respective reference obligations or upfront receipts upon entering into the agreement. The notional amounts and market values of all credit default swap contracts in which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments.

As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract with the counterparty. For credit default swap contracts on credit indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract.

Any upfront payment or receipt by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.

Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk.

#### Interest rate and inflation rate swap contracts
The Fund entered into interest rate swap transactions and/or inflation rate swap contracts to manage interest rate and market risk exposure to produce incremental earnings. These instruments may be used for other purposes in future periods. An interest rate swap or inflation rate swap, as applicable, is an agreement between two parties where there are two flows and payments are made between the two counterparties and the payments are dependent upon changes in an interest rate, inflation rate or inflation index calculated on a nominal amount. Interest rate swaps are agreements between two parties that involve the exchange of one type of interest rate for another type of interest rate cash flow on specified dates in the future, based on a predetermined, specified notional amount. Certain interest rate swaps are considered forward-starting, whereby

Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022 43

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Notes to Financial Statements (continued)

December 31, 2022

the accrual for the exchange of cash flows does not begin until a specified date in the future. The net cash flow for a standard interest rate swap transaction is generally the difference between a floating market interest rate versus a fixed interest rate.

Interest rate swaps are valued daily and unrealized appreciation (depreciation) is recorded. Certain interest rate swaps may accrue periodic interest on a daily basis as a component of unrealized appreciation (depreciation); the Fund will realize a gain or loss upon the payment or receipt of accrued interest. The Fund will realize a gain or a loss when the interest rate swap is terminated.

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

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79,610\* |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;Upfront payments on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37537 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528,895\* |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Investments, at value — Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360215 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639,014\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;1645271 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized depreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635,456\* |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;Upfront receipts on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612831 |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13635 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307,286\* |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Options contracts written, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13664 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized depreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189,054\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;1771926 |

---

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

44 Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Forward<br> foreign<br> currency<br> exchange<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> written<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> purchased<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Credit risk | &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;&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;389275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389275 |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;(10866) | &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;&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;(10866) |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1396183 | &nbsp;&nbsp;&nbsp;&nbsp;(1455735) | &nbsp;&nbsp;&nbsp;&nbsp;1212210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(271210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881448 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;(10866) | &nbsp;&nbsp;&nbsp;&nbsp;1396183 | &nbsp;&nbsp;&nbsp;&nbsp;(1455735) | &nbsp;&nbsp;&nbsp;&nbsp;1212210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259857 |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Forward<br> foreign<br> currency<br> exchange<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> written<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> purchased<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Credit risk | &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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1047190) | &nbsp;&nbsp;&nbsp;&nbsp;(1047190) |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;&nbsp;&nbsp;(4964) | &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;&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;(4964) |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24981) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(611768) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486414 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;(4964) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24981) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(611768) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(159963) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(565740) |

---

The following table is a summary of the average outstanding volume by derivative instrument for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)\*** |
| &nbsp;&nbsp;Futures contracts — long | 21019169 |
| &nbsp;&nbsp;Futures contracts — short | 47620147 |
| &nbsp;&nbsp;Credit default swap contracts — buy protection | 12405645 |
| &nbsp;&nbsp;Credit default swap contracts — sell protection | &nbsp;&nbsp;&nbsp;5031250 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average<br> value ($)\*** |
| &nbsp;&nbsp;Options contracts — purchased | &nbsp;&nbsp;700705 |
| &nbsp;&nbsp;Options contracts — written | (731510) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | &nbsp;&nbsp;**Average unrealized<br> appreciation ($)\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Average unrealized<br> depreciation ($)\*** |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10849) |
| &nbsp;&nbsp;Interest rate swap contracts | &nbsp;&nbsp;482225 | &nbsp;&nbsp;&nbsp;&nbsp;(194242) |

---

\* Based on the ending quarterly outstanding amounts for the year ended December 31, 2022.

#### Investments in senior loans
The Fund may invest in senior loan participations and assignments of all or a portion of a loan. When the Fund purchases a senior loan participation, the Fund typically enters into a contractual relationship with the lender or third party selling such participations (Selling Participant), but not the borrower, and assumes the credit risk of the borrower, Selling Participant and any other parties positioned between the Fund and the borrower. In addition, the Fund may not directly benefit from the collateral supporting the senior loan that it has purchased from the Selling Participant. In contrast, when the Fund purchases an assignment of a senior loan, the Fund typically has direct rights against the borrower; provided, however, that the Fund's rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its

Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022 45

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Notes to Financial Statements (continued)

December 31, 2022

rights only through an administrative agent. Although certain senior loan participations or assignments are secured by collateral, the Fund could experience delays or limitations in realizing such collateral or have its interest subordinated to other indebtedness of the obligor. In the event that the administrator or collateral agent of a loan becomes insolvent or enters into receivership or bankruptcy, the Fund may incur costs and delays in realizing payment or may suffer a loss of principal and/or interest. The risk of loss is greater for unsecured or subordinated loans. In addition, senior loan participations and assignments are vulnerable to market, economic or other conditions or events that may reduce the demand for loan participations and assignments and certain loan participations and assignments which were liquid when purchased, may become illiquid.

The Fund may enter into senior loan participations and assignments where all or a portion of the loan may be unfunded. The Fund is obligated to fund these commitments at the borrower's discretion. These commitments, if any, are generally traded and priced in the same manner as other senior loan securities and are disclosed as unfunded senior loan commitments in the Fund's Portfolio of Investments with a corresponding payable for investments purchased. The Fund designates cash or liquid securities to cover these commitments.

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

#### Delayed delivery securities
The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a "when-issued" or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

#### To be announced securities
The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.

In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.

#### Mortgage dollar roll transactions
The Fund may enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. These transactions may increase the Fund's portfolio turnover rate. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique may diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. All cash proceeds will be invested

46 Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

#### Interest only and principal only securities
The Fund may invest in Interest Only (IO) or Principal Only (PO) securities. IOs are stripped securities entitled to receive all of the security's interest, but none of its principal. IOs are particularly sensitive to changes in interest rates and therefore subject to greater fluctuations in price than typical interest bearing debt securities. IOs are also subject to credit risk because the Fund may not receive all or part of the interest payments if the issuer, obligor, guarantor or counterparty defaults on its obligation. Payments received for IOs are included in interest income in the Statement of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income in the Statement of Operations. POs are stripped securities entitled to receive the principal from the underlying obligation, but not the interest. POs are particularly sensitive to changes in interest rates and therefore are subject to fluctuations in price. POs are also subject to credit risk because the Fund may not receive all or part of its principal if the issuer, obligor, guarantor or counterparty defaults on its obligation. The Fund may also invest in IO or PO stripped mortgage-backed securities. Payments received for POs are treated as reductions to the cost and par value of the securities.

#### Offsetting of assets and liabilities
The following table presents the Fund's gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of December 31, 2022:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Citi<br> ($)<sup>(a)</sup>** | &nbsp;&nbsp;**Citi<br> ($)<sup>(a)</sup>** | &nbsp;&nbsp;**Goldman<br> Sachs<br> International<br> ($)** | &nbsp;&nbsp;**HSBC<br> ($)** | &nbsp;&nbsp;**JPMorgan<br> ($)** | &nbsp;&nbsp;**Morgan<br> Stanley<br> ($)<sup>(a)</sup>** | &nbsp;&nbsp;**Morgan<br> Stanley<br> ($)<sup>(a)</sup>** | &nbsp;&nbsp;**UBS<br> ($)** | &nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;**Assets** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Centrally cleared credit default swap contracts <sup>(b)</sup> | &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;&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;9735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9735 |
| &nbsp;&nbsp;Options purchased calls | 333178 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;27037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;360215 |
| &nbsp;&nbsp;OTC credit default swap contracts <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;22856 | &nbsp;&nbsp;30741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;52011 | &nbsp;&nbsp;&nbsp;&nbsp;11539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;117147 |
| &nbsp;&nbsp;Total assets | 333178 | &nbsp;&nbsp;&nbsp;&nbsp;22856 | &nbsp;&nbsp;30741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;52011 | &nbsp;&nbsp;&nbsp;&nbsp;38576 | &nbsp;&nbsp;9735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;487097 |
| &nbsp;&nbsp;**Liabilities** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Centrally cleared interest rate swap contracts <sup>(b)</sup> | &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;&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;6778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6778 |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | &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;9244 | &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;4391 | &nbsp;&nbsp;&nbsp;&nbsp;13635 |
| &nbsp;&nbsp;Options contracts written | &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;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;13664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;13664 |
| &nbsp;&nbsp;OTC credit default swap contracts <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;109091 | &nbsp;&nbsp;22086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;323619 | &nbsp;&nbsp;&nbsp;&nbsp;184008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;638804 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;109091 | &nbsp;&nbsp;22086 | &nbsp;&nbsp;&nbsp;&nbsp;9244 | &nbsp;&nbsp;&nbsp;&nbsp;323619 | &nbsp;&nbsp;&nbsp;&nbsp;197672 | &nbsp;&nbsp;6778 | &nbsp;&nbsp;&nbsp;&nbsp;4391 | &nbsp;&nbsp;&nbsp;&nbsp;672881 |
| &nbsp;&nbsp;**Total financial and derivative net assets** | **333178** | &nbsp;&nbsp;&nbsp;**(86235)** | &nbsp;&nbsp;&nbsp;&nbsp;**8655** | &nbsp;&nbsp;**(9244)** | &nbsp;&nbsp;**(271608)** | &nbsp;&nbsp;**(159096)** | &nbsp;&nbsp;**2957** | &nbsp;&nbsp;**(4391)** | &nbsp;&nbsp;**(185784)** |
| &nbsp;&nbsp;&nbsp;Total collateral received (pledged) <sup>(d)</sup> | 333178 | &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;(271608) | &nbsp;&nbsp;&nbsp;(132000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;(70430) |
| &nbsp;&nbsp;**Net amount <sup>(e)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;&nbsp;**(86235)** | &nbsp;&nbsp;&nbsp;&nbsp;**8655** | &nbsp;&nbsp;**(9244)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;&nbsp;&nbsp;**(27096)** | &nbsp;&nbsp;**2957** | &nbsp;&nbsp;**(4391)** | &nbsp;&nbsp;**(115354)** |

---

(a) Exposure can only be netted across transactions governed under the same master agreement with the same legal entity.

(b) Centrally cleared swaps are included within payable/receivable for variation margin in the Statement of Assets and Liabilities.

(c) Over-the-Counter (OTC) swap contracts are presented at market value plus periodic payments receivable (payable), which is comprised of unrealized appreciation, unrealized
depreciation, upfront payments and upfront receipts.

(d) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(e) Represents the net amount due from/(to) counterparties in the event of default.

#### 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.

The trade date for senior loans purchased in the primary market is the date on which the loan is allocated. The trade date for senior loans purchased in the secondary market is the date on which the transaction is entered into.

Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022 47

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Notes to Financial Statements (continued)

December 31, 2022

#### Income recognition
Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income. For convertible securities, premiums attributable to the conversion feature are not amortized.

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

Corporate actions and dividend income are recorded on the ex-dividend date.

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.

The value of additional securities received as an income payment through a payment in kind, if any, is recorded as interest income and increases the cost basis of such securities.

The Fund may receive other income from senior loans, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest Income in the Statement of Operations.

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

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

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

48 Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

#### 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 annually. Capital gain distributions, when available, will be made annually. However, an additional capital gain distribution may be made during the fiscal year in order to comply with the Internal Revenue Code, as applicable to registered investment companies. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. All dividends and distributions are reinvested in additional shares of the applicable share class of the Fund at the net asset value as of the ex-dividend date of the distribution.

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

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.60% to 0.393% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.600% 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

Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022 49

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Notes to Financial Statements (continued)

December 31, 2022

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 "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, 2022 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 the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

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

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

---

| | | |
|:---|:---|:---|
|  | **May 1, 2022<br> through<br> April 30, 2023** | **Prior to<br> May 1, 2022** |
| &nbsp;&nbsp;Class 1 | 0.67% | 0.69% |
| &nbsp;&nbsp;Class 2 | 0.92 | 0.94 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is

50 Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

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, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, foreign currency transactions, derivative investments, swap investments, tax straddles, principal and/or interest from fixed income securities, defaulted securities/troubled debt, capital loss carryforwards, trustees' deferred compensation, 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:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Undistributed net<br> investment<br> income ($)** | **Accumulated<br> net realized<br> (loss) ($)** | **Paid in<br> capital ($)** |
| &nbsp;&nbsp;(356337) | 356337 |  |

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| &nbsp;&nbsp;**Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** | **Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** |
| &nbsp;&nbsp;6412812 | 3635505 | 10048317 | 7185910 |  | 7185910 |

---

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

At December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Undistributed<br> ordinary income ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;4914437 – (5636915) | (15319664) |

---

At December 31, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;177842122 | 1205429 | (16525093) | (15319664) |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022 51

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Notes to Financial Statements (continued)

December 31, 2022

The following capital loss carryforwards, determined at December 31, 2022, 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, 2022, capital loss carryforwards utilized, if any, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**No expiration<br> short-term ($)** | **No expiration<br> long-term ($)** | **Total ($)** | **Utilized ($)** |
| &nbsp;&nbsp;(1831592) | (3805323) | (5636915) |  |

---

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 $293,064,826 and $262,179,513, respectively, for the year ended December 31, 2022, of which $240,281,337 and $193,641,499, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 7. Interfund lending

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

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

The Fund's activity in the Interfund Program during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Lender | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;1 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2022.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is

52 Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

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 $950 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 in each case, 1.00%. 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 27, 2022 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 $950 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 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 9. Significant risks

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

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

#### High-yield investments risk
Securities and other debt instruments held by the Fund that are rated below investment grade (commonly called "high-yield" or "junk" bonds) and unrated debt instruments of comparable quality expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in investment grade debt instruments. In addition, these investments have greater price fluctuations, are less liquid and are more likely to experience a default than higher-rated debt instruments. High-yield debt instruments are considered to be predominantly speculative with respect to the issuer's capacity to pay interest and repay principal.

#### Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund's performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.

Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022 53

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Notes to Financial Statements (continued)

December 31, 2022

#### Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund's investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.

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

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

54 Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

#### Mortgage- and other asset-backed securities risk
The value of any mortgage-backed and other asset-backed securities including collateralized debt obligations, if any, held by the Fund may be affected by, among other things, changes or perceived changes in: interest rates; factors concerning the interests in and structure of the issuer or the originator of the mortgages or other assets; the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements; or the market's assessment of the quality of underlying assets. Payment of principal and interest on some mortgage-backed securities (but not the market value of the securities themselves) may be guaranteed by the full faith and credit of a particular U.S. Government agency, authority, enterprise or instrumentality, and some, but not all, are also insured or guaranteed by the U.S. Government. Mortgage-backed securities issued by non-governmental issuers (such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers) may entail greater risk than obligations guaranteed by the U.S. Government. Mortgage- and other asset-backed securities are subject to liquidity risk and prepayment risk. A decline or flattening of housing values may cause delinquencies in mortgages (especially sub-prime or non-prime mortgages) underlying mortgage-backed securities and thereby adversely affect the ability of the mortgage-backed securities issuer to make principal and/or interest payments to mortgage-backed securities holders, including the Fund. Rising or high interest rates tend to extend the duration of mortgage- and other asset-backed securities, making their prices more volatile and more sensitive to changes in interest rates.

#### Shareholder concentration risk
At December 31, 2022, one unaffiliated shareholders of record owned 21.9% 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 58.1% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

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

Note 11. Information regarding pending and settled legal proceedings

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

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

Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022 55

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Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Insurance Trust and Shareholders of Columbia Variable Portfolio – Strategic Income 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 – Strategic Income Fund (one of the funds constituting Columbia Funds Variable Insurance Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 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, 2022 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

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

56 Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022

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## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, members serve terms of indefinite duration.

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

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## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

60 Columbia Variable Portfolio – Strategic Income Fund \| Annual Report 2022

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## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

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## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

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#### Columbia Variable Portfolio – Strategic Income Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](imgd07839a02.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 and/or summary 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 (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© 2023 Columbia Management Investment Advisers, LLC.

ANN7026_12_B01_(02/23)

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Annual Report

December 31, 2022

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Columbia Variable Portfolio – Small Cap Value Fund

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.

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

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**Table of Contents**

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| | |
|:---|:---|
| [Fund at a Glance](#xx_386f9aa4-843e-41c2-9da5-5f34d10ceb4d_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_386f9aa4-843e-41c2-9da5-5f34d10ceb4d_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_5ad870c2-e81d-45c5-8dcd-436f278c4fe4_1)<br>| 7 |
| [Portfolio of Investments](#xx_a7385cd6-0f30-4e3c-9726-a664704edac2_1)<br>| 8 |
| [Statement of Assets and Liabilities](#xx_9e9ad397-004d-4ebb-877d-b4280fb907ae_1)<br>| 15 |
| [Statement of Operations](#xx_9e9ad397-004d-4ebb-877d-b4280fb907ae_2)<br>| 16 |
| [Statement of Changes in Net Assets](#xx_9e9ad397-004d-4ebb-877d-b4280fb907ae_3)<br>| 17 |
| [Financial Highlights](#xx_7ba08886-a7ea-4f71-9ba8-c618dea97158_1)<br>| 18 |
| [Notes to Financial Statements](#xx_03a60901-38f5-413a-9fef-7efd828db4d9_1)<br>| 20 |
| [Report of Independent Registered Public Accounting Firm](#xx_e34b687a-6ae6-40ba-9153-9f0a73819d4a_1)<br>| 29 |
| [Federal Income Tax Information](#xx_6eec9cae-ff54-4555-8884-ac4ec555b2eb_1)<br>| 30 |
| [Trustees and Officers](#xx_6eec9cae-ff54-4555-8884-ac4ec555b2eb_1)<br>| 30 |

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Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Columbia Variable Portfolio – Small Cap Value Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Variable Portfolio – Small Cap Value Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_206_6cdc61ea-c92a-4206-8181-e329e59ea963_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Portfolio management

#### Jeremy Javidi, CFA
Portfolio Manager

Managed Fund since 2005

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;05/19/98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-8.69 | &nbsp;&nbsp;&nbsp;&nbsp;5.01 | &nbsp;&nbsp;&nbsp;&nbsp;9.71 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;06/01/00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-8.97 | &nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;&nbsp;9.45 |
| &nbsp;&nbsp;Russell 2000 Value Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-14.48 | &nbsp;&nbsp;&nbsp;&nbsp;4.13 | &nbsp;&nbsp;&nbsp;&nbsp;8.48 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The Russell 2000 Value Index, an unmanaged index, tracks the performance of those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Variable Portfolio – Small Cap Value Fund \| Annual Report 2022 3

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[**Table of Contents**](#JOB_206_6cdc61ea-c92a-4206-8181-e329e59ea963_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](img33503f123.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Columbia Variable Portfolio – Small Cap Value Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Common Stocks | 100.0 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;0.0<sup>(a)</sup> |
| &nbsp;&nbsp;**Total** | **100.0** |

---

(a) Rounds to zero.

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;12.4 |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;4.9 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;23.8 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;10.0 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;15.9 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;13.7 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;8.0 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;6.8 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

4 Columbia Variable Portfolio – Small Cap Value Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_206_6cdc61ea-c92a-4206-8181-e329e59ea963_TOC)

Manager Discussion of Fund Performance

(Unaudited)

*At December 31, 2022, approximately 60.43% of the Fund's shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may also experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.*

For the 12-month period that ended December 31, 2022, Class 2 shares of Columbia Variable Portfolio – Small Cap Value Fund returned -8.97%, compared with a -14.48% return for the Fund's benchmark, the Russell 2000 Value Index.

Market overview

U.S. equities declined in 2022, posting the worst annual performance, as measured by the S&P 500 Index, since the Global Financial Crisis in 2008 and the dot-com meltdown in 2002. In stark contrast to the previous calendar year, in which U.S. equities accelerated to 70 record highs throughout the period and all 11 economic sectors within the S&P 500 Index delivered double-digit gains, 2022 saw a choppy but steady downward trajectory as investor sentiment wavered between worry and hope. Six of the 11 sectors fell by double-digits. Energy stocks performed best, continuing the post-pandemic momentum driven by rising oil prices. Utilities stocks were the only other broad category to produce positive results, but just barely, as investors sought stability and at least some certainty about future earnings.

Results were driven largely by expectations around the course of inflation and corresponding action by the U.S. Federal Reserve (Fed), which hiked rates seven times by a combined 4.25 percentage points over the course of the year. Some upside during the period was sparked by investors' interpretation of Fed Chair Powell's remarks after the Federal Open Market Committee (FOMC) announced an anticipated 75-basis point rate hike at the end of July 2022. (A basis point is 1/100 of a percent.) Many took the remarks to mean that rate hikes would slow in concert with softening economic growth. That takeaway evaporated a month later when Powell spoke at Jackson Hole and prioritized fighting inflation no matter how much pain the economy might suffer. His inflation-fighting resolve was confirmed by an additional 75-basis point hike in September, along with a forecast showing no expectations for rate cuts until 2024.

A similar about-face was repeated near year-end as sentiment abruptly turned positive at the start of the fourth quarter but stalled in mid-December when the Fed raised rates by 50 basis points. Although the hike was widely anticipated and marked a step down from the previous 75-basis point increases, it disappointed investors who had hoped for softening language about future increases. Slowing global growth and China's COVID-19 lockdown compounded rate worries, as did an increasing realization that earnings estimates had been implausibly optimistic for much of the year.

The Fund's notable contributors during the period

• The Fund benefitted from significant outperformance in the industrials, health care, materials, technology and financials sectors during the period.

• In industrials, two aerospace and defense holdings were acquired by other companies at substantial premiums, which benefited the Fund.

• In health care, health care providers were trading at a substantial discount, and the market has begun to recognize the stability in their earnings and strength of their cash flow, which is particularly appealing
with general concerns about the overall economic landscape.

• In materials, exposure to metals and mining stocks proved beneficial, particularly gold and copper companies. Steel equities continued to perform well as there is an expectation for increased infrastructure
spending.

• In technology, microcap exposure in the electronic equipment industry helped relative results.

• In financials, banks and insurance, the largest sub-groups within the sector, helped results as well.

Columbia Variable Portfolio – Small Cap Value Fund \| Annual Report 2022 5

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[**Table of Contents**](#JOB_206_6cdc61ea-c92a-4206-8181-e329e59ea963_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

The Fund's notable detractors during the period

• Stock selection within the consumer discretionary sector detracted from relative results as concerns about recession and future consumer spending created an uncertain near-term outlook. A key exception to the
sector-wide trend was the Fund's exposure to two auto component makers that posted strong positive returns for the year.

• The Fund's overweight to information technology also detracted. Although the Fund benefitted from strong overall selection within the technology sector as noted above, its greater exposure to IT service
providers proved to be a negative.

• An underweight to the utilities sector also was a notable detractor given that the sector was the only positive performer for the year (other than energy) as recession fears enhanced
its perceived stability and relative certainty of earnings. The Fund's management believed, however, that utilities were trading above intrinsic value and therefore were relatively unattractive in comparison to
other opportunities in the portfolio.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Investments in small-cap companies may be subject to greater volatility and price fluctuations because they may be thinly traded and less liquid. Value securities may be unprofitable if the market fails to recognize their intrinsic worth or the portfolio manager misgauged that worth. The Fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the Fund more vulnerable to unfavorable developments in the sector. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.* 

6 Columbia Variable Portfolio – Small Cap Value Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_206_6cdc61ea-c92a-4206-8181-e329e59ea963_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1088.90 | &nbsp;&nbsp;&nbsp;&nbsp;1020.66 | &nbsp;&nbsp;&nbsp;&nbsp;4.61 | &nbsp;&nbsp;&nbsp;&nbsp;4.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1086.60 | &nbsp;&nbsp;&nbsp;&nbsp;1019.40 | &nbsp;&nbsp;&nbsp;&nbsp;5.91 | &nbsp;&nbsp;&nbsp;&nbsp;5.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 |

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Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Columbia Variable Portfolio – Small Cap Value Fund \| Annual Report 2022 7

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[**Table of Contents**](#JOB_206_6cdc61ea-c92a-4206-8181-e329e59ea963_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 99.6%** | &nbsp;&nbsp;**Common Stocks 99.6%** | &nbsp;&nbsp;**Common Stocks 99.6%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Communication Services 1.5%** | &nbsp;&nbsp;**Communication Services 1.5%** | &nbsp;&nbsp;**Communication Services 1.5%** |
| &nbsp;&nbsp;**Entertainment 0.4%** | &nbsp;&nbsp;**Entertainment 0.4%** | &nbsp;&nbsp;**Entertainment 0.4%** |
| &nbsp;&nbsp;Gaia, Inc.<sup>(a)</sup> | &nbsp;&nbsp;328813 | &nbsp;&nbsp;&nbsp;&nbsp;782575 |
| &nbsp;&nbsp;Playstudios, Inc.<sup>(a)</sup> | &nbsp;&nbsp;280096 | &nbsp;&nbsp;1086772 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;1869347 |
| &nbsp;&nbsp;**Media 1.1%** | &nbsp;&nbsp;**Media 1.1%** | &nbsp;&nbsp;**Media 1.1%** |
| &nbsp;&nbsp;Criteo SA, ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;97508 | &nbsp;&nbsp;2541059 |
| &nbsp;&nbsp;Innovid Corp.<sup>(a)</sup> | &nbsp;&nbsp;403199 | &nbsp;&nbsp;&nbsp;&nbsp;689470 |
| &nbsp;&nbsp;Integral Ad Science Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;268785 | &nbsp;&nbsp;2362620 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;5593149 |
| &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**7462496** |
| &nbsp;&nbsp;**Consumer Discretionary 12.3%** | &nbsp;&nbsp;**Consumer Discretionary 12.3%** | &nbsp;&nbsp;**Consumer Discretionary 12.3%** |
| &nbsp;&nbsp;**Auto Components 1.6%** | &nbsp;&nbsp;**Auto Components 1.6%** | &nbsp;&nbsp;**Auto Components 1.6%** |
| &nbsp;&nbsp;Gentherm, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;38262 | &nbsp;&nbsp;2498126 |
| &nbsp;&nbsp;Modine Manufacturing Co.<sup>(a)</sup> | &nbsp;&nbsp;138389 | &nbsp;&nbsp;2748405 |
| &nbsp;&nbsp;Visteon Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;22195 | &nbsp;&nbsp;2903772 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;8150303 |
| &nbsp;&nbsp;**Distributors 0.1%** | &nbsp;&nbsp;**Distributors 0.1%** | &nbsp;&nbsp;**Distributors 0.1%** |
| &nbsp;&nbsp;Educational Development Corp. | &nbsp;&nbsp;158545 | &nbsp;&nbsp;&nbsp;&nbsp;501002 |
| &nbsp;&nbsp;**Diversified Consumer Services 0.6%** | &nbsp;&nbsp;**Diversified Consumer Services 0.6%** | &nbsp;&nbsp;**Diversified Consumer Services 0.6%** |
| &nbsp;&nbsp;American Public Education, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;75247 | &nbsp;&nbsp;&nbsp;&nbsp;924786 |
| &nbsp;&nbsp;Stride, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;64623 | &nbsp;&nbsp;2021407 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;2946193 |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure 0.3%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 0.3%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 0.3%** |
| &nbsp;&nbsp;PlayAGS, Inc.<sup>(a)</sup> | &nbsp;&nbsp;345030 | &nbsp;&nbsp;1759653 |
| &nbsp;&nbsp;**Household Durables 4.0%** | &nbsp;&nbsp;**Household Durables 4.0%** | &nbsp;&nbsp;**Household Durables 4.0%** |
| &nbsp;&nbsp;Cavco Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10027 | &nbsp;&nbsp;2268609 |
| &nbsp;&nbsp;Century Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51430 | &nbsp;&nbsp;2572014 |
| &nbsp;&nbsp;Ethan Allen Interiors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;63459 | &nbsp;&nbsp;1676587 |
| &nbsp;&nbsp;Hamilton Beach Brands Holding Co. | &nbsp;&nbsp;124492 | &nbsp;&nbsp;1542456 |
| &nbsp;&nbsp;Legacy Housing Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;97115 | &nbsp;&nbsp;1841300 |
| &nbsp;&nbsp;Lifetime Brands, Inc. | &nbsp;&nbsp;104850 | &nbsp;&nbsp;&nbsp;&nbsp;795811 |
| &nbsp;&nbsp;Lovesac Co. (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35104 | &nbsp;&nbsp;&nbsp;&nbsp;772639 |
| &nbsp;&nbsp;Meritage Homes Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;49424 | &nbsp;&nbsp;4556893 |

---

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Tri Pointe Homes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;157175 | &nbsp;&nbsp;&nbsp;&nbsp;2921883 |
| &nbsp;&nbsp;Universal Electronics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68149 | &nbsp;&nbsp;&nbsp;&nbsp;1418181 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;20366373 |
| &nbsp;&nbsp;**Internet & Direct Marketing Retail 0.9%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 0.9%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 0.9%** |
| &nbsp;&nbsp;1-800-Flowers.com, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;138779 | &nbsp;&nbsp;&nbsp;&nbsp;1326727 |
| &nbsp;&nbsp;Overstock.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89450 | &nbsp;&nbsp;&nbsp;&nbsp;1731752 |
| &nbsp;&nbsp;Redbubble Ltd.<sup>(a)</sup> | &nbsp;&nbsp;2141110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752248 |
| &nbsp;&nbsp;ThredUp, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;812308 | &nbsp;&nbsp;&nbsp;&nbsp;1064124 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;4874851 |
| &nbsp;&nbsp;**Leisure Products 0.6%** | &nbsp;&nbsp;**Leisure Products 0.6%** | &nbsp;&nbsp;**Leisure Products 0.6%** |
| &nbsp;&nbsp;Latham Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;332910 | &nbsp;&nbsp;&nbsp;&nbsp;1071970 |
| &nbsp;&nbsp;Malibu Boats, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41263 | &nbsp;&nbsp;&nbsp;&nbsp;2199318 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;3271288 |
| &nbsp;&nbsp;**Multiline Retail 0.2%** | &nbsp;&nbsp;**Multiline Retail 0.2%** | &nbsp;&nbsp;**Multiline Retail 0.2%** |
| &nbsp;&nbsp;Big Lots, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823009 |
| &nbsp;&nbsp;**Specialty Retail 1.3%** | &nbsp;&nbsp;**Specialty Retail 1.3%** | &nbsp;&nbsp;**Specialty Retail 1.3%** |
| &nbsp;&nbsp;American Eagle Outfitters, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;175770 | &nbsp;&nbsp;&nbsp;&nbsp;2453749 |
| &nbsp;&nbsp;Brilliant Earth Group, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;169902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732278 |
| &nbsp;&nbsp;Urban Outfitters, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;139388 | &nbsp;&nbsp;&nbsp;&nbsp;3324404 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;6510431 |
| &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 2.7%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 2.7%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 2.7%** |
| &nbsp;&nbsp;Allbirds, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;416243 | &nbsp;&nbsp;&nbsp;&nbsp;1007308 |
| &nbsp;&nbsp;Canada Goose Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;146970 | &nbsp;&nbsp;&nbsp;&nbsp;2617536 |
| &nbsp;&nbsp;Culp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;129297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593473 |
| &nbsp;&nbsp;Fossil Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;354829 | &nbsp;&nbsp;&nbsp;&nbsp;1529313 |
| &nbsp;&nbsp;Kontoor Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66060 | &nbsp;&nbsp;&nbsp;&nbsp;2641739 |
| &nbsp;&nbsp;Movado Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67395 | &nbsp;&nbsp;&nbsp;&nbsp;2173489 |
| &nbsp;&nbsp;Steven Madden Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;110564 | &nbsp;&nbsp;&nbsp;&nbsp;3533626 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;14096484 |
| &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**63299587** |
| &nbsp;&nbsp;**Consumer Staples 2.1%** | &nbsp;&nbsp;**Consumer Staples 2.1%** | &nbsp;&nbsp;**Consumer Staples 2.1%** |
| &nbsp;&nbsp;**Food & Staples Retailing 0.6%** | &nbsp;&nbsp;**Food & Staples Retailing 0.6%** | &nbsp;&nbsp;**Food & Staples Retailing 0.6%** |
| &nbsp;&nbsp;Andersons, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82432 | &nbsp;&nbsp;&nbsp;&nbsp;2884296 |
| &nbsp;&nbsp;**Food Products 0.5%** | &nbsp;&nbsp;**Food Products 0.5%** | &nbsp;&nbsp;**Food Products 0.5%** |
| &nbsp;&nbsp;Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96043 | &nbsp;&nbsp;&nbsp;&nbsp;2515366 |

---

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

8 Columbia Variable Portfolio – Small Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_206_6cdc61ea-c92a-4206-8181-e329e59ea963_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Household Products 0.2%** | &nbsp;&nbsp;**Household Products 0.2%** | &nbsp;&nbsp;**Household Products 0.2%** |
| &nbsp;&nbsp;Oil-Dri Corp of America | &nbsp;&nbsp;&nbsp;&nbsp;38846 | &nbsp;&nbsp;&nbsp;&nbsp;1302895 |
| &nbsp;&nbsp;**Personal Products 0.8%** | &nbsp;&nbsp;**Personal Products 0.8%** | &nbsp;&nbsp;**Personal Products 0.8%** |
| &nbsp;&nbsp;Honest Co., Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp;607487 | &nbsp;&nbsp;&nbsp;&nbsp;1828536 |
| &nbsp;&nbsp;Olaplex Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;418230 | &nbsp;&nbsp;&nbsp;&nbsp;2178978 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;4007514 |
| &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**10710071** |
| &nbsp;&nbsp;**Energy 4.9%** | &nbsp;&nbsp;**Energy 4.9%** | &nbsp;&nbsp;**Energy 4.9%** |
| &nbsp;&nbsp;**Energy Equipment & Services 2.6%** | &nbsp;&nbsp;**Energy Equipment & Services 2.6%** | &nbsp;&nbsp;**Energy Equipment & Services 2.6%** |
| &nbsp;&nbsp;ChampionX Corp. | &nbsp;&nbsp;132260 | &nbsp;&nbsp;&nbsp;&nbsp;3834217 |
| &nbsp;&nbsp;Expro Group Holdings NV<sup>(a)</sup> | &nbsp;&nbsp;161223 | &nbsp;&nbsp;&nbsp;&nbsp;2922973 |
| &nbsp;&nbsp;Natural Gas Services Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;142604 | &nbsp;&nbsp;&nbsp;&nbsp;1634242 |
| &nbsp;&nbsp;Newpark Resources, Inc.<sup>(a)</sup> | &nbsp;&nbsp;509013 | &nbsp;&nbsp;&nbsp;&nbsp;2112404 |
| &nbsp;&nbsp;Pason Systems, Inc. | &nbsp;&nbsp;178759 | &nbsp;&nbsp;&nbsp;&nbsp;2104445 |
| &nbsp;&nbsp;Profire Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;559741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587728 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;13196009 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 2.3%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 2.3%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 2.3%** |
| &nbsp;&nbsp;CVR Energy, Inc. | &nbsp;&nbsp;110700 | &nbsp;&nbsp;&nbsp;&nbsp;3469338 |
| &nbsp;&nbsp;Equitrans Midstream Corp. | &nbsp;&nbsp;592610 | &nbsp;&nbsp;&nbsp;&nbsp;3970487 |
| &nbsp;&nbsp;Talos Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;133720 | &nbsp;&nbsp;&nbsp;&nbsp;2524634 |
| &nbsp;&nbsp;W&T Offshore, Inc.<sup>(a)</sup> | &nbsp;&nbsp;313242 | &nbsp;&nbsp;&nbsp;&nbsp;1747890 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;11712349 |
| &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**24908358** |
| &nbsp;&nbsp;**Financials 23.7%** | &nbsp;&nbsp;**Financials 23.7%** | &nbsp;&nbsp;**Financials 23.7%** |
| &nbsp;&nbsp;**Banks 14.6%** | &nbsp;&nbsp;**Banks 14.6%** | &nbsp;&nbsp;**Banks 14.6%** |
| &nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;88706 | &nbsp;&nbsp;&nbsp;&nbsp;4181601 |
| &nbsp;&nbsp;Bank of Marin Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;48709 | &nbsp;&nbsp;&nbsp;&nbsp;1601552 |
| &nbsp;&nbsp;BankUnited, Inc. | &nbsp;&nbsp;135312 | &nbsp;&nbsp;&nbsp;&nbsp;4596549 |
| &nbsp;&nbsp;Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;60414 | &nbsp;&nbsp;&nbsp;&nbsp;3818165 |
| &nbsp;&nbsp;Brookline Bancorp, Inc. | &nbsp;&nbsp;194345 | &nbsp;&nbsp;&nbsp;&nbsp;2749982 |
| &nbsp;&nbsp;Capital Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83248 | &nbsp;&nbsp;&nbsp;&nbsp;1959658 |
| &nbsp;&nbsp;Capital City Bank Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41134 | &nbsp;&nbsp;&nbsp;&nbsp;1336855 |
| &nbsp;&nbsp;Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;78678 | &nbsp;&nbsp;&nbsp;&nbsp;1595590 |
| &nbsp;&nbsp;Central Valley Community Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;67861 | &nbsp;&nbsp;&nbsp;&nbsp;1437296 |
| &nbsp;&nbsp;Community Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46886 | &nbsp;&nbsp;&nbsp;&nbsp;2153474 |
| &nbsp;&nbsp;First BanCorp | &nbsp;&nbsp;283473 | &nbsp;&nbsp;&nbsp;&nbsp;3605776 |
| &nbsp;&nbsp;First BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;66546 | &nbsp;&nbsp;&nbsp;&nbsp;2850831 |
| &nbsp;&nbsp;First Community Corp. | &nbsp;&nbsp;&nbsp;&nbsp;84008 | &nbsp;&nbsp;&nbsp;&nbsp;1838935 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;37263 | &nbsp;&nbsp;&nbsp;&nbsp;1717079 |
| &nbsp;&nbsp;Hilltop Holdings, Inc. | &nbsp;&nbsp;135950 | &nbsp;&nbsp;&nbsp;&nbsp;4079859 |
| &nbsp;&nbsp;HomeStreet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51019 | &nbsp;&nbsp;&nbsp;&nbsp;1407104 |
| &nbsp;&nbsp;Northrim BanCorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59620 | &nbsp;&nbsp;&nbsp;&nbsp;3253463 |
| &nbsp;&nbsp;OFG Bancorp | &nbsp;&nbsp;115319 | &nbsp;&nbsp;&nbsp;&nbsp;3178192 |
| &nbsp;&nbsp;Plumas Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;42132 | &nbsp;&nbsp;&nbsp;&nbsp;1560991 |
| &nbsp;&nbsp;Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75998 | &nbsp;&nbsp;&nbsp;&nbsp;5040187 |
| &nbsp;&nbsp;Riverview Bancorp, Inc. | &nbsp;&nbsp;175856 | &nbsp;&nbsp;&nbsp;&nbsp;1350574 |
| &nbsp;&nbsp;Sierra Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;71624 | &nbsp;&nbsp;&nbsp;&nbsp;1521294 |
| &nbsp;&nbsp;Silvergate Capital Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp;156625 | &nbsp;&nbsp;&nbsp;&nbsp;2725275 |
| &nbsp;&nbsp;Southern First Bancshares, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;49824 | &nbsp;&nbsp;&nbsp;&nbsp;2279448 |
| &nbsp;&nbsp;Towne Bank | &nbsp;&nbsp;117100 | &nbsp;&nbsp;&nbsp;&nbsp;3611364 |
| &nbsp;&nbsp;UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;66251 | &nbsp;&nbsp;&nbsp;&nbsp;5533283 |
| &nbsp;&nbsp;Washington Federal, Inc. | &nbsp;&nbsp;109046 | &nbsp;&nbsp;&nbsp;&nbsp;3658493 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;74642870 |
| &nbsp;&nbsp;**Capital Markets 0.7%** | &nbsp;&nbsp;**Capital Markets 0.7%** | &nbsp;&nbsp;**Capital Markets 0.7%** |
| &nbsp;&nbsp;StoneX Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;38076 | &nbsp;&nbsp;&nbsp;&nbsp;3628643 |
| &nbsp;&nbsp;**Consumer Finance 0.6%** | &nbsp;&nbsp;**Consumer Finance 0.6%** | &nbsp;&nbsp;**Consumer Finance 0.6%** |
| &nbsp;&nbsp;Ezcorp, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;194017 | &nbsp;&nbsp;&nbsp;&nbsp;1581239 |
| &nbsp;&nbsp;PROG Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;98109 | &nbsp;&nbsp;&nbsp;&nbsp;1657061 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;3238300 |
| &nbsp;&nbsp;**Diversified Financial Services 0.3%** | &nbsp;&nbsp;**Diversified Financial Services 0.3%** | &nbsp;&nbsp;**Diversified Financial Services 0.3%** |
| &nbsp;&nbsp;Alerus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;63163 | &nbsp;&nbsp;&nbsp;&nbsp;1474856 |
| &nbsp;&nbsp;**Insurance 3.3%** | &nbsp;&nbsp;**Insurance 3.3%** | &nbsp;&nbsp;**Insurance 3.3%** |
| &nbsp;&nbsp;Argo Group International Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;96890 | &nbsp;&nbsp;&nbsp;&nbsp;2504607 |
| &nbsp;&nbsp;Employers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50434 | &nbsp;&nbsp;&nbsp;&nbsp;2175218 |
| &nbsp;&nbsp;Global Indemnity Group LLC | &nbsp;&nbsp;&nbsp;&nbsp;87311 | &nbsp;&nbsp;&nbsp;&nbsp;2035219 |
| &nbsp;&nbsp;Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;&nbsp;52782 | &nbsp;&nbsp;&nbsp;&nbsp;1972463 |
| &nbsp;&nbsp;Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;79718 | &nbsp;&nbsp;&nbsp;&nbsp;2726356 |
| &nbsp;&nbsp;National Western Life Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;11437 | &nbsp;&nbsp;&nbsp;&nbsp;3213797 |
| &nbsp;&nbsp;ProAssurance Corp. | &nbsp;&nbsp;123546 | &nbsp;&nbsp;&nbsp;&nbsp;2158349 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;16786009 |
| &nbsp;&nbsp;**Thrifts & Mortgage Finance 4.2%** | &nbsp;&nbsp;**Thrifts & Mortgage Finance 4.2%** | &nbsp;&nbsp;**Thrifts & Mortgage Finance 4.2%** |
| &nbsp;&nbsp;Essent Group Ltd. | &nbsp;&nbsp;122597 | &nbsp;&nbsp;&nbsp;&nbsp;4766571 |
| &nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;316126 | &nbsp;&nbsp;&nbsp;&nbsp;4109638 |
| &nbsp;&nbsp;NMI Holdings, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;153649 | &nbsp;&nbsp;&nbsp;&nbsp;3211264 |
| &nbsp;&nbsp;Provident Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80537 | &nbsp;&nbsp;&nbsp;&nbsp;1108995 |
| &nbsp;&nbsp;Radian Group, Inc. | &nbsp;&nbsp;245220 | &nbsp;&nbsp;&nbsp;&nbsp;4676345 |

---

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

Columbia Variable Portfolio – Small Cap Value Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_206_6cdc61ea-c92a-4206-8181-e329e59ea963_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Territorial Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68547 | &nbsp;&nbsp;&nbsp;&nbsp;1645814 |
| &nbsp;&nbsp;Western New England Bancorp, Inc. | &nbsp;&nbsp;212629 | &nbsp;&nbsp;&nbsp;&nbsp;2011470 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;21530097 |
| &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**121300775** |
| &nbsp;&nbsp;**Health Care 10.0%** | &nbsp;&nbsp;**Health Care 10.0%** | &nbsp;&nbsp;**Health Care 10.0%** |
| &nbsp;&nbsp;**Biotechnology 4.6%** | &nbsp;&nbsp;**Biotechnology 4.6%** | &nbsp;&nbsp;**Biotechnology 4.6%** |
| &nbsp;&nbsp;Arcutis Biotherapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;60850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900580 |
| &nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26420 | &nbsp;&nbsp;&nbsp;&nbsp;1071595 |
| &nbsp;&nbsp;Atara Biotherapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;280470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919942 |
| &nbsp;&nbsp;BioCryst Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;138330 | &nbsp;&nbsp;&nbsp;&nbsp;1588028 |
| &nbsp;&nbsp;Coherus Biosciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp;129311 | &nbsp;&nbsp;&nbsp;&nbsp;1024143 |
| &nbsp;&nbsp;Insmed, Inc.<sup>(a)</sup> | &nbsp;&nbsp;131320 | &nbsp;&nbsp;&nbsp;&nbsp;2623773 |
| &nbsp;&nbsp;Iovance Biotherapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;320615 | &nbsp;&nbsp;&nbsp;&nbsp;2048730 |
| &nbsp;&nbsp;IVERIC bio, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;55020 | &nbsp;&nbsp;&nbsp;&nbsp;1177978 |
| &nbsp;&nbsp;Natera, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;68300 | &nbsp;&nbsp;&nbsp;&nbsp;2743611 |
| &nbsp;&nbsp;Replimune Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;53693 | &nbsp;&nbsp;&nbsp;&nbsp;1460450 |
| &nbsp;&nbsp;Sage Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;90559 | &nbsp;&nbsp;&nbsp;&nbsp;3453920 |
| &nbsp;&nbsp;SpringWorks Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;45276 | &nbsp;&nbsp;&nbsp;&nbsp;1177629 |
| &nbsp;&nbsp;Travere Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;44010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925530 |
| &nbsp;&nbsp;uniQure NV<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;71380 | &nbsp;&nbsp;&nbsp;&nbsp;1618185 |
| &nbsp;&nbsp;Zentalis Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;54120 | &nbsp;&nbsp;&nbsp;&nbsp;1089977 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;23824071 |
| &nbsp;&nbsp;**Health Care Equipment & Supplies 0.6%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 0.6%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 0.6%** |
| &nbsp;&nbsp;Inogen, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;90714 | &nbsp;&nbsp;&nbsp;&nbsp;1787973 |
| &nbsp;&nbsp;Zimvie, Inc.<sup>(a)</sup> | &nbsp;&nbsp;137980 | &nbsp;&nbsp;&nbsp;&nbsp;1288733 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;3076706 |
| &nbsp;&nbsp;**Health Care Providers & Services 2.2%** | &nbsp;&nbsp;**Health Care Providers & Services 2.2%** | &nbsp;&nbsp;**Health Care Providers & Services 2.2%** |
| &nbsp;&nbsp;Community Health Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;330206 | &nbsp;&nbsp;&nbsp;&nbsp;1426490 |
| &nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;90070 | &nbsp;&nbsp;&nbsp;&nbsp;5387087 |
| &nbsp;&nbsp;Enhabit, Inc.<sup>(a)</sup> | &nbsp;&nbsp;148590 | &nbsp;&nbsp;&nbsp;&nbsp;1955444 |
| &nbsp;&nbsp;R1 RCM, Inc.<sup>(a)</sup> | &nbsp;&nbsp;229640 | &nbsp;&nbsp;&nbsp;&nbsp;2514558 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;11283579 |
| &nbsp;&nbsp;**Health Care Technology 0.2%** | &nbsp;&nbsp;**Health Care Technology 0.2%** | &nbsp;&nbsp;**Health Care Technology 0.2%** |
| &nbsp;&nbsp;Sharecare, Inc.<sup>(a)</sup> | &nbsp;&nbsp;567586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908138 |
| &nbsp;&nbsp;**Life Sciences Tools & Services 0.2%** | &nbsp;&nbsp;**Life Sciences Tools & Services 0.2%** | &nbsp;&nbsp;**Life Sciences Tools & Services 0.2%** |
| &nbsp;&nbsp;Codexis, Inc.<sup>(a)</sup> | &nbsp;&nbsp;203724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949354 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Pharmaceuticals 2.2%** | &nbsp;&nbsp;**Pharmaceuticals 2.2%** | &nbsp;&nbsp;**Pharmaceuticals 2.2%** |
| &nbsp;&nbsp;ANI Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;50342 | &nbsp;&nbsp;&nbsp;&nbsp;2025259 |
| &nbsp;&nbsp;Perrigo Co. PLC | &nbsp;&nbsp;126170 | &nbsp;&nbsp;&nbsp;&nbsp;4301135 |
| &nbsp;&nbsp;Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;81907 | &nbsp;&nbsp;&nbsp;&nbsp;2921623 |
| &nbsp;&nbsp;Taro Pharmaceutical Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;61265 | &nbsp;&nbsp;&nbsp;&nbsp;1779135 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;11027152 |
| &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**51069000** |
| &nbsp;&nbsp;**Industrials 15.8%** | &nbsp;&nbsp;**Industrials 15.8%** | &nbsp;&nbsp;**Industrials 15.8%** |
| &nbsp;&nbsp;**Aerospace & Defense 2.0%** | &nbsp;&nbsp;**Aerospace & Defense 2.0%** | &nbsp;&nbsp;**Aerospace & Defense 2.0%** |
| &nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6029 | &nbsp;&nbsp;&nbsp;&nbsp;1006782 |
| &nbsp;&nbsp;Maxar Technologies, Inc. | &nbsp;&nbsp;101778 | &nbsp;&nbsp;&nbsp;&nbsp;5265994 |
| &nbsp;&nbsp;Moog, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;45859 | &nbsp;&nbsp;&nbsp;&nbsp;4024586 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;10297362 |
| &nbsp;&nbsp;**Air Freight & Logistics 0.2%** | &nbsp;&nbsp;**Air Freight & Logistics 0.2%** | &nbsp;&nbsp;**Air Freight & Logistics 0.2%** |
| &nbsp;&nbsp;Radiant Logistics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;227303 | &nbsp;&nbsp;&nbsp;&nbsp;1156972 |
| &nbsp;&nbsp;**Airlines 0.5%** | &nbsp;&nbsp;**Airlines 0.5%** | &nbsp;&nbsp;**Airlines 0.5%** |
| &nbsp;&nbsp;JetBlue Airways Corp.<sup>(a)</sup> | &nbsp;&nbsp;430520 | &nbsp;&nbsp;&nbsp;&nbsp;2789770 |
| &nbsp;&nbsp;**Building Products 1.5%** | &nbsp;&nbsp;**Building Products 1.5%** | &nbsp;&nbsp;**Building Products 1.5%** |
| &nbsp;&nbsp;AZEK Co., Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;54927 | &nbsp;&nbsp;&nbsp;&nbsp;1116117 |
| &nbsp;&nbsp;Caesarstone Ltd. | &nbsp;&nbsp;148614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848586 |
| &nbsp;&nbsp;Resideo Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;142390 | &nbsp;&nbsp;&nbsp;&nbsp;2342315 |
| &nbsp;&nbsp;UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43816 | &nbsp;&nbsp;&nbsp;&nbsp;3472418 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;7779436 |
| &nbsp;&nbsp;**Commercial Services & Supplies 0.8%** | &nbsp;&nbsp;**Commercial Services & Supplies 0.8%** | &nbsp;&nbsp;**Commercial Services & Supplies 0.8%** |
| &nbsp;&nbsp;Healthcare Services Group, Inc. | &nbsp;&nbsp;145417 | &nbsp;&nbsp;&nbsp;&nbsp;1745004 |
| &nbsp;&nbsp;HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;75423 | &nbsp;&nbsp;&nbsp;&nbsp;2144276 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;3889280 |
| &nbsp;&nbsp;**Construction & Engineering 0.7%** | &nbsp;&nbsp;**Construction & Engineering 0.7%** | &nbsp;&nbsp;**Construction & Engineering 0.7%** |
| &nbsp;&nbsp;MDU Resources Group, Inc. | &nbsp;&nbsp;115560 | &nbsp;&nbsp;&nbsp;&nbsp;3506090 |
| &nbsp;&nbsp;**Electrical Equipment 1.9%** | &nbsp;&nbsp;**Electrical Equipment 1.9%** | &nbsp;&nbsp;**Electrical Equipment 1.9%** |
| &nbsp;&nbsp;AZZ, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66452 | &nbsp;&nbsp;&nbsp;&nbsp;2671371 |
| &nbsp;&nbsp;Encore Wire Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30242 | &nbsp;&nbsp;&nbsp;&nbsp;4160090 |
| &nbsp;&nbsp;Shoals Technologies Group, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744935 |
| &nbsp;&nbsp;Thermon<sup>(a)</sup> | &nbsp;&nbsp;101904 | &nbsp;&nbsp;&nbsp;&nbsp;2046232 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;9622628 |

---

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

10 Columbia Variable Portfolio – Small Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_206_6cdc61ea-c92a-4206-8181-e329e59ea963_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Machinery 3.9%** | &nbsp;&nbsp;**Machinery 3.9%** | &nbsp;&nbsp;**Machinery 3.9%** |
| &nbsp;&nbsp;CIRCOR International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;63424 | &nbsp;&nbsp;&nbsp;&nbsp;1519639 |
| &nbsp;&nbsp;Gorman-Rupp Co. | &nbsp;&nbsp;&nbsp;&nbsp;55358 | &nbsp;&nbsp;&nbsp;&nbsp;1418272 |
| &nbsp;&nbsp;Greenbrier Companies, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;67328 | &nbsp;&nbsp;&nbsp;&nbsp;2257508 |
| &nbsp;&nbsp;Hurco Companies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61220 | &nbsp;&nbsp;&nbsp;&nbsp;1599679 |
| &nbsp;&nbsp;John Bean Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;40820 | &nbsp;&nbsp;&nbsp;&nbsp;3728091 |
| &nbsp;&nbsp;LB Foster Co., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;76412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739668 |
| &nbsp;&nbsp;Manitex International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;243804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975216 |
| &nbsp;&nbsp;Miller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885618 |
| &nbsp;&nbsp;Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66522 | &nbsp;&nbsp;&nbsp;&nbsp;3924798 |
| &nbsp;&nbsp;Standex International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;28869 | &nbsp;&nbsp;&nbsp;&nbsp;2956474 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;20004963 |
| &nbsp;&nbsp;**Marine 1.0%** | &nbsp;&nbsp;**Marine 1.0%** | &nbsp;&nbsp;**Marine 1.0%** |
| &nbsp;&nbsp;Costamare, Inc. | &nbsp;&nbsp;249135 | &nbsp;&nbsp;&nbsp;&nbsp;2311973 |
| &nbsp;&nbsp;Kirby Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40207 | &nbsp;&nbsp;&nbsp;&nbsp;2587320 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;4899293 |
| &nbsp;&nbsp;**Professional Services 1.0%** | &nbsp;&nbsp;**Professional Services 1.0%** | &nbsp;&nbsp;**Professional Services 1.0%** |
| &nbsp;&nbsp;Korn/Ferry International | &nbsp;&nbsp;&nbsp;&nbsp;61555 | &nbsp;&nbsp;&nbsp;&nbsp;3115914 |
| &nbsp;&nbsp;Red Violet, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;81376 | &nbsp;&nbsp;&nbsp;&nbsp;1873276 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;4989190 |
| &nbsp;&nbsp;**Road & Rail 1.2%** | &nbsp;&nbsp;**Road & Rail 1.2%** | &nbsp;&nbsp;**Road & Rail 1.2%** |
| &nbsp;&nbsp;Marten Transport Ltd. | &nbsp;&nbsp;136500 | &nbsp;&nbsp;&nbsp;&nbsp;2699970 |
| &nbsp;&nbsp;Schneider National, Inc., Class B | &nbsp;&nbsp;152990 | &nbsp;&nbsp;&nbsp;&nbsp;3579966 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;6279936 |
| &nbsp;&nbsp;**Trading Companies & Distributors 1.1%** | &nbsp;&nbsp;**Trading Companies & Distributors 1.1%** | &nbsp;&nbsp;**Trading Companies & Distributors 1.1%** |
| &nbsp;&nbsp;H&E Equipment Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64740 | &nbsp;&nbsp;&nbsp;&nbsp;2939196 |
| &nbsp;&nbsp;Textainer Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;93891 | &nbsp;&nbsp;&nbsp;&nbsp;2911560 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;5850756 |
| &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**81065676** |
| &nbsp;&nbsp;**Information Technology 13.6%** | &nbsp;&nbsp;**Information Technology 13.6%** | &nbsp;&nbsp;**Information Technology 13.6%** |
| &nbsp;&nbsp;**Communications Equipment 1.7%** | &nbsp;&nbsp;**Communications Equipment 1.7%** | &nbsp;&nbsp;**Communications Equipment 1.7%** |
| &nbsp;&nbsp;Applied Optoelectronics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;345650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653278 |
| &nbsp;&nbsp;Casa Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;360567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984348 |
| &nbsp;&nbsp;KVH Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;87042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889569 |
| &nbsp;&nbsp;Lumentum Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;53280 | &nbsp;&nbsp;&nbsp;&nbsp;2779618 |
| &nbsp;&nbsp;Netscout Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;98100 | &nbsp;&nbsp;&nbsp;&nbsp;3189231 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;8496044 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 4.8%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 4.8%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 4.8%** |
| &nbsp;&nbsp;Airgain, Inc.<sup>(a)</sup> | &nbsp;&nbsp;140575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915143 |
| &nbsp;&nbsp;Bel Fuse, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;66569 | &nbsp;&nbsp;&nbsp;&nbsp;2191452 |
| &nbsp;&nbsp;ePlus, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;51951 | &nbsp;&nbsp;&nbsp;&nbsp;2300390 |
| &nbsp;&nbsp;FARO Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;59407 | &nbsp;&nbsp;&nbsp;&nbsp;1747160 |
| &nbsp;&nbsp;IPG Photonics Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;2082740 |
| &nbsp;&nbsp;Knowles Corp.<sup>(a)</sup> | &nbsp;&nbsp;189940 | &nbsp;&nbsp;&nbsp;&nbsp;3118815 |
| &nbsp;&nbsp;Luna Innovations, Inc.<sup>(a)</sup> | &nbsp;&nbsp;227742 | &nbsp;&nbsp;&nbsp;&nbsp;2001852 |
| &nbsp;&nbsp;OSI Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;37257 | &nbsp;&nbsp;&nbsp;&nbsp;2962677 |
| &nbsp;&nbsp;Powerfleet, Inc.<sup>(a)</sup> | &nbsp;&nbsp;421776 | &nbsp;&nbsp;&nbsp;&nbsp;1134577 |
| &nbsp;&nbsp;Vishay Intertechnology, Inc. | &nbsp;&nbsp;202861 | &nbsp;&nbsp;&nbsp;&nbsp;4375712 |
| &nbsp;&nbsp;Vishay Precision Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;45706 | &nbsp;&nbsp;&nbsp;&nbsp;1766537 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;24597055 |
| &nbsp;&nbsp;**IT Services 4.2%** | &nbsp;&nbsp;**IT Services 4.2%** | &nbsp;&nbsp;**IT Services 4.2%** |
| &nbsp;&nbsp;Cass Information Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51452 | &nbsp;&nbsp;&nbsp;&nbsp;2357531 |
| &nbsp;&nbsp;DigitalOcean Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;107780 | &nbsp;&nbsp;&nbsp;&nbsp;2745156 |
| &nbsp;&nbsp;EVERTEC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;87360 | &nbsp;&nbsp;&nbsp;&nbsp;2828717 |
| &nbsp;&nbsp;IBEX Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;127349 | &nbsp;&nbsp;&nbsp;&nbsp;3164623 |
| &nbsp;&nbsp;International Money Express, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;71726 | &nbsp;&nbsp;&nbsp;&nbsp;1747963 |
| &nbsp;&nbsp;Kyndryl Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;263667 | &nbsp;&nbsp;&nbsp;&nbsp;2931977 |
| &nbsp;&nbsp;Payoneer Global, Inc.<sup>(a)</sup> | &nbsp;&nbsp;487267 | &nbsp;&nbsp;&nbsp;&nbsp;2665350 |
| &nbsp;&nbsp;Shift4 Payments, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;57361 | &nbsp;&nbsp;&nbsp;&nbsp;3208201 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;21649518 |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 1.8%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 1.8%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 1.8%** |
| &nbsp;&nbsp;Cohu, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;91991 | &nbsp;&nbsp;&nbsp;&nbsp;2948311 |
| &nbsp;&nbsp;MagnaChip Semiconductor Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;99060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930173 |
| &nbsp;&nbsp;SMART Global Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;131370 | &nbsp;&nbsp;&nbsp;&nbsp;1954786 |
| &nbsp;&nbsp;Synaptics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;21180 | &nbsp;&nbsp;&nbsp;&nbsp;2015489 |
| &nbsp;&nbsp;Valens Semiconductor Ltd.<sup>(a)</sup> | &nbsp;&nbsp;246022 | &nbsp;&nbsp;&nbsp;&nbsp;1321138 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;9169897 |
| &nbsp;&nbsp;**Software 0.9%** | &nbsp;&nbsp;**Software 0.9%** | &nbsp;&nbsp;**Software 0.9%** |
| &nbsp;&nbsp;Cerence, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;90185 | &nbsp;&nbsp;&nbsp;&nbsp;1671128 |
| &nbsp;&nbsp;Cognyte Software Ltd.<sup>(a)</sup> | &nbsp;&nbsp;191173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594548 |
| &nbsp;&nbsp;Mitek Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;117728 | &nbsp;&nbsp;&nbsp;&nbsp;1140784 |
| &nbsp;&nbsp;Upland Software, Inc.<sup>(a)</sup> | &nbsp;&nbsp;203212 | &nbsp;&nbsp;&nbsp;&nbsp;1448902 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;4855362 |

