# EDGAR Filing Document

**Accession Number:** 0000815425
**File Stem:** 0001193125-26-096326
**Filing Date:** 2026-3
**Character Count:** 2186559
**Document Hash:** 1c0749453e64f85efa090c9932669af5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-096326.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001193125-26-096326

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 69

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COLUMBIA FUNDS VARIABLE INSURANCE TRUST
- **CENTRAL INDEX KEY:** 0000815425

**ORGANIZATION NAME:**
- **EIN:** 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:** 26730521

**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 |  |

### 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 |  |

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

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number 811-05199

## Columbia Funds Variable Insurance Trust

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

#### 290 Congress Street

#### Boston, MA 02210

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

#### Michael G. Clarke

#### c/o Columbia Management Investment Advisers, LLC

#### 290 Congress Street

#### Boston, MA 02210

#### Ryan C. Larrenaga, Esq.

#### c/o Columbia Management Investment Advisers, LLC

#### 290 Congress Street

#### Boston, MA 02210

#### (Name and address of agent for service)

#### Registrant's telephone number, including area code: (800) 345-6611

#### Date of fiscal year end: Last Day of December

#### Date of reporting period: December 31, 2025

------

#### Item 1. Reports to Stockholders.

# Columbia Variable Portfolio – Contrarian Core Fund
Class 1

![Image](g102030g79l74.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Contrarian Core Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 1 | $76 | 0.70% |

---

## Management's Discussion of Fund Performance
The performance of Class 1 shares for the period presented is shown in the Average Annual Total Returns table.

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

**Allocations** \| Smaller weightings in the consumer staples, real estate and consumer discretionary sectors and larger weightings in the communication services and information technology sectors benefited the Fund's relative performance during the annual period.

**Individual holdings** \| A relative overweight position in Electronic Arts Inc., a developer and publisher of interactive entertainment software; a relative overweight position in Alphabet Inc., a parent company of Google and other tech businesses; a relative overweight position in NVIDIA Corporation, a designer of GPUs and AI computing solutions; a relative overweight position in eBay Inc., a global e-commerce platform for consumer-to-consumer sales; and a relative overweight position in Lam Research Corporation, a supplier of wafer fabrication equipment and services, were among the top contributors to the Fund's relative performance.

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

**Allocations** \| Larger weightings in the health care and financials sectors detracted from the Fund's relative performance during the annual period.

**Individual holdings** \| A relative overweight position in Marvell Technology, Inc., a developer of data infrastructure semiconductor solutions; a relative underweight position in Advanced Micro Devices, Inc., a designer of high-performance computing and graphics processors; a relative overweight position in ON Semiconductor Corporation, a supplier of intelligent power and sensing technologies; a relative overweight position in Honeywell International Inc., a diversified industrial company focused on aerospace and automation; and a relative overweight position in Elevance Health, Inc., a provider of health benefits and managed care services, were among the top detractors from the Fund's relative performance.

Columbia Variable Portfolio – Contrarian Core Fund \| Class 1 **\|** ASR7002_01_12_D01_(02/26) \|

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

### Growth of $10,000
![Growth of 10K Chart](g102030g71a61.jpg)

---

| | | |
|:---|:---|:---|
| | **Columbia Variable Portfolio – Contrarian Core Fund Class 1 ($38110)** | **Russell 1000<sup>®</sup> Index ($39030)** |
| **12/15** | $10000 | $10000 |
| **01/16** | $9508 | $9462 |
| **02/16** | $9430 | $9459 |
| **03/16** | $10054 | $10117 |
| **04/16** | $10114 | $10172 |
| **05/16** | $10336 | $10351 |
| **06/16** | $10228 | $10374 |
| **07/16** | $10642 | $10769 |
| **08/16** | $10672 | $10783 |
| **09/16** | $10672 | $10792 |
| **10/16** | $10480 | $10582 |
| **11/16** | $10726 | $10999 |
| **12/16** | $10870 | $11205 |
| **01/17** | $11074 | $11431 |
| **02/17** | $11518 | $11873 |
| **03/17** | $11608 | $11881 |
| **04/17** | $11770 | $12006 |
| **05/17** | $11920 | $12160 |
| **06/17** | $12052 | $12244 |
| **07/17** | $12316 | $12487 |
| **08/17** | $12376 | $12526 |
| **09/17** | $12561 | $12793 |
| **10/17** | $12693 | $13086 |
| **11/17** | $12993 | $13485 |
| **12/17** | $13239 | $13636 |
| **01/18** | $13959 | $14384 |
| **02/18** | $13329 | $13856 |
| **03/18** | $12915 | $13541 |
| **04/18** | $12879 | $13587 |
| **05/18** | $13071 | $13934 |
| **06/18** | $13149 | $14024 |
| **07/18** | $13707 | $14508 |
| **08/18** | $14049 | $15008 |
| **09/18** | $14157 | $15065 |
| **10/18** | $13149 | $13999 |
| **11/18** | $13377 | $14284 |
| **12/18** | $12058 | $12983 |
| **01/19** | $13089 | $14071 |
| **02/19** | $13479 | $14548 |
| **03/19** | $13779 | $14801 |
| **04/19** | $14433 | $15399 |
| **05/19** | $13479 | $14417 |
| **06/19** | $14427 | $15430 |
| **07/19** | $14703 | $15669 |
| **08/19** | $14445 | $15382 |
| **09/19** | $14703 | $15649 |
| **10/19** | $14985 | $15980 |
| **11/19** | $15489 | $16584 |
| **12/19** | $16053 | $17063 |
| **01/20** | $16077 | $17082 |
| **02/20** | $14817 | $15686 |
| **03/20** | $13125 | $13613 |
| **04/20** | $14859 | $15412 |
| **05/20** | $15615 | $16225 |
| **06/20** | $15819 | $16584 |
| **07/20** | $16761 | $17555 |
| **08/20** | $17942 | $18843 |
| **09/20** | $17205 | $18155 |
| **10/20** | $16671 | $17717 |
| **11/20** | $18830 | $19803 |
| **12/20** | $19640 | $20640 |
| **01/21** | $19358 | $20470 |
| **02/21** | $20186 | $21064 |
| **03/21** | $21032 | $21861 |
| **04/21** | $22154 | $23037 |
| **05/21** | $22370 | $23147 |
| **06/21** | $22777 | $23727 |
| **07/21** | $23209 | $24220 |
| **08/21** | $23761 | $24921 |
| **09/21** | $22531 | $23776 |
| **10/21** | $23731 | $25426 |
| **11/21** | $23257 | $25085 |
| **12/21** | $24409 | $26101 |
| **01/22** | $23605 | $24629 |
| **02/22** | $23035 | $23953 |
| **03/22** | $23659 | $24762 |
| **04/22** | $21590 | $22554 |
| **05/22** | $21488 | $22520 |
| **06/22** | $19796 | $20634 |
| **07/22** | $21362 | $22556 |
| **08/22** | $20618 | $21690 |
| **09/22** | $18644 | $19683 |
| **10/22** | $20186 | $21261 |
| **11/22** | $21152 | $22412 |
| **12/22** | $19856 | $21108 |
| **01/23** | $21236 | $22524 |
| **02/23** | $20624 | $21988 |
| **03/23** | $21578 | $22683 |
| **04/23** | $22058 | $22964 |
| **05/23** | $22478 | $23071 |
| **06/23** | $23971 | $24629 |
| **07/23** | $24781 | $25476 |
| **08/23** | $24457 | $25031 |
| **09/23** | $23245 | $23854 |
| **10/23** | $22879 | $23278 |
| **11/23** | $25123 | $25452 |
| **12/23** | $26245 | $26708 |
| **01/24** | $26731 | $27081 |
| **02/24** | $28356 | $28543 |
| **03/24** | $29010 | $29458 |
| **04/24** | $28062 | $28205 |
| **05/24** | $29568 | $29533 |
| **06/24** | $30588 | $30510 |
| **07/24** | $30684 | $30954 |
| **08/24** | $31302 | $31688 |
| **09/24** | $31656 | $32366 |
| **10/24** | $31260 | $32139 |
| **11/24** | $33023 | $34209 |
| **12/24** | $32394 | $33255 |
| **01/25** | $33527 | $34313 |
| **02/25** | $32885 | $33713 |
| **03/25** | $30918 | $31762 |
| **04/25** | $30642 | $31573 |
| **05/25** | $32651 | $33589 |
| **06/25** | $34499 | $35290 |
| **07/25** | $35771 | $36074 |
| **08/25** | $36077 | $36833 |
| **09/25** | $37151 | $38110 |
| **10/25** | $38158 | $38932 |
| **11/25** | $37840 | $39027 |
| **12/25** | $38110 | $39030 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1 | 17.65 | 14.18 | 14.32 |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1647378530 |
| **Total number of portfolio holdings** | 81 |
| **Management services fees (represents 0.71% of Fund average net assets)** | $11518916 |
| **Portfolio turnover for the reporting period** | 51% |

---

Columbia Variable Portfolio – Contrarian Core Fund \| Class 1 **\|** ASR7002_01_12_D01_(02/26) \|

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

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Information Technology | 34.5% |
| Financials | 15.1% |
| Communication Services | 13.1% |
| Health Care | 10.5% |
| Consumer Discretionary | 9.4% |
| Industrials | 7.5% |
| Energy | 3.1% |
| Consumer Staples | 2.2% |
| Utilities | 2.0% |
| Real Estate | 0.8% |
| Other | 0.4% |

---

### Top Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.3% |
| Microsoft Corp. | 7.4% |
| Apple, Inc. | 6.3% |
| Amazon.com, Inc. | 4.6% |
| Alphabet, Inc., Class A | 3.3% |
| Alphabet, Inc., Class C | 2.9% |
| Eli Lilly & Co. | 2.7% |
| Broadcom, Inc. | 2.6% |
| Meta Platforms, Inc., Class A | 2.4% |
| Bank of America Corp. | 2.2% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 98.6% |
| Money Market Funds | 1.4% |

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g102030g84q09.jpg)

Columbia Variable Portfolio – Contrarian Core Fund \| Class 1 **\|** ASR7002_01_12_D01_(02/26) \|

# Columbia Variable Portfolio – Contrarian Core Fund
Class 2

![Image](g102030g79l74.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Contrarian Core Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 2 | $103 | 0.95% |

---

## Management's Discussion of Fund Performance
The performance of Class 2 shares for the period presented is shown in the Average Annual Total Returns table.

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

**Allocations** \| Smaller weightings in the consumer staples, real estate and consumer discretionary sectors and larger weightings in the communication services and information technology sectors benefited the Fund's relative performance during the annual period.

**Individual holdings** \| A relative overweight position in Electronic Arts Inc., a developer and publisher of interactive entertainment software; a relative overweight position in Alphabet Inc., a parent company of Google and other tech businesses; a relative overweight position in NVIDIA Corporation, a designer of GPUs and AI computing solutions; a relative overweight position in eBay Inc., a global e-commerce platform for consumer-to-consumer sales; and a relative overweight position in Lam Research Corporation, a supplier of wafer fabrication equipment and services, were among the top contributors to the Fund's relative performance.

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

**Allocations** \| Larger weightings in the health care and financials sectors detracted from the Fund's relative performance during the annual period.

**Individual holdings** \| A relative overweight position in Marvell Technology, Inc., a developer of data infrastructure semiconductor solutions; a relative underweight position in Advanced Micro Devices, Inc., a designer of high-performance computing and graphics processors; a relative overweight position in ON Semiconductor Corporation, a supplier of intelligent power and sensing technologies; a relative overweight position in Honeywell International Inc., a diversified industrial company focused on aerospace and automation; and a relative overweight position in Elevance Health, Inc., a provider of health benefits and managed care services, were among the top detractors from the Fund's relative performance.

Columbia Variable Portfolio – Contrarian Core Fund \| Class 2 **\|** ASR7002_02_12_D01_(02/26) \|

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

### Growth of $10,000
![Growth of 10K Chart](g102030g71l10.jpg)

---

| | | |
|:---|:---|:---|
| | **Columbia Variable Portfolio – Contrarian Core Fund Class 2 ($37157)** | **Russell 1000<sup>®</sup> Index ($39030)** |
| **12/15** | $10000 | $10000 |
| **01/16** | $9504 | $9462 |
| **02/16** | $9425 | $9459 |
| **03/16** | $10048 | $10117 |
| **04/16** | $10103 | $10172 |
| **05/16** | $10321 | $10351 |
| **06/16** | $10212 | $10374 |
| **07/16** | $10623 | $10769 |
| **08/16** | $10653 | $10783 |
| **09/16** | $10647 | $10792 |
| **10/16** | $10454 | $10582 |
| **11/16** | $10696 | $10999 |
| **12/16** | $10841 | $11205 |
| **01/17** | $11041 | $11431 |
| **02/17** | $11482 | $11873 |
| **03/17** | $11573 | $11881 |
| **04/17** | $11724 | $12006 |
| **05/17** | $11875 | $12160 |
| **06/17** | $12002 | $12244 |
| **07/17** | $12269 | $12487 |
| **08/17** | $12323 | $12526 |
| **09/17** | $12498 | $12793 |
| **10/17** | $12632 | $13086 |
| **11/17** | $12928 | $13485 |
| **12/17** | $13170 | $13636 |
| **01/18** | $13884 | $14384 |
| **02/18** | $13255 | $13856 |
| **03/18** | $12837 | $13541 |
| **04/18** | $12801 | $13587 |
| **05/18** | $12989 | $13934 |
| **06/18** | $13061 | $14024 |
| **07/18** | $13618 | $14508 |
| **08/18** | $13950 | $15008 |
| **09/18** | $14059 | $15065 |
| **10/18** | $13055 | $13999 |
| **11/18** | $13279 | $14284 |
| **12/18** | $11966 | $12983 |
| **01/19** | $12989 | $14071 |
| **02/19** | $13370 | $14548 |
| **03/19** | $13660 | $14801 |
| **04/19** | $14313 | $15399 |
| **05/19** | $13364 | $14417 |
| **06/19** | $14295 | $15430 |
| **07/19** | $14567 | $15669 |
| **08/19** | $14313 | $15382 |
| **09/19** | $14561 | $15649 |
| **10/19** | $14840 | $15980 |
| **11/19** | $15336 | $16584 |
| **12/19** | $15892 | $17063 |
| **01/20** | $15910 | $17082 |
| **02/20** | $14664 | $15686 |
| **03/20** | $12982 | $13613 |
| **04/20** | $14695 | $15412 |
| **05/20** | $15439 | $16225 |
| **06/20** | $15638 | $16584 |
| **07/20** | $16570 | $17555 |
| **08/20** | $17731 | $18843 |
| **09/20** | $16999 | $18155 |
| **10/20** | $16467 | $17717 |
| **11/20** | $18597 | $19803 |
| **12/20** | $19389 | $20640 |
| **01/21** | $19105 | $20470 |
| **02/21** | $19921 | $21064 |
| **03/21** | $20756 | $21861 |
| **04/21** | $21851 | $23037 |
| **05/21** | $22063 | $23147 |
| **06/21** | $22462 | $23727 |
| **07/21** | $22880 | $24220 |
| **08/21** | $23418 | $24921 |
| **09/21** | $22202 | $23776 |
| **10/21** | $23382 | $25426 |
| **11/21** | $22910 | $25085 |
| **12/21** | $24035 | $26101 |
| **01/22** | $23243 | $24629 |
| **02/22** | $22680 | $23953 |
| **03/22** | $23291 | $24762 |
| **04/22** | $21246 | $22554 |
| **05/22** | $21137 | $22520 |
| **06/22** | $19474 | $20634 |
| **07/22** | $21010 | $22556 |
| **08/22** | $20272 | $21690 |
| **09/22** | $18330 | $19683 |
| **10/22** | $19837 | $21261 |
| **11/22** | $20786 | $22412 |
| **12/22** | $19504 | $21108 |
| **01/23** | $20853 | $22524 |
| **02/23** | $20254 | $21988 |
| **03/23** | $21186 | $22683 |
| **04/23** | $21652 | $22964 |
| **05/23** | $22063 | $23071 |
| **06/23** | $23515 | $24629 |
| **07/23** | $24313 | $25476 |
| **08/23** | $23987 | $25031 |
| **09/23** | $22789 | $23854 |
| **10/23** | $22432 | $23278 |
| **11/23** | $24628 | $25452 |
| **12/23** | $25723 | $26708 |
| **01/24** | $26189 | $27081 |
| **02/24** | $27774 | $28543 |
| **03/24** | $28415 | $29458 |
| **04/24** | $27477 | $28205 |
| **05/24** | $28941 | $29533 |
| **06/24** | $29940 | $30510 |
| **07/24** | $30024 | $30954 |
| **08/24** | $30623 | $31688 |
| **09/24** | $30962 | $32366 |
| **10/24** | $30575 | $32139 |
| **11/24** | $32293 | $34209 |
| **12/24** | $31664 | $33255 |
| **01/25** | $32765 | $34313 |
| **02/25** | $32136 | $33713 |
| **03/25** | $30206 | $31762 |
| **04/25** | $29927 | $31573 |
| **05/25** | $31881 | $33589 |
| **06/25** | $33678 | $35290 |
| **07/25** | $34918 | $36074 |
| **08/25** | $35203 | $36833 |
| **09/25** | $36249 | $38110 |
| **10/25** | $37223 | $38932 |
| **11/25** | $36909 | $39027 |
| **12/25** | $37157 | $39030 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2 | 17.35 | 13.89 | 14.03 |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1647378530 |
| **Total number of portfolio holdings** | 81 |
| **Management services fees (represents 0.71% of Fund average net assets)** | $11518916 |
| **Portfolio turnover for the reporting period** | 51% |

---

Columbia Variable Portfolio – Contrarian Core Fund \| Class 2 **\|** ASR7002_02_12_D01_(02/26) \|

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

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Information Technology | 34.5% |
| Financials | 15.1% |
| Communication Services | 13.1% |
| Health Care | 10.5% |
| Consumer Discretionary | 9.4% |
| Industrials | 7.5% |
| Energy | 3.1% |
| Consumer Staples | 2.2% |
| Utilities | 2.0% |
| Real Estate | 0.8% |
| Other | 0.4% |

---

### Top Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.3% |
| Microsoft Corp. | 7.4% |
| Apple, Inc. | 6.3% |
| Amazon.com, Inc. | 4.6% |
| Alphabet, Inc., Class A | 3.3% |
| Alphabet, Inc., Class C | 2.9% |
| Eli Lilly & Co. | 2.7% |
| Broadcom, Inc. | 2.6% |
| Meta Platforms, Inc., Class A | 2.4% |
| Bank of America Corp. | 2.2% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 98.6% |
| Money Market Funds | 1.4% |

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g102030g84q09.jpg)

Columbia Variable Portfolio – Contrarian Core Fund \| Class 2 **\|** ASR7002_02_12_D01_(02/26) \|

# Columbia Variable Portfolio – Long Government/Credit Bond Fund
Class 1

![Image](g102030g79l74.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Long Government/Credit Bond Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 1 | $49 | 0.48% |

---

## Management's Discussion of Fund Performance
The performance of Class 1 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Allocation** \| Allocation effects contributed to the Fund's performance during the period. Most notably, an allocation to aerospace and defense was most positive for the Fund's relative performance. Additional positive allocation effects were seen in media and entertainment as well as banking.