---

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

Columbia Variable Portfolio – Small Cap Value Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_206_6cdc61ea-c92a-4206-8181-e329e59ea963_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 0.2%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 0.2%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 0.2%** |
| &nbsp;&nbsp;Nano Dimension Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp;445730 | &nbsp;&nbsp;&nbsp;&nbsp;1025179 |
| &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**69793055** |
| &nbsp;&nbsp;**Materials 7.9%** | &nbsp;&nbsp;**Materials 7.9%** | &nbsp;&nbsp;**Materials 7.9%** |
| &nbsp;&nbsp;**Chemicals 1.0%** | &nbsp;&nbsp;**Chemicals 1.0%** | &nbsp;&nbsp;**Chemicals 1.0%** |
| &nbsp;&nbsp;Aspen Aerogels, Inc.<sup>(a)</sup> | &nbsp;&nbsp;142270 | &nbsp;&nbsp;&nbsp;&nbsp;1677363 |
| &nbsp;&nbsp;Tronox Holdings PLC, Class A | &nbsp;&nbsp;251343 | &nbsp;&nbsp;&nbsp;&nbsp;3445913 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;5123276 |
| &nbsp;&nbsp;**Construction Materials 1.7%** | &nbsp;&nbsp;**Construction Materials 1.7%** | &nbsp;&nbsp;**Construction Materials 1.7%** |
| &nbsp;&nbsp;Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35469 | &nbsp;&nbsp;&nbsp;&nbsp;4712056 |
| &nbsp;&nbsp;Summit Materials, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;151988 | &nbsp;&nbsp;&nbsp;&nbsp;4314957 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;9027013 |
| &nbsp;&nbsp;**Containers & Packaging 0.6%** | &nbsp;&nbsp;**Containers & Packaging 0.6%** | &nbsp;&nbsp;**Containers & Packaging 0.6%** |
| &nbsp;&nbsp;Greif, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;45879 | &nbsp;&nbsp;&nbsp;&nbsp;3076646 |
| &nbsp;&nbsp;**Metals & Mining 3.4%** | &nbsp;&nbsp;**Metals & Mining 3.4%** | &nbsp;&nbsp;**Metals & Mining 3.4%** |
| &nbsp;&nbsp;Ampco-Pittsburgh Corp.<sup>(a)</sup> | &nbsp;&nbsp;257712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646857 |
| &nbsp;&nbsp;Capstone Copper Corp.<sup>(a)</sup> | &nbsp;&nbsp;832765 | &nbsp;&nbsp;&nbsp;&nbsp;3038301 |
| &nbsp;&nbsp;Centerra Gold, Inc. | &nbsp;&nbsp;445980 | &nbsp;&nbsp;&nbsp;&nbsp;2308951 |
| &nbsp;&nbsp;Copper Mountain Mining Corp.<sup>(a)</sup> | &nbsp;&nbsp;866079 | &nbsp;&nbsp;&nbsp;&nbsp;1093793 |
| &nbsp;&nbsp;ERO Copper Corp.<sup>(a)</sup> | &nbsp;&nbsp;135171 | &nbsp;&nbsp;&nbsp;&nbsp;1860847 |
| &nbsp;&nbsp;Ferroglobe PLC<sup>(a)</sup> | &nbsp;&nbsp;256603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987922 |
| &nbsp;&nbsp;Olympic Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58048 | &nbsp;&nbsp;&nbsp;&nbsp;1949252 |
| &nbsp;&nbsp;Pan American Silver Corp. | &nbsp;&nbsp;144460 | &nbsp;&nbsp;&nbsp;&nbsp;2360476 |
| &nbsp;&nbsp;Torex Gold Resources, Inc.<sup>(a)</sup> | &nbsp;&nbsp;179967 | &nbsp;&nbsp;&nbsp;&nbsp;2066829 |
| &nbsp;&nbsp;Universal Stainless & Alloy Products, Inc.<sup>(a)</sup> | &nbsp;&nbsp;127029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910798 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;17224026 |
| &nbsp;&nbsp;**Paper & Forest Products 1.2%** | &nbsp;&nbsp;**Paper & Forest Products 1.2%** | &nbsp;&nbsp;**Paper & Forest Products 1.2%** |
| &nbsp;&nbsp;Clearwater Paper Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;38694 | &nbsp;&nbsp;&nbsp;&nbsp;1463020 |
| &nbsp;&nbsp;Glatfelter Corp. | &nbsp;&nbsp;226173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628761 |
| &nbsp;&nbsp;Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;69441 | &nbsp;&nbsp;&nbsp;&nbsp;4110907 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;6202688 |
| &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;**40653649** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Real Estate 6.8%** | &nbsp;&nbsp;**Real Estate 6.8%** | &nbsp;&nbsp;**Real Estate 6.8%** |
| &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 6.4%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 6.4%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 6.4%** |
| &nbsp;&nbsp;American Assets Trust, Inc. | &nbsp;&nbsp;107532 | &nbsp;&nbsp;&nbsp;&nbsp;2849598 |
| &nbsp;&nbsp;Highwoods Properties, Inc. | &nbsp;&nbsp;123070 | &nbsp;&nbsp;&nbsp;&nbsp;3443499 |
| &nbsp;&nbsp;Hudson Pacific Properties, Inc. | &nbsp;&nbsp;228550 | &nbsp;&nbsp;&nbsp;&nbsp;2223792 |
| &nbsp;&nbsp;Macerich Co. (The) | &nbsp;&nbsp;336940 | &nbsp;&nbsp;&nbsp;&nbsp;3793944 |
| &nbsp;&nbsp;Outfront Media, Inc. | &nbsp;&nbsp;202400 | &nbsp;&nbsp;&nbsp;&nbsp;3355792 |
| &nbsp;&nbsp;Park Hotels & Resorts, Inc. | &nbsp;&nbsp;209350 | &nbsp;&nbsp;&nbsp;&nbsp;2468236 |
| &nbsp;&nbsp;Pebblebrook Hotel Trust | &nbsp;&nbsp;220464 | &nbsp;&nbsp;&nbsp;&nbsp;2952013 |
| &nbsp;&nbsp;PotlatchDeltic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;97702 | &nbsp;&nbsp;&nbsp;&nbsp;4297911 |
| &nbsp;&nbsp;RLJ Lodging Trust | &nbsp;&nbsp;329845 | &nbsp;&nbsp;&nbsp;&nbsp;3493059 |
| &nbsp;&nbsp;Sunstone Hotel Investors, Inc. | &nbsp;&nbsp;382379 | &nbsp;&nbsp;&nbsp;&nbsp;3693781 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;32571625 |
| &nbsp;&nbsp;**Real Estate Management & Development 0.4%** | &nbsp;&nbsp;**Real Estate Management & Development 0.4%** | &nbsp;&nbsp;**Real Estate Management & Development 0.4%** |
| &nbsp;&nbsp;Forestar Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;143951 | &nbsp;&nbsp;&nbsp;&nbsp;2218285 |
| &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;&nbsp;&nbsp;**34789910** |
| &nbsp;&nbsp;**Utilities 1.0%** | &nbsp;&nbsp;**Utilities 1.0%** | &nbsp;&nbsp;**Utilities 1.0%** |
| &nbsp;&nbsp;**Gas Utilities 1.0%** | &nbsp;&nbsp;**Gas Utilities 1.0%** | &nbsp;&nbsp;**Gas Utilities 1.0%** |
| &nbsp;&nbsp;National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;55845 | &nbsp;&nbsp;&nbsp;&nbsp;3534988 |
| &nbsp;&nbsp;RGC Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72094 | &nbsp;&nbsp;&nbsp;&nbsp;1589673 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;5124661 |
| &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;&nbsp;&nbsp;**5124661** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $545,448,967) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $545,448,967) | &nbsp;&nbsp;**510177238** |
| &nbsp;&nbsp;**Money Market Funds 0.0%** | &nbsp;&nbsp;**Money Market Funds 0.0%** | &nbsp;&nbsp;**Money Market Funds 0.0%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(b),(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17351 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $17,351) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $17,351) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17351** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $545,466,318)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $545,466,318)** | &nbsp;&nbsp;**510194589** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2085548** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**512280137** |

---

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

12 Columbia Variable Portfolio – Small Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_206_6cdc61ea-c92a-4206-8181-e329e59ea963_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Notes to Portfolio of Investments
(a) Non-income producing investment.

(b) The rate shown is the seven-day current annualized yield at December 31, 2022.

(c) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 3423863 | &nbsp;&nbsp;105291294 | &nbsp;&nbsp;(108697923) | &nbsp;&nbsp;117 | &nbsp;&nbsp;17351 | &nbsp;&nbsp;849 | &nbsp;&nbsp;22874 | &nbsp;&nbsp;17356 |

---

#### 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.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities 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.

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

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

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

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

Columbia Variable Portfolio – Small Cap Value Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_206_6cdc61ea-c92a-4206-8181-e329e59ea963_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Fair value measurements (continued) The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;7462496 | &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;7462496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;62547339 | &nbsp;&nbsp;&nbsp;&nbsp;752248 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63299587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;10710071 | &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;10710071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;24908358 | &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;24908358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 121300775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;121300775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;51069000 | &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;51069000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;81065676 | &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;81065676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;69793055 | &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;69793055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;40653649 | &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;40653649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;34789910 | &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;34789910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;5124661 | &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;5124661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | 509424990 | &nbsp;&nbsp;&nbsp;&nbsp;752248 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;510177238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17351 | &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;17351 |
| &nbsp;&nbsp;Total Investments in Securities | 509442341 | &nbsp;&nbsp;&nbsp;&nbsp;752248 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;510194589 |

---

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, but not limited to, intraday index, ADR, and exchange-traded fund movements.

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

14 Columbia Variable Portfolio – Small Cap Value Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_206_6cdc61ea-c92a-4206-8181-e329e59ea963_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $545,448,967) | $510177238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $17,351) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17351 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2949182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436969 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement due from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7501 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99274 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;513702782 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25360 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99274 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422645 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$512280137** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;508325088 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3955049 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$512280137** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $319024499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;27746337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.50 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $193255638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;17020332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.35 |

---

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

Columbia Variable Portfolio – Small Cap Value Fund \| Annual Report 2022 15

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[**Table of Contents**](#JOB_206_6cdc61ea-c92a-4206-8181-e329e59ea963_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$8658294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22874 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68207) |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8612961 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4786986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516479 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5764624 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(375594) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5389030 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3223931 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;36995679 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4071 |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;37000599 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(95438441) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(95438319) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(58437720) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(55213789)** |

---

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

16 Columbia Variable Portfolio – Small Cap Value Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_206_6cdc61ea-c92a-4206-8181-e329e59ea963_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$3223931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3562012 |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;37000599 | &nbsp;&nbsp;&nbsp;&nbsp;212210544 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(95438319) | &nbsp;&nbsp;&nbsp;&nbsp;(22992144) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(55213789) | &nbsp;&nbsp;&nbsp;&nbsp;192780412 |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 | &nbsp;&nbsp;(134518457) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2870583) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;(79388766) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1737204) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;(213907223) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4607787) |
| &nbsp;&nbsp;Increase (decrease) in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;139563102 | &nbsp;&nbsp;&nbsp;(241924101) |
| &nbsp;&nbsp;Total decrease in net assets | &nbsp;&nbsp;(129557910) | &nbsp;&nbsp;&nbsp;&nbsp;(53751476) |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;641838047 | &nbsp;&nbsp;&nbsp;&nbsp;695589523 |
| &nbsp;&nbsp;**Net assets at end of year** | **$512280137** | &nbsp;&nbsp;**$641838047** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;223773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3532153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7596548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153876536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | 11738085 | &nbsp;&nbsp;&nbsp;&nbsp;134518457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2870583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;(3664462) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54106164) | &nbsp;&nbsp;&nbsp;&nbsp;(11367420) | &nbsp;&nbsp;&nbsp;&nbsp;(229015939) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;8297396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83944446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3627055) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72268820) |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;807729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13543027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1822750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36327358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;7006952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79388766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1737204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;(2371837) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37313137) | &nbsp;&nbsp;&nbsp;&nbsp;(10412308) | &nbsp;&nbsp;&nbsp;&nbsp;(207719843) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;5442844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55618656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8501909) | &nbsp;&nbsp;&nbsp;&nbsp;(169655281) |
| &nbsp;&nbsp;**Total net increase (decrease)** | **13740240** | &nbsp;&nbsp;&nbsp;&nbsp;**139563102** | &nbsp;&nbsp;&nbsp;&nbsp;**(12128964)** | &nbsp;&nbsp;&nbsp;&nbsp;**(241924101)** |

---

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

Columbia Variable Portfolio – Small Cap Value Fund \| Annual Report 2022 17

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[**Table of Contents**](#JOB_206_6cdc61ea-c92a-4206-8181-e329e59ea963_TOC)

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 portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $20.75 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;(1.93) | &nbsp;&nbsp;(1.83) | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(7.28) | &nbsp;&nbsp;(7.42) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $16.17 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;4.59 | &nbsp;&nbsp;&nbsp;&nbsp;4.71 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.13) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $15.67 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(0.57) | &nbsp;&nbsp;(0.65) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $14.22 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;(1.40) | &nbsp;&nbsp;(1.49) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $20.30 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;(3.12) | &nbsp;&nbsp;(3.02) | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(2.98) | &nbsp;&nbsp;(3.06) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $20.58 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;(1.92) | &nbsp;&nbsp;(1.86) | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;(7.28) | &nbsp;&nbsp;(7.37) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $16.06 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;4.56 | &nbsp;&nbsp;&nbsp;&nbsp;4.62 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.10) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $15.55 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.57) | &nbsp;&nbsp;(0.61) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $14.12 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(1.40) | &nbsp;&nbsp;(1.44) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $20.17 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;(3.08) | &nbsp;&nbsp;(3.03) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(2.98) | &nbsp;&nbsp;(3.02) |

---

---

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

---

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

18 Columbia Variable Portfolio – Small Cap Value Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_206_6cdc61ea-c92a-4206-8181-e329e59ea963_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $11.50 | &nbsp;&nbsp;(8.69%) | 0.95%<sup>(c)</sup> | 0.88%<sup>(c)</sup> | 0.67% | 52% | $319024 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $20.75 | 29.19% | 0.97%<sup>(c)</sup> | 0.88%<sup>(c)</sup> | 0.58% | 69% | $403571 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $16.17 | &nbsp;&nbsp;&nbsp;8.80% | 1.02%<sup>(c)</sup> | 0.90%<sup>(c)</sup> | 1.05% | 57% | $373200 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $15.67 | 21.34% | 1.04%<sup>(c)</sup> | 0.92%<sup>(c)</sup> | 1.00% | 60% | $316513 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $14.22 | (18.01%) | 1.05% | 0.92% | 0.51% | 49% | &nbsp;&nbsp;&nbsp;$5525 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $11.35 | &nbsp;&nbsp;(8.97%) | 1.20%<sup>(c)</sup> | 1.13%<sup>(c)</sup> | 0.43% | 52% | $193256 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $20.58 | 28.80% | 1.21%<sup>(c)</sup> | 1.13%<sup>(c)</sup> | 0.31% | 69% | $238267 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $16.06 | &nbsp;&nbsp;&nbsp;8.59% | 1.27%<sup>(c)</sup> | 1.15%<sup>(c)</sup> | 0.80% | 57% | $322390 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $15.55 | 20.98% | 1.31%<sup>(c)</sup> | 1.17%<sup>(c)</sup> | 0.52% | 60% | $315238 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $14.12 | (18.17%) | 1.30% | 1.17% | 0.26% | 49% | $284756 |

---

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

Columbia Variable Portfolio – Small Cap Value Fund \| Annual Report 2022 19

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[**Table of Contents**](#JOB_206_6cdc61ea-c92a-4206-8181-e329e59ea963_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Columbia Variable Portfolio – Small Cap Value Fund (the Fund), a series of Columbia Funds Variable Insurance Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### 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.

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, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, 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.

20 Columbia Variable Portfolio – Small Cap Value Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

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.

#### 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. Expenses directly attributable to a specific class of shares are charged to that share class.

Columbia Variable Portfolio – Small Cap Value Fund \| Annual Report 2022 21

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Notes to Financial Statements (continued)

December 31, 2022

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

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

#### 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 annually. Capital gain distributions, when available, will be made annually. However, an additional capital gain distribution may be made during the fiscal year in order to comply with the Internal Revenue Code, as applicable to registered investment companies. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. All dividends and distributions are reinvested in additional shares of the applicable share class of the Fund at the net asset value as of the ex-dividend date of the distribution.

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

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

22 Columbia Variable Portfolio – Small Cap Value Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.87% to 0.75% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.86% 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 "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.

#### Transactions with affiliates
The Fund is permitted to engage in purchase and/or sale transactions with affiliates and/or accounts that have a common investment manager (or affiliated investment managers), common directors/trustees, and/or common officers under specified conditions outlined in a policy adopted by the Board, pursuant to Rule 17a-7 under the 1940 Act (cross-trades). The Board relies on quarterly written representation from the Fund's Chief Compliance Officer that cross-trades complied with approved policy.

For the year ended December 31, 2022, the Fund engaged in cross-trades as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Purchases ($)** | **Sales ($)** | **Net realized gain (loss) ($)** |
| &nbsp;&nbsp;— | 4285176 | 386249 |

---

#### 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, 2022 was 0.07% of the Fund's average daily net assets.

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

Columbia Variable Portfolio – Small Cap Value Fund \| Annual Report 2022 23

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Notes to Financial Statements (continued)

December 31, 2022

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Contractual<br> expense cap<br> July 1, 2022<br> through<br> April 30, 2023** | **Voluntary<br> expense cap<br> May 1, 2022<br> through<br> June 30, 2022** | **Contractual<br> expense cap<br> prior to<br> May 1, 2022** |
| &nbsp;&nbsp;Class 1 | 0.88% | 0.88% | 0.88% |
| &nbsp;&nbsp;Class 2 | 1.13 | 1.13 | 1.13 |

---

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

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, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, investments in partnerships and/or grantor trusts, trustees' deferred compensation, foreign currency transactions 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:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Undistributed net<br> investment<br> income ($)** | **Accumulated<br> net realized<br> gain ($)** | **Paid in<br> capital ($)** |
| &nbsp;&nbsp;(36617) | 36617 |  |

---

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.

24 Columbia Variable Portfolio – Small Cap Value Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| &nbsp;&nbsp;**Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** | **Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** |
| &nbsp;&nbsp;64453867 | 149453356 | 213907223 | 4607787 |  | 4607787 |

---

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

At December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Undistributed<br> ordinary income ($)** | **Undistributed<br> long-term<br> capital gains ($)** |
| &nbsp;&nbsp;7880063 | 32216962 – (36033682) |

---

At December 31, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;546228271 | 55348672 | (91382354) | (36033682) |

---

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

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 $288,170,017 and $359,455,631, respectively, for the year ended December 31, 2022. 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. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 7. Interfund lending

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

Columbia Variable Portfolio – Small Cap Value Fund \| Annual Report 2022 25

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Notes to Financial Statements (continued)

December 31, 2022

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

The Fund's activity in the Interfund Program during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Borrower | 633333 | &nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;&nbsp;27 |

---

Interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had an outstanding interfund loan balance at December 31, 2022 as shown in the Statement of Assets and Liabilities. The loans are unsecured.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 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 $950 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 in each case, 1.00%. 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 27, 2022 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 $950 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 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 9. Significant risks

#### Financial sector risk
The Fund is more susceptible to the particular risks that may affect companies in the financial services sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the financial services sector are subject to certain risks, including the risk of regulatory change, decreased liquidity in credit markets and unstable interest rates. Such companies may have concentrated portfolios, such as a high level of loans to one or more industries or sectors, which makes them vulnerable to economic conditions that affect such industries or sectors. Performance of such companies may be affected by competitive pressures and exposure to investments, agreements and counterparties, including credit products that, under certain circumstances, may lead to losses (e.g., subprime loans). Companies in the financial services sector are subject to extensive governmental regulation that may limit the amount and types of loans and other financial commitments they can make, and interest rates and fees that they may charge. In addition, profitability of such companies is largely dependent upon the availability and the cost of capital.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the

26 Columbia Variable Portfolio – Small Cap Value Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, 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.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, one unaffiliated shareholder of record owned 26.0% 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 61.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity 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.

#### Small- and mid-cap company risk
Investments in small- and mid-capitalization companies (small- and mid-cap companies) often involve greater risks than investments in larger, more established companies (larger companies) because small- and mid-cap companies tend to have less predictable earnings and may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. Securities of small- and mid-cap companies may be less liquid and more volatile than the securities of larger companies.

Columbia Variable Portfolio – Small Cap Value Fund \| Annual Report 2022 27

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Notes to Financial Statements (continued)

December 31, 2022

Note 10. Subsequent events

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

Note 11. Information regarding pending and settled legal proceedings

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

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

28 Columbia Variable Portfolio – Small Cap Value Fund \| Annual Report 2022

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Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Insurance Trust and Shareholders of Columbia Variable Portfolio – Small Cap Value 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 – Small Cap Value Fund (one of the funds constituting Columbia Funds Variable Insurance Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 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, 2022 by correspondence with the custodian, transfer agent and broker; when replies were not received from the broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

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

Columbia Variable Portfolio – Small Cap Value Fund \| Annual Report 2022 29

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## Federal Income Tax Information
(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended December 31, 2022.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Dividends<br> received<br> deduction** | **Capital<br> gain<br> dividend** |
| &nbsp;&nbsp;12.52% | $34352822 |

---

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

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.

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |

---

30 Columbia Variable Portfolio – Small Cap Value Fund \| Annual Report 2022

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## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |

---

Columbia Variable Portfolio – Small Cap Value Fund \| Annual Report 2022 31

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |

---

32 Columbia Variable Portfolio – Small Cap Value Fund \| Annual Report 2022

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

Columbia Variable Portfolio – Small Cap Value Fund \| Annual Report 2022 33

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## TRUSTEES AND OFFICERS (continued) (Unaudited)
\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

34 Columbia Variable Portfolio – Small Cap Value Fund \| Annual Report 2022

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## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

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Columbia Variable Portfolio – Small Cap Value Fund \| Annual Report 2022 35

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#### Columbia Variable Portfolio – Small Cap Value Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](imgacab15232.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 and/or summary 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 (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© 2023 Columbia Management Investment Advisers, LLC.

ANN7024_12_B01_(02/23)

------

![](img396b138d1.jpg)

Annual Report

December 31, 2022

![](img7617951a2.jpg)

Columbia Variable Portfolio – Contrarian Core Fund

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.

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

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_a64aa4c9-f9bd-4be3-a700-ff85872515d0_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_a64aa4c9-f9bd-4be3-a700-ff85872515d0_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_184d4164-dc41-45f9-85e5-9994463abc27_1)<br>| 7 |
| [Portfolio of Investments](#xx_d0501d89-6766-4f2a-9055-abbb3da11fd0_1)<br>| 8 |
| [Statement of Assets and Liabilities](#xx_3c5510a3-4444-4fba-9830-dc4a40051891_1)<br>| 12 |
| [Statement of Operations](#xx_3c5510a3-4444-4fba-9830-dc4a40051891_2)<br>| 13 |
| [Statement of Changes in Net Assets](#xx_3c5510a3-4444-4fba-9830-dc4a40051891_3)<br>| 14 |
| [Financial Highlights](#xx_0fa99499-9c11-4a3d-a977-9a6752414f26_2)<br>| 16 |
| [Notes to Financial Statements](#xx_62e589c4-25d8-4266-a7ea-cc8eab8d745e_1)<br>| 18 |
| [Report of Independent Registered Public Accounting Firm](#xx_fda1c9f3-0dc9-424d-bda0-05e7b0ee1385_1)<br>| 26 |
| [Trustees and Officers](#xx_901fbbf8-6ef6-4fa9-af30-70efa44d7ffa_1)<br>| 27 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Columbia Variable Portfolio – Contrarian Core Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Variable Portfolio – Contrarian Core Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_297_d7740ae1-63a7-4c01-80b8-092cfc9bab80_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks total return, consisting of long-term capital appreciation and current income.

Portfolio management

#### Guy Pope, CFA
Portfolio Manager

Managed Fund since 2012

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;04/30/12 | &nbsp;&nbsp;&nbsp;&nbsp;-18.65 | &nbsp;&nbsp;&nbsp;&nbsp;8.44 | &nbsp;&nbsp;&nbsp;&nbsp;12.12 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;04/30/12 | &nbsp;&nbsp;&nbsp;&nbsp;-18.85 | &nbsp;&nbsp;&nbsp;&nbsp;8.17 | &nbsp;&nbsp;&nbsp;&nbsp;11.84 |
| &nbsp;&nbsp;Russell 1000 Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-19.13 | &nbsp;&nbsp;&nbsp;&nbsp;9.13 | &nbsp;&nbsp;&nbsp;&nbsp;12.37 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 92% of the U.S. market.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Variable Portfolio – Contrarian Core Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_297_d7740ae1-63a7-4c01-80b8-092cfc9bab80_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](img0463132d3.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Columbia Variable Portfolio – Contrarian Core Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;97.1 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;11.7 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;6.7 |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;7.5 |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;5.5 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;10.7 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;15.8 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;8.3 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;26.7 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

4 Columbia Variable Portfolio – Contrarian Core Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_297_d7740ae1-63a7-4c01-80b8-092cfc9bab80_TOC)

Manager Discussion of Fund Performance

(Unaudited)

*At December 31, 2022, approximately 89.25% of the Fund's shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may also experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.*

For the 12-month period that ended December 31, 2022, Class 2 shares of Columbia Variable Portfolio – Contrarian Core Fund returned -18.85%. The Fund outperformed its benchmark, the Russell 1000 Index, which returned -19.13% for the same time period.

Market overview

U.S. equities, including large-capitalization stocks, finished sharply lower for the calendar year 2022. Historically high inflation and efforts on the part of the U.S. Federal Reserve (Fed) to contain prices were the principal drivers of the market downturn. Inflation had begun to drift upward in late 2021 but spiked in the wake of Russia's late-February 2022 invasion of Ukraine. U.S. consumer price inflation rose above 8% in March and peaked at 9.1% in June. The Fed responded by raising its benchmark overnight lending rate seven times, leaving the fed funds target range at 4.25%-4.50% at year-end, up from 0.0%-0.25% entering 2022. The dramatic rise in rates initially put downward pressure on equity valuation multiples and ultimately fueled heightened recession fears and concerns about the potential for weaker corporate earnings in 2023. A higher interest rate regime also made bonds a more compelling investment relative to equities. The increase in interest rates generally had the largest negative impact on the most growth-oriented segments of the market, most notably the information technology sector.

The Fund's notable contributors during the period

• The Fund's outperformance of the benchmark was driven primarily by stock selection, particularly within the health care, consumer staples and communication services sectors.

• Allocations were also positive for the Fund versus the benchmark during the period, with contributions coming from the Fund's cash position and an underweight to the poor performing consumer discretionary
sector.

• Top individual contributors to Fund performance, relative to the benchmark, included Raytheon Technologies Corp., Chevron Corp., Eli Lily & Co., EOG Resources, Inc. and Tesla,
Inc.

The Fund's notable detractors during the period

• Stock selections within the consumer discretionary and energy sectors detracted most from Fund performance relative to the benchmark during the period.

• Overweighted allocations to the communication services and information technology (a modest overweight) sectors were the top detracting allocations for the Fund versus the benchmark.

• Top individual detractors versus the benchmark during the period included Amazon.com, Inc., Snap, Inc., Take-Two Interactive Software, Inc., Lam Research Corp. and Uber Technologies,
Inc. We sold the Fund's position in Snap during the second half of the period.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Growth securities, at times, may not perform as well as value securities or the stock market in general and may be out of favor with investors. Value securities may be unprofitable if the market fails to recognize their intrinsic worth or the portfolio manager misgauged that worth. The Fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the Fund more vulnerable to unfavorable developments in the sector. See the Fund's prospectus for more information on these and other risks.***

Columbia Variable Portfolio – Contrarian Core Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_297_d7740ae1-63a7-4c01-80b8-092cfc9bab80_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.

6 Columbia Variable Portfolio – Contrarian Core Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_297_d7740ae1-63a7-4c01-80b8-092cfc9bab80_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1003.00 | &nbsp;&nbsp;&nbsp;&nbsp;1021.66 | &nbsp;&nbsp;&nbsp;&nbsp;3.41 | &nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1001.60 | &nbsp;&nbsp;&nbsp;&nbsp;1020.41 | &nbsp;&nbsp;&nbsp;&nbsp;4.67 | &nbsp;&nbsp;&nbsp;&nbsp;4.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Columbia Variable Portfolio – Contrarian Core Fund \| Annual Report 2022 7

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[**Table of Contents**](#JOB_297_d7740ae1-63a7-4c01-80b8-092cfc9bab80_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 97.5%** | &nbsp;&nbsp;**Common Stocks 97.5%** | &nbsp;&nbsp;**Common Stocks 97.5%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Communication Services 11.4%** | &nbsp;&nbsp;**Communication Services 11.4%** | &nbsp;&nbsp;**Communication Services 11.4%** |
| &nbsp;&nbsp;**Entertainment 3.0%** | &nbsp;&nbsp;**Entertainment 3.0%** | &nbsp;&nbsp;**Entertainment 3.0%** |
| &nbsp;&nbsp;Endeavor Group Holdings, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;298760 | &nbsp;&nbsp;&nbsp;&nbsp;6734050 |
| &nbsp;&nbsp;Take-Two Interactive Software, Inc.<sup>(a)</sup> | &nbsp;&nbsp;186458 | &nbsp;&nbsp;&nbsp;&nbsp;19415872 |
| &nbsp;&nbsp;Walt Disney Co. (The)<sup>(a)</sup> | &nbsp;&nbsp;145595 | &nbsp;&nbsp;&nbsp;&nbsp;12649294 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;38799216 |
| &nbsp;&nbsp;**Interactive Media & Services 5.6%** | &nbsp;&nbsp;**Interactive Media & Services 5.6%** | &nbsp;&nbsp;**Interactive Media & Services 5.6%** |
| &nbsp;&nbsp;Alphabet, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;229183 | &nbsp;&nbsp;&nbsp;&nbsp;20220816 |
| &nbsp;&nbsp;Alphabet, Inc., Class C<sup>(a)</sup> | &nbsp;&nbsp;230020 | &nbsp;&nbsp;&nbsp;&nbsp;20409674 |
| &nbsp;&nbsp;Match Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;233514 | &nbsp;&nbsp;&nbsp;&nbsp;9688496 |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;119264 | &nbsp;&nbsp;&nbsp;&nbsp;14352230 |
| &nbsp;&nbsp;ZoomInfo Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;237271 | &nbsp;&nbsp;&nbsp;&nbsp;7144230 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;71815446 |
| &nbsp;&nbsp;**Media 1.3%** | &nbsp;&nbsp;**Media 1.3%** | &nbsp;&nbsp;**Media 1.3%** |
| &nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;478067 | &nbsp;&nbsp;&nbsp;&nbsp;16718003 |
| &nbsp;&nbsp;**Wireless Telecommunication Services 1.5%** | &nbsp;&nbsp;**Wireless Telecommunication Services 1.5%** | &nbsp;&nbsp;**Wireless Telecommunication Services 1.5%** |
| &nbsp;&nbsp;T-Mobile US, Inc.<sup>(a)</sup> | &nbsp;&nbsp;136135 | &nbsp;&nbsp;&nbsp;&nbsp;19058900 |
| &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**146391565** |
| &nbsp;&nbsp;**Consumer Discretionary 6.6%** | &nbsp;&nbsp;**Consumer Discretionary 6.6%** | &nbsp;&nbsp;**Consumer Discretionary 6.6%** |
| &nbsp;&nbsp;**Automobiles 0.5%** | &nbsp;&nbsp;**Automobiles 0.5%** | &nbsp;&nbsp;**Automobiles 0.5%** |
| &nbsp;&nbsp;Tesla, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;54391 | &nbsp;&nbsp;&nbsp;&nbsp;6699883 |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure 1.0%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 1.0%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 1.0%** |
| &nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;48328 | &nbsp;&nbsp;&nbsp;&nbsp;12735878 |
| &nbsp;&nbsp;**Internet & Direct Marketing Retail 2.9%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 2.9%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 2.9%** |
| &nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp;445192 | &nbsp;&nbsp;&nbsp;&nbsp;37396128 |
| &nbsp;&nbsp;**Specialty Retail 1.4%** | &nbsp;&nbsp;**Specialty Retail 1.4%** | &nbsp;&nbsp;**Specialty Retail 1.4%** |
| &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30342 | &nbsp;&nbsp;&nbsp;&nbsp;6045340 |
| &nbsp;&nbsp;TJX Companies, Inc. (The) | &nbsp;&nbsp;139840 | &nbsp;&nbsp;&nbsp;&nbsp;11131264 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;17176604 |
| &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 0.8%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 0.8%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 0.8%** |
| &nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;276907 | &nbsp;&nbsp;&nbsp;&nbsp;10544619 |
| &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;&nbsp;&nbsp;**84553112** |
| &nbsp;&nbsp;**Consumer Staples 7.3%** | &nbsp;&nbsp;**Consumer Staples 7.3%** | &nbsp;&nbsp;**Consumer Staples 7.3%** |
| &nbsp;&nbsp;**Beverages 0.3%** | &nbsp;&nbsp;**Beverages 0.3%** | &nbsp;&nbsp;**Beverages 0.3%** |
| &nbsp;&nbsp;Monster Beverage Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;42871 | &nbsp;&nbsp;&nbsp;&nbsp;4352693 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Food & Staples Retailing 2.1%** | &nbsp;&nbsp;**Food & Staples Retailing 2.1%** | &nbsp;&nbsp;**Food & Staples Retailing 2.1%** |
| &nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;131431 | &nbsp;&nbsp;10047900 |
| &nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;121279 | &nbsp;&nbsp;17196149 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;27244049 |
| &nbsp;&nbsp;**Food Products 1.8%** | &nbsp;&nbsp;**Food Products 1.8%** | &nbsp;&nbsp;**Food Products 1.8%** |
| &nbsp;&nbsp;Mondelez International, Inc., Class A | &nbsp;&nbsp;335469 | &nbsp;&nbsp;22359009 |
| &nbsp;&nbsp;**Household Products 2.7%** | &nbsp;&nbsp;**Household Products 2.7%** | &nbsp;&nbsp;**Household Products 2.7%** |
| &nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;227027 | &nbsp;&nbsp;34408212 |
| &nbsp;&nbsp;**Personal Products 0.4%** | &nbsp;&nbsp;**Personal Products 0.4%** | &nbsp;&nbsp;**Personal Products 0.4%** |
| &nbsp;&nbsp;Coty, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;637698 | &nbsp;&nbsp;&nbsp;&nbsp;5458695 |
| &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**93822658** |
| &nbsp;&nbsp;**Energy 5.3%** | &nbsp;&nbsp;**Energy 5.3%** | &nbsp;&nbsp;**Energy 5.3%** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 5.3%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 5.3%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 5.3%** |
| &nbsp;&nbsp;Canadian Natural Resources Ltd. | &nbsp;&nbsp;270060 | &nbsp;&nbsp;14996432 |
| &nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;191901 | &nbsp;&nbsp;34444310 |
| &nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;146310 | &nbsp;&nbsp;18950071 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;68390813 |
| &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**68390813** |
| &nbsp;&nbsp;**Financials 10.5%** | &nbsp;&nbsp;**Financials 10.5%** | &nbsp;&nbsp;**Financials 10.5%** |
| &nbsp;&nbsp;**Banks 3.7%** | &nbsp;&nbsp;**Banks 3.7%** | &nbsp;&nbsp;**Banks 3.7%** |
| &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;341703 | &nbsp;&nbsp;11317203 |
| &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;85914 | &nbsp;&nbsp;11521068 |
| &nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;598368 | &nbsp;&nbsp;24706615 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;47544886 |
| &nbsp;&nbsp;**Capital Markets 2.6%** | &nbsp;&nbsp;**Capital Markets 2.6%** | &nbsp;&nbsp;**Capital Markets 2.6%** |
| &nbsp;&nbsp;BlackRock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12793 | &nbsp;&nbsp;&nbsp;&nbsp;9065503 |
| &nbsp;&nbsp;MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13498 | &nbsp;&nbsp;&nbsp;&nbsp;6278865 |
| &nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;230558 | &nbsp;&nbsp;17884384 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;33228752 |
| &nbsp;&nbsp;**Consumer Finance 0.1%** | &nbsp;&nbsp;**Consumer Finance 0.1%** | &nbsp;&nbsp;**Consumer Finance 0.1%** |
| &nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;9412 | &nbsp;&nbsp;&nbsp;&nbsp;1390623 |
| &nbsp;&nbsp;**Diversified Financial Services 3.2%** | &nbsp;&nbsp;**Diversified Financial Services 3.2%** | &nbsp;&nbsp;**Diversified Financial Services 3.2%** |
| &nbsp;&nbsp;Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp;133503 | &nbsp;&nbsp;41239077 |

---

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

8 Columbia Variable Portfolio – Contrarian Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_297_d7740ae1-63a7-4c01-80b8-092cfc9bab80_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Insurance 0.9%** | &nbsp;&nbsp;**Insurance 0.9%** | &nbsp;&nbsp;**Insurance 0.9%** |
| &nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;36752 | &nbsp;&nbsp;&nbsp;&nbsp;11030745 |
| &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**134434083** |
| &nbsp;&nbsp;**Health Care 15.4%** | &nbsp;&nbsp;**Health Care 15.4%** | &nbsp;&nbsp;**Health Care 15.4%** |
| &nbsp;&nbsp;**Biotechnology 2.4%** | &nbsp;&nbsp;**Biotechnology 2.4%** | &nbsp;&nbsp;**Biotechnology 2.4%** |
| &nbsp;&nbsp;BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;118293 | &nbsp;&nbsp;&nbsp;&nbsp;12242142 |
| &nbsp;&nbsp;Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;66473 | &nbsp;&nbsp;&nbsp;&nbsp;19196073 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;31438215 |
| &nbsp;&nbsp;**Health Care Equipment & Supplies 2.7%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 2.7%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 2.7%** |
| &nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;182387 | &nbsp;&nbsp;&nbsp;&nbsp;20024269 |
| &nbsp;&nbsp;Boston Scientific Corp.<sup>(a)</sup> | &nbsp;&nbsp;303085 | &nbsp;&nbsp;&nbsp;&nbsp;14023743 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;34048012 |
| &nbsp;&nbsp;**Health Care Providers & Services 3.0%** | &nbsp;&nbsp;**Health Care Providers & Services 3.0%** | &nbsp;&nbsp;**Health Care Providers & Services 3.0%** |
| &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;195127 | &nbsp;&nbsp;&nbsp;&nbsp;18183885 |
| &nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40334 | &nbsp;&nbsp;&nbsp;&nbsp;20690132 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;38874017 |
| &nbsp;&nbsp;**Life Sciences Tools & Services 1.4%** | &nbsp;&nbsp;**Life Sciences Tools & Services 1.4%** | &nbsp;&nbsp;**Life Sciences Tools & Services 1.4%** |
| &nbsp;&nbsp;IQVIA Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;31765 | &nbsp;&nbsp;&nbsp;&nbsp;6508331 |
| &nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20846 | &nbsp;&nbsp;&nbsp;&nbsp;11479684 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;17988015 |
| &nbsp;&nbsp;**Pharmaceuticals 5.9%** | &nbsp;&nbsp;**Pharmaceuticals 5.9%** | &nbsp;&nbsp;**Pharmaceuticals 5.9%** |
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;81251 | &nbsp;&nbsp;&nbsp;&nbsp;29724866 |
| &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;260743 | &nbsp;&nbsp;&nbsp;&nbsp;46060251 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;75785117 |
| &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**198133376** |
| &nbsp;&nbsp;**Industrials 8.1%** | &nbsp;&nbsp;**Industrials 8.1%** | &nbsp;&nbsp;**Industrials 8.1%** |
| &nbsp;&nbsp;**Aerospace & Defense 2.2%** | &nbsp;&nbsp;**Aerospace & Defense 2.2%** | &nbsp;&nbsp;**Aerospace & Defense 2.2%** |
| &nbsp;&nbsp;Raytheon Technologies Corp. | &nbsp;&nbsp;274665 | &nbsp;&nbsp;&nbsp;&nbsp;27719192 |
| &nbsp;&nbsp;**Airlines 0.4%** | &nbsp;&nbsp;**Airlines 0.4%** | &nbsp;&nbsp;**Airlines 0.4%** |
| &nbsp;&nbsp;Southwest Airlines Co.<sup>(a)</sup> | &nbsp;&nbsp;173156 | &nbsp;&nbsp;&nbsp;&nbsp;5830162 |
| &nbsp;&nbsp;**Industrial Conglomerates 2.1%** | &nbsp;&nbsp;**Industrial Conglomerates 2.1%** | &nbsp;&nbsp;**Industrial Conglomerates 2.1%** |
| &nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;182325 | &nbsp;&nbsp;&nbsp;&nbsp;15277011 |
| &nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52516 | &nbsp;&nbsp;&nbsp;&nbsp;11254179 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;26531190 |
| &nbsp;&nbsp;**Machinery 1.2%** | &nbsp;&nbsp;**Machinery 1.2%** | &nbsp;&nbsp;**Machinery 1.2%** |
| &nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;52091 | &nbsp;&nbsp;&nbsp;&nbsp;15158481 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Road & Rail 2.2%** | &nbsp;&nbsp;**Road & Rail 2.2%** | &nbsp;&nbsp;**Road & Rail 2.2%** |
| &nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;666119 | &nbsp;&nbsp;&nbsp;&nbsp;16473123 |
| &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;56854 | &nbsp;&nbsp;&nbsp;&nbsp;11772758 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;28245881 |
| &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**103484906** |
| &nbsp;&nbsp;**Information Technology 26.0%** | &nbsp;&nbsp;**Information Technology 26.0%** | &nbsp;&nbsp;**Information Technology 26.0%** |
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 1.3%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 1.3%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 1.3%** |
| &nbsp;&nbsp;TE Connectivity Ltd. | &nbsp;&nbsp;110135 | &nbsp;&nbsp;&nbsp;&nbsp;12643498 |
| &nbsp;&nbsp;Zebra Technologies Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14975 | &nbsp;&nbsp;&nbsp;&nbsp;3839740 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;16483238 |
| &nbsp;&nbsp;**IT Services 5.0%** | &nbsp;&nbsp;**IT Services 5.0%** | &nbsp;&nbsp;**IT Services 5.0%** |
| &nbsp;&nbsp;Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;35865 | &nbsp;&nbsp;&nbsp;&nbsp;9570217 |
| &nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;86777 | &nbsp;&nbsp;&nbsp;&nbsp;5887819 |
| &nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41161 | &nbsp;&nbsp;&nbsp;&nbsp;5799173 |
| &nbsp;&nbsp;MasterCard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;61498 | &nbsp;&nbsp;&nbsp;&nbsp;21384699 |
| &nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;104401 | &nbsp;&nbsp;&nbsp;&nbsp;21690352 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;64332260 |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 4.3%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 4.3%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 4.3%** |
| &nbsp;&nbsp;Advanced Micro Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp;126082 | &nbsp;&nbsp;&nbsp;&nbsp;8166331 |
| &nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;28664 | &nbsp;&nbsp;&nbsp;&nbsp;12047479 |
| &nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;108691 | &nbsp;&nbsp;&nbsp;&nbsp;4025915 |
| &nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;94963 | &nbsp;&nbsp;&nbsp;&nbsp;6671151 |
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;127538 | &nbsp;&nbsp;&nbsp;&nbsp;18638403 |
| &nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49840 | &nbsp;&nbsp;&nbsp;&nbsp;5479410 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;55028689 |
| &nbsp;&nbsp;**Software 10.2%** | &nbsp;&nbsp;**Software 10.2%** | &nbsp;&nbsp;**Software 10.2%** |
| &nbsp;&nbsp;Adobe, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;64728 | &nbsp;&nbsp;&nbsp;&nbsp;21782914 |
| &nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54694 | &nbsp;&nbsp;&nbsp;&nbsp;21287999 |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;344566 | &nbsp;&nbsp;&nbsp;&nbsp;82633818 |
| &nbsp;&nbsp;Palo Alto Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;41816 | &nbsp;&nbsp;&nbsp;&nbsp;5835004 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;131539735 |
| &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 5.2%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 5.2%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 5.2%** |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;515432 | &nbsp;&nbsp;&nbsp;&nbsp;66970080 |
| &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**334354002** |

---

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

Columbia Variable Portfolio – Contrarian Core Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_297_d7740ae1-63a7-4c01-80b8-092cfc9bab80_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Materials 2.5%** | &nbsp;&nbsp;**Materials 2.5%** | &nbsp;&nbsp;**Materials 2.5%** |
| &nbsp;&nbsp;**Chemicals 2.5%** | &nbsp;&nbsp;**Chemicals 2.5%** | &nbsp;&nbsp;**Chemicals 2.5%** |
| &nbsp;&nbsp;Corteva, Inc. | &nbsp;&nbsp;106385 | &nbsp;&nbsp;&nbsp;&nbsp;6253310 |
| &nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp;127916 | &nbsp;&nbsp;13410713 |
| &nbsp;&nbsp;Sherwin-Williams Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;52229 | &nbsp;&nbsp;12395509 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;32059532 |
| &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;**32059532** |
| &nbsp;&nbsp;**Real Estate 1.6%** | &nbsp;&nbsp;**Real Estate 1.6%** | &nbsp;&nbsp;**Real Estate 1.6%** |
| &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 1.6%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 1.6%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 1.6%** |
| &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;94381 | &nbsp;&nbsp;19995559 |
| &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;**19995559** |
| &nbsp;&nbsp;**Utilities 2.8%** | &nbsp;&nbsp;**Utilities 2.8%** | &nbsp;&nbsp;**Utilities 2.8%** |
| &nbsp;&nbsp;**Electric Utilities 1.6%** | &nbsp;&nbsp;**Electric Utilities 1.6%** | &nbsp;&nbsp;**Electric Utilities 1.6%** |
| &nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;219001 | &nbsp;&nbsp;20794145 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Multi-Utilities 1.2%** | &nbsp;&nbsp;**Multi-Utilities 1.2%** | &nbsp;&nbsp;**Multi-Utilities 1.2%** |
| &nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15162732 |
| &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35956877** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $1,121,347,828) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $1,121,347,828) | &nbsp;&nbsp;**1251576483** |
| &nbsp;&nbsp;**Money Market Funds 2.9%** | &nbsp;&nbsp;**Money Market Funds 2.9%** | &nbsp;&nbsp;**Money Market Funds 2.9%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(b),(c)</sup> | &nbsp;&nbsp;37696099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37684790 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $37,681,869) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $37,681,869) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**37684790** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $1,159,029,697)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $1,159,029,697)** | &nbsp;&nbsp;**1289261273** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5298799)** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**1283962474** |

---

#### Notes to Portfolio of Investments
(a) Non-income producing investment.

(b) The rate shown is the seven-day current annualized yield at December 31, 2022.

(c) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 12885067 | &nbsp;&nbsp;283717978 | &nbsp;&nbsp;(258921176) | &nbsp;&nbsp;2921 | &nbsp;&nbsp;37684790 | &nbsp;&nbsp;(9000) | &nbsp;&nbsp;478597 | &nbsp;&nbsp;37696099 |

---

#### 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.

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

10 Columbia Variable Portfolio – Contrarian Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_297_d7740ae1-63a7-4c01-80b8-092cfc9bab80_TOC)

Portfolio of Investments (continued)

December 31, 2022

**Fair value measurements (continued) Investments falling into the Level 3 category 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, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;146391565 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146391565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;84553112 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84553112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;93822658 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93822658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;68390813 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68390813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;134434083 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134434083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;198133376 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198133376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;103484906 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103484906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;334354002 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334354002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;32059532 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32059532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;19995559 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19995559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;35956877 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35956877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | 1251576483 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1251576483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;37684790 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37684790 |
| &nbsp;&nbsp;Total Investments in Securities | 1289261273 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1289261273 |

---

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

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

Columbia Variable Portfolio – Contrarian Core Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_297_d7740ae1-63a7-4c01-80b8-092cfc9bab80_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $1,121,347,828) | $1251576483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $37,681,869) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37684790 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11876 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement due from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2390 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14500 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156640 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;1290395960 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5979423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26119 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156640 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6433486 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$1283962474** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Trust capital | $1283962474 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$1283962474** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $1153825076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34859419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$33.10 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$130137398 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4036082 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.24 |

---

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

12 Columbia Variable Portfolio – Contrarian Core Fund \| Annual Report 2022

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Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$19155596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147501) |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19487779 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10191515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352479 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96903 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18043 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25162 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10788573 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(685687) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10102886 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9384893 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83133888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5235) |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83119653 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(394769600) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(394766107) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(311646454) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(302261561)** |

---

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

Columbia Variable Portfolio – Contrarian Core Fund \| Annual Report 2022 13

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Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9384893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8577104 |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83119653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335524121 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(394766107) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15420836 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(302261561) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359522061 |
| &nbsp;&nbsp;Decrease in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89032389) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(266081388) |
| &nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(391293950) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93440673 |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;1675256424 | &nbsp;&nbsp;&nbsp;&nbsp;1581815751 |
| &nbsp;&nbsp;**Net assets at end of year** | **$1283962474** | &nbsp;&nbsp;**$1675256424** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;146080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5048992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3067204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (2457534) | &nbsp;&nbsp;&nbsp;&nbsp;(91794593) | &nbsp;&nbsp;&nbsp;&nbsp;(7176586) | &nbsp;&nbsp;&nbsp;&nbsp;(267772669) |
| &nbsp;&nbsp;Net decrease | (2311454) | &nbsp;&nbsp;&nbsp;&nbsp;(86745601) | &nbsp;&nbsp;&nbsp;&nbsp;(7094640) | &nbsp;&nbsp;&nbsp;&nbsp;(264705465) |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;293304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10284646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10926608 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(358478) | &nbsp;&nbsp;&nbsp;&nbsp;(12571434) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(340477) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12302531) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65174) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2286788) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1375923) |
| &nbsp;&nbsp;**Total net decrease** | **(2376628)** | &nbsp;&nbsp;&nbsp;&nbsp;**(89032389)** | &nbsp;&nbsp;&nbsp;&nbsp;**(7134997)** | &nbsp;&nbsp;&nbsp;&nbsp;**(266081388)** |

---

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

14 Columbia Variable Portfolio – Contrarian Core Fund \| Annual Report 2022

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Columbia Variable Portfolio – Contrarian Core Fund \| Annual Report 2022 15

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[**Table of Contents**](#JOB_297_d7740ae1-63a7-4c01-80b8-092cfc9bab80_TOC)

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 portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $40.69 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;(7.84) | &nbsp;&nbsp;(7.59) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $32.74 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;7.75 | &nbsp;&nbsp;&nbsp;&nbsp;7.95 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $26.76 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;5.73 | &nbsp;&nbsp;&nbsp;&nbsp;5.98 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $20.10 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;6.39 | &nbsp;&nbsp;&nbsp;&nbsp;6.66 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $22.07 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;(2.21) | &nbsp;&nbsp;(1.97) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $39.73 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;(7.64) | &nbsp;&nbsp;(7.49) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $32.05 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;7.57 | &nbsp;&nbsp;&nbsp;&nbsp;7.68 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $26.27 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;5.61 | &nbsp;&nbsp;&nbsp;&nbsp;5.78 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $19.78 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;6.28 | &nbsp;&nbsp;&nbsp;&nbsp;6.49 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $21.77 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;(2.18) | &nbsp;&nbsp;(1.99) |

---

---

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

---

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

16 Columbia Variable Portfolio – Contrarian Core Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_297_d7740ae1-63a7-4c01-80b8-092cfc9bab80_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $33.10 | (18.65%) | 0.74% | 0.69% | 0.69% | 48% | $1153825 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $40.69 | 24.28% | 0.73% | 0.70% | 0.54% | 45% | $1512305 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $32.74 | 22.35% | 0.74%<sup>(c)</sup> | 0.69%<sup>(c)</sup> | 0.91% | 58% | $1449079 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $26.76 | 33.13% | 0.74%<sup>(c)</sup> | 0.70%<sup>(c)</sup> | 1.16% | 43% | $1433380 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $20.10 | &nbsp;&nbsp;(8.93%) | 0.71% | 0.71% | 1.09% | 63% | $1301755 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $32.24 | (18.85%) | 0.99% | 0.94% | 0.44% | 48% | &nbsp;&nbsp;$130137 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $39.73 | 23.96% | 0.98% | 0.95% | 0.29% | 45% | &nbsp;&nbsp;$162952 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $32.05 | 22.00% | 0.99%<sup>(c)</sup> | 0.94%<sup>(c)</sup> | 0.65% | 58% | &nbsp;&nbsp;$132736 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $26.27 | 32.81% | 0.99%<sup>(c)</sup> | 0.95%<sup>(c)</sup> | 0.90% | 43% | &nbsp;&nbsp;$112800 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $19.78 | &nbsp;&nbsp;(9.14%) | 0.96% | 0.96% | 0.86% | 63% | &nbsp;&nbsp;&nbsp;&nbsp;$91923 |

---

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

Columbia Variable Portfolio – Contrarian Core Fund \| Annual Report 2022 17

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[**Table of Contents**](#JOB_297_d7740ae1-63a7-4c01-80b8-092cfc9bab80_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Columbia Variable Portfolio – Contrarian Core Fund (the Fund), a series of Columbia Funds Variable Insurance Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### 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.

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, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, 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.

18 Columbia Variable Portfolio – Contrarian Core Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

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.

#### 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. Expenses directly attributable to a specific class of shares are charged to that share class.

Columbia Variable Portfolio – Contrarian Core Fund \| Annual Report 2022 19

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Notes to Financial Statements (continued)

December 31, 2022

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

#### Federal income tax status
The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The components of the Fund's net assets are reported at the partner-level for federal income tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

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.

#### 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.

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

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. Effective July 1, 2022, the management services fee is an annual fee that is equal to a percentage of the Fund's

20 Columbia Variable Portfolio – Contrarian Core Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

daily net assets that declines from 0.77% to 0.555% as the Fund's net assets increase. Prior to July 1, 2022, the management services fee was equal to a percentage of the Fund's daily net assets that declined from 0.77% to 0.57% as the Fund's net assets increased. The effective management services fee rate for the year ended December 31, 2022 was 0.722% 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 "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, 2022 was 0.01% of the Fund's average daily net assets.

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

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

Columbia Variable Portfolio – Contrarian Core Fund \| Annual Report 2022 21

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Notes to Financial Statements (continued)

December 31, 2022

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

---

| | | |
|:---|:---|:---|
|  | **May 1, 2022<br> through<br> April 30, 2023** | **Prior to<br> May 1, 2022** |
| &nbsp;&nbsp;Class 1 | 0.68% | 0.71% |
| &nbsp;&nbsp;Class 2 | 0.93 | 0.96 |

---

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

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $677,952,586 and $778,750,948, respectively, for the year ended December 31, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. 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. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 6. Interfund lending

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

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

22 Columbia Variable Portfolio – Contrarian Core Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

The Fund's activity in the Interfund Program during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Lender | 2233333 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;9 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2022.

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 27, 2022 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 $950 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 in each case, 1.00%. 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 27, 2022 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 $950 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 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 8. Significant risks

#### Information technology sector risk
The Fund is more susceptible to the particular risks that may affect companies in the information technology sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the information technology sector are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of these companies' securities historically have been more volatile than other securities, especially over the short term. Some companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action, which could negatively impact the value of their securities.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain;

Columbia Variable Portfolio – Contrarian Core Fund \| Annual Report 2022 23

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Notes to Financial Statements (continued)

December 31, 2022

in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, 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.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 99.5% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity 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 which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as 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

24 Columbia Variable Portfolio – Contrarian Core Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

(10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

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

Columbia Variable Portfolio – Contrarian Core Fund \| Annual Report 2022 25

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Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Insurance Trust and Shareholders of Columbia Variable Portfolio – Contrarian Core 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 – Contrarian Core Fund (one of the funds constituting Columbia Funds Variable Insurance Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 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, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

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

26 Columbia Variable Portfolio – Contrarian Core Fund \| Annual Report 2022

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## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

Columbia Variable Portfolio – Contrarian Core Fund \| Annual Report 2022 27

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## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

Columbia Variable Portfolio – Contrarian Core Fund \| Annual Report 2022 29

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

30 Columbia Variable Portfolio – Contrarian Core Fund \| Annual Report 2022

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## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

Columbia Variable Portfolio – Contrarian Core Fund \| Annual Report 2022 31

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## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

32 Columbia Variable Portfolio – Contrarian Core Fund \| Annual Report 2022

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#### Columbia Variable Portfolio – Contrarian Core Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img7617951a2.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 and/or summary 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 (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© 2023 Columbia Management Investment Advisers, LLC.

ANN7002_12_B01_(02/23)

------

![](img2e2d93e91.jpg)

Annual Report

December 31, 2022

![](img7640cd272.jpg)

Variable Portfolio – Managed Volatility Conservative Growth Fund

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.

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

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_eb6151eb-3c97-4ef3-832c-3d80ccc190e6_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_eb6151eb-3c97-4ef3-832c-3d80ccc190e6_4)<br>| 6 |
| [Understanding Your Fund's Expenses](#xx_d5c271fe-fe1c-4bb3-839e-1429f23f4844_1)<br>| 8 |
| [Portfolio of Investments](#xx_ad5d8fd5-35e8-4a02-8d55-c6612f2adf36_1)<br>| 9 |
| [Statement of Assets and Liabilities](#xx_de82a055-04c7-4c21-837a-5aaadb487474_1)<br>| 15 |
| [Statement of Operations](#xx_de82a055-04c7-4c21-837a-5aaadb487474_2)<br>| 16 |
| [Statement of Changes in Net Assets](#xx_de82a055-04c7-4c21-837a-5aaadb487474_3)<br>| 17 |
| [Financial Highlights](#xx_d0022bda-ea72-412e-982c-dc8411a392e1_1)<br>| 18 |
| [Notes to Financial Statements](#xx_4d14309b-f61f-44fe-bc7a-6530c7bde422_1)<br>| 20 |
| [Report of Independent Registered Public Accounting Firm](#xx_d62e6997-e281-40a0-85e7-822668a947b8_1)<br>| 33 |
| [Trustees and Officers](#xx_83e494ca-c800-481a-a6b2-08def28df344_1)<br>| 34 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Variable Portfolio – Managed Volatility Conservative Growth Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Variable Portfolio – Managed Volatility Conservative Growth Fund \| Annual Report 2022

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Fund at a Glance

(Unaudited)

Investment objective

The Fund pursues total return while seeking to manage the Fund's exposure to equity market volatility.

Portfolio management

#### Brian Virginia
Lead Portfolio Manager

Managed Fund since 2014

#### Anwiti Bahuguna, Ph.D.
Portfolio Manager

Managed Fund since 2015

#### David Weiss, CFA
Portfolio Manager

Managed Fund since 2016

#### Joshua Kutin, CFA
Portfolio Manager

Managed Fund since 2018

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**Life** |
| &nbsp;&nbsp;Class 1\* | &nbsp;&nbsp;&nbsp;&nbsp;02/20/19 | &nbsp;&nbsp;&nbsp;&nbsp;-16.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;2.70 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;04/12/13 | &nbsp;&nbsp;&nbsp;&nbsp;-17.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 |
| &nbsp;&nbsp;Blended Benchmark |  | &nbsp;&nbsp;&nbsp;&nbsp;-14.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;3.97 |
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-13.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

\* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share class, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/variable-products/appended-performance for more information.