**Selection** \| Security selection contributed to the Fund's relative performance during the period. A pharmaceutical retailer was the most notable contributor to the Fund's relative performance. Additional selections that contributed included a pharmaceutical company, a technology company and a media and entertainment company.

**Credit** \| Credit allocation, as measured by an overweight to spread duration contribution, was positive for overall Fund performance relative to its benchmark.

### Top Performance Detractors
**Allocation** \| An underweight allocation to sovereign debt detracted from the Fund's relative performance. Additionally, Fund allocations to cable and satellite, as well as select other sectors, marginally detracted from performance.

**Selection** \| Despite positive selection effects and overall positive returns for the portfolio, certain security selections detracted from the Fund's relative performance. The most notable detractors included a technology company, followed by an entertainment company.

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Class 1 **\|** ASR7016_01_12_D01_(02/26) \|

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

### Growth of $10,000
![Growth of 10K Chart](g102030g59n24.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Long Government/Credit Bond Fund Class 1 ($11676)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **Bloomberg U.S. Long Government/Credit Bond Index ($12163)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $10143 | $10138 | $10210 |
| **02/16** | $10224 | $10210 | $10434 |
| **03/16** | $10377 | $10303 | $10730 |
| **04/16** | $10469 | $10343 | $10862 |
| **05/16** | $10489 | $10345 | $10897 |
| **06/16** | $11008 | $10531 | $11433 |
| **07/16** | $11320 | $10598 | $11725 |
| **08/16** | $11320 | $10586 | $11722 |
| **09/16** | $11164 | $10580 | $11574 |
| **10/16** | $10863 | $10499 | $11246 |
| **11/16** | $10229 | $10250 | $10590 |
| **12/16** | $10302 | $10265 | $10667 |
| **01/17** | $10375 | $10285 | $10700 |
| **02/17** | $10561 | $10354 | $10896 |
| **03/17** | $10510 | $10349 | $10835 |
| **04/17** | $10665 | $10428 | $11004 |
| **05/17** | $10894 | $10509 | $11226 |
| **06/17** | $10964 | $10498 | $11311 |
| **07/17** | $11007 | $10543 | $11341 |
| **08/17** | $11244 | $10638 | $11595 |
| **09/17** | $11158 | $10587 | $11484 |
| **10/17** | $11212 | $10593 | $11530 |
| **11/17** | $11255 | $10580 | $11591 |
| **12/17** | $11471 | $10628 | $11810 |
| **01/18** | $11234 | $10506 | $11567 |
| **02/18** | $10867 | $10406 | $11202 |
| **03/18** | $11029 | $10473 | $11387 |
| **04/18** | $10824 | $10395 | $11166 |
| **05/18** | $10942 | $10469 | $11292 |
| **06/18** | $10874 | $10456 | $11222 |
| **07/18** | $10920 | $10459 | $11250 |
| **08/18** | $10989 | $10526 | $11346 |
| **09/18** | $10828 | $10458 | $11170 |
| **10/18** | $10459 | $10376 | $10796 |
| **11/18** | $10505 | $10438 | $10855 |
| **12/18** | $10885 | $10630 | $11257 |
| **01/19** | $11151 | $10742 | $11509 |
| **02/19** | $11081 | $10736 | $11445 |
| **03/19** | $11589 | $10942 | $11983 |
| **04/19** | $11554 | $10945 | $11935 |
| **05/19** | $12004 | $11139 | $12428 |
| **06/19** | $12382 | $11279 | $12773 |
| **07/19** | $12465 | $11304 | $12866 |
| **08/19** | $13414 | $11597 | $13879 |
| **09/19** | $13165 | $11535 | $13614 |
| **10/19** | $13153 | $11570 | $13606 |
| **11/19** | $13165 | $11564 | $13617 |
| **12/19** | $13035 | $11556 | $13462 |
| **01/20** | $13675 | $11778 | $14165 |
| **02/20** | $14197 | $11990 | $14733 |
| **03/20** | $13924 | $11920 | $14298 |
| **04/20** | $14672 | $12132 | $14943 |
| **05/20** | $14636 | $12188 | $14956 |
| **06/20** | $14849 | $12265 | $15188 |
| **07/20** | $15641 | $12448 | $15994 |
| **08/20** | $15036 | $12348 | $15395 |
| **09/20** | $15012 | $12341 | $15373 |
| **10/20** | $14789 | $12286 | $15130 |
| **11/20** | $15333 | $12406 | $15663 |
| **12/20** | $15283 | $12424 | $15631 |
| **01/21** | $14789 | $12334 | $15167 |
| **02/21** | $14147 | $12156 | $14531 |
| **03/21** | $13641 | $12005 | $14004 |
| **04/21** | $13888 | $12099 | $14279 |
| **05/21** | $14012 | $12139 | $14394 |
| **06/21** | $14530 | $12224 | $14906 |
| **07/21** | $14939 | $12361 | $15321 |
| **08/21** | $14886 | $12337 | $15274 |
| **09/21** | $14529 | $12231 | $14917 |
| **10/21** | $14767 | $12227 | $15161 |
| **11/21** | $14952 | $12263 | $15364 |
| **12/21** | $14793 | $12232 | $15238 |
| **01/22** | $14066 | $11968 | $14491 |
| **02/22** | $13696 | $11835 | $14124 |
| **03/22** | $13194 | $11506 | $13569 |
| **04/22** | $11911 | $11069 | $12307 |
| **05/22** | $11898 | $11141 | $12269 |
| **06/22** | $11528 | $10966 | $11904 |
| **07/22** | $12023 | $11234 | $12351 |
| **08/22** | $11462 | $10917 | $11808 |
| **09/22** | $10494 | $10445 | $10828 |
| **10/22** | $10101 | $10310 | $10420 |
| **11/22** | $10928 | $10689 | $11267 |
| **12/22** | $10718 | $10641 | $11111 |
| **01/23** | $11476 | $10968 | $11843 |
| **02/23** | $10872 | $10684 | $11255 |
| **03/23** | $11405 | $10956 | $11751 |
| **04/23** | $11462 | $11022 | $11834 |
| **05/23** | $11139 | $10902 | $11510 |
| **06/23** | $11237 | $10863 | $11598 |
| **07/23** | $11102 | $10856 | $11473 |
| **08/23** | $10826 | $10786 | $11208 |
| **09/23** | $10129 | $10512 | $10511 |
| **10/23** | $9651 | $10346 | $10038 |
| **11/23** | $10623 | $10815 | $11031 |
| **12/23** | $11465 | $11229 | $11902 |
| **01/24** | $11305 | $11198 | $11720 |
| **02/24** | $11029 | $11040 | $11434 |
| **03/24** | $11203 | $11142 | $11616 |
| **04/24** | $10594 | $10860 | $10981 |
| **05/24** | $10884 | $11044 | $11292 |
| **06/24** | $11015 | $11149 | $11415 |
| **07/24** | $11367 | $11409 | $11798 |
| **08/24** | $11609 | $11573 | $12043 |
| **09/24** | $11880 | $11728 | $12323 |
| **10/24** | $11322 | $11437 | $11746 |
| **11/24** | $11548 | $11558 | $11983 |
| **12/24** | $10990 | $11369 | $11408 |
| **01/25** | $11035 | $11430 | $11456 |
| **02/25** | $11503 | $11681 | $11951 |
| **03/25** | $11367 | $11685 | $11815 |
| **04/25** | $11231 | $11731 | $11679 |
| **05/25** | $11035 | $11647 | $11477 |
| **06/25** | $11367 | $11826 | $11794 |
| **07/25** | $11314 | $11795 | $11736 |
| **08/25** | $11363 | $11936 | $11799 |
| **09/25** | $11725 | $12067 | $12166 |
| **10/25** | $11807 | $12142 | $12279 |
| **11/25** | $11873 | $12217 | $12334 |
| **12/25** | $11676 | $12199 | $12163 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1<sup>Footnote Reference(a)</sup> | 6.24 | (5.24) | 1.56 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| Bloomberg U.S. Long Government/Credit Bond Index | 6.62 | (4.89) | 1.98 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to May 2016 reflects returns achieved by Columbia Management Investment Advisers, LLC pursuant to different principal investment strategies. If the Fund's current strategies had been in place for the prior periods, results shown may have been different. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $371923766 |
| **Total number of portfolio holdings** | 157 |
| **Management services fees (represents 0.49% of Fund average net assets)** | $4661345 |
| **Portfolio turnover for the reporting period** | 48% |

---

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Class 1 **\|** ASR7016_01_12_D01_(02/26) \|

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

### Top Holdings

---

| | |
|:---|:---|
| U.S. Treasury 02/15/2036 4.500% | 4.8% |
| U.S. Treasury 08/15/2043 4.375% | 4.5% |
| U.S. Treasury 05/15/2047 3.000% | 4.3% |
| U.S. Treasury 05/15/2038 4.500% | 4.1% |
| U.S. Treasury 02/15/2048 3.000% | 3.4% |
| U.S. Treasury 05/15/2052 2.875% | 3.4% |
| U.S. Treasury 05/15/2045 5.000% | 2.9% |
| U.S. Treasury 02/15/2040 0.000% | 2.7% |
| U.S. Treasury 05/15/2041 4.375% | 1.7% |
| U.S. Treasury 08/15/2045 4.875% | 1.4% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 46.6% |
| U.S. Treasury Obligations | 42.7% |
| Money Market Funds | 7.8% |
| Asset-Backed Securities - Agency | 1.3% |
| Other | 0.7% |

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g102030g84q09.jpg)

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Class 1 **\|** ASR7016_01_12_D01_(02/26) \|

# Columbia Variable Portfolio – Long Government/Credit Bond Fund
Class 2

![Image](g102030g79l74.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Long Government/Credit Bond Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 2 | $75 | 0.73% |

---

## Management's Discussion of Fund Performance
The performance of Class 2 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Allocation** \| Allocation effects contributed to the Fund's performance during the period. Most notably, an allocation to aerospace and defense was most positive for the Fund's relative performance. Additional positive allocation effects were seen in media and entertainment as well as banking.

**Selection** \| Security selection contributed to the Fund's relative performance during the period. A pharmaceutical retailer was the most notable contributor to the Fund's relative performance. Additional selections that contributed included a pharmaceutical company, a technology company and a media and entertainment company.

**Credit** \| Credit allocation, as measured by an overweight to spread duration contribution, was positive for overall Fund performance relative to its benchmark.

### Top Performance Detractors
**Allocation** \| An underweight allocation to sovereign debt detracted from the Fund's relative performance. Additionally, Fund allocations to cable and satellite, as well as select other sectors, marginally detracted from performance.

**Selection** \| Despite positive selection effects and overall positive returns for the portfolio, certain security selections detracted from the Fund's relative performance. The most notable detractors included a technology company, followed by an entertainment company.

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Class 2 **\|** ASR7016_02_12_D01_(02/26) \|

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

### Growth of $10,000
![Growth of 10K Chart](g102030g45d57.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Long Government/Credit Bond Fund Class 2 ($11386)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **Bloomberg U.S. Long Government/Credit Bond Index ($12163)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $10143 | $10138 | $10210 |
| **02/16** | $10215 | $10210 | $10434 |
| **03/16** | $10368 | $10303 | $10730 |
| **04/16** | $10460 | $10343 | $10862 |
| **05/16** | $10470 | $10345 | $10897 |
| **06/16** | $10995 | $10531 | $11433 |
| **07/16** | $11296 | $10598 | $11725 |
| **08/16** | $11296 | $10586 | $11722 |
| **09/16** | $11140 | $10580 | $11574 |
| **10/16** | $10839 | $10499 | $11246 |
| **11/16** | $10195 | $10250 | $10590 |
| **12/16** | $10278 | $10265 | $10667 |
| **01/17** | $10341 | $10285 | $10700 |
| **02/17** | $10528 | $10354 | $10896 |
| **03/17** | $10465 | $10349 | $10835 |
| **04/17** | $10631 | $10428 | $11004 |
| **05/17** | $10849 | $10509 | $11226 |
| **06/17** | $10924 | $10498 | $11311 |
| **07/17** | $10956 | $10543 | $11341 |
| **08/17** | $11204 | $10638 | $11595 |
| **09/17** | $11107 | $10587 | $11484 |
| **10/17** | $11161 | $10593 | $11530 |
| **11/17** | $11204 | $10580 | $11591 |
| **12/17** | $11408 | $10628 | $11810 |
| **01/18** | $11171 | $10506 | $11567 |
| **02/18** | $10806 | $10406 | $11202 |
| **03/18** | $10967 | $10473 | $11387 |
| **04/18** | $10752 | $10395 | $11166 |
| **05/18** | $10870 | $10469 | $11292 |
| **06/18** | $10807 | $10456 | $11222 |
| **07/18** | $10841 | $10459 | $11250 |
| **08/18** | $10921 | $10526 | $11346 |
| **09/18** | $10749 | $10458 | $11170 |
| **10/18** | $10382 | $10376 | $10796 |
| **11/18** | $10416 | $10438 | $10855 |
| **12/18** | $10795 | $10630 | $11257 |
| **01/19** | $11059 | $10742 | $11509 |
| **02/19** | $10990 | $10736 | $11445 |
| **03/19** | $11495 | $10942 | $11983 |
| **04/19** | $11449 | $10945 | $11935 |
| **05/19** | $11896 | $11139 | $12428 |
| **06/19** | $12268 | $11279 | $12773 |
| **07/19** | $12350 | $11304 | $12866 |
| **08/19** | $13292 | $11597 | $13879 |
| **09/19** | $13045 | $11535 | $13614 |
| **10/19** | $13021 | $11570 | $13606 |
| **11/19** | $13045 | $11564 | $13617 |
| **12/19** | $12892 | $11556 | $13462 |
| **01/20** | $13539 | $11778 | $14165 |
| **02/20** | $14057 | $11990 | $14733 |
| **03/20** | $13775 | $11920 | $14298 |
| **04/20** | $14516 | $12132 | $14943 |
| **05/20** | $14481 | $12188 | $14956 |
| **06/20** | $14681 | $12265 | $15188 |
| **07/20** | $15460 | $12448 | $15994 |
| **08/20** | $14860 | $12348 | $15395 |
| **09/20** | $14836 | $12341 | $15373 |
| **10/20** | $14604 | $12286 | $15130 |
| **11/20** | $15142 | $12406 | $15663 |
| **12/20** | $15093 | $12424 | $15631 |
| **01/21** | $14591 | $12334 | $15167 |
| **02/21** | $13968 | $12156 | $14531 |
| **03/21** | $13466 | $12005 | $14004 |
| **04/21** | $13699 | $12099 | $14279 |
| **05/21** | $13821 | $12139 | $14394 |
| **06/21** | $14322 | $12224 | $14906 |
| **07/21** | $14727 | $12361 | $15321 |
| **08/21** | $14674 | $12337 | $15274 |
| **09/21** | $14322 | $12231 | $14917 |
| **10/21** | $14557 | $12227 | $15161 |
| **11/21** | $14727 | $12263 | $15364 |
| **12/21** | $14570 | $12232 | $15238 |
| **01/22** | $13851 | $11968 | $14491 |
| **02/22** | $13485 | $11835 | $14124 |
| **03/22** | $12989 | $11506 | $13569 |
| **04/22** | $11721 | $11069 | $12307 |
| **05/22** | $11708 | $11141 | $12269 |
| **06/22** | $11342 | $10966 | $11904 |
| **07/22** | $11820 | $11234 | $12351 |
| **08/22** | $11267 | $10917 | $11808 |
| **09/22** | $10327 | $10445 | $10828 |
| **10/22** | $9940 | $10310 | $10420 |
| **11/22** | $10742 | $10689 | $11267 |
| **12/22** | $10534 | $10641 | $11111 |
| **01/23** | $11281 | $10968 | $11843 |
| **02/23** | $10687 | $10684 | $11255 |
| **03/23** | $11198 | $10956 | $11751 |
| **04/23** | $11253 | $11022 | $11834 |
| **05/23** | $10935 | $10902 | $11510 |
| **06/23** | $11018 | $10863 | $11598 |
| **07/23** | $10882 | $10856 | $11473 |
| **08/23** | $10611 | $10786 | $11208 |
| **09/23** | $9926 | $10512 | $10511 |
| **10/23** | $9470 | $10346 | $10038 |
| **11/23** | $10411 | $10815 | $11031 |
| **12/23** | $11238 | $11229 | $11902 |
| **01/24** | $11081 | $11198 | $11720 |
| **02/24** | $10810 | $11040 | $11434 |
| **03/24** | $10967 | $11142 | $11616 |
| **04/24** | $10368 | $10860 | $10981 |
| **05/24** | $10653 | $11044 | $11292 |
| **06/24** | $10782 | $11149 | $11415 |
| **07/24** | $11129 | $11409 | $11798 |
| **08/24** | $11366 | $11573 | $12043 |
| **09/24** | $11617 | $11728 | $12323 |
| **10/24** | $11070 | $11437 | $11746 |
| **11/24** | $11292 | $11558 | $11983 |
| **12/24** | $10744 | $11369 | $11408 |
| **01/25** | $10789 | $11430 | $11456 |
| **02/25** | $11233 | $11681 | $11951 |
| **03/25** | $11114 | $11685 | $11815 |
| **04/25** | $10981 | $11731 | $11679 |
| **05/25** | $10789 | $11647 | $11477 |
| **06/25** | $11099 | $11826 | $11794 |
| **07/25** | $11049 | $11795 | $11736 |
| **08/25** | $11081 | $11936 | $11799 |
| **09/25** | $11435 | $12067 | $12166 |
| **10/25** | $11515 | $12142 | $12279 |
| **11/25** | $11563 | $12217 | $12334 |
| **12/25** | $11386 | $12199 | $12163 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2<sup>Footnote Reference(a)</sup> | 5.98 | (5.48) | 1.31 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| Bloomberg U.S. Long Government/Credit Bond Index | 6.62 | (4.89) | 1.98 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to May 2016 reflects returns achieved by Columbia Management Investment Advisers, LLC pursuant to different principal investment strategies. If the Fund's current strategies had been in place for the prior periods, results shown may have been different. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $371923766 |
| **Total number of portfolio holdings** | 157 |
| **Management services fees (represents 0.49% of Fund average net assets)** | $4661345 |
| **Portfolio turnover for the reporting period** | 48% |

---

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Class 2 **\|** ASR7016_02_12_D01_(02/26) \|

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

### Top Holdings

---

| | |
|:---|:---|
| U.S. Treasury 02/15/2036 4.500% | 4.8% |
| U.S. Treasury 08/15/2043 4.375% | 4.5% |
| U.S. Treasury 05/15/2047 3.000% | 4.3% |
| U.S. Treasury 05/15/2038 4.500% | 4.1% |
| U.S. Treasury 02/15/2048 3.000% | 3.4% |
| U.S. Treasury 05/15/2052 2.875% | 3.4% |
| U.S. Treasury 05/15/2045 5.000% | 2.9% |
| U.S. Treasury 02/15/2040 0.000% | 2.7% |
| U.S. Treasury 05/15/2041 4.375% | 1.7% |
| U.S. Treasury 08/15/2045 4.875% | 1.4% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 46.6% |
| U.S. Treasury Obligations | 42.7% |
| Money Market Funds | 7.8% |
| Asset-Backed Securities - Agency | 1.3% |
| Other | 0.7% |

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g102030g84q09.jpg)

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| Class 2 **\|** ASR7016_02_12_D01_(02/26) \|

# Columbia Variable Portfolio – Small Cap Value Fund
Class 1

![Image](g102030g79l74.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Small Cap Value Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 1 | $94 | 0.87% |

---

## Management's Discussion of Fund Performance
The performance of Class 1 shares for the period presented is shown in the Average Annual Total Returns table.