The Blended Benchmark consists of 65% Bloomberg U.S. Aggregate Bond Index, 24% Russell 3000 Index and 11% MSCI EAFE Index (Net).

The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.

The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

The MSCI EAFE Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The index is compiled from a composite of securities markets of Europe, Australasia and the Far East and is widely recognized by investors in foreign markets as the measurement index for portfolios of non-North American securities.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Index (Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

Variable Portfolio – Managed Volatility Conservative Growth Fund \| Annual Report 2022 3

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Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (April 12, 2013 — December 31, 2022)
![](imgfb31e4ec3.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Variable Portfolio – Managed Volatility Conservative Growth Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

4 Variable Portfolio – Managed Volatility Conservative Growth Fund \| Annual Report 2022

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Fund at a Glance (continued)

(Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio Allocation (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio Allocation (%) (at December 31, 2022)** |
| &nbsp;&nbsp;**Allocations to Underlying Funds** | &nbsp;&nbsp;**Allocations to Underlying Funds** |
| &nbsp;&nbsp;**Equity Funds** | &nbsp;&nbsp;&nbsp;**30.0** |
| &nbsp;&nbsp;&nbsp;&nbsp;International | &nbsp;&nbsp;&nbsp;&nbsp;7.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Large Cap | &nbsp;&nbsp;&nbsp;18.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Mid Cap | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Small Cap | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| &nbsp;&nbsp;**Exchange-Traded Equity Funds** | &nbsp;&nbsp;&nbsp;&nbsp;**2.2** |
| &nbsp;&nbsp;&nbsp;&nbsp;International Mid Large Cap | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Large Cap | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds** | &nbsp;&nbsp;&nbsp;&nbsp;**5.4** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Grade | &nbsp;&nbsp;&nbsp;&nbsp;5.4 |
| &nbsp;&nbsp;**Fixed Income Funds** | &nbsp;&nbsp;&nbsp;**36.7** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Grade | &nbsp;&nbsp;&nbsp;36.7 |
| &nbsp;&nbsp;**Allocations to Tactical Assets** | &nbsp;&nbsp;**Allocations to Tactical Assets** |
| &nbsp;&nbsp;**Money Market Funds<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**16.1** |
| &nbsp;&nbsp;**Options Purchased Puts** | &nbsp;&nbsp;&nbsp;&nbsp;**0.5** |
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency** | &nbsp;&nbsp;&nbsp;&nbsp;**9.1** |
| &nbsp;&nbsp;**Total** | **100.0** |

---

(a) Includes investments in Money Market Funds which have been segregated to cover obligations relating to the Fund's investment in derivatives as part of its principal investment strategies. For a
description of the Fund's investments in derivatives, see Investments in derivatives following the Portfolio of Investments and the derivative instruments discussion in Note 2 to the Notes to Financial
Statements.

Percentages indicated are based upon total investments including options purchased and excluding all other investments in derivatives, if any. The Fund's portfolio composition is subject to change.

Variable Portfolio – Managed Volatility Conservative Growth Fund \| Annual Report 2022 5

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Manager Discussion of Fund Performance

(Unaudited)

For the 12-month period that ended December 31, 2022, Class 2 shares of Variable Portfolio – Managed Volatility Conservative Growth Fund returned -17.07%. For the same time period, the Fund's Blended Benchmark returned -14.40% and the broad U.S. fixed-income market, as measured by Bloomberg U.S. Aggregate Bond Index, returned -13.01%.

Market overview

Global equities gave back some of the gains from 2020 and 2021 in calendar year 2022. The S&P 500 Index was down 18.11%, its worst calendar year return since 2008 when it fell 37.00%. The Russell 3000 Index, a broad-based domestic equity benchmark that includes exposure to small and large capitalization companies, ended the full 12-month period down 19.21%.

The "everything bubble" that corresponded with inflated markets and asset prices hit a crescendo in 2021, and it was built on 0% interest rates and quantitative easing by the U.S. Federal Reserve (Fed). With investors confronted in 2022 with near 5% short-term interest rates and quantitative tightening by the Fed, the pressure on large parts of the market was palpable. Markets slowed in 2022, and multi-asset investors experienced the formidable challenge of stocks and bonds falling in unison. During most cyclical bear markets, risk-off assets, such as U.S. Treasury bonds, usually offer some safety, or at least relative strength. However, that was largely not the case during the 12 months that ended December 31, 2022. The Bloomberg U.S. Long Treasury Index shed 29.26% during the annual period and the Bloomberg U.S. Aggregate Bond Index was down 13.01% for the 12-month period.

Commodity markets served as one of the only positive areas within global capital markets during the year. A broad-based index covering the commodity markets, the S&P GSCI, rose by 25.99% over the 12-month period.

The dynamic algorithm, a quantitative tool used by the portfolio managers to help direct equity exposure, steered the managers to start the 12-month period with a slight overweight directed at equity exposures within the Fund. However, as equity volatility rose during the early parts of the annual period, the algorithm began to shift to recommend an underweight allocation to equity exposure versus static benchmark equity weights. This underweight positioning was applied to the Fund during a significant majority of the annual period, as levels of equity volatility remained elevated throughout the 12-month period.

The Fund's notable detractors during the period

• The managers tactically adjusted actual equity exposure to maintain levels of equity exposure, on average, slightly greater than what the dynamic algorithm called for throughout the 12-month period. This tactical
discretion detracted from relative performance during the period.

• Overall, underlying fixed-income fund manager performance results detracted from relative performance during the period as rising interest rates challenged bond managers'
positioning. Core-oriented fixed-income managers struggled the most during the 12-month period.

The Fund's notable contributors during the period

• Underlying U.S. equity fund managers that utilize a valuation-sensitive investment approach, or value discipline, contributed favorably to relative performance during the period.

Derivatives usage

Derivative securities were used to execute asset allocation changes based on the Fund's dynamic algorithm. Protective put options and hedging strategies, which are used to help shield investors from outsized losses during periods of steep equity market declines, detracted from relative returns as time-value decay (the reduction in value of an options contract as it reaches its expiration date) and hedging instruments experienced headwinds over the course of the 12-month period.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The Fund's investment in underlying funds subject them to the investment performance (positive or negative), risks and expenses of these underlying funds. There are risks associated with fixed-income investments, including credit risk, interest rate risk, and prepayment and extension risk. In general, bond prices rise when interest rates fall and vice versa. This effect is usually more pronounced for longer-term securities. Growth securities, at times, may not perform as well as value securities or the stock market in general***

6 Variable Portfolio – Managed Volatility Conservative Growth Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_48800_5a11b331-fec4-48e7-ba7f-313ef96b239a_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

*and may be out of favor with investors. **Foreign** investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. **Quantitative** models used by the Fund may not be effective in selecting the most favorable securities for inclusion and may cause the Fund to underperform other investment strategies. Investing in **derivatives** is a specialized activity that involves special risks that subject the Fund to significant loss potential, including when used as leverage, and may result in greater fluctuation in Fund value. **Asset allocation** does not assure a profit or protect against loss. See the Fund's prospectus for more information on these and other risks.*

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

Variable Portfolio – Managed Volatility Conservative Growth Fund \| Annual Report 2022 7

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[**Table of Contents**](#JOB_48800_5a11b331-fec4-48e7-ba7f-313ef96b239a_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

In addition to the ongoing expenses which the Fund bears directly, the Fund's shareholders indirectly bear the Fund's allocable share of the costs and expenses of each underlying fund in which the Fund invests. You can also estimate the effective expenses paid during the period, which includes the indirect fees associated with investing in the underlying funds, by using the amounts listed in the "Effective expenses paid during the period" column.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Effective expenses<br> paid during the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Effective expenses<br> paid during the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's effective<br> annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;981.10 | &nbsp;&nbsp;&nbsp;&nbsp;1023.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;980.10 | &nbsp;&nbsp;&nbsp;&nbsp;1022.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Effective expenses paid during the period and the Fund's effective annualized expense ratio include expenses borne directly to the class plus the Fund's pro rata portion of the ongoing expenses charged by the underlying funds using the expense ratio of each class of the underlying funds as of the underlying fund's most recent shareholder report.

8 Variable Portfolio – Managed Volatility Conservative Growth Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_48800_5a11b331-fec4-48e7-ba7f-313ef96b239a_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Equity Funds 32.8%** | &nbsp;&nbsp;**Equity Funds 32.8%** | &nbsp;&nbsp;**Equity Funds 32.8%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**International 8.0%** | &nbsp;&nbsp;**International 8.0%** | &nbsp;&nbsp;**International 8.0%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;4465468 | &nbsp;&nbsp;&nbsp;&nbsp;52558558 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;2339705 | &nbsp;&nbsp;&nbsp;&nbsp;20589405 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;1189393 | &nbsp;&nbsp;&nbsp;&nbsp;11965295 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;1395778 | &nbsp;&nbsp;&nbsp;&nbsp;12227016 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**97340274** |
| &nbsp;&nbsp;**U.S. Large Cap 20.1%** | &nbsp;&nbsp;**U.S. Large Cap 20.1%** | &nbsp;&nbsp;**U.S. Large Cap 20.1%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;575579 | &nbsp;&nbsp;&nbsp;&nbsp;19051676 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;664905 | &nbsp;&nbsp;&nbsp;&nbsp;47899780 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;814993 | &nbsp;&nbsp;&nbsp;&nbsp;21222410 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;3248743 | &nbsp;&nbsp;&nbsp;&nbsp;48113883 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;609766 | &nbsp;&nbsp;&nbsp;&nbsp;22396696 |
| &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;554116 | &nbsp;&nbsp;&nbsp;&nbsp;19709907 |
| &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;422732 | &nbsp;&nbsp;&nbsp;&nbsp;14947792 |
| &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;437454 | &nbsp;&nbsp;&nbsp;&nbsp;18499920 |
| &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;599871 | &nbsp;&nbsp;&nbsp;&nbsp;19207880 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;412089 | &nbsp;&nbsp;&nbsp;&nbsp;12309096 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**243359040** |
| &nbsp;&nbsp;**U.S. Mid Cap 1.5%** | &nbsp;&nbsp;**U.S. Mid Cap 1.5%** | &nbsp;&nbsp;**U.S. Mid Cap 1.5%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;118799 | &nbsp;&nbsp;&nbsp;&nbsp;4306450 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;133276 | &nbsp;&nbsp;&nbsp;&nbsp;4451436 |
| &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;106416 | &nbsp;&nbsp;&nbsp;&nbsp;4471600 |
| &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;122569 | &nbsp;&nbsp;&nbsp;&nbsp;4367122 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**17596608** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Equity Funds (continued)** | &nbsp;&nbsp;**Equity Funds (continued)** | &nbsp;&nbsp;**Equity Funds (continued)** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**U.S. Small Cap 3.2%** | &nbsp;&nbsp;**U.S. Small Cap 3.2%** | &nbsp;&nbsp;**U.S. Small Cap 3.2%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387834 | &nbsp;&nbsp;&nbsp;&nbsp;4460089 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417814 | &nbsp;&nbsp;&nbsp;&nbsp;3843889 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559864 | &nbsp;&nbsp;&nbsp;&nbsp;15166728 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469687 | &nbsp;&nbsp;&nbsp;&nbsp;15354062 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**38824768** |
| &nbsp;&nbsp;Total Equity Funds<br> (Cost $276,247,444) | &nbsp;&nbsp;Total Equity Funds<br> (Cost $276,247,444) | &nbsp;&nbsp;**397120690** |
| &nbsp;&nbsp;**Exchange-Traded Equity Funds 2.4%** | &nbsp;&nbsp;**Exchange-Traded Equity Funds 2.4%** | &nbsp;&nbsp;**Exchange-Traded Equity Funds 2.4%** |
| &nbsp;&nbsp;**International Mid Large Cap 1.2%** | &nbsp;&nbsp;**International Mid Large Cap 1.2%** | &nbsp;&nbsp;**International Mid Large Cap 1.2%** |
| &nbsp;&nbsp;iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218987 | &nbsp;&nbsp;&nbsp;&nbsp;14374306 |
| &nbsp;&nbsp;**U.S. Large Cap 1.2%** | &nbsp;&nbsp;**U.S. Large Cap 1.2%** | &nbsp;&nbsp;**U.S. Large Cap 1.2%** |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38625 | &nbsp;&nbsp;&nbsp;&nbsp;14771359 |
| &nbsp;&nbsp;Total Exchange-Traded Equity Funds<br> (Cost $19,661,157) | &nbsp;&nbsp;Total Exchange-Traded Equity Funds<br> (Cost $19,661,157) | &nbsp;&nbsp;&nbsp;&nbsp;**29145665** |
| &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds 5.9%** | &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds 5.9%** | &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds 5.9%** |
| &nbsp;&nbsp;**Investment Grade 5.9%** | &nbsp;&nbsp;**Investment Grade 5.9%** | &nbsp;&nbsp;**Investment Grade 5.9%** |
| &nbsp;&nbsp;iShares iBoxx $ Investment Grade Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359150 | &nbsp;&nbsp;&nbsp;&nbsp;37865185 |
| &nbsp;&nbsp;Vanguard Intermediate-Term Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426500 | &nbsp;&nbsp;&nbsp;&nbsp;33058015 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**70923200** |
| &nbsp;&nbsp;Total Exchange-Traded Fixed Income Funds<br> (Cost $79,694,962) | &nbsp;&nbsp;Total Exchange-Traded Fixed Income Funds<br> (Cost $79,694,962) | &nbsp;&nbsp;&nbsp;&nbsp;**70923200** |
| &nbsp;&nbsp;**Fixed Income Funds 40.1%** | &nbsp;&nbsp;**Fixed Income Funds 40.1%** | &nbsp;&nbsp;**Fixed Income Funds 40.1%** |
| &nbsp;&nbsp;**Investment Grade 40.1%** | &nbsp;&nbsp;**Investment Grade 40.1%** | &nbsp;&nbsp;**Investment Grade 40.1%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;11577702 | &nbsp;&nbsp;&nbsp;&nbsp;95747596 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2924341 | &nbsp;&nbsp;&nbsp;&nbsp;26816211 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6952696 | &nbsp;&nbsp;&nbsp;&nbsp;53118597 |
| &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3062551 | &nbsp;&nbsp;&nbsp;&nbsp;26613565 |
| &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8574910 | &nbsp;&nbsp;&nbsp;&nbsp;77088441 |

---

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

Variable Portfolio – Managed Volatility Conservative Growth Fund \| Annual Report 2022 9

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[**Table of Contents**](#JOB_48800_5a11b331-fec4-48e7-ba7f-313ef96b239a_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fixed Income Funds (continued)** | &nbsp;&nbsp;**Fixed Income Funds (continued)** | &nbsp;&nbsp;**Fixed Income Funds (continued)** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;10049148 | &nbsp;&nbsp;&nbsp;&nbsp;91547737 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;12193003 | &nbsp;&nbsp;114736163 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**485668310** |
| &nbsp;&nbsp;Total Fixed Income Funds<br> (Cost $577,693,994) | &nbsp;&nbsp;Total Fixed Income Funds<br> (Cost $577,693,994) | &nbsp;&nbsp;**485668310** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 9.9%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 9.9%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 9.9%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 9.9%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(c)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(c)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(c)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(c)</sup> |
| &nbsp;&nbsp;01/17/2038-<br> 01/12/2053 | &nbsp;&nbsp;3.000% | 62893000 | &nbsp;&nbsp;&nbsp;&nbsp;55979238 |
| &nbsp;&nbsp;01/17/2038-<br> 01/12/2053 | &nbsp;&nbsp;3.500% | 37500000 | &nbsp;&nbsp;&nbsp;&nbsp;34495903 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;4.000% | 14546000 | &nbsp;&nbsp;&nbsp;&nbsp;13639201 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;4.500% | 17000000 | &nbsp;&nbsp;&nbsp;&nbsp;16358358 |
| &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $122,319,762) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $122,319,762) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $122,319,762) | &nbsp;&nbsp;**120472700** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Options Purchased Puts 0.5%** | &nbsp;&nbsp;**Options Purchased Puts 0.5%** |
|  | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;(Cost $6,793,211) | &nbsp;&nbsp;**6508975** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 17.6%** | &nbsp;&nbsp;**Money Market Funds 17.6%** | &nbsp;&nbsp;**Money Market Funds 17.6%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(a),(d)</sup> | &nbsp;&nbsp;213852620 | &nbsp;&nbsp;&nbsp;&nbsp;213788464 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $213,759,254) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $213,759,254) | &nbsp;&nbsp;&nbsp;&nbsp;**213788464** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $1,296,169,784)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $1,296,169,784)** | &nbsp;&nbsp;**1323628004** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;**(111291229)** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**1212336775** |

---

At December 31, 2022, securities and/or cash totaling $11,006,701 were pledged as collateral.

#### Investments in derivatives

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** |
| &nbsp;&nbsp;**Currency to<br> be sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency to<br> be purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | **Settlement<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,000,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,943,250 USD | &nbsp;&nbsp;&nbsp;&nbsp;Barclays | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11397) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,000,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,113,150 USD | &nbsp;&nbsp;&nbsp;&nbsp;Barclays | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32430) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,936,642 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,000,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp;Barclays | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18004 | &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;535,123 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp;Barclays | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,000,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,504,610 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92607) |
| &nbsp;&nbsp;1,000,000,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,381,790 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(269741) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,726,638 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,500,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13346) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,576,160 USD | &nbsp;&nbsp;&nbsp;&nbsp;1,000,000,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,344,850 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,000,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs International | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,855,066 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60,000,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs International | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94471) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,000,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673,505 USD | &nbsp;&nbsp;&nbsp;&nbsp;UBS | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8245) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344,075 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp;UBS | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3200) |
| &nbsp;&nbsp;Total |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;101797 | &nbsp;&nbsp;&nbsp;&nbsp;(525437) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;S&P 500 Index E-mini | 144 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;27799200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(487996) |
| &nbsp;&nbsp;U.S. Long Bond | 81 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;10152844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79671) |
| &nbsp;&nbsp;U.S. Treasury 10-Year Note | 229 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;25715984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(124166) |
| &nbsp;&nbsp;U.S. Treasury 2-Year Note | 274 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;56191407 | &nbsp;&nbsp;&nbsp;&nbsp;78714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury 5-Year Note | 534 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;57634453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13259) |
| &nbsp;&nbsp;U.S. Treasury Ultra Bond | 10 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8948) |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;78714 | &nbsp;&nbsp;&nbsp;&nbsp;(714040) |

---

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

10 Variable Portfolio – Managed Volatility Conservative Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_48800_5a11b331-fec4-48e7-ba7f-313ef96b239a_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;Euro STOXX 50 Index | (152) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5753200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;FTSE 100 Index | (5) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(373300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;FTSE 100 Index | (10) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(746600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2596) |
| &nbsp;&nbsp;OMXS30 Index | (80) | &nbsp;&nbsp;&nbsp;&nbsp;01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16336000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Russell 2000 Index E-mini | (183) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16203735) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;S&P 500 Index E-mini | (295) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56949750) | &nbsp;&nbsp;&nbsp;&nbsp;2014648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;SPI 200 Index | (7) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1223600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;TOPIX Index | (19) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;(359385000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2991077 | &nbsp;&nbsp;&nbsp;&nbsp;(2596) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** |
| &nbsp;&nbsp;**Description** | **Counterparty** | &nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;**Number of<br> contracts** | &nbsp;&nbsp;**Exercise<br> price/Rate** | &nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;**Cost ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;S&P 500 Index | JPMorgan | &nbsp;&nbsp;USD | &nbsp;&nbsp;67191250 | &nbsp;&nbsp;175 | &nbsp;&nbsp;3200.00 | &nbsp;&nbsp;06/21/2024 | &nbsp;&nbsp;3166634 | &nbsp;&nbsp;2726500 |
| &nbsp;&nbsp;S&P 500 Index | JPMorgan | &nbsp;&nbsp;USD | &nbsp;&nbsp;44154250 | &nbsp;&nbsp;115 | &nbsp;&nbsp;3300.00 | &nbsp;&nbsp;12/20/2024 | &nbsp;&nbsp;2254924 | &nbsp;&nbsp;2453525 |
| &nbsp;&nbsp;S&P 500 Index | JPMorgan | &nbsp;&nbsp;USD | &nbsp;&nbsp;26876500 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;3200.00 | &nbsp;&nbsp;12/20/2024 | &nbsp;&nbsp;1371653 | &nbsp;&nbsp;1328950 |
| &nbsp;&nbsp;Total |  |  |  |  |  |  | &nbsp;&nbsp;6793211 | &nbsp;&nbsp;6508975 |

---

#### Notes to Portfolio of Investments
(a) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is
under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Capital gain<br> distributions($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends —<br> affiliated<br> issuers ($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;294043414 | &nbsp;&nbsp;249320906 | &nbsp;&nbsp;(329622409) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46553 | &nbsp;&nbsp;&nbsp;&nbsp;213788464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81016) | &nbsp;&nbsp;&nbsp;&nbsp;3870645 | &nbsp;&nbsp;213852620 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;23420322 | &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;(4368646) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19051676 | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575579 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;69053011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483014 | &nbsp;&nbsp;&nbsp;&nbsp;(4656978) | &nbsp;&nbsp;&nbsp;&nbsp;(16979267) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47899780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;5063704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664905 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;125392931 | &nbsp;&nbsp;&nbsp;&nbsp;3534238 | &nbsp;&nbsp;&nbsp;&nbsp;(10387772) | &nbsp;&nbsp;&nbsp;&nbsp;(22791801) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95747596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70059 | &nbsp;&nbsp;(1452792) | &nbsp;&nbsp;&nbsp;&nbsp;3393596 | &nbsp;&nbsp;&nbsp;&nbsp;11577702 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;30645223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(711584) | &nbsp;&nbsp;&nbsp;&nbsp;(9659211) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21222410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;109907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814993 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;35908596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229186 | &nbsp;&nbsp;&nbsp;&nbsp;(7681160) | &nbsp;&nbsp;&nbsp;&nbsp;(1640411) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26816211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(731185) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229186 | &nbsp;&nbsp;&nbsp;&nbsp;2924341 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;72158130 | &nbsp;&nbsp;&nbsp;&nbsp;4590512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(344414) | &nbsp;&nbsp;&nbsp;&nbsp;(23285631) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53118597 | &nbsp;&nbsp;&nbsp;&nbsp;1792468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71726) | &nbsp;&nbsp;&nbsp;&nbsp;1636046 | &nbsp;&nbsp;&nbsp;&nbsp;6952696 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;69182495 | &nbsp;&nbsp;&nbsp;&nbsp;5111471 | &nbsp;&nbsp;&nbsp;&nbsp;(8710398) | &nbsp;&nbsp;&nbsp;&nbsp;(13025010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52558558 | &nbsp;&nbsp;&nbsp;&nbsp;4227722 | &nbsp;&nbsp;(1595174) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477773 | &nbsp;&nbsp;&nbsp;&nbsp;4465468 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;68482528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468924 | &nbsp;&nbsp;&nbsp;&nbsp;(8146260) | &nbsp;&nbsp;&nbsp;&nbsp;(12691309) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48113883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;205048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3248743 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;30785822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168680 | &nbsp;&nbsp;&nbsp;&nbsp;(6749804) | &nbsp;&nbsp;&nbsp;&nbsp;(1808002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22396696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1379452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609766 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5925970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(228803) | &nbsp;&nbsp;&nbsp;&nbsp;(1806223) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4306450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16415) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118799 |

---

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

Variable Portfolio – Managed Volatility Conservative Growth Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_48800_5a11b331-fec4-48e7-ba7f-313ef96b239a_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Notes to Portfolio of Investments (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Capital gain<br> distributions($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends —<br> affiliated<br> issuers ($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6312094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(709359) | &nbsp;&nbsp;&nbsp;&nbsp;(1191774) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4451436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;659337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133276 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6023497 | &nbsp;&nbsp;&nbsp;&nbsp;1983713 | &nbsp;&nbsp;&nbsp;&nbsp;(1107381) | &nbsp;&nbsp;&nbsp;&nbsp;(2439740) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4460089 | &nbsp;&nbsp;&nbsp;&nbsp;1903136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387834 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5984172 | &nbsp;&nbsp;&nbsp;&nbsp;1695287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3835570) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3843889 | &nbsp;&nbsp;&nbsp;&nbsp;1695287 | &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;417814 |
| &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;35598946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648558 | &nbsp;&nbsp;&nbsp;&nbsp;(4748805) | &nbsp;&nbsp;&nbsp;&nbsp;(4885134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26613565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(512795) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629128 | &nbsp;&nbsp;&nbsp;&nbsp;3062551 |
| &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;17879260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126270 | &nbsp;&nbsp;&nbsp;&nbsp;(18719630) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714100 | &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;88047 | &nbsp;&nbsp;(1423882) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;97647861 | &nbsp;&nbsp;&nbsp;&nbsp;5350277 | &nbsp;&nbsp;&nbsp;&nbsp;(7491098) | &nbsp;&nbsp;&nbsp;&nbsp;(18418599) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77088441 | &nbsp;&nbsp;&nbsp;&nbsp;2223052 | &nbsp;&nbsp;(1240522) | &nbsp;&nbsp;&nbsp;&nbsp;2651781 | &nbsp;&nbsp;&nbsp;&nbsp;8574910 |
| &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;26694716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84854 | &nbsp;&nbsp;&nbsp;&nbsp;(4763946) | &nbsp;&nbsp;&nbsp;&nbsp;(2305717) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19709907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;703163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554116 |
| &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;23400192 | &nbsp;&nbsp;&nbsp;&nbsp;1518404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(9970804) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14947792 | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422732 |
| &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;26084012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(888484) | &nbsp;&nbsp;&nbsp;&nbsp;(7450194) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18499920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;305691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437454 |
| &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;26447252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58043 | &nbsp;&nbsp;&nbsp;&nbsp;(4993031) | &nbsp;&nbsp;&nbsp;&nbsp;(2304384) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19207880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1197272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599871 |
| &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;119700953 | &nbsp;&nbsp;&nbsp;&nbsp;1187608 | &nbsp;&nbsp;&nbsp;&nbsp;(13140804) | &nbsp;&nbsp;&nbsp;&nbsp;(16200020) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91547737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1335824) | &nbsp;&nbsp;&nbsp;&nbsp;1165050 | &nbsp;&nbsp;&nbsp;&nbsp;10049148 |
| &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6191820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(740902) | &nbsp;&nbsp;&nbsp;&nbsp;(1001266) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4471600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;843216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106416 |
| &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6095412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300833) | &nbsp;&nbsp;&nbsp;&nbsp;(1642790) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4367122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;124326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122569 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;149842256 | &nbsp;&nbsp;&nbsp;&nbsp;3060406 | &nbsp;&nbsp;&nbsp;&nbsp;(18113593) | &nbsp;&nbsp;&nbsp;&nbsp;(20052906) | &nbsp;&nbsp;&nbsp;&nbsp;114736163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923475 | &nbsp;&nbsp;(2230940) | &nbsp;&nbsp;&nbsp;&nbsp;2112379 | &nbsp;&nbsp;&nbsp;&nbsp;12193003 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;17387873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104299 | &nbsp;&nbsp;&nbsp;&nbsp;(1052596) | &nbsp;&nbsp;&nbsp;&nbsp;(4130480) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12309096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1315063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412089 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;27843855 | &nbsp;&nbsp;&nbsp;&nbsp;4545668 | &nbsp;&nbsp;&nbsp;&nbsp;(2959117) | &nbsp;&nbsp;&nbsp;&nbsp;(8841001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20589405 | &nbsp;&nbsp;&nbsp;&nbsp;3828773 | &nbsp;&nbsp;&nbsp;&nbsp;(791801) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470485 | &nbsp;&nbsp;&nbsp;&nbsp;2339705 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;16237180 | &nbsp;&nbsp;&nbsp;&nbsp;1352604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(594862) | &nbsp;&nbsp;&nbsp;&nbsp;(5029627) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11965295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74915) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1189393 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;16183106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427929 | &nbsp;&nbsp;&nbsp;&nbsp;(2395951) | &nbsp;&nbsp;&nbsp;&nbsp;(1988068) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12227016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89528) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333600 | &nbsp;&nbsp;&nbsp;&nbsp;1395778 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;20427005 | &nbsp;&nbsp;&nbsp;&nbsp;1278595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(689814) | &nbsp;&nbsp;&nbsp;&nbsp;(5849058) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15166728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(107181) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559864 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;21161792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137352 | &nbsp;&nbsp;&nbsp;&nbsp;(2701244) | &nbsp;&nbsp;&nbsp;&nbsp;(3243838) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15354062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;707355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469687 |
| &nbsp;&nbsp;Total | 1498141696 |  |  | &nbsp;&nbsp;(228075828) | &nbsp;&nbsp;1096577464 | &nbsp;&nbsp;17506250 | &nbsp;&nbsp;&nbsp;&nbsp;876288 | &nbsp;&nbsp;17045135 |  |

---

(b) Non-income producing investment.

(c) Represents a security purchased on a when-issued basis.

(d) The rate shown is the seven-day current annualized yield at December 31, 2022.

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

12 Variable Portfolio – Managed Volatility Conservative Growth Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_48800_5a11b331-fec4-48e7-ba7f-313ef96b239a_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Abbreviation Legend
TBA To Be Announced

#### Currency Legend

---

| | |
|:---|:---|
| AUD | &nbsp;&nbsp;Australian Dollar |
| CAD | &nbsp;&nbsp;Canada Dollar |
| CHF | &nbsp;&nbsp;Swiss Franc |
| EUR | &nbsp;&nbsp;Euro |
| GBP | &nbsp;&nbsp;British Pound |
| JPY | &nbsp;&nbsp;Japanese Yen |
| NZD | &nbsp;&nbsp;New Zealand Dollar |
| SEK | &nbsp;&nbsp;Swedish Krona |
| USD | &nbsp;&nbsp;US Dollar |

---

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

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

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

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

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

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

Certain investments that have been measured at fair value using the net asset value (NAV) per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Variable Portfolios serve as investment vehicles for variable annuity contracts and variable life insurance policies. Principal investment strategies within these Variable Portfolios vary based on the Portfolios investment objective. Investments in the Variable Portfolios may be redeemed on a daily basis without restriction.

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

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

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

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

Variable Portfolio – Managed Volatility Conservative Growth Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_48800_5a11b331-fec4-48e7-ba7f-313ef96b239a_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Fair value measurements (continued) The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Assets at NAV ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Funds | &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;— | &nbsp;&nbsp;&nbsp;&nbsp;397120690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397120690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Equity Funds | &nbsp;&nbsp;&nbsp;29145665 | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29145665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Fixed Income Funds | &nbsp;&nbsp;&nbsp;70923200 | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70923200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Income Funds | &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;— | &nbsp;&nbsp;&nbsp;&nbsp;485668310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485668310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;120472700 | &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;120472700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options Purchased Puts | &nbsp;&nbsp;&nbsp;&nbsp;6508975 | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6508975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 213788464 | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213788464 |
| &nbsp;&nbsp;Total Investments in Securities | 320366304 | &nbsp;&nbsp;&nbsp;&nbsp;120472700 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;882789000 | &nbsp;&nbsp;&nbsp;&nbsp;1323628004 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &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;101797 | &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;101797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;3069791 | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3069791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &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;(525437) | &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;(525437) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(716636) | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(716636) |
| &nbsp;&nbsp;Total | 322719459 | &nbsp;&nbsp;&nbsp;&nbsp;120049060 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;882789000 | &nbsp;&nbsp;&nbsp;&nbsp;1325557519 |

---

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.

Forward foreign currency exchange contracts and futures contracts are valued at unrealized appreciation (depreciation).

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

14 Variable Portfolio – Managed Volatility Conservative Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_48800_5a11b331-fec4-48e7-ba7f-313ef96b239a_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $221,675,881) | &nbsp;&nbsp;&nbsp;&nbsp;$220541565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $1,067,700,692) | &nbsp;&nbsp;&nbsp;1096577464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased (cost $6,793,211) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6508975 |
| &nbsp;&nbsp;Cash collateral held at broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354000 |
| &nbsp;&nbsp;Margin deposits on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9652701 |
| &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101797 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19057947 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809046 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365725 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15047 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98076 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;1356069675 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525437 |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;141548401 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197729 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8338 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31705 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98076 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;143732900 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$1212336775** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Trust capital | $1212336775 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$1212336775** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1016453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78511 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.95 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $1211320322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94442047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.83 |

---

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

Variable Portfolio – Managed Volatility Conservative Growth Fund \| Annual Report 2022 15

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[**Table of Contents**](#JOB_48800_5a11b331-fec4-48e7-ba7f-313ef96b239a_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2716851 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17045135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98030 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19860016 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2848485 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3388693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31614 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17841 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22315 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7221480 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12638536 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(18273312) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from underlying affiliated funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17506250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(296703) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2251656) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;(30341128) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2297416) |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;(35077677) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(24972200) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;(228075828) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(423640) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(259779) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4934320 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(248797127) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(283874804) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(271236268)** |

---

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

16 Variable Portfolio – Managed Volatility Conservative Growth Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_48800_5a11b331-fec4-48e7-ba7f-313ef96b239a_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$12638536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10245155 |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35077677) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114778932 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(248797127) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35473925) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(271236268) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89550162 |
| &nbsp;&nbsp;Decrease in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(152156246) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148956033) |
| &nbsp;&nbsp;Total decrease in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(423392514) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59405871) |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;1635729289 | &nbsp;&nbsp;&nbsp;&nbsp;1695135160 |
| &nbsp;&nbsp;**Net assets at end of year** | **$1212336775** | &nbsp;&nbsp;**$1635729289** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8865) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127334) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9693) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147942) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434772 |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;1076283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14934932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2448261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36745727 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (12283693) | &nbsp;&nbsp;&nbsp;&nbsp;(167264172) | &nbsp;&nbsp;&nbsp;&nbsp;(12349068) | &nbsp;&nbsp;&nbsp;&nbsp;(186136532) |
| &nbsp;&nbsp;Net decrease | (11207410) | &nbsp;&nbsp;&nbsp;&nbsp;(152329240) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9900807) | &nbsp;&nbsp;&nbsp;&nbsp;(149390805) |
| &nbsp;&nbsp;**Total net decrease** | **(11194186)** | &nbsp;&nbsp;&nbsp;&nbsp;**(152156246)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9872427)** | &nbsp;&nbsp;&nbsp;&nbsp;**(148956033)** |

---

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

Variable Portfolio – Managed Volatility Conservative Growth Fund \| Annual Report 2022 17

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[**Table of Contents**](#JOB_48800_5a11b331-fec4-48e7-ba7f-313ef96b239a_TOC)

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 portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $15.58 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;(2.80) | &nbsp;&nbsp;(2.63) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $14.73 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $13.47 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 |
| &nbsp;&nbsp;Year Ended 12/31/2019<sup>(d)</sup> | $12.36 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $15.47 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;(2.77) | &nbsp;&nbsp;(2.64) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $14.67 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $13.44 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $11.79 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $12.32 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;(0.68) | &nbsp;&nbsp;(0.53) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interest on collateral expense which is less than 0.01%. |
| (d) | Class 1 shares commenced operations on February 20, 2019. Per share data and total return reflect activity from that date. |
| (e) | Annualized. |

---

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

18 Variable Portfolio – Managed Volatility Conservative Growth Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_48800_5a11b331-fec4-48e7-ba7f-313ef96b239a_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $12.95 | (16.88%) | 0.28%<sup>(c)</sup> | 0.28%<sup>(c)</sup> | 1.23% | 138% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1016 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $15.58 | &nbsp;&nbsp;&nbsp;5.77% | 0.28%<sup>(c)</sup> | 0.28%<sup>(c)</sup> | 0.85% | 180% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1017 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $14.73 | &nbsp;&nbsp;&nbsp;9.35% | 0.29% | 0.29% | 1.06% | 152% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$544 |
| &nbsp;&nbsp;Year Ended 12/31/2019<sup>(d)</sup> | $13.47 | &nbsp;&nbsp;&nbsp;8.98% | 0.29%<sup>(e)</sup> | 0.29%<sup>(e)</sup> | 1.46%<sup>(e)</sup> | 137% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$207 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $12.83 | (17.07%) | 0.53%<sup>(c)</sup> | 0.53%<sup>(c)</sup> | 0.93% | 138% | $1211320 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $15.47 | &nbsp;&nbsp;&nbsp;5.45% | 0.53%<sup>(c)</sup> | 0.53%<sup>(c)</sup> | 0.62% | 180% | $1634712 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $14.67 | &nbsp;&nbsp;&nbsp;9.15% | 0.54% | 0.54% | 0.78% | 152% | $1694592 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $13.44 | 14.00% | 0.54% | 0.54% | 1.58% | 137% | $1520725 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $11.79 | &nbsp;&nbsp;(4.30%) | 0.54% | 0.54% | 1.21% | 101% | $1300981 |

---

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

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[**Table of Contents**](#JOB_48800_5a11b331-fec4-48e7-ba7f-313ef96b239a_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Variable Portfolio – Managed Volatility Conservative Growth Fund (the Fund), a series of Columbia Funds Variable Insurance Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

The Fund is a "fund-of-funds", investing significantly in affiliated funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), its affiliates, or third-party advised (unaffiliated) funds, including exchange-traded funds (collectively, Underlying Funds). The Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds. For information on the investment strategies, operations and risks of the Underlying Funds, please refer to the Fund's current prospectus as well as the prospectuses and shareholder reports of the Underlying Funds, which are available from the Securities and Exchange Commission's website at www.sec.gov or on the Underlying Funds' website at www.columbiathreadneedleus.com/resources/literature.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated life insurance companies (Participating Insurance Companies) 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 buying a Contract.

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.

#### 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.

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Investments in the Underlying Funds (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

20 Variable Portfolio – Managed Volatility Conservative Growth Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_48800_5a11b331-fec4-48e7-ba7f-313ef96b239a_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

Option contracts are valued at the mean of the latest quoted bid and ask prices on their primary exchanges. Option contracts, including over-the-counter option contracts, with no readily available market quotations are valued using mid-market evaluations from independent third-party vendors.

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.

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

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty

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[**Table of Contents**](#JOB_48800_5a11b331-fec4-48e7-ba7f-313ef96b239a_TOC)

Notes to Financial Statements (continued)

December 31, 2022

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

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

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

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

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

#### Forward foreign currency exchange contracts
Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund's securities and to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark. These instruments may be used for other purposes in future periods.

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[**Table of Contents**](#JOB_48800_5a11b331-fec4-48e7-ba7f-313ef96b239a_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without delivery of foreign currency.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund's portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.

#### Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to produce incremental earnings, to manage the duration and yield curve exposure of the Fund versus the benchmark, to manage exposure to movements in interest rates, to manage exposure to the securities market and to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

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

#### Options contracts
Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund purchased option contracts to produce incremental earnings, to decrease the Fund's exposure to equity market risk and to protect gains. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.

Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the written option are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund realizes a gain or loss when the option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.

For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to significant counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund

Variable Portfolio – Managed Volatility Conservative Growth Fund \| Annual Report 2022 23

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[**Table of Contents**](#JOB_48800_5a11b331-fec4-48e7-ba7f-313ef96b239a_TOC)

Notes to Financial Statements (continued)

December 31, 2022

gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.

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

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;2,991,077\* |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Investments, at value — Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;6508975 |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101797 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78,714\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;9680563 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490,592\* |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525437 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226,044\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;1242073 |

---

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

24 Variable Portfolio – Managed Volatility Conservative Growth Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_48800_5a11b331-fec4-48e7-ba7f-313ef96b239a_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;&nbsp;&nbsp;**Forward<br> foreign<br> currency<br> exchange<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> purchased<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(10448640) | &nbsp;&nbsp;&nbsp;&nbsp;(2297416) | &nbsp;&nbsp;&nbsp;&nbsp;(12746056) |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;&nbsp;&nbsp;(2251656) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109429) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2361085) |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(19783059) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(19783059) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;(2251656) | &nbsp;&nbsp;&nbsp;&nbsp;(30341128) | &nbsp;&nbsp;&nbsp;&nbsp;(2297416) | &nbsp;&nbsp;&nbsp;&nbsp;(34890200) |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;&nbsp;&nbsp;**Forward<br> foreign<br> currency<br> exchange<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> purchased<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Equity risk | &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;854245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4934320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5788565 |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(423640) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(262355) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(685995) |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(851669) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(851669) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(423640) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(259779) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4934320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250901 |

---

The following table is a summary of the average outstanding volume by derivative instrument for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)\*** |
| &nbsp;&nbsp;Futures contracts — long | 210134438 |
| &nbsp;&nbsp;Futures contracts — short | &nbsp;&nbsp;&nbsp;63719505 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average<br> value ($)\*** |
| &nbsp;&nbsp;Options contracts — purchased | 9881296 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | &nbsp;&nbsp;**Average unrealized<br> appreciation ($)\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Average unrealized<br> depreciation ($)\*** |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;621332 | &nbsp;&nbsp;&nbsp;&nbsp;(664145) |

---

\* Based on the ending quarterly outstanding amounts for the year ended December 31, 2022.

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

#### Delayed delivery securities
The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a "when-issued" or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

Variable Portfolio – Managed Volatility Conservative Growth Fund \| Annual Report 2022 25

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[**Table of Contents**](#JOB_48800_5a11b331-fec4-48e7-ba7f-313ef96b239a_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### To be announced securities
The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.

In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.

#### Mortgage dollar roll transactions
The Fund may enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. These transactions may increase the Fund's portfolio turnover rate. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique may diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

#### Offsetting of assets and liabilities
The following table presents the Fund's gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Barclays ($)** | &nbsp;&nbsp;**Citi ($)** | &nbsp;&nbsp;**Goldman<br> Sachs<br> International ($)** | &nbsp;&nbsp;**JPMorgan ($)** | &nbsp;&nbsp;**UBS ($)** | &nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;19276 | &nbsp;&nbsp;&nbsp;&nbsp;75371 | &nbsp;&nbsp;&nbsp;&nbsp;7150 | &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;101797 |
| &nbsp;&nbsp;Options purchased puts | &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;6508975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;6508975 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;19276 | &nbsp;&nbsp;&nbsp;&nbsp;75371 | &nbsp;&nbsp;&nbsp;&nbsp;7150 | &nbsp;&nbsp;6508975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;6610772 |
| &nbsp;&nbsp;**Liabilities** |  |  |  |  |  |  |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;43827 | &nbsp;&nbsp;&nbsp;&nbsp;375694 | &nbsp;&nbsp;&nbsp;&nbsp;94471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;11445 | &nbsp;&nbsp;&nbsp;&nbsp;525437 |
| &nbsp;&nbsp;**Total financial and derivative net assets** | **(24551)** | &nbsp;&nbsp;**(300323)** | &nbsp;&nbsp;**(87321)** | &nbsp;&nbsp;**6508975** | &nbsp;&nbsp;**(11445)** | &nbsp;&nbsp;**6085335** |
| &nbsp;&nbsp;&nbsp;Total collateral received (pledged) <sup>(a)</sup> | &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;&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;&nbsp;**Net amount <sup>(b)</sup>** | **(24551)** | &nbsp;&nbsp;**(300323)** | &nbsp;&nbsp;**(87321)** | &nbsp;&nbsp;**6508975** | &nbsp;&nbsp;**(11445)** | &nbsp;&nbsp;**6085335** |

---

(a) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(b) Represents the net amount due from/(to) counterparties in the event of default.

#### 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.

26 Variable Portfolio – Managed Volatility Conservative Growth Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_48800_5a11b331-fec4-48e7-ba7f-313ef96b239a_TOC)

Notes to Financial Statements (continued)

December 31, 2022

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

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

Corporate actions and dividend income are recorded on the ex-dividend date.

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.

Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.

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

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

#### Federal income tax status
The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The components of the Fund's net assets are reported at the partner-level for federal income tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

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.

Variable Portfolio – Managed Volatility Conservative Growth Fund \| Annual Report 2022 27

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[**Table of Contents**](#JOB_48800_5a11b331-fec4-48e7-ba7f-313ef96b239a_TOC)

Notes to Financial Statements (continued)

December 31, 2022

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

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees and underlying fund fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is a blend of (i) 0.02% on assets invested in affiliated underlying funds (including exchange-traded funds and closed-end funds) that pay a management services fee (or investment advisory services fee, as applicable) to the Investment Manager and (ii) a fee that declines from 0.72% to 0.52%, depending on asset levels, on assets invested in securities (other than affiliated underlying funds (including exchange-traded funds and closed-end funds) that pay a management services fee (or investment advisory services fee, as applicable) to the Investment Manager) including other funds advised by the Investment Manager that do not pay a management services fee to the Investment Manager, third party funds, derivatives and individual securities. The effective management services fee rate for the year ended December 31, 2022 was 0.21% of the Fund's average daily net assets.

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the Underlying Funds in which the Fund invests. Because the Underlying Funds have varied expense and fee levels and the Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. These expenses are not reflected in the expenses shown in Statement of Operations and are not included in the ratios to average net assets shown in the Financial Highlights.

#### 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 "Compensation of board members" in the Statement of Operations.

28 Variable Portfolio – Managed Volatility Conservative Growth Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_48800_5a11b331-fec4-48e7-ba7f-313ef96b239a_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### 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, 2022 was 0.06% of the Fund's average daily net assets.

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

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. The Board of Trustees has approved, and the Fund has adopted, a distribution plan (the Plan) which sets the distribution fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor for selling shares of the Fund. The Fund pays a monthly distribution fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class 2 shares of the Fund. The Fund pays no distribution and service fees for Class 1 shares.

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

---

| | | |
|:---|:---|:---|
|  | **May 1, 2022<br> through<br> April 30, 2023** | **Prior to<br> May 1, 2022** |
| &nbsp;&nbsp;Class 1 | 0.79% | 0.80% |
| &nbsp;&nbsp;Class 2 | 1.04 | 1.05 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), 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.

Variable Portfolio – Managed Volatility Conservative Growth Fund \| Annual Report 2022 29

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[**Table of Contents**](#JOB_48800_5a11b331-fec4-48e7-ba7f-313ef96b239a_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $1,697,038,368 and $1,801,436,259, respectively, for the year ended December 31, 2022, of which $1,601,341,961 and $1,616,207,610, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. 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. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 6. Interfund lending

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

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

The Fund did not borrow or lend money under the Interfund Program during the year ended December 31, 2022.

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 27, 2022 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 $950 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 in each case, 1.00%. 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 27, 2022 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 $950 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 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

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Notes to Financial Statements (continued)

December 31, 2022

Note 8. Significant risks

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

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

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

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Notes to Financial Statements (continued)

December 31, 2022

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity 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 which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

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

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Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Insurance Trust and Shareholders of Variable Portfolio – Managed Volatility Conservative Growth Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Variable Portfolio – Managed Volatility Conservative Growth Fund (one of the funds constituting Columbia Funds Variable Insurance Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (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, 2022, 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, 2022 and the financial highlights for each of the periods indicated therein 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, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

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

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## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

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## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

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## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

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## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

Variable Portfolio – Managed Volatility Conservative Growth Fund \| Annual Report 2022 39

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#### Variable Portfolio – Managed Volatility Conservative Growth Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img7640cd272.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 and/or summary 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 (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© 2023 Columbia Management Investment Advisers, LLC.

ANN7046_12_B01_(02/23)

------

![](img39ce9a101.jpg)

Annual Report

December 31, 2022

![](imgfc53e15d2.jpg)

Variable Portfolio – Managed Volatility Growth Fund

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.

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

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_54a786c9-8965-46ec-9246-502dff9beed1_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_54a786c9-8965-46ec-9246-502dff9beed1_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_f990efb6-8fd4-466a-a98d-0f194a8c6a4d_1)<br>| 7 |
| [Portfolio of Investments](#xx_52499e52-8a81-42fc-8647-2efd4e859259_1)<br>| 8 |
| [Statement of Assets and Liabilities](#xx_65c70c3d-8b03-4ccd-bd78-8437e22a1c7f_1)<br>| 14 |
| [Statement of Operations](#xx_65c70c3d-8b03-4ccd-bd78-8437e22a1c7f_2)<br>| 15 |
| [Statement of Changes in Net Assets](#xx_65c70c3d-8b03-4ccd-bd78-8437e22a1c7f_3)<br>| 16 |
| [Financial Highlights](#xx_80f40d11-87f5-4058-ba45-62eb45bbbfd0_2)<br>| 18 |
| [Notes to Financial Statements](#xx_d4d62210-b219-4cbb-8142-8e47ff344c9c_1)<br>| 20 |
| [Report of Independent Registered Public Accounting Firm](#xx_afb2647f-145a-4457-a629-47fc9f5df1ac_1)<br>| 35 |
| [Trustees and Officers](#xx_fbdc0839-f226-4d9a-b38b-5140724ecb47_1)<br>| 36 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Variable Portfolio – Managed Volatility Growth Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Variable Portfolio – Managed Volatility Growth Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_48900_6b1c64af-4134-4acd-8f30-2c22c992c458_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund pursues total return while seeking to manage the Fund's exposure to equity market volatility.

Portfolio management

#### Brian Virginia
Lead Portfolio Manager

Managed Fund since 2014

#### Anwiti Bahuguna, Ph.D.
Portfolio Manager

Managed Fund since 2015

#### David Weiss, CFA
Portfolio Manager

Managed Fund since 2016

#### Joshua Kutin, CFA
Portfolio Manager

Managed Fund since 2018

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**Life** |
| &nbsp;&nbsp;Class 1\* | &nbsp;&nbsp;&nbsp;&nbsp;02/20/19 | &nbsp;&nbsp;&nbsp;&nbsp;-19.22 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;04/12/13 | &nbsp;&nbsp;&nbsp;&nbsp;-19.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.27 |
| &nbsp;&nbsp;Blended Benchmark |  | &nbsp;&nbsp;&nbsp;&nbsp;-15.86 | &nbsp;&nbsp;&nbsp;&nbsp;4.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45 |
| &nbsp;&nbsp;Russell 3000 Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-19.21 | &nbsp;&nbsp;&nbsp;&nbsp;8.79 | &nbsp;&nbsp;&nbsp;&nbsp;11.18 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

\* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share class, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/variable-products/appended-performance for more information.

The Blended Benchmark consists of 46% Russell 3000 Index, 35% Bloomberg U.S. Aggregate Bond Index and 19% MSCI EAFE Index (Net).

The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.

The MSCI EAFE Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The index is compiled from a composite of securities markets of Europe, Australasia and the Far East and is widely recognized by investors in foreign markets as the measurement index for portfolios of non-North American securities.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Index (Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

Variable Portfolio – Managed Volatility Growth Fund \| Annual Report 2022 3

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Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (April 12, 2013 — December 31, 2022)
![](img9a6b64f53.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Variable Portfolio – Managed Volatility Growth Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio Allocation (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio Allocation (%) (at December 31, 2022)** |
| &nbsp;&nbsp;**Allocations to Underlying Funds** | &nbsp;&nbsp;**Allocations to Underlying Funds** |
| &nbsp;&nbsp;**Equity Funds** | &nbsp;&nbsp;&nbsp;**57.2** |
| &nbsp;&nbsp;&nbsp;&nbsp;International | &nbsp;&nbsp;&nbsp;15.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Large Cap | &nbsp;&nbsp;&nbsp;34.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Mid Cap | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Small Cap | &nbsp;&nbsp;&nbsp;&nbsp;4.5 |
| &nbsp;&nbsp;**Exchange-Traded Equity Funds** | &nbsp;&nbsp;&nbsp;&nbsp;**1.3** |
| &nbsp;&nbsp;&nbsp;&nbsp;International Mid Large Cap | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds** | &nbsp;&nbsp;&nbsp;&nbsp;**7.3** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Grade | &nbsp;&nbsp;&nbsp;&nbsp;7.3 |
| &nbsp;&nbsp;**Fixed Income Funds** | &nbsp;&nbsp;&nbsp;**10.1** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Grade | &nbsp;&nbsp;&nbsp;10.1 |
| &nbsp;&nbsp;**Allocations to Tactical Assets** | &nbsp;&nbsp;**Allocations to Tactical Assets** |
| &nbsp;&nbsp;**Money Market Funds<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**13.3** |
| &nbsp;&nbsp;**Options Purchased Puts** | &nbsp;&nbsp;&nbsp;&nbsp;**0.9** |
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency** | &nbsp;&nbsp;&nbsp;&nbsp;**9.9** |
| &nbsp;&nbsp;**Total** | **100.0** |

---

(a) Includes investments in Money Market Funds which have been segregated to cover obligations relating to the Fund's investment in derivatives as part of its principal investment strategies. For a
description of the Fund's investments in derivatives, see Investments in derivatives following the Portfolio of Investments and the derivative instruments discussion in Note 2 to the Notes to Financial
Statements.

Percentages indicated are based upon total investments including options purchased and excluding all other investments in derivatives, if any. The Fund's portfolio composition is subject to change.

4 Variable Portfolio – Managed Volatility Growth Fund \| Annual Report 2022

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Manager Discussion of Fund Performance

(Unaudited)

For the 12-month period that ended December 31, 2022, Class 2 shares of Variable Portfolio – Managed Volatility Growth Fund returned -19.43%. For the same time period, the Fund's Blended Benchmark returned -15.86% and the broad U.S. equity market, as measured by the Russell 3000 Index, returned -19.21%.

Market overview

Global equities gave back some of the gains from 2020 and 2021 in calendar year 2022. The S&P 500 Index was down 18.11%, its worst calendar year return since 2008 when it fell 37.00%. The Russell 3000 Index, a broad-based domestic equity benchmark that includes exposure to small and large capitalization companies, ended the full 12-month period down 19.21%.

The "everything bubble" that corresponded with inflated markets and asset prices hit a crescendo in 2021, and it was built on 0% interest rates and quantitative easing by the U.S. Federal Reserve (Fed). With investors confronted in 2022 with near 5% short-term interest rates and quantitative tightening by the Fed, the pressure on large parts of the market was palpable. Markets slowed in 2022, and multi-asset investors experienced the formidable challenge of stocks and bonds falling in unison. During most cyclical bear markets, risk-off assets, such as U.S. Treasury bonds, usually offer some safety, or at least relative strength. However, that was largely not the case during the 12 months that ended December 31, 2022. The Bloomberg US Long Treasury Index shed 29.26% during the annual period and the Bloomberg U.S. Aggregate Bond Index was down 13.01% for the 12-month period.

Commodity markets served as one of the only positive areas within global capital markets during the year. A broad-based index covering the commodity markets, the S&P GSCI, rose by 25.99% over the 12-month period.

The dynamic algorithm, a quantitative tool used by the portfolio managers to help direct equity exposure, steered the managers to start the 12-month period with a slight overweight directed at equity exposures within the Fund. However, as equity volatility rose during the early parts of the annual period, the algorithm began to shift to recommend an underweight allocation to equity exposure versus static benchmark equity weights. This underweight positioning was applied to the Fund during a significant majority of the annual period, as levels of equity volatility remained elevated throughout the 12-month period.

The Fund's notable detractors during the period

• The managers tactically adjusted actual equity exposure to maintain levels of equity exposure, on average, slightly greater than what the dynamic algorithm called for throughout the 12-month period. This tactical
discretion detracted from relative performance during the period.

• Overall, underlying fixed-income fund manager performance results detracted from relative performance during the period as rising interest rates challenged bond managers'
positioning. Core-oriented fixed-income managers struggled the most during the 12-month period.

The Fund's notable contributors during the period

• Underlying U.S. equity fund managers that utilize a valuation-sensitive investment approach, or value discipline, contributed favorably to relative performance during the period.

Derivatives usage

Derivative securities were used to execute asset allocation changes based on the Fund's dynamic algorithm. Protective put options and hedging strategies, which are used to help shield investors from outsized losses during periods of steep equity market declines, detracted from relative returns as time-value decay (the reduction in value of an options contract as it reaches its expiration date) and hedging instruments experienced headwinds over the course of the 12-month period.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The Fund's investment in underlying funds subject them to the investment performance (positive or negative), risks and expenses of these underlying funds. There are risks associated with fixed-income investments, including credit risk, interest rate risk, and prepayment and extension risk. In general, bond prices rise when interest rates fall and vice versa. This effect is usually more pronounced for longer-term securities. Growth securities, at times, may not perform as well as value securities or the stock market in general***

Variable Portfolio – Managed Volatility Growth Fund \| Annual Report 2022 5

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Manager Discussion of Fund Performance (continued)

(Unaudited)

*and may be out of favor with investors. **Foreign** investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. **Quantitative** models used by the Fund may not be effective in selecting the most favorable securities for inclusion and may cause the Fund to underperform other investment strategies. Investing in **derivatives** is a specialized activity that involves special risks that subject the Fund to significant loss potential, including when used as leverage, and may result in greater fluctuation in Fund value. **Asset allocation** does not assure a profit or protect against loss. See the Fund's prospectus for more information on these and other risks.*

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

6 Variable Portfolio – Managed Volatility Growth Fund \| Annual Report 2022

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Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

In addition to the ongoing expenses which the Fund bears directly, the Fund's shareholders indirectly bear the Fund's allocable share of the costs and expenses of each underlying fund in which the Fund invests. You can also estimate the effective expenses paid during the period, which includes the indirect fees associated with investing in the underlying funds, by using the amounts listed in the "Effective expenses paid during the period" column.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Effective expenses<br> paid during the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Effective expenses<br> paid during the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's effective<br> annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;998.00 | &nbsp;&nbsp;&nbsp;&nbsp;1023.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;3.86 | &nbsp;&nbsp;&nbsp;&nbsp;3.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;996.00 | &nbsp;&nbsp;&nbsp;&nbsp;1022.56 | &nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp;5.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Effective expenses paid during the period and the Fund's effective annualized expense ratio include expenses borne directly to the class plus the Fund's pro rata portion of the ongoing expenses charged by the underlying funds using the expense ratio of each class of the underlying funds as of the underlying fund's most recent shareholder report.