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

**Allocations** \| Larger average allocations to the materials and information technology sectors and smaller average allocations in the energy and financials sectors buoyed the Fund's relative performance during the annual period.

**Individual holdings** \| Positions in MP Materials, a rare earth producer; thredUP, an online clothing resale marketplace; PACS Group, a post-acute healthcare provider; Celcuity, a biotech company focused on cancer therapies; and uniQure, a biotech company focused on gene therapy, were among the top contributors to the Fund's relative performance.

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

**Allocations** \| Larger average weightings to the consumer staples and consumer discretionary sectors detracted from the Fund's relative performance during the annual period.

**Individual holdings** \| Fund positions in Acadia Healthcare, a behavioral healthcare provider; Payoneer Global, a digital payments company; KinderCare Learning, a child care and early childhood education provider; Vivid Seats, an online live event ticket marketplace; and Coty, a beauty products company, were among the top detractors from the Fund's relative performance.

Columbia Variable Portfolio – Small Cap Value Fund \| Class 1 **\|** ASR7024_01_12_D01_(02/26) \|

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

### Growth of $10,000
![Growth of 10K Chart](g102030g63g51.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Small Cap Value Fund Class 1 ($29643)** | **Russell 3000<sup>®</sup> Index ($38012)** | **Russell 2000<sup>®</sup> Value Index ($24256)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9288 | $9436 | $9328 |
| **02/16** | $9370 | $9433 | $9392 |
| **03/16** | $10306 | $10097 | $10170 |
| **04/16** | $10624 | $10159 | $10386 |
| **05/16** | $10693 | $10341 | $10576 |
| **06/16** | $10449 | $10362 | $10608 |
| **07/16** | $11104 | $10774 | $11181 |
| **08/16** | $11557 | $10801 | $11458 |
| **09/16** | $11682 | $10818 | $11549 |
| **10/16** | $11160 | $10584 | $11169 |
| **11/16** | $12768 | $11058 | $12652 |
| **12/16** | $13304 | $11274 | $13174 |
| **01/17** | $13304 | $11486 | $13080 |
| **02/17** | $13479 | $11913 | $13269 |
| **03/17** | $13444 | $11921 | $13157 |
| **04/17** | $13423 | $12047 | $13209 |
| **05/17** | $13068 | $12171 | $12797 |
| **06/17** | $13673 | $12280 | $13245 |
| **07/17** | $13942 | $12512 | $13329 |
| **08/17** | $13643 | $12536 | $13001 |
| **09/17** | $14744 | $12842 | $13922 |
| **10/17** | $14841 | $13122 | $13940 |
| **11/17** | $15328 | $13521 | $14344 |
| **12/17** | $15208 | $13656 | $14207 |
| **01/18** | $15343 | $14375 | $14382 |
| **02/18** | $14512 | $13846 | $13663 |
| **03/18** | $14564 | $13568 | $13832 |
| **04/18** | $14811 | $13619 | $14071 |
| **05/18** | $15590 | $14004 | $14890 |
| **06/18** | $15748 | $14095 | $14980 |
| **07/18** | $15898 | $14563 | $15245 |
| **08/18** | $16232 | $15074 | $15608 |
| **09/18** | $15618 | $15099 | $15221 |
| **10/18** | $14109 | $13988 | $13858 |
| **11/18** | $14285 | $14268 | $14081 |
| **12/18** | $12470 | $12940 | $12379 |
| **01/19** | $14039 | $14051 | $13733 |
| **02/19** | $14574 | $14545 | $14267 |
| **03/19** | $14004 | $14757 | $13856 |
| **04/19** | $14513 | $15346 | $14380 |
| **05/19** | $13084 | $14353 | $13205 |
| **06/19** | $14057 | $15361 | $14046 |
| **07/19** | $14107 | $15590 | $14069 |
| **08/19** | $12997 | $15272 | $13284 |
| **09/19** | $13827 | $15540 | $13966 |
| **10/19** | $14030 | $15874 | $14304 |
| **11/19** | $14464 | $16478 | $14639 |
| **12/19** | $15130 | $16954 | $15151 |
| **01/20** | $14126 | $16935 | $14334 |
| **02/20** | $12678 | $15549 | $12941 |
| **03/20** | $9723 | $13410 | $9748 |
| **04/20** | $11152 | $15187 | $10951 |
| **05/20** | $11606 | $15999 | $11265 |
| **06/20** | $11992 | $16364 | $11591 |
| **07/20** | $12054 | $17294 | $11830 |
| **08/20** | $12858 | $18546 | $12468 |
| **09/20** | $12308 | $17871 | $11887 |
| **10/20** | $12817 | $17485 | $12313 |
| **11/20** | $15291 | $19613 | $14690 |
| **12/20** | $16462 | $20495 | $15853 |
| **01/21** | $16910 | $20404 | $16688 |
| **02/21** | $19088 | $21042 | $18255 |
| **03/21** | $20116 | $21796 | $19209 |
| **04/21** | $20686 | $22919 | $19598 |
| **05/21** | $21440 | $23024 | $20208 |
| **06/21** | $20890 | $23592 | $20085 |
| **07/21** | $20323 | $23991 | $19366 |
| **08/21** | $20785 | $24675 | $19885 |
| **09/21** | $20559 | $23568 | $19486 |
| **10/21** | $21225 | $25161 | $20229 |
| **11/21** | $20498 | $24778 | $19538 |
| **12/21** | $21266 | $25754 | $20335 |
| **01/22** | $20395 | $24239 | $19150 |
| **02/22** | $20867 | $23628 | $19467 |
| **03/22** | $20887 | $24395 | $19847 |
| **04/22** | $19503 | $22206 | $18307 |
| **05/22** | $19821 | $22176 | $18658 |
| **06/22** | $17833 | $20321 | $16815 |
| **07/22** | $19569 | $22227 | $18443 |
| **08/22** | $19097 | $21397 | $17860 |
| **09/22** | $17256 | $19413 | $16040 |
| **10/22** | $19333 | $21005 | $18059 |
| **11/22** | $20211 | $22102 | $18611 |
| **12/22** | $19417 | $20808 | $17390 |
| **01/23** | $21545 | $22241 | $19050 |
| **02/23** | $21140 | $21721 | $18610 |
| **03/23** | $19755 | $22302 | $17276 |
| **04/23** | $19367 | $22539 | $16845 |
| **05/23** | $18995 | $22627 | $16514 |
| **06/23** | $20954 | $24172 | $17825 |
| **07/23** | $22346 | $25039 | $19171 |
| **08/23** | $21817 | $24555 | $18248 |
| **09/23** | $20577 | $23386 | $17298 |
| **10/23** | $19373 | $22766 | $16266 |
| **11/23** | $21088 | $24888 | $17730 |
| **12/23** | $23678 | $26209 | $19937 |
| **01/24** | $22693 | $26499 | $19031 |
| **02/24** | $23368 | $27933 | $19654 |
| **03/24** | $24627 | $28835 | $20515 |
| **04/24** | $23021 | $27566 | $19208 |
| **05/24** | $24353 | $28868 | $20107 |
| **06/24** | $23496 | $29762 | $19768 |
| **07/24** | $25740 | $30315 | $22177 |
| **08/24** | $25068 | $30975 | $21761 |
| **09/24** | $25260 | $31616 | $21774 |
| **10/24** | $24837 | $31384 | $21434 |
| **11/24** | $27621 | $33471 | $23501 |
| **12/24** | $25778 | $32448 | $21543 |
| **01/25** | $26527 | $33473 | $21985 |
| **02/25** | $25106 | $32831 | $21144 |
| **03/25** | $23820 | $30916 | $19875 |
| **04/25** | $22860 | $30709 | $19077 |
| **05/25** | $24166 | $32655 | $19878 |
| **06/25** | $25279 | $34314 | $20862 |
| **07/25** | $25706 | $35070 | $21230 |
| **08/25** | $27862 | $35881 | $23028 |
| **09/25** | $28424 | $37120 | $23491 |
| **10/25** | $28237 | $37915 | $23550 |
| **11/25** | $29221 | $38019 | $24212 |
| **12/25** | $29643 | $38012 | $24256 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1 | 14.99 | 12.48 | 11.48 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |
| Russell 2000<sup>®</sup> Value Index | 12.59 | 8.88 | 9.27 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $410324334 |
| **Total number of portfolio holdings** | 235 |
| **Management services fees (represents 0.87% of Fund average net assets)** | $3649949 |
| **Portfolio turnover for the reporting period** | 79% |

---

Columbia Variable Portfolio – Small Cap Value Fund \| Class 1 **\|** ASR7024_01_12_D01_(02/26) \|

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

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 19.2% |
| Industrials | 17.6% |
| Real Estate | 13.4% |
| Consumer Discretionary | 13.2% |
| Health Care | 9.1% |
| Materials | 6.9% |
| Energy | 6.6% |
| Information Technology | 5.9% |
| Consumer Staples | 3.5% |
| Communication Services | 2.2% |
| Other | 1.6% |

---

### Top Holdings

---

| | |
|:---|:---|
| JBT Marel Corp. | 1.3% |
| National Fuel Gas Co. | 1.3% |
| Meritage Homes Corp. | 1.2% |
| Essent Group Ltd. | 1.1% |
| Moog, Inc., Class A | 1.1% |
| PACS Group, Inc. | 1.0% |
| Kite Realty Group Trust | 1.0% |
| Kirby Corp. | 1.0% |
| Cushman & Wakefield Ltd. | 1.0% |
| Knight-Swift Transportation Holdings, Inc. | 1.0% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 99.2% |
| Other | 0.8% |

---

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

On July 2, 2025, the Fund supplemented its prospectus to change the Fund's name to Columbia Variable Portfolio - Small Cap Value Discovery Fund. This change will become effective May 1, 2026.

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g102030g84q09.jpg)

Columbia Variable Portfolio – Small Cap Value Fund \| Class 1 **\|** ASR7024_01_12_D01_(02/26) \|

# Columbia Variable Portfolio – Small Cap Value Fund
Class 2

![Image](g102030g79l74.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Small Cap Value Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 2 | $120 | 1.12% |

---

## Management's Discussion of Fund Performance
The performance of Class 2 shares for the period presented is shown in the Average Annual Total Returns table.

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

**Allocations** \| Larger average allocations to the materials and information technology sectors and smaller average allocations in the energy and financials sectors buoyed the Fund's relative performance during the annual period.

**Individual holdings** \| Positions in MP Materials, a rare earth producer; thredUP, an online clothing resale marketplace; PACS Group, a post-acute healthcare provider; Celcuity, a biotech company focused on cancer therapies; and uniQure, a biotech company focused on gene therapy, were among the top contributors to the Fund's relative performance.

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

**Allocations** \| Larger average weightings to the consumer staples and consumer discretionary sectors detracted from the Fund's relative performance during the annual period.

**Individual holdings** \| Fund positions in Acadia Healthcare, a behavioral healthcare provider; Payoneer Global, a digital payments company; KinderCare Learning, a child care and early childhood education provider; Vivid Seats, an online live event ticket marketplace; and Coty, a beauty products company, were among the top detractors from the Fund's relative performance.

Columbia Variable Portfolio – Small Cap Value Fund \| Class 2 **\|** ASR7024_02_12_D01_(02/26) \|

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

### Growth of $10,000
![Growth of 10K Chart](g102030g58x47.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Small Cap Value Fund Class 2 ($28914)** | **Russell 3000<sup>®</sup> Index ($38012)** | **Russell 2000<sup>®</sup> Value Index ($24256)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9285 | $9436 | $9328 |
| **02/16** | $9360 | $9433 | $9392 |
| **03/16** | $10301 | $10097 | $10170 |
| **04/16** | $10615 | $10159 | $10386 |
| **05/16** | $10678 | $10341 | $10576 |
| **06/16** | $10439 | $10362 | $10608 |
| **07/16** | $11088 | $10774 | $11181 |
| **08/16** | $11535 | $10801 | $11458 |
| **09/16** | $11654 | $10818 | $11549 |
| **10/16** | $11137 | $10584 | $11169 |
| **11/16** | $12736 | $11058 | $12652 |
| **12/16** | $13274 | $11274 | $13174 |
| **01/17** | $13267 | $11486 | $13080 |
| **02/17** | $13435 | $11913 | $13269 |
| **03/17** | $13400 | $11921 | $13157 |
| **04/17** | $13379 | $12047 | $13209 |
| **05/17** | $13023 | $12171 | $12797 |
| **06/17** | $13616 | $12280 | $13245 |
| **07/17** | $13892 | $12512 | $13329 |
| **08/17** | $13585 | $12536 | $13001 |
| **09/17** | $14680 | $12842 | $13922 |
| **10/17** | $14770 | $13122 | $13940 |
| **11/17** | $15250 | $13521 | $14344 |
| **12/17** | $15130 | $13656 | $14207 |
| **01/18** | $15265 | $14375 | $14382 |
| **02/18** | $14432 | $13846 | $13663 |
| **03/18** | $14477 | $13568 | $13832 |
| **04/18** | $14725 | $13619 | $14071 |
| **05/18** | $15498 | $14004 | $14890 |
| **06/18** | $15655 | $14095 | $14980 |
| **07/18** | $15801 | $14563 | $15245 |
| **08/18** | $16126 | $15074 | $15608 |
| **09/18** | $15512 | $15099 | $15221 |
| **10/18** | $14012 | $13988 | $13858 |
| **11/18** | $14179 | $14268 | $14081 |
| **12/18** | $12381 | $12940 | $12379 |
| **01/19** | $13925 | $14051 | $13733 |
| **02/19** | $14459 | $14545 | $14267 |
| **03/19** | $13890 | $14757 | $13856 |
| **04/19** | $14389 | $15346 | $14380 |
| **05/19** | $12969 | $14353 | $13205 |
| **06/19** | $13942 | $15361 | $14046 |
| **07/19** | $13987 | $15590 | $14069 |
| **08/19** | $12879 | $15272 | $13284 |
| **09/19** | $13698 | $15540 | $13966 |
| **10/19** | $13900 | $15874 | $14304 |
| **11/19** | $14324 | $16478 | $14639 |
| **12/19** | $14979 | $16954 | $15151 |
| **01/20** | $13987 | $16935 | $14334 |
| **02/20** | $12552 | $15549 | $12941 |
| **03/20** | $9623 | $13410 | $9748 |
| **04/20** | $11039 | $15187 | $10951 |
| **05/20** | $11483 | $15999 | $11265 |
| **06/20** | $11858 | $16364 | $11591 |
| **07/20** | $11911 | $17294 | $11830 |
| **08/20** | $12711 | $18546 | $12468 |
| **09/20** | $12164 | $17871 | $11887 |
| **10/20** | $12661 | $17485 | $12313 |
| **11/20** | $15102 | $19613 | $14690 |
| **12/20** | $16266 | $20495 | $15853 |
| **01/21** | $16692 | $20404 | $16688 |
| **02/21** | $18839 | $21042 | $18255 |
| **03/21** | $19862 | $21796 | $19209 |
| **04/21** | $20419 | $22919 | $19598 |
| **05/21** | $21148 | $23024 | $20208 |
| **06/21** | $20612 | $23592 | $20085 |
| **07/21** | $20046 | $23991 | $19366 |
| **08/21** | $20494 | $24675 | $19885 |
| **09/21** | $20270 | $23568 | $19486 |
| **10/21** | $20921 | $25161 | $20229 |
| **11/21** | $20198 | $24778 | $19538 |
| **12/21** | $20952 | $25754 | $20335 |
| **01/22** | $20086 | $24239 | $19150 |
| **02/22** | $20555 | $23628 | $19467 |
| **03/22** | $20565 | $24395 | $19847 |
| **04/22** | $19201 | $22206 | $18307 |
| **05/22** | $19506 | $22176 | $18658 |
| **06/22** | $17551 | $20321 | $16815 |
| **07/22** | $19257 | $22227 | $18443 |
| **08/22** | $18769 | $21397 | $17860 |
| **09/22** | $16971 | $19413 | $16040 |
| **10/22** | $19005 | $21005 | $18059 |
| **11/22** | $19878 | $22102 | $18611 |
| **12/22** | $19072 | $20808 | $17390 |
| **01/23** | $21172 | $22241 | $19050 |
| **02/23** | $20769 | $21721 | $18610 |
| **03/23** | $19391 | $22302 | $17276 |
| **04/23** | $19021 | $22539 | $16845 |
| **05/23** | $18652 | $22627 | $16514 |
| **06/23** | $20567 | $24172 | $17825 |
| **07/23** | $21936 | $25039 | $19171 |
| **08/23** | $21411 | $24555 | $18248 |
| **09/23** | $20197 | $23386 | $17298 |
| **10/23** | $19002 | $22766 | $16266 |
| **11/23** | $20668 | $24888 | $17730 |
| **12/23** | $23204 | $26209 | $19937 |
| **01/24** | $22244 | $26499 | $19031 |
| **02/24** | $22896 | $27933 | $19654 |
| **03/24** | $24128 | $28835 | $20515 |
| **04/24** | $22552 | $27566 | $19208 |
| **05/24** | $23838 | $28868 | $20107 |
| **06/24** | $23005 | $29762 | $19768 |
| **07/24** | $25198 | $30315 | $22177 |
| **08/24** | $24551 | $30975 | $21761 |
| **09/24** | $24703 | $31616 | $21774 |
| **10/24** | $24303 | $31384 | $21434 |
| **11/24** | $27025 | $33471 | $23501 |
| **12/24** | $25217 | $32448 | $21543 |
| **01/25** | $25921 | $33473 | $21985 |
| **02/25** | $24551 | $32831 | $21144 |
| **03/25** | $23275 | $30916 | $19875 |
| **04/25** | $22324 | $30709 | $19077 |
| **05/25** | $23618 | $32655 | $19878 |
| **06/25** | $24703 | $34314 | $20862 |
| **07/25** | $25102 | $35070 | $21230 |
| **08/25** | $27217 | $35881 | $23028 |
| **09/25** | $27729 | $37120 | $23491 |
| **10/25** | $27543 | $37915 | $23550 |
| **11/25** | $28519 | $38019 | $24212 |
| **12/25** | $28914 | $38012 | $24256 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2 | 14.66 | 12.19 | 11.20 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |
| Russell 2000<sup>®</sup> Value Index | 12.59 | 8.88 | 9.27 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $410324334 |
| **Total number of portfolio holdings** | 235 |
| **Management services fees (represents 0.87% of Fund average net assets)** | $3649949 |
| **Portfolio turnover for the reporting period** | 79% |

---

Columbia Variable Portfolio – Small Cap Value Fund \| Class 2 **\|** ASR7024_02_12_D01_(02/26) \|

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

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 19.2% |
| Industrials | 17.6% |
| Real Estate | 13.4% |
| Consumer Discretionary | 13.2% |
| Health Care | 9.1% |
| Materials | 6.9% |
| Energy | 6.6% |
| Information Technology | 5.9% |
| Consumer Staples | 3.5% |
| Communication Services | 2.2% |
| Other | 1.6% |

---

### Top Holdings

---

| | |
|:---|:---|
| JBT Marel Corp. | 1.3% |
| National Fuel Gas Co. | 1.3% |
| Meritage Homes Corp. | 1.2% |
| Essent Group Ltd. | 1.1% |
| Moog, Inc., Class A | 1.1% |
| PACS Group, Inc. | 1.0% |
| Kite Realty Group Trust | 1.0% |
| Kirby Corp. | 1.0% |
| Cushman & Wakefield Ltd. | 1.0% |
| Knight-Swift Transportation Holdings, Inc. | 1.0% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 99.2% |
| Other | 0.8% |

---

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

On July 2, 2025, the Fund supplemented its prospectus to change the Fund's name to Columbia Variable Portfolio - Small Cap Value Discovery Fund. This change will become effective May 1, 2026.