Variable Portfolio – Managed Volatility Growth Fund \| Annual Report 2022 7

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## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Equity Funds 62.7%** | &nbsp;&nbsp;**Equity Funds 62.7%** | &nbsp;&nbsp;**Equity Funds 62.7%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**International 16.6%** | &nbsp;&nbsp;**International 16.6%** | &nbsp;&nbsp;**International 16.6%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;60573160 | &nbsp;&nbsp;&nbsp;&nbsp;712946095 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;57033644 | &nbsp;&nbsp;&nbsp;&nbsp;501896065 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;25630433 | &nbsp;&nbsp;&nbsp;&nbsp;257842160 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;31237714 | &nbsp;&nbsp;&nbsp;&nbsp;273642375 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1746326695** |
| &nbsp;&nbsp;**U.S. Large Cap 38.2%** | &nbsp;&nbsp;**U.S. Large Cap 38.2%** | &nbsp;&nbsp;**U.S. Large Cap 38.2%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8445877 | &nbsp;&nbsp;&nbsp;&nbsp;279558542 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9555954 | &nbsp;&nbsp;&nbsp;&nbsp;688410889 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;14035345 | &nbsp;&nbsp;&nbsp;&nbsp;365480375 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;41890947 | &nbsp;&nbsp;&nbsp;&nbsp;620404929 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;11012137 | &nbsp;&nbsp;&nbsp;&nbsp;404475800 |
| &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;10426795 | &nbsp;&nbsp;&nbsp;&nbsp;370881091 |
| &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6969605 | &nbsp;&nbsp;&nbsp;&nbsp;246445238 |
| &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8123423 | &nbsp;&nbsp;&nbsp;&nbsp;343539561 |
| &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;11490103 | &nbsp;&nbsp;&nbsp;&nbsp;367913102 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;11505316 | &nbsp;&nbsp;&nbsp;&nbsp;343663784 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**4030773311** |
| &nbsp;&nbsp;**U.S. Mid Cap 3.0%** | &nbsp;&nbsp;**U.S. Mid Cap 3.0%** | &nbsp;&nbsp;**U.S. Mid Cap 3.0%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2075601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75240537 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2386242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79700465 |
| &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1914177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80433712 |
| &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2166103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77178263 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**312552977** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Equity Funds (continued)** | &nbsp;&nbsp;**Equity Funds (continued)** | &nbsp;&nbsp;**Equity Funds (continued)** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**U.S. Small Cap 4.9%** | &nbsp;&nbsp;**U.S. Small Cap 4.9%** | &nbsp;&nbsp;**U.S. Small Cap 4.9%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6936772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79772875 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6619131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60896008 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6857536 | &nbsp;&nbsp;&nbsp;&nbsp;185770658 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6015869 | &nbsp;&nbsp;&nbsp;&nbsp;196658758 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**523098299** |
| &nbsp;&nbsp;Total Equity Funds<br> (Cost $4,928,921,468) | &nbsp;&nbsp;Total Equity Funds<br> (Cost $4,928,921,468) | &nbsp;&nbsp;**6612751282** |
| &nbsp;&nbsp;**Exchange-Traded Equity Funds 1.4%** | &nbsp;&nbsp;**Exchange-Traded Equity Funds 1.4%** | &nbsp;&nbsp;**Exchange-Traded Equity Funds 1.4%** |
| &nbsp;&nbsp;**International Mid Large Cap 1.4%** | &nbsp;&nbsp;**International Mid Large Cap 1.4%** | &nbsp;&nbsp;**International Mid Large Cap 1.4%** |
| &nbsp;&nbsp;iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;150972000 |
| &nbsp;&nbsp;Total Exchange-Traded Equity Funds<br> (Cost $180,452,200) | &nbsp;&nbsp;Total Exchange-Traded Equity Funds<br> (Cost $180,452,200) | &nbsp;&nbsp;&nbsp;&nbsp;**150972000** |
| &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds 8.0%** | &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds 8.0%** | &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds 8.0%** |
| &nbsp;&nbsp;**Investment Grade 8.0%** | &nbsp;&nbsp;**Investment Grade 8.0%** | &nbsp;&nbsp;**Investment Grade 8.0%** |
| &nbsp;&nbsp;iShares iBoxx $ Investment Grade Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;3956500 | &nbsp;&nbsp;&nbsp;&nbsp;417133795 |
| &nbsp;&nbsp;Vanguard Intermediate-Term Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;5507000 | &nbsp;&nbsp;&nbsp;&nbsp;426847570 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**843981365** |
| &nbsp;&nbsp;Total Exchange-Traded Fixed Income Funds<br> (Cost $948,015,550) | &nbsp;&nbsp;Total Exchange-Traded Fixed Income Funds<br> (Cost $948,015,550) | &nbsp;&nbsp;&nbsp;&nbsp;**843981365** |
| &nbsp;&nbsp;**Fixed Income Funds 11.1%** | &nbsp;&nbsp;**Fixed Income Funds 11.1%** | &nbsp;&nbsp;**Fixed Income Funds 11.1%** |
| &nbsp;&nbsp;**Investment Grade 11.1%** | &nbsp;&nbsp;**Investment Grade 11.1%** | &nbsp;&nbsp;**Investment Grade 11.1%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;19457236 | &nbsp;&nbsp;&nbsp;&nbsp;160911341 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8652760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79345806 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;19083177 | &nbsp;&nbsp;&nbsp;&nbsp;145795471 |
| &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8882361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77187720 |
| &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;17222274 | &nbsp;&nbsp;&nbsp;&nbsp;154828244 |
| &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;21352288 | &nbsp;&nbsp;&nbsp;&nbsp;194519340 |

---

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

8 Variable Portfolio – Managed Volatility Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_48900_6b1c64af-4134-4acd-8f30-2c22c992c458_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fixed Income Funds (continued)** | &nbsp;&nbsp;**Fixed Income Funds (continued)** | &nbsp;&nbsp;**Fixed Income Funds (continued)** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;37351226 | &nbsp;&nbsp;&nbsp;&nbsp;351475038 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1164062960** |
| &nbsp;&nbsp;Total Fixed Income Funds<br> (Cost $1,391,340,750) | &nbsp;&nbsp;Total Fixed Income Funds<br> (Cost $1,391,340,750) | &nbsp;&nbsp;**1164062960** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 10.8%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 10.8%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 10.8%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 10.8%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(c)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(c)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(c)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(c)</sup> |
| &nbsp;&nbsp;01/17/2038-<br> 01/12/2053 | &nbsp;&nbsp;3.000% | 573182000 | &nbsp;&nbsp;&nbsp;&nbsp;509993187 |
| &nbsp;&nbsp;01/17/2038-<br> 01/12/2053 | &nbsp;&nbsp;3.500% | 370000000 | &nbsp;&nbsp;&nbsp;&nbsp;340417511 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;4.000% | 155550000 | &nbsp;&nbsp;&nbsp;&nbsp;145853004 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;4.500% | 150000000 | &nbsp;&nbsp;&nbsp;&nbsp;144338443 |
| &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $1,158,223,489) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $1,158,223,489) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $1,158,223,489) | &nbsp;&nbsp;**1140602145** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Options Purchased Puts 1.0%** | &nbsp;&nbsp;**Options Purchased Puts 1.0%** |
|  | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;(Cost $109,549,652) | &nbsp;&nbsp;**104979250** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 14.5%** | &nbsp;&nbsp;**Money Market Funds 14.5%** | &nbsp;&nbsp;**Money Market Funds 14.5%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(a),(d)</sup> | &nbsp;&nbsp;1531982822 | &nbsp;&nbsp;&nbsp;&nbsp;1531523227 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $1,531,227,567) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $1,531,227,567) | &nbsp;&nbsp;&nbsp;&nbsp;**1531523227** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $10,247,730,676)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $10,247,730,676)** | &nbsp;&nbsp;**11548872229** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;**(1004105810)** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**10544766419** |

---

At December 31, 2022, securities and/or cash totaling $146,268,381 were pledged as collateral.

#### Investments in derivatives

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** |
| &nbsp;&nbsp;**Currency to<br> be sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency to<br> be purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | **Settlement<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40,000,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,432,497 USD | &nbsp;&nbsp;&nbsp;&nbsp;Barclays | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113964) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50,000,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52,828,750 USD | &nbsp;&nbsp;&nbsp;&nbsp;Barclays | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(810750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,366,420 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40,000,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp;Barclays | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,351,227 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,000,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp;Barclays | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70,000,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75,046,100 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(926073) |
| &nbsp;&nbsp;12,000,000,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88,581,478 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3236893) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,266,382 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,000,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(133463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60,410,391 USD | &nbsp;&nbsp;&nbsp;&nbsp;8,000,000,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57,103,650 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90,000,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs International | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38,994,944 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400,000,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs International | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(590975) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,000,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,470,100 USD | &nbsp;&nbsp;&nbsp;&nbsp;UBS | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164900) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,000,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,400,425 USD | &nbsp;&nbsp;&nbsp;&nbsp;UBS | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,881,500 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,000,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp;UBS | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64000) |
| &nbsp;&nbsp;Total |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1309547 | &nbsp;&nbsp;&nbsp;&nbsp;(6041018) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;S&P 500 Index E-mini | 2453 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;473551650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(10238204) |
| &nbsp;&nbsp;U.S. Long Bond | 1523 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;190898531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1544510) |
| &nbsp;&nbsp;U.S. Treasury 10-Year Note | 1033 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;116002672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(718598) |
| &nbsp;&nbsp;U.S. Treasury 2-Year Note | 2351 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;482138674 | &nbsp;&nbsp;&nbsp;&nbsp;557416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury 5-Year Note | 4431 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;478236448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110017) |
| &nbsp;&nbsp;U.S. Treasury Ultra Bond | 1274 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;171114125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1384836) |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;557416 | &nbsp;&nbsp;&nbsp;&nbsp;(13996165) |

---

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

Variable Portfolio – Managed Volatility Growth Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_48900_6b1c64af-4134-4acd-8f30-2c22c992c458_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;Euro STOXX 50 Index | (2656) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100529600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4364597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;FTSE 100 Index | (145) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10825700) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;MSCI Singapore Index | (24) | &nbsp;&nbsp;&nbsp;&nbsp;01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(697320) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3713) |
| &nbsp;&nbsp;OMXS30 Index | (1324) | &nbsp;&nbsp;&nbsp;&nbsp;01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(270360800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1406370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Russell 2000 Index E-mini | (1645) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(145656525) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5170764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;S&P 500 Index E-mini | (4334) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(836678700) | &nbsp;&nbsp;&nbsp;&nbsp;29598257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;SPI 200 Index | (83) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14508400) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;TOPIX Index | (217) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;(4104555000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;41673454 | &nbsp;&nbsp;&nbsp;&nbsp;(3713) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** |
| &nbsp;&nbsp;**Description** | **Counterparty** | &nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;**Number of<br> contracts** | &nbsp;&nbsp;**Exercise<br> price/Rate** | &nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;**Cost ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;S&P 500 Index | JPMorgan | &nbsp;&nbsp;USD | &nbsp;&nbsp;1055862500 | &nbsp;&nbsp;2750 | &nbsp;&nbsp;3200.00 | &nbsp;&nbsp;06/21/2024 | &nbsp;&nbsp;&nbsp;&nbsp;49761385 | &nbsp;&nbsp;&nbsp;&nbsp;42845000 |
| &nbsp;&nbsp;S&P 500 Index | JPMorgan | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;691110000 | &nbsp;&nbsp;1800 | &nbsp;&nbsp;3300.00 | &nbsp;&nbsp;12/20/2024 | &nbsp;&nbsp;&nbsp;&nbsp;35294469 | &nbsp;&nbsp;&nbsp;&nbsp;38403000 |
| &nbsp;&nbsp;S&P 500 Index | JPMorgan | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;479937500 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;3200.00 | &nbsp;&nbsp;12/20/2024 | &nbsp;&nbsp;&nbsp;&nbsp;24493798 | &nbsp;&nbsp;&nbsp;&nbsp;23731250 |
| &nbsp;&nbsp;Total |  |  |  |  |  |  | &nbsp;&nbsp;109549652 | &nbsp;&nbsp;104979250 |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** |
| &nbsp;&nbsp;**Reference<br> entity** | **Counterparty** | **Maturity<br> date** | **Receive<br> fixed<br> rate<br> (%)** | **Payment<br> frequency** | **Implied<br> credit<br> spread<br> (%)\*** | **Notional<br> currency** | **Notional<br> amount** | **Value<br> ($)** | **Upfront<br> payments<br> ($)** | **Upfront<br> receipts<br> ($)** | **Unrealized<br> appreciation<br> ($)** | **Unrealized<br> depreciation<br> ($)** |
| &nbsp;&nbsp;Markit CDX North America Investment Grade Index, Series 39 | Morgan Stanley | 12/20/2027 | 1.000 | Quarterly | 0.820 | USD | 150000000 | 1074338 |  |  | 1074338 |  |

---

\* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

#### Notes to Portfolio of Investments
(a) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is
under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Capital gain<br> distributions($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends —<br> affiliated<br> issuers ($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | &nbsp;&nbsp;&nbsp;2314051236 | &nbsp;&nbsp;3282801693 | &nbsp;&nbsp;(4065678008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348306 | &nbsp;&nbsp;1531523227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(640020) | &nbsp;&nbsp;27247316 | &nbsp;&nbsp;1531982822 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;343662751 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64104209) | &nbsp;&nbsp;&nbsp;&nbsp;279558542 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8445877 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;846944157 | &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;&nbsp;&nbsp;&nbsp;(158533268) | &nbsp;&nbsp;&nbsp;&nbsp;688410889 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9555954 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;194015020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5675175 | &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;(38778854) | &nbsp;&nbsp;&nbsp;&nbsp;160911341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5560384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19457236 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;510881900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16087023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(210458) | &nbsp;&nbsp;&nbsp;&nbsp;(161278090) | &nbsp;&nbsp;&nbsp;&nbsp;365480375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14035345 |

---

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

10 Variable Portfolio – Managed Volatility Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_48900_6b1c64af-4134-4acd-8f30-2c22c992c458_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Notes to Portfolio of Investments (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Capital gain<br> distributions($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends —<br> affiliated<br> issuers ($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97413191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13637860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5104342) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79345806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1537359) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8652760 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;199623026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10985211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(463866) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64348900) | &nbsp;&nbsp;&nbsp;&nbsp;145795471 | &nbsp;&nbsp;&nbsp;&nbsp;4923014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75413) | &nbsp;&nbsp;&nbsp;&nbsp;4493401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19083177 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;864337263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61200657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32711287) | &nbsp;&nbsp;&nbsp;&nbsp;(179880538) | &nbsp;&nbsp;&nbsp;&nbsp;712946095 | &nbsp;&nbsp;&nbsp;&nbsp;54774741 | &nbsp;&nbsp;&nbsp;(7485727) | &nbsp;&nbsp;&nbsp;&nbsp;6073916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60573160 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;837878607 | &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;(58337511) | &nbsp;&nbsp;&nbsp;&nbsp;(159136167) | &nbsp;&nbsp;&nbsp;&nbsp;620404929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41890947 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;519825531 | &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;(93374262) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21975469) | &nbsp;&nbsp;&nbsp;&nbsp;404475800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;11489904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11012137 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99192366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6849081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(587155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30213755) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75240537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075601 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;107931731 | &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;(10150513) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18080753) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79700465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8235487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2386242 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;101033306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33944227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13217409) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41987249) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79772875 | &nbsp;&nbsp;&nbsp;&nbsp;33292717 | &nbsp;&nbsp;&nbsp;&nbsp;(612089) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6936772 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94802986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26857231 | &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;(60764209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60896008 | &nbsp;&nbsp;&nbsp;&nbsp;26857231 | &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;6619131 |
| &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96140569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1818981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6663957) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14107873) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77187720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1064427) | &nbsp;&nbsp;&nbsp;&nbsp;1818660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8882361 |
| &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;197363156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9780759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15247170) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37068501) | &nbsp;&nbsp;&nbsp;&nbsp;154828244 | &nbsp;&nbsp;&nbsp;&nbsp;4460037 | &nbsp;&nbsp;&nbsp;(2398976) | &nbsp;&nbsp;&nbsp;&nbsp;5320184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17222274 |
| &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;480239279 | &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;(69942188) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39416000) | &nbsp;&nbsp;&nbsp;&nbsp;370881091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8470796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10426795 |
| &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;418176308 | &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;&nbsp;&nbsp;&nbsp;(171731070) | &nbsp;&nbsp;&nbsp;&nbsp;246445238 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6969605 |
| &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;460267017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14966952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2998204) | &nbsp;&nbsp;&nbsp;&nbsp;(128696204) | &nbsp;&nbsp;&nbsp;&nbsp;343539561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(403510) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8123423 |
| &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;475691565 | &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;(75578192) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32200271) | &nbsp;&nbsp;&nbsp;&nbsp;367913102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9305465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11490103 |
| &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;245451388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2472742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19572086) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33832704) | &nbsp;&nbsp;&nbsp;&nbsp;194519340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2919271) | &nbsp;&nbsp;&nbsp;&nbsp;2472123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21352288 |
| &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;104752975 | &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;(10576338) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13742925) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80433712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;10553039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1914177 |
| &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;101892807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2984865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1542209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26157200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77178263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2166103 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;445839235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9301685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42424975) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61240907) | &nbsp;&nbsp;&nbsp;&nbsp;351475038 | &nbsp;&nbsp;&nbsp;&nbsp;2829188 | &nbsp;&nbsp;&nbsp;(6284519) | &nbsp;&nbsp;&nbsp;&nbsp;6471554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37351226 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;457468887 | &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;(18961728) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94843375) | &nbsp;&nbsp;&nbsp;&nbsp;343663784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;17462948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11505316 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;631827354 | &nbsp;&nbsp;&nbsp;&nbsp;104610766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15924546) | &nbsp;&nbsp;&nbsp;&nbsp;(218617509) | &nbsp;&nbsp;&nbsp;&nbsp;501896065 | &nbsp;&nbsp;&nbsp;&nbsp;88953407 | &nbsp;&nbsp;&nbsp;(3976692) | &nbsp;&nbsp;10776651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57033644 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;331623385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30182609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(103963834) | &nbsp;&nbsp;&nbsp;&nbsp;257842160 | &nbsp;&nbsp;&nbsp;&nbsp;15661629 | &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;25630433 |

---

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

Variable Portfolio – Managed Volatility Growth Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_48900_6b1c64af-4134-4acd-8f30-2c22c992c458_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Capital gain<br> distributions($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends —<br> affiliated<br> issuers ($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;332883489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7072770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24779966) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41533918) | &nbsp;&nbsp;&nbsp;&nbsp;273642375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3073284) | &nbsp;&nbsp;&nbsp;&nbsp;7072770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31237714 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;238115678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16461258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66508) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68739770) | &nbsp;&nbsp;&nbsp;&nbsp;185770658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18617) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6857536 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;257419545 | &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;(27872330) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32888457) | &nbsp;&nbsp;&nbsp;&nbsp;196658758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6015869 |
| &nbsp;&nbsp;Total | 12406745708 |  |  | &nbsp;&nbsp;(2122618015) | &nbsp;&nbsp;9308337469 | &nbsp;&nbsp;231866755 | &nbsp;&nbsp;35970551 | &nbsp;&nbsp;78633182 |  |

---

(b) Non-income producing investment.

(c) Represents a security purchased on a when-issued basis.

(d) The rate shown is the seven-day current annualized yield at December 31, 2022.

#### Abbreviation Legend
TBA To Be Announced

#### Currency Legend

---

| | |
|:---|:---|
| AUD | &nbsp;&nbsp;Australian Dollar |
| CAD | &nbsp;&nbsp;Canada Dollar |
| CHF | &nbsp;&nbsp;Swiss Franc |
| EUR | &nbsp;&nbsp;Euro |
| GBP | &nbsp;&nbsp;British Pound |
| JPY | &nbsp;&nbsp;Japanese Yen |
| NZD | &nbsp;&nbsp;New Zealand Dollar |
| SEK | &nbsp;&nbsp;Swedish Krona |
| SGD | &nbsp;&nbsp;Singapore Dollar |
| USD | &nbsp;&nbsp;US Dollar |

---

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

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

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

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

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

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

Certain investments that have been measured at fair value using the net asset value (NAV) per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Variable Portfolios serve as investment vehicles for variable annuity contracts and variable life insurance policies. Principal investment strategies within these Variable Portfolios vary based on the Portfolios investment objective. Investments in the Variable Portfolios may be redeemed on a daily basis without restriction.

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

12 Variable Portfolio – Managed Volatility Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_48900_6b1c64af-4134-4acd-8f30-2c22c992c458_TOC)

Portfolio of Investments (continued)

December 31, 2022

**Fair value measurements (continued) Investments falling into the Level 3 category 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, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Assets at NAV ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Funds | &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;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6612751282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6612751282 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Equity Funds | &nbsp;&nbsp;&nbsp;&nbsp;150972000 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150972000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Fixed Income Funds | &nbsp;&nbsp;&nbsp;&nbsp;843981365 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843981365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Income Funds | &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;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1164062960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164062960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1140602145 | &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;1140602145 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options Purchased Puts | &nbsp;&nbsp;&nbsp;&nbsp;104979250 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104979250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 1531523227 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531523227 |
| &nbsp;&nbsp;Total Investments in Securities | 2631455842 | &nbsp;&nbsp;&nbsp;&nbsp;1140602145 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7776814242 | &nbsp;&nbsp;&nbsp;&nbsp;11548872229 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &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;1309547 | &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;1309547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;42230870 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42230870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts | &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;1074338 | &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;1074338 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &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;(6041018) | &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;(6041018) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(13999878) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13999878) |
| &nbsp;&nbsp;Total | 2659686834 | &nbsp;&nbsp;&nbsp;&nbsp;1136945012 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7776814242 | &nbsp;&nbsp;&nbsp;&nbsp;11573446088 |

---

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.

Forward foreign currency exchange contracts, futures contracts and swap contracts are valued at unrealized appreciation (depreciation).

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

Variable Portfolio – Managed Volatility Growth Fund \| Annual Report 2022 13

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[**Table of Contents**](#JOB_48900_6b1c64af-4134-4acd-8f30-2c22c992c458_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $2,286,691,239) | &nbsp;&nbsp;&nbsp;$2135555510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $7,851,489,785) | &nbsp;&nbsp;&nbsp;&nbsp;9308337469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased (cost $109,549,652) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104979250 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2477000 |
| &nbsp;&nbsp;Cash collateral held at broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14983000 |
| &nbsp;&nbsp;Margin deposits on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126882879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4402502 |
| &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309547 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14588873 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165364377 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5174330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1411228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5376725 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103369 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465236 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;11891435656 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6041018 |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;1325640459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10370991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3266462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51785 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131556 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79787 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465236 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;1346669237 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$10544766419** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Trust capital | $10544766419 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$10544766419** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17737173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172649 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.13 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $10527029246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701249592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.01 |

---

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

14 Variable Portfolio – Managed Volatility Growth Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_48900_6b1c64af-4134-4acd-8f30-2c22c992c458_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30232821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78633182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369573 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110235576 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21275829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28984058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6951795 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179335 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115705 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4186 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146489 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57954308 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52281268 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111858073) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35970551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from underlying affiliated funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231866755 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1152125) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31515307) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(477648203) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33457222) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(946845) |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(388740469) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(291318245) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;(2122618015) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4731471) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11696285) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77479208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733149 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(2352151659) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(2740892128) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(2688610860)** |

---

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

Variable Portfolio – Managed Volatility Growth Fund \| Annual Report 2022 15

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[**Table of Contents**](#JOB_48900_6b1c64af-4134-4acd-8f30-2c22c992c458_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$52281268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29811980 |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(388740469) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000137461 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(2352151659) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469812218 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(2688610860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499761659 |
| &nbsp;&nbsp;Increase (decrease) in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(788930941) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13236263 |
| &nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(3477541801) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512997922 |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;14022308220 | &nbsp;&nbsp;&nbsp;&nbsp;12509310298 |
| &nbsp;&nbsp;**Net assets at end of year** | **$10544766419** | &nbsp;&nbsp;**$14022308220** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7781582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8218379 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119217) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1808536) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17590) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(313724) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5973046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7904655 |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6701801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17641224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310107565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (50861787) | &nbsp;&nbsp;&nbsp;&nbsp;(801605788) | &nbsp;&nbsp;&nbsp;&nbsp;(16932875) | &nbsp;&nbsp;&nbsp;&nbsp;(304775957) |
| &nbsp;&nbsp;Net increase (decrease) | (50433537) | &nbsp;&nbsp;&nbsp;&nbsp;(794903987) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5331608 |
| &nbsp;&nbsp;**Total net increase (decrease)** | **(50063720)** | &nbsp;&nbsp;&nbsp;&nbsp;**(788930941)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1146615** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13236263** |

---

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

16 Variable Portfolio – Managed Volatility Growth Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_48900_6b1c64af-4134-4acd-8f30-2c22c992c458_TOC)

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[**Table of Contents**](#JOB_48900_6b1c64af-4134-4acd-8f30-2c22c992c458_TOC)

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 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.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $18.73 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;(3.72) | &nbsp;&nbsp;(3.60) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $16.69 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $14.96 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| &nbsp;&nbsp;Year Ended 12/31/2019<sup>(d)</sup> | $13.62 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $18.63 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;(3.69) | &nbsp;&nbsp;(3.62) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $16.65 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $14.96 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $12.65 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $13.71 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;(1.15) | &nbsp;&nbsp;(1.06) |

---

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| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interest on collateral expense which is less than 0.01%. |
| (d) | Class 1 shares commenced operations on February 20, 2019. Per share data and total return reflect activity from that date. |
| (e) | Annualized. |

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

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Financial Highlights (continued)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $15.13 | (19.22%) | 0.25%<sup>(c)</sup> | 0.25%<sup>(c)</sup> | 0.73% | 151% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17737 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $18.73 | 12.22% | 0.25%<sup>(c)</sup> | 0.25%<sup>(c)</sup> | 0.46% | 196% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15036 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $16.69 | 11.56% | 0.25% | 0.25% | 0.42% | 184% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6085 |
| &nbsp;&nbsp;Year Ended 12/31/2019<sup>(d)</sup> | $14.96 | &nbsp;&nbsp;&nbsp;9.84% | 0.25%<sup>(e)</sup> | 0.25%<sup>(e)</sup> | 0.88%<sup>(e)</sup> | 128% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1985 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $15.01 | (19.43%) | 0.50%<sup>(c)</sup> | 0.50%<sup>(c)</sup> | 0.45% | 151% | $10527029 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $18.63 | 11.89% | 0.50%<sup>(c)</sup> | 0.50%<sup>(c)</sup> | 0.22% | 196% | $14007272 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $16.65 | 11.30% | 0.50% | 0.50% | 0.16% | 184% | $12503225 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $14.96 | 18.26% | 0.49% | 0.49% | 0.91% | 128% | $11450160 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $12.65 | &nbsp;&nbsp;(7.73%) | 0.49% | 0.49% | 0.65% | &nbsp;&nbsp;74% | &nbsp;&nbsp;$9820308 |

---

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

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Notes to Financial Statements

December 31, 2022

Note 1. Organization

Variable Portfolio – Managed Volatility Growth Fund (the Fund), a series of Columbia Funds Variable Insurance Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

The Fund is a "fund-of-funds", investing significantly in affiliated funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), its affiliates, or third-party advised (unaffiliated) funds, including exchange-traded funds (collectively, Underlying Funds). The Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds. For information on the investment strategies, operations and risks of the Underlying Funds, please refer to the Fund's current prospectus as well as the prospectuses and shareholder reports of the Underlying Funds, which are available from the Securities and Exchange Commission's website at www.sec.gov or on the Underlying Funds' website at www.columbiathreadneedleus.com/resources/literature.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated life insurance companies (Participating Insurance Companies) 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 buying a Contract.

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.

#### 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.

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Investments in the Underlying Funds (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

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Notes to Financial Statements (continued)

December 31, 2022

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

Option contracts are valued at the mean of the latest quoted bid and ask prices on their primary exchanges. Option contracts, including over-the-counter option contracts, with no readily available market quotations are valued using mid-market evaluations from independent third-party vendors.

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

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.

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

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives

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Notes to Financial Statements (continued)

December 31, 2022

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

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

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

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

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

#### Forward foreign currency exchange contracts
Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund's securities and to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark. These instruments may be used for other purposes in future periods.

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Notes to Financial Statements (continued)

December 31, 2022

The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without delivery of foreign currency.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund's portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.

#### Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to produce incremental earnings, to manage the duration and yield curve exposure of the Fund versus the benchmark, to manage exposure to movements in interest rates, to manage exposure to the securities market and to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

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

#### Options contracts
Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund purchased option contracts to produce incremental earnings, to decrease the Fund's exposure to equity market risk and to protect gains. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.

Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the written option are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund realizes a gain or loss when the option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.

For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to significant counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund

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Notes to Financial Statements (continued)

December 31, 2022

gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.

#### Swap contracts
Swap contracts are negotiated in the over-the-counter market and are entered into bilaterally or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty (the CCP) and the CCP becomes the Fund's counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the CCP in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. For a bilateral swap contract, the Fund has credit exposure to the broker, but exchanges daily variation margin with the broker based on the mark-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, the Fund has minimal credit exposure to the FCM because the CCP stands between the Fund and the relevant buyer/seller on the other side of the contract. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.

Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, that it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the bilateral counterparty, FCM or CCP, as applicable, may not fulfill its obligation under the contract.

#### Credit default swap contracts
The Fund entered into credit default swap contracts to increase or decrease its credit exposure to an index and to manage credit risk exposure. These instruments may be used for other purposes in future periods. Credit default swap contracts are transactions in which one party pays fixed periodic payments to a counterparty in consideration for an agreement from the counterparty to make a specific payment should a specified credit event(s) take place. Although specified credit events are contract specific, credit events are typically bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.

As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).

As the seller of a credit default swap contract, the Fund sells protection to a buyer and will generally receive a periodic interest rate on a notional amount. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized gain upon receipt of the payment. If a credit event as specified in the contract with the counterparty occurs, the Fund may either be required to accept the reference obligation from the buyer in exchange for a cash payment of its notional amount, or to pay the buyer a net cash settlement equal to the notional amount less an agreed-upon value of the reference obligation (recovery value) as of the date of the credit event. The difference between the value of the obligation or cash received and the notional amount paid will be recorded as a realized gain (loss). The maximum potential amount of undiscounted future payments the Fund could be required to make as the seller of protection under a credit default swap contract is equal to the notional amount of the reference obligation. These potential amounts may be

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Notes to Financial Statements (continued)

December 31, 2022

partially offset by any recovery values of the respective reference obligations or upfront receipts upon entering into the agreement. The notional amounts and market values of all credit default swap contracts in which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments.

As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract with the counterparty. For credit default swap contracts on credit indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract.

Any upfront payment or receipt by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.

Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk.

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

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at December 31, 2022:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;Component of trust capital — unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,074,338\* |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41,673,454\* |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Investments, at value — Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;104979250 |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309547 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557,416\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;149594005 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;10,241,917\* |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6041018 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,757,961\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;20040896 |

---

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

Variable Portfolio – Managed Volatility Growth Fund \| Annual Report 2022 25

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[**Table of Contents**](#JOB_48900_6b1c64af-4134-4acd-8f30-2c22c992c458_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Forward<br> foreign<br> currency<br> exchange<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> purchased<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Credit risk | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(946845) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(946845) |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(271035335) | &nbsp;&nbsp;&nbsp;&nbsp;(33457222) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(304492557) |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;(31515307) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2909015) | &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;&nbsp;(34424322) |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(203703853) | &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;(203703853) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;(31515307) | &nbsp;&nbsp;&nbsp;&nbsp;(477648203) | &nbsp;&nbsp;&nbsp;&nbsp;(33457222) | &nbsp;&nbsp;&nbsp;&nbsp;(946845) | &nbsp;&nbsp;&nbsp;&nbsp;(543567577) |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Forward<br> foreign<br> currency<br> exchange<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> purchased<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Credit risk | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733149 |
| &nbsp;&nbsp;Equity risk | &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;335584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77479208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77814792 |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;&nbsp;&nbsp;(4731471) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3496377) | &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;&nbsp;&nbsp;(8227848) |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8535492) | &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;&nbsp;&nbsp;(8535492) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;(4731471) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11696285) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77479208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61784601 |

---

The following table is a summary of the average outstanding volume by derivative instrument for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)\*** |
| &nbsp;&nbsp;Futures contracts — long | 2363251488 |
| &nbsp;&nbsp;Futures contracts — short | &nbsp;&nbsp;&nbsp;&nbsp;810414115 |
| &nbsp;&nbsp;Credit default swap contracts — sell protection | &nbsp;&nbsp;&nbsp;&nbsp;150000000 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average<br> value ($)\*** |
| &nbsp;&nbsp;Options contracts — purchased | 157104500 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | &nbsp;&nbsp;**Average unrealized<br> appreciation ($)\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Average unrealized<br> depreciation ($)\*** |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;5955180 | &nbsp;&nbsp;&nbsp;&nbsp;(7214267) |

---

\* Based on the ending quarterly outstanding amounts for the year ended December 31, 2022.

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

26 Variable Portfolio – Managed Volatility Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_48900_6b1c64af-4134-4acd-8f30-2c22c992c458_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Delayed delivery securities
The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a "when-issued" or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

#### To be announced securities
The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.

In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.

#### Mortgage dollar roll transactions
The Fund may enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. These transactions may increase the Fund's portfolio turnover rate. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique may diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

Variable Portfolio – Managed Volatility Growth Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_48900_6b1c64af-4134-4acd-8f30-2c22c992c458_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Offsetting of assets and liabilities
The following table presents the Fund's gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of December 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Barclays ($)** | &nbsp;&nbsp;**Citi ($)** | &nbsp;&nbsp;**Goldman<br> Sachs<br> International ($)** | &nbsp;&nbsp;**JPMorgan ($)** | &nbsp;&nbsp;**Morgan<br> Stanley ($)** | &nbsp;&nbsp;**UBS ($)** | &nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Assets** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;192766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801856 | &nbsp;&nbsp;&nbsp;&nbsp;64350 | &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;250575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309547 |
| &nbsp;&nbsp;Options purchased puts | &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;&nbsp;&nbsp;- | &nbsp;&nbsp;104979250 | &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;104979250 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;192766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801856 | &nbsp;&nbsp;&nbsp;&nbsp;64350 | &nbsp;&nbsp;104979250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;250575 | &nbsp;&nbsp;106288797 |
| &nbsp;&nbsp;**Liabilities** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Centrally cleared credit default swap contracts <sup>(a)</sup> | &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;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;21906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21906 |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;924714 | &nbsp;&nbsp;&nbsp;&nbsp;4296429 | &nbsp;&nbsp;&nbsp;&nbsp;590975 | &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;228900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6041018 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;924714 | &nbsp;&nbsp;&nbsp;&nbsp;4296429 | &nbsp;&nbsp;&nbsp;&nbsp;590975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;21906 | &nbsp;&nbsp;228900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6062924 |
| &nbsp;&nbsp;**Total financial and derivative net assets** | **(731948)** | &nbsp;&nbsp;**(3494573)** | &nbsp;&nbsp;**(526625)** | &nbsp;&nbsp;**104979250** | &nbsp;&nbsp;**(21906)** | &nbsp;&nbsp;&nbsp;&nbsp;**21675** | &nbsp;&nbsp;**100225873** |
| &nbsp;&nbsp;&nbsp;Total collateral received (pledged) <sup>(b)</sup> | &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;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;(21906) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21906) |
| &nbsp;&nbsp;**Net amount <sup>(c)</sup>** | **(731948)** | &nbsp;&nbsp;**(3494573)** | &nbsp;&nbsp;**(526625)** | &nbsp;&nbsp;**104979250** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;&nbsp;&nbsp;**21675** | &nbsp;&nbsp;**100247779** |

---

(a) Centrally cleared swaps are included within payable/receivable for variation margin in the Statement of Assets and Liabilities.

(b) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(c) Represents the net amount due from/(to) counterparties in the event of default.

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

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

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

Corporate actions and dividend income are recorded on the ex-dividend date.

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.

28 Variable Portfolio – Managed Volatility Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_48900_6b1c64af-4134-4acd-8f30-2c22c992c458_TOC)

Notes to Financial Statements (continued)

December 31, 2022

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.

Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.

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

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

#### Federal income tax status
The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The components of the Fund's net assets are reported at the partner-level for federal income tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

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.

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

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Variable Portfolio – Managed Volatility Growth Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_48900_6b1c64af-4134-4acd-8f30-2c22c992c458_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Note 3. Fees and other transactions with affiliates

#### Management services fees and underlying fund fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is a blend of (i) 0.02% on assets invested in affiliated underlying funds (including exchange-traded funds and closed-end funds) that pay a management services fee (or investment advisory services fee, as applicable) to the Investment Manager and (ii) a fee that declines from 0.72% to 0.52%, depending on asset levels, on assets invested in securities (other than affiliated underlying funds (including exchange-traded funds and closed-end funds) that pay a management services fee (or investment advisory services fee, as applicable) to the Investment Manager) including other funds advised by the Investment Manager that do not pay a management services fee to the Investment Manager, third party funds, derivatives and individual securities. The effective management services fee rate for the year ended December 31, 2022 was 0.18% of the Fund's average daily net assets.

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the Underlying Funds in which the Fund invests. Because the Underlying Funds have varied expense and fee levels and the Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. These expenses are not reflected in the expenses shown in Statement of Operations and are not included in the ratios to average net assets shown in the Financial Highlights.

#### 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 "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, 2022 was 0.06% of the Fund's average daily net assets.

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

30 Variable Portfolio – Managed Volatility Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_48900_6b1c64af-4134-4acd-8f30-2c22c992c458_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. The Board of Trustees has approved, and the Fund has adopted, a distribution plan (the Plan) which sets the distribution fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor for selling shares of the Fund. The Fund pays a monthly distribution fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class 2 shares of the Fund. The Fund pays no distribution and service fees for Class 1 shares.

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

---

| | | |
|:---|:---|:---|
|  | **May 1, 2022<br> through<br> April 30, 2023** | **Prior to<br> May 1, 2022** |
| &nbsp;&nbsp;Class 1 | 0.79% | 0.80% |
| &nbsp;&nbsp;Class 2 | 1.04 | 1.05 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), 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. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $16,188,613,376 and $16,310,336,874, respectively, for the year ended December 31, 2022, of which $15,203,298,311 and $14,989,446,579, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. 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. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

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Notes to Financial Statements (continued)

December 31, 2022

Note 6. Interfund lending

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

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

The Fund did not borrow or lend money under the Interfund Program during the year ended December 31, 2022.

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 27, 2022 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 $950 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 in each case, 1.00%. 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 27, 2022 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 $950 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 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 8. Significant risks

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

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

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Notes to Financial Statements (continued)

December 31, 2022

such as terrorism, war, 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.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity 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 which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as 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

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Notes to Financial Statements (continued)

December 31, 2022

(10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

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

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Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Insurance Trust and Shareholders of Variable Portfolio – Managed Volatility Growth Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Variable Portfolio – Managed Volatility Growth Fund (one of the funds constituting Columbia Funds Variable Insurance Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (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, 2022, 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, 2022 and the financial highlights for each of the periods indicated therein 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, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

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

Variable Portfolio – Managed Volatility Growth Fund \| Annual Report 2022 35

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## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

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## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

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\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

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## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

40 Variable Portfolio – Managed Volatility Growth Fund \| Annual Report 2022

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## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

Variable Portfolio – Managed Volatility Growth Fund \| Annual Report 2022 41

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#### Variable Portfolio – Managed Volatility Growth Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](imgfc53e15d2.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 and/or summary 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 (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© 2023 Columbia Management Investment Advisers, LLC.

ANN7047_12_B01_(02/23)

------

![](imgf55254ac1.jpg)

Annual Report

December 31, 2022

![](imgd6dc7a172.jpg)

Variable Portfolio – Managed Volatility Conservative Fund

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.

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

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_8553f488-7b2e-4fd4-80c5-a7b0026765fd_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_8553f488-7b2e-4fd4-80c5-a7b0026765fd_4)<br>| 6 |
| [Understanding Your Fund's Expenses](#xx_d0418569-d61b-4de5-af7d-afa9598df00a_1)<br>| 8 |
| [Portfolio of Investments](#xx_fbd17d02-062b-48e4-879e-d1619e933734_1)<br>| 9 |
| [Statement of Assets and Liabilities](#xx_bc53a72d-875f-46c4-b3e5-858a7c59fd2d_1)<br>| 15 |
| [Statement of Operations](#xx_bc53a72d-875f-46c4-b3e5-858a7c59fd2d_2)<br>| 16 |
| [Statement of Changes in Net Assets](#xx_bc53a72d-875f-46c4-b3e5-858a7c59fd2d_3)<br>| 17 |
| [Financial Highlights](#xx_22b098c3-b8b4-4ab5-8021-c3ce4c8c1a8c_1)<br>| 18 |
| [Notes to Financial Statements](#xx_6e7e8014-1a2e-4c91-bdf1-deb487152b90_1)<br>| 20 |
| [Report of Independent Registered Public Accounting Firm](#xx_8567cee0-dd1d-4189-8199-f04c744a4370_1)<br>| 33 |
| [Trustees and Officers](#xx_1a5649cd-e410-4d09-8dbe-c42050750e37_1)<br>| 34 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Variable Portfolio – Managed Volatility Conservative Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Variable Portfolio – Managed Volatility Conservative Fund \| Annual Report 2022

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Fund at a Glance

(Unaudited)

Investment objective

The Fund pursues total return while seeking to manage the Fund's exposure to equity market volatility.

Portfolio management

#### Brian Virginia
Lead Portfolio Manager

Managed Fund since 2014

#### Anwiti Bahuguna, Ph.D.
Portfolio Manager

Managed Fund since 2015

#### David Weiss, CFA
Portfolio Manager

Managed Fund since 2016

#### Joshua Kutin, CFA
Portfolio Manager

Managed Fund since 2018

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**Life** |
| &nbsp;&nbsp;Class 1\* | &nbsp;&nbsp;&nbsp;&nbsp;02/20/19 | &nbsp;&nbsp;&nbsp;&nbsp;-15.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;04/12/13 | &nbsp;&nbsp;&nbsp;&nbsp;-15.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 |
| &nbsp;&nbsp;Blended Benchmark |  | &nbsp;&nbsp;&nbsp;&nbsp;-13.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;2.74 |
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-13.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

\* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share class, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/variable-products/appended-performance for more information.

The Blended Benchmark consists of 80% Bloomberg U.S. Aggregate Bond Index, 14% Russell 3000 Index and 6% MSCI EAFE Index (Net).

The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.

The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

The MSCI EAFE Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The index is compiled from a composite of securities markets of Europe, Australasia and the Far East and is widely recognized by investors in foreign markets as the measurement index for portfolios of non-North American securities.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Index (Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

Variable Portfolio – Managed Volatility Conservative Fund \| Annual Report 2022 3

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Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (April 12, 2013 — December 31, 2022)
![](imge43857b53.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Variable Portfolio – Managed Volatility Conservative Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

4 Variable Portfolio – Managed Volatility Conservative Fund \| Annual Report 2022

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Fund at a Glance (continued)

(Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio Allocation (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio Allocation (%) (at December 31, 2022)** |
| &nbsp;&nbsp;**Allocations to Underlying Funds** | &nbsp;&nbsp;**Allocations to Underlying Funds** |
| &nbsp;&nbsp;**Equity Funds** | &nbsp;&nbsp;&nbsp;**16.6** |
| &nbsp;&nbsp;&nbsp;&nbsp;International | &nbsp;&nbsp;&nbsp;&nbsp;4.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Large Cap | &nbsp;&nbsp;&nbsp;&nbsp;9.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Mid Cap | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Small Cap | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| &nbsp;&nbsp;**Exchange-Traded Equity Funds** | &nbsp;&nbsp;&nbsp;&nbsp;**3.1** |
| &nbsp;&nbsp;&nbsp;&nbsp;International Mid Large Cap | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Large Cap | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds** | &nbsp;&nbsp;&nbsp;&nbsp;**4.3** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Grade | &nbsp;&nbsp;&nbsp;&nbsp;4.3 |
| &nbsp;&nbsp;**Fixed Income Funds** | &nbsp;&nbsp;&nbsp;**49.7** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Grade | &nbsp;&nbsp;&nbsp;49.7 |
| &nbsp;&nbsp;**Allocations to Tactical Assets** | &nbsp;&nbsp;**Allocations to Tactical Assets** |
| &nbsp;&nbsp;**Money Market Funds<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**17.2** |
| &nbsp;&nbsp;**Options Purchased Puts** | &nbsp;&nbsp;&nbsp;&nbsp;**0.3** |
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency** | &nbsp;&nbsp;&nbsp;&nbsp;**8.8** |
| &nbsp;&nbsp;**Total** | **100.0** |

---

(a) Includes investments in Money Market Funds which have been segregated to cover obligations relating to the Fund's investment in derivatives as part of its principal investment strategies. For a
description of the Fund's investments in derivatives, see Investments in derivatives following the Portfolio of Investments and the derivative instruments discussion in Note 2 to the Notes to Financial
Statements.

Percentages indicated are based upon total investments including options purchased and excluding all other investments in derivatives, if any. The Fund's portfolio composition is subject to change.

Variable Portfolio – Managed Volatility Conservative Fund \| Annual Report 2022 5

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Manager Discussion of Fund Performance

(Unaudited)

For the 12-month period that ended December 31, 2022, Class 2 shares of Variable Portfolio – Managed Volatility Conservative Fund returned -15.99%. For the same time period, the Fund's Blended Benchmark returned -13.78% and the broad U.S. fixed-income market, as measured by Bloomberg U.S. Aggregate Bond Index, returned -13.01%.

Market overview

Global equities gave back some of the gains from 2020 and 2021 in calendar year 2022. The S&P 500 Index was down 18.11%, its worst calendar year return since 2008 when it fell 37.00%. The Russell 3000 Index, a broad-based domestic equity benchmark that includes exposure to small and large capitalization companies, ended the full 12-month period down 19.21%.

The "everything bubble" that corresponded with inflated markets and asset prices hit a crescendo in 2021, and it was built on 0% interest rates and quantitative easing by the the U.S. Federal Reserve (Fed). With investors confronted in 2022 with near 5% short-term interest rates and quantitative tightening by the Fed, the pressure on large parts of the market was palpable. Markets slowed in 2022, and multi-asset investors experienced the formidable challenge of stocks and bonds falling in unison. During most cyclical bear markets, risk-off assets, such as U.S. Treasury bonds, usually offer some safety, or at least relative strength. However, that was largely not the case during the 12 months that ended December 31, 2022. The Bloomberg U.S. Long Treasury Index shed 29.26% during the annual period and the Bloomberg U.S. Aggregate Bond Index was down 13.01% for the 12-month period.

Commodity markets served as one of the only positive areas within global capital markets during the year. A broad-based index covering the commodity markets, the S&P GSCI, rose by 25.99% over the 12-month period.

The dynamic algorithm, a quantitative tool used by the portfolio managers to help direct equity exposure, steered the managers to start the 12-month period with a slight overweight directed at equity exposures within the Fund. However, as equity volatility rose during the early parts of the annual period, the algorithm began to shift to recommend an underweight allocation to equity exposure versus static benchmark equity weights. This underweight positioning was applied to the Fund during a significant majority of the annual period, as levels of equity volatility remained elevated throughout the 12-month period.

The Fund's notable detractors during the period

The managers tactically adjusted actual equity exposure to maintain levels of equity exposure, on average, slightly greater than what the dynamic algorithm called for throughout the 12-month period. This tactical discretion detracted from relative performance during the period.

Overall, underlying fixed-income fund manager performance results detracted from relative performance during the period as rising interest rates challenged bond managers' positioning. Core-oriented fixed-income managers struggled the most during the 12-month period.

The Fund's notable contributors during the period

Underlying U.S. equity fund managers that utilized a valuation-sensitive investment approach, or value discipline, contributed favorably to relative performance during the period.

Derivatives usage

Derivative securities were used to execute asset allocation changes based on the Fund's dynamic algorithm. Protective put options and hedging strategies, which are used to help shield investors from outsized losses during periods of steep equity market declines, detracted from relative returns as time-value decay (the reduction in value of an options contract as it reaches its expiration date) and hedging instruments experienced headwinds over the course of the 12-month period.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The Fund's investment in underlying funds subject them to the investment performance (positive or negative), risks and expenses of these underlying funds. There are risks associated with fixed-income investments, including credit risk, interest rate risk, and prepayment and extension risk. In general, bond prices rise when interest rates fall and vice versa. This effect is usually more pronounced for longer-term securities. Growth securities, at times, may not perform as well as value securities or the stock market in general***

6 Variable Portfolio – Managed Volatility Conservative Fund \| Annual Report 2022

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Manager Discussion of Fund Performance (continued)

(Unaudited)

*and may be out of favor with investors. **Foreign** investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. **Quantitative** models used by the Fund may not be effective in selecting the most favorable securities for inclusion and may cause the Fund to underperform other investment strategies. Investing in **derivatives** is a specialized activity that involves special risks that subject the Fund to significant loss potential, including when used as leverage, and may result in greater fluctuation in Fund value. **Asset allocation** does not assure a profit or protect against loss. See the Fund's prospectus for more information on these and other risks.*

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

Variable Portfolio – Managed Volatility Conservative Fund \| Annual Report 2022 7

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Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

In addition to the ongoing expenses which the Fund bears directly, the Fund's shareholders indirectly bear the Fund's allocable share of the costs and expenses of each underlying fund in which the Fund invests. You can also estimate the effective expenses paid during the period, which includes the indirect fees associated with investing in the underlying funds, by using the amounts listed in the "Effective expenses paid during the period" column.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Effective expenses<br> paid during the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Effective expenses<br> paid during the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's effective<br> annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;973.10 | &nbsp;&nbsp;&nbsp;&nbsp;1023.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;3.51 | &nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;971.20 | &nbsp;&nbsp;&nbsp;&nbsp;1022.31 | &nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Effective expenses paid during the period and the Fund's effective annualized expense ratio include expenses borne directly to the class plus the Fund's pro rata portion of the ongoing expenses charged by the underlying funds using the expense ratio of each class of the underlying funds as of the underlying fund's most recent shareholder report.

8 Variable Portfolio – Managed Volatility Conservative Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_49400_299983de-160b-4d45-8c62-6756635f3043_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Equity Funds 18.1%** | &nbsp;&nbsp;**Equity Funds 18.1%** | &nbsp;&nbsp;**Equity Funds 18.1%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**International 5.1%** | &nbsp;&nbsp;**International 5.1%** | &nbsp;&nbsp;**International 5.1%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;1729680 | &nbsp;&nbsp;20358331 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;399177 | &nbsp;&nbsp;&nbsp;&nbsp;3512756 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;348417 | &nbsp;&nbsp;&nbsp;&nbsp;3505079 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;404024 | &nbsp;&nbsp;&nbsp;&nbsp;3539253 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**30915419** |
| &nbsp;&nbsp;**U.S. Large Cap 10.1%** | &nbsp;&nbsp;**U.S. Large Cap 10.1%** | &nbsp;&nbsp;**U.S. Large Cap 10.1%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;178715 | &nbsp;&nbsp;&nbsp;&nbsp;5915448 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200534 | &nbsp;&nbsp;14446491 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;209160 | &nbsp;&nbsp;&nbsp;&nbsp;5446525 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;1063623 | &nbsp;&nbsp;15752251 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;149739 | &nbsp;&nbsp;&nbsp;&nbsp;5499908 |
| &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74240 | &nbsp;&nbsp;&nbsp;&nbsp;2640698 |
| &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66713 | &nbsp;&nbsp;&nbsp;&nbsp;2358978 |
| &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62200 | &nbsp;&nbsp;&nbsp;&nbsp;2630456 |
| &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82456 | &nbsp;&nbsp;&nbsp;&nbsp;2640241 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;124634 | &nbsp;&nbsp;&nbsp;&nbsp;3722826 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**61053822** |
| &nbsp;&nbsp;**U.S. Mid Cap 0.4%** | &nbsp;&nbsp;**U.S. Mid Cap 0.4%** | &nbsp;&nbsp;**U.S. Mid Cap 0.4%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30167 | &nbsp;&nbsp;&nbsp;&nbsp;1093571 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32939 | &nbsp;&nbsp;&nbsp;&nbsp;1100151 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**2193722** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Equity Funds (continued)** | &nbsp;&nbsp;**Equity Funds (continued)** | &nbsp;&nbsp;**Equity Funds (continued)** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**U.S. Small Cap 2.5%** | &nbsp;&nbsp;**U.S. Small Cap 2.5%** | &nbsp;&nbsp;**U.S. Small Cap 2.5%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95762 | &nbsp;&nbsp;&nbsp;&nbsp;1101266 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;101139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930475 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;242450 | &nbsp;&nbsp;&nbsp;&nbsp;6567972 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;201406 | &nbsp;&nbsp;&nbsp;&nbsp;6583967 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**15183680** |
| &nbsp;&nbsp;Total Equity Funds<br> (Cost $81,316,890) | &nbsp;&nbsp;Total Equity Funds<br> (Cost $81,316,890) | &nbsp;&nbsp;**109346643** |
| &nbsp;&nbsp;**Exchange-Traded Equity Funds 3.4%** | &nbsp;&nbsp;**Exchange-Traded Equity Funds 3.4%** | &nbsp;&nbsp;**Exchange-Traded Equity Funds 3.4%** |
| &nbsp;&nbsp;**International Mid Large Cap 1.5%** | &nbsp;&nbsp;**International Mid Large Cap 1.5%** | &nbsp;&nbsp;**International Mid Large Cap 1.5%** |
| &nbsp;&nbsp;iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;137532 | &nbsp;&nbsp;&nbsp;&nbsp;9027600 |
| &nbsp;&nbsp;**U.S. Large Cap 1.9%** | &nbsp;&nbsp;**U.S. Large Cap 1.9%** | &nbsp;&nbsp;**U.S. Large Cap 1.9%** |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30425 | &nbsp;&nbsp;&nbsp;&nbsp;11635433 |
| &nbsp;&nbsp;Total Exchange-Traded Equity Funds<br> (Cost $14,021,765) | &nbsp;&nbsp;Total Exchange-Traded Equity Funds<br> (Cost $14,021,765) | &nbsp;&nbsp;&nbsp;&nbsp;**20663033** |
| &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds 4.7%** | &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds 4.7%** | &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds 4.7%** |
| &nbsp;&nbsp;**Investment Grade 4.7%** | &nbsp;&nbsp;**Investment Grade 4.7%** | &nbsp;&nbsp;**Investment Grade 4.7%** |
| &nbsp;&nbsp;iShares iBoxx $ Investment Grade Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;157850 | &nbsp;&nbsp;&nbsp;&nbsp;16642126 |
| &nbsp;&nbsp;Vanguard Intermediate-Term Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;151000 | &nbsp;&nbsp;&nbsp;&nbsp;11704010 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**28346136** |
| &nbsp;&nbsp;Total Exchange-Traded Fixed Income Funds<br> (Cost $32,313,635) | &nbsp;&nbsp;Total Exchange-Traded Fixed Income Funds<br> (Cost $32,313,635) | &nbsp;&nbsp;&nbsp;&nbsp;**28346136** |
| &nbsp;&nbsp;**Fixed Income Funds 54.2%** | &nbsp;&nbsp;**Fixed Income Funds 54.2%** | &nbsp;&nbsp;**Fixed Income Funds 54.2%** |
| &nbsp;&nbsp;**Investment Grade 54.2%** | &nbsp;&nbsp;**Investment Grade 54.2%** | &nbsp;&nbsp;**Investment Grade 54.2%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;7104229 | &nbsp;&nbsp;&nbsp;&nbsp;58751972 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;2446679 | &nbsp;&nbsp;&nbsp;&nbsp;22436050 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;4649186 | &nbsp;&nbsp;&nbsp;&nbsp;35519784 |
| &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;2574447 | &nbsp;&nbsp;&nbsp;&nbsp;22371948 |
| &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;6768793 | &nbsp;&nbsp;&nbsp;&nbsp;60851444 |
| &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;6452372 | &nbsp;&nbsp;&nbsp;&nbsp;58781109 |

---

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

Variable Portfolio – Managed Volatility Conservative Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_49400_299983de-160b-4d45-8c62-6756635f3043_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fixed Income Funds (continued)** | &nbsp;&nbsp;**Fixed Income Funds (continued)** | &nbsp;&nbsp;**Fixed Income Funds (continued)** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;7409482 | &nbsp;&nbsp;&nbsp;&nbsp;69723227 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**328435534** |
| &nbsp;&nbsp;Total Fixed Income Funds<br> (Cost $388,232,230) | &nbsp;&nbsp;Total Fixed Income Funds<br> (Cost $388,232,230) | &nbsp;&nbsp;**328435534** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 9.6%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 9.6%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 9.6%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 9.6%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(c)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(c)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(c)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(c)</sup> |
| &nbsp;&nbsp;01/17/2038-<br> 01/12/2053 | &nbsp;&nbsp;3.000% | 27400000 | &nbsp;&nbsp;24424551 |
| &nbsp;&nbsp;01/17/2038-<br> 01/12/2053 | &nbsp;&nbsp;3.500% | 14000000 | &nbsp;&nbsp;12933513 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;4.000% | 11777000 | &nbsp;&nbsp;11042821 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;4.500% | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;9622563 |
| &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $58,919,011) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $58,919,011) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $58,919,011) | &nbsp;&nbsp;**58023448** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Options Purchased Puts 0.3%** | &nbsp;&nbsp;**Options Purchased Puts 0.3%** |
|  | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;(Cost $1,987,526) | &nbsp;&nbsp;**1932090** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 18.7%** | &nbsp;&nbsp;**Money Market Funds 18.7%** | &nbsp;&nbsp;**Money Market Funds 18.7%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(a),(d)</sup> | &nbsp;&nbsp;113513035 | &nbsp;&nbsp;113478981 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $113,468,188) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $113,468,188) | &nbsp;&nbsp;**113478981** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $690,259,245)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $690,259,245)** | &nbsp;&nbsp;**660225865** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;**(54690157)** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**605535708** |

---

At December 31, 2022, securities and/or cash totaling $4,268,681 were pledged as collateral.