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g102030g84q09.jpg)

Columbia Variable Portfolio – Small Cap Value Fund \| Class 2 **\|** ASR7024_02_12_D01_(02/26) \|

# Columbia Variable Portfolio – Small Company Growth Fund
Class 1

![Image](g102030g79l74.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Small Company Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 1 | $95 | 0.86% |

---

## Management's Discussion of Fund Performance
The performance of Class 1 shares for the period presented is shown in the Average Annual Total Returns table.

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

**Allocations** \| Underweight positions in the financials sector buoyed relative Fund performance during the annual period.

**Individual holdings** \| Positions in Lumentum, an electrical product manufacturing company, Hut 8, a bitcoin mining company, and Kratos Defense & Security Solutions, a defense company, were among the top contributors to the Fund's relative performance during the period.

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

**Allocations** \| An overweight position in the consumer discretionary sector detracted from relative performance.

**Individual holdings** \| Positions in AAON, an industrial machinery company, Saia, a transportation company, and Bloom Energy, a power generation company, were among the top detractors from the Fund's relative performance during the period.

Columbia Variable Portfolio – Small Company Growth Fund \| Class 1 **\|** ASR7025_01_12_D01_(02/26) \|

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

### Growth of $10,000
![Growth of 10K Chart](g102030g40k30.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Small Company Growth Fund Class 1 ($41115)** | **Russell 3000<sup>®</sup> Index ($38012)** | **Russell 2000<sup>®</sup> Growth Index ($24949)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $8944 | $9436 | $8917 |
| **02/16** | $9015 | $9433 | $8853 |
| **03/16** | $9691 | $10097 | $9532 |
| **04/16** | $9804 | $10159 | $9627 |
| **05/16** | $10083 | $10341 | $9886 |
| **06/16** | $10083 | $10362 | $9841 |
| **07/16** | $10545 | $10774 | $10484 |
| **08/16** | $10700 | $10801 | $10596 |
| **09/16** | $10928 | $10818 | $10748 |
| **10/16** | $10368 | $10584 | $10080 |
| **11/16** | $11252 | $11058 | $10982 |
| **12/16** | $11274 | $11274 | $11132 |
| **01/17** | $11657 | $11486 | $11313 |
| **02/17** | $11937 | $11913 | $11590 |
| **03/17** | $12040 | $11921 | $11727 |
| **04/17** | $12467 | $12047 | $11943 |
| **05/17** | $12600 | $12171 | $11835 |
| **06/17** | $12872 | $12280 | $12242 |
| **07/17** | $13084 | $12512 | $12346 |
| **08/17** | $13178 | $12536 | $12332 |
| **09/17** | $13832 | $12842 | $13003 |
| **10/17** | $14252 | $13122 | $13205 |
| **11/17** | $14338 | $13521 | $13584 |
| **12/17** | $14572 | $13656 | $13599 |
| **01/18** | $15140 | $14375 | $14129 |
| **02/18** | $14813 | $13846 | $13727 |
| **03/18** | $15000 | $13568 | $13912 |
| **04/18** | $14836 | $13619 | $13926 |
| **05/18** | $15732 | $14004 | $14802 |
| **06/18** | $15935 | $14095 | $14918 |
| **07/18** | $16074 | $14563 | $15175 |
| **08/18** | $17722 | $15074 | $16119 |
| **09/18** | $17749 | $15099 | $15742 |
| **10/18** | $15470 | $13988 | $13750 |
| **11/18** | $16028 | $14268 | $13965 |
| **12/18** | $14316 | $12940 | $12334 |
| **01/19** | $16532 | $14051 | $13758 |
| **02/19** | $17584 | $14545 | $14646 |
| **03/19** | $17575 | $14757 | $14448 |
| **04/19** | $18179 | $15346 | $14888 |
| **05/19** | $17502 | $14353 | $13784 |
| **06/19** | $19177 | $15361 | $14845 |
| **07/19** | $19566 | $15590 | $14990 |
| **08/19** | $19216 | $15272 | $14343 |
| **09/19** | $18323 | $15540 | $14226 |
| **10/19** | $18628 | $15874 | $14630 |
| **11/19** | $20097 | $16478 | $15492 |
| **12/19** | $20143 | $16954 | $15847 |
| **01/20** | $20572 | $16935 | $15672 |
| **02/20** | $19747 | $15549 | $14541 |
| **03/20** | $16424 | $13410 | $11764 |
| **04/20** | $19871 | $15187 | $13516 |
| **05/20** | $22675 | $15999 | $14793 |
| **06/20** | $24223 | $16364 | $15362 |
| **07/20** | $25671 | $17294 | $15889 |
| **08/20** | $26752 | $18546 | $16822 |
| **09/20** | $26867 | $17871 | $16461 |
| **10/20** | $27143 | $17485 | $16586 |
| **11/20** | $31847 | $19613 | $19511 |
| **12/20** | $34469 | $20495 | $21335 |
| **01/21** | $36229 | $20404 | $22363 |
| **02/21** | $37643 | $21042 | $23102 |
| **03/21** | $35113 | $21796 | $22375 |
| **04/21** | $36447 | $22919 | $22863 |
| **05/21** | $35113 | $23024 | $22210 |
| **06/21** | $37149 | $23592 | $23251 |
| **07/21** | $36680 | $23991 | $22404 |
| **08/21** | $37695 | $24675 | $22812 |
| **09/21** | $36021 | $23568 | $21937 |
| **10/21** | $37256 | $25161 | $22964 |
| **11/21** | $33496 | $24778 | $21843 |
| **12/21** | $33469 | $25754 | $21939 |
| **01/22** | $28062 | $24239 | $18999 |
| **02/22** | $28131 | $23628 | $19082 |
| **03/22** | $27747 | $24395 | $19169 |
| **04/22** | $23671 | $22206 | $16817 |
| **05/22** | $22477 | $22176 | $16500 |
| **06/22** | $20460 | $20321 | $15478 |
| **07/22** | $23274 | $22227 | $17211 |
| **08/22** | $22901 | $21397 | $17049 |
| **09/22** | $20774 | $19413 | $15516 |
| **10/22** | $22013 | $21005 | $16988 |
| **11/22** | $22924 | $22102 | $17265 |
| **12/22** | $21498 | $20808 | $16157 |
| **01/23** | $23882 | $22241 | $17764 |
| **02/23** | $23368 | $21721 | $17571 |
| **03/23** | $23835 | $22302 | $17138 |
| **04/23** | $23765 | $22539 | $16939 |
| **05/23** | $23859 | $22627 | $16942 |
| **06/23** | $26055 | $24172 | $18347 |
| **07/23** | $26850 | $25039 | $19204 |
| **08/23** | $26803 | $24555 | $18205 |
| **09/23** | $24700 | $23386 | $17004 |
| **10/23** | $23181 | $22766 | $15692 |
| **11/23** | $24606 | $24888 | $17121 |
| **12/23** | $27224 | $26209 | $19171 |
| **01/24** | $26733 | $26499 | $18556 |
| **02/24** | $29724 | $27933 | $20064 |
| **03/24** | $30892 | $28835 | $20625 |
| **04/24** | $28859 | $27566 | $19037 |
| **05/24** | $30308 | $28868 | $20056 |
| **06/24** | $29934 | $29762 | $20023 |
| **07/24** | $31588 | $30315 | $21662 |
| **08/24** | $31803 | $30975 | $21422 |
| **09/24** | $32497 | $31616 | $21707 |
| **10/24** | $32640 | $31384 | $21419 |
| **11/24** | $36346 | $33471 | $24045 |
| **12/24** | $33788 | $32448 | $22077 |
| **01/25** | $35199 | $33473 | $22775 |
| **02/25** | $32544 | $32831 | $21233 |
| **03/25** | $29603 | $30916 | $19623 |
| **04/25** | $29221 | $30709 | $19497 |
| **05/25** | $31683 | $32655 | $20749 |
| **06/25** | $34529 | $34314 | $21971 |
| **07/25** | $35735 | $35070 | $22345 |
| **08/25** | $38151 | $35881 | $23666 |
| **09/25** | $39413 | $37120 | $24650 |
| **10/25** | $41307 | $37915 | $25447 |
| **11/25** | $42240 | $38019 | $25273 |
| **12/25** | $41115 | $38012 | $24949 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1 | 21.69 | 3.59 | 15.19 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |
| Russell 2000<sup>®</sup> Growth Index | 13.01 | 3.18 | 9.57 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $232263027 |
| **Total number of portfolio holdings** | 96 |
| **Management services fees (represents 0.87% of Fund average net assets)** | $2007764 |
| **Portfolio turnover for the reporting period** | 132% |

---

Columbia Variable Portfolio – Small Company Growth Fund \| Class 1 **\|** ASR7025_01_12_D01_(02/26) \|

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

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Industrials | 29.4% |
| Health Care | 20.3% |
| Information Technology | 16.4% |
| Consumer Discretionary | 11.9% |
| Consumer Staples | 6.5% |
| Financials | 6.1% |
| Communication Services | 3.3% |
| Energy | 2.8% |
| Utilities | 0.6% |

---

### Top Holdings

---

| | |
|:---|:---|
| Carpenter Technology Corp. | 3.0% |
| RBC Bearings, Inc. | 2.9% |
| Celsius Holdings, Inc. | 2.8% |
| ICU Medical, Inc. | 2.5% |
| Glaukos Corp. | 2.2% |
| AAON, Inc. | 2.0% |
| InterDigital, Inc. | 2.0% |
| Rush Street Interactive, Inc. | 1.9% |
| Hut 8 Corp. | 1.9% |
| Bloom Energy Corp., Class A | 1.9% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 97.3% |
| Money Market Funds | 2.8% |

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g102030g84q09.jpg)

Columbia Variable Portfolio – Small Company Growth Fund \| Class 1 **\|** ASR7025_01_12_D01_(02/26) \|

# Columbia Variable Portfolio – Small Company Growth Fund
Class 2

![Image](g102030g79l74.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Small Company Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 2 | $123 | 1.11% |

---

## Management's Discussion of Fund Performance
The performance of Class 2 shares for the period presented is shown in the Average Annual Total Returns table.

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

**Allocations** \| Underweight positions in the financials sector buoyed relative Fund performance during the annual period.

**Individual holdings** \| Positions in Lumentum, an electrical product manufacturing company, Hut 8, a bitcoin mining company, and Kratos Defense & Security Solutions, a defense company, were among the top contributors to the Fund's relative performance during the period.

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

**Allocations** \| An overweight position in the consumer discretionary sector detracted from relative performance.

**Individual holdings** \| Positions in AAON, an industrial machinery company, Saia, a transportation company, and Bloom Energy, a power generation company, were among the top detractors from the Fund's relative performance during the period.

Columbia Variable Portfolio – Small Company Growth Fund \| Class 2 **\|** ASR7025_02_12_D01_(02/26) \|

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

### Growth of $10,000
![Growth of 10K Chart](g102030g40r89.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Small Company Growth Fund Class 2 ($40084)** | **Russell 3000<sup>®</sup> Index ($38012)** | **Russell 2000<sup>®</sup> Growth Index ($24949)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $8941 | $9436 | $8917 |
| **02/16** | $9009 | $9433 | $8853 |
| **03/16** | $9688 | $10097 | $9532 |
| **04/16** | $9798 | $10159 | $9627 |
| **05/16** | $10073 | $10341 | $9886 |
| **06/16** | $10073 | $10362 | $9841 |
| **07/16** | $10529 | $10774 | $10484 |
| **08/16** | $10681 | $10801 | $10596 |
| **09/16** | $10910 | $10818 | $10748 |
| **10/16** | $10353 | $10584 | $10080 |
| **11/16** | $11223 | $11058 | $10982 |
| **12/16** | $11253 | $11274 | $11132 |
| **01/17** | $11627 | $11486 | $11313 |
| **02/17** | $11910 | $11913 | $11590 |
| **03/17** | $12001 | $11921 | $11727 |
| **04/17** | $12428 | $12047 | $11943 |
| **05/17** | $12558 | $12171 | $11835 |
| **06/17** | $12825 | $12280 | $12242 |
| **07/17** | $13038 | $12512 | $12346 |
| **08/17** | $13127 | $12536 | $12332 |
| **09/17** | $13772 | $12842 | $13003 |
| **10/17** | $14192 | $13122 | $13205 |
| **11/17** | $14273 | $13521 | $13584 |
| **12/17** | $14499 | $13656 | $13599 |
| **01/18** | $15063 | $14375 | $14129 |
| **02/18** | $14733 | $13846 | $13727 |
| **03/18** | $14918 | $13568 | $13912 |
| **04/18** | $14757 | $13619 | $13926 |
| **05/18** | $15644 | $14004 | $14802 |
| **06/18** | $15838 | $14095 | $14918 |
| **07/18** | $15972 | $14563 | $15175 |
| **08/18** | $17611 | $15074 | $16119 |
| **09/18** | $17630 | $15099 | $15742 |
| **10/18** | $15362 | $13988 | $13750 |
| **11/18** | $15915 | $14268 | $13965 |
| **12/18** | $14209 | $12940 | $12334 |
| **01/19** | $16410 | $14051 | $13758 |
| **02/19** | $17449 | $14545 | $14646 |
| **03/19** | $17430 | $14757 | $14448 |
| **04/19** | $18030 | $15346 | $14888 |
| **05/19** | $17354 | $14353 | $13784 |
| **06/19** | $19012 | $15361 | $14845 |
| **07/19** | $19390 | $15590 | $14990 |
| **08/19** | $19046 | $15272 | $14343 |
| **09/19** | $18155 | $15540 | $14226 |
| **10/19** | $18452 | $15874 | $14630 |
| **11/19** | $19901 | $16478 | $15492 |
| **12/19** | $19948 | $16954 | $15847 |
| **01/20** | $20364 | $16935 | $15672 |
| **02/20** | $19544 | $15549 | $14541 |
| **03/20** | $16243 | $13410 | $11764 |
| **04/20** | $19663 | $15187 | $13516 |
| **05/20** | $22430 | $15999 | $14793 |
| **06/20** | $23950 | $16364 | $15362 |
| **07/20** | $25380 | $17294 | $15889 |
| **08/20** | $26442 | $18546 | $16822 |
| **09/20** | $26550 | $17871 | $16461 |
| **10/20** | $26828 | $17485 | $16586 |
| **11/20** | $31462 | $19613 | $19511 |
| **12/20** | $34045 | $20495 | $21335 |
| **01/21** | $35783 | $20404 | $22363 |
| **02/21** | $37170 | $21042 | $23102 |
| **03/21** | $34660 | $21796 | $22375 |
| **04/21** | $35976 | $22919 | $22863 |
| **05/21** | $34648 | $23024 | $22210 |
| **06/21** | $36651 | $23592 | $23251 |
| **07/21** | $36181 | $23991 | $22404 |
| **08/21** | $37170 | $24675 | $22812 |
| **09/21** | $35512 | $23568 | $21937 |
| **10/21** | $36719 | $25161 | $22964 |
| **11/21** | $33010 | $24778 | $21843 |
| **12/21** | $32981 | $25754 | $21939 |
| **01/22** | $27641 | $24239 | $18999 |
| **02/22** | $27700 | $23628 | $19082 |
| **03/22** | $27321 | $24395 | $19169 |
| **04/22** | $23306 | $22206 | $16817 |
| **05/22** | $22113 | $22176 | $16500 |
| **06/22** | $20135 | $20321 | $15478 |
| **07/22** | $22888 | $22227 | $17211 |
| **08/22** | $22524 | $21397 | $17049 |
| **09/22** | $20420 | $19413 | $15516 |
| **10/22** | $21641 | $21005 | $16988 |
| **11/22** | $22550 | $22102 | $17265 |
| **12/22** | $21121 | $20808 | $16157 |
| **01/23** | $23460 | $22241 | $17764 |
| **02/23** | $22940 | $21721 | $17571 |
| **03/23** | $23408 | $22302 | $17138 |
| **04/23** | $23330 | $22539 | $16939 |
| **05/23** | $23434 | $22627 | $16942 |
| **06/23** | $25564 | $24172 | $18347 |
| **07/23** | $26343 | $25039 | $19204 |
| **08/23** | $26291 | $24555 | $18205 |
| **09/23** | $24239 | $23386 | $17004 |
| **10/23** | $22732 | $22766 | $15692 |
| **11/23** | $24135 | $24888 | $17121 |
| **12/23** | $26681 | $26209 | $19171 |
| **01/24** | $26187 | $26499 | $18556 |
| **02/24** | $29123 | $27933 | $20064 |
| **03/24** | $30240 | $28835 | $20625 |
| **04/24** | $28266 | $27566 | $19037 |
| **05/24** | $29669 | $28868 | $20056 |
| **06/24** | $29305 | $29762 | $20023 |
| **07/24** | $30919 | $30315 | $21662 |
| **08/24** | $31105 | $30975 | $21422 |
| **09/24** | $31797 | $31616 | $21707 |
| **10/24** | $31930 | $31384 | $21419 |
| **11/24** | $35549 | $33471 | $24045 |
| **12/24** | $33047 | $32448 | $22077 |
| **01/25** | $34404 | $33473 | $22775 |
| **02/25** | $31797 | $32831 | $21233 |
| **03/25** | $28923 | $30916 | $19623 |
| **04/25** | $28551 | $30709 | $19497 |
| **05/25** | $30945 | $32655 | $20749 |
| **06/25** | $33713 | $34314 | $21971 |
| **07/25** | $34891 | $35070 | $22345 |
| **08/25** | $37254 | $35881 | $23666 |
| **09/25** | $38467 | $37120 | $24650 |
| **10/25** | $40302 | $37915 | $25447 |
| **11/25** | $41204 | $38019 | $25273 |
| **12/25** | $40084 | $38012 | $24949 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2 | 21.29 | 3.32 | 14.89 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |
| Russell 2000<sup>®</sup> Growth Index | 13.01 | 3.18 | 9.57 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $232263027 |
| **Total number of portfolio holdings** | 96 |
| **Management services fees (represents 0.87% of Fund average net assets)** | $2007764 |
| **Portfolio turnover for the reporting period** | 132% |

---

Columbia Variable Portfolio – Small Company Growth Fund \| Class 2 **\|** ASR7025_02_12_D01_(02/26) \|

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

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Industrials | 29.4% |
| Health Care | 20.3% |
| Information Technology | 16.4% |
| Consumer Discretionary | 11.9% |
| Consumer Staples | 6.5% |
| Financials | 6.1% |
| Communication Services | 3.3% |
| Energy | 2.8% |
| Utilities | 0.6% |

---

### Top Holdings

---

| | |
|:---|:---|
| Carpenter Technology Corp. | 3.0% |
| RBC Bearings, Inc. | 2.9% |
| Celsius Holdings, Inc. | 2.8% |
| ICU Medical, Inc. | 2.5% |
| Glaukos Corp. | 2.2% |
| AAON, Inc. | 2.0% |
| InterDigital, Inc. | 2.0% |
| Rush Street Interactive, Inc. | 1.9% |
| Hut 8 Corp. | 1.9% |
| Bloom Energy Corp., Class A | 1.9% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 97.3% |
| Money Market Funds | 2.8% |

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g102030g84q09.jpg)

Columbia Variable Portfolio – Small Company Growth Fund \| Class 2 **\|** ASR7025_02_12_D01_(02/26) \|

# Columbia Variable Portfolio – Strategic Income Fund
Class 1

![Image](g102030g79l74.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Strategic Income Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 1 | $73 | 0.70% |

---

## Management's Discussion of Fund Performance
The performance of Class 1 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Sector allocation** \| Overall, sector allocation decisions contributed to the Fund's relative performance. Contributions primarily came from an overweight to agency mortgage-backed securities, high-yield corporates, bank loans and emerging market debt.

**Security selection** \| Overall, security selection contributed to relative performance. Contributions primarily came from positive selections in commercial mortgages as well as asset backed securities. Additionally, positive selection came from the investment-grade corporate sector.

### Top Performance Detractors
**Duration** \| The Fund's shorter-than-benchmark duration positioning detracted from relative performance as Treasury yields moved lower across most maturities.

**Sector allocation** \| Detractors from relative Fund performance included an overweight to non-agency mortgage-backed securities, an overweight to asset backed securities and an underweight to commercial mortgages.

**Security selection** \| Security selection in agency mortgages and emerging market debt detracted from the Fund's relative performance during the period.

**Derivates usage** \| On a stand-alone basis, the Fund's usage of derivates had a negative impact on Fund performance.

Columbia Variable Portfolio – Strategic Income Fund \| Class 1 **\|** ASR7026_01_12_D01_(02/26) \|

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

### Growth of $10,000
![Growth of 10K Chart](g102030g68z11.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Strategic Income Fund Class 1 ($15203)** | **JPMorgan Emerging Markets Bond Index - Global ($15176)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **FTSE Non-U.S. World Government Bond (All Maturities) Index – Unhedged ($9844)** | **ICE BofA US Cash Pay High Yield Constrained Index ($18626)** |
| **12/15** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **01/16** | $9820 | $9980 | $10138 | $10100 | $9842 |
| **02/16** | $9888 | $10182 | $10210 | $10499 | $9889 |
| **03/16** | $10225 | $10522 | $10303 | $10910 | $10323 |
| **04/16** | $10494 | $10723 | $10343 | $11118 | $10733 |
| **05/16** | $10517 | $10691 | $10345 | $10870 | $10804 |
| **06/16** | $10562 | $11090 | $10531 | $11350 | $10920 |
| **07/16** | $10727 | $11262 | $10598 | $11419 | $11197 |
| **08/16** | $10915 | $11465 | $10586 | $11301 | $11446 |
| **09/16** | $10942 | $11504 | $10580 | $11418 | $11521 |
| **10/16** | $10942 | $11335 | $10499 | $10897 | $11555 |
| **11/16** | $10835 | $10863 | $10250 | $10280 | $11509 |
| **12/16** | $10915 | $11019 | $10265 | $10181 | $11734 |
| **01/17** | $11050 | $11178 | $10285 | $10326 | $11892 |
| **02/17** | $11131 | $11410 | $10354 | $10360 | $12077 |
| **03/17** | $11158 | $11449 | $10349 | $10387 | $12052 |
| **04/17** | $11239 | $11636 | $10428 | $10555 | $12188 |
| **05/17** | $11320 | $11732 | $10509 | $10795 | $12298 |
| **06/17** | $11374 | $11702 | $10498 | $10782 | $12311 |
| **07/17** | $11471 | $11779 | $10543 | $11078 | $12454 |
| **08/17** | $11471 | $11983 | $10638 | $11215 | $12451 |
| **09/17** | $11526 | $11981 | $10587 | $11059 | $12563 |
| **10/17** | $11582 | $12003 | $10593 | $10976 | $12611 |
| **11/17** | $11582 | $11971 | $10580 | $11223 | $12576 |
| **12/17** | $11610 | $12046 | $10628 | $11233 | $12612 |
| **01/18** | $11665 | $12023 | $10506 | $11593 | $12693 |
| **02/18** | $11610 | $11787 | $10406 | $11517 | $12573 |
| **03/18** | $11582 | $11831 | $10473 | $11729 | $12494 |
| **04/18** | $11582 | $11658 | $10395 | $11444 | $12577 |
| **05/18** | $11582 | $11532 | $10469 | $11180 | $12575 |
| **06/18** | $11554 | $11416 | $10456 | $11130 | $12619 |
| **07/18** | $11651 | $11651 | $10459 | $11085 | $12761 |
| **08/18** | $11651 | $11427 | $10526 | $11004 | $12852 |
| **09/18** | $11680 | $11629 | $10458 | $10886 | $12927 |
| **10/18** | $11536 | $11370 | $10376 | $10728 | $12715 |
| **11/18** | $11507 | $11325 | $10438 | $10755 | $12602 |
| **12/18** | $11565 | $11491 | $10630 | $11028 | $12327 |
| **01/19** | $11881 | $11998 | $10742 | $11244 | $12893 |
| **02/19** | $11967 | $12073 | $10736 | $11097 | $13110 |
| **03/19** | $12140 | $12249 | $10942 | $11196 | $13239 |
| **04/19** | $12226 | $12263 | $10945 | $11125 | $13424 |
| **05/19** | $12255 | $12333 | $11139 | $11273 | $13253 |
| **06/19** | $12399 | $12709 | $11279 | $11635 | $13579 |
| **07/19** | $12495 | $12855 | $11304 | $11554 | $13648 |
| **08/19** | $12495 | $12926 | $11597 | $11811 | $13703 |
| **09/19** | $12525 | $12879 | $11535 | $11623 | $13746 |
| **10/19** | $12585 | $12927 | $11570 | $11720 | $13778 |
| **11/19** | $12645 | $12906 | $11564 | $11519 | $13815 |
| **12/19** | $12764 | $13148 | $11556 | $11615 | $14102 |
| **01/20** | $12824 | $13377 | $11778 | $11741 | $14103 |
| **02/20** | $12734 | $13268 | $11990 | $11734 | $13885 |
| **03/20** | $11479 | $11602 | $11920 | $11396 | $12258 |
| **04/20** | $11868 | $11857 | $12132 | $11569 | $12724 |
| **05/20** | $12286 | $12537 | $12188 | $11624 | $13302 |
| **06/20** | $12615 | $12902 | $12265 | $11736 | $13425 |
| **07/20** | $13015 | $13379 | $12448 | $12336 | $14062 |
| **08/20** | $13077 | $13419 | $12348 | $12326 | $14203 |
| **09/20** | $13015 | $13197 | $12341 | $12274 | $14056 |
| **10/20** | $13077 | $13181 | $12286 | $12306 | $14120 |
| **11/20** | $13449 | $13675 | $12406 | $12583 | $14681 |
| **12/20** | $13634 | $13921 | $12424 | $12867 | $14962 |
| **01/21** | $13727 | $13752 | $12334 | $12686 | $15010 |
| **02/21** | $13820 | $13399 | $12156 | $12361 | $15060 |
| **03/21** | $13789 | $13260 | $12005 | $12040 | $15084 |
| **04/21** | $13851 | $13514 | $12099 | $12204 | $15249 |
| **05/21** | $13913 | $13660 | $12139 | $12354 | $15291 |
| **06/21** | $13975 | $13782 | $12224 | $12095 | $15498 |
| **07/21** | $13985 | $13856 | $12361 | $12317 | $15555 |
| **08/21** | $14018 | $13983 | $12337 | $12215 | $15641 |
| **09/21** | $13952 | $13708 | $12231 | $11856 | $15645 |
| **10/21** | $13919 | $13717 | $12227 | $11774 | $15617 |
| **11/21** | $13821 | $13518 | $12263 | $11699 | $15455 |
| **12/21** | $13919 | $13710 | $12232 | $11621 | $15752 |
| **01/22** | $13723 | $13314 | $11968 | $11355 | $15320 |
| **02/22** | $13494 | $12581 | $11835 | $11211 | $15180 |
| **03/22** | $13330 | $12441 | $11506 | $10793 | $15042 |
| **04/22** | $12871 | $11759 | $11069 | $9952 | $14494 |
| **05/22** | $12806 | $11781 | $11141 | $9932 | $14537 |
| **06/22** | $12478 | $11129 | $10966 | $9444 | $13549 |
| **07/22** | $12866 | $11485 | $11234 | $9644 | $14366 |
| **08/22** | $12654 | $11351 | $10917 | $9086 | $14018 |
| **09/22** | $12055 | $10661 | $10445 | $8504 | $13457 |
| **10/22** | $11914 | $10670 | $10310 | $8519 | $13844 |
| **11/22** | $12372 | $11411 | $10689 | $9034 | $14110 |
| **12/22** | $12337 | $11455 | $10641 | $9057 | $14004 |
| **01/23** | $12795 | $11811 | $10968 | $9378 | $14547 |
| **02/23** | $12478 | $11550 | $10684 | $8993 | $14359 |
| **03/23** | $12725 | $11712 | $10956 | $9394 | $14518 |
| **04/23** | $12795 | $11771 | $11022 | $9422 | $14658 |
| **05/23** | $12654 | $11666 | $10902 | $9146 | $14517 |
| **06/23** | $12795 | $11891 | $10863 | $9195 | $14752 |
| **07/23** | $12872 | $12082 | $10856 | $9272 | $14963 |
| **08/23** | $12835 | $11914 | $10786 | $9084 | $15008 |
| **09/23** | $12653 | $11579 | $10512 | $8721 | $14830 |
| **10/23** | $12470 | $11411 | $10346 | $8632 | $14645 |
| **11/23** | $13055 | $12072 | $10815 | $9146 | $15316 |
| **12/23** | $13530 | $12652 | $11229 | $9585 | $15882 |
| **01/24** | $13530 | $12503 | $11198 | $9349 | $15883 |
| **02/24** | $13457 | $12589 | $11040 | $9226 | $15926 |
| **03/24** | $13603 | $12828 | $11142 | $9257 | $16114 |
| **04/24** | $13384 | $12571 | $10860 | $8993 | $15952 |
| **05/24** | $13567 | $12800 | $11044 | $9065 | $16128 |
| **06/24** | $13713 | $12884 | $11149 | $8994 | $16280 |
| **07/24** | $13975 | $13119 | $11409 | $9297 | $16597 |
| **08/24** | $14204 | $13425 | $11573 | $9580 | $16864 |
| **09/24** | $14396 | $13666 | $11728 | $9768 | $17137 |
| **10/24** | $14166 | $13421 | $11437 | $9354 | $17040 |
| **11/24** | $14319 | $13580 | $11558 | $9342 | $17234 |
| **12/24** | $14166 | $13377 | $11369 | $9075 | $17159 |
| **01/25** | $14281 | $13541 | $11430 | $9116 | $17397 |
| **02/25** | $14511 | $13764 | $11681 | $9192 | $17513 |
| **03/25** | $14472 | $13691 | $11685 | $9286 | $17325 |
| **04/25** | $14587 | $13679 | $11731 | $9785 | $17326 |
| **05/25** | $14625 | $13796 | $11647 | $9748 | $17618 |
| **06/25** | $14855 | $14110 | $11826 | $9971 | $17943 |
| **07/25** | $14802 | $14276 | $11795 | $9695 | $18013 |
| **08/25** | $15002 | $14494 | $11936 | $9848 | $18237 |
| **09/25** | $15083 | $14729 | $12067 | $9892 | $18375 |
| **10/25** | $15123 | $15053 | $12142 | $9802 | $18412 |
| **11/25** | $15203 | $15098 | $12217 | $9800 | $18507 |
| **12/25** | $15203 | $15176 | $12199 | $9844 | $18626 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1 | 7.32 | 2.20 | 4.28 |
| JPMorgan Emerging Markets Bond Index - Global | 13.45 | 1.74 | 4.26 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| FTSE Non-U.S. World Government Bond (All Maturities) Index – Unhedged | 8.47 | (5.21) | (0.16) |
| ICE BofA US Cash Pay High Yield Constrained Index | 8.55 | 4.48 | 6.42 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $220566101 |
| **Total number of portfolio holdings** | 1099 |
| **Management services fees (represents 0.60% of Fund average net assets)** | $1208223 |
| **Portfolio turnover for the reporting period** | 224% |
| **Portfolio turnover as of the end of the period excluding transactions in to be announced securities** | 50% |

---

Columbia Variable Portfolio – Strategic Income Fund \| Class 1 **\|** ASR7026_01_12_D01_(02/26) \|

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

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Credit Risk | 3.5% |
| Interest Rate Risk | 76.0% |
|  | Short |
| Credit Risk | 0.7% |
| Foreign Exchange Risk | 1.7% |
| Interest Rate Risk | 72.3% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 33.5% |
| Residential Mortgage-Backed Securities - Agency | 31.8% |
| Senior Loans | 10.7% |
| Foreign Government Obligations | 10.1% |
| Residential Mortgage-Backed Securities - Non-Agency | 8.4% |
| Money Market Funds | 7.4% |
| Asset-Backed Securities - Non-Agency | 7.1% |
| U.S. Treasury Obligations | 1.3% |
| Other | 2.9% |

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g102030g84q09.jpg)

Columbia Variable Portfolio – Strategic Income Fund \| Class 1 **\|** ASR7026_01_12_D01_(02/26) \|

# Columbia Variable Portfolio – Strategic Income Fund
Class 2

![Image](g102030g79l74.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Strategic Income Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 2 | $98 | 0.95% |

---

## Management's Discussion of Fund Performance
The performance of Class 2 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Sector allocation** \| Overall, sector allocation decisions contributed to the Fund's relative performance. Contributions primarily came from an overweight to agency mortgage-backed securities, high-yield corporates, bank loans and emerging market debt.

**Security selection** \| Overall, security selection contributed to relative performance. Contributions primarily came from positive selections in commercial mortgages as well as asset backed securities. Additionally, positive selection came from the investment-grade corporate sector.

### Top Performance Detractors
**Duration** \| The Fund's shorter-than-benchmark duration positioning detracted from relative performance as Treasury yields moved lower across most maturities.

**Sector allocation** \| Detractors from relative Fund performance included an overweight to non-agency mortgage-backed securities, an overweight to asset backed securities and an underweight to commercial mortgages.

**Security selection** \| Security selection in agency mortgages and emerging market debt detracted from the Fund's relative performance during the period.

**Derivates usage** \| On a stand-alone basis, the Fund's usage of derivates had a negative impact on Fund performance.

Columbia Variable Portfolio – Strategic Income Fund \| Class 2 **\|** ASR7026_02_12_D01_(02/26) \|