#### Investments in derivatives

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** |
| &nbsp;&nbsp;**Currency to<br> be sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency to<br> be purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | **Settlement<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;2,000,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,471,625 USD | &nbsp;&nbsp;&nbsp;&nbsp;Barclays | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5698) |
| &nbsp;&nbsp;&nbsp;&nbsp;3,150,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,328,211 USD | &nbsp;&nbsp;&nbsp;&nbsp;Barclays | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51077) |
| &nbsp;&nbsp;&nbsp;&nbsp;1,468,321 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,000,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp;Barclays | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535,123 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp;Barclays | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;4,087,500 CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,382,156 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54076) |
| &nbsp;&nbsp;725,000,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,351,798 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(195562) |
| &nbsp;&nbsp;&nbsp;&nbsp;1,090,655 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,000,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5339) |
| &nbsp;&nbsp;&nbsp;&nbsp;3,783,937 USD | &nbsp;&nbsp;&nbsp;&nbsp;500,000,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;41829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;3,172,425 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,000,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs International | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;2,434,757 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,000,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs International | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34509) |
| &nbsp;&nbsp;&nbsp;&nbsp;1,000,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673,505 USD | &nbsp;&nbsp;&nbsp;&nbsp;UBS | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8245) |
| &nbsp;&nbsp;&nbsp;&nbsp;1,100,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,349,364 USD | &nbsp;&nbsp;&nbsp;&nbsp;UBS | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;18375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344,075 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp;UBS | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3200) |
| &nbsp;&nbsp;Total |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;74053 | &nbsp;&nbsp;&nbsp;&nbsp;(357706) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;S&P 500 Index E-mini | 40 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7722000 | &nbsp;&nbsp;&nbsp;&nbsp;46901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury 10-Year Note | 191 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;21448703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(103562) |
| &nbsp;&nbsp;U.S. Treasury 2-Year Note | 109 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;22353516 | &nbsp;&nbsp;&nbsp;&nbsp;31313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury 5-Year Note | 260 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;28061719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6456) |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;78214 | &nbsp;&nbsp;&nbsp;&nbsp;(110018) |

---

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

10 Variable Portfolio – Managed Volatility Conservative Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_49400_299983de-160b-4d45-8c62-6756635f3043_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;Euro STOXX 50 Index | (116) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4390600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;FTSE 100 Index | (13) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(970580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;FTSE 100 Index | (3) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(223980) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(779) |
| &nbsp;&nbsp;MSCI Singapore Index | (6) | &nbsp;&nbsp;&nbsp;&nbsp;01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174330) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(928) |
| &nbsp;&nbsp;OMXS30 Index | (107) | &nbsp;&nbsp;&nbsp;&nbsp;01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21849400) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Russell 2000 Index E-mini | (92) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8146140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;S&P 500 Index E-mini | (76) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14671800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;SPI 200 Index | (9) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1573200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;TOPIX Index | (18) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;(340470000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1136160 | &nbsp;&nbsp;&nbsp;&nbsp;(1707) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** |
| &nbsp;&nbsp;**Description** | **Counterparty** | &nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;**Number of<br> contracts** | &nbsp;&nbsp;**Exercise<br> price/Rate** | &nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;**Cost ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;S&P 500 Index | JPMorgan | &nbsp;&nbsp;USD | &nbsp;&nbsp;18045650 | &nbsp;&nbsp;47 | &nbsp;&nbsp;3200.00 | &nbsp;&nbsp;06/21/2024 | &nbsp;&nbsp;&nbsp;&nbsp;850467 | &nbsp;&nbsp;&nbsp;&nbsp;732260 |
| &nbsp;&nbsp;S&P 500 Index | JPMorgan | &nbsp;&nbsp;USD | &nbsp;&nbsp;16125900 | &nbsp;&nbsp;42 | &nbsp;&nbsp;3300.00 | &nbsp;&nbsp;12/20/2024 | &nbsp;&nbsp;&nbsp;&nbsp;823538 | &nbsp;&nbsp;&nbsp;&nbsp;896070 |
| &nbsp;&nbsp;S&P 500 Index | JPMorgan | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;6143200 | &nbsp;&nbsp;16 | &nbsp;&nbsp;3200.00 | &nbsp;&nbsp;12/20/2024 | &nbsp;&nbsp;&nbsp;&nbsp;313521 | &nbsp;&nbsp;&nbsp;&nbsp;303760 |
| &nbsp;&nbsp;Total |  |  |  |  |  |  | &nbsp;&nbsp;1987526 | &nbsp;&nbsp;1932090 |

---

#### Notes to Portfolio of Investments
(a) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is
under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Capital gain<br> distributions($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends —<br> affiliated<br> issuers ($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 127701574 | &nbsp;&nbsp;105410295 | &nbsp;&nbsp;(119649933) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17045 | &nbsp;&nbsp;113478981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32036) | &nbsp;&nbsp;&nbsp;&nbsp;2009296 | &nbsp;&nbsp;113513035 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;7382751 | &nbsp;&nbsp;&nbsp;&nbsp;1498547 | &nbsp;&nbsp;&nbsp;&nbsp;(1434495) | &nbsp;&nbsp;&nbsp;&nbsp;(1531355) | &nbsp;&nbsp;&nbsp;&nbsp;5915448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;289058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178715 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;18089688 | &nbsp;&nbsp;&nbsp;&nbsp;3782930 | &nbsp;&nbsp;&nbsp;&nbsp;(3668902) | &nbsp;&nbsp;&nbsp;&nbsp;(3757225) | &nbsp;&nbsp;&nbsp;&nbsp;14446491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;666801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200534 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;70841347 | &nbsp;&nbsp;&nbsp;&nbsp;5577283 | &nbsp;&nbsp;&nbsp;&nbsp;(4193263) | &nbsp;&nbsp;(13473395) | &nbsp;&nbsp;&nbsp;&nbsp;58751972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41261 | &nbsp;&nbsp;&nbsp;&nbsp;(396335) | &nbsp;&nbsp;&nbsp;&nbsp;1998633 | &nbsp;&nbsp;&nbsp;&nbsp;7104229 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6807672 | &nbsp;&nbsp;&nbsp;&nbsp;2085913 | &nbsp;&nbsp;&nbsp;&nbsp;(1286062) | &nbsp;&nbsp;&nbsp;&nbsp;(2160998) | &nbsp;&nbsp;&nbsp;&nbsp;5446525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209160 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;27258427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972154 | &nbsp;&nbsp;&nbsp;&nbsp;(4248199) | &nbsp;&nbsp;&nbsp;&nbsp;(1546332) | &nbsp;&nbsp;&nbsp;&nbsp;22436050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(240239) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183523 | &nbsp;&nbsp;&nbsp;&nbsp;2446679 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;43499493 | &nbsp;&nbsp;&nbsp;&nbsp;9100112 | &nbsp;&nbsp;&nbsp;&nbsp;(3673207) | &nbsp;&nbsp;(13406614) | &nbsp;&nbsp;&nbsp;&nbsp;35519784 | &nbsp;&nbsp;1153785 | &nbsp;&nbsp;(1071595) | &nbsp;&nbsp;&nbsp;&nbsp;1053099 | &nbsp;&nbsp;&nbsp;&nbsp;4649186 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;25074560 | &nbsp;&nbsp;&nbsp;&nbsp;7193542 | &nbsp;&nbsp;&nbsp;&nbsp;(8039029) | &nbsp;&nbsp;&nbsp;&nbsp;(3870742) | &nbsp;&nbsp;&nbsp;&nbsp;20358331 | &nbsp;&nbsp;1644190 | &nbsp;&nbsp;(1208985) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177708 | &nbsp;&nbsp;&nbsp;&nbsp;1729680 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;19697458 | &nbsp;&nbsp;&nbsp;&nbsp;3915371 | &nbsp;&nbsp;&nbsp;&nbsp;(4008150) | &nbsp;&nbsp;&nbsp;&nbsp;(3852428) | &nbsp;&nbsp;&nbsp;&nbsp;15752251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;301536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1063623 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6840751 | &nbsp;&nbsp;&nbsp;&nbsp;1068947 | &nbsp;&nbsp;&nbsp;&nbsp;(2039857) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(369933) | &nbsp;&nbsp;&nbsp;&nbsp;5499908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;337424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149739 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1312885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(395406) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(386280) | &nbsp;&nbsp;&nbsp;&nbsp;1093571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3240) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30167 |

---

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

Variable Portfolio – Managed Volatility Conservative Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_49400_299983de-160b-4d45-8c62-6756635f3043_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Notes to Portfolio of Investments (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Capital gain<br> distributions($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends —<br> affiliated<br> issuers ($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1373084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(350593) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(206520) | &nbsp;&nbsp;&nbsp;&nbsp;1100151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;104528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32939 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1342547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(390532) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(588215) | &nbsp;&nbsp;&nbsp;&nbsp;1101266 | &nbsp;&nbsp;&nbsp;&nbsp;463408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95762 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1448565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(928461) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930475 | &nbsp;&nbsp;&nbsp;&nbsp;410372 | &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;101139 |
| &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;27211166 | &nbsp;&nbsp;&nbsp;&nbsp;1740168 | &nbsp;&nbsp;&nbsp;&nbsp;(2664503) | &nbsp;&nbsp;&nbsp;&nbsp;(3914883) | &nbsp;&nbsp;&nbsp;&nbsp;22371948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(262275) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502405 | &nbsp;&nbsp;&nbsp;&nbsp;2574447 |
| &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;10891147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90924 | &nbsp;&nbsp;&nbsp;&nbsp;(11365513) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52837 | &nbsp;&nbsp;&nbsp;&nbsp;(809126) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;73613000 | &nbsp;&nbsp;&nbsp;&nbsp;6463871 | &nbsp;&nbsp;&nbsp;&nbsp;(5038353) | &nbsp;&nbsp;(14187074) | &nbsp;&nbsp;&nbsp;&nbsp;60851444 | &nbsp;&nbsp;1686711 | &nbsp;&nbsp;&nbsp;&nbsp;(471934) | &nbsp;&nbsp;&nbsp;&nbsp;2012003 | &nbsp;&nbsp;&nbsp;&nbsp;6768793 |
| &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3290742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(706070) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(416447) | &nbsp;&nbsp;&nbsp;&nbsp;2640698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;244701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74240 |
| &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2933080 | &nbsp;&nbsp;&nbsp;&nbsp;1081587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(370502) | &nbsp;&nbsp;&nbsp;&nbsp;(1285187) | &nbsp;&nbsp;&nbsp;&nbsp;2358978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48753) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66713 |
| &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3249110 | &nbsp;&nbsp;&nbsp;&nbsp;1024079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(744518) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(898215) | &nbsp;&nbsp;&nbsp;&nbsp;2630456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62200 |
| &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3284787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(743003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(396546) | &nbsp;&nbsp;&nbsp;&nbsp;2640241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;283097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82456 |
| &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;70860144 | &nbsp;&nbsp;&nbsp;&nbsp;3155988 | &nbsp;&nbsp;&nbsp;&nbsp;(5297020) | &nbsp;&nbsp;&nbsp;&nbsp;(9938003) | &nbsp;&nbsp;&nbsp;&nbsp;58781109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(530420) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717296 | &nbsp;&nbsp;&nbsp;&nbsp;6452372 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;84461385 | &nbsp;&nbsp;&nbsp;&nbsp;4170391 | &nbsp;&nbsp;&nbsp;&nbsp;(6990242) | &nbsp;&nbsp;(11918307) | &nbsp;&nbsp;&nbsp;&nbsp;69723227 | &nbsp;&nbsp;&nbsp;&nbsp;538635 | &nbsp;&nbsp;&nbsp;&nbsp;(735194) | &nbsp;&nbsp;&nbsp;&nbsp;1232086 | &nbsp;&nbsp;&nbsp;&nbsp;7409482 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4648668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(888058) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(906507) | &nbsp;&nbsp;&nbsp;&nbsp;3722826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;169284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124634 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4365620 | &nbsp;&nbsp;&nbsp;&nbsp;1813462 | &nbsp;&nbsp;&nbsp;&nbsp;(1216403) | &nbsp;&nbsp;&nbsp;&nbsp;(1449923) | &nbsp;&nbsp;&nbsp;&nbsp;3512756 | &nbsp;&nbsp;&nbsp;&nbsp;654474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59355) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399177 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4358562 | &nbsp;&nbsp;&nbsp;&nbsp;1587475 | &nbsp;&nbsp;&nbsp;&nbsp;(1142088) | &nbsp;&nbsp;&nbsp;&nbsp;(1298870) | &nbsp;&nbsp;&nbsp;&nbsp;3505079 | &nbsp;&nbsp;&nbsp;&nbsp;229389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56068) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348417 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4371651 | &nbsp;&nbsp;&nbsp;&nbsp;1144902 | &nbsp;&nbsp;&nbsp;&nbsp;(1475388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(501912) | &nbsp;&nbsp;&nbsp;&nbsp;3539253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404024 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;7844897 | &nbsp;&nbsp;&nbsp;&nbsp;2888060 | &nbsp;&nbsp;&nbsp;&nbsp;(2199672) | &nbsp;&nbsp;&nbsp;&nbsp;(1965313) | &nbsp;&nbsp;&nbsp;&nbsp;6567972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(282879) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242450 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;8153352 | &nbsp;&nbsp;&nbsp;&nbsp;1700884 | &nbsp;&nbsp;&nbsp;&nbsp;(2244869) | &nbsp;&nbsp;&nbsp;&nbsp;(1025400) | &nbsp;&nbsp;&nbsp;&nbsp;6583967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;115026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201406 |
| &nbsp;&nbsp;Total | 672208113 |  |  | &nbsp;&nbsp;(95780598) | &nbsp;&nbsp;551261158 | &nbsp;&nbsp;6875062 | &nbsp;&nbsp;(3585519) | &nbsp;&nbsp;10089095 |  |

---

(b) Non-income producing investment.

(c) Represents a security purchased on a when-issued basis.

(d) The rate shown is the seven-day current annualized yield at December 31, 2022.

#### Abbreviation Legend
TBA To Be Announced

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

12 Variable Portfolio – Managed Volatility Conservative Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_49400_299983de-160b-4d45-8c62-6756635f3043_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Currency Legend

---

| | |
|:---|:---|
| AUD | &nbsp;&nbsp;Australian Dollar |
| CAD | &nbsp;&nbsp;Canada Dollar |
| CHF | &nbsp;&nbsp;Swiss Franc |
| EUR | &nbsp;&nbsp;Euro |
| GBP | &nbsp;&nbsp;British Pound |
| JPY | &nbsp;&nbsp;Japanese Yen |
| NZD | &nbsp;&nbsp;New Zealand Dollar |
| SEK | &nbsp;&nbsp;Swedish Krona |
| SGD | &nbsp;&nbsp;Singapore Dollar |
| USD | &nbsp;&nbsp;US Dollar |

---

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

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

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

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

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

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

Certain investments that have been measured at fair value using the net asset value (NAV) per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Variable Portfolios serve as investment vehicles for variable annuity contracts and variable life insurance policies. Principal investment strategies within these Variable Portfolios vary based on the Portfolios investment objective. Investments in the Variable Portfolios may be redeemed on a daily basis without restriction.

Investments falling into the Level 3 category 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, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Assets at NAV ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Funds | &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;&nbsp;&nbsp;109346643 | &nbsp;&nbsp;&nbsp;&nbsp;109346643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Equity Funds | &nbsp;&nbsp;&nbsp;20663033 | &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20663033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Fixed Income Funds | &nbsp;&nbsp;&nbsp;28346136 | &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28346136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Income Funds | &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;&nbsp;&nbsp;328435534 | &nbsp;&nbsp;&nbsp;&nbsp;328435534 |

---

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

Variable Portfolio – Managed Volatility Conservative Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_49400_299983de-160b-4d45-8c62-6756635f3043_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Fair value measurements (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Assets at NAV ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;58023448 | &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;58023448 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options Purchased Puts | &nbsp;&nbsp;&nbsp;&nbsp;1932090 | &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1932090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 113478981 | &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;113478981 |
| &nbsp;&nbsp;Total Investments in Securities | 164420240 | &nbsp;&nbsp;&nbsp;&nbsp;58023448 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;437782177 | &nbsp;&nbsp;&nbsp;&nbsp;660225865 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &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;74053 | &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;74053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;1214374 | &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(357706) | &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;(357706) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111725) | &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111725) |
| &nbsp;&nbsp;Total | 165522889 | &nbsp;&nbsp;&nbsp;&nbsp;57739795 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;437782177 | &nbsp;&nbsp;&nbsp;&nbsp;661044861 |

---

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.

Forward foreign currency exchange contracts and futures contracts are valued at unrealized appreciation (depreciation).

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

14 Variable Portfolio – Managed Volatility Conservative Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_49400_299983de-160b-4d45-8c62-6756635f3043_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $105,254,411) | $107032617 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $583,017,308) | &nbsp;&nbsp;&nbsp;551261158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased (cost $1,987,526) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1932090 |
| &nbsp;&nbsp;Cash collateral held at broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610000 |
| &nbsp;&nbsp;Margin deposits on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3658681 |
| &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74053 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;14225420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448705 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203154 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8749 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59243 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;680081786 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357706 |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;73234517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706839 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4162 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30091 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28297 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59243 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;74546078 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$605535708** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Trust capital | $605535708 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$605535708** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$422007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.93 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $605113701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;51183086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.82 |

---

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

Variable Portfolio – Managed Volatility Conservative Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_49400_299983de-160b-4d45-8c62-6756635f3043_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1229531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10089095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35809 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11354435 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1607906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385417 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22874 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30491 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13536 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3503436 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7850999 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9386939) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3585519) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from underlying affiliated funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6875062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(547669) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;(10810179) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(465050) |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;(17425562) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(11761218) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(95780598) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(283653) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505653 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138283 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(106181533) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(123607095) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(115756096)** |

---

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

16 Variable Portfolio – Managed Volatility Conservative Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_49400_299983de-160b-4d45-8c62-6756635f3043_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$7850999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6588506 |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(17425562) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46970183 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;(106181533) | &nbsp;&nbsp;&nbsp;&nbsp;(33297622) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;(115756096) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20261067 |
| &nbsp;&nbsp;Decrease in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(23485279) | &nbsp;&nbsp;&nbsp;(177684864) |
| &nbsp;&nbsp;Total decrease in net assets | &nbsp;&nbsp;(139241375) | &nbsp;&nbsp;&nbsp;(157423797) |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;744777083 | &nbsp;&nbsp;&nbsp;&nbsp;902200880 |
| &nbsp;&nbsp;**Net assets at end of year** | **$605535708** | &nbsp;&nbsp;**$744777083** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117705 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4883) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64059) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69818) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47887 |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;5599945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69257663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3316418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45971074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (7336956) | &nbsp;&nbsp;&nbsp;&nbsp;(92812242) | &nbsp;&nbsp;&nbsp;&nbsp;(16190063) | &nbsp;&nbsp;&nbsp;&nbsp;(223703825) |
| &nbsp;&nbsp;Net decrease | (1737011) | &nbsp;&nbsp;&nbsp;&nbsp;(23554579) | &nbsp;&nbsp;&nbsp;&nbsp;(12873645) | &nbsp;&nbsp;&nbsp;&nbsp;(177732751) |
| &nbsp;&nbsp;**Total net decrease** | **(1731387)** | &nbsp;&nbsp;&nbsp;&nbsp;**(23485279)** | &nbsp;&nbsp;&nbsp;&nbsp;**(12870291)** | &nbsp;&nbsp;&nbsp;&nbsp;**(177684864)** |

---

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

Variable Portfolio – Managed Volatility Conservative Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_49400_299983de-160b-4d45-8c62-6756635f3043_TOC)

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 portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $14.16 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;(2.43) | &nbsp;&nbsp;(2.23) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $13.76 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $12.70 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| &nbsp;&nbsp;Year Ended 12/31/2019<sup>(d)</sup> | $11.70 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $14.07 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;(2.40) | &nbsp;&nbsp;(2.25) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $13.71 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $12.68 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $11.33 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $11.63 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;(0.30) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interest on collateral expense which is less than 0.01%. |
| (d) | Class 1 shares commenced operations on February 20, 2019. Per share data and total return reflect activity from that date. |
| (e) | Annualized. |

---

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

18 Variable Portfolio – Managed Volatility Conservative Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_49400_299983de-160b-4d45-8c62-6756635f3043_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $11.93 | (15.75%) | 0.29%<sup>(c)</sup> | 0.29%<sup>(c)</sup> | 1.56% | 147% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$422 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $14.16 | &nbsp;&nbsp;&nbsp;2.91% | 0.29%<sup>(c)</sup> | 0.29%<sup>(c)</sup> | 1.18% | 195% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$421 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $13.76 | &nbsp;&nbsp;&nbsp;8.35% | 0.30% | 0.30% | 1.16% | 132% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$363 |
| &nbsp;&nbsp;Year Ended 12/31/2019<sup>(d)</sup> | $12.70 | &nbsp;&nbsp;&nbsp;8.55% | 0.31%<sup>(e)</sup> | 0.31%<sup>(e)</sup> | 1.57%<sup>(e)</sup> | 139% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$53 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $11.82 | (15.99%) | 0.54%<sup>(c)</sup> | 0.54%<sup>(c)</sup> | 1.22% | 147% | $605114 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $14.07 | &nbsp;&nbsp;&nbsp;2.63% | 0.54%<sup>(c)</sup> | 0.54%<sup>(c)</sup> | 0.81% | 195% | $744356 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $13.71 | &nbsp;&nbsp;&nbsp;8.12% | 0.55% | 0.55% | 1.15% | 132% | $901838 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $12.68 | 11.91% | 0.57% | 0.57% | 1.90% | 139% | $572701 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $11.33 | &nbsp;&nbsp;(2.58%) | 0.57% | 0.57% | 1.45% | 119% | $426294 |

---

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

Variable Portfolio – Managed Volatility Conservative Fund \| Annual Report 2022 19

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Notes to Financial Statements

December 31, 2022

Note 1. Organization

Variable Portfolio – Managed Volatility Conservative Fund (the Fund), a series of Columbia Funds Variable Insurance Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

The Fund is a "fund-of-funds", investing significantly in affiliated funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), its affiliates, or third-party advised (unaffiliated) funds, including exchange-traded funds (collectively, Underlying Funds). The Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds. For information on the investment strategies, operations and risks of the Underlying Funds, please refer to the Fund's current prospectus as well as the prospectuses and shareholder reports of the Underlying Funds, which are available from the Securities and Exchange Commission's website at www.sec.gov or on the Underlying Funds' website at www.columbiathreadneedleus.com/resources/literature.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated life insurance companies (Participating Insurance Companies) 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 buying a Contract.

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.

#### 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.

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Investments in the Underlying Funds (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

20 Variable Portfolio – Managed Volatility Conservative Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

Option contracts are valued at the mean of the latest quoted bid and ask prices on their primary exchanges. Option contracts, including over-the-counter option contracts, with no readily available market quotations are valued using mid-market evaluations from independent third-party vendors.

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.

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

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty

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Notes to Financial Statements (continued)

December 31, 2022

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

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

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

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

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

#### Forward foreign currency exchange contracts
Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund's securities and to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark. These instruments may be used for other purposes in future periods.

22 Variable Portfolio – Managed Volatility Conservative Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_49400_299983de-160b-4d45-8c62-6756635f3043_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without delivery of foreign currency.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund's portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.

#### Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to produce incremental earnings, to manage the duration and yield curve exposure of the Fund versus the benchmark, to manage exposure to movements in interest rates, to manage exposure to the securities market and to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

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

#### Options contracts
Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund purchased option contracts to produce incremental earnings, to decrease the Fund's exposure to equity market risk and to increase return on investments. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.

Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the written option are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund realizes a gain or loss when the option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.

For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to significant counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund

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Notes to Financial Statements (continued)

December 31, 2022

gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.

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

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;1,183,061\* |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Investments, at value — Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;1932090 |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74053 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31,313\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;3220517 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,707\* |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;357706 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;110,018\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;469431 |

---

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

24 Variable Portfolio – Managed Volatility Conservative Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_49400_299983de-160b-4d45-8c62-6756635f3043_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Forward<br> foreign<br> currency<br> exchange<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> purchased<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2701518) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(465050) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3166568) |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;&nbsp;&nbsp;494732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85688 | &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;580420 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8194349) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8194349) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;494732 | &nbsp;&nbsp;&nbsp;&nbsp;(10810179) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(465050) | &nbsp;&nbsp;&nbsp;&nbsp;(10780497) |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Forward<br> foreign<br> currency<br> exchange<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> purchased<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884329 | &nbsp;&nbsp;&nbsp;&nbsp;1138283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022612 |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;(283653) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(279102) |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(383227) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(383227) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;(283653) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505653 | &nbsp;&nbsp;&nbsp;&nbsp;1138283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360283 |

---

The following table is a summary of the average outstanding volume by derivative instrument for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)\*** |
| &nbsp;&nbsp;Futures contracts — long | 88309788 |
| &nbsp;&nbsp;Futures contracts — short | 29749847 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average<br> value ($)\*** |
| &nbsp;&nbsp;Options contracts — purchased | 2673885 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | &nbsp;&nbsp;**Average unrealized<br> appreciation ($)\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Average unrealized<br> depreciation ($)\*** |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;473970 | &nbsp;&nbsp;&nbsp;&nbsp;(312591) |

---

\* Based on the ending quarterly outstanding amounts for the year ended December 31, 2022.

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

#### Delayed delivery securities
The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a "when-issued" or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

Variable Portfolio – Managed Volatility Conservative Fund \| Annual Report 2022 25

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Notes to Financial Statements (continued)

December 31, 2022

#### To be announced securities
The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.

In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.

#### Mortgage dollar roll transactions
The Fund may enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. These transactions may increase the Fund's portfolio turnover rate. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique may diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

#### Offsetting of assets and liabilities
The following table presents the Fund's gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Barclays ($)** | &nbsp;&nbsp;**Citi ($)** | &nbsp;&nbsp;**Goldman<br> Sachs<br> International ($)** | &nbsp;&nbsp;**JPMorgan ($)** | &nbsp;&nbsp;**UBS ($)** | &nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;10274 | &nbsp;&nbsp;&nbsp;&nbsp;41829 | &nbsp;&nbsp;&nbsp;&nbsp;3575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;18375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74053 |
| &nbsp;&nbsp;Options purchased puts | &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;1932090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;1932090 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;10274 | &nbsp;&nbsp;&nbsp;&nbsp;41829 | &nbsp;&nbsp;&nbsp;&nbsp;3575 | &nbsp;&nbsp;1932090 | &nbsp;&nbsp;18375 | &nbsp;&nbsp;2006143 |
| &nbsp;&nbsp;**Liabilities** |  |  |  |  |  |  |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;56775 | &nbsp;&nbsp;&nbsp;&nbsp;254977 | &nbsp;&nbsp;&nbsp;&nbsp;34509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;11445 | &nbsp;&nbsp;&nbsp;&nbsp;357706 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;56775 | &nbsp;&nbsp;&nbsp;&nbsp;254977 | &nbsp;&nbsp;&nbsp;&nbsp;34509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;11445 | &nbsp;&nbsp;&nbsp;&nbsp;357706 |
| &nbsp;&nbsp;**Total financial and derivative net assets** | **(46501)** | &nbsp;&nbsp;**(213148)** | &nbsp;&nbsp;**(30934)** | &nbsp;&nbsp;**1932090** | &nbsp;&nbsp;&nbsp;&nbsp;**6930** | &nbsp;&nbsp;**1648437** |
| &nbsp;&nbsp;&nbsp;Total collateral received (pledged) <sup>(a)</sup> | &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;&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;**Net amount <sup>(b)</sup>** | **(46501)** | &nbsp;&nbsp;**(213148)** | &nbsp;&nbsp;**(30934)** | &nbsp;&nbsp;**1932090** | &nbsp;&nbsp;&nbsp;&nbsp;**6930** | &nbsp;&nbsp;**1648437** |

---

(a) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(b) Represents the net amount due from/(to) counterparties in the event of default.

#### 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.

26 Variable Portfolio – Managed Volatility Conservative Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

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

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

Corporate actions and dividend income are recorded on the ex-dividend date.

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.

Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.

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

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

#### Federal income tax status
The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The components of the Fund's net assets are reported at the partner-level for federal income tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

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.

Variable Portfolio – Managed Volatility Conservative Fund \| Annual Report 2022 27

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Notes to Financial Statements (continued)

December 31, 2022

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

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees and underlying fund fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is a blend of (i) 0.02% on assets invested in affiliated underlying funds (including exchange-traded funds and closed-end funds) that pay a management services fee (or investment advisory services fee, as applicable) to the Investment Manager and (ii) a fee that declines from 0.72% to 0.52%, depending on asset levels, on assets invested in securities (other than affiliated underlying funds (including exchange-traded funds and closed-end funds) that pay a management services fee (or investment advisory services fee, as applicable) to the Investment Manager) including other funds advised by the Investment Manager that do not pay a management services fee to the Investment Manager, third party funds, derivatives and individual securities. The effective management services fee rate for the year ended December 31, 2022 was 0.21% of the Fund's average daily net assets.

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the Underlying Funds in which the Fund invests. Because the Underlying Funds have varied expense and fee levels and the Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. These expenses are not reflected in the expenses shown in Statement of Operations and are not included in the ratios to average net assets shown in the Financial Highlights.

#### 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 "Compensation of board members" in the Statement of Operations.

28 Variable Portfolio – Managed Volatility Conservative Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

#### 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, 2022 was 0.06% of the Fund's average daily net assets.

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

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. The Board of Trustees has approved, and the Fund has adopted, a distribution plan (the Plan) which sets the distribution fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor for selling shares of the Fund. The Fund pays a monthly distribution fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class 2 shares of the Fund. The Fund pays no distribution and service fees for Class 1 shares.

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

---

| | | |
|:---|:---|:---|
|  | **March 1, 2022<br> through<br> April 30, 2023** | **Prior to<br> May 1, 2022** |
| &nbsp;&nbsp;Class 1 | 0.79% | 0.80% |
| &nbsp;&nbsp;Class 2 | 1.04 | 1.05 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), 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.

Variable Portfolio – Managed Volatility Conservative Fund \| Annual Report 2022 29

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Notes to Financial Statements (continued)

December 31, 2022

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $852,933,166 and $877,073,090, respectively, for the year ended December 31, 2022, of which $775,886,771 and $785,660,945, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. 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. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 6. Interfund lending

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

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

The Fund did not borrow or lend money under the Interfund Program during the year ended December 31, 2022.

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 27, 2022 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 $950 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 in each case, 1.00%. 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 27, 2022 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 $950 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 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

30 Variable Portfolio – Managed Volatility Conservative Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

Note 8. Significant risks

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

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

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

Variable Portfolio – Managed Volatility Conservative Fund \| Annual Report 2022 31

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Notes to Financial Statements (continued)

December 31, 2022

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity 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 which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

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

32 Variable Portfolio – Managed Volatility Conservative Fund \| Annual Report 2022

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Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Insurance Trust and Shareholders of Variable Portfolio – Managed Volatility Conservative Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Variable Portfolio – Managed Volatility Conservative Fund (one of the funds constituting Columbia Funds Variable Insurance Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (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, 2022, 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, 2022 and the financial highlights for each of the periods indicated therein 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, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

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

Variable Portfolio – Managed Volatility Conservative Fund \| Annual Report 2022 33

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## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

34 Variable Portfolio – Managed Volatility Conservative Fund \| Annual Report 2022

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## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

Variable Portfolio – Managed Volatility Conservative Fund \| Annual Report 2022 35

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

36 Variable Portfolio – Managed Volatility Conservative Fund \| Annual Report 2022

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

Variable Portfolio – Managed Volatility Conservative Fund \| Annual Report 2022 37

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## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

38 Variable Portfolio – Managed Volatility Conservative Fund \| Annual Report 2022

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## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

Variable Portfolio – Managed Volatility Conservative Fund \| Annual Report 2022 39

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#### Variable Portfolio – Managed Volatility Conservative Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](imgd6dc7a172.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 and/or summary 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 (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© 2023 Columbia Management Investment Advisers, LLC.

ANN7045_12_B01_(02/23)

------

![](imga6f0a2ca1.jpg)

Annual Report

December 31, 2022

![](img3802cdb02.jpg)

Variable Portfolio – U.S. Flexible Conservative Growth Fund

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.

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

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_776b60f5-3ce2-4fef-9a36-460a619c0231_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_776b60f5-3ce2-4fef-9a36-460a619c0231_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_b7ac8578-5000-42a4-8de5-6c1b5fb10269_1)<br>| 7 |
| [Portfolio of Investments](#xx_92c3d307-d2e2-4a13-976c-1c93c56183f6_1)<br>| 8 |
| [Statement of Assets and Liabilities](#xx_2cb9b1bb-d1a2-4683-9760-bb1da14f7547_1)<br>| 12 |
| [Statement of Operations](#xx_2cb9b1bb-d1a2-4683-9760-bb1da14f7547_2)<br>| 13 |
| [Statement of Changes in Net Assets](#xx_2cb9b1bb-d1a2-4683-9760-bb1da14f7547_3)<br>| 14 |
| [Financial Highlights](#xx_e2b3c5c2-16b1-431a-9aa0-6f2b8d455a15_2)<br>| 16 |
| [Notes to Financial Statements](#xx_dfac10b1-a734-4537-b775-4cda99e5a190_1)<br>| 18 |
| [Report of Independent Registered Public Accounting Firm](#xx_bb28ba88-7ca5-4aae-af6d-6d62a89c2408_1)<br>| 30 |
| [Trustees and Officers](#xx_00341876-ac31-450c-a915-3e74ce286900_1)<br>| 31 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Variable Portfolio – U.S. Flexible Conservative Growth Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Annual Report 2022

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Fund at a Glance

(Unaudited)

Investment objective

The Fund pursues total return while seeking to manage the Fund's exposure to equity market volatility.

Portfolio management

#### Brian Virginia
Lead Portfolio Manager

Managed Fund since 2016

#### Anwiti Bahuguna, Ph.D.
Portfolio Manager

Managed Fund since 2016

#### David Weiss, CFA
Portfolio Manager

Managed Fund since 2016

#### Joshua Kutin, CFA
Portfolio Manager

Managed Fund since 2018

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**Life** |
| &nbsp;&nbsp;Class 1\* | &nbsp;&nbsp;&nbsp;&nbsp;02/20/19 | &nbsp;&nbsp;&nbsp;&nbsp;-16.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;11/02/16 | &nbsp;&nbsp;&nbsp;&nbsp;-16.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92 |
| &nbsp;&nbsp;Blended Benchmark |  | &nbsp;&nbsp;&nbsp;&nbsp;-14.52 | &nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.61 |
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-13.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| &nbsp;&nbsp;S&P 500 Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-18.11 | &nbsp;&nbsp;&nbsp;&nbsp;9.42 | &nbsp;&nbsp;&nbsp;&nbsp;12.34 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

\* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share class, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/variable-products/appended-performance for more information.

The Blended Benchmark consists of 65% Bloomberg U.S. Aggregate Bond Index and 35% S&P 500 Index.

The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Annual Report 2022 3

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Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (November 2, 2016 — December 31, 2022)
![](img1bed11d23.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Variable Portfolio – U.S. Flexible Conservative Growth Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio Allocation (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio Allocation (%) (at December 31, 2022)** |
| &nbsp;&nbsp;**Allocations to Underlying Funds** | &nbsp;&nbsp;**Allocations to Underlying Funds** |
| &nbsp;&nbsp;**Equity Funds** | &nbsp;&nbsp;&nbsp;**29.5** |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Large Cap | &nbsp;&nbsp;&nbsp;29.5 |
| &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds** | &nbsp;&nbsp;&nbsp;&nbsp;**7.7** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Grade | &nbsp;&nbsp;&nbsp;&nbsp;7.7 |
| &nbsp;&nbsp;**Fixed Income Funds** | &nbsp;&nbsp;&nbsp;**36.4** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Grade | &nbsp;&nbsp;&nbsp;36.4 |
| &nbsp;&nbsp;**Allocations to Tactical Assets** | &nbsp;&nbsp;**Allocations to Tactical Assets** |
| &nbsp;&nbsp;**Money Market Funds<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**16.0** |
| &nbsp;&nbsp;**Options Purchased Puts** | &nbsp;&nbsp;&nbsp;&nbsp;**0.4** |
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency** | &nbsp;&nbsp;&nbsp;**10.0** |
| &nbsp;&nbsp;**Total** | **100.0** |

---

(a) Includes investments in Money Market Funds which have been segregated to cover obligations relating to the Fund's investment in derivatives as part of its principal investment strategies. For a
description of the Fund's investments in derivatives, see Investments in derivatives following the Portfolio of Investments and the derivative instruments discussion in Note 2 to the Notes to Financial
Statements.

Percentages indicated are based upon total investments including options purchased and excluding all other investments in derivatives, if any. The Fund's portfolio composition is subject to change.

4 Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_42000_4b0209b7-ba5f-481c-858a-b893846be306_TOC)

Manager Discussion of Fund Performance

(Unaudited)

For the 12-month period that ended December 31, 2022, Class 2 shares of Variable Portfolio – U.S. Flexible Conservative Growth Fund returned –16.74%. For the same time period, the Fund's Blended Benchmark returned -14.52%, the broad U.S. fixed-income market, as measured by the Bloomberg U.S. Aggregate Bond Index, returned -13.01%, and the broad U.S. equity market, as measured by the S&P 500 Index, returned -18.11%.

Market overview

Global equities gave back some of the gains from 2020 and 2021 in calendar year 2022. The S&P 500 Index was down 18.11%, its worst calendar year return since 2008 when it fell 37.00%. The Russell 3000 Index, a broad-based domestic equity benchmark that includes exposure to small and large capitalization companies, ended the full 12-month period down 19.21%.

The "everything bubble" that corresponded with inflated markets and asset prices hit a crescendo in 2021, and it was built on 0% interest rates and quantitative easing by the U.S. Federal Reserve (Fed). With investors confronted in 2022 with near 5% short-term interest rates and quantitative tightening by the Fed, the pressure on large parts of the market was palpable. Markets slowed in 2022, and multi-asset investors experienced the formidable challenge of stocks and bonds falling in unison. During most cyclical bear markets, risk-off assets, such as U.S. Treasury bonds, usually offer some safety, or at least relative strength. However, that was largely not the case during the 12 months that ended December 31, 2022. The Bloomberg U.S. Long Treasury Index shed 29.26% during the annual period and the Bloomberg U.S. Aggregate Bond Index was down 13.01% for the 12-month period.

Commodity markets served as one of the only positive areas within global capital markets during the year. A broad-based index covering the commodity markets, the S&P GSCI, rose by 25.99% over the 12-month period.

The dynamic algorithm, a quantitative tool used by the portfolio managers to help direct equity exposure, steered the managers to start the 12-month period with a slight overweight directed at equity exposures within the Fund. However, as equity volatility rose during the early parts of the annual period, the algorithm began to recommend an underweight allocation to equity exposure versus static benchmark equity weights. This underweight positioning was applied to the Fund during a significant majority of the annual period, as levels of equity volatility remained elevated throughout the 12-month period.

The Fund's notable detractors during the period

• The managers tactically adjusted actual equity exposure to maintain levels of equity exposure, on average, slightly greater than what the dynamic algorithm called for throughout the 12-month period. This tactical
discretion detracted from relative performance during the period.

• Underlying U.S. growth-oriented equity fund managers detracted from relative performance during the period.

• Overall, fixed-income manager performance results detracted from relative performance during the period, as rising interest rates challenged bond managers' positioning.
Core-oriented fixed-income managers and longer duration strategies struggled the most during the 12-month period.

The Fund's notable contributors during the period

• Underlying U.S. equity fund managers that utilized a valuation-sensitive investment approach, or value discipline, contributed favorably to relative performance during the period.

Derivatives usage

Derivative securities were used to execute asset allocation changes based on the Fund's dynamic algorithm. Protective put options and hedging strategies, which are used to help shield investors from outsized losses during periods of steep equity market declines, detracted from relative returns as time-value decay (the reduction in value of an options contract as it reaches its expiration date) and hedging instruments experienced headwinds over the course of the 12-month period.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The Fund's investment in underlying funds subject them to the investment performance (positive or negative), risks and expenses of these underlying funds. There are risks associated with fixed-income investments, including credit risk, interest rate risk, and prepayment and extension risk. In general, bond prices rise when interest rates fall and vice versa. This effect is***

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_42000_4b0209b7-ba5f-481c-858a-b893846be306_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

*usually more pronounced for longer-term securities. **Growth** securities, at times, may not perform as well as value securities or the stock market in general and may be out of favor with investors. **Quantitative** models used by the Fund may not be effective in selecting the most favorable securities for inclusion and may cause the Fund to underperform other investment strategies. Investing in **derivatives** is a specialized activity that involves special risks that subject the Fund to significant loss potential, including when used as leverage, and may result in greater fluctuation in Fund value. **Asset allocation** does not assure a profit or protect against loss. See the Fund's prospectus for more information on these and other risks.*

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

6 Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_42000_4b0209b7-ba5f-481c-858a-b893846be306_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

In addition to the ongoing expenses which the Fund bears directly, the Fund's shareholders indirectly bear the Fund's allocable share of the costs and expenses of each underlying fund in which the Fund invests. You can also estimate the effective expenses paid during the period, which includes the indirect fees associated with investing in the underlying funds, by using the amounts listed in the "Effective expenses paid during the period" column.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Effective expenses<br> paid during the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Effective expenses<br> paid during the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's effective<br> annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;978.10 | &nbsp;&nbsp;&nbsp;&nbsp;1023.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;977.10 | &nbsp;&nbsp;&nbsp;&nbsp;1022.31 | &nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;4.66 | &nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Effective expenses paid during the period and the Fund's effective annualized expense ratio include expenses borne directly to the class plus the Fund's pro rata portion of the ongoing expenses charged by the underlying funds using the expense ratio of each class of the underlying funds as of the underlying fund's most recent shareholder report.

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Annual Report 2022 7

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[**Table of Contents**](#JOB_42000_4b0209b7-ba5f-481c-858a-b893846be306_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Equity Funds 32.5%** | &nbsp;&nbsp;**Equity Funds 32.5%** | &nbsp;&nbsp;**Equity Funds 32.5%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**U.S. Large Cap 32.5%** | &nbsp;&nbsp;**U.S. Large Cap 32.5%** | &nbsp;&nbsp;**U.S. Large Cap 32.5%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;162980 | &nbsp;&nbsp;11741069 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;692805 | &nbsp;&nbsp;22204402 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;792130 | &nbsp;&nbsp;11731441 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;250520 | &nbsp;&nbsp;&nbsp;&nbsp;9201605 |
| &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;244592 | &nbsp;&nbsp;&nbsp;&nbsp;8648770 |
| &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;215235 | &nbsp;&nbsp;&nbsp;&nbsp;9102264 |
| &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;287172 | &nbsp;&nbsp;&nbsp;&nbsp;9195248 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;594225 | &nbsp;&nbsp;17749506 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**99574305** |
| &nbsp;&nbsp;Total Equity Funds<br> (Cost $67,145,507) | &nbsp;&nbsp;Total Equity Funds<br> (Cost $67,145,507) | &nbsp;&nbsp;**99574305** |
| &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds 8.5%** | &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds 8.5%** | &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds 8.5%** |
| &nbsp;&nbsp;**Investment Grade 8.5%** | &nbsp;&nbsp;**Investment Grade 8.5%** | &nbsp;&nbsp;**Investment Grade 8.5%** |
| &nbsp;&nbsp;iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22610 | &nbsp;&nbsp;&nbsp;&nbsp;2192944 |
| &nbsp;&nbsp;iShares iBoxx $ Investment Grade Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;104527 | &nbsp;&nbsp;11020282 |
| &nbsp;&nbsp;Vanguard Intermediate-Term Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;163900 | &nbsp;&nbsp;12703888 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**25917114** |
| &nbsp;&nbsp;Total Exchange-Traded Fixed Income Funds<br> (Cost $28,229,116) | &nbsp;&nbsp;Total Exchange-Traded Fixed Income Funds<br> (Cost $28,229,116) | &nbsp;&nbsp;**25917114** |
| &nbsp;&nbsp;**Fixed Income Funds 40.1%** | &nbsp;&nbsp;**Fixed Income Funds 40.1%** | &nbsp;&nbsp;**Fixed Income Funds 40.1%** |
| &nbsp;&nbsp;**Investment Grade 40.1%** | &nbsp;&nbsp;**Investment Grade 40.1%** | &nbsp;&nbsp;**Investment Grade 40.1%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;3508320 | &nbsp;&nbsp;29013810 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;762607 | &nbsp;&nbsp;&nbsp;&nbsp;6993105 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;1220198 | &nbsp;&nbsp;&nbsp;&nbsp;9322310 |
| &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;795478 | &nbsp;&nbsp;&nbsp;&nbsp;6912700 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fixed Income Funds (continued)** | &nbsp;&nbsp;**Fixed Income Funds (continued)** | &nbsp;&nbsp;**Fixed Income Funds (continued)** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;2828188 | &nbsp;&nbsp;&nbsp;&nbsp;25425414 |
| &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;2522519 | &nbsp;&nbsp;&nbsp;&nbsp;22980149 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;2350651 | &nbsp;&nbsp;&nbsp;&nbsp;22119629 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**122767117** |
| &nbsp;&nbsp;Total Fixed Income Funds<br> (Cost $145,976,502) | &nbsp;&nbsp;Total Fixed Income Funds<br> (Cost $145,976,502) | &nbsp;&nbsp;**122767117** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 11.0%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 11.0%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 11.0%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 11.0%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(c)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(c)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(c)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(c)</sup> |
| &nbsp;&nbsp;01/17/2038-<br> 01/12/2053 | &nbsp;&nbsp;3.000% | 17177500 | &nbsp;&nbsp;15331378 |
| &nbsp;&nbsp;01/17/2038-<br> 01/12/2053 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;8500000 | &nbsp;&nbsp;&nbsp;&nbsp;7841281 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6092500 | &nbsp;&nbsp;&nbsp;&nbsp;5712693 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4811282 |
| &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $34,216,695) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $34,216,695) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $34,216,695) | &nbsp;&nbsp;**33696634** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Options Purchased Puts 0.5%** | &nbsp;&nbsp;**Options Purchased Puts 0.5%** |
|  | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;(Cost $1,483,751) | &nbsp;&nbsp;**1439780** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 17.6%** | &nbsp;&nbsp;**Money Market Funds 17.6%** | &nbsp;&nbsp;**Money Market Funds 17.6%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(a),(d)</sup> | &nbsp;&nbsp;54067927 | &nbsp;&nbsp;&nbsp;&nbsp;54051707 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $54,042,830) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $54,042,830) | &nbsp;&nbsp;&nbsp;&nbsp;**54051707** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $331,094,401)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $331,094,401)** | &nbsp;&nbsp;**337446657** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;**(31332926)** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**306113731** |

---

At December 31, 2022, securities and/or cash totaling $2,822,550 were pledged as collateral.

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

8 Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_42000_4b0209b7-ba5f-481c-858a-b893846be306_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Investments in derivatives

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;S&P 500 Index E-mini | 27 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5212350 | &nbsp;&nbsp;&nbsp;&nbsp;41283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Long Bond | 41 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5139094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(40329) |
| &nbsp;&nbsp;U.S. Treasury 10-Year Note | 44 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4941063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(23857) |
| &nbsp;&nbsp;U.S. Treasury 2-Year Note | 57 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;11689453 | &nbsp;&nbsp;&nbsp;&nbsp;16375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury 5-Year Note | 116 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;12519844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2880) |
| &nbsp;&nbsp;U.S. Treasury Ultra Bond | 20 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2686250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(17896) |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;57658 | &nbsp;&nbsp;&nbsp;&nbsp;(84962) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;S&P 500 Index E-mini | (127) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;(24517350) | &nbsp;&nbsp;&nbsp;&nbsp;813642 | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** |
| &nbsp;&nbsp;**Description** | **Counterparty** | &nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;**Number of<br> contracts** | &nbsp;&nbsp;**Exercise<br> price/Rate** | &nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;**Cost ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;S&P 500 Index | JPMorgan | &nbsp;&nbsp;USD | &nbsp;&nbsp;11518500 | &nbsp;&nbsp;30 | &nbsp;&nbsp;3200.00 | &nbsp;&nbsp;06/21/2024 | &nbsp;&nbsp;&nbsp;&nbsp;542851 | &nbsp;&nbsp;&nbsp;&nbsp;467400 |
| &nbsp;&nbsp;S&P 500 Index | JPMorgan | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;9982700 | &nbsp;&nbsp;26 | &nbsp;&nbsp;3300.00 | &nbsp;&nbsp;12/20/2024 | &nbsp;&nbsp;&nbsp;&nbsp;509809 | &nbsp;&nbsp;&nbsp;&nbsp;554710 |
| &nbsp;&nbsp;S&P 500 Index | JPMorgan | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;8446900 | &nbsp;&nbsp;22 | &nbsp;&nbsp;3200.00 | &nbsp;&nbsp;12/20/2024 | &nbsp;&nbsp;&nbsp;&nbsp;431091 | &nbsp;&nbsp;&nbsp;&nbsp;417670 |
| &nbsp;&nbsp;Total |  |  |  |  |  |  | &nbsp;&nbsp;1483751 | &nbsp;&nbsp;1439780 |

---

#### Notes to Portfolio of Investments
(a) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is
under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Capital gain<br> distributions($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends —<br> affiliated<br> issuers ($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | &nbsp;&nbsp;&nbsp;68633018 | &nbsp;&nbsp;86723199 | &nbsp;&nbsp;(101316372) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11862 | &nbsp;&nbsp;&nbsp;&nbsp;54051707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(19785) | &nbsp;&nbsp;&nbsp;&nbsp;942261 | &nbsp;&nbsp;54067927 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;14956062 | &nbsp;&nbsp;&nbsp;&nbsp;1231154 | &nbsp;&nbsp;&nbsp;&nbsp;(1469113) | &nbsp;&nbsp;&nbsp;&nbsp;(2977034) | &nbsp;&nbsp;&nbsp;&nbsp;11741069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;289805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162980 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;34086191 | &nbsp;&nbsp;&nbsp;&nbsp;4053580 | &nbsp;&nbsp;&nbsp;&nbsp;(2877280) | &nbsp;&nbsp;&nbsp;&nbsp;(6248681) | &nbsp;&nbsp;&nbsp;&nbsp;29013810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20153 | &nbsp;&nbsp;(495769) | &nbsp;&nbsp;&nbsp;&nbsp;976221 | &nbsp;&nbsp;&nbsp;&nbsp;3508320 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;28037461 | &nbsp;&nbsp;&nbsp;&nbsp;2235193 | &nbsp;&nbsp;&nbsp;&nbsp;(2639383) | &nbsp;&nbsp;&nbsp;&nbsp;(5428869) | &nbsp;&nbsp;&nbsp;&nbsp;22204402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;488347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692805 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;8191888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515970 | &nbsp;&nbsp;&nbsp;&nbsp;(1228886) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(485867) | &nbsp;&nbsp;&nbsp;&nbsp;6993105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(59454) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762607 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;10898866 | &nbsp;&nbsp;&nbsp;&nbsp;2767239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(906879) | &nbsp;&nbsp;&nbsp;&nbsp;(3436916) | &nbsp;&nbsp;&nbsp;&nbsp;9322310 | &nbsp;&nbsp;&nbsp;&nbsp;295991 | &nbsp;&nbsp;(236917) | &nbsp;&nbsp;&nbsp;&nbsp;270161 | &nbsp;&nbsp;&nbsp;&nbsp;1220198 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;14871821 | &nbsp;&nbsp;&nbsp;&nbsp;1254357 | &nbsp;&nbsp;&nbsp;&nbsp;(1486967) | &nbsp;&nbsp;&nbsp;&nbsp;(2907770) | &nbsp;&nbsp;&nbsp;&nbsp;11731441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;108014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792130 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;11442300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773918 | &nbsp;&nbsp;&nbsp;&nbsp;(2112339) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(902274) | &nbsp;&nbsp;&nbsp;&nbsp;9201605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;751384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250520 |
| &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;8164021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(738098) | &nbsp;&nbsp;&nbsp;&nbsp;(1203074) | &nbsp;&nbsp;&nbsp;&nbsp;6912700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(70198) | &nbsp;&nbsp;&nbsp;&nbsp;153750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795478 |

---

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

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_42000_4b0209b7-ba5f-481c-858a-b893846be306_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Notes to Portfolio of Investments (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Capital gain<br> distributions($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends —<br> affiliated<br> issuers ($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5448610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51305 | &nbsp;&nbsp;&nbsp;&nbsp;(5696249) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26679 | &nbsp;&nbsp;(410794) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;30049547 | &nbsp;&nbsp;&nbsp;&nbsp;3877822 | &nbsp;&nbsp;&nbsp;&nbsp;(2774068) | &nbsp;&nbsp;&nbsp;&nbsp;(5727887) | &nbsp;&nbsp;&nbsp;&nbsp;25425414 | &nbsp;&nbsp;&nbsp;&nbsp;698099 | &nbsp;&nbsp;(323289) | &nbsp;&nbsp;&nbsp;&nbsp;832732 | &nbsp;&nbsp;&nbsp;&nbsp;2828188 |
| &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;10814886 | &nbsp;&nbsp;&nbsp;&nbsp;2836624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93127) | &nbsp;&nbsp;&nbsp;&nbsp;(4909613) | &nbsp;&nbsp;&nbsp;&nbsp;8648770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(26452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244592 |
| &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;11246714 | &nbsp;&nbsp;&nbsp;&nbsp;2299453 | &nbsp;&nbsp;&nbsp;&nbsp;(1327012) | &nbsp;&nbsp;&nbsp;&nbsp;(3116891) | &nbsp;&nbsp;&nbsp;&nbsp;9102264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(32230) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215235 |
| &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;11439731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622136 | &nbsp;&nbsp;&nbsp;&nbsp;(1743294) | &nbsp;&nbsp;&nbsp;&nbsp;(1123325) | &nbsp;&nbsp;&nbsp;&nbsp;9195248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;628555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287172 |
| &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;27284549 | &nbsp;&nbsp;&nbsp;&nbsp;1954722 | &nbsp;&nbsp;&nbsp;&nbsp;(2532628) | &nbsp;&nbsp;&nbsp;&nbsp;(3726494) | &nbsp;&nbsp;&nbsp;&nbsp;22980149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(333028) | &nbsp;&nbsp;&nbsp;&nbsp;277612 | &nbsp;&nbsp;&nbsp;&nbsp;2522519 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;25906550 | &nbsp;&nbsp;&nbsp;&nbsp;2398873 | &nbsp;&nbsp;&nbsp;&nbsp;(2565488) | &nbsp;&nbsp;&nbsp;&nbsp;(3620306) | &nbsp;&nbsp;&nbsp;&nbsp;22119629 | &nbsp;&nbsp;&nbsp;&nbsp;169181 | &nbsp;&nbsp;(316855) | &nbsp;&nbsp;&nbsp;&nbsp;386988 | &nbsp;&nbsp;&nbsp;&nbsp;2350651 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;22387460 | &nbsp;&nbsp;&nbsp;&nbsp;1497891 | &nbsp;&nbsp;&nbsp;&nbsp;(1977904) | &nbsp;&nbsp;&nbsp;&nbsp;(4157941) | &nbsp;&nbsp;&nbsp;&nbsp;17749506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;416091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594225 |
| &nbsp;&nbsp;Total | 343859675 |  |  | &nbsp;&nbsp;(49764746) | &nbsp;&nbsp;276393129 | &nbsp;&nbsp;1210103 | &nbsp;&nbsp;&nbsp;357425 | &nbsp;&nbsp;3907835 |  |

---

(b) Non-income producing investment.

(c) Represents a security purchased on a when-issued basis.

(d) The rate shown is the seven-day current annualized yield at December 31, 2022.

#### Abbreviation Legend
TBA To Be Announced

#### Currency Legend
USD US Dollar

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

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

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

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

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

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

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

10 Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_42000_4b0209b7-ba5f-481c-858a-b893846be306_TOC)

Portfolio of Investments (continued)

December 31, 2022

**Fair value measurements (continued) Certain investments that have been measured at fair value using the net asset value (NAV) per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Variable Portfolios serve as investment vehicles for variable annuity contracts and variable life insurance policies. Principal investment strategies within these Variable Portfolios vary based on the Portfolios investment objective. Investments in the Variable Portfolios may be redeemed on a daily basis without restriction.**

**Investments falling into the Level 3 category 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, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Assets at NAV ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Funds | &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;&nbsp;&nbsp;&nbsp;99574305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99574305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Fixed Income Funds | 25917114 | &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25917114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Income Funds | &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;122767117 | &nbsp;&nbsp;&nbsp;&nbsp;122767117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;33696634 | &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;33696634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options Purchased Puts | &nbsp;&nbsp;&nbsp;1439780 | &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 54051707 | &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54051707 |
| &nbsp;&nbsp;Total Investments in Securities | 81408601 | &nbsp;&nbsp;&nbsp;&nbsp;33696634 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;222341422 | &nbsp;&nbsp;&nbsp;&nbsp;337446657 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;871300 | &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84962) | &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84962) |
| &nbsp;&nbsp;Total | 82194939 | &nbsp;&nbsp;&nbsp;&nbsp;33696634 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;222341422 | &nbsp;&nbsp;&nbsp;&nbsp;338232995 |

---

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.

Futures contracts are valued at unrealized appreciation (depreciation).

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

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Annual Report 2022 11

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[**Table of Contents**](#JOB_42000_4b0209b7-ba5f-481c-858a-b893846be306_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $62,445,811) | &nbsp;&nbsp;&nbsp;$59613748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $267,164,839) | &nbsp;&nbsp;&nbsp;276393129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased (cost $1,483,751) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439780 |
| &nbsp;&nbsp;Cash collateral held at broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207000 |
| &nbsp;&nbsp;Margin deposits on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2615550 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5202034 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74500 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5056 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25129 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;346013228 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;39460216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24462 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25129 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;39899497 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$306113731** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Trust capital | $306113731 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$306113731** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$305870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.06 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $305807861 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;25606071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.94 |

---

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

12 Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_42000_4b0209b7-ba5f-481c-858a-b893846be306_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$722087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3907835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29317 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4659239 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9458 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16258 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8945 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792141 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2867098 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(5113403) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from underlying affiliated funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;(7743641) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;(1006661) |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;(12296175) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(4343262) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;(49764746) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42721) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1614847 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(52535882) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(64832057) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(61964959)** |

---

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

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Annual Report 2022 13

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[**Table of Contents**](#JOB_42000_4b0209b7-ba5f-481c-858a-b893846be306_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$2867098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1709103 |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(12296175) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24121105 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(52535882) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912362 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(61964959) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26742570 |
| &nbsp;&nbsp;Decrease in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(6592349) | &nbsp;&nbsp;&nbsp;&nbsp;(69444229) |
| &nbsp;&nbsp;Total decrease in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(68557308) | &nbsp;&nbsp;&nbsp;&nbsp;(42701659) |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;374671039 | &nbsp;&nbsp;&nbsp;&nbsp;417372698 |
| &nbsp;&nbsp;**Net assets at end of year** | **$306113731** | &nbsp;&nbsp;**$374671039** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4650) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1217) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40215 |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;2667069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33325540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23801038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (3172580) | &nbsp;&nbsp;&nbsp;&nbsp;(40121290) | &nbsp;&nbsp;&nbsp;&nbsp;(6862526) | &nbsp;&nbsp;&nbsp;&nbsp;(93285482) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(505511) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6795750) | &nbsp;&nbsp;&nbsp;&nbsp;(5157226) | &nbsp;&nbsp;&nbsp;&nbsp;(69484444) |
| &nbsp;&nbsp;**Total net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;**(490149)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6592349)** | &nbsp;&nbsp;&nbsp;&nbsp;**(5154430)** | &nbsp;&nbsp;&nbsp;&nbsp;**(69444229)** |

---

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

14 Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Annual Report 2022

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Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Annual Report 2022 15

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[**Table of Contents**](#JOB_42000_4b0209b7-ba5f-481c-858a-b893846be306_TOC)

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 portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $14.45 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;(2.55) | &nbsp;&nbsp;(2.39) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $13.41 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $12.63 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| &nbsp;&nbsp;Year Ended 12/31/2019<sup>(c)</sup> | $11.47 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $14.34 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;(2.51) | &nbsp;&nbsp;(2.40) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $13.34 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $12.60 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $10.97 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $11.25 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;(0.28) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Class 1 shares commenced operations on February 20, 2019. Per share data and total return reflect activity from that date. |
| (d) | Annualized. |

---

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

16 Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_42000_4b0209b7-ba5f-481c-858a-b893846be306_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $12.06 | (16.54%) | 0.30% | 0.30% | 1.29% | 149% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$306 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $14.45 | &nbsp;&nbsp;&nbsp;7.76% | 0.30% | 0.30% | 0.70% | 179% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$144 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $13.41 | &nbsp;&nbsp;&nbsp;6.18% | 0.32% | 0.32% | 0.74% | 243% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$97 |
| &nbsp;&nbsp;Year Ended 12/31/2019<sup>(c)</sup> | $12.63 | 10.11% | 0.32%<sup>(d)</sup> | 0.32%<sup>(d)</sup> | 1.98%<sup>(d)</sup> | 156% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $11.94 | (16.74%) | 0.55% | 0.55% | 0.88% | 149% | $305808 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $14.34 | &nbsp;&nbsp;&nbsp;7.50% | 0.55% | 0.55% | 0.45% | 179% | $374527 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $13.34 | &nbsp;&nbsp;&nbsp;5.87% | 0.56% | 0.56% | 0.84% | 243% | $417276 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $12.60 | 14.86% | 0.59% | 0.59% | 1.42% | 156% | $288927 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $10.97 | &nbsp;&nbsp;(2.49%) | 0.65% | 0.65% | 0.99% | &nbsp;&nbsp;51% | $139061 |

---

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

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Annual Report 2022 17

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Notes to Financial Statements

December 31, 2022

Note 1. Organization

Variable Portfolio – U.S. Flexible Conservative Growth Fund (the Fund), a series of Columbia Funds Variable Insurance Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

The Fund is a "fund-of-funds", investing significantly in affiliated funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), its affiliates, or third-party advised (unaffiliated) funds, including exchange-traded funds (collectively, Underlying Funds). The Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds. For information on the investment strategies, operations and risks of the Underlying Funds, please refer to the Fund's current prospectus as well as the prospectuses and shareholder reports of the Underlying Funds, which are available from the Securities and Exchange Commission's website at www.sec.gov or on the Underlying Funds' website at www.columbiathreadneedleus.com/resources/literature.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated life insurance companies (Participating Insurance Companies) 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 buying a Contract.

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.

#### 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.

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Investments in the Underlying Funds (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

18 Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

Option contracts are valued at the mean of the latest quoted bid and ask prices on their primary exchanges. Option contracts, including over-the-counter option contracts, with no readily available market quotations are valued using mid-market evaluations from independent third-party vendors.

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.

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

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Annual Report 2022 19

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Notes to Financial Statements (continued)

December 31, 2022

that is held in a broker's customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

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

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

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

#### Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to produce incremental earnings, to manage the duration and yield curve exposure of the Fund versus the benchmark, to manage exposure to movements in interest rates, to manage exposure to the securities market and to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets

20 Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

#### Options contracts
Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund purchased option contracts to produce incremental earnings, to decrease the Fund's exposure to equity market risk and to protect gains. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.

Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the written option are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund realizes a gain or loss when the option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.

For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to significant counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.

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

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Annual Report 2022 21

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Notes to Financial Statements (continued)

December 31, 2022

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854,925\* |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Investments, at value — Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;1439780 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,375\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;2311080 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;84,962\* |

---

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> purchased<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;(2261668) | &nbsp;&nbsp;&nbsp;&nbsp;(1006661) | &nbsp;&nbsp;&nbsp;&nbsp;(3268329) |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;(5481973) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(5481973) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;(7743641) | &nbsp;&nbsp;&nbsp;&nbsp;(1006661) | &nbsp;&nbsp;&nbsp;&nbsp;(8750302) |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> purchased<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1614847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780787 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;(208661) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(208661) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1614847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572126 |

---

The following table is a summary of the average outstanding volume by derivative instrument for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)\*** |
| &nbsp;&nbsp;Futures contracts — long | 53611451 |
| &nbsp;&nbsp;Futures contracts — short | 21437366 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average<br> value ($)\*** |
| &nbsp;&nbsp;Options contracts — purchased | 2108529 |

---

\* Based on the ending quarterly outstanding amounts for the year ended December 31, 2022.

22 Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

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

#### Delayed delivery securities
The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a "when-issued" or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

#### To be announced securities
The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.

In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.