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

### Growth of $10,000
![Growth of 10K Chart](g102030g19q63.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Strategic Income Fund Class 2 ($14789)** | **JPMorgan Emerging Markets Bond Index - Global ($15176)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **FTSE Non-U.S. World Government Bond (All Maturities) Index – Unhedged ($9844)** | **ICE BofA US Cash Pay High Yield Constrained Index ($18626)** |
| **12/15** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **01/16** | $9819 | $9980 | $10138 | $10100 | $9842 |
| **02/16** | $9887 | $10182 | $10210 | $10499 | $9889 |
| **03/16** | $10204 | $10522 | $10303 | $10910 | $10323 |
| **04/16** | $10476 | $10723 | $10343 | $11118 | $10733 |
| **05/16** | $10499 | $10691 | $10345 | $10870 | $10804 |
| **06/16** | $10544 | $11090 | $10531 | $11350 | $10920 |
| **07/16** | $10715 | $11262 | $10598 | $11419 | $11197 |
| **08/16** | $10905 | $11465 | $10586 | $11301 | $11446 |
| **09/16** | $10905 | $11504 | $10580 | $11418 | $11521 |
| **10/16** | $10932 | $11335 | $10499 | $10897 | $11555 |
| **11/16** | $10796 | $10863 | $10250 | $10280 | $11509 |
| **12/16** | $10905 | $11019 | $10265 | $10181 | $11734 |
| **01/17** | $11013 | $11178 | $10285 | $10326 | $11892 |
| **02/17** | $11094 | $11410 | $10354 | $10360 | $12077 |
| **03/17** | $11094 | $11449 | $10349 | $10387 | $12052 |
| **04/17** | $11203 | $11636 | $10428 | $10555 | $12188 |
| **05/17** | $11257 | $11732 | $10509 | $10795 | $12298 |
| **06/17** | $11311 | $11702 | $10498 | $10782 | $12311 |
| **07/17** | $11436 | $11779 | $10543 | $11078 | $12454 |
| **08/17** | $11408 | $11983 | $10638 | $11215 | $12451 |
| **09/17** | $11464 | $11981 | $10587 | $11059 | $12563 |
| **10/17** | $11520 | $12003 | $10593 | $10976 | $12611 |
| **11/17** | $11520 | $11971 | $10580 | $11223 | $12576 |
| **12/17** | $11548 | $12046 | $10628 | $11233 | $12612 |
| **01/18** | $11603 | $12023 | $10506 | $11593 | $12693 |
| **02/18** | $11548 | $11787 | $10406 | $11517 | $12573 |
| **03/18** | $11520 | $11831 | $10473 | $11729 | $12494 |
| **04/18** | $11492 | $11658 | $10395 | $11444 | $12577 |
| **05/18** | $11492 | $11532 | $10469 | $11180 | $12575 |
| **06/18** | $11464 | $11416 | $10456 | $11130 | $12619 |
| **07/18** | $11560 | $11651 | $10459 | $11085 | $12761 |
| **08/18** | $11589 | $11427 | $10526 | $11004 | $12852 |
| **09/18** | $11618 | $11629 | $10458 | $10886 | $12927 |
| **10/18** | $11445 | $11370 | $10376 | $10728 | $12715 |
| **11/18** | $11416 | $11325 | $10438 | $10755 | $12602 |
| **12/18** | $11474 | $11491 | $10630 | $11028 | $12327 |
| **01/19** | $11791 | $11998 | $10742 | $11244 | $12893 |
| **02/19** | $11877 | $12073 | $10736 | $11097 | $13110 |
| **03/19** | $12021 | $12249 | $10942 | $11196 | $13239 |
| **04/19** | $12108 | $12263 | $10945 | $11125 | $13424 |
| **05/19** | $12137 | $12333 | $11139 | $11273 | $13253 |
| **06/19** | $12281 | $12709 | $11279 | $11635 | $13579 |
| **07/19** | $12377 | $12855 | $11304 | $11554 | $13648 |
| **08/19** | $12377 | $12926 | $11597 | $11811 | $13703 |
| **09/19** | $12407 | $12879 | $11535 | $11623 | $13746 |
| **10/19** | $12467 | $12927 | $11570 | $11720 | $13778 |
| **11/19** | $12526 | $12906 | $11564 | $11519 | $13815 |
| **12/19** | $12646 | $13148 | $11556 | $11615 | $14102 |
| **01/20** | $12676 | $13377 | $11778 | $11741 | $14103 |
| **02/20** | $12586 | $13268 | $11990 | $11734 | $13885 |
| **03/20** | $11330 | $11602 | $11920 | $11396 | $12258 |
| **04/20** | $11749 | $11857 | $12132 | $11569 | $12724 |
| **05/20** | $12138 | $12537 | $12188 | $11624 | $13302 |
| **06/20** | $12467 | $12902 | $12265 | $11736 | $13425 |
| **07/20** | $12865 | $13379 | $12448 | $12336 | $14062 |
| **08/20** | $12896 | $13419 | $12348 | $12326 | $14203 |
| **09/20** | $12865 | $13197 | $12341 | $12274 | $14056 |
| **10/20** | $12927 | $13181 | $12286 | $12306 | $14120 |
| **11/20** | $13298 | $13675 | $12406 | $12583 | $14681 |
| **12/20** | $13483 | $13921 | $12424 | $12867 | $14962 |
| **01/21** | $13545 | $13752 | $12334 | $12686 | $15010 |
| **02/21** | $13638 | $13399 | $12156 | $12361 | $15060 |
| **03/21** | $13607 | $13260 | $12005 | $12040 | $15084 |
| **04/21** | $13669 | $13514 | $12099 | $12204 | $15249 |
| **05/21** | $13700 | $13660 | $12139 | $12354 | $15291 |
| **06/21** | $13762 | $13782 | $12224 | $12095 | $15498 |
| **07/21** | $13801 | $13856 | $12361 | $12317 | $15555 |
| **08/21** | $13801 | $13983 | $12337 | $12215 | $15641 |
| **09/21** | $13736 | $13708 | $12231 | $11856 | $15645 |
| **10/21** | $13703 | $13717 | $12227 | $11774 | $15617 |
| **11/21** | $13605 | $13518 | $12263 | $11699 | $15455 |
| **12/21** | $13703 | $13710 | $12232 | $11621 | $15752 |
| **01/22** | $13507 | $13314 | $11968 | $11355 | $15320 |
| **02/22** | $13279 | $12581 | $11835 | $11211 | $15180 |
| **03/22** | $13116 | $12441 | $11506 | $10793 | $15042 |
| **04/22** | $12659 | $11759 | $11069 | $9952 | $14494 |
| **05/22** | $12594 | $11781 | $11141 | $9932 | $14537 |
| **06/22** | $12267 | $11129 | $10966 | $9444 | $13549 |
| **07/22** | $12650 | $11485 | $11234 | $9644 | $14366 |
| **08/22** | $12440 | $11351 | $10917 | $9086 | $14018 |
| **09/22** | $11844 | $10661 | $10445 | $8504 | $13457 |
| **10/22** | $11704 | $10670 | $10310 | $8519 | $13844 |
| **11/22** | $12160 | $11411 | $10689 | $9034 | $14110 |
| **12/22** | $12125 | $11455 | $10641 | $9057 | $14004 |
| **01/23** | $12580 | $11811 | $10968 | $9378 | $14547 |
| **02/23** | $12265 | $11550 | $10684 | $8993 | $14359 |
| **03/23** | $12475 | $11712 | $10956 | $9394 | $14518 |
| **04/23** | $12545 | $11771 | $11022 | $9422 | $14658 |
| **05/23** | $12405 | $11666 | $10902 | $9146 | $14517 |
| **06/23** | $12545 | $11891 | $10863 | $9195 | $14752 |
| **07/23** | $12624 | $12082 | $10856 | $9272 | $14963 |
| **08/23** | $12588 | $11914 | $10786 | $9084 | $15008 |
| **09/23** | $12406 | $11579 | $10512 | $8721 | $14830 |
| **10/23** | $12225 | $11411 | $10346 | $8632 | $14645 |
| **11/23** | $12805 | $12072 | $10815 | $9146 | $15316 |
| **12/23** | $13241 | $12652 | $11229 | $9585 | $15882 |
| **01/24** | $13277 | $12503 | $11198 | $9349 | $15883 |
| **02/24** | $13204 | $12589 | $11040 | $9226 | $15926 |
| **03/24** | $13313 | $12828 | $11142 | $9257 | $16114 |
| **04/24** | $13096 | $12571 | $10860 | $8993 | $15952 |
| **05/24** | $13277 | $12800 | $11044 | $9065 | $16128 |
| **06/24** | $13422 | $12884 | $11149 | $8994 | $16280 |
| **07/24** | $13686 | $13119 | $11409 | $9297 | $16597 |
| **08/24** | $13913 | $13425 | $11573 | $9580 | $16864 |
| **09/24** | $14065 | $13666 | $11728 | $9768 | $17137 |
| **10/24** | $13875 | $13421 | $11437 | $9354 | $17040 |
| **11/24** | $14027 | $13580 | $11558 | $9342 | $17234 |
| **12/24** | $13837 | $13377 | $11369 | $9075 | $17159 |
| **01/25** | $13951 | $13541 | $11430 | $9116 | $17397 |
| **02/25** | $14179 | $13764 | $11681 | $9192 | $17513 |
| **03/25** | $14141 | $13691 | $11685 | $9286 | $17325 |
| **04/25** | $14254 | $13679 | $11731 | $9785 | $17326 |
| **05/25** | $14254 | $13796 | $11647 | $9748 | $17618 |
| **06/25** | $14482 | $14110 | $11826 | $9971 | $17943 |
| **07/25** | $14432 | $14276 | $11795 | $9695 | $18013 |
| **08/25** | $14630 | $14494 | $11936 | $9848 | $18237 |
| **09/25** | $14710 | $14729 | $12067 | $9892 | $18375 |
| **10/25** | $14749 | $15053 | $12142 | $9802 | $18412 |
| **11/25** | $14829 | $15098 | $12217 | $9800 | $18507 |
| **12/25** | $14789 | $15176 | $12199 | $9844 | $18626 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2 | 6.88 | 1.87 | 3.99 |
| JPMorgan Emerging Markets Bond Index - Global | 13.45 | 1.74 | 4.26 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| FTSE Non-U.S. World Government Bond (All Maturities) Index – Unhedged | 8.47 | (5.21) | (0.16) |
| ICE BofA US Cash Pay High Yield Constrained Index | 8.55 | 4.48 | 6.42 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $220566101 |
| **Total number of portfolio holdings** | 1099 |
| **Management services fees (represents 0.60% of Fund average net assets)** | $1208223 |
| **Portfolio turnover for the reporting period** | 224% |
| **Portfolio turnover as of the end of the period excluding transactions in to be announced securities** | 50% |

---

Columbia Variable Portfolio – Strategic Income Fund \| Class 2 **\|** ASR7026_02_12_D01_(02/26) \|

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

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Credit Risk | 3.5% |
| Interest Rate Risk | 76.0% |
|  | Short |
| Credit Risk | 0.7% |
| Foreign Exchange Risk | 1.7% |
| Interest Rate Risk | 72.3% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 33.5% |
| Residential Mortgage-Backed Securities - Agency | 31.8% |
| Senior Loans | 10.7% |
| Foreign Government Obligations | 10.1% |
| Residential Mortgage-Backed Securities - Non-Agency | 8.4% |
| Money Market Funds | 7.4% |
| Asset-Backed Securities - Non-Agency | 7.1% |
| U.S. Treasury Obligations | 1.3% |
| Other | 2.9% |

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g102030g84q09.jpg)

Columbia Variable Portfolio – Strategic Income Fund \| Class 2 **\|** ASR7026_02_12_D01_(02/26) \|

# Variable Portfolio – Managed Risk Fund
Class 2

![Image](g102030g79l74.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Managed Risk Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 2 | $50 | 0.47% |

---

## Management's Discussion of Fund Performance
The performance of Class 2 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Tactical asset allocation** \| Tactical allocations, in the form of maintaining equity levels above static benchmark policy level weighting assignments, proved beneficial to the Fund's relative performance during the annual period.

**Underlying fund manager selection** \| Underlying fixed-income managers outperformed with varied performance across the fixed-income universe, benefiting the Fund's relative performance.

**Dynamic algorithm** \| The dynamic algorithm, a quantitative tool used by the portfolio managers to help direct equity exposure, steered the managers to start the annual period with an overweight directed at equity exposures within the Fund. However, as equity volatility rose during the early parts of the annual period, the algorithm shifted to recommend an underweight allocation to equities, versus static benchmark equity weights. This underweight positioning was applied to the Fund in April to May 2025, as levels of equity volatility were elevated. As equity volatility subsided the algorithm reintroduced overweight allocations to equities. The Fund experienced a slight contribution to performance emanating from the dynamic algorithm recommended equity allocations as international markets didn't struggle as much as U.S. equities during the risk-off time period.

### Top Performance Detractors
**Underlying fund manager selection** \| Underlying strategic fund managers focused on large and small cap domestic equities generally detracted from the Fund's relative performance during the annual period.

Variable Portfolio – Managed Risk Fund \| Class 2 **\|** ASR7043_02_12_D01_(02/26) \|

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

### Growth of $10,000
![Growth of 10K Chart](g102030g40n80.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Variable Portfolio – Managed Risk Fund Class 2 ($15510)** | **MSCI EAFE Index (Net) ($18193)** | **50% Bloomberg U.S. Aggregate Bond Index, 35% Russell 3000<sup>®</sup> Index, 15% MSCI EAFE Index (Net) ($17664)** | **Bloomberg U.S. Aggregate Bond Index ($11489)** | **Russell 3000<sup>®</sup> Index ($30005)** |
| **09/12/17** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **09/30/17** | $10070 | $10038 | $10039 | $9970 | $10137 |
| **10/31/17** | $10160 | $10190 | $10141 | $9976 | $10358 |
| **11/30/17** | $10300 | $10297 | $10258 | $9963 | $10672 |
| **12/31/17** | $10390 | $10463 | $10343 | $10009 | $10779 |
| **01/31/18** | $10660 | $10987 | $10552 | $9894 | $11347 |
| **02/28/18** | $10360 | $10491 | $10294 | $9800 | $10929 |
| **03/31/18** | $10280 | $10302 | $10227 | $9863 | $10710 |
| **04/30/18** | $10310 | $10538 | $10238 | $9790 | $10750 |
| **05/31/18** | $10400 | $10301 | $10341 | $9859 | $11054 |
| **06/30/18** | $10360 | $10175 | $10339 | $9847 | $11126 |
| **07/31/18** | $10530 | $10425 | $10499 | $9850 | $11495 |
| **08/31/18** | $10660 | $10224 | $10631 | $9913 | $11899 |
| **09/30/18** | $10650 | $10313 | $10617 | $9849 | $11919 |
| **10/31/18** | $10170 | $9492 | $10174 | $9771 | $11041 |
| **11/30/18** | $10220 | $9480 | $10274 | $9830 | $11262 |
| **12/31/18** | $9840 | $9020 | $9959 | $10010 | $10214 |
| **01/31/19** | $10330 | $9613 | $10409 | $10117 | $11091 |
| **02/28/19** | $10480 | $9858 | $10574 | $10111 | $11481 |
| **03/31/19** | $10600 | $9920 | $10740 | $10305 | $11649 |
| **04/30/19** | $10780 | $10199 | $10937 | $10308 | $12114 |
| **05/31/19** | $10440 | $9709 | $10707 | $10491 | $11330 |
| **06/30/19** | $10870 | $10285 | $11133 | $10622 | $12126 |
| **07/31/19** | $10880 | $10154 | $11182 | $10646 | $12306 |
| **08/31/19** | $10840 | $9891 | $11203 | $10921 | $12055 |
| **09/30/19** | $10940 | $10175 | $11291 | $10863 | $12266 |
| **10/31/19** | $11080 | $10540 | $11454 | $10896 | $12531 |
| **11/30/19** | $11250 | $10659 | $11622 | $10890 | $13007 |
| **12/31/19** | $11420 | $11005 | $11792 | $10883 | $13382 |
| **01/31/20** | $11450 | $10776 | $11864 | $11092 | $13368 |
| **02/29/20** | $11010 | $9801 | $11470 | $11292 | $12273 |
| **03/31/20** | $10200 | $8493 | $10655 | $11226 | $10586 |
| **04/30/20** | $10770 | $9042 | $11347 | $11425 | $11987 |
| **05/31/20** | $10970 | $9436 | $11660 | $11478 | $12629 |
| **06/30/20** | $11100 | $9757 | $11849 | $11551 | $12917 |
| **07/31/20** | $11350 | $9984 | $12215 | $11723 | $13651 |
| **08/31/20** | $11630 | $10498 | $12569 | $11628 | $14640 |
| **09/30/20** | $11360 | $10225 | $12357 | $11622 | $14107 |
| **10/31/20** | $11170 | $9817 | $12162 | $11570 | $13802 |
| **11/30/20** | $11950 | $11338 | $13022 | $11684 | $15481 |
| **12/31/20** | $12310 | $11866 | $13327 | $11700 | $16178 |
| **01/31/21** | $12270 | $11739 | $13237 | $11616 | $16106 |
| **02/28/21** | $12410 | $12002 | $13331 | $11448 | $16609 |
| **03/31/21** | $12600 | $12278 | $13461 | $11305 | $17204 |
| **04/30/21** | $12920 | $12648 | $13818 | $11395 | $18091 |
| **05/31/21** | $13020 | $13060 | $13930 | $11432 | $18174 |
| **06/30/21** | $13100 | $12913 | $14075 | $11512 | $18622 |
| **07/31/21** | $13310 | $13011 | $14253 | $11641 | $18937 |
| **08/31/21** | $13530 | $13240 | $14420 | $11619 | $19477 |
| **09/30/21** | $13130 | $12856 | $14068 | $11518 | $18603 |
| **10/31/21** | $13500 | $13172 | $14451 | $11515 | $19861 |
| **11/30/21** | $13330 | $12559 | $14294 | $11549 | $19559 |
| **12/31/21** | $13630 | $13202 | $14583 | $11519 | $20329 |
| **01/31/22** | $13100 | $12564 | $14020 | $11271 | $19133 |
| **02/28/22** | $12850 | $12342 | $13781 | $11145 | $18651 |
| **03/31/22** | $12770 | $12421 | $13759 | $10836 | $19256 |
| **04/30/22** | $11980 | $11618 | $12932 | $10425 | $17528 |
| **05/31/22** | $12000 | $11705 | $12983 | $10492 | $17504 |
| **06/30/22** | $11430 | $10619 | $12320 | $10327 | $16040 |
| **07/31/22** | $11950 | $11148 | $12967 | $10580 | $17545 |
| **08/31/22** | $11490 | $10618 | $12522 | $10281 | $16890 |
| **09/30/22** | $10660 | $9625 | $11670 | $9836 | $15324 |
| **10/31/22** | $10960 | $10143 | $12023 | $9709 | $16581 |
| **11/30/22** | $11550 | $11285 | $12667 | $10066 | $17446 |
| **12/31/22** | $11260 | $11294 | $12380 | $10021 | $16424 |
| **01/31/23** | $11790 | $12209 | $13019 | $10329 | $17556 |
| **02/28/23** | $11480 | $11954 | $12704 | $10062 | $17145 |
| **03/31/23** | $11780 | $12250 | $13031 | $10318 | $17604 |
| **04/30/23** | $11870 | $12596 | $13175 | $10380 | $17791 |
| **05/31/23** | $11750 | $12063 | $13037 | $10267 | $17861 |
| **06/30/23** | $12060 | $12612 | $13415 | $10230 | $19080 |
| **07/31/23** | $12230 | $13020 | $13643 | $10223 | $19764 |
| **08/31/23** | $12050 | $12521 | $13429 | $10158 | $19383 |
| **09/30/23** | $11620 | $12094 | $12966 | $9900 | $18459 |
| **10/31/23** | $11380 | $11603 | $12664 | $9744 | $17970 |
| **11/30/23** | $12120 | $12680 | $13541 | $10185 | $19646 |
| **12/31/23** | $12640 | $13354 | $14159 | $10575 | $20688 |
| **01/31/24** | $12700 | $13431 | $14207 | $10546 | $20917 |
| **02/29/24** | $12910 | $13677 | $14415 | $10397 | $22049 |
| **03/31/24** | $13180 | $14126 | $14715 | $10493 | $22761 |
| **04/30/24** | $12770 | $13765 | $14246 | $10228 | $21759 |
| **05/31/24** | $13210 | $14298 | $14685 | $10401 | $22787 |
| **06/30/24** | $13390 | $14067 | $14878 | $10500 | $23493 |
| **07/31/24** | $13670 | $14480 | $15214 | $10745 | $23929 |
| **08/31/24** | $13960 | $14951 | $15514 | $10899 | $24450 |
| **09/30/24** | $14140 | $15089 | $15751 | $11045 | $24956 |
| **10/31/24** | $13810 | $14268 | $15387 | $10771 | $24773 |
| **11/30/24** | $14200 | $14187 | $15814 | $10885 | $26421 |
| **12/31/24** | $13830 | $13864 | $15461 | $10707 | $25613 |
| **01/31/25** | $14090 | $14593 | $15795 | $10764 | $26422 |
| **02/28/25** | $14170 | $14876 | $15909 | $11001 | $25915 |
| **03/31/25** | $13870 | $14816 | $15577 | $11005 | $24404 |
| **04/30/25** | $13910 | $15495 | $15678 | $11048 | $24240 |
| **05/31/25** | $14250 | $16204 | $16078 | $10969 | $25776 |
| **06/30/25** | $14670 | $16561 | $16540 | $11138 | $27086 |
| **07/31/25** | $14710 | $16328 | $16611 | $11108 | $27682 |
| **08/31/25** | $15020 | $17024 | $16951 | $11241 | $28323 |
| **09/30/25** | $15290 | $17350 | $17297 | $11364 | $29300 |
| **10/31/25** | $15430 | $17554 | $17511 | $11435 | $29928 |
| **11/30/25** | $15490 | $17663 | $17599 | $11506 | $30011 |
| **12/31/25** | $15510 | $18193 | $17664 | $11489 | $30005 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | Since Fund Inception |
| Class 2 | 12.15 | 4.73 | 5.43 |
| MSCI EAFE Index (Net) | 31.22 | 8.92 | 7.48 |
| 50% Bloomberg U.S. Aggregate Bond Index, 35% Russell 3000<sup>®</sup> Index, 15% MSCI EAFE Index (Net) | 14.25 | 5.80 | 7.09 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 1.69 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.15 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $249796528 |
| **Total number of portfolio holdings** | 82 |
| **Management services fees (represents 0.14% of Fund average net assets)** | $332942 |
| **Portfolio turnover for the reporting period** | 112% |

---

Variable Portfolio – Managed Risk Fund \| Class 2 **\|** ASR7043_02_12_D01_(02/26) \|

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

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Credit Risk | 2.4% |
| Equity Risk | 4.4% |
| Foreign Exchange Risk | 6.0% |
| Interest Rate Risk | 2.5% |
|  | Short |
| Equity Risk | 28.9% |
| Foreign Exchange Risk | 6.1% |
| Interest Rate Risk | 0.6% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Equity Funds | 53.6% |
| Fixed Income Funds | 29.0% |
| Money Market Funds | 7.7% |
| Exchange-Traded Fixed Income Funds | 6.2% |
| Residential Mortgage-Backed Securities - Agency | 5.5% |
| Exchange-Traded Equity Funds | 1.9% |
| Other | 0.7% |

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g102030g84q09.jpg)

Variable Portfolio – Managed Risk Fund \| Class 2 **\|** ASR7043_02_12_D01_(02/26) \|

# Variable Portfolio – Managed Risk U.S. Fund
Class 2

![Image](g102030g79l74.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Managed Risk U.S. Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 2 | $50 | 0.48% |

---

## Management's Discussion of Fund Performance
The performance of Class 2 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Tactical asset allocation** \| Tactical allocations, in the form of maintaining equity levels above static benchmark policy level weighting assignments, proved beneficial to the Fund's relative performance during the annual period.

**Underlying fund manager selection** \| Underlying fixed-income managers outperformed with varied performance across the fixed-income universe, benefiting the Fund's relative performance.

### Top Performance Detractors
**Dynamic algorithm** \| The dynamic algorithm, a quantitative tool used by the portfolio managers to help direct equity exposure, steered the managers to start the annual period with an overweight directed at equity exposures within the Fund. However, as equity volatility rose during the early parts of the annual period, the algorithm shifted to recommend an underweight allocation to equities, versus static benchmark equity weights. This underweight positioning was applied to the Fund during a relatively short period, in April to May 2025, as levels of equity volatility were elevated. As equity volatility subsided the algorithm reintroduced overweight allocations to equities. However, with the snap-back in equity markets outpacing the re-risking recommendations coming from the algorithm and this detracted from the Fund's relative performance.

**Underlying fund manager selection** \| Underlying strategic fund managers focused on large and small cap domestic equities generally detracted from the Fund's relative performance during the annual period.

**Derivatives usage** \| On a stand-alone basis, the use of derivatives had a negative impact on the Fund's performance.

Variable Portfolio – Managed Risk U.S. Fund \| Class 2 **\|** ASR7044_02_12_D01_(02/26) \|

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

### Growth of $10,000
![Growth of 10K Chart](g102030g24y81.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Variable Portfolio – Managed Risk U.S. Fund Class 2 ($17260)** | **S&P 500<sup>®</sup> Index ($31452)** | **50% S&P 500<sup>®</sup> Index, 50% Bloomberg U.S. Aggregate Bond Index ($19465)** | **Bloomberg U.S. Aggregate Bond Index ($11489)** |
| **09/12/17** | $10000 | $10000 | $10000 | $10000 |
| **09/30/17** | $10080 | $10101 | $10036 | $9970 |
| **10/31/17** | $10190 | $10336 | $10156 | $9976 |
| **11/30/17** | $10380 | $10653 | $10305 | $9963 |
| **12/31/17** | $10470 | $10772 | $10386 | $10009 |
| **01/31/18** | $10750 | $11388 | $10623 | $9894 |
| **02/28/18** | $10480 | $10969 | $10377 | $9800 |
| **03/31/18** | $10350 | $10690 | $10278 | $9863 |
| **04/30/18** | $10350 | $10731 | $10260 | $9790 |
| **05/31/18** | $10510 | $10989 | $10420 | $9859 |
| **06/30/18** | $10520 | $11057 | $10446 | $9847 |
| **07/31/18** | $10720 | $11468 | $10641 | $9850 |
| **08/31/18** | $10950 | $11842 | $10849 | $9913 |
| **09/30/18** | $10940 | $11910 | $10845 | $9849 |
| **10/31/18** | $10470 | $11096 | $10431 | $9771 |
| **11/30/18** | $10580 | $11322 | $10569 | $9830 |
| **12/31/18** | $10100 | $10299 | $10189 | $10010 |
| **01/31/19** | $10580 | $11125 | $10651 | $10117 |
| **02/28/19** | $10750 | $11482 | $10819 | $10111 |
| **03/31/19** | $10910 | $11705 | $11028 | $10305 |
| **04/30/19** | $11160 | $12179 | $11253 | $10308 |
| **05/31/19** | $10790 | $11405 | $10995 | $10491 |
| **06/30/19** | $11270 | $12209 | $11452 | $10622 |
| **07/31/19** | $11360 | $12384 | $11546 | $10646 |
| **08/31/19** | $11350 | $12188 | $11605 | $10921 |
| **09/30/19** | $11430 | $12416 | $11682 | $10863 |
| **10/31/19** | $11540 | $12685 | $11826 | $10896 |
| **11/30/19** | $11780 | $13146 | $12038 | $10890 |
| **12/31/19** | $11950 | $13542 | $12215 | $10883 |
| **01/31/20** | $12020 | $13537 | $12331 | $11092 |
| **02/29/20** | $11530 | $12423 | $11934 | $11292 |
| **03/31/20** | $10810 | $10888 | $11162 | $11226 |
| **04/30/20** | $11400 | $12284 | $11977 | $11425 |
| **05/31/20** | $11610 | $12869 | $12290 | $11478 |
| **06/30/20** | $11770 | $13125 | $12451 | $11551 |
| **07/31/20** | $12100 | $13865 | $12895 | $11723 |
| **08/31/20** | $12460 | $14862 | $13306 | $11628 |
| **09/30/20** | $12150 | $14297 | $13050 | $11622 |
| **10/31/20** | $11970 | $13917 | $12847 | $11570 |
| **11/30/20** | $12790 | $15440 | $13613 | $11684 |
| **12/31/20** | $13120 | $16034 | $13884 | $11700 |
| **01/31/21** | $13080 | $15872 | $13764 | $11616 |
| **02/28/21** | $13220 | $16310 | $13855 | $11448 |
| **03/31/21** | $13470 | $17024 | $14072 | $11305 |
| **04/30/21** | $13900 | $17933 | $14503 | $11395 |
| **05/31/21** | $13970 | $18058 | $14577 | $11432 |
| **06/30/21** | $14140 | $18479 | $14798 | $11512 |
| **07/31/21** | $14380 | $18918 | $15057 | $11641 |
| **08/31/21** | $14620 | $19494 | $15271 | $11619 |
| **09/30/21** | $14120 | $18587 | $14850 | $11518 |
| **10/31/21** | $14600 | $19889 | $15368 | $11515 |
| **11/30/21** | $14510 | $19751 | $15338 | $11549 |
| **12/31/21** | $14870 | $20637 | $15662 | $11519 |
| **01/31/22** | $14330 | $19569 | $15088 | $11271 |
| **02/28/22** | $14030 | $18983 | $14778 | $11145 |
| **03/31/22** | $14030 | $19688 | $14847 | $10836 |
| **04/30/22** | $13120 | $17971 | $13918 | $10425 |
| **05/31/22** | $13150 | $18004 | $13976 | $10492 |
| **06/30/22** | $12570 | $16518 | $13289 | $10327 |
| **07/31/22** | $13180 | $18041 | $14064 | $10580 |
| **08/31/22** | $12690 | $17305 | $13579 | $10281 |
| **09/30/22** | $11780 | $15711 | $12660 | $9836 |
| **10/31/22** | $12100 | $16983 | $13091 | $9709 |
| **11/30/22** | $12660 | $17932 | $13697 | $10066 |
| **12/31/22** | $12310 | $16899 | $13272 | $10021 |
| **01/31/23** | $12870 | $17961 | $13893 | $10329 |
| **02/28/23** | $12500 | $17523 | $13544 | $10062 |
| **03/31/23** | $12830 | $18166 | $13964 | $10318 |
| **04/30/23** | $12970 | $18450 | $14115 | $10380 |
| **05/31/23** | $12880 | $18530 | $14069 | $10267 |
| **06/30/23** | $13290 | $19754 | $14509 | $10230 |
| **07/31/23** | $13520 | $20389 | $14737 | $10223 |
| **08/31/23** | $13360 | $20064 | $14573 | $10158 |
| **09/30/23** | $12870 | $19108 | $14040 | $9900 |
| **10/31/23** | $12660 | $18706 | $13782 | $9744 |
| **11/30/23** | $13540 | $20414 | $14723 | $10185 |
| **12/31/23** | $14100 | $21342 | $15339 | $10575 |
| **01/31/24** | $14230 | $21700 | $15447 | $10546 |
| **02/29/24** | $14500 | $22859 | $15750 | $10397 |
| **03/31/24** | $14850 | $23594 | $16077 | $10493 |
| **04/30/24** | $14360 | $22631 | $15545 | $10228 |
| **05/31/24** | $14820 | $23753 | $16062 | $10401 |
| **06/30/24** | $15120 | $24605 | $16427 | $10500 |
| **07/31/24** | $15370 | $24905 | $16718 | $10745 |
| **08/31/24** | $15680 | $25509 | $17041 | $10899 |
| **09/30/24** | $15900 | $26053 | $17337 | $11045 |
| **10/31/24** | $15630 | $25817 | $17044 | $10771 |
| **11/30/24** | $16190 | $27333 | $17634 | $10885 |
| **12/31/24** | $15750 | $26681 | $17280 | $10707 |
| **01/31/25** | $16050 | $27424 | $17566 | $10764 |
| **02/28/25** | $16060 | $27066 | $17645 | $11001 |
| **03/31/25** | $15590 | $25541 | $17151 | $11005 |
| **04/30/25** | $15490 | $25368 | $17126 | $11048 |
| **05/31/25** | $15820 | $26965 | $17604 | $10969 |
| **06/30/25** | $16300 | $28336 | $18187 | $11138 |
| **07/31/25** | $16480 | $28972 | $18367 | $11108 |
| **08/31/25** | $16730 | $29559 | $18663 | $11241 |
| **09/30/25** | $17020 | $30638 | $19106 | $11364 |
| **10/31/25** | $17210 | $31356 | $19389 | $11435 |
| **11/30/25** | $17260 | $31432 | $19473 | $11506 |
| **12/31/25** | $17260 | $31452 | $19465 | $11489 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | Since Fund Inception |
| Class 2 | 9.59 | 5.64 | 6.80 |
| S&P 500<sup>®</sup> Index | 17.88 | 14.42 | 14.80 |
| 50% S&P 500<sup>®</sup> Index, 50% Bloomberg U.S. Aggregate Bond Index | 12.64 | 6.99 | 8.35 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 1.69 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $399212720 |
| **Total number of portfolio holdings** | 38 |
| **Management services fees (represents 0.14% of Fund average net assets)** | $543481 |
| **Portfolio turnover for the reporting period** | 113% |

---

Variable Portfolio – Managed Risk U.S. Fund \| Class 2 **\|** ASR7044_02_12_D01_(02/26) \|

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

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Credit Risk | 2.8% |
| Equity Risk | 5.9% |
| Interest Rate Risk | 1.7% |
|  | Short |
| Equity Risk | 27.9% |
| Interest Rate Risk | 0.6% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Equity Funds | 53.6% |
| Fixed Income Funds | 28.9% |
| Money Market Funds | 8.2% |
| Exchange-Traded Fixed Income Funds | 7.8% |
| Residential Mortgage-Backed Securities - Agency | 4.9% |
| Other | 0.8% |

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g102030g84q09.jpg)

Variable Portfolio – Managed Risk U.S. Fund \| Class 2 **\|** ASR7044_02_12_D01_(02/26) \|

# Variable Portfolio – Managed Volatility Conservative Fund
Class 1

![Image](g102030g79l74.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Managed Volatility Conservative Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 1 | $31 | 0.30% |

---

## Management's Discussion of Fund Performance
The performance of Class 1 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Tactical allocation** \| Tactical allocations, in the form of maintaining equity levels above static benchmark policy level weighting assignments, proved beneficial to the Fund's relative performance during the annual period.

**Underlying fund manager selection** \| Underlying fixed-income managers outperformed with varied performance across the fixed-income universe, benefiting the Fund's relative performance.

### Top Performance Detractors
**Dynamic algorithm** \| The dynamic algorithm, a quantitative tool used by the portfolio managers to help direct equity exposure, steered the managers to start the year with an overweight exposure to equities within the Fund. However, as equity volatility rose during the early parts of the annual period, the algorithm shifted to recommend an underweight allocation to equities, versus static benchmark equity weights. This underweight positioning was applied to the Fund during a short span of the annual period, near April 2025, as levels of equity volatility were elevated. As equity volatility quickly subsided the algorithm recommended increased allocations to equities, however the snap-back in markets was swift enough to still result in a detraction effect from the algorithm during the period, weighing on the Fund's relative performance.

**Underlying fund manager selection** \| Underlying strategic fund managers focused on large and small cap domestic equities generally detracted from the Fund's relative performance during the annual period.

Variable Portfolio – Managed Volatility Conservative Fund \| Class 1 **\|** ASR7045_01_12_D01_(02/26) \|

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

### Growth of $10,000
![Growth of 10K Chart](g102030g16i81.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Variable Portfolio – Managed Volatility Conservative Fund Class 1 ($14123)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **80% Bloomberg U.S. Aggregate Bond Index, 14% Russell 3000<sup>®</sup> Index, 6% MSCI EAFE Index (Net) ($15069)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9933 | $10138 | $9988 |
| **02/16** | $9952 | $10210 | $10033 |
| **03/16** | $10172 | $10303 | $10245 |
| **04/16** | $10239 | $10343 | $10303 |
| **05/16** | $10258 | $10345 | $10325 |
| **06/16** | $10373 | $10531 | $10456 |
| **07/16** | $10516 | $10598 | $10598 |
| **08/16** | $10507 | $10586 | $10593 |
| **09/16** | $10507 | $10580 | $10598 |
| **10/16** | $10392 | $10499 | $10488 |
| **11/16** | $10249 | $10250 | $10343 |
| **12/16** | $10306 | $10265 | $10404 |
| **01/17** | $10373 | $10285 | $10466 |
| **02/17** | $10507 | $10354 | $10586 |
| **03/17** | $10516 | $10349 | $10600 |
| **04/17** | $10621 | $10428 | $10697 |
| **05/17** | $10736 | $10509 | $10802 |
| **06/17** | $10736 | $10498 | $10806 |
| **07/17** | $10822 | $10543 | $10890 |
| **08/17** | $10899 | $10638 | $10971 |
| **09/17** | $10927 | $10587 | $10983 |
| **10/17** | $10985 | $10593 | $11032 |
| **11/17** | $11052 | $10580 | $11074 |
| **12/17** | $11119 | $10628 | $11141 |
| **01/18** | $11214 | $10506 | $11154 |
| **02/18** | $10994 | $10406 | $10982 |
| **03/18** | $10985 | $10473 | $10995 |
| **04/18** | $10937 | $10395 | $10951 |
| **05/18** | $11013 | $10469 | $11042 |
| **06/18** | $10985 | $10456 | $11033 |
| **07/18** | $11061 | $10459 | $11103 |
| **08/18** | $11147 | $10526 | $11201 |
| **09/18** | $11109 | $10458 | $11152 |
| **10/18** | $10822 | $10376 | $10913 |
| **11/18** | $10889 | $10438 | $10995 |
| **12/18** | $10832 | $10630 | $10982 |
| **01/19** | $11109 | $10742 | $11250 |
| **02/19** | $11185 | $10736 | $11318 |
| **03/19** | $11377 | $10942 | $11519 |
| **04/19** | $11473 | $10945 | $11605 |
| **05/19** | $11425 | $11139 | $11631 |
| **06/19** | $11721 | $11279 | $11904 |
| **07/19** | $11760 | $11304 | $11941 |
| **08/19** | $11894 | $11597 | $12135 |
| **09/19** | $11894 | $11535 | $12134 |
| **10/19** | $11980 | $11570 | $12226 |
| **11/19** | $12066 | $11564 | $12295 |
| **12/19** | $12152 | $11556 | $12362 |
| **01/20** | $12286 | $11778 | $12535 |
| **02/20** | $12171 | $11990 | $12503 |
| **03/20** | $11606 | $11920 | $12104 |
| **04/20** | $12123 | $12132 | $12547 |
| **05/20** | $12295 | $12188 | $12721 |
| **06/20** | $12448 | $12265 | $12851 |
| **07/20** | $12716 | $12448 | $13125 |
| **08/20** | $12783 | $12348 | $13214 |
| **09/20** | $12688 | $12341 | $13120 |
| **10/20** | $12573 | $12286 | $13002 |
| **11/20** | $13013 | $12406 | $13447 |
| **12/20** | $13166 | $12424 | $13584 |
| **01/21** | $13099 | $12334 | $13489 |
| **02/21** | $13042 | $12156 | $13410 |
| **03/21** | $13023 | $12005 | $13362 |
| **04/21** | $13224 | $12099 | $13567 |
| **05/21** | $13281 | $12139 | $13637 |
| **06/21** | $13386 | $12224 | $13752 |
| **07/21** | $13539 | $12361 | $13914 |
| **08/21** | $13625 | $12337 | $13963 |
| **09/21** | $13396 | $12231 | $13754 |
| **10/21** | $13530 | $12227 | $13902 |
| **11/21** | $13463 | $12263 | $13866 |
| **12/21** | $13549 | $12232 | $13957 |
| **01/22** | $13157 | $11968 | $13561 |
| **02/22** | $12946 | $11835 | $13378 |
| **03/22** | $12678 | $11506 | $13146 |
| **04/22** | $12075 | $11069 | $12531 |
| **05/22** | $12123 | $11141 | $12599 |
| **06/22** | $11731 | $10966 | $12223 |
| **07/22** | $12133 | $11234 | $12659 |
| **08/22** | $11769 | $10917 | $12271 |
| **09/22** | $11109 | $10445 | $11618 |
| **10/22** | $11109 | $10310 | $11669 |
| **11/22** | $11568 | $10689 | $12176 |
| **12/22** | $11415 | $10641 | $12033 |
| **01/23** | $11865 | $10968 | $12504 |
| **02/23** | $11539 | $10684 | $12188 |
| **03/23** | $11827 | $10956 | $12500 |
| **04/23** | $11894 | $11022 | $12600 |
| **05/23** | $11750 | $10902 | $12465 |
| **06/23** | $11865 | $10863 | $12583 |
| **07/23** | $11932 | $10856 | $12664 |
| **08/23** | $11807 | $10786 | $12536 |
| **09/23** | $11463 | $10512 | $12171 |
| **10/23** | $11243 | $10346 | $11943 |
| **11/23** | $11846 | $10815 | $12598 |
| **12/23** | $12334 | $11229 | $13118 |
| **01/24** | $12343 | $11198 | $13114 |
| **02/24** | $12315 | $11040 | $13079 |
| **03/24** | $12487 | $11142 | $13261 |
| **04/24** | $12142 | $10860 | $12891 |
| **05/24** | $12439 | $11044 | $13181 |
| **06/24** | $12573 | $11149 | $13325 |
| **07/24** | $12860 | $11409 | $13632 |
| **08/24** | $13080 | $11573 | $13857 |
| **09/24** | $13281 | $11728 | $14053 |
| **10/24** | $12936 | $11437 | $13714 |
| **11/24** | $13166 | $11558 | $13953 |
| **12/24** | $12908 | $11369 | $13692 |
| **01/25** | $13051 | $11430 | $13853 |
| **02/25** | $13252 | $11681 | $14076 |
| **03/25** | $13128 | $11685 | $13962 |
| **04/25** | $13166 | $11731 | $14031 |
| **05/25** | $13233 | $11647 | $14114 |
| **06/25** | $13530 | $11826 | $14407 |
| **07/25** | $13530 | $11795 | $14409 |
| **08/25** | $13740 | $11936 | $14630 |
| **09/25** | $13941 | $12067 | $14845 |
| **10/25** | $14046 | $12142 | $14974 |
| **11/25** | $14123 | $12217 | $15060 |
| **12/25** | $14123 | $12199 | $15069 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1<sup>Footnote Reference(a)</sup> | 9.41 | 1.41 | 3.51 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| 80% Bloomberg U.S. Aggregate Bond Index, 14% Russell 3000<sup>®</sup> Index, 6% MSCI EAFE Index (Net) | 10.06 | 2.10 | 4.19 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The returns shown for periods prior to February 20, 2019 (including Since Fund Inception returns, if shown) include the returns of Class 2. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $568761102 |
| **Total number of portfolio holdings** | 105 |
| **Management services fees (represents 0.21% of Fund average net assets)** | $1182405 |
| **Portfolio turnover for the reporting period** | 181% |