#### Mortgage dollar roll transactions
The Fund may enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. These transactions may increase the Fund's portfolio turnover rate. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique may diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

#### Offsetting of assets and liabilities
The following table presents the Fund's gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of December 31, 2022:

---

| | |
|:---|:---|
|  | **JPMorgan ($)** |
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Options purchased puts | 1439780 |
| &nbsp;&nbsp;**Total financial and derivative net assets** | **1439780** |
| &nbsp;&nbsp;&nbsp;Total collateral received (pledged) <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;**Net amount <sup>(b)</sup>** | **1439780** |

---

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Annual Report 2022 23

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Notes to Financial Statements (continued)

December 31, 2022

(a) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(b) Represents the net amount due from/(to) counterparties in the event of default.

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

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

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

Corporate actions and dividend income are recorded on the ex-dividend date.

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.

Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.

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

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

24 Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

#### Federal income tax status
The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The components of the Fund's net assets are reported at the partner-level for federal income tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

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.

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

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees and underlying fund fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is a blend of (i) 0.02% on assets invested in affiliated underlying funds (including exchange-traded funds and closed-end funds) that pay a management services fee (or investment advisory services fee, as applicable) to the Investment Manager and (ii) a fee that declines from 0.72% to 0.52%, depending on asset levels, on assets invested in securities (other than affiliated underlying funds (including exchange-traded funds and closed-end funds) that pay a management services fee (or investment advisory services fee, as applicable) to the Investment Manager) including other funds advised by the Investment Manager that do not pay a management services fee to the Investment Manager, third party funds, derivatives and individual securities. The effective management services fee rate for the year ended December 31, 2022 was 0.21% of the Fund's average daily net assets.

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the Underlying Funds in which the Fund invests. Because the Underlying Funds have varied expense and fee levels and the Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. These expenses are not reflected in the expenses shown in Statement of Operations and are not included in the ratios to average net assets shown in the Financial Highlights.

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Annual Report 2022 25

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Notes to Financial Statements (continued)

December 31, 2022

#### 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 "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, 2022 was 0.06% of the Fund's average daily net assets.

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

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. The Board of Trustees has approved, and the Fund has adopted, a distribution plan (the Plan) which sets the distribution fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor for selling shares of the Fund. The Fund pays a monthly distribution fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class 2 shares of the Fund. The Fund pays no distribution and service fees for Class 1 shares.

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

---

| | | |
|:---|:---|:---|
|  | **May 1, 2022<br> through<br> April 30, 2023** | **Prior to<br> May 1, 2022** |
| &nbsp;&nbsp;Class 1 | 0.79% | 0.80% |
| &nbsp;&nbsp;Class 2 | 1.04 | 1.05 |

---

26 Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), 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. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $447,373,552 and $437,027,566, respectively, for the year ended December 31, 2022, of which $406,990,548 and $397,508,096, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. 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. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 6. Interfund lending

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

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

The Fund did not borrow or lend money under the Interfund Program during the year ended December 31, 2022.

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 27, 2022 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 $950 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 in each case, 1.00%. 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 27, 2022 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

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Annual Report 2022 27

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Notes to Financial Statements (continued)

December 31, 2022

up to $950 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 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 8. Significant risks

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

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

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing

28 Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity 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 which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

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

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Annual Report 2022 29

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Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Insurance Trust and Shareholders of Variable Portfolio – U.S. Flexible Conservative Growth Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Variable Portfolio – U.S. Flexible Conservative Growth Fund (one of the funds constituting Columbia Funds Variable Insurance Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (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, 2022, 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, 2022 and the financial highlights for each of the periods indicated therein 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, 2022 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

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

30 Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Annual Report 2022

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## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

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Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Annual Report 2022 31

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## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

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32 Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Annual Report 2022

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Annual Report 2022 33

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

34 Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Annual Report 2022

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## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Annual Report 2022 35

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## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

36 Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Annual Report 2022

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#### Variable Portfolio – U.S. Flexible Conservative Growth Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img3802cdb02.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 and/or summary 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 (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© 2023 Columbia Management Investment Advisers, LLC.

ANN7059_12_B01_(02/23)

------

![](img65e79a191.jpg)

Annual Report

December 31, 2022

![](imgbb0357882.jpg)

Variable Portfolio – U.S. Flexible Growth Fund

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.

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

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_d796053e-509c-42ca-9c5c-33641bbe9963_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_d796053e-509c-42ca-9c5c-33641bbe9963_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_a794c50a-fa09-4d5d-8947-8ebbf8bff09f_1)<br>| 7 |
| [Portfolio of Investments](#xx_549f6aed-9dc1-4e09-8a5b-686e64628257_1)<br>| 8 |
| [Statement of Assets and Liabilities](#xx_4d701eab-8483-4595-b4ce-fe428fe3f375_1)<br>| 12 |
| [Statement of Operations](#xx_4d701eab-8483-4595-b4ce-fe428fe3f375_2)<br>| 13 |
| [Statement of Changes in Net Assets](#xx_4d701eab-8483-4595-b4ce-fe428fe3f375_3)<br>| 14 |
| [Financial Highlights](#xx_f3b01501-6d04-47d4-9ca7-7a004753a74f_2)<br>| 16 |
| [Notes to Financial Statements](#xx_20cc0f70-aa5f-4f7c-9f55-396172fdd494_1)<br>| 18 |
| [Report of Independent Registered Public Accounting Firm](#xx_19cce54a-6982-4c82-a37e-c96f2bd63c05_1)<br>| 31 |
| [Trustees and Officers](#xx_557ecc0b-f2cb-4bc9-8f4d-46db1a249bd7_1)<br>| 32 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Variable Portfolio – U.S. Flexible Growth Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Variable Portfolio – U.S. Flexible Growth Fund \| Annual Report 2022

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Fund at a Glance

(Unaudited)

Investment objective

The Fund pursues total return while seeking to manage the Fund's exposure to equity market volatility.

Portfolio management

#### Brian Virginia
Lead Portfolio Manager

Managed Fund since 2016

#### Anwiti Bahuguna, Ph.D.
Portfolio Manager

Managed Fund since 2016

#### David Weiss, CFA
Portfolio Manager

Managed Fund since 2016

#### Joshua Kutin, CFA
Portfolio Manager

Managed Fund since 2018

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**Life** |
| &nbsp;&nbsp;Class 1\* | &nbsp;&nbsp;&nbsp;&nbsp;02/20/19 | &nbsp;&nbsp;&nbsp;&nbsp;-18.54 | &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;11/02/16 | &nbsp;&nbsp;&nbsp;&nbsp;-18.73 | &nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.53 |
| &nbsp;&nbsp;Blended Benchmark |  | &nbsp;&nbsp;&nbsp;&nbsp;-16.06 | &nbsp;&nbsp;&nbsp;&nbsp;6.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.26 |
| &nbsp;&nbsp;S&P 500 Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-18.11 | &nbsp;&nbsp;&nbsp;&nbsp;9.42 | &nbsp;&nbsp;&nbsp;&nbsp;12.34 |
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-13.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

\* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share class, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/variable-products/appended-performance for more information.

The Blended Benchmark consists of 65% S&P 500 Index and 35% Bloomberg U.S. Aggregate Bond Index.

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.

The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Variable Portfolio – U.S. Flexible Growth Fund \| Annual Report 2022 3

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Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (November 2, 2016 — December 31, 2022)
![](img177839d23.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Variable Portfolio – U.S. Flexible Growth Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio Allocation (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio Allocation (%) (at December 31, 2022)** |
| &nbsp;&nbsp;**Allocations to Underlying Funds** | &nbsp;&nbsp;**Allocations to Underlying Funds** |
| &nbsp;&nbsp;**Equity Funds** | &nbsp;&nbsp;&nbsp;**54.6** |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Large Cap | &nbsp;&nbsp;&nbsp;54.6 |
| &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds** | &nbsp;&nbsp;&nbsp;&nbsp;**8.5** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Grade | &nbsp;&nbsp;&nbsp;&nbsp;8.5 |
| &nbsp;&nbsp;**Fixed Income Funds** | &nbsp;&nbsp;&nbsp;&nbsp;**9.9** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Grade | &nbsp;&nbsp;&nbsp;&nbsp;9.9 |
| &nbsp;&nbsp;**Allocations to Tactical Assets** | &nbsp;&nbsp;**Allocations to Tactical Assets** |
| &nbsp;&nbsp;**Money Market Funds<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**13.8** |
| &nbsp;&nbsp;**Options Purchased Puts** | &nbsp;&nbsp;&nbsp;&nbsp;**0.8** |
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency** | &nbsp;&nbsp;&nbsp;**12.4** |
| &nbsp;&nbsp;**Total** | **100.0** |

---

(a) Includes investments in Money Market Funds which have been segregated to cover obligations relating to the Fund's investment in derivatives as part of its principal investment strategies. For a
description of the Fund's investments in derivatives, see Investments in derivatives following the Portfolio of Investments and the derivative instruments discussion in Note 2 to the Notes to Financial
Statements.

Percentages indicated are based upon total investments including options purchased and excluding all other investments in derivatives, if any. The Fund's portfolio composition is subject to change.

4 Variable Portfolio – U.S. Flexible Growth Fund \| Annual Report 2022

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Manager Discussion of Fund Performance

(Unaudited)

For the 12-month period that ended December 31, 2022, Class 2 shares of Variable Portfolio – U.S. Flexible Growth Fund returned -18.73%. For the same time period, the Fund's Blended Benchmark returned -16.06%, the broad U.S. equity market, as measured by the S&P 500 Index, returned -18.11%, and the broad U.S. fixed-income market, as measured by the Bloomberg U.S. Aggregate Bond Index, returned -13.01%.

Market overview

Global equities gave back some of the gains from 2020 and 2021 in calendar year 2022. The S&P 500 Index was down 18.11%, its worst calendar year return since 2008 when it fell 37.00%. The Russell 3000 Index, a broad-based domestic equity benchmark that includes exposure to small and large capitalization companies, ended the full 12-month period down 19.21%.

The "everything bubble" that corresponded with inflated markets and asset prices hit a crescendo in 2021, and it was built on 0% interest rates and quantitative easing by the U.S. Federal Reserve (Fed). With investors confronted in 2022 with near 5% short-term interest rates and quantitative tightening by the Fed, the pressure on large parts of the market was palpable. Markets slowed in 2022, and multi-asset investors experienced the formidable challenge of stocks and bonds falling in unison. During most cyclical bear markets, risk-off assets, such as U.S. Treasury bonds, usually offer some safety, or at least relative strength. However, that was largely not the case during the 12 months that ended December 31, 2022. The Bloomberg U.S. Long Treasury Index shed 29.26% during the annual period and the Bloomberg U.S. Aggregate Bond Index was down 13.01% for the 12-month period.

Commodity markets served as one of the only positive areas within global capital markets during the year. A broad-based index covering the commodity markets, the S&P GSCI, rose by 25.99% over the 12-month period.

The dynamic algorithm, a quantitative tool used by the portfolio managers to help direct equity exposure, steered the managers to start the 12-month period with a slight overweight directed at equity exposures within the Fund. However, as equity volatility rose during the early parts of the annual period, the algorithm began to recommend an underweight allocation to equity exposure versus static benchmark equity weights. This underweight positioning was applied to the Fund during a significant majority of the annual period, as levels of equity volatility remained elevated throughout the 12-month period.

The Fund's notable detractors during the period

• The managers tactically adjusted actual equity exposure to maintain levels of equity exposure, on average, slightly greater than what the dynamic algorithm called for throughout the 12-month period. This tactical
discretion detracted from relative performance during the period.

• Underlying U.S. growth-oriented equity fund managers detracted from relative performance during the period.

• Overall, fixed-income manager performance results detracted from relative performance during the period, as rising interest rates challenged bond managers' positioning.
Core-oriented fixed-income managers and longer duration strategies struggled the most during the 12-month period.

The Fund's notable contributors during the period

• Underlying U.S. equity fund managers that utilized a valuation-sensitive investment approach, or value discipline, contributed favorably to relative performance during the period.

Derivatives usage

Derivative securities were used to execute asset allocation changes based on the Fund's dynamic algorithm. Protective put options and hedging strategies, which are used to help shield investors from outsized losses during periods of steep equity market declines, detracted from relative returns as time-value decay (the reduction in value of an options contract as it reaches its expiration date) and hedging instruments experienced headwinds over the course of the 12-month period.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The Fund's investment in underlying funds subject them to the investment performance (positive or negative), risks and expenses of these underlying funds. There are risks associated with fixed-income investments, including credit risk, interest rate risk, and prepayment and extension risk. In general, bond prices rise when interest rates fall and vice versa. This effect is***

Variable Portfolio – U.S. Flexible Growth Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_41800_852b57ca-0449-4604-952e-bb577f44fa52_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

*usually more pronounced for longer-term securities. **Growth** securities, at times, may not perform as well as value securities or the stock market in general and may be out of favor with investors. **Quantitative** models used by the Fund may not be effective in selecting the most favorable securities for inclusion and may cause the Fund to underperform other investment strategies. Investing in **derivatives** is a specialized activity that involves special risks that subject the Fund to significant loss potential, including when used as leverage, and may result in greater fluctuation in Fund value. **Asset allocation** does not assure a profit or protect against loss. See the Fund's prospectus for more information on these and other risks.*

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

6 Variable Portfolio – U.S. Flexible Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_41800_852b57ca-0449-4604-952e-bb577f44fa52_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

In addition to the ongoing expenses which the Fund bears directly, the Fund's shareholders indirectly bear the Fund's allocable share of the costs and expenses of each underlying fund in which the Fund invests. You can also estimate the effective expenses paid during the period, which includes the indirect fees associated with investing in the underlying funds, by using the amounts listed in the "Effective expenses paid during the period" column.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Effective expenses<br> paid during the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Effective expenses<br> paid during the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's effective<br> annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;990.10 | &nbsp;&nbsp;&nbsp;&nbsp;1023.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;989.40 | &nbsp;&nbsp;&nbsp;&nbsp;1022.46 | &nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;4.69 | &nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Effective expenses paid during the period and the Fund's effective annualized expense ratio include expenses borne directly to the class plus the Fund's pro rata portion of the ongoing expenses charged by the underlying funds using the expense ratio of each class of the underlying funds as of the underlying fund's most recent shareholder report.

Variable Portfolio – U.S. Flexible Growth Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_41800_852b57ca-0449-4604-952e-bb577f44fa52_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Equity Funds 61.2%** | &nbsp;&nbsp;**Equity Funds 61.2%** | &nbsp;&nbsp;**Equity Funds 61.2%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**U.S. Large Cap 61.2%** | &nbsp;&nbsp;**U.S. Large Cap 61.2%** | &nbsp;&nbsp;**U.S. Large Cap 61.2%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2836807 | &nbsp;&nbsp;&nbsp;&nbsp;204363567 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;16113332 | &nbsp;&nbsp;&nbsp;&nbsp;516432302 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;13791002 | &nbsp;&nbsp;&nbsp;&nbsp;204244742 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6162511 | &nbsp;&nbsp;&nbsp;&nbsp;226349031 |
| &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4597371 | &nbsp;&nbsp;&nbsp;&nbsp;162563022 |
| &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4979539 | &nbsp;&nbsp;&nbsp;&nbsp;210584710 |
| &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6868657 | &nbsp;&nbsp;&nbsp;&nbsp;219934402 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;14321086 | &nbsp;&nbsp;&nbsp;&nbsp;427770847 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2172242623** |
| &nbsp;&nbsp;Total Equity Funds<br> (Cost $1,509,379,738) | &nbsp;&nbsp;Total Equity Funds<br> (Cost $1,509,379,738) | &nbsp;&nbsp;**2172242623** |
| &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds 9.6%** | &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds 9.6%** | &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds 9.6%** |
| &nbsp;&nbsp;**Investment Grade 9.6%** | &nbsp;&nbsp;**Investment Grade 9.6%** | &nbsp;&nbsp;**Investment Grade 9.6%** |
| &nbsp;&nbsp;iShares iBoxx $ Investment Grade Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;1599100 | &nbsp;&nbsp;&nbsp;&nbsp;168593113 |
| &nbsp;&nbsp;Vanguard Intermediate-Term Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;2207000 | &nbsp;&nbsp;&nbsp;&nbsp;171064570 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**339657683** |
| &nbsp;&nbsp;Total Exchange-Traded Fixed Income Funds<br> (Cost $399,996,494) | &nbsp;&nbsp;Total Exchange-Traded Fixed Income Funds<br> (Cost $399,996,494) | &nbsp;&nbsp;&nbsp;&nbsp;**339657683** |
| &nbsp;&nbsp;**Fixed Income Funds 11.1%** | &nbsp;&nbsp;**Fixed Income Funds 11.1%** | &nbsp;&nbsp;**Fixed Income Funds 11.1%** |
| &nbsp;&nbsp;**Investment Grade 11.1%** | &nbsp;&nbsp;**Investment Grade 11.1%** | &nbsp;&nbsp;**Investment Grade 11.1%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4372846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40098999 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5526776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42224564 |
| &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3002641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26092953 |
| &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7572939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68080721 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fixed Income Funds (continued)** | &nbsp;&nbsp;**Fixed Income Funds (continued)** | &nbsp;&nbsp;**Fixed Income Funds (continued)** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8881761 | &nbsp;&nbsp;&nbsp;&nbsp;80912841 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;14450927 | &nbsp;&nbsp;135983224 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**393393302** |
| &nbsp;&nbsp;Total Fixed Income Funds<br> (Cost $464,900,434) | &nbsp;&nbsp;Total Fixed Income Funds<br> (Cost $464,900,434) | &nbsp;&nbsp;**393393302** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 13.9%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 13.9%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 13.9%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 13.9%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(c)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(c)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(c)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(c)</sup> |
| &nbsp;&nbsp;01/17/2038-<br> 01/12/2053 | &nbsp;&nbsp;3.000% | 218488000 | &nbsp;&nbsp;195481812 |
| &nbsp;&nbsp;01/17/2038-<br> 01/12/2053 | &nbsp;&nbsp;3.500% | 140500000 | &nbsp;&nbsp;130706668 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;4.000% | 107950000 | &nbsp;&nbsp;101220391 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;67000000 | &nbsp;&nbsp;&nbsp;&nbsp;64471171 |
| &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $499,298,884) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $499,298,884) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $499,298,884) | &nbsp;&nbsp;**491880042** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Options Purchased Puts 0.8%** | &nbsp;&nbsp;**Options Purchased Puts 0.8%** |
|  | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;(Cost $31,341,384) | &nbsp;&nbsp;**30550325** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 15.4%** | &nbsp;&nbsp;**Money Market Funds 15.4%** | &nbsp;&nbsp;**Money Market Funds 15.4%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(a),(d)</sup> | &nbsp;&nbsp;546928947 | &nbsp;&nbsp;&nbsp;&nbsp;546764868 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $546,665,309) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $546,665,309) | &nbsp;&nbsp;&nbsp;&nbsp;**546764868** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $3,451,582,243)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $3,451,582,243)** | &nbsp;&nbsp;**3974488843** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;**(426044314)** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**3548444529** |

---

At December 31, 2022, securities and/or cash totaling $61,875,226 were pledged as collateral.

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

8 Variable Portfolio – U.S. Flexible Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_41800_852b57ca-0449-4604-952e-bb577f44fa52_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Investments in derivatives

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;S&P 500 Index E-mini | 710 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;137065500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2870308) |
| &nbsp;&nbsp;U.S. Long Bond | 794 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99522938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(920452) |
| &nbsp;&nbsp;U.S. Treasury 10-Year Note | 521 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58506672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(330040) |
| &nbsp;&nbsp;U.S. Treasury 2-Year Note | 1003 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;205693360 | &nbsp;&nbsp;&nbsp;&nbsp;288138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury 5-Year Note | 1930 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;208304298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(426126) |
| &nbsp;&nbsp;U.S. Treasury Ultra Bond | 638 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85691375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(772899) |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;288138 | &nbsp;&nbsp;&nbsp;&nbsp;(5319825) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;S&P 500 Index E-mini | (2766) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;(533976300) | &nbsp;&nbsp;&nbsp;&nbsp;18889889 | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** |
| &nbsp;&nbsp;**Description** | **Counterparty** | &nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;**Number of<br> contracts** | &nbsp;&nbsp;**Exercise<br> price/Rate** | &nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;**Cost ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;S&P 500 Index | JPMorgan | &nbsp;&nbsp;USD | &nbsp;&nbsp;230370000 | &nbsp;&nbsp;600 | &nbsp;&nbsp;3200.00 | &nbsp;&nbsp;06/21/2024 | &nbsp;&nbsp;10857029 | &nbsp;&nbsp;&nbsp;&nbsp;9348000 |
| &nbsp;&nbsp;S&P 500 Index | JPMorgan | &nbsp;&nbsp;USD | &nbsp;&nbsp;222691000 | &nbsp;&nbsp;580 | &nbsp;&nbsp;3300.00 | &nbsp;&nbsp;12/20/2024 | &nbsp;&nbsp;11372662 | &nbsp;&nbsp;12374300 |
| &nbsp;&nbsp;S&P 500 Index | JPMorgan | &nbsp;&nbsp;USD | &nbsp;&nbsp;178536750 | &nbsp;&nbsp;465 | &nbsp;&nbsp;3200.00 | &nbsp;&nbsp;12/20/2024 | &nbsp;&nbsp;&nbsp;&nbsp;9111693 | &nbsp;&nbsp;&nbsp;&nbsp;8828025 |
| &nbsp;&nbsp;Total |  |  |  |  |  |  | &nbsp;&nbsp;31341384 | &nbsp;&nbsp;30550325 |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** |
| &nbsp;&nbsp;**Reference<br> entity** | **Counterparty** | **Maturity<br> date** | **Receive<br> fixed<br> rate<br> (%)** | **Payment<br> frequency** | **Implied<br> credit<br> spread<br> (%)\*** | **Notional<br> currency** | **Notional<br> amount** | **Value<br> ($)** | **Upfront<br> payments<br> ($)** | **Upfront<br> receipts<br> ($)** | **Unrealized<br> appreciation<br> ($)** | **Unrealized<br> depreciation<br> ($)** |
| &nbsp;&nbsp;Markit CDX North America Investment Grade Index, Series 39 | Morgan Stanley | 12/20/2027 | 1.000 | Quarterly | 0.820 | USD | 80000000 | (159271) |  |  |  | (159271) |

---

\* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

#### Notes to Portfolio of Investments
(a) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is
under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Capital gain<br> distributions($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends —<br> affiliated<br> issuers ($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;863475796 | &nbsp;&nbsp;1357745335 | &nbsp;&nbsp;(1674605492) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149229 | &nbsp;&nbsp;&nbsp;&nbsp;546764868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(258652) | &nbsp;&nbsp;&nbsp;&nbsp;9338540 | &nbsp;&nbsp;546928947 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;255639174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4953948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7373974) | &nbsp;&nbsp;&nbsp;&nbsp;(48855581) | &nbsp;&nbsp;&nbsp;&nbsp;204363567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1592578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2836807 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;635588887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16124087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18595784) | &nbsp;&nbsp;(116684888) | &nbsp;&nbsp;&nbsp;&nbsp;516432302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1205095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16113332 |

---

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

Variable Portfolio – U.S. Flexible Growth Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_41800_852b57ca-0449-4604-952e-bb577f44fa52_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Notes to Portfolio of Investments (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Capital gain<br> distributions($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends —<br> affiliated<br> issuers ($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;45803464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3577253) | &nbsp;&nbsp;&nbsp;&nbsp;(2813753) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40098999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(317787) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332450 | &nbsp;&nbsp;&nbsp;&nbsp;4372846 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;45936176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12757702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1173827) | &nbsp;&nbsp;&nbsp;&nbsp;(15295487) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42224564 | &nbsp;&nbsp;1332935 | &nbsp;&nbsp;&nbsp;&nbsp;(421060) | &nbsp;&nbsp;&nbsp;&nbsp;1216615 | &nbsp;&nbsp;&nbsp;&nbsp;5526776 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;253258260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6895407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6879992) | &nbsp;&nbsp;&nbsp;&nbsp;(49028933) | &nbsp;&nbsp;&nbsp;&nbsp;204244742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13791002 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;256118120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17050053) | &nbsp;&nbsp;&nbsp;&nbsp;(13054434) | &nbsp;&nbsp;&nbsp;&nbsp;226349031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;8004911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6162511 |
| &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;30561046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1256978) | &nbsp;&nbsp;&nbsp;&nbsp;(4693114) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26092953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(200165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595360 | &nbsp;&nbsp;&nbsp;&nbsp;3002641 |
| &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;15298723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15921797) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467901 | &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;79283 | &nbsp;&nbsp;(1094036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;76844876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8907538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2065997) | &nbsp;&nbsp;&nbsp;&nbsp;(15605696) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68080721 | &nbsp;&nbsp;1860043 | &nbsp;&nbsp;&nbsp;&nbsp;(370260) | &nbsp;&nbsp;&nbsp;&nbsp;2218764 | &nbsp;&nbsp;&nbsp;&nbsp;7572939 |
| &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;240855395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26517232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(104809605) | &nbsp;&nbsp;&nbsp;&nbsp;162563022 | &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;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4597371 |
| &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;252277866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42010790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12892840) | &nbsp;&nbsp;&nbsp;&nbsp;(70811106) | &nbsp;&nbsp;&nbsp;&nbsp;210584710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(547331) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4979539 |
| &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;255683444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21555086) | &nbsp;&nbsp;&nbsp;&nbsp;(14529354) | &nbsp;&nbsp;&nbsp;&nbsp;219934402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2072381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6868657 |
| &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;92111286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4877378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2343020) | &nbsp;&nbsp;&nbsp;&nbsp;(13732803) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80912841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(399643) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975626 | &nbsp;&nbsp;&nbsp;&nbsp;8881761 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;153959658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9656031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4338950) | &nbsp;&nbsp;&nbsp;&nbsp;(23293515) | &nbsp;&nbsp;&nbsp;&nbsp;135983224 | &nbsp;&nbsp;1036405 | &nbsp;&nbsp;&nbsp;&nbsp;(708522) | &nbsp;&nbsp;&nbsp;&nbsp;2370700 | &nbsp;&nbsp;&nbsp;&nbsp;14450927 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;522152273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10410893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16141267) | &nbsp;&nbsp;&nbsp;&nbsp;(88651052) | &nbsp;&nbsp;&nbsp;&nbsp;427770847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1171454) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14321086 |
| &nbsp;&nbsp;Total | 3995564444 |  |  | &nbsp;&nbsp;(581242191) | &nbsp;&nbsp;3112400793 | &nbsp;&nbsp;4308666 | &nbsp;&nbsp;&nbsp;7303755 | &nbsp;&nbsp;17082473 |  |

---

(b) Non-income producing investment.

(c) Represents a security purchased on a when-issued basis.

(d) The rate shown is the seven-day current annualized yield at December 31, 2022.

#### Abbreviation Legend
TBA To Be Announced

#### Currency Legend
USD US Dollar

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

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

10 Variable Portfolio – U.S. Flexible Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_41800_852b57ca-0449-4604-952e-bb577f44fa52_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Fair value measurements (continued) 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.**

**Certain investments that have been measured at fair value using the net asset value (NAV) per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Variable Portfolios serve as investment vehicles for variable annuity contracts and variable life insurance policies. Principal investment strategies within these Variable Portfolios vary based on the Portfolios investment objective. Investments in the Variable Portfolios may be redeemed on a daily basis without restriction.**

**Investments falling into the Level 3 category 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, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Assets at NAV ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Funds | &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;— | &nbsp;&nbsp;&nbsp;&nbsp;2172242623 | &nbsp;&nbsp;&nbsp;&nbsp;2172242623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Fixed Income Funds | 339657683 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339657683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Income Funds | &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;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393393302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393393302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;491880042 | &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;491880042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options Purchased Puts | &nbsp;&nbsp;&nbsp;30550325 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30550325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 546764868 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546764868 |
| &nbsp;&nbsp;Total Investments in Securities | 916972876 | &nbsp;&nbsp;&nbsp;&nbsp;491880042 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2565635925 | &nbsp;&nbsp;&nbsp;&nbsp;3974488843 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;19178027 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19178027 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(5319825) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5319825) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts | &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;(159271) | &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;(159271) |
| &nbsp;&nbsp;Total | 930831078 | &nbsp;&nbsp;&nbsp;&nbsp;491720771 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2565635925 | &nbsp;&nbsp;&nbsp;&nbsp;3988187774 |

---

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.

Futures contracts and swap contracts are valued at unrealized appreciation (depreciation).

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

Variable Portfolio – U.S. Flexible Growth Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_41800_852b57ca-0449-4604-952e-bb577f44fa52_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $899,295,379) | &nbsp;&nbsp;&nbsp;&nbsp;$831537725 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $2,520,945,480) | &nbsp;&nbsp;&nbsp;3112400793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased (cost $31,341,384) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30550325 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237000 |
| &nbsp;&nbsp;Cash collateral held at broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5995000 |
| &nbsp;&nbsp;Margin deposits on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53532225 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2348001 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11993812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64199517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1856288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632379 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1511675 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31986 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67009 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;4117904088 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;564391047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3440284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47978 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41549 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67009 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;569459559 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$3548444529** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Trust capital | $3548444529 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$3548444529** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6359813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.06 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $3542084716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;254316016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.93 |

---

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

12 Variable Portfolio – U.S. Flexible Growth Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_41800_852b57ca-0449-4604-952e-bb577f44fa52_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$10165306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17082473 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566067 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27813846 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7776917 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9399916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2255988 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49519 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19697095 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8116751 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(59535386) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7303755 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from underlying affiliated funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4308666 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(458) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;(142044317) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;(18926179) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3251 |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;(208890668) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(68408016) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;(581242191) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(809359) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32166187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(159271) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(618452650) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(827343318) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(819226567)** |

---

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

Variable Portfolio – U.S. Flexible Growth Fund \| Annual Report 2022 13

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[**Table of Contents**](#JOB_41800_852b57ca-0449-4604-952e-bb577f44fa52_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8116751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(7843953) |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(208890668) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189461246 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(618452650) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383920619 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(819226567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565537912 |
| &nbsp;&nbsp;Increase in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8722844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180652200 |
| &nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(810503723) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746190112 |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;4358948252 | &nbsp;&nbsp;&nbsp;&nbsp;3612758140 |
| &nbsp;&nbsp;**Net assets at end of year** | **$3548444529** | &nbsp;&nbsp;**$4358948252** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;175555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2638081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4135628 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88448) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31525) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(496660) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;169329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2549633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3638968 |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;7223908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107961086 | &nbsp;&nbsp;&nbsp;&nbsp;16030706 | &nbsp;&nbsp;&nbsp;&nbsp;259886326 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (6933243) | &nbsp;&nbsp;&nbsp;&nbsp;(101787875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5320073) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82873094) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;290665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6173211 | &nbsp;&nbsp;&nbsp;&nbsp;10710633 | &nbsp;&nbsp;&nbsp;&nbsp;177013232 |
| &nbsp;&nbsp;**Total net increase** | &nbsp;&nbsp;&nbsp;&nbsp;**459994** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8722844** | &nbsp;&nbsp;&nbsp;&nbsp;**10930792** | &nbsp;&nbsp;&nbsp;&nbsp;**180652200** |

---

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

14 Variable Portfolio – U.S. Flexible Growth Fund \| Annual Report 2022

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Variable Portfolio – U.S. Flexible Growth Fund \| Annual Report 2022 15

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[**Table of Contents**](#JOB_41800_852b57ca-0449-4604-952e-bb577f44fa52_TOC)

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 portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income<br> (loss)** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $17.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;(3.28) | &nbsp;&nbsp;(3.20) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $14.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $14.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| &nbsp;&nbsp;Year Ended 12/31/2019<sup>(d)</sup> | $12.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $17.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;(3.24) | &nbsp;&nbsp;(3.21) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $14.84 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $14.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $11.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $12.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;(0.53) | &nbsp;&nbsp;(0.48) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interest on collateral expense which is less than 0.01%. |
| (d) | Class 1 shares commenced operations on February 20, 2019. Per share data and total return reflect activity from that date. |
| (e) | Annualized. |

---

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

16 Variable Portfolio – U.S. Flexible Growth Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_41800_852b57ca-0449-4604-952e-bb577f44fa52_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income (loss)<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $14.06 | (18.54%) | 0.27% | 0.27% | 0.51% | 173% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6360 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $17.26 | 15.76% | 0.27%<sup>(c)</sup> | 0.27%<sup>(c)</sup> | 0.06% | 189% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4884 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $14.91 | &nbsp;&nbsp;&nbsp;5.07% | 0.28% | 0.28% | 0.34% | 279% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$936 |
| &nbsp;&nbsp;Year Ended 12/31/2019<sup>(d)</sup> | $14.19 | 12.44% | 0.30%<sup>(e)</sup> | 0.30%<sup>(e)</sup> | 0.52%<sup>(e)</sup> | 132% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$132 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $13.93 | (18.73%) | 0.52% | 0.52% | 0.22% | 173% | $3542085 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $17.14 | 15.50% | 0.52%<sup>(c)</sup> | 0.52%<sup>(c)</sup> | (0.20%) | 189% | $4354064 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $14.84 | &nbsp;&nbsp;&nbsp;4.80% | 0.53% | 0.53% | 0.14% | 279% | $3611822 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $14.16 | 20.20% | 0.54% | 0.54% | 0.57% | 132% | $3032993 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $11.78 | &nbsp;&nbsp;(3.92%) | 0.55% | 0.55% | 0.38% | &nbsp;&nbsp;44% | $1705527 |

---

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

Variable Portfolio – U.S. Flexible Growth Fund \| Annual Report 2022 17

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[**Table of Contents**](#JOB_41800_852b57ca-0449-4604-952e-bb577f44fa52_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Variable Portfolio – U.S. Flexible Growth Fund (the Fund), a series of Columbia Funds Variable Insurance Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

The Fund is a "fund-of-funds", investing significantly in affiliated funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), its affiliates, or third-party advised (unaffiliated) funds, including exchange-traded funds (collectively, Underlying Funds). The Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds. For information on the investment strategies, operations and risks of the Underlying Funds, please refer to the Fund's current prospectus as well as the prospectuses and shareholder reports of the Underlying Funds, which are available from the Securities and Exchange Commission's website at www.sec.gov or on the Underlying Funds' website at www.columbiathreadneedleus.com/resources/literature.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated life insurance companies (Participating Insurance Companies) 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 buying a Contract.

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.

#### 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.

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Investments in the Underlying Funds (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

18 Variable Portfolio – U.S. Flexible Growth Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

Option contracts are valued at the mean of the latest quoted bid and ask prices on their primary exchanges. Option contracts, including over-the-counter option contracts, with no readily available market quotations are valued using mid-market evaluations from independent third-party vendors.

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

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.

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

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty

Variable Portfolio – U.S. Flexible Growth Fund \| Annual Report 2022 19

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[**Table of Contents**](#JOB_41800_852b57ca-0449-4604-952e-bb577f44fa52_TOC)

Notes to Financial Statements (continued)

December 31, 2022

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

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

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

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

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

#### Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to produce incremental earnings, to manage the duration and yield curve exposure of the Fund versus the benchmark, to manage exposure to movements in interest rates, to manage exposure to the securities market and to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

20 Variable Portfolio – U.S. Flexible Growth Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_41800_852b57ca-0449-4604-952e-bb577f44fa52_TOC)

Notes to Financial Statements (continued)

December 31, 2022

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

#### Options contracts
Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund purchased option contracts to produce incremental earnings, to decrease the Fund's exposure to equity market risk and to facilitate buying and selling of securities for investments. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.

Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the written option are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund realizes a gain or loss when the option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.

For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to significant counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.

#### Swap contracts
Swap contracts are negotiated in the over-the-counter market and are entered into bilaterally or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty (the CCP) and the CCP becomes the Fund's counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the CCP in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. For a bilateral swap contract, the Fund has credit exposure to the broker, but exchanges daily variation margin with the broker based on the mark-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, the Fund has minimal credit exposure to the FCM because the CCP stands between the Fund and the relevant buyer/seller on the other side of the

Variable Portfolio – U.S. Flexible Growth Fund \| Annual Report 2022 21

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[**Table of Contents**](#JOB_41800_852b57ca-0449-4604-952e-bb577f44fa52_TOC)

Notes to Financial Statements (continued)

December 31, 2022

contract. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.

Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, that it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the bilateral counterparty, FCM or CCP, as applicable, may not fulfill its obligation under the contract.

#### Credit default swap contracts
The Fund entered into credit default swap contracts to increase or decrease its credit exposure to an index and to manage credit risk exposure. These instruments may be used for other purposes in future periods. Credit default swap contracts are transactions in which one party pays fixed periodic payments to a counterparty in consideration for an agreement from the counterparty to make a specific payment should a specified credit event(s) take place. Although specified credit events are contract specific, credit events are typically bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.

As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).

As the seller of a credit default swap contract, the Fund sells protection to a buyer and will generally receive a periodic interest rate on a notional amount. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized gain upon receipt of the payment. If a credit event as specified in the contract with the counterparty occurs, the Fund may either be required to accept the reference obligation from the buyer in exchange for a cash payment of its notional amount, or to pay the buyer a net cash settlement equal to the notional amount less an agreed-upon value of the reference obligation (recovery value) as of the date of the credit event. The difference between the value of the obligation or cash received and the notional amount paid will be recorded as a realized gain (loss). The maximum potential amount of undiscounted future payments the Fund could be required to make as the seller of protection under a credit default swap contract is equal to the notional amount of the reference obligation. These potential amounts may be partially offset by any recovery values of the respective reference obligations or upfront receipts upon entering into the agreement. The notional amounts and market values of all credit default swap contracts in which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments.

As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract with the counterparty. For credit default swap contracts on credit indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract.

Any upfront payment or receipt by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.

Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk.

22 Variable Portfolio – U.S. Flexible Growth Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_41800_852b57ca-0449-4604-952e-bb577f44fa52_TOC)

Notes to Financial Statements (continued)

December 31, 2022

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

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;18,889,889\* |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Investments, at value — Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;30550325 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288,138\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;49728352 |

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;Component of trust capital - unrealized depreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159,271\* |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;2,870,308\* |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;2,449,517\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;5479096 |

---

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2022:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> purchased<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Credit risk | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3251 |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;&nbsp;&nbsp;(63341959) | &nbsp;&nbsp;&nbsp;&nbsp;(18926179) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82268138) |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;(78702358) | &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;&nbsp;(78702358) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;(142044317) | &nbsp;&nbsp;&nbsp;&nbsp;(18926179) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3251 | &nbsp;&nbsp;&nbsp;&nbsp;(160967245) |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> purchased<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Credit risk | &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;&nbsp;(159271) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(159271) |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2576576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32166187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34742763 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3385935) | &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;&nbsp;&nbsp;(3385935) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(809359) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32166187 | &nbsp;&nbsp;&nbsp;&nbsp;(159271) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31197557 |

---

Variable Portfolio – U.S. Flexible Growth Fund \| Annual Report 2022 23

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[**Table of Contents**](#JOB_41800_852b57ca-0449-4604-952e-bb577f44fa52_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The following table is a summary of the average outstanding volume by derivative instrument for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)** |
| &nbsp;&nbsp;Futures contracts — long | 842,370,340\* |
| &nbsp;&nbsp;Futures contracts — short | 383,448,629\* |
| &nbsp;&nbsp;Credit default swap contracts — sell protection | &nbsp;&nbsp;&nbsp;&nbsp;3,653,846\*\* |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average<br> value ($)\*** |
| &nbsp;&nbsp;Options contracts — purchased | 46584109 |

---

\* Based on the ending quarterly outstanding amounts for the year ended December 31, 2022.

\*\* Based on the ending daily outstanding amounts for the year ended December 31, 2022.

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

#### Delayed delivery securities
The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a "when-issued" or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

#### To be announced securities
The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.

In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.

#### Mortgage dollar roll transactions
The Fund may enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. These transactions may increase the Fund's portfolio turnover rate. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique may diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. All cash proceeds will be invested

24 Variable Portfolio – U.S. Flexible Growth Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

#### Offsetting of assets and liabilities
The following table presents the Fund's gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
|  | **JPMorgan ($)** | &nbsp;&nbsp;**Morgan<br> Stanley ($)** | &nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Assets** |  |  |  |
| &nbsp;&nbsp;Options purchased puts | 30550325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;30550325 |
| &nbsp;&nbsp;**Liabilities** |  |  |  |
| &nbsp;&nbsp;Centrally cleared credit default swap contracts <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;11683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11683 |
| &nbsp;&nbsp;**Total financial and derivative net assets** | **30550325** | &nbsp;&nbsp;**(11683)** | &nbsp;&nbsp;**30538642** |
| &nbsp;&nbsp;&nbsp;Total collateral received (pledged) <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;(11683) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11683) |
| &nbsp;&nbsp;**Net amount <sup>(c)</sup>** | **30550325** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;**30550325** |

---

(a) Centrally cleared swaps are included within payable/receivable for variation margin in the Statement of Assets and Liabilities.

(b) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(c) Represents the net amount due from/(to) counterparties in the event of default.

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

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

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

Corporate actions and dividend income are recorded on the ex-dividend date.

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.

Variable Portfolio – U.S. Flexible Growth Fund \| Annual Report 2022 25

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Notes to Financial Statements (continued)

December 31, 2022

Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.

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

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

#### Federal income tax status
The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The components of the Fund's net assets are reported at the partner-level for federal income tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

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.

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

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees and underlying fund fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is a blend of (i) 0.02% on assets invested in affiliated underlying funds (including exchange-traded funds and closed-end funds) that pay a management services fee (or investment advisory services fee, as applicable) to the Investment Manager and (ii) a fee that declines from 0.72% to 0.52%, depending on asset levels, on assets invested in securities (other than affiliated underlying

26 Variable Portfolio – U.S. Flexible Growth Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

funds (including exchange-traded funds and closed-end funds) that pay a management services fee (or investment advisory services fee, as applicable) to the Investment Manager) including other funds advised by the Investment Manager that do not pay a management services fee to the Investment Manager, third party funds, derivatives and individual securities. The effective management services fee rate for the year ended December 31, 2022 was 0.21% of the Fund's average daily net assets.

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the Underlying Funds in which the Fund invests. Because the Underlying Funds have varied expense and fee levels and the Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. These expenses are not reflected in the expenses shown in Statement of Operations and are not included in the ratios to average net assets shown in the Financial Highlights.

#### 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 "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, 2022 was 0.06% of the Fund's average daily net assets.

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

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. The Board of Trustees has approved, and the Fund has adopted, a distribution plan (the Plan) which sets the distribution fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor for selling shares of the Fund. The Fund pays a monthly distribution fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class 2 shares of the Fund. The Fund pays no distribution and service fees for Class 1 shares.

Variable Portfolio – U.S. Flexible Growth Fund \| Annual Report 2022 27

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Notes to Financial Statements (continued)

December 31, 2022

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

---

| | | |
|:---|:---|:---|
|  | **May 1, 2022<br> through<br> April 30, 2023** | **Prior to<br> May 1, 2022** |
| &nbsp;&nbsp;Class 1 | 0.79% | 0.80% |
| &nbsp;&nbsp;Class 2 | 1.04 | 1.05 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), 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. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $6,510,384,005 and $6,081,450,569, respectively, for the year ended December 31, 2022, of which $6,220,268,914 and $5,928,744,162, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. 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. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 6. Interfund lending

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

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

The Fund did not borrow or lend money under the Interfund Program during the year ended December 31, 2022.

28 Variable Portfolio – U.S. Flexible Growth Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

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 27, 2022 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 $950 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 in each case, 1.00%. 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 27, 2022 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 $950 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 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 8. Significant risks

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

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

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced

Variable Portfolio – U.S. Flexible Growth Fund \| Annual Report 2022 29

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Notes to Financial Statements (continued)

December 31, 2022

market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity 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 which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

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

30 Variable Portfolio – U.S. Flexible Growth Fund \| Annual Report 2022

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Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Insurance Trust and Shareholders of Variable Portfolio – U.S. Flexible Growth Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Variable Portfolio – U.S. Flexible Growth Fund (one of the funds constituting Columbia Funds Variable Insurance Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (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, 2022, 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, 2022 and the financial highlights for each of the periods indicated therein 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, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

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

Variable Portfolio – U.S. Flexible Growth Fund \| Annual Report 2022 31

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## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

32 Variable Portfolio – U.S. Flexible Growth Fund \| Annual Report 2022

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## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

Variable Portfolio – U.S. Flexible Growth Fund \| Annual Report 2022 33

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

34 Variable Portfolio – U.S. Flexible Growth Fund \| Annual Report 2022

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

Variable Portfolio – U.S. Flexible Growth Fund \| Annual Report 2022 35

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## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

36 Variable Portfolio – U.S. Flexible Growth Fund \| Annual Report 2022

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## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

Variable Portfolio – U.S. Flexible Growth Fund \| Annual Report 2022 37

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#### Variable Portfolio – U.S. Flexible Growth Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](imgbb0357882.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 and/or summary 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 (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© 2023 Columbia Management Investment Advisers, LLC.

ANN7060_12_B01_(02/23)

------

![](img4814a9ce1.jpg)

Annual Report

December 31, 2022

![](img69ea708d2.jpg)

Variable Portfolio – U.S. Flexible Moderate Growth Fund

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.

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

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_d0051baa-8a5f-43c8-b0bc-31fa058345d0_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_d0051baa-8a5f-43c8-b0bc-31fa058345d0_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_ffc024ff-ed5c-483c-b3f2-eed38916f643_1)<br>| 7 |
| [Portfolio of Investments](#xx_20e72b30-0db9-4223-ad91-3a9cfa23bc29_1)<br>| 8 |
| [Statement of Assets and Liabilities](#xx_a79610a5-f656-4460-8c9a-4b6375bfd243_1)<br>| 12 |
| [Statement of Operations](#xx_a79610a5-f656-4460-8c9a-4b6375bfd243_2)<br>| 13 |
| [Statement of Changes in Net Assets](#xx_a79610a5-f656-4460-8c9a-4b6375bfd243_3)<br>| 14 |
| [Financial Highlights](#xx_bb23c16f-ad15-4737-a287-80987e84fe7c_2)<br>| 16 |
| [Notes to Financial Statements](#xx_947d0c19-c0eb-4659-8c1a-f143be4499e1_1)<br>| 18 |
| [Report of Independent Registered Public Accounting Firm](#xx_56b8e35d-cf50-430c-89c2-42902b48a2b5_1)<br>| 30 |
| [Trustees and Officers](#xx_1b08a85f-87bf-4cf1-b5af-98c8147edbaf_1)<br>| 31 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Variable Portfolio – U.S. Flexible Moderate Growth Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Annual Report 2022

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Fund at a Glance

(Unaudited)

Investment objective

The Fund pursues total return while seeking to manage the Fund's exposure to equity market volatility.

Portfolio management

#### Brian Virginia
Lead Portfolio Manager

Managed Fund since 2016

#### Anwiti Bahuguna, Ph.D.
Portfolio Manager

Managed Fund since 2016

#### David Weiss, CFA
Portfolio Manager

Managed Fund since 2016

#### Joshua Kutin, CFA
Portfolio Manager

Managed Fund since 2018

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**Life** |
| &nbsp;&nbsp;Class 1\* | &nbsp;&nbsp;&nbsp;&nbsp;02/20/19 | &nbsp;&nbsp;&nbsp;&nbsp;-17.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.47 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;11/02/16 | &nbsp;&nbsp;&nbsp;&nbsp;-17.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.32 |
| &nbsp;&nbsp;Blended Benchmark |  | &nbsp;&nbsp;&nbsp;&nbsp;-15.26 | &nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45 |
| &nbsp;&nbsp;S&P 500 Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-18.11 | &nbsp;&nbsp;&nbsp;&nbsp;9.42 | &nbsp;&nbsp;&nbsp;&nbsp;12.34 |
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-13.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

\* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share class, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/variable-products/appended-performance for more information.

The Blended Benchmark consists of 50% Bloomberg U.S. Aggregate Bond Index and 50% S&P 500 Index.

The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_41900_be60cd08-5ae8-41ed-9108-e2f0dfc8826d_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (November 2, 2016 — December 31, 2022)
![](imgb8edb0853.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Variable Portfolio – U.S. Flexible Moderate Growth Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio Allocation (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio Allocation (%) (at December 31, 2022)** |
| &nbsp;&nbsp;**Allocations to Underlying Funds** | &nbsp;&nbsp;**Allocations to Underlying Funds** |
| &nbsp;&nbsp;**Equity Funds** | &nbsp;&nbsp;&nbsp;**42.7** |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Large Cap | &nbsp;&nbsp;&nbsp;42.7 |
| &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds** | &nbsp;&nbsp;&nbsp;&nbsp;**8.3** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Grade | &nbsp;&nbsp;&nbsp;&nbsp;8.3 |
| &nbsp;&nbsp;**Fixed Income Funds** | &nbsp;&nbsp;&nbsp;**23.2** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Grade | &nbsp;&nbsp;&nbsp;23.2 |
| &nbsp;&nbsp;**Allocations to Tactical Assets** | &nbsp;&nbsp;**Allocations to Tactical Assets** |
| &nbsp;&nbsp;**Money Market Funds<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**14.3** |
| &nbsp;&nbsp;**Options Purchased Puts** | &nbsp;&nbsp;&nbsp;&nbsp;**0.6** |
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency** | &nbsp;&nbsp;&nbsp;**10.9** |
| &nbsp;&nbsp;**Total** | **100.0** |

---

(a) Includes investments in Money Market Funds which have been segregated to cover obligations relating to the Fund's investment in derivatives as part of its principal investment strategies. For
a description of the Fund's investments in derivatives, see Investments in derivatives following the Portfolio of Investments and the derivative instruments discussion in Note 2 to the Notes to Financial
Statements.

Percentages indicated are based upon total investments including options purchased and excluding all other investments in derivatives, if any. The Fund's portfolio composition is subject to change.

4 Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_41900_be60cd08-5ae8-41ed-9108-e2f0dfc8826d_TOC)

Manager Discussion of Fund Performance

(Unaudited)

For the 12-month period that ended December 31, 2022, Class 2 shares of Variable Portfolio – U.S. Flexible Moderate Growth Fund returned –17.54%. For the same time period, the Fund's Blended Benchmark returned -15.26%, the broad U.S. equity market, as measured by the S&P 500 Index, returned -18.11% and the broad U.S. fixed-income market, as measured by the Bloomberg U.S. Aggregate Bond Index, returned -13.01%.

Market overview

Global equities gave back some of the gains from 2020 and 2021 in calendar year 2022. The S&P 500 Index was down 18.11%, its worst calendar year return since 2008 when it fell 37.00%. The Russell 3000 Index, a broad-based domestic equity benchmark that includes exposure to small and large capitalization companies, ended the full 12-month period down 19.21%.

The "everything bubble" that corresponded with inflated markets and asset prices hit a crescendo level in 2021, and it was built on 0% interest rates and quantitative easing by the U.S. Federal Reserve (Fed). With investors confronted in 2022 with near 5% short-term interest rates and quantitative tightening by the Fed, the pressure on large parts of the market was palpable. Markets slowed in 2022, and multi-asset investors experienced the formidable challenge of stocks and bonds falling in unison. During most cyclical bear markets, risk-off assets, such as U.S. Treasury bonds, usually offer some safety, or at least relative strength. However, that was largely not the case during the 12 months that ended December 31, 2022. The Bloomberg US Long Treasury Index shed 29.26% during the annual period and the Bloomberg U.S. Aggregate Bond Index was down 13.01% for the 12-month period.

Commodity markets served as one of the only positive areas within global capital markets during the year. A broad-based index covering the commodity markets, the S&P GSCI, rose by 25.99% over the 12-month period.

The dynamic algorithm, a quantitative tool used by the portfolio managers to help direct equity exposure, steered the managers to start the 12-month period with a slight overweight directed at equity exposures within the Fund. However, as equity volatility rose during the early parts of the annual period, the algorithm began to shift to recommend an underweight allocation to equity exposure versus static benchmark equity weights. This underweight positioning was applied to the Fund during a significant majority of the annual period, as levels of equity volatility remained elevated throughout the 12-month period.

The Fund's notable detractors during the period

• The managers tactically adjusted actual equity exposure to maintain levels of equity exposure, on average, slightly greater than what the dynamic algorithm called for throughout the 12-month period. This tactical
discretion detracted from relative performance during the period.

• Underlying U.S. growth-oriented equity fund managers detracted from relative performance during the period.

• Overall, fixed-income manager performance results detracted from relative performance during the period, as rising interest rates challenged bond managers' positioning.
Core-oriented fixed-income managers and longer duration strategies struggled the most during the 12-month period.

The Fund's notable contributors during the period

• Underlying U.S. equity fund managers that utilized a valuation-sensitive investment approach, or value discipline, contributed favorably to relative performance during the period.

Derivatives usage

Derivative securities were used to execute asset allocation changes based on the Fund's dynamic algorithm. Protective put options and hedging strategies, which are used to help shield investors from outsized losses during periods of steep equity market declines, detracted from relative returns as time-value decay (the reduction in value of an options contract as it reaches its expiration date) and hedging instruments experienced headwinds over the course of the 12-month period.

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_41900_be60cd08-5ae8-41ed-9108-e2f0dfc8826d_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The Fund's investment in underlying funds subject them to the investment performance (positive or negative), risks and expenses of these underlying funds. There are risks associated with fixed-income investments, including credit risk, interest rate risk, and prepayment and extension risk. In general, bond prices rise when interest rates fall and vice versa. This effect is usually more pronounced for longer-term securities. Growth securities, at times, may not perform as well as value securities or the stock market in general and may be out of favor with investors. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Quantitative models used by the Fund may not be effective in selecting the most favorable securities for inclusion and may cause the Fund to underperform other investment strategies. Investing in derivatives is a specialized activity that involves special risks that subject the Fund to significant loss potential, including when used as leverage, and may result in greater fluctuation in Fund value. Asset allocation does not assure a profit or protect against loss. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

6 Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_41900_be60cd08-5ae8-41ed-9108-e2f0dfc8826d_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

In addition to the ongoing expenses which the Fund bears directly, the Fund's shareholders indirectly bear the Fund's allocable share of the costs and expenses of each underlying fund in which the Fund invests. You can also estimate the effective expenses paid during the period, which includes the indirect fees associated with investing in the underlying funds, by using the amounts listed in the "Effective expenses paid during the period" column.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Effective expenses<br> paid during the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Effective expenses<br> paid during the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's effective<br> annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;984.20 | &nbsp;&nbsp;&nbsp;&nbsp;1023.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;983.30 | &nbsp;&nbsp;&nbsp;&nbsp;1022.41 | &nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;4.67 | &nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Effective expenses paid during the period and the Fund's effective annualized expense ratio include expenses borne directly to the class plus the Fund's pro rata portion of the ongoing expenses charged by the underlying funds using the expense ratio of each class of the underlying funds as of the underlying fund's most recent shareholder report.

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Annual Report 2022 7

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[**Table of Contents**](#JOB_41900_be60cd08-5ae8-41ed-9108-e2f0dfc8826d_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Equity Funds 47.3%** | &nbsp;&nbsp;**Equity Funds 47.3%** | &nbsp;&nbsp;**Equity Funds 47.3%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**U.S. Large Cap 47.3%** | &nbsp;&nbsp;**U.S. Large Cap 47.3%** | &nbsp;&nbsp;**U.S. Large Cap 47.3%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1301584 | &nbsp;&nbsp;&nbsp;&nbsp;93766141 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6488252 | &nbsp;&nbsp;207948461 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6325191 | &nbsp;&nbsp;&nbsp;&nbsp;93676075 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2448213 | &nbsp;&nbsp;&nbsp;&nbsp;89922855 |
| &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1713911 | &nbsp;&nbsp;&nbsp;&nbsp;60603908 |
| &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1991850 | &nbsp;&nbsp;&nbsp;&nbsp;84235324 |
| &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2741244 | &nbsp;&nbsp;&nbsp;&nbsp;87774625 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5583226 | &nbsp;&nbsp;166770972 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**884698361** |
| &nbsp;&nbsp;Total Equity Funds<br> (Cost $593,611,228) | &nbsp;&nbsp;Total Equity Funds<br> (Cost $593,611,228) | &nbsp;&nbsp;**884698361** |
| &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds 9.1%** | &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds 9.1%** | &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds 9.1%** |
| &nbsp;&nbsp;**Investment Grade 9.1%** | &nbsp;&nbsp;**Investment Grade 9.1%** | &nbsp;&nbsp;**Investment Grade 9.1%** |
| &nbsp;&nbsp;iShares iBoxx $ Investment Grade Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802863 | &nbsp;&nbsp;&nbsp;&nbsp;84645846 |
| &nbsp;&nbsp;Vanguard Intermediate-Term Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;1114400 | &nbsp;&nbsp;&nbsp;&nbsp;86377144 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**171022990** |
| &nbsp;&nbsp;Total Exchange-Traded Fixed Income Funds<br> (Cost $188,849,116) | &nbsp;&nbsp;Total Exchange-Traded Fixed Income Funds<br> (Cost $188,849,116) | &nbsp;&nbsp;**171022990** |
| &nbsp;&nbsp;**Fixed Income Funds 25.8%** | &nbsp;&nbsp;**Fixed Income Funds 25.8%** | &nbsp;&nbsp;**Fixed Income Funds 25.8%** |
| &nbsp;&nbsp;**Investment Grade 25.8%** | &nbsp;&nbsp;**Investment Grade 25.8%** | &nbsp;&nbsp;**Investment Grade 25.8%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;10281938 | &nbsp;&nbsp;&nbsp;&nbsp;85031624 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3093531 | &nbsp;&nbsp;&nbsp;&nbsp;28367683 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5588173 | &nbsp;&nbsp;&nbsp;&nbsp;42693642 |
| &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3169033 | &nbsp;&nbsp;&nbsp;&nbsp;27538896 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fixed Income Funds (continued)** | &nbsp;&nbsp;**Fixed Income Funds (continued)** | &nbsp;&nbsp;**Fixed Income Funds (continued)** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;13394238 | &nbsp;&nbsp;120414202 |
| &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;10872231 | &nbsp;&nbsp;&nbsp;&nbsp;99046020 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8334878 | &nbsp;&nbsp;&nbsp;&nbsp;78431206 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**481523273** |
| &nbsp;&nbsp;Total Fixed Income Funds<br> (Cost $577,528,368) | &nbsp;&nbsp;Total Fixed Income Funds<br> (Cost $577,528,368) | &nbsp;&nbsp;**481523273** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 12.1%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 12.1%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 12.1%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 12.1%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(c)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(c)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(c)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(c)</sup> |
| &nbsp;&nbsp;01/17/2038-<br> 01/12/2053 | &nbsp;&nbsp;3.000% | 131050000 | &nbsp;&nbsp;116573990 |
| &nbsp;&nbsp;01/17/2038-<br> 01/12/2053 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;58220000 | &nbsp;&nbsp;&nbsp;&nbsp;53616257 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;19000000 | &nbsp;&nbsp;&nbsp;&nbsp;17815539 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;39000000 | &nbsp;&nbsp;&nbsp;&nbsp;37527995 |
| &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $229,051,008) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $229,051,008) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $229,051,008) | &nbsp;&nbsp;**225533781** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Options Purchased Puts 0.7%** | &nbsp;&nbsp;**Options Purchased Puts 0.7%** |
|  | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;(Cost $12,605,848) | &nbsp;&nbsp;**12345000** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 15.8%** | &nbsp;&nbsp;**Money Market Funds 15.8%** | &nbsp;&nbsp;**Money Market Funds 15.8%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(a),(d)</sup> | &nbsp;&nbsp;296229466 | &nbsp;&nbsp;&nbsp;&nbsp;296140598 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $296,086,910) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $296,086,910) | &nbsp;&nbsp;&nbsp;&nbsp;**296140598** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $1,897,732,478)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $1,897,732,478)** | &nbsp;&nbsp;**2071264003** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;**(202233277)** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**1869030726** |

---

At December 31, 2022, securities and/or cash totaling $25,893,000 were pledged as collateral.

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

8 Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_41900_be60cd08-5ae8-41ed-9108-e2f0dfc8826d_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Investments in derivatives

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;S&P 500 Index E-mini | 278 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;53667900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1363080) |
| &nbsp;&nbsp;U.S. Long Bond | 280 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;35096250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(275407) |
| &nbsp;&nbsp;U.S. Treasury 10-Year Note | 264 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;29646375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143144) |
| &nbsp;&nbsp;U.S. Treasury 2-Year Note | 480 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;98437500 | &nbsp;&nbsp;&nbsp;&nbsp;137892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury 5-Year Note | 882 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;95193985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21899) |
| &nbsp;&nbsp;U.S. Treasury Ultra Bond | 200 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;26862500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(178959) |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;137892 | &nbsp;&nbsp;&nbsp;&nbsp;(1982489) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;S&P 500 Index E-mini | (1200) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;(231660000) | &nbsp;&nbsp;&nbsp;&nbsp;8195180 | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** |
| &nbsp;&nbsp;**Description** | **Counterparty** | &nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;**Number of<br> contracts** | &nbsp;&nbsp;**Exercise<br> price/Rate** | &nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;**Cost ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;S&P 500 Index | JPMorgan | &nbsp;&nbsp;USD | &nbsp;&nbsp;84469000 | &nbsp;&nbsp;220 | &nbsp;&nbsp;3200.00 | &nbsp;&nbsp;06/21/2024 | &nbsp;&nbsp;&nbsp;&nbsp;3980911 | &nbsp;&nbsp;&nbsp;&nbsp;3427600 |
| &nbsp;&nbsp;S&P 500 Index | JPMorgan | &nbsp;&nbsp;USD | &nbsp;&nbsp;92148000 | &nbsp;&nbsp;240 | &nbsp;&nbsp;3300.00 | &nbsp;&nbsp;12/20/2024 | &nbsp;&nbsp;&nbsp;&nbsp;4705929 | &nbsp;&nbsp;&nbsp;&nbsp;5120400 |
| &nbsp;&nbsp;S&P 500 Index | JPMorgan | &nbsp;&nbsp;USD | &nbsp;&nbsp;76790000 | &nbsp;&nbsp;200 | &nbsp;&nbsp;3200.00 | &nbsp;&nbsp;12/20/2024 | &nbsp;&nbsp;&nbsp;&nbsp;3919008 | &nbsp;&nbsp;&nbsp;&nbsp;3797000 |
| &nbsp;&nbsp;Total |  |  |  |  |  |  | &nbsp;&nbsp;12605848 | &nbsp;&nbsp;12345000 |

---

#### Notes to Portfolio of Investments
(a) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is
under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Capital gain<br> distributions($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends —<br> affiliated<br> issuers ($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;467563046 | &nbsp;&nbsp;654607882 | &nbsp;&nbsp;(826104787) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74457 | &nbsp;&nbsp;&nbsp;&nbsp;296140598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(131367) | &nbsp;&nbsp;&nbsp;&nbsp;5174131 | &nbsp;&nbsp;296229466 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;119713656 | &nbsp;&nbsp;&nbsp;&nbsp;2081011 | &nbsp;&nbsp;&nbsp;&nbsp;(4722097) | &nbsp;&nbsp;&nbsp;&nbsp;(23306429) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93766141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1305054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1301584 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;99622469 | &nbsp;&nbsp;&nbsp;&nbsp;6531164 | &nbsp;&nbsp;&nbsp;&nbsp;(1552950) | &nbsp;&nbsp;&nbsp;&nbsp;(19569059) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85031624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58872 | &nbsp;&nbsp;&nbsp;&nbsp;(327436) | &nbsp;&nbsp;&nbsp;&nbsp;2851699 | &nbsp;&nbsp;&nbsp;&nbsp;10281938 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;261753036 | &nbsp;&nbsp;&nbsp;&nbsp;4584265 | &nbsp;&nbsp;&nbsp;&nbsp;(8663545) | &nbsp;&nbsp;&nbsp;&nbsp;(49725295) | &nbsp;&nbsp;&nbsp;&nbsp;207948461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2329744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6488252 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;33053544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395712 | &nbsp;&nbsp;&nbsp;&nbsp;(3075523) | &nbsp;&nbsp;&nbsp;&nbsp;(2006050) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28367683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(241972) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232128 | &nbsp;&nbsp;&nbsp;&nbsp;3093531 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;49956687 | &nbsp;&nbsp;&nbsp;&nbsp;10392332 | &nbsp;&nbsp;&nbsp;&nbsp;(1390258) | &nbsp;&nbsp;&nbsp;&nbsp;(16265119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42693642 | &nbsp;&nbsp;1377370 | &nbsp;&nbsp;&nbsp;&nbsp;(436574) | &nbsp;&nbsp;&nbsp;&nbsp;1257172 | &nbsp;&nbsp;&nbsp;&nbsp;5588173 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;118745126 | &nbsp;&nbsp;&nbsp;&nbsp;2179145 | &nbsp;&nbsp;&nbsp;&nbsp;(4378480) | &nbsp;&nbsp;&nbsp;&nbsp;(22869716) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93676075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6325191 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;105623657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309018 | &nbsp;&nbsp;&nbsp;&nbsp;(11288545) | &nbsp;&nbsp;&nbsp;&nbsp;(4721275) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89922855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2796521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2448213 |
| &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;32858215 | &nbsp;&nbsp;&nbsp;&nbsp;1302741 | &nbsp;&nbsp;&nbsp;&nbsp;(1646271) | &nbsp;&nbsp;&nbsp;&nbsp;(4975789) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27538896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(244935) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628433 | &nbsp;&nbsp;&nbsp;&nbsp;3169033 |

---

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

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_41900_be60cd08-5ae8-41ed-9108-e2f0dfc8826d_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Notes to Portfolio of Investments (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Capital gain<br> distributions($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends —<br> affiliated<br> issuers ($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;16481497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174106 | &nbsp;&nbsp;&nbsp;&nbsp;(17155649) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500046 | &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;85272 | &nbsp;&nbsp;(1173998) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;141699465 | &nbsp;&nbsp;&nbsp;&nbsp;10442665 | &nbsp;&nbsp;&nbsp;&nbsp;(3350902) | &nbsp;&nbsp;&nbsp;&nbsp;(28377026) | &nbsp;&nbsp;&nbsp;&nbsp;120414202 | &nbsp;&nbsp;3309797 | &nbsp;&nbsp;&nbsp;&nbsp;(484693) | &nbsp;&nbsp;&nbsp;&nbsp;3948112 | &nbsp;&nbsp;&nbsp;&nbsp;13394238 |
| &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;93568517 | &nbsp;&nbsp;&nbsp;&nbsp;7366034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(40330643) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60603908 | &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;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1713911 |
| &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;103111784 | &nbsp;&nbsp;&nbsp;&nbsp;14705150 | &nbsp;&nbsp;&nbsp;&nbsp;(4458665) | &nbsp;&nbsp;&nbsp;&nbsp;(29122945) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84235324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2090) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1991850 |
| &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;104257247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84334 | &nbsp;&nbsp;&nbsp;&nbsp;(9180005) | &nbsp;&nbsp;&nbsp;&nbsp;(7386951) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87774625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2341794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2741244 |
| &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;116435069 | &nbsp;&nbsp;&nbsp;&nbsp;3328956 | &nbsp;&nbsp;&nbsp;&nbsp;(3645698) | &nbsp;&nbsp;&nbsp;&nbsp;(17072307) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99046020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(574979) | &nbsp;&nbsp;&nbsp;&nbsp;1206587 | &nbsp;&nbsp;&nbsp;&nbsp;10872231 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;91408599 | &nbsp;&nbsp;&nbsp;&nbsp;3441393 | &nbsp;&nbsp;&nbsp;&nbsp;(2681801) | &nbsp;&nbsp;&nbsp;&nbsp;(13736985) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78431206 | &nbsp;&nbsp;&nbsp;&nbsp;602726 | &nbsp;&nbsp;&nbsp;&nbsp;(358227) | &nbsp;&nbsp;&nbsp;&nbsp;1378691 | &nbsp;&nbsp;&nbsp;&nbsp;8334878 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;208763783 | &nbsp;&nbsp;&nbsp;&nbsp;1943131 | &nbsp;&nbsp;&nbsp;&nbsp;(5975846) | &nbsp;&nbsp;&nbsp;&nbsp;(37960096) | &nbsp;&nbsp;&nbsp;&nbsp;166770972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2149862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5583226 |
| &nbsp;&nbsp;Total | 2164615397 |  |  | &nbsp;&nbsp;(316851182) | &nbsp;&nbsp;1662362232 | &nbsp;&nbsp;5434037 | &nbsp;&nbsp;&nbsp;6881704 | &nbsp;&nbsp;16713971 |  |

---

(b) Non-income producing investment.

(c) Represents a security purchased on a when-issued basis.

(d) The rate shown is the seven-day current annualized yield at December 31, 2022.

#### Abbreviation Legend
TBA To Be Announced

#### Currency Legend
USD US Dollar

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

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

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

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

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

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

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

10 Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_41900_be60cd08-5ae8-41ed-9108-e2f0dfc8826d_TOC)

Portfolio of Investments (continued)

December 31, 2022

**Fair value measurements (continued) Certain investments that have been measured at fair value using the net asset value (NAV) per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Variable Portfolios serve as investment vehicles for variable annuity contracts and variable life insurance policies. Principal investment strategies within these Variable Portfolios vary based on the Portfolios investment objective. Investments in the Variable Portfolios may be redeemed on a daily basis without restriction.**

**Investments falling into the Level 3 category 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, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Assets at NAV ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Funds | &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;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884698361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884698361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Fixed Income Funds | 171022990 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171022990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Income Funds | &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;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481523273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481523273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;225533781 | &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;225533781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options Purchased Puts | &nbsp;&nbsp;&nbsp;12345000 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12345000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 296140598 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296140598 |
| &nbsp;&nbsp;Total Investments in Securities | 479508588 | &nbsp;&nbsp;&nbsp;&nbsp;225533781 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1366221634 | &nbsp;&nbsp;&nbsp;&nbsp;2071264003 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;8333072 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8333072 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(1982489) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1982489) |
| &nbsp;&nbsp;Total | 485859171 | &nbsp;&nbsp;&nbsp;&nbsp;225533781 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1366221634 | &nbsp;&nbsp;&nbsp;&nbsp;2077614586 |

---

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.

Futures contracts are valued at unrealized appreciation (depreciation).

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

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_41900_be60cd08-5ae8-41ed-9108-e2f0dfc8826d_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $417,900,124) | &nbsp;&nbsp;&nbsp;&nbsp;$396556771 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $1,467,226,506) | &nbsp;&nbsp;&nbsp;1662362232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased (cost $12,605,848) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12345000 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422000 |
| &nbsp;&nbsp;Cash collateral held at broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2599000 |
| &nbsp;&nbsp;Margin deposits on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23294000 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16943595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016582 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657475 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18744 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50039 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;2117749886 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;246274272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1723242 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489801 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33472 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50039 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;248719160 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$1869030726** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Trust capital | $1869030726 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$1869030726** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3422549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261376 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.09 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $1865608177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;143780882 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.98 |

---

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

12 Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_41900_be60cd08-5ae8-41ed-9108-e2f0dfc8826d_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5006791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16713971 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241966 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21962728 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4207297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5009279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29028 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10606275 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11356453 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(36516620) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6881704 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from underlying affiliated funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5434037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;(58215487) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8470354) |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;(90886717) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(24914756) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;(316851182) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177448 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13957275 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(327631215) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(418517932) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(407161479)** |

---

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

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_41900_be60cd08-5ae8-41ed-9108-e2f0dfc8826d_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$11356453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3483819 |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90886717) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114141661 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(327631215) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120961567 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(407161479) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238587047 |
| &nbsp;&nbsp;Increase (decrease) in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57597370) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27331178 |
| &nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(464758849) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265918225 |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;2333789575 | &nbsp;&nbsp;&nbsp;&nbsp;2067871350 |
| &nbsp;&nbsp;**Net assets at end of year** | **$1869030726** | &nbsp;&nbsp;**$2333789575** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13254) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(187764) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6183) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92662) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1137354 |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;3179908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43866401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6918485 | &nbsp;&nbsp;&nbsp;&nbsp;103394533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (7492766) | &nbsp;&nbsp;&nbsp;&nbsp;(102492335) | &nbsp;&nbsp;&nbsp;&nbsp;(5201411) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77200709) |
| &nbsp;&nbsp;Net increase (decrease) | (4312858) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58625934) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26193824 |
| &nbsp;&nbsp;**Total net increase (decrease)** | **(4238236)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(57597370)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1792173** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27331178** |

---

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

14 Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Annual Report 2022

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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 portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $15.84 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;(2.87) | &nbsp;&nbsp;(2.75) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $14.18 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $13.41 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| &nbsp;&nbsp;Year Ended 12/31/2019<sup>(d)</sup> | $12.05 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $15.74 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;(2.84) | &nbsp;&nbsp;(2.76) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $14.12 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $13.38 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $11.38 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $11.76 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;(0.38) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interest on collateral expense which is less than 0.01%. |
| (d) | Class 1 shares commenced operations on February 20, 2019. Per share data and total return reflect activity from that date. |
| (e) | Annualized. |

---

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

16 Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Annual Report 2022

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Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $13.09 | (17.36%) | 0.28% | 0.28% | 0.87% | 151% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3423 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $15.84 | 11.71% | 0.28%<sup>(c)</sup> | 0.28%<sup>(c)</sup> | 0.44% | 175% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2959 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $14.18 | &nbsp;&nbsp;&nbsp;5.74% | 0.29% | 0.29% | 0.63% | 232% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1583 |
| &nbsp;&nbsp;Year Ended 12/31/2019<sup>(d)</sup> | $13.41 | 11.29% | 0.30%<sup>(e)</sup> | 0.30%<sup>(e)</sup> | 1.84%<sup>(e)</sup> | 125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$299 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $12.98 | (17.54%) | 0.53% | 0.53% | 0.57% | 151% | $1865608 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $15.74 | 11.47% | 0.53%<sup>(c)</sup> | 0.53%<sup>(c)</sup> | 0.16% | 175% | $2330831 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $14.12 | &nbsp;&nbsp;&nbsp;5.53% | 0.54% | 0.54% | 0.48% | 232% | $2066289 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $13.38 | 17.57% | 0.55% | 0.55% | 1.05% | 125% | $1832787 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $11.38 | &nbsp;&nbsp;(3.23%) | 0.56% | 0.56% | 0.74% | &nbsp;&nbsp;42% | $1142028 |

---

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

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Annual Report 2022 17

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Notes to Financial Statements

December 31, 2022

Note 1. Organization

Variable Portfolio – U.S. Flexible Moderate Growth Fund (the Fund), a series of Columbia Funds Variable Insurance Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

The Fund is a "fund-of-funds", investing significantly in affiliated funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), its affiliates, or third-party advised (unaffiliated) funds, including exchange-traded funds (collectively, Underlying Funds). The Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds. For information on the investment strategies, operations and risks of the Underlying Funds, please refer to the Fund's current prospectus as well as the prospectuses and shareholder reports of the Underlying Funds, which are available from the Securities and Exchange Commission's website at www.sec.gov or on the Underlying Funds' website at www.columbiathreadneedleus.com/resources/literature.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated life insurance companies (Participating Insurance Companies) 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 buying a Contract.

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.

#### 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.

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Investments in the Underlying Funds (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

18 Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

Option contracts are valued at the mean of the latest quoted bid and ask prices on their primary exchanges. Option contracts, including over-the-counter option contracts, with no readily available market quotations are valued using mid-market evaluations from independent third-party vendors.

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.

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

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Annual Report 2022 19

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Notes to Financial Statements (continued)

December 31, 2022

that is held in a broker's customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

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

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

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

#### Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to produce incremental earnings, to manage the duration and yield curve exposure of the Fund versus the benchmark, to manage exposure to movements in interest rates, to manage exposure to the securities market and to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets

20 Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

#### Options contracts
Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund purchased option contracts to produce incremental earnings, to decrease the Fund's exposure to equity market risk and to protect gains. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.

Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the written option are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund realizes a gain or loss when the option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.

For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to significant counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.

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

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Annual Report 2022 21

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Notes to Financial Statements (continued)

December 31, 2022

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,195,180\* |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Investments, at value — Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;12345000 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137,892\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;20678072 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;1,363,080\* |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619,409\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;1982489 |

---

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> purchased<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;(18815546) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8470354) | &nbsp;&nbsp;&nbsp;&nbsp;(27285900) |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;(39399941) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(39399941) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;(58215487) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8470354) | &nbsp;&nbsp;&nbsp;&nbsp;(66685841) |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> purchased<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;&nbsp;&nbsp;1428255 | &nbsp;&nbsp;&nbsp;&nbsp;13957275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15385530 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;(1250807) | &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;(1250807) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177448 | &nbsp;&nbsp;&nbsp;&nbsp;13957275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14134723 |

---

The following table is a summary of the average outstanding volume by derivative instrument for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)\*** |
| &nbsp;&nbsp;Futures contracts — long | 392067035 |
| &nbsp;&nbsp;Futures contracts — short | 165588116 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average<br> value ($)\*** |
| &nbsp;&nbsp;Options contracts — purchased | 19018938 |

---

\* Based on the ending quarterly outstanding amounts for the year ended December 31, 2022.

22 Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_41900_be60cd08-5ae8-41ed-9108-e2f0dfc8826d_TOC)

Notes to Financial Statements (continued)

December 31, 2022

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

#### Delayed delivery securities
The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a "when-issued" or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

#### To be announced securities
The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.

In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.

#### Mortgage dollar roll transactions
The Fund may enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. These transactions may increase the Fund's portfolio turnover rate. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique may diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

#### Offsetting of assets and liabilities
The following table presents the Fund's gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of December 31, 2022:

---

| | |
|:---|:---|
|  | **JPMorgan ($)** |
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Options purchased puts | 12345000 |
| &nbsp;&nbsp;**Total financial and derivative net assets** | **12345000** |
| &nbsp;&nbsp;&nbsp;Total collateral received (pledged) <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;**Net amount <sup>(b)</sup>** | **12345000** |

---

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Annual Report 2022 23

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[**Table of Contents**](#JOB_41900_be60cd08-5ae8-41ed-9108-e2f0dfc8826d_TOC)

Notes to Financial Statements (continued)

December 31, 2022

(a) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(b) Represents the net amount due from/(to) counterparties in the event of default.

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

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

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

Corporate actions and dividend income are recorded on the ex-dividend date.

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.

Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.

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

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

24 Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_41900_be60cd08-5ae8-41ed-9108-e2f0dfc8826d_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Federal income tax status
The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The components of the Fund's net assets are reported at the partner-level for federal income tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

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.

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

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees and underlying fund fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is a blend of (i) 0.02% on assets invested in affiliated underlying funds (including exchange-traded funds and closed-end funds) that pay a management services fee (or investment advisory services fee, as applicable) to the Investment Manager and (ii) a fee that declines from 0.72% to 0.52%, depending on asset levels, on assets invested in securities (other than affiliated underlying funds (including exchange-traded funds and closed-end funds) that pay a management services fee (or investment advisory services fee, as applicable) to the Investment Manager) including other funds advised by the Investment Manager that do not pay a management services fee to the Investment Manager, third party funds, derivatives and individual securities. The effective management services fee rate for the year ended December 31, 2022 was 0.21% of the Fund's average daily net assets.

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the Underlying Funds in which the Fund invests. Because the Underlying Funds have varied expense and fee levels and the Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. These expenses are not reflected in the expenses shown in Statement of Operations and are not included in the ratios to average net assets shown in the Financial Highlights.

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Annual Report 2022 25

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[**Table of Contents**](#JOB_41900_be60cd08-5ae8-41ed-9108-e2f0dfc8826d_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### 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 "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, 2022 was 0.06% of the Fund's average daily net assets.

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

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. The Board of Trustees has approved, and the Fund has adopted, a distribution plan (the Plan) which sets the distribution fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor for selling shares of the Fund. The Fund pays a monthly distribution fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class 2 shares of the Fund. The Fund pays no distribution and service fees for Class 1 shares.

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

---

| | | |
|:---|:---|:---|
|  | **May 1, 2022<br> through<br> April 30, 2023** | **Prior to<br> May 1, 2022** |
| &nbsp;&nbsp;Class 1 | 0.79% | 0.80% |
| &nbsp;&nbsp;Class 2 | 1.04 | 1.05 |

---

26 Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_41900_be60cd08-5ae8-41ed-9108-e2f0dfc8826d_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), 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. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $2,909,752,896 and $2,776,952,781, respectively, for the year ended December 31, 2022, of which $2,727,147,595 and $2,642,299,325, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. 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. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 6. Interfund lending

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

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

The Fund did not borrow or lend money under the Interfund Program during the year ended December 31, 2022.

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 27, 2022 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 $950 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 in each case, 1.00%. 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 27, 2022 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

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Annual Report 2022 27

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[**Table of Contents**](#JOB_41900_be60cd08-5ae8-41ed-9108-e2f0dfc8826d_TOC)

Notes to Financial Statements (continued)

December 31, 2022

up to $950 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 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 8. Significant risks

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

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

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing

28 Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_41900_be60cd08-5ae8-41ed-9108-e2f0dfc8826d_TOC)

Notes to Financial Statements (continued)

December 31, 2022

political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity 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 which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

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

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Annual Report 2022 29

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[**Table of Contents**](#JOB_41900_be60cd08-5ae8-41ed-9108-e2f0dfc8826d_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Insurance Trust and Shareholders of Variable Portfolio – U.S. Flexible Moderate Growth Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Variable Portfolio – U.S. Flexible Moderate Growth Fund (one of the funds constituting Columbia Funds Variable Insurance Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (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, 2022, 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, 2022 and the financial highlights for each of the periods indicated therein 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, 2022 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

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

30 Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_41900_be60cd08-5ae8-41ed-9108-e2f0dfc8826d_TOC)

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

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Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Annual Report 2022 31

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## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

32 Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Annual Report 2022

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Annual Report 2022 33

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

34 Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Annual Report 2022

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## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Annual Report 2022 35

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## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

36 Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Annual Report 2022

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#### Variable Portfolio – U.S. Flexible Moderate Growth Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img69ea708d2.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 and/or summary 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 (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© 2023 Columbia Management Investment Advisers, LLC.

ANN7061_12_B01_(02/23)

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![](img51e22f981.jpg)

Annual Report

December 31, 2022

![](imgc007084a2.jpg)

Variable Portfolio – Managed Risk Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts 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.

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

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_e7a959e5-875f-4d53-8279-43f26e6fdb95_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_e7a959e5-875f-4d53-8279-43f26e6fdb95_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_36901cfb-83f7-4f7a-ae15-4f9173224375_1)<br>| 7 |
| [Portfolio of Investments](#xx_c7757104-e893-494b-98df-513b06764fdf_1)<br>| 8 |
| [Statement of Assets and Liabilities](#xx_e98ef1f0-e647-4d4e-a2b1-8ccaa203a793_1)<br>| 13 |
| [Statement of Operations](#xx_e98ef1f0-e647-4d4e-a2b1-8ccaa203a793_2)<br>| 14 |
| [Statement of Changes in Net Assets](#xx_e98ef1f0-e647-4d4e-a2b1-8ccaa203a793_3)<br>| 15 |
| [Financial Highlights](#xx_1b11cb56-bc7d-4f95-bd33-337dddc06320_1)<br>| 16 |
| [Notes to Financial Statements](#xx_0f8df592-9562-47c4-9117-30f15c965c52_1)<br>| 18 |
| [Report of Independent Registered Public Accounting Firm](#xx_a1e2ffed-1bf7-4078-9f55-c122cece52c1_1)<br>| 33 |
| [Trustees and Officers](#xx_8446ecab-9c9b-4af2-a169-03b5e38c110a_1)<br>| 34 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Variable Portfolio – Managed Risk Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Variable Portfolio – Managed Risk Fund \| Annual Report 2022

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Fund at a Glance

(Unaudited)

Investment objective

The Fund pursues total return while seeking to manage the Fund's exposure to equity market volatility.

Portfolio management

#### Brian Virginia
Lead Portfolio Manager

Managed Fund since 2017

#### Anwiti Bahuguna, Ph.D.
Portfolio Manager

Managed Fund since 2017

#### David Weiss, CFA
Portfolio Manager

Managed Fund since 2017

#### Joshua Kutin, CFA
Portfolio Manager

Managed Fund since 2018

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**Life** |
| &nbsp;&nbsp;Class 1\* | &nbsp;&nbsp;&nbsp;&nbsp;02/20/19 | &nbsp;&nbsp;&nbsp;&nbsp;-17.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;2.45 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;09/12/17 | &nbsp;&nbsp;&nbsp;&nbsp;-17.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 |
| &nbsp;&nbsp;Blended Benchmark |  | &nbsp;&nbsp;&nbsp;&nbsp;-15.11 | &nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp;&nbsp;4.11 |
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-13.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| &nbsp;&nbsp;Russell 3000 Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-19.21 | &nbsp;&nbsp;&nbsp;&nbsp;8.79 | &nbsp;&nbsp;&nbsp;&nbsp;9.81 |
| &nbsp;&nbsp;MSCI EAFE Index (Net) |  | &nbsp;&nbsp;&nbsp;&nbsp;-14.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

\* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share class, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/variable-products/appended-performance for more information.

The Blended Benchmark consists of 50% Bloomberg U.S. Aggregate Bond Index, 35% Russell 3000 Index and 15% MSCI EAFE Index (Net).

The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.

The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

The MSCI EAFE Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The index is compiled from a composite of securities markets of Europe, Australasia and the Far East and is widely recognized by investors in foreign markets as the measurement index for portfolios of non-North American securities.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Index (Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

Variable Portfolio – Managed Risk Fund \| Annual Report 2022 3

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[**Table of Contents**](#JOB_50300_f99a5194-2fc9-4d8a-a314-58357ea59151_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (September 12, 2017 — December 31, 2022)
![](imgcbb752ee3.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Variable Portfolio – Managed Risk Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio Allocation (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio Allocation (%) (at December 31, 2022)** |
| &nbsp;&nbsp;**Allocations to Underlying Funds** | &nbsp;&nbsp;**Allocations to Underlying Funds** |
| &nbsp;&nbsp;**Equity Funds** | &nbsp;&nbsp;&nbsp;**49.8** |
| &nbsp;&nbsp;&nbsp;&nbsp;International | &nbsp;&nbsp;&nbsp;15.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Large Cap | &nbsp;&nbsp;&nbsp;29.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Small Cap | &nbsp;&nbsp;&nbsp;&nbsp;5.2 |
| &nbsp;&nbsp;**Exchange-Traded Equity Funds** | &nbsp;&nbsp;&nbsp;&nbsp;**1.6** |
| &nbsp;&nbsp;&nbsp;&nbsp;International Mid Large Cap | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Mid Cap | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds** | &nbsp;&nbsp;&nbsp;&nbsp;**6.6** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Grade | &nbsp;&nbsp;&nbsp;&nbsp;6.6 |
| &nbsp;&nbsp;**Fixed Income Funds** | &nbsp;&nbsp;&nbsp;**26.7** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Grade | &nbsp;&nbsp;&nbsp;26.7 |
| &nbsp;&nbsp;**Allocations to Tactical Assets** | &nbsp;&nbsp;**Allocations to Tactical Assets** |
| &nbsp;&nbsp;**Money Market Funds** | &nbsp;&nbsp;&nbsp;&nbsp;**5.6** |
| &nbsp;&nbsp;**Options Purchased Puts** | &nbsp;&nbsp;&nbsp;&nbsp;**0.8** |
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency** | &nbsp;&nbsp;&nbsp;&nbsp;**8.9** |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments including options purchased and excluding all other investments in derivatives, if any. The Fund's portfolio composition is subject to change.

4 Variable Portfolio – Managed Risk Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_50300_f99a5194-2fc9-4d8a-a314-58357ea59151_TOC)

Manager Discussion of Fund Performance

(Unaudited)

For the 12-month period that ended December 31, 2022, Class 2 shares of Variable Portfolio – Managed Risk Fund returned -17.39%. The Fund's Blended Benchmark returned -15.11%. For the same time period, the Bloomberg U.S. Aggregate Bond Index returned -13.01%, the Russell 3000 Index returned -19.21% and the MSCI EAFE Index (Net) returned -14.45%.

Market overview

Global equities gave back some of the gains from 2020 and 2021 in calendar year 2022. The S&P 500 Index was down 18.11%, its worst calendar year return since 2008 when it fell 37.00%. The Russell 3000 Index, a broad-based domestic equity benchmark that includes exposure to small and large capitalization companies, ended the full 12-month period down 19.21%.

The "everything bubble" that corresponded with inflated markets and asset prices hit a crescendo in 2021, and it was built on 0% interest rates and quantitative easing by the U.S. Federal Reserve (Fed). With investors confronted in 2022 with near 5% short-term interest rates and quantitative tightening by the Fed, the pressure on large parts of the market was palpable. Markets slowed in 2022, and multi-asset investors experienced the formidable challenge of stocks and bonds falling in unison. During most cyclical bear markets, risk-off assets, such as U.S. Treasury bonds, usually offer some safety, or at least relative strength. However, that was largely not the case during the 12 months that ended December 31, 2022. The Bloomberg U.S. Long Treasury Index shed 29.26% during the annual period and the Bloomberg U.S. Aggregate Bond Index was down 13.01% for the 12-month period.

In foreign developed markets, the MSCI EAFE Index (Net), a broad proxy for international developed market equities, delivered a return of -14.45% (quoted in US dollar terms). In emerging markets, as measured by the MSCI Emerging Markets Index (Net), stocks fell by 20.09% in the 12-month period. It's noteworthy that these returns are quoted in U.S. dollar terms. In local currency terms, the returns for these two overseas equity indices would be improved by several percentage points for the 12-month period.

Commodity markets served as one of the only positive areas within global capital markets during the year. A broad-based index covering the commodity markets, the S&P GSCI, rose by 25.99% over the 12-month period.

The dynamic algorithm, a quantitative tool used by the portfolio managers to help direct equity exposure, steered the managers to start the 12-month period with an overweight allocation directed at equity exposures within the Fund. However, as equity volatility rose during the early parts of the annual period, the algorithm began to shift to recommend an underweight allocation to equity exposure versus static benchmark equity weights. This underweight positioning was applied to the Fund during a large portion of the middle part of the annual period, as equity volatility remained elevated. A brief respite occurred during the second half of the period as equity volatility fell somewhat. During this period, near the September-to-October timeframe, the algorithm briefly shifted back to a stance where it was again recommending an overweight to equities in the Fund. This period of more favorable positioning for equities versus neutral static benchmark allocations proved fleeting, as ultimately the algorithm grew more defensive during the final months of the annual period.

The Fund's notable detractors during the period

• The managers tactically adjusted actual equity exposure throughout the 12-month period, and this tactical discretion served as a slight detractor to relative performance.

• Underlying small-cap domestic equity, international equity, and fixed-income fund managers underperformed their assigned benchmarks during the period, weighing on Fund results during
the period.

The Fund's notable contributors during the period

• Large-cap domestic equity managers outperformed and contributed favorably to relative performance during the 12-month period.

Variable Portfolio – Managed Risk Fund \| Annual Report 2022 5

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[**Table of Contents**](#JOB_50300_f99a5194-2fc9-4d8a-a314-58357ea59151_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

Derivatives usage

Derivative securities were used to execute asset allocation changes based on the Fund's dynamic algorithm. Protective put options and hedging strategies, which are used to help shield investors from outsized losses during periods of steep equity market declines, were a more meaningful detractor from relative returns as time-value decay (the reduction in value of an options contract as it reaches its expiration date) and hedging instruments experienced headwinds over the course of the 12-month period.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The Fund's investment in underlying funds subject them to the investment performance (positive or negative), risks and expenses of these underlying funds. There are risks associated with fixed-income investments, including credit risk, interest rate risk, and prepayment and extension risk. In general, bond prices rise when interest rates fall and vice versa. This effect is usually more pronounced for longer-term securities. Growth securities, at times, may not perform as well as value securities or the stock market in general and may be out of favor with investors. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Quantitative models used by the Fund may not be effective in selecting the most favorable securities for inclusion and may cause the Fund to underperform other investment strategies. Investing in derivatives is a specialized activity that involves special risks that subject the Fund to significant loss potential, including when used as leverage, and may result in greater fluctuation in Fund value. Asset allocation does not assure a profit or protect against loss. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

6 Variable Portfolio – Managed Risk Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_50300_f99a5194-2fc9-4d8a-a314-58357ea59151_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

In addition to the ongoing expenses which the Fund bears directly, the Fund's shareholders indirectly bear the Fund's allocable share of the costs and expenses of each underlying fund in which the Fund invests. You can also estimate the effective expenses paid during the period, which includes the indirect fees associated with investing in the underlying funds, by using the amounts listed in the "Effective expenses paid during the period" column.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Effective expenses<br> paid during the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Effective expenses<br> paid during the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's effective<br> annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;986.10 | &nbsp;&nbsp;&nbsp;&nbsp;1023.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;&nbsp;4.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;985.10 | &nbsp;&nbsp;&nbsp;&nbsp;1022.56 | &nbsp;&nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;5.18 | &nbsp;&nbsp;&nbsp;&nbsp;5.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Effective expenses paid during the period and the Fund's effective annualized expense ratio include expenses borne directly to the class plus the Fund's pro rata portion of the ongoing expenses charged by the underlying funds using the expense ratio of each class of the underlying funds as of the underlying fund's most recent shareholder report.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Variable Portfolio – Managed Risk Fund \| Annual Report 2022 7

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[**Table of Contents**](#JOB_50300_f99a5194-2fc9-4d8a-a314-58357ea59151_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Equity Funds 54.0%** | &nbsp;&nbsp;**Equity Funds 54.0%** | &nbsp;&nbsp;**Equity Funds 54.0%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**International 16.7%** | &nbsp;&nbsp;**International 16.7%** | &nbsp;&nbsp;**International 16.7%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;1486418 | &nbsp;&nbsp;&nbsp;&nbsp;17495143 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;2161515 | &nbsp;&nbsp;&nbsp;&nbsp;19021326 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**36516469** |
| &nbsp;&nbsp;**U.S. Large Cap 31.7%** | &nbsp;&nbsp;**U.S. Large Cap 31.7%** | &nbsp;&nbsp;**U.S. Large Cap 31.7%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;180216 | &nbsp;&nbsp;&nbsp;&nbsp;12982782 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;871262 | &nbsp;&nbsp;&nbsp;&nbsp;12903391 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;1453657 | &nbsp;&nbsp;&nbsp;&nbsp;43420738 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**69306911** |
| &nbsp;&nbsp;**U.S. Small Cap 5.6%** | &nbsp;&nbsp;**U.S. Small Cap 5.6%** | &nbsp;&nbsp;**U.S. Small Cap 5.6%** |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;221534 | &nbsp;&nbsp;&nbsp;&nbsp;6001350 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;190790 | &nbsp;&nbsp;&nbsp;&nbsp;6236945 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**12238295** |
| &nbsp;&nbsp;Total Equity Funds<br> (Cost $111,070,740) | &nbsp;&nbsp;Total Equity Funds<br> (Cost $111,070,740) | &nbsp;&nbsp;**118061675** |
| &nbsp;&nbsp;**Exchange-Traded Equity Funds 1.7%** | &nbsp;&nbsp;**Exchange-Traded Equity Funds 1.7%** | &nbsp;&nbsp;**Exchange-Traded Equity Funds 1.7%** |
| &nbsp;&nbsp;**International Mid Large Cap 0.3%** | &nbsp;&nbsp;**International Mid Large Cap 0.3%** | &nbsp;&nbsp;**International Mid Large Cap 0.3%** |
| &nbsp;&nbsp;iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656400 |
| &nbsp;&nbsp;**U.S. Mid Cap 1.4%** | &nbsp;&nbsp;**U.S. Mid Cap 1.4%** | &nbsp;&nbsp;**U.S. Mid Cap 1.4%** |
| &nbsp;&nbsp;iShares Core S&P Mid-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12500 | &nbsp;&nbsp;&nbsp;&nbsp;3023625 |
| &nbsp;&nbsp;Total Exchange-Traded Equity Funds<br> (Cost $4,089,200) | &nbsp;&nbsp;Total Exchange-Traded Equity Funds<br> (Cost $4,089,200) | &nbsp;&nbsp;&nbsp;&nbsp;**3680025** |
| &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds 7.2%** | &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds 7.2%** | &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds 7.2%** |
| &nbsp;&nbsp;**Investment Grade 7.2%** | &nbsp;&nbsp;**Investment Grade 7.2%** | &nbsp;&nbsp;**Investment Grade 7.2%** |
| &nbsp;&nbsp;iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557692 |
| &nbsp;&nbsp;iShares iBoxx $ Investment Grade Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68720 | &nbsp;&nbsp;&nbsp;&nbsp;7245150 |
| &nbsp;&nbsp;Vanguard Intermediate-Term Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98000 | &nbsp;&nbsp;&nbsp;&nbsp;7595980 |
| &nbsp;&nbsp;Vanguard Total Bond Market ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359200 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**15758022** |
| &nbsp;&nbsp;Total Exchange-Traded Fixed Income Funds<br> (Cost $16,381,518) | &nbsp;&nbsp;Total Exchange-Traded Fixed Income Funds<br> (Cost $16,381,518) | &nbsp;&nbsp;&nbsp;&nbsp;**15758022** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fixed Income Funds 28.9%** | &nbsp;&nbsp;**Fixed Income Funds 28.9%** | &nbsp;&nbsp;**Fixed Income Funds 28.9%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Investment Grade 28.9%** | &nbsp;&nbsp;**Investment Grade 28.9%** | &nbsp;&nbsp;**Investment Grade 28.9%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;3593004 | &nbsp;&nbsp;29714142 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;3553026 | &nbsp;&nbsp;33433974 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**63148116** |
| &nbsp;&nbsp;Total Fixed Income Funds<br> (Cost $74,587,217) | &nbsp;&nbsp;Total Fixed Income Funds<br> (Cost $74,587,217) | &nbsp;&nbsp;**63148116** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 9.6%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 9.6%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 9.6%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 9.6%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(c)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(c)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(c)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(c)</sup> |
| &nbsp;&nbsp;01/17/2038-<br> 01/12/2053 | &nbsp;&nbsp;3.000% | 4851000 | &nbsp;&nbsp;&nbsp;&nbsp;4386302 |
| &nbsp;&nbsp;01/17/2038-<br> 01/12/2053 | &nbsp;&nbsp;3.500% | 6050000 | &nbsp;&nbsp;&nbsp;&nbsp;5591798 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;4.000% | 6308000 | &nbsp;&nbsp;&nbsp;&nbsp;5914759 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;4.500% | 5300000 | &nbsp;&nbsp;&nbsp;&nbsp;5099958 |
| &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $21,332,162) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $21,332,162) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $21,332,162) | &nbsp;&nbsp;**20992817** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Options Purchased Puts 0.9%** | &nbsp;&nbsp;**Options Purchased Puts 0.9%** |
|  | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;(Cost $1,848,878) | &nbsp;&nbsp;**1883950** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 6.1%** | &nbsp;&nbsp;**Money Market Funds 6.1%** | &nbsp;&nbsp;**Money Market Funds 6.1%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(a),(d)</sup> | &nbsp;&nbsp;13361028 | &nbsp;&nbsp;&nbsp;&nbsp;13357020 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $13,353,819) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $13,353,819) | &nbsp;&nbsp;&nbsp;&nbsp;**13357020** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $242,663,534)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $242,663,534)** | &nbsp;&nbsp;**236881625** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;**(18301715)** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**218579910** |

---

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

8 Variable Portfolio – Managed Risk Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_50300_f99a5194-2fc9-4d8a-a314-58357ea59151_TOC)

Portfolio of Investments (continued)

December 31, 2022

At December 31, 2022, securities and/or cash totaling $3,001,304 were pledged as collateral.

#### Investments in derivatives

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** |
| &nbsp;&nbsp;**Currency to<br> be sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency to<br> be purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | **Settlement<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551,859 USD | &nbsp;&nbsp;&nbsp;&nbsp;Barclays | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2137) |
| &nbsp;&nbsp;&nbsp;&nbsp;3,900,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,125,612 USD | &nbsp;&nbsp;&nbsp;&nbsp;Barclays | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58269) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550,620 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp;Barclays | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;1,337,807 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,250,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp;Barclays | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;2,250,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,412,196 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29767) |
| &nbsp;&nbsp;480,000,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,543,259 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(129476) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817,991 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4004) |
| &nbsp;&nbsp;&nbsp;&nbsp;1,692,827 USD | &nbsp;&nbsp;&nbsp;&nbsp;225,000,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;28768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951,728 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,500,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs International | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585,507 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,000,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs International | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9447) |
| &nbsp;&nbsp;&nbsp;&nbsp;1,250,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841,881 USD | &nbsp;&nbsp;&nbsp;&nbsp;UBS | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10306) |
| &nbsp;&nbsp;&nbsp;&nbsp;1,200,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,472,034 USD | &nbsp;&nbsp;&nbsp;&nbsp;UBS | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;20046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344,075 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp;UBS | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310,826 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp;UBS | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8329) |
| &nbsp;&nbsp;Total |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;56443 | &nbsp;&nbsp;&nbsp;&nbsp;(254935) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;S&P 500 Index E-mini | 42 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;8108100 | &nbsp;&nbsp;&nbsp;&nbsp;46996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Long Bond | 29 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;3634969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(28524) |
| &nbsp;&nbsp;U.S. Treasury 10-Year Note | 9 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1010672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4880) |
| &nbsp;&nbsp;U.S. Treasury 2-Year Note | 25 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;5126953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury 5-Year Note | 49 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;5288555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1217) |
| &nbsp;&nbsp;U.S. Treasury Ultra Bond | 24 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;3223500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(21475) |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;54178 | &nbsp;&nbsp;&nbsp;&nbsp;(56096) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;Euro STOXX 50 Index | (103) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3898550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;FTSE 100 Index | (12) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(895920) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;FTSE 100 Index | (1) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74660) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1658) |
| &nbsp;&nbsp;MSCI Singapore Index | (6) | &nbsp;&nbsp;&nbsp;&nbsp;01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174330) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(928) |
| &nbsp;&nbsp;OMXS30 Index | (86) | &nbsp;&nbsp;&nbsp;&nbsp;01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17561200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Russell 2000 Index E-mini | (72) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6375240) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;S&P 500 Index E-mini | (67) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12934350) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;SPI 200 Index | (7) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1223600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;TOPIX Index | (15) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;(283725000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1025121 | &nbsp;&nbsp;&nbsp;&nbsp;(2586) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** |
| &nbsp;&nbsp;**Description** | **Counterparty** | &nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;**Number of<br> contracts** | &nbsp;&nbsp;**Exercise<br> price/Rate** | &nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;**Cost ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;S&P 500 Index | JPMorgan | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;8446900 | &nbsp;&nbsp;22 | &nbsp;&nbsp;3200.00 | &nbsp;&nbsp;06/21/2024 | &nbsp;&nbsp;&nbsp;&nbsp;398091 | &nbsp;&nbsp;&nbsp;&nbsp;342760 |
| &nbsp;&nbsp;S&P 500 Index | JPMorgan | &nbsp;&nbsp;USD | &nbsp;&nbsp;22269100 | &nbsp;&nbsp;58 | &nbsp;&nbsp;3300.00 | &nbsp;&nbsp;12/20/2024 | &nbsp;&nbsp;1137266 | &nbsp;&nbsp;1237430 |
| &nbsp;&nbsp;S&P 500 Index | JPMorgan | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;6143200 | &nbsp;&nbsp;16 | &nbsp;&nbsp;3200.00 | &nbsp;&nbsp;12/20/2024 | &nbsp;&nbsp;&nbsp;&nbsp;313521 | &nbsp;&nbsp;&nbsp;&nbsp;303760 |
| &nbsp;&nbsp;Total |  |  |  |  |  |  | &nbsp;&nbsp;1848878 | &nbsp;&nbsp;1883950 |

---

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

Variable Portfolio – Managed Risk Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_50300_f99a5194-2fc9-4d8a-a314-58357ea59151_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** |
| &nbsp;&nbsp;**Reference<br> entity** | **Counterparty** | **Maturity<br> date** | **Receive<br> fixed<br> rate<br> (%)** | **Payment<br> frequency** | **Implied<br> credit<br> spread<br> (%)\*** | **Notional<br> currency** | **Notional<br> amount** | **Value<br> ($)** | **Upfront<br> payments<br> ($)** | **Upfront<br> receipts<br> ($)** | **Unrealized<br> appreciation<br> ($)** | **Unrealized<br> depreciation<br> ($)** |
| &nbsp;&nbsp;Markit CDX North America Investment Grade Index, Series 39 | Morgan Stanley | 12/20/2027 | 1.000 | Quarterly | 0.820 | USD | 6000000 | 42974 |  |  | 42974 |  |

---

\* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

#### Notes to Portfolio of Investments
(a) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is
under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Capital gain<br> distributions($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends —<br> affiliated<br> issuers ($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | &nbsp;&nbsp;&nbsp;21607090 | &nbsp;&nbsp;82859978 | &nbsp;&nbsp;(91114814) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4766 | &nbsp;&nbsp;&nbsp;&nbsp;13357020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6576) | &nbsp;&nbsp;&nbsp;&nbsp;253237 | &nbsp;&nbsp;13361028 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;16957287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(822085) | &nbsp;&nbsp;&nbsp;&nbsp;(3425451) | &nbsp;&nbsp;&nbsp;&nbsp;12982782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;327101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180216 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;33016381 | &nbsp;&nbsp;&nbsp;&nbsp;3968928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(573351) | &nbsp;&nbsp;&nbsp;&nbsp;(6697816) | &nbsp;&nbsp;&nbsp;&nbsp;29714142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77942) | &nbsp;&nbsp;1010434 | &nbsp;&nbsp;&nbsp;&nbsp;3593004 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;22833024 | &nbsp;&nbsp;&nbsp;&nbsp;2361204 | &nbsp;&nbsp;&nbsp;&nbsp;(3451772) | &nbsp;&nbsp;&nbsp;&nbsp;(4247313) | &nbsp;&nbsp;&nbsp;&nbsp;17495143 | &nbsp;&nbsp;1488940 | &nbsp;&nbsp;&nbsp;&nbsp;(837589) | &nbsp;&nbsp;&nbsp;&nbsp;161507 | &nbsp;&nbsp;&nbsp;&nbsp;1486418 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;16706580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(891649) | &nbsp;&nbsp;&nbsp;&nbsp;(3236702) | &nbsp;&nbsp;&nbsp;&nbsp;12903391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871262 |
| &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;11356709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141901 | &nbsp;&nbsp;(11845944) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57918 | &nbsp;&nbsp;&nbsp;&nbsp;(806156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;35302819 | &nbsp;&nbsp;11363324 | &nbsp;&nbsp;&nbsp;&nbsp;(8674340) | &nbsp;&nbsp;&nbsp;&nbsp;(4557829) | &nbsp;&nbsp;&nbsp;&nbsp;33433974 | &nbsp;&nbsp;&nbsp;&nbsp;280838 | &nbsp;&nbsp;(1310582) | &nbsp;&nbsp;&nbsp;&nbsp;642397 | &nbsp;&nbsp;&nbsp;&nbsp;3553026 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;55671187 | &nbsp;&nbsp;&nbsp;&nbsp;1076798 | &nbsp;&nbsp;&nbsp;&nbsp;(3665198) | &nbsp;&nbsp;&nbsp;&nbsp;(9662049) | &nbsp;&nbsp;&nbsp;&nbsp;43420738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;157693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1453657 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;25208512 | &nbsp;&nbsp;&nbsp;&nbsp;5449063 | &nbsp;&nbsp;&nbsp;&nbsp;(3663011) | &nbsp;&nbsp;&nbsp;&nbsp;(7973238) | &nbsp;&nbsp;&nbsp;&nbsp;19021326 | &nbsp;&nbsp;3723912 | &nbsp;&nbsp;(1246741) | &nbsp;&nbsp;&nbsp;&nbsp;443225 | &nbsp;&nbsp;&nbsp;&nbsp;2161515 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6751432 | &nbsp;&nbsp;&nbsp;&nbsp;1498129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(219199) | &nbsp;&nbsp;&nbsp;&nbsp;(2029012) | &nbsp;&nbsp;&nbsp;&nbsp;6001350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41356) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221534 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6935989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(310035) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(858656) | &nbsp;&nbsp;&nbsp;&nbsp;6236945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190790 |
| &nbsp;&nbsp;Total | 252347010 |  |  | &nbsp;&nbsp;(42335966) | &nbsp;&nbsp;194566811 | &nbsp;&nbsp;5572468 | &nbsp;&nbsp;(3831899) | &nbsp;&nbsp;2535943 |  |

---

(b) Non-income producing investment.

(c) Represents a security purchased on a when-issued basis.

(d) The rate shown is the seven-day current annualized yield at December 31, 2022.

#### Abbreviation Legend
TBA To Be Announced

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

10 Variable Portfolio – Managed Risk Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_50300_f99a5194-2fc9-4d8a-a314-58357ea59151_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Currency Legend

---

| | |
|:---|:---|
| AUD | &nbsp;&nbsp;Australian Dollar |
| CAD | &nbsp;&nbsp;Canada Dollar |
| CHF | &nbsp;&nbsp;Swiss Franc |
| EUR | &nbsp;&nbsp;Euro |
| GBP | &nbsp;&nbsp;British Pound |
| JPY | &nbsp;&nbsp;Japanese Yen |
| NZD | &nbsp;&nbsp;New Zealand Dollar |
| SEK | &nbsp;&nbsp;Swedish Krona |
| SGD | &nbsp;&nbsp;Singapore Dollar |
| USD | &nbsp;&nbsp;US Dollar |

---

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

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

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

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

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

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

Certain investments that have been measured at fair value using the net asset value (NAV) per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Variable Portfolios serve as investment vehicles for variable annuity contracts and variable life insurance policies. Principal investment strategies within these Variable Portfolios vary based on the Portfolios investment objective. Investments in the Variable Portfolios may be redeemed on a daily basis without restriction.

Investments falling into the Level 3 category 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, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Assets at NAV ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Funds | &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;118061675 | &nbsp;&nbsp;&nbsp;&nbsp;118061675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Equity Funds | &nbsp;&nbsp;&nbsp;3680025 | &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3680025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Fixed Income Funds | 15758022 | &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15758022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Income Funds | &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;&nbsp;&nbsp;&nbsp;63148116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63148116 |

---

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

Variable Portfolio – Managed Risk Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_50300_f99a5194-2fc9-4d8a-a314-58357ea59151_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Fair value measurements (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Assets at NAV ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;20992817 | &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;20992817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options Purchased Puts | &nbsp;&nbsp;&nbsp;1883950 | &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 13357020 | &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13357020 |
| &nbsp;&nbsp;Total Investments in Securities | 34679017 | &nbsp;&nbsp;&nbsp;&nbsp;20992817 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;181209791 | &nbsp;&nbsp;&nbsp;&nbsp;236881625 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &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;56443 | &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;56443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;1079299 | &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts | &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;42974 | &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;42974 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(254935) | &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;(254935) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58682) | &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58682) |
| &nbsp;&nbsp;Total | 35699634 | &nbsp;&nbsp;&nbsp;&nbsp;20837299 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;181209791 | &nbsp;&nbsp;&nbsp;&nbsp;237746724 |

---

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.

Forward foreign currency exchange contracts, futures contracts and swap contracts are valued at unrealized appreciation (depreciation).

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

12 Variable Portfolio – Managed Risk Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_50300_f99a5194-2fc9-4d8a-a314-58357ea59151_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $41,802,880) | &nbsp;&nbsp;&nbsp;$40430864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $199,011,776) | &nbsp;&nbsp;&nbsp;194566811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased (cost $1,848,878) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883950 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5731 |
| &nbsp;&nbsp;Due from affiliate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179200 |
| &nbsp;&nbsp;Margin deposits on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2825204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176100 |
| &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56443 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7422976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement due from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3775 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19668 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;247990054 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254935 |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;28816663 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10927 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25045 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19668 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;29410144 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$218579910** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Trust capital | $218579910 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$218579910** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2711 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.36 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $218577199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;19417752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.26 |

---

(a) Net asset value per share rounds to this amount due to fractional shares outstanding.

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

Variable Portfolio – Managed Risk Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_50300_f99a5194-2fc9-4d8a-a314-58357ea59151_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$509009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2535943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24803 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3069755 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62612 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7749 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241970 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49321) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192649 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1877106 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(3639390) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(3831899) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from underlying affiliated funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5572468 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(406102) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835219 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;(5021278) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(631785) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38134) |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;(7160901) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(2775397) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;(42335966) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(198492) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720908 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1329850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29326 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(43229771) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(50390672) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(48513566)** |

---

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

14 Variable Portfolio – Managed Risk Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_50300_f99a5194-2fc9-4d8a-a314-58357ea59151_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$1877106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1616481 |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(7160901) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16747211 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(43229771) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7607494 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(48513566) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25971186 |
| &nbsp;&nbsp;Increase (decrease) in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(10618003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21175850 |
| &nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(59131569) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47147036 |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;277711479 | &nbsp;&nbsp;&nbsp;&nbsp;230564443 |
| &nbsp;&nbsp;**Net assets at end of year** | **$218579910** | &nbsp;&nbsp;**$277711479** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;665562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8267656 | &nbsp;&nbsp;&nbsp;&nbsp;2210573 | &nbsp;&nbsp;&nbsp;&nbsp;28772763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (1615433) | &nbsp;&nbsp;&nbsp;&nbsp;(18885659) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(574500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7596913) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(949871) | &nbsp;&nbsp;&nbsp;&nbsp;(10618003) | &nbsp;&nbsp;&nbsp;&nbsp;1636073 | &nbsp;&nbsp;&nbsp;&nbsp;21175850 |
| &nbsp;&nbsp;**Total net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;**(949871)** | &nbsp;&nbsp;&nbsp;&nbsp;**(10618003)** | &nbsp;&nbsp;&nbsp;&nbsp;**1636073** | &nbsp;&nbsp;&nbsp;&nbsp;**21175850** |

---

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

Variable Portfolio – Managed Risk Fund \| Annual Report 2022 15

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[**Table of Contents**](#JOB_50300_f99a5194-2fc9-4d8a-a314-58357ea59151_TOC)

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 portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $13.73 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;(2.50) | &nbsp;&nbsp;(2.37) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $12.37 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $11.44 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| &nbsp;&nbsp;Year Ended 12/31/2019<sup>(d)</sup> | $10.48 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $13.63 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;(2.46) | &nbsp;&nbsp;(2.37) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $12.31 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $11.42 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | &nbsp;&nbsp;&nbsp;$9.84 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $10.39 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;(0.64) | &nbsp;&nbsp;(0.55) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interest on collateral expense. For the periods indicated below, if interest on collateral expense had been excluded, expenses would have been lower by: |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Class** | **12/31/2022** | &nbsp;&nbsp;**12/31/2021** | &nbsp;&nbsp;**12/31/2020** |
| &nbsp;&nbsp;Class 1 | less than 0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;0.01% |
| &nbsp;&nbsp;Class 2 | less than 0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;0.01% |

---

(d) Class 1 shares commenced operations on February 20, 2019. Per share data and total return reflect activity from that date.

(e) Annualized.

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

16 Variable Portfolio – Managed Risk Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_50300_f99a5194-2fc9-4d8a-a314-58357ea59151_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $11.36 | (17.26%) | 0.27%<sup>(c)</sup> | 0.25%<sup>(c)</sup> | 1.06% | 113% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $13.73 | 10.99% | 0.25%<sup>(c)</sup> | 0.25%<sup>(c)</sup> | 0.88% | 116% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $12.37 | &nbsp;&nbsp;&nbsp;8.13% | 0.25%<sup>(c)</sup> | 0.25%<sup>(c)</sup> | 0.75% | &nbsp;&nbsp;89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3 |
| &nbsp;&nbsp;Year Ended 12/31/2019<sup>(d)</sup> | $11.44 | &nbsp;&nbsp;&nbsp;9.16% | 0.25%<sup>(e)</sup> | 0.25%<sup>(e)</sup> | 1.57%<sup>(e)</sup> | &nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $11.26 | (17.39%) | 0.52%<sup>(c)</sup> | 0.50%<sup>(c)</sup> | 0.78% | 113% | $218577 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $13.63 | 10.72% | 0.50%<sup>(c)</sup> | 0.50%<sup>(c)</sup> | 0.63% | 116% | $277708 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $12.31 | &nbsp;&nbsp;&nbsp;7.79% | 0.50%<sup>(c)</sup> | 0.50%<sup>(c)</sup> | 0.49% | &nbsp;&nbsp;89% | $230561 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $11.42 | 16.06% | 0.51% | 0.51% | 1.12% | &nbsp;&nbsp;37% | $186750 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | &nbsp;&nbsp;$9.84 | &nbsp;&nbsp;(5.29%) | 0.61% | 0.55% | 0.85% | &nbsp;&nbsp;47% | &nbsp;&nbsp;$97370 |

---

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

Variable Portfolio – Managed Risk Fund \| Annual Report 2022 17

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[**Table of Contents**](#JOB_50300_f99a5194-2fc9-4d8a-a314-58357ea59151_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Variable Portfolio – Managed Risk Fund (the Fund), a series of Columbia Funds Variable Insurance Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

The Fund is a "fund-of-funds", investing significantly in affiliated funds managed by the Investment Manager, a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), its affiliates, or third-party advised (unaffiliated) funds, including exchange-traded funds (collectively, Underlying Funds). The Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds. For information on the investment strategies, operations and risks of the Underlying Funds, please refer to the Fund's current prospectus as well as the prospectuses and shareholder reports of the Underlying Funds, which are available from the Securities and Exchange Commission's website at www.sec.gov or on the Underlying Funds' website at www.columbiathreadneedleus.com/resources/literature.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts (Contracts) issued by affiliated life insurance companies (Participating Insurance Companies) 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 buying a Contract.

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.

#### 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.

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Investments in the Underlying Funds (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

18 Variable Portfolio – Managed Risk Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_50300_f99a5194-2fc9-4d8a-a314-58357ea59151_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

Option contracts are valued at the mean of the latest quoted bid and ask prices on their primary exchanges. Option contracts, including over-the-counter option contracts, with no readily available market quotations are valued using mid-market evaluations from independent third-party vendors.

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

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.

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

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty

Variable Portfolio – Managed Risk Fund \| Annual Report 2022 19

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[**Table of Contents**](#JOB_50300_f99a5194-2fc9-4d8a-a314-58357ea59151_TOC)

Notes to Financial Statements (continued)

December 31, 2022

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

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

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

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

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

#### Forward foreign currency exchange contracts
Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund's securities and to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark. These instruments may be used for other purposes in future periods.

20 Variable Portfolio – Managed Risk Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_50300_f99a5194-2fc9-4d8a-a314-58357ea59151_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without delivery of foreign currency.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund's portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.

#### Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to produce incremental earnings, to manage the duration and yield curve exposure of the Fund versus the benchmark, to manage exposure to movements in interest rates, to manage exposure to the securities market and to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

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

#### Options contracts
Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund purchased option contracts to produce incremental earnings, to decrease the Fund's exposure to equity market risk and to protect gains. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.

Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the written option are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund realizes a gain or loss when the option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.

For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to significant counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund

Variable Portfolio – Managed Risk Fund \| Annual Report 2022 21

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Notes to Financial Statements (continued)

December 31, 2022

gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.

#### Swap contracts
Swap contracts are negotiated in the over-the-counter market and are entered into bilaterally or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty (the CCP) and the CCP becomes the Fund's counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the CCP in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. For a bilateral swap contract, the Fund has credit exposure to the broker, but exchanges daily variation margin with the broker based on the mark-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, the Fund has minimal credit exposure to the FCM because the CCP stands between the Fund and the relevant buyer/seller on the other side of the contract. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.

Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, that it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the bilateral counterparty, FCM or CCP, as applicable, may not fulfill its obligation under the contract.

#### Credit default swap contracts
The Fund entered into credit default swap contracts to increase or decrease its credit exposure to an index and to manage credit risk exposure. These instruments may be used for other purposes in future periods. Credit default swap contracts are transactions in which one party pays fixed periodic payments to a counterparty in consideration for an agreement from the counterparty to make a specific payment should a specified credit event(s) take place. Although specified credit events are contract specific, credit events are typically bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.

As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).

As the seller of a credit default swap contract, the Fund sells protection to a buyer and will generally receive a periodic interest rate on a notional amount. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized gain upon receipt of the payment. If a credit event as specified in the contract with the counterparty occurs, the Fund may either be required to accept the reference obligation from the buyer in exchange for a cash payment of its notional amount, or to pay the buyer a net cash settlement equal to the notional amount less an agreed-upon value of the reference obligation (recovery value) as of the date of the credit event. The difference between the value of the obligation or cash received and the notional amount paid will be recorded as a realized gain (loss). The maximum potential amount of undiscounted future payments the Fund could be required to make as the seller of protection under a credit default swap contract is equal to the notional amount of the reference obligation. These potential amounts may be

22 Variable Portfolio – Managed Risk Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

partially offset by any recovery values of the respective reference obligations or upfront receipts upon entering into the agreement. The notional amounts and market values of all credit default swap contracts in which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments.

As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract with the counterparty. For credit default swap contracts on credit indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract.

Any upfront payment or receipt by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.

Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk.

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

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;Component of trust capital — unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42,974\* |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;1,072,117\* |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Investments, at value — Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;1883950 |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56443 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,182\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;3062666 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,586\* |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;254935 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56,096\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;313617 |

---

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

Variable Portfolio – Managed Risk Fund \| Annual Report 2022 23

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Notes to Financial Statements (continued)

December 31, 2022

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Forward<br> foreign<br> currency<br> exchange<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> purchased<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Credit risk | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(38134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38134) |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2419069) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(631785) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3050854) |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;&nbsp;&nbsp;835219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60604 | &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;895823 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2662813) | &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;(2662813) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;835219 | &nbsp;&nbsp;&nbsp;&nbsp;(5021278) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(631785) | &nbsp;&nbsp;&nbsp;&nbsp;(38134) | &nbsp;&nbsp;&nbsp;&nbsp;(4855978) |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Forward<br> foreign<br> currency<br> exchange<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> purchased<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Credit risk | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29326 |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821873 | &nbsp;&nbsp;&nbsp;&nbsp;1329850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2151723 |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;(198492) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40209 | &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;(158283) |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141174) | &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;(141174) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;(198492) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720908 | &nbsp;&nbsp;&nbsp;&nbsp;1329850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1881592 |

---

The following table is a summary of the average outstanding volume by derivative instrument for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)\*** |
| &nbsp;&nbsp;Futures contracts — long | 37323021 |
| &nbsp;&nbsp;Futures contracts — short | 24283168 |
| &nbsp;&nbsp;Credit default swap contracts — sell protection | &nbsp;&nbsp;&nbsp;6000000 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average<br> value ($)\*** |
| &nbsp;&nbsp;Options contracts — purchased | 2591618 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | &nbsp;&nbsp;**Average unrealized<br> appreciation ($)\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Average unrealized<br> depreciation ($)\*** |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;337935 | &nbsp;&nbsp;&nbsp;&nbsp;(216306) |

---

\* Based on the ending quarterly outstanding amounts for the year ended December 31, 2022.

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

24 Variable Portfolio – Managed Risk Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

#### Delayed delivery securities
The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a "when-issued" or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

#### To be announced securities
The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.

In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.

#### Mortgage dollar roll transactions
The Fund may enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. These transactions may increase the Fund's portfolio turnover rate. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique may diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

Variable Portfolio – Managed Risk Fund \| Annual Report 2022 25

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Notes to Financial Statements (continued)

December 31, 2022

#### Offsetting of assets and liabilities
The following table presents the Fund's gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of December 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Barclays ($)** | &nbsp;&nbsp;**Citi ($)** | &nbsp;&nbsp;**Goldman<br> Sachs<br> International ($)** | &nbsp;&nbsp;**JPMorgan ($)** | &nbsp;&nbsp;**Morgan<br> Stanley ($)** | &nbsp;&nbsp;**UBS ($)** | &nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Assets** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;6557 | &nbsp;&nbsp;&nbsp;&nbsp;28768 | &nbsp;&nbsp;&nbsp;&nbsp;1072 | &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;20046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56443 |
| &nbsp;&nbsp;Options purchased puts | &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;1883950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;1883950 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;6557 | &nbsp;&nbsp;&nbsp;&nbsp;28768 | &nbsp;&nbsp;&nbsp;&nbsp;1072 | &nbsp;&nbsp;1883950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;20046 | &nbsp;&nbsp;1940393 |
| &nbsp;&nbsp;**Liabilities** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Centrally cleared credit default swap contracts <sup>(a)</sup> | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876 |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;60406 | &nbsp;&nbsp;&nbsp;&nbsp;163247 | &nbsp;&nbsp;&nbsp;&nbsp;9447 | &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;21835 | &nbsp;&nbsp;&nbsp;&nbsp;254935 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;60406 | &nbsp;&nbsp;&nbsp;&nbsp;163247 | &nbsp;&nbsp;&nbsp;&nbsp;9447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;876 | &nbsp;&nbsp;21835 | &nbsp;&nbsp;&nbsp;&nbsp;255811 |
| &nbsp;&nbsp;**Total financial and derivative net assets** | **(53849)** | &nbsp;&nbsp;**(134479)** | &nbsp;&nbsp;**(8375)** | &nbsp;&nbsp;**1883950** | &nbsp;&nbsp;**(876)** | &nbsp;&nbsp;&nbsp;**(1789)** | &nbsp;&nbsp;**1684582** |
| &nbsp;&nbsp;&nbsp;Total collateral received (pledged) <sup>(b)</sup> | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;(876) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(876) |
| &nbsp;&nbsp;**Net amount <sup>(c)</sup>** | **(53849)** | &nbsp;&nbsp;**(134479)** | &nbsp;&nbsp;**(8375)** | &nbsp;&nbsp;**1883950** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;&nbsp;**(1789)** | &nbsp;&nbsp;**1685458** |

---

(a) Centrally cleared swaps are included within payable/receivable for variation margin in the Statement of Assets and Liabilities.

(b) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(c) Represents the net amount due from/(to) counterparties in the event of default.

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

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

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

Corporate actions and dividend income are recorded on the ex-dividend date.

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.

26 Variable Portfolio – Managed Risk Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

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.

Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.

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

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

#### Federal income tax status
The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The components of the Fund's net assets are reported at the partner-level for federal income tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

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.

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

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Variable Portfolio – Managed Risk Fund \| Annual Report 2022 27

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Notes to Financial Statements (continued)

December 31, 2022

Note 3. Fees and other transactions with affiliates

#### Management services fees and underlying fund fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is a blend of (i) 0.02% on assets invested in affiliated underlying funds (including exchange-traded funds and closed-end funds) that pay a management services fee (or investment advisory services fee, as applicable) to the Investment Manager and (ii) a fee that declines from 0.72% to 0.52%, depending on asset levels, on assets invested in securities (other than affiliated underlying funds (including exchange-traded funds and closed-end funds) that pay a management services fee (or investment advisory services fee, as applicable) to the Investment Manager) including other funds advised by the Investment Manager that do not pay a management services fee to the Investment Manager, third party funds, derivatives and individual securities. The effective management services fee rate for the year ended December 31, 2022 was 0.14% of the Fund's average daily net assets.

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the Underlying Funds in which the Fund invests. Because the Underlying Funds have varied expense and fee levels and the Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. These expenses are not reflected in the expenses shown in Statement of Operations and are not included in the ratios to average net assets shown in the Financial Highlights.

#### 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 "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, 2022 was 0.06% of the Fund's average daily net assets.

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

28 Variable Portfolio – Managed Risk Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. The Board of Trustees has approved, and the Fund has adopted, a distribution plan (the Plan) which sets the distribution fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor for selling shares of the Fund. The Fund pays a monthly distribution fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class 2 shares of the Fund. The Fund pays no distribution and service fees for Class 1 shares.

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

---

| | | |
|:---|:---|:---|
|  | **May 1, 2022<br> through<br> April 30, 2023** | **Prior to<br> May 1, 2022** |
| &nbsp;&nbsp;Class 1 | 0.79% | 0.80% |
| &nbsp;&nbsp;Class 2 | 1.04 | 1.05 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), 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. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $273,201,145 and $265,886,612, respectively, for the year ended December 31, 2022, of which $223,333,306 and $215,010,947, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. 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. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Variable Portfolio – Managed Risk Fund \| Annual Report 2022 29

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Notes to Financial Statements (continued)

December 31, 2022

Note 6. Interfund lending

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

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

The Fund did not borrow or lend money under the Interfund Program during the year ended December 31, 2022.

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 27, 2022 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 $950 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 in each case, 1.00%. 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 27, 2022 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 $950 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 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 8. Significant risks

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

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

30 Variable Portfolio – Managed Risk Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

such as terrorism, war, 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.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity 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 which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as 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

Variable Portfolio – Managed Risk Fund \| Annual Report 2022 31

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Notes to Financial Statements (continued)

December 31, 2022

(10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

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

32 Variable Portfolio – Managed Risk Fund \| Annual Report 2022

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Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Insurance Trust and Shareholders of Variable Portfolio – Managed Risk Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Variable Portfolio – Managed Risk Fund (one of the funds constituting Columbia Funds Variable Insurance Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (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, 2022, 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, 2022 and the financial highlights for each of the periods indicated therein 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, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

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

Variable Portfolio – Managed Risk Fund \| Annual Report 2022 33

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## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

34 Variable Portfolio – Managed Risk Fund \| Annual Report 2022

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## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

Variable Portfolio – Managed Risk Fund \| Annual Report 2022 35

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

36 Variable Portfolio – Managed Risk Fund \| Annual Report 2022

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

Variable Portfolio – Managed Risk Fund \| Annual Report 2022 37

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## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

38 Variable Portfolio – Managed Risk Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_50300_f99a5194-2fc9-4d8a-a314-58357ea59151_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

Variable Portfolio – Managed Risk Fund \| Annual Report 2022 39

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#### Variable Portfolio – Managed Risk Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](imgc007084a2.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 and/or summary 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 (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© 2023 Columbia Management Investment Advisers, LLC.

ANN7043_12_B01_(02/23)

------

![](imge3007b911.jpg)

Annual Report

December 31, 2022

![](img648874c82.jpg)

Variable Portfolio – Managed Risk U.S. Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts 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.

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

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_2468bb23-d067-4f8f-8d0c-f1c2a4d60e8a_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_2468bb23-d067-4f8f-8d0c-f1c2a4d60e8a_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_24e769d7-4f1d-4698-bb42-89a993679f16_1)<br>| 7 |
| [Portfolio of Investments](#xx_5716f97b-0f32-45a1-aa0a-b9df8497e6ae_1)<br>| 8 |
| [Statement of Assets and Liabilities](#xx_1635844d-acfa-45b4-a105-9877d1c283a1_1)<br>| 12 |
| [Statement of Operations](#xx_1635844d-acfa-45b4-a105-9877d1c283a1_2)<br>| 13 |
| [Statement of Changes in Net Assets](#xx_1635844d-acfa-45b4-a105-9877d1c283a1_3)<br>| 14 |
| [Financial Highlights](#xx_3b7c52f8-6c51-4fce-8e4f-1ceb356f09a2_2)<br>| 16 |
| [Notes to Financial Statements](#xx_2ad5cc01-49e9-4256-acd7-21d022e30718_1)<br>| 18 |
| [Report of Independent Registered Public Accounting Firm](#xx_9e450b59-155e-4529-a461-26c450a6fa7e_1)<br>| 31 |
| [Trustees and Officers](#xx_d18d7ef4-38f7-4458-bf94-bb9428aea585_1)<br>| 32 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Variable Portfolio – Managed Risk U.S. Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Variable Portfolio – Managed Risk U.S. Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_50400_cc486031-3ce4-4fac-96c6-9a3bb40627f3_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund pursues total return while seeking to manage the Fund's exposure to equity market volatility.

Portfolio management

#### Brian Virginia
Lead Portfolio Manager

Managed Fund since 2017

#### Anwiti Bahuguna, Ph.D.
Portfolio Manager

Managed Fund since 2017

#### David Weiss, CFA
Portfolio Manager

Managed Fund since 2017

#### Joshua Kutin, CFA
Portfolio Manager

Managed Fund since 2018

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**Life** |
| &nbsp;&nbsp;Class 1\* | &nbsp;&nbsp;&nbsp;&nbsp;02/20/19 | &nbsp;&nbsp;&nbsp;&nbsp;-16.98 | &nbsp;&nbsp;&nbsp;&nbsp;3.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.19 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;09/12/17 | &nbsp;&nbsp;&nbsp;&nbsp;-17.22 | &nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00 |
| &nbsp;&nbsp;Blended Benchmark |  | &nbsp;&nbsp;&nbsp;&nbsp;-15.26 | &nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.48 |
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-13.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| &nbsp;&nbsp;S&P 500 Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-18.11 | &nbsp;&nbsp;&nbsp;&nbsp;9.42 | &nbsp;&nbsp;&nbsp;&nbsp;10.40 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

\* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share class, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/variable-products/appended-performance for more information.

The Blended Benchmark consists of 50% Bloomberg U.S. Aggregate Bond Index and 50% S&P 500 Index.

The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Variable Portfolio – Managed Risk U.S. Fund \| Annual Report 2022 3

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[**Table of Contents**](#JOB_50400_cc486031-3ce4-4fac-96c6-9a3bb40627f3_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (September 12, 2017 — December 31, 2022)
![](img749b95de3.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Variable Portfolio – Managed Risk U.S. Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio Allocation (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio Allocation (%) (at December 31, 2022)** |
| &nbsp;&nbsp;**Allocations to Underlying Funds** | &nbsp;&nbsp;**Allocations to Underlying Funds** |
| &nbsp;&nbsp;**Equity Funds** | &nbsp;&nbsp;&nbsp;**48.9** |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Large Cap | &nbsp;&nbsp;&nbsp;48.9 |
| &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds** | &nbsp;&nbsp;&nbsp;&nbsp;**6.1** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Grade | &nbsp;&nbsp;&nbsp;&nbsp;6.1 |
| &nbsp;&nbsp;**Fixed Income Funds** | &nbsp;&nbsp;&nbsp;**26.6** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Grade | &nbsp;&nbsp;&nbsp;26.6 |
| &nbsp;&nbsp;**Allocations to Tactical Assets** | &nbsp;&nbsp;**Allocations to Tactical Assets** |
| &nbsp;&nbsp;**Money Market Funds** | &nbsp;&nbsp;&nbsp;&nbsp;**7.8** |
| &nbsp;&nbsp;**Options Purchased Puts** | &nbsp;&nbsp;&nbsp;&nbsp;**0.8** |
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency** | &nbsp;&nbsp;&nbsp;&nbsp;**9.8** |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments including options purchased and excluding all other investments in derivatives, if any. The Fund's portfolio composition is subject to change.

4 Variable Portfolio – Managed Risk U.S. Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_50400_cc486031-3ce4-4fac-96c6-9a3bb40627f3_TOC)

Manager Discussion of Fund Performance

(Unaudited)

For the 12-month period that ended December 31, 2022, Class 2 shares of Variable Portfolio – Managed Risk U.S. Fund returned -17.22%. The Fund's Blended Benchmark returned -15.26%. For the same time period, the Bloomberg U.S. Aggregate Bond Index returned -13.01%, and the S&P 500 Index returned -18.11%.

Market overview

Global equities gave back some of the gains from 2020 and 2021 in calendar year 2022. The S&P 500 Index was down 18.11%, its worst calendar year return since 2008 when it fell 37.00%. The Russell 3000 Index, a broad-based domestic equity benchmark that includes exposure to small and large capitalization companies, ended the full 12-month period down 19.21%.

The "everything bubble" that corresponded with inflated markets and asset prices hit a crescendo in 2021, and it was built on 0% interest rates and quantitative easing by the U.S. Federal Reserve (Fed). With investors confronted in 2022 with near 5% short-term interest rates and quantitative tightening by the Fed, the pressure on large parts of the market was palpable. Markets slowed in 2022, and multi-asset investors experienced the formidable challenge of stocks and bonds falling in unison. During most cyclical bear markets, risk-off assets, such as U.S. Treasury bonds, usually offer some safety, or at least relative strength. However, that was largely not the case during the 12 months that ended December 31, 2022. The Bloomberg U.S. Long Treasury Index shed 29.26% during the annual period and the Bloomberg U.S. Aggregate Bond Index was down 13.01% for the 12-month period.

In foreign developed markets, the MSCI EAFE Index (Net), a broad proxy for international developed market equities, delivered a return of -14.45% (quoted in US dollar terms). In emerging markets, as measured by the MSCI Emerging Markets Index (Net), stocks fell by 20.09% in the 12-month period. It's noteworthy that these returns are quoted in U.S. dollar terms. In local currency terms, the returns for these two overseas equity indices would be improved by several percentage points for the 12-month period.

Commodity markets served as one of the only positive areas within global capital markets during the year. A broad-based index covering the commodity markets, the S&P GSCI, rose by 25.99% over the 12-month period.

The dynamic algorithm, a quantitative tool used by the portfolio managers to help direct equity exposure, steered the managers to start the 12-month period with an overweight allocation directed at equity exposures within the Fund. However, as equity volatility rose during the early parts of the annual period, the algorithm began to shift to recommend an underweight allocation to equity exposure versus static benchmark equity weights. This underweight positioning was applied to the Fund during a large portion of the middle part of the annual period, as equity volatility remained elevated. A brief respite occurred during the second half of the period as equity volatility fell somewhat. During this period, near the September-to-October timeframe, the algorithm briefly shifted back to a stance where it was again recommending an overweight to equities in the Fund. This period of more favorable positioning for equities versus neutral static benchmark allocations proved fleeting, as ultimately the algorithm grew more defensive during the final months of the annual period.

The Fund's notable detractors during the period

• The managers tactically adjusted actual equity exposure throughout the 12-month period, and this tactical discretion served as a slight detractor to relative performance.

• Underlying small-cap domestic equity and fixed-income fund managers underperformed their assigned benchmarks during the period, weighing on Fund results during the period.

The Fund's notable contributors during the period

• Large-cap domestic equity managers outperformed and contributed favorably to relative performance during the 12-month period.

Variable Portfolio – Managed Risk U.S. Fund \| Annual Report 2022 5

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[**Table of Contents**](#JOB_50400_cc486031-3ce4-4fac-96c6-9a3bb40627f3_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

Derivatives usage

Derivative securities were used to execute asset allocation changes based on the Fund's dynamic algorithm. Protective put options and hedging strategies, which are used to help shield investors from outsized losses during periods of steep equity market declines, were a more meaningful detractor from relative returns as time-value decay (the reduction in value of an options contract as it reaches its expiration date) and hedging instruments experienced headwinds over the course of the 12-month period.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The Fund's investment in underlying funds subject them to the investment performance (positive or negative), risks and expenses of these underlying funds. There are risks associated with fixed-income investments, including credit risk, interest rate risk, and prepayment and extension risk. In general, bond prices rise when interest rates fall and vice versa. This effect is usually more pronounced for longer-term securities. Growth securities, at times, may not perform as well as value securities or the stock market in general and may be out of favor with investors. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Quantitative models used by the Fund may not be effective in selecting the most favorable securities for inclusion and may cause the Fund to underperform other investment strategies. Investing in derivatives is a specialized activity that involves special risks that subject the Fund to significant loss potential, including when used as leverage, and may result in greater fluctuation in Fund value. Asset allocation does not assure a profit or protect against loss. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

6 Variable Portfolio – Managed Risk U.S. Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_50400_cc486031-3ce4-4fac-96c6-9a3bb40627f3_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

In addition to the ongoing expenses which the Fund bears directly, the Fund's shareholders indirectly bear the Fund's allocable share of the costs and expenses of each underlying fund in which the Fund invests. You can also estimate the effective expenses paid during the period, which includes the indirect fees associated with investing in the underlying funds, by using the amounts listed in the "Effective expenses paid during the period" column.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Effective expenses<br> paid during the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Effective expenses<br> paid during the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's effective<br> annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;980.30 | &nbsp;&nbsp;&nbsp;&nbsp;1023.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;&nbsp;&nbsp;3.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;979.30 | &nbsp;&nbsp;&nbsp;&nbsp;1022.66 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;4.91 | &nbsp;&nbsp;&nbsp;&nbsp;5.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Effective expenses paid during the period and the Fund's effective annualized expense ratio include expenses borne directly to the class plus the Fund's pro rata portion of the ongoing expenses charged by the underlying funds using the expense ratio of each class of the underlying funds as of the underlying fund's most recent shareholder report.

Variable Portfolio – Managed Risk U.S. Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_50400_cc486031-3ce4-4fac-96c6-9a3bb40627f3_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Equity Funds 53.5%** | &nbsp;&nbsp;**Equity Funds 53.5%** | &nbsp;&nbsp;**Equity Funds 53.5%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**U.S. Large Cap 53.5%** | &nbsp;&nbsp;**U.S. Large Cap 53.5%** | &nbsp;&nbsp;**U.S. Large Cap 53.5%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;502002 | &nbsp;&nbsp;&nbsp;&nbsp;36164245 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;2439902 | &nbsp;&nbsp;&nbsp;&nbsp;36134958 |
| &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;713882 | &nbsp;&nbsp;&nbsp;&nbsp;30190056 |
| &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;953558 | &nbsp;&nbsp;&nbsp;&nbsp;30532920 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;2121281 | &nbsp;&nbsp;&nbsp;&nbsp;63362654 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**196384833** |
| &nbsp;&nbsp;Total Equity Funds<br> (Cost $167,808,948) | &nbsp;&nbsp;Total Equity Funds<br> (Cost $167,808,948) | &nbsp;&nbsp;**196384833** |
| &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds 6.6%** | &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds 6.6%** | &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds 6.6%** |
| &nbsp;&nbsp;**Investment Grade 6.6%** | &nbsp;&nbsp;**Investment Grade 6.6%** | &nbsp;&nbsp;**Investment Grade 6.6%** |
| &nbsp;&nbsp;iShares iBoxx $ Investment Grade Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;113685 | &nbsp;&nbsp;&nbsp;&nbsp;11985810 |
| &nbsp;&nbsp;Vanguard Intermediate-Term Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;160600 | &nbsp;&nbsp;&nbsp;&nbsp;12448106 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**24433916** |
| &nbsp;&nbsp;Total Exchange-Traded Fixed Income Funds<br> (Cost $25,505,926) | &nbsp;&nbsp;Total Exchange-Traded Fixed Income Funds<br> (Cost $25,505,926) | &nbsp;&nbsp;&nbsp;&nbsp;**24433916** |
| &nbsp;&nbsp;**Fixed Income Funds 29.1%** | &nbsp;&nbsp;**Fixed Income Funds 29.1%** | &nbsp;&nbsp;**Fixed Income Funds 29.1%** |
| &nbsp;&nbsp;**Investment Grade 29.1%** | &nbsp;&nbsp;**Investment Grade 29.1%** | &nbsp;&nbsp;**Investment Grade 29.1%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;6239700 | &nbsp;&nbsp;&nbsp;&nbsp;51602314 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;5879444 | &nbsp;&nbsp;&nbsp;&nbsp;55325569 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**106927883** |
| &nbsp;&nbsp;Total Fixed Income Funds<br> (Cost $126,283,420) | &nbsp;&nbsp;Total Fixed Income Funds<br> (Cost $126,283,420) | &nbsp;&nbsp;**106927883** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 10.7%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 10.7%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 10.7%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 10.7%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(c)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(c)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(c)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(c)</sup> |
| &nbsp;&nbsp;01/17/2038-<br> 01/12/2053 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;9420000 | &nbsp;&nbsp;&nbsp;&nbsp;8606254 |
| &nbsp;&nbsp;01/17/2038-<br> 01/12/2053 | &nbsp;&nbsp;3.500% | 14900000 | &nbsp;&nbsp;13738915 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9850000 | &nbsp;&nbsp;&nbsp;&nbsp;9235950 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;7900000 | &nbsp;&nbsp;&nbsp;&nbsp;7601825 |
| &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $39,800,303) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $39,800,303) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $39,800,303) | &nbsp;&nbsp;**39182944** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Options Purchased Puts 0.8%** | &nbsp;&nbsp;**Options Purchased Puts 0.8%** |
|  | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;(Cost $2,921,151) | &nbsp;&nbsp;**3013205** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 8.6%** | &nbsp;&nbsp;**Money Market Funds 8.6%** | &nbsp;&nbsp;**Money Market Funds 8.6%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(a),(d)</sup> | &nbsp;&nbsp;31424459 | &nbsp;&nbsp;&nbsp;&nbsp;31415032 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $31,407,958) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $31,407,958) | &nbsp;&nbsp;&nbsp;&nbsp;**31415032** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $393,727,706)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $393,727,706)** | &nbsp;&nbsp;**401357813** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;**(34309903)** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**367047910** |

---

At December 31, 2022, securities and/or cash totaling $4,516,500 were pledged as collateral.

#### Investments in derivatives

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;S&P 500 Index E-mini | 67 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;12934350 | &nbsp;&nbsp;&nbsp;&nbsp;17686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Long Bond | 54 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6768563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53114) |
| &nbsp;&nbsp;U.S. Treasury 10-Year Note | 23 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2582828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12471) |
| &nbsp;&nbsp;U.S. Treasury 2-Year Note | 58 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;11894531 | &nbsp;&nbsp;&nbsp;&nbsp;16662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

8 Variable Portfolio – Managed Risk U.S. Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_50400_cc486031-3ce4-4fac-96c6-9a3bb40627f3_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts (continued)** | &nbsp;&nbsp;**Long futures contracts (continued)** | &nbsp;&nbsp;**Long futures contracts (continued)** | &nbsp;&nbsp;**Long futures contracts (continued)** | &nbsp;&nbsp;**Long futures contracts (continued)** | &nbsp;&nbsp;**Long futures contracts (continued)** | &nbsp;&nbsp;**Long futures contracts (continued)** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;U.S. Treasury 5-Year Note | 87 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9389883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2160) |
| &nbsp;&nbsp;U.S. Treasury Ultra Bond | 38 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5103875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34002) |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;34348 | &nbsp;&nbsp;&nbsp;&nbsp;(101747) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;S&P 500 Index E-mini | (225) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;(43436250) | &nbsp;&nbsp;&nbsp;&nbsp;1539879 | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** |
| &nbsp;&nbsp;**Description** | **Counterparty** | &nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;**Number of<br> contracts** | &nbsp;&nbsp;**Exercise<br> price/Rate** | &nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;**Cost ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;S&P 500 Index | JPMorgan | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;9982700 | &nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;3200.00 | &nbsp;&nbsp;06/21/2024 | &nbsp;&nbsp;&nbsp;&nbsp;470471 | &nbsp;&nbsp;&nbsp;&nbsp;405080 |
| &nbsp;&nbsp;S&P 500 Index | JPMorgan | &nbsp;&nbsp;USD | &nbsp;&nbsp;38395000 | &nbsp;&nbsp;100 | &nbsp;&nbsp;3300.00 | &nbsp;&nbsp;12/20/2024 | &nbsp;&nbsp;1960804 | &nbsp;&nbsp;2133500 |
| &nbsp;&nbsp;S&P 500 Index | JPMorgan | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;9598750 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;3200.00 | &nbsp;&nbsp;12/20/2024 | &nbsp;&nbsp;&nbsp;&nbsp;489876 | &nbsp;&nbsp;&nbsp;&nbsp;474625 |
| &nbsp;&nbsp;Total |  |  |  |  |  |  | &nbsp;&nbsp;2921151 | &nbsp;&nbsp;3013205 |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** |
| &nbsp;&nbsp;**Reference<br> entity** | **Counterparty** | **Maturity<br> date** | **Receive<br> fixed<br> rate<br> (%)** | **Payment<br> frequency** | **Implied<br> credit<br> spread<br> (%)\*** | **Notional<br> currency** | **Notional<br> amount** | **Value<br> ($)** | **Upfront<br> payments<br> ($)** | **Upfront<br> receipts<br> ($)** | **Unrealized<br> appreciation<br> ($)** | **Unrealized<br> depreciation<br> ($)** |
| &nbsp;&nbsp;Markit CDX North America Investment Grade Index, Series 39 | Morgan Stanley | 12/20/2027 | 1.000 | Quarterly | 0.820 | USD | 11000000 | 78785 |  |  | 78785 |  |

---

\* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

#### Notes to Portfolio of Investments
(a) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is
under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Capital gain<br> distributions($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends —<br> affiliated<br> issuers ($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | &nbsp;&nbsp;&nbsp;37658872 | &nbsp;&nbsp;126088185 | &nbsp;&nbsp;(132342541) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10516 | &nbsp;&nbsp;&nbsp;&nbsp;31415032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13824) | &nbsp;&nbsp;&nbsp;&nbsp;516199 | &nbsp;&nbsp;31424459 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;39745297 | &nbsp;&nbsp;&nbsp;&nbsp;5707814 | &nbsp;&nbsp;&nbsp;&nbsp;(1884370) | &nbsp;&nbsp;&nbsp;&nbsp;(7404496) | &nbsp;&nbsp;&nbsp;&nbsp;36164245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20486) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502002 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;46248954 | &nbsp;&nbsp;&nbsp;&nbsp;16514555 | &nbsp;&nbsp;&nbsp;&nbsp;(1291961) | &nbsp;&nbsp;&nbsp;&nbsp;(9869234) | &nbsp;&nbsp;&nbsp;&nbsp;51602314 | &nbsp;&nbsp;&nbsp;&nbsp;33988 | &nbsp;&nbsp;&nbsp;&nbsp;(342663) | &nbsp;&nbsp;1646373 | &nbsp;&nbsp;&nbsp;&nbsp;6239700 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;39447129 | &nbsp;&nbsp;&nbsp;&nbsp;6369777 | &nbsp;&nbsp;&nbsp;&nbsp;(2049208) | &nbsp;&nbsp;&nbsp;&nbsp;(7632740) | &nbsp;&nbsp;&nbsp;&nbsp;36134958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2439902 |
| &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;15946150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393575 | &nbsp;&nbsp;&nbsp;&nbsp;(16904007) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;83887 | &nbsp;&nbsp;(1221873) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;32350303 | &nbsp;&nbsp;&nbsp;&nbsp;9409857 | &nbsp;&nbsp;&nbsp;&nbsp;(2557345) | &nbsp;&nbsp;&nbsp;&nbsp;(9012759) | &nbsp;&nbsp;&nbsp;&nbsp;30190056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(417758) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713882 |

---

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

Variable Portfolio – Managed Risk U.S. Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_50400_cc486031-3ce4-4fac-96c6-9a3bb40627f3_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Notes to Portfolio of Investments (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Capital gain<br> distributions($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends —<br> affiliated<br> issuers ($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;32744558 | &nbsp;&nbsp;&nbsp;&nbsp;2670584 | &nbsp;&nbsp;&nbsp;&nbsp;(3341898) | &nbsp;&nbsp;&nbsp;&nbsp;(1540324) | &nbsp;&nbsp;&nbsp;&nbsp;30532920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953558 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;49443093 | &nbsp;&nbsp;&nbsp;&nbsp;18302264 | &nbsp;&nbsp;&nbsp;&nbsp;(4665135) | &nbsp;&nbsp;&nbsp;&nbsp;(7754653) | &nbsp;&nbsp;&nbsp;&nbsp;55325569 | &nbsp;&nbsp;418028 | &nbsp;&nbsp;&nbsp;&nbsp;(739837) | &nbsp;&nbsp;&nbsp;&nbsp;956206 | &nbsp;&nbsp;&nbsp;&nbsp;5879444 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;68812441 | &nbsp;&nbsp;&nbsp;&nbsp;9800383 | &nbsp;&nbsp;&nbsp;&nbsp;(3549705) | &nbsp;&nbsp;(11700465) | &nbsp;&nbsp;&nbsp;&nbsp;63362654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(145939) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2121281 |
| &nbsp;&nbsp;Total | 362396797 |  |  | &nbsp;&nbsp;(54339873) | &nbsp;&nbsp;334727748 | &nbsp;&nbsp;535903 | &nbsp;&nbsp;(2895953) | &nbsp;&nbsp;3155195 |  |

---

(b) Non-income producing investment.

(c) Represents a security purchased on a when-issued basis.

(d) The rate shown is the seven-day current annualized yield at December 31, 2022.

#### Abbreviation Legend
TBA To Be Announced

#### Currency Legend
USD US Dollar

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

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

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

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

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

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

Certain investments that have been measured at fair value using the net asset value (NAV) per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Variable Portfolios serve as investment vehicles for variable annuity contracts and variable life insurance policies. Principal investment strategies within these Variable Portfolios vary based on the Portfolios investment objective. Investments in the Variable Portfolios may be redeemed on a daily basis without restriction.

Investments falling into the Level 3 category 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.

10 Variable Portfolio – Managed Risk U.S. Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_50400_cc486031-3ce4-4fac-96c6-9a3bb40627f3_TOC)

Portfolio of Investments (continued)

December 31, 2022

**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, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Assets at NAV ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Funds | &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;196384833 | &nbsp;&nbsp;&nbsp;&nbsp;196384833 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Fixed Income Funds | 24433916 | &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24433916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Income Funds | &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;106927883 | &nbsp;&nbsp;&nbsp;&nbsp;106927883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;39182944 | &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;39182944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options Purchased Puts | &nbsp;&nbsp;&nbsp;3013205 | &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3013205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 31415032 | &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31415032 |
| &nbsp;&nbsp;Total Investments in Securities | 58862153 | &nbsp;&nbsp;&nbsp;&nbsp;39182944 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;303312716 | &nbsp;&nbsp;&nbsp;&nbsp;401357813 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;1574227 | &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts | &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;78785 | &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;78785 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(101747) | &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101747) |
| &nbsp;&nbsp;Total | 60334633 | &nbsp;&nbsp;&nbsp;&nbsp;39261729 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;303312716 | &nbsp;&nbsp;&nbsp;&nbsp;402909078 |

---

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.

Futures contracts and swap contracts are valued at unrealized appreciation (depreciation).

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

Variable Portfolio – Managed Risk U.S. Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_50400_cc486031-3ce4-4fac-96c6-9a3bb40627f3_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $65,306,229) | &nbsp;&nbsp;&nbsp;$63616860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $325,500,326) | &nbsp;&nbsp;&nbsp;334727748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased (cost $2,921,151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3013205 |
| &nbsp;&nbsp;Cash collateral held at broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227000 |
| &nbsp;&nbsp;Margin deposits on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3966650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322850 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1437499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6561127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102460 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127175 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4374 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19515 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;414178404 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Due to affiliate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179200 |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;46444496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336477 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87576 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18186 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25062 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19515 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;47130494 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$367047910** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Trust capital | $367047910 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$367047910** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.42 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $367045023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;29824529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.31 |

---

(a) Net asset value per share rounds to this amount due to fractional shares outstanding.

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

12 Variable Portfolio – Managed Risk U.S. Fund \| Annual Report 2022

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Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$679056 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3155195 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45183 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3879434 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904795 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8827 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1729072 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150362 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(5529568) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(2895953) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from underlying affiliated funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535903 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;(8279435) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(778051) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69435) |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;(17016542) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(2067418) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;(54339873) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875468 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758468 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53764 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(53719591) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(70736133) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(68585771)** |

---

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

Variable Portfolio – Managed Risk U.S. Fund \| Annual Report 2022 13

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[**Table of Contents**](#JOB_50400_cc486031-3ce4-4fac-96c6-9a3bb40627f3_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$2150362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1113440 |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(17016542) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20217905 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(53719591) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20983074 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(68585771) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42314419 |
| &nbsp;&nbsp;Increase in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;47809432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61469870 |
| &nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(20776339) | &nbsp;&nbsp;&nbsp;&nbsp;103784289 |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;387824249 | &nbsp;&nbsp;&nbsp;&nbsp;284039960 |
| &nbsp;&nbsp;**Net assets at end of year** | **$367047910** | &nbsp;&nbsp;**$387824249** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;4809296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61661766 | &nbsp;&nbsp;&nbsp;&nbsp;4866878 | &nbsp;&nbsp;&nbsp;&nbsp;67596025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (1070788) | &nbsp;&nbsp;&nbsp;&nbsp;(13852334) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(427993) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6126155) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;3738508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47809432 | &nbsp;&nbsp;&nbsp;&nbsp;4438885 | &nbsp;&nbsp;&nbsp;&nbsp;61469870 |
| &nbsp;&nbsp;**Total net increase** | &nbsp;&nbsp;**3738508** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**47809432** | &nbsp;&nbsp;&nbsp;&nbsp;**4438885** | &nbsp;&nbsp;&nbsp;&nbsp;**61469870** |

---

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

14 Variable Portfolio – Managed Risk U.S. Fund \| Annual Report 2022

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Variable Portfolio – Managed Risk U.S. Fund \| Annual Report 2022 15

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[**Table of Contents**](#JOB_50400_cc486031-3ce4-4fac-96c6-9a3bb40627f3_TOC)

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 portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $14.96 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;(2.65) | &nbsp;&nbsp;(2.54) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $13.18 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $11.97 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| &nbsp;&nbsp;Year Ended 12/31/2019<sup>(d)</sup> | $10.75 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $14.87 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;(2.64) | &nbsp;&nbsp;(2.56) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $13.12 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $11.95 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $10.10 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $10.47 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;(0.37) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interest on collateral expense which is less than 0.01%. |
| (d) | Class 1 shares commenced operations on February 20, 2019. Per share data and total return reflect activity from that date. |
| (e) | Annualized. |

---

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

16 Variable Portfolio – Managed Risk U.S. Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_50400_cc486031-3ce4-4fac-96c6-9a3bb40627f3_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $12.42 | (16.98%) | 0.24%<sup>(c)</sup> | 0.24%<sup>(c)</sup> | 0.84% | 114% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $14.96 | 13.51% | 0.23%<sup>(c)</sup> | 0.23%<sup>(c)</sup> | 0.57% | 113% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $13.18 | 10.11% | 0.24% | 0.24% | 0.75% | &nbsp;&nbsp;94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3 |
| &nbsp;&nbsp;Year Ended 12/31/2019<sup>(d)</sup> | $11.97 | 11.35% | 0.25%<sup>(e)</sup> | 0.25%<sup>(e)</sup> | 1.02%<sup>(e)</sup> | &nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $12.31 | (17.22%) | 0.48%<sup>(c)</sup> | 0.48%<sup>(c)</sup> | 0.59% | 114% | $367045 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $14.87 | 13.34% | 0.48%<sup>(c)</sup> | 0.48%<sup>(c)</sup> | 0.32% | 113% | $387821 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $13.12 | &nbsp;&nbsp;&nbsp;9.79% | 0.49% | 0.49% | 0.46% | &nbsp;&nbsp;94% | $284037 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $11.95 | 18.32% | 0.52% | 0.52% | 0.61% | &nbsp;&nbsp;24% | $186201 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $10.10 | &nbsp;&nbsp;(3.53%) | 0.67% | 0.58% | 0.41% | &nbsp;&nbsp;45% | &nbsp;&nbsp;$80119 |

---

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

Variable Portfolio – Managed Risk U.S. Fund \| Annual Report 2022 17

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[**Table of Contents**](#JOB_50400_cc486031-3ce4-4fac-96c6-9a3bb40627f3_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Variable Portfolio – Managed Risk U.S. Fund (the Fund), a series of Columbia Funds Variable Insurance Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

The Fund is a "fund-of-funds", investing significantly in affiliated funds managed by the Investment Manager, a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), its affiliates, or third-party advised (unaffiliated) funds, including exchange-traded funds (collectively, Underlying Funds). The Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds. For information on the investment strategies, operations and risks of the Underlying Funds, please refer to the Fund's current prospectus as well as the prospectuses and shareholder reports of the Underlying Funds, which are available from the Securities and Exchange Commission's website at www.sec.gov or on the Underlying Funds' website at www.columbiathreadneedleus.com/resources/literature.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts (Contracts) issued by affiliated life insurance companies (Participating Insurance Companies) 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 buying a Contract.

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.

#### 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.

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Investments in the Underlying Funds (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

18 Variable Portfolio – Managed Risk U.S. Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_50400_cc486031-3ce4-4fac-96c6-9a3bb40627f3_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Option contracts are valued at the mean of the latest quoted bid and ask prices on their primary exchanges. Option contracts, including over-the-counter option contracts, with no readily available market quotations are valued using mid-market evaluations from independent third-party vendors.

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

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.

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

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin

Variable Portfolio – Managed Risk U.S. Fund \| Annual Report 2022 19

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[**Table of Contents**](#JOB_50400_cc486031-3ce4-4fac-96c6-9a3bb40627f3_TOC)

Notes to Financial Statements (continued)

December 31, 2022

that is held in a broker's customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

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

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

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

#### Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to produce incremental earnings, to manage the duration and yield curve exposure of the Fund versus the benchmark, to manage exposure to movements in interest rates, to manage exposure to the securities market and to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets

20 Variable Portfolio – Managed Risk U.S. Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_50400_cc486031-3ce4-4fac-96c6-9a3bb40627f3_TOC)

Notes to Financial Statements (continued)

December 31, 2022

and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

#### Options contracts
Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund purchased option contracts to produce incremental earnings, to decrease the Fund's exposure to equity market risk and to protect gains. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.

Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the written option are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund realizes a gain or loss when the option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.

For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to significant counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.

#### Swap contracts
Swap contracts are negotiated in the over-the-counter market and are entered into bilaterally or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty (the CCP) and the CCP becomes the Fund's counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the CCP in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. For a bilateral swap contract, the Fund has credit exposure to the broker, but exchanges daily variation margin with the broker based on the mark-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, the Fund has minimal credit exposure to the FCM because the CCP stands between the Fund and the relevant buyer/seller on the other side of the contract. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.

Variable Portfolio – Managed Risk U.S. Fund \| Annual Report 2022 21

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[**Table of Contents**](#JOB_50400_cc486031-3ce4-4fac-96c6-9a3bb40627f3_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, that it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the bilateral counterparty, FCM or CCP, as applicable, may not fulfill its obligation under the contract.

#### Credit default swap contracts
The Fund entered into credit default swap contracts to increase or decrease its credit exposure to an index and to manage credit risk exposure. These instruments may be used for other purposes in future periods. Credit default swap contracts are transactions in which one party pays fixed periodic payments to a counterparty in consideration for an agreement from the counterparty to make a specific payment should a specified credit event(s) take place. Although specified credit events are contract specific, credit events are typically bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.

As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).

As the seller of a credit default swap contract, the Fund sells protection to a buyer and will generally receive a periodic interest rate on a notional amount. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized gain upon receipt of the payment. If a credit event as specified in the contract with the counterparty occurs, the Fund may either be required to accept the reference obligation from the buyer in exchange for a cash payment of its notional amount, or to pay the buyer a net cash settlement equal to the notional amount less an agreed-upon value of the reference obligation (recovery value) as of the date of the credit event. The difference between the value of the obligation or cash received and the notional amount paid will be recorded as a realized gain (loss). The maximum potential amount of undiscounted future payments the Fund could be required to make as the seller of protection under a credit default swap contract is equal to the notional amount of the reference obligation. These potential amounts may be partially offset by any recovery values of the respective reference obligations or upfront receipts upon entering into the agreement. The notional amounts and market values of all credit default swap contracts in which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments.

As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract with the counterparty. For credit default swap contracts on credit indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract.

Any upfront payment or receipt by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.

Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk.

22 Variable Portfolio – Managed Risk U.S. Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_50400_cc486031-3ce4-4fac-96c6-9a3bb40627f3_TOC)

Notes to Financial Statements (continued)

December 31, 2022

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

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;Component of trust capital — unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78,785\* |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;1,557,565\* |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Investments, at value — Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;3013205 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,662\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;4666217 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;101,747\* |

---

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> purchased<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Credit risk | &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;(69435) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69435) |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;(4286143) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(778051) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(5064194) |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;(3993292) | &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;(3993292) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;(8279435) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(778051) | &nbsp;&nbsp;&nbsp;&nbsp;(69435) | &nbsp;&nbsp;&nbsp;&nbsp;(9126921) |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> purchased<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Credit risk | &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;53764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53764 |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;&nbsp;&nbsp;1091298 | &nbsp;&nbsp;&nbsp;&nbsp;1758468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2849766 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;(215830) | &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;(215830) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875468 | &nbsp;&nbsp;&nbsp;&nbsp;1758468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2687700 |

---

Variable Portfolio – Managed Risk U.S. Fund \| Annual Report 2022 23

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Notes to Financial Statements (continued)

December 31, 2022

The following table is a summary of the average outstanding volume by derivative instrument for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)\*** |
| &nbsp;&nbsp;Futures contracts — long | 53600308 |
| &nbsp;&nbsp;Futures contracts — short | 31457319 |
| &nbsp;&nbsp;Credit default swap contracts — sell protection | 11000000 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average<br> value ($)\*** |
| &nbsp;&nbsp;Options contracts — purchased | 3919933 |

---

\* Based on the ending quarterly outstanding amounts for the year ended December 31, 2022.

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

#### Delayed delivery securities
The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a "when-issued" or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

#### To be announced securities
The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.

In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.

#### Mortgage dollar roll transactions
The Fund may enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. These transactions may increase the Fund's portfolio turnover rate. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique may diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. All cash proceeds will be invested

24 Variable Portfolio – Managed Risk U.S. Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_50400_cc486031-3ce4-4fac-96c6-9a3bb40627f3_TOC)

Notes to Financial Statements (continued)

December 31, 2022

in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

#### Offsetting of assets and liabilities
The following table presents the Fund's gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
|  | **JPMorgan ($)** | &nbsp;&nbsp;**Morgan<br> Stanley ($)** | &nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Assets** |  |  |  |
| &nbsp;&nbsp;Options purchased puts | 3013205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;3013205 |
| &nbsp;&nbsp;**Liabilities** |  |  |  |
| &nbsp;&nbsp;Centrally cleared credit default swap contracts <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;1606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606 |
| &nbsp;&nbsp;**Total financial and derivative net assets** | **3013205** | &nbsp;&nbsp;**(1606)** | &nbsp;&nbsp;**3011599** |
| &nbsp;&nbsp;&nbsp;Total collateral received (pledged) <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;(1606) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1606) |
| &nbsp;&nbsp;**Net amount <sup>(c)</sup>** | **3013205** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;**3013205** |

---

(a) Centrally cleared swaps are included within payable/receivable for variation margin in the Statement of Assets and Liabilities.

(b) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(c) Represents the net amount due from/(to) counterparties in the event of default.

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

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

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

Corporate actions and dividend income are recorded on the ex-dividend date.

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.

Variable Portfolio – Managed Risk U.S. Fund \| Annual Report 2022 25

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[**Table of Contents**](#JOB_50400_cc486031-3ce4-4fac-96c6-9a3bb40627f3_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.

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

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

#### Federal income tax status
The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The components of the Fund's net assets are reported at the partner-level for federal income tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

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.

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

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees and underlying fund fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is a blend of (i) 0.02% on assets invested in affiliated underlying funds (including exchange-traded funds and closed-end funds) that pay a management services fee (or investment advisory services fee, as applicable) to the Investment Manager and (ii) a fee that declines from 0.72% to 0.52%, depending on asset levels, on assets invested in securities (other than affiliated underlying

26 Variable Portfolio – Managed Risk U.S. Fund \| Annual Report 2022

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[**Table of Contents**](#JOB_50400_cc486031-3ce4-4fac-96c6-9a3bb40627f3_TOC)

Notes to Financial Statements (continued)

December 31, 2022

funds (including exchange-traded funds and closed-end funds) that pay a management services fee (or investment advisory services fee, as applicable) to the Investment Manager) including other funds advised by the Investment Manager that do not pay a management services fee to the Investment Manager, third party funds, derivatives and individual securities. The effective management services fee rate for the year ended December 31, 2022 was 0.14% of the Fund's average daily net assets.

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the Underlying Funds in which the Fund invests. Because the Underlying Funds have varied expense and fee levels and the Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. These expenses are not reflected in the expenses shown in Statement of Operations and are not included in the ratios to average net assets shown in the Financial Highlights.

#### 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 "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, 2022 was 0.06% of the Fund's average daily net assets.

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

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. The Board of Trustees has approved, and the Fund has adopted, a distribution plan (the Plan) which sets the distribution fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor for selling shares of the Fund. The Fund pays a monthly distribution fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class 2 shares of the Fund. The Fund pays no distribution and service fees for Class 1 shares.

Variable Portfolio – Managed Risk U.S. Fund \| Annual Report 2022 27

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Notes to Financial Statements (continued)

December 31, 2022

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

---

| | | |
|:---|:---|:---|
|  | **May 1, 2022<br> through<br> April 30, 2023** | **Prior to<br> May 1, 2022** |
| &nbsp;&nbsp;Class 1 | 0.79% | 0.80% |
| &nbsp;&nbsp;Class 2 | 1.04 | 1.05 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), 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. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $465,137,164 and $400,468,877, respectively, for the year ended December 31, 2022, of which $366,590,363 and $346,202,517, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. 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. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 6. Interfund lending

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

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

The Fund did not borrow or lend money under the Interfund Program during the year ended December 31, 2022.

28 Variable Portfolio – Managed Risk U.S. Fund \| Annual Report 2022

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Notes to Financial Statements (continued)

December 31, 2022

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 27, 2022 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 $950 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 in each case, 1.00%. 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 27, 2022 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 $950 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 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 8. Significant risks

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

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

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced

Variable Portfolio – Managed Risk U.S. Fund \| Annual Report 2022 29

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Notes to Financial Statements (continued)

December 31, 2022

market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity 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 which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

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

30 Variable Portfolio – Managed Risk U.S. Fund \| Annual Report 2022

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Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Insurance Trust and Shareholders of Variable Portfolio – Managed Risk U.S. Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Variable Portfolio – Managed Risk U.S. Fund (one of the funds constituting Columbia Funds Variable Insurance Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (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, 2022, 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, 2022 and the financial highlights for each of the periods indicated therein 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, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

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

Variable Portfolio – Managed Risk U.S. Fund \| Annual Report 2022 31

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## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

32 Variable Portfolio – Managed Risk U.S. Fund \| Annual Report 2022

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## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

Variable Portfolio – Managed Risk U.S. Fund \| Annual Report 2022 33

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

34 Variable Portfolio – Managed Risk U.S. Fund \| Annual Report 2022

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

Variable Portfolio – Managed Risk U.S. Fund \| Annual Report 2022 35

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## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

36 Variable Portfolio – Managed Risk U.S. Fund \| Annual Report 2022

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## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

Variable Portfolio – Managed Risk U.S. Fund \| Annual Report 2022 37

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#### Variable Portfolio – Managed Risk U.S. Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img648874c82.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 and/or summary 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 (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© 2023 Columbia Management Investment Advisers, LLC.

ANN7044_12_B01_(02/23)

------

#### Item 2. Code of Ethics.
(a) The registrant has adopted a code of ethics 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.

(b) During the period covered by this report, there were not any amendments to a provision of the code of ethics 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, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item.

(c) During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the code of ethics 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 that relates to one or more of the items set forth in paragraph (b) of this Item.

#### Item 3. Audit Committee Financial Expert.
The registrant's Board of Trustees has determined that David M. Moffett, Brian J. Gallagher, J. Kevin Connaughton, Douglas A. Hacker and Sandra L. Yeager, each of whom are members of the registrant's Board of Trustees and Audit Committee, each qualify as an audit committee financial expert. Mr. Moffett, Mr. Gallagher, Mr. Connaughton, Mr. Hacker and Ms. Yeager are each independent trustees, as defined in paragraph (a)(2) of this item's instructions.

#### Item 4. Principal Accountant Fees and Services .
Fee information below is disclosed for the thirteen series of the registrant whose reports to stockholders are included in this annual filing. Fiscal year 2021 also includes fees from a fund that liquidated during the period.

(a) *Audit Fees.* Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended December 31, 2022 and December 31, 2021 are approximately as follows:

---

| | |
|:---|:---|
| 2022  | 2021  |
| $413500  | $423300  |

---

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.* Aggregate Audit-Related Fees billed to the registrant by the principal accountant for professional services rendered during the fiscal years ended December 31, 2022 and December 31, 2021 are approximately as follows:

---

| | |
|:---|:---|
| 2022  | 2021  |
| $0  | $5000  |

---

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.

During the fiscal years ended December 31, 2022 and December 31, 2021, there were no Audit-Related Fees billed by the registrant's principal accountant 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 for an engagement that related directly to the operations and financial reporting of the registrant.

(c) *Tax Fees.* Aggregate Tax Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended December 31, 2022 and December 31, 2021 are approximately as follows:

---

| | |
|:---|:---|
| 2022  | 2021  |
| $189000  | $9900  |

---

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 and tax planning. Fiscal years 2021 and 2022 also include Tax Fees for foreign tax filings.

During the fiscal years ended December 31, 2022 and December 31, 2021, there were no Tax Fees billed by the registrant's principal accountant 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 for an engagement that related directly to the operations and financial reporting of the registrant.

(d) *All Other Fees.* Aggregate All Other Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended December 31, 2022 and December 31, 2021 are approximately as follows:

---

| | |
|:---|:---|
| 2022  | 2021  |
| $0  | $0  |

---

All Other Fees, if any, include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above.

Aggregate All Other Fees billed by the registrant's principal accountant 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 for an engagement that related directly to the operations and financial reporting of the registrant during the fiscal years ended December 31, 2022 and December 31, 2021 are approximately as follows:

---

| | |
|:---|:---|
| 2022  | 2021  |
| $535000  | $520000  |

---

In fiscal years 2022 and 2021, All Other Fees primarily consists of fees billed for internal control examinations of the registrant's transfer agent and investment adviser.

(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 for the fiscal years ended December 31, 2022 and December 31, 2021 are approximately as follows:

---

| | |
|:---|:---|
| 2022  | 2021  |
| $724000  | $534900  |

---

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

#### 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 1 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 10. 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 directors.

#### Item 11. 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 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.

#### Item 13. Exhibits.
[(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as Exhibit 99.CODE ETH.](f24587d2.htm)

[(a)(2) 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.](f24587d3.htm)

[(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.](f24587d4.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.

---

| | |
|:---|:---|
| (registrant)  | <u>Columbia Funds Variable Insurance Trust</u>  |
| By (Signature and Title)  | <u>/s/ Daniel J. Beckman</u>  |
|  | Daniel J. Beckman, President and Principal Executive Officer  |
| Date  | <u>February 22, 2023</u>  |

---

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 (Signature and Title)  | <u>/s/ Daniel J. Beckman</u>  |
|  | Daniel J. Beckman, President and Principal Executive Officer  |
| Date  | <u>February 22, 2023</u>  |

---

---

| | |
|:---|:---|
| By (Signature and Title)  | &nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Michael G. Clarke</u>  |
|  | Michael G. Clarke, Chief Financial Officer,  |
|  | Principal Financial Officer and Senior Vice President  |
| Date  | <u>February 22, 2023</u>  |

---

---

| | |
|:---|:---|
| By (Signature and Title)  | &nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Joseph Beranek</u>  |
|  | Joseph Beranek, Treasurer, Chief Accounting  |
|  | Officer and Principal Financial Officer  |
| Date  | <u>February 22, 2023</u>  |

---

------

## Ex-99.Code

![](g1lg0hzukws50fjws6qn8.jpg)

**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

**COLUMBIA FUNDS**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Applicable Regulatory Authority** | &nbsp;&nbsp;&nbsp;Section 406 of the Sarbanes-Oxley Act of 2002; |
|  | &nbsp;&nbsp;&nbsp;Item 2 of Form N-CSR |
| &nbsp;&nbsp;**Related Policies** | &nbsp;&nbsp;&nbsp;Overview and Implementation of Compliance Program |
|  | &nbsp;&nbsp;&nbsp;Policy |
| &nbsp;&nbsp;**Requires Annual Board Approval** | &nbsp;&nbsp;&nbsp;No but Covered Officers Must provide annual |
|  | &nbsp;&nbsp;&nbsp;certification |
| &nbsp;&nbsp;**Last Reviewed by AMC** | &nbsp;&nbsp;&nbsp;August 2022 |

---

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

The Board of each Fund 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 Fund holds its 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 of each Fund has adopted the Code in order to comply with applicable regulatory requirements as outlined below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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 Page 1 of 9

![](gysjrcjq8h9zp5ioohy4n.jpg)

**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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.

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

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

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 Page 2 of 9

![](g58i9rt7rlr12bnk81pny.jpg)

**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

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 Fund 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 Fund 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 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 Fund. Certain examples of such conflicts of interest follow.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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.

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 Page 3 of 9

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**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure and Compliance

It is the responsibility of each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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.

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 Page 4 of 9

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**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.Reporting and Accountability by Covered Officers** Each Covered Officer must:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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.

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

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 Page 5 of 9

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**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Disclosure of Amendments to the Code

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

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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 Page 6 of 9

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**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

**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 Page 7 of 9

**Appendix A**

**INITIAL ACKNOWLEDGEMENT**

I acknowledge that I have received and read a copy of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I have set forth below (and on attached sheets of paper, if necessary) all known affiliations or other relationships that may give rise to conflicts of interest for me with respect to the Fund.

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

I also acknowledge my responsibility to report any known violation of the Code to the Code Officer, the CLO, the Fund's outside counsel, or counsel to the Independent Board Members, all as defined in this Code. I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.

**Covered Officer Name and Title: <u>________________________________________________</u>**

(please print)

<u>______________________________________________________________________________</u>

Signature Date

Please return this completed form to the CLO (_______) within one week from the date of your review of these documents. Thank you!

![](gf3w4gu16j3ksejajdgsv.jpg)

**Appendix B**

**ANNUAL ACKNOWLEDGEMENT**

I acknowledge that I have received and read a copy of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge that I believe that I have fully complied with the terms and provisions of the Code during the period of time since the most recent Initial or Annual Acknowledgement provided by me except as described below.

______________________________________________________________

______________________________________________________________

______________________________________________________________

I have set forth below (and on attached sheets of paper, if necessary) all known affiliations or other relationships that may give rise to conflicts of interest for me with respect to the Fund.<sup>1</sup>

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.

**Covered Officer Name and Title: <u>________________________________________________</u>**

(please print)

<u>______________________________________________________________________________</u>

Signature Date

Please return this completed form to the CLO (_______) within one week from the date of your receipt of a request to complete and return it. Thank you!

1It is acceptable to refer to affiliations and other relationships previously disclosed in prior Initial or Annual Acknowledgements without setting forth such affiliations and relationships again.

## Ex-99.Cert

I, Daniel J. Beckman, certify that:

1. I have reviewed this report on Form N-CSR of Columbia Funds Variable Insurance 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;&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;&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;&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;&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 directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

---

| | |
|:---|:---|
| Date: February 22, 2023 | &nbsp;&nbsp;/s/ Daniel J. Beckman |
|  | Daniel J. Beckman, President and Principal |
|  | Executive Officer |

---

I, Michael G. Clarke, certify that:

1. I have reviewed this report on Form N-CSR of Columbia Funds Variable Insurance 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;&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;&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;&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;&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 directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

---

| | | |
|:---|:---|:---|
| Date: February 22, 2023 |  | /s/ Michael G. Clarke |
|  |  | Michael G. Clarke, Chief Financial Officer, |
|  | Principal Financial Officer and Senior Vice | Principal Financial Officer and Senior Vice |
|  | President | President |

---

I, Joseph Beranek, certify that:

1. I have reviewed this report on Form N-CSR of Columbia Funds Variable Insurance 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;&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;&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; |
| (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;&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 directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

---

| | | |
|:---|:---|:---|
| Date: February 22, 2023 |  | /s/ Joseph Beranek |
|  | Joseph Beranek, Treasurer, Chief Accounting | Joseph Beranek, Treasurer, Chief Accounting |
|  | Officer and Principal Financial Officer | Officer and Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATION PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of Columbia Funds Variable Insurance Trust (the "Trust") on Form N-CSR for the period ending December 31, 2022 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.

---

| | |
|:---|:---|
| Date: February 22, 2023  | <u>/s/ Daniel J. Beckman</u>  |
|  | Daniel J. Beckman, President and Principal Executive Officer  |

---

---

| | |
|:---|:---|
| Date: February 22, 2023  | &nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Michael G. Clarke</u>  |
|  | Michael G. Clarke, Chief Financial Officer,  |
|  | Principal Financial Officer and Senior Vice President  |

---

---

| | |
|:---|:---|
| Date: February 22, 2023  | &nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Joseph Beranek</u>  |
|  | Joseph Beranek, Treasurer, Chief Accounting  |
|  | Officer and Principal Financial Officer  |

---

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.