---

Variable Portfolio – Managed Volatility Conservative Fund \| Class 1 **\|** ASR7045_01_12_D01_(02/26) \|

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

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Equity Risk | 3.9% |
| Foreign Exchange Risk | 6.6% |
| Interest Rate Risk | 5.5% |
|  | Short |
| Equity Risk | 11.4% |
| Foreign Exchange Risk | 4.8% |
| Interest Rate Risk | 0.6% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Fixed Income Funds | 54.5% |
| Equity Funds | 18.1% |
| Money Market Funds | 17.7% |
| Residential Mortgage-Backed Securities - Agency | 7.7% |
| Exchange-Traded Fixed Income Funds | 7.5% |
| Exchange-Traded Equity Funds | 1.6% |
| Other | 0.3% |

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g102030g84q09.jpg)

Variable Portfolio – Managed Volatility Conservative Fund \| Class 1 **\|** ASR7045_01_12_D01_(02/26) \|

# Variable Portfolio – Managed Volatility Conservative Fund
Class 2

![Image](g102030g79l74.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Managed Volatility Conservative Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 2 | $58 | 0.55% |

---

## Management's Discussion of Fund Performance
The performance of Class 2 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Tactical allocation** \| Tactical allocations, in the form of maintaining equity levels above static benchmark policy level weighting assignments, proved beneficial to the Fund's relative performance during the annual period.

**Underlying fund manager selection** \| Underlying fixed-income managers outperformed with varied performance across the fixed-income universe, benefiting the Fund's relative performance.

### Top Performance Detractors
**Dynamic algorithm** \| The dynamic algorithm, a quantitative tool used by the portfolio managers to help direct equity exposure, steered the managers to start the year with an overweight exposure to equities within the Fund. However, as equity volatility rose during the early parts of the annual period, the algorithm shifted to recommend an underweight allocation to equities, versus static benchmark equity weights. This underweight positioning was applied to the Fund during a short span of the annual period, near April 2025, as levels of equity volatility were elevated. As equity volatility quickly subsided the algorithm recommended increased allocations to equities, however the snap-back in markets was swift enough to still result in a detraction effect from the algorithm during the period, weighing on the Fund's relative performance.

**Underlying fund manager selection** \| Underlying strategic fund managers focused on large and small cap domestic equities generally detracted from the Fund's relative performance during the annual period.

Variable Portfolio – Managed Volatility Conservative Fund \| Class 2 **\|** ASR7045_02_12_D01_(02/26) \|

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

### Growth of $10,000
![Growth of 10K Chart](g102030g41s89.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Variable Portfolio – Managed Volatility Conservative Fund Class 2 ($13881)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **80% Bloomberg U.S. Aggregate Bond Index, 14% Russell 3000<sup>®</sup> Index, 6% MSCI EAFE Index (Net) ($15069)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9933 | $10138 | $9988 |
| **02/16** | $9952 | $10210 | $10033 |
| **03/16** | $10172 | $10303 | $10245 |
| **04/16** | $10239 | $10343 | $10303 |
| **05/16** | $10258 | $10345 | $10325 |
| **06/16** | $10373 | $10531 | $10456 |
| **07/16** | $10516 | $10598 | $10598 |
| **08/16** | $10507 | $10586 | $10593 |
| **09/16** | $10507 | $10580 | $10598 |
| **10/16** | $10392 | $10499 | $10488 |
| **11/16** | $10249 | $10250 | $10343 |
| **12/16** | $10306 | $10265 | $10404 |
| **01/17** | $10373 | $10285 | $10466 |
| **02/17** | $10507 | $10354 | $10586 |
| **03/17** | $10516 | $10349 | $10600 |
| **04/17** | $10621 | $10428 | $10697 |
| **05/17** | $10736 | $10509 | $10802 |
| **06/17** | $10736 | $10498 | $10806 |
| **07/17** | $10822 | $10543 | $10890 |
| **08/17** | $10899 | $10638 | $10971 |
| **09/17** | $10927 | $10587 | $10983 |
| **10/17** | $10985 | $10593 | $11032 |
| **11/17** | $11052 | $10580 | $11074 |
| **12/17** | $11119 | $10628 | $11141 |
| **01/18** | $11214 | $10506 | $11154 |
| **02/18** | $10994 | $10406 | $10982 |
| **03/18** | $10985 | $10473 | $10995 |
| **04/18** | $10937 | $10395 | $10951 |
| **05/18** | $11013 | $10469 | $11042 |
| **06/18** | $10985 | $10456 | $11033 |
| **07/18** | $11061 | $10459 | $11103 |
| **08/18** | $11147 | $10526 | $11201 |
| **09/18** | $11109 | $10458 | $11152 |
| **10/18** | $10822 | $10376 | $10913 |
| **11/18** | $10889 | $10438 | $10995 |
| **12/18** | $10832 | $10630 | $10982 |
| **01/19** | $11109 | $10742 | $11250 |
| **02/19** | $11176 | $10736 | $11318 |
| **03/19** | $11367 | $10942 | $11519 |
| **04/19** | $11463 | $10945 | $11605 |
| **05/19** | $11415 | $11139 | $11631 |
| **06/19** | $11711 | $11279 | $11904 |
| **07/19** | $11740 | $11304 | $11941 |
| **08/19** | $11874 | $11597 | $12135 |
| **09/19** | $11864 | $11535 | $12134 |
| **10/19** | $11950 | $11570 | $12226 |
| **11/19** | $12036 | $11564 | $12295 |
| **12/19** | $12122 | $11556 | $12362 |
| **01/20** | $12256 | $11778 | $12535 |
| **02/20** | $12132 | $11990 | $12503 |
| **03/20** | $11568 | $11920 | $12104 |
| **04/20** | $12084 | $12132 | $12547 |
| **05/20** | $12256 | $12188 | $12721 |
| **06/20** | $12400 | $12265 | $12851 |
| **07/20** | $12667 | $12448 | $13125 |
| **08/20** | $12734 | $12348 | $13214 |
| **09/20** | $12629 | $12341 | $13120 |
| **10/20** | $12514 | $12286 | $13002 |
| **11/20** | $12945 | $12406 | $13447 |
| **12/20** | $13107 | $12424 | $13584 |
| **01/21** | $13031 | $12334 | $13489 |
| **02/21** | $12973 | $12156 | $13410 |
| **03/21** | $12945 | $12005 | $13362 |
| **04/21** | $13145 | $12099 | $13567 |
| **05/21** | $13203 | $12139 | $13637 |
| **06/21** | $13298 | $12224 | $13752 |
| **07/21** | $13451 | $12361 | $13914 |
| **08/21** | $13528 | $12337 | $13963 |
| **09/21** | $13308 | $12231 | $13754 |
| **10/21** | $13432 | $12227 | $13902 |
| **11/21** | $13365 | $12263 | $13866 |
| **12/21** | $13451 | $12232 | $13957 |
| **01/22** | $13059 | $11968 | $13561 |
| **02/22** | $12849 | $11835 | $13378 |
| **03/22** | $12572 | $11506 | $13146 |
| **04/22** | $11969 | $11069 | $12531 |
| **05/22** | $12017 | $11141 | $12599 |
| **06/22** | $11635 | $10966 | $12223 |
| **07/22** | $12027 | $11234 | $12659 |
| **08/22** | $11654 | $10917 | $12271 |
| **09/22** | $11004 | $10445 | $11618 |
| **10/22** | $11004 | $10310 | $11669 |
| **11/22** | $11463 | $10689 | $12176 |
| **12/22** | $11300 | $10641 | $12033 |
| **01/23** | $11740 | $10968 | $12504 |
| **02/23** | $11415 | $10684 | $12188 |
| **03/23** | $11702 | $10956 | $12500 |
| **04/23** | $11769 | $11022 | $12600 |
| **05/23** | $11625 | $10902 | $12465 |
| **06/23** | $11730 | $10863 | $12583 |
| **07/23** | $11797 | $10856 | $12664 |
| **08/23** | $11673 | $10786 | $12536 |
| **09/23** | $11319 | $10512 | $12171 |
| **10/23** | $11109 | $10346 | $11943 |
| **11/23** | $11702 | $10815 | $12598 |
| **12/23** | $12189 | $11229 | $13118 |
| **01/24** | $12189 | $11198 | $13114 |
| **02/24** | $12151 | $11040 | $13079 |
| **03/24** | $12323 | $11142 | $13261 |
| **04/24** | $11989 | $10860 | $12891 |
| **05/24** | $12275 | $11044 | $13181 |
| **06/24** | $12400 | $11149 | $13325 |
| **07/24** | $12686 | $11409 | $13632 |
| **08/24** | $12897 | $11573 | $13857 |
| **09/24** | $13088 | $11728 | $14053 |
| **10/24** | $12744 | $11437 | $13714 |
| **11/24** | $12973 | $11558 | $13953 |
| **12/24** | $12715 | $11369 | $13692 |
| **01/25** | $12859 | $11430 | $13853 |
| **02/25** | $13050 | $11681 | $14076 |
| **03/25** | $12925 | $11685 | $13962 |
| **04/25** | $12964 | $11731 | $14031 |
| **05/25** | $13031 | $11647 | $14114 |
| **06/25** | $13317 | $11826 | $14407 |
| **07/25** | $13308 | $11795 | $14409 |
| **08/25** | $13518 | $11936 | $14630 |
| **09/25** | $13709 | $12067 | $14845 |
| **10/25** | $13815 | $12142 | $14974 |
| **11/25** | $13881 | $12217 | $15060 |
| **12/25** | $13881 | $12199 | $15069 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2 | 9.17 | 1.15 | 3.33 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| 80% Bloomberg U.S. Aggregate Bond Index, 14% Russell 3000<sup>®</sup> Index, 6% MSCI EAFE Index (Net) | 10.06 | 2.10 | 4.19 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $568761102 |
| **Total number of portfolio holdings** | 105 |
| **Management services fees (represents 0.21% of Fund average net assets)** | $1182405 |
| **Portfolio turnover for the reporting period** | 181% |

---

Variable Portfolio – Managed Volatility Conservative Fund \| Class 2 **\|** ASR7045_02_12_D01_(02/26) \|

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

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Equity Risk | 3.9% |
| Foreign Exchange Risk | 6.6% |
| Interest Rate Risk | 5.5% |
|  | Short |
| Equity Risk | 11.4% |
| Foreign Exchange Risk | 4.8% |
| Interest Rate Risk | 0.6% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Fixed Income Funds | 54.5% |
| Equity Funds | 18.1% |
| Money Market Funds | 17.7% |
| Residential Mortgage-Backed Securities - Agency | 7.7% |
| Exchange-Traded Fixed Income Funds | 7.5% |
| Exchange-Traded Equity Funds | 1.6% |
| Other | 0.3% |

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g102030g84q09.jpg)

Variable Portfolio – Managed Volatility Conservative Fund \| Class 2 **\|** ASR7045_02_12_D01_(02/26) \|

# Variable Portfolio – Managed Volatility Conservative Growth Fund
Class 1

![Image](g102030g79l74.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Managed Volatility Conservative Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 1 | $30 | 0.28% |

---

## Management's Discussion of Fund Performance
The performance of Class 1 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Tactical allocation** \| Tactical allocations, in the form of maintaining equity levels above static benchmark policy level weighting assignments, proved beneficial to the Fund's relative performance during the annual period.

**Underlying fund manager selection** \| Underlying fixed-income managers outperformed with varied performance across the fixed-income universe, benefiting the Fund's relative performance.

### Top Performance Detractors
**Dynamic algorithm** \| The dynamic algorithm, a quantitative tool used by the portfolio managers to help direct equity exposure, steered the managers to start the year with an overweight exposure to equities within the Fund. However, as equity volatility rose during the early parts of the annual period, the algorithm shifted to recommend an underweight allocation to equities, versus static benchmark equity weights. This underweight positioning was applied to the Fund during a short span of the annual period, near April 2025, as levels of equity volatility were elevated. As equity volatility quickly subsided the algorithm recommended increased allocations to equities, however the snap-back in markets was swift enough to still result in a detraction effect from the algorithm during the period, weighing on the Fund's relative performance.

**Underlying fund manager selection** \| Underlying strategic fund managers focused on large and small cap domestic equities generally detracted from the Fund's relative performance during the annual period.

Variable Portfolio – Managed Volatility Conservative Growth Fund \| Class 1 **\|** ASR7046_01_12_D01_(02/26) \|

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

### Growth of $10,000
![Growth of 10K Chart](g102030g73d01.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Variable Portfolio – Managed Volatility Conservative Growth Fund Class 1 ($15851)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **65% Bloomberg U.S. Aggregate Bond Index, 24% Russell 3000<sup>®</sup> Index, 11% MSCI EAFE Index (Net) ($17519)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9823 | $10138 | $9874 |
| **02/16** | $9823 | $10210 | $9899 |
| **03/16** | $10112 | $10303 | $10197 |
| **04/16** | $10186 | $10343 | $10270 |
| **05/16** | $10214 | $10345 | $10305 |
| **06/16** | $10270 | $10531 | $10393 |
| **07/16** | $10466 | $10598 | $10592 |
| **08/16** | $10466 | $10586 | $10592 |
| **09/16** | $10466 | $10580 | $10606 |
| **10/16** | $10326 | $10499 | $10474 |
| **11/16** | $10242 | $10250 | $10403 |
| **12/16** | $10317 | $10265 | $10500 |
| **01/17** | $10419 | $10285 | $10594 |
| **02/17** | $10596 | $10354 | $10752 |
| **03/17** | $10624 | $10349 | $10783 |
| **04/17** | $10736 | $10428 | $10894 |
| **05/17** | $10875 | $10509 | $11020 |
| **06/17** | $10894 | $10498 | $11034 |
| **07/17** | $11015 | $10543 | $11150 |
| **08/17** | $11071 | $10638 | $11220 |
| **09/17** | $11155 | $10587 | $11281 |
| **10/17** | $11257 | $10593 | $11363 |
| **11/17** | $11378 | $10580 | $11450 |
| **12/17** | $11471 | $10628 | $11532 |
| **01/18** | $11704 | $10506 | $11655 |
| **02/18** | $11406 | $10406 | $11422 |
| **03/18** | $11350 | $10473 | $11392 |
| **04/18** | $11313 | $10395 | $11376 |
| **05/18** | $11406 | $10469 | $11478 |
| **06/18** | $11369 | $10456 | $11471 |
| **07/18** | $11508 | $10459 | $11595 |
| **08/18** | $11620 | $10526 | $11717 |
| **09/18** | $11583 | $10458 | $11684 |
| **10/18** | $11145 | $10376 | $11315 |
| **11/18** | $11229 | $10438 | $11412 |
| **12/18** | $10978 | $10630 | $11232 |
| **01/19** | $11378 | $10742 | $11622 |
| **02/19** | $11508 | $10736 | $11748 |
| **03/19** | $11685 | $10942 | $11944 |
| **04/19** | $11862 | $10945 | $12098 |
| **05/19** | $11648 | $11139 | $11986 |
| **06/19** | $12049 | $11279 | $12364 |
| **07/19** | $12077 | $11304 | $12408 |
| **08/19** | $12105 | $11597 | $12521 |
| **09/19** | $12142 | $11535 | $12570 |
| **10/19** | $12254 | $11570 | $12709 |
| **11/19** | $12412 | $11564 | $12837 |
| **12/19** | $12552 | $11556 | $12966 |
| **01/20** | $12627 | $11778 | $13095 |
| **02/20** | $12338 | $11990 | $12860 |
| **03/20** | $11639 | $11920 | $12198 |
| **04/20** | $12263 | $12132 | $12813 |
| **05/20** | $12496 | $12188 | $13078 |
| **06/20** | $12664 | $12265 | $13252 |
| **07/20** | $12981 | $12448 | $13595 |
| **08/20** | $13167 | $12348 | $13837 |
| **09/20** | $12990 | $12341 | $13672 |
| **10/20** | $12841 | $12286 | $13501 |
| **11/20** | $13475 | $12406 | $14212 |
| **12/20** | $13726 | $12424 | $14451 |
| **01/21** | $13661 | $12334 | $14351 |
| **02/21** | $13698 | $12156 | $14359 |
| **03/21** | $13735 | $12005 | $14403 |
| **04/21** | $14024 | $12099 | $14703 |
| **05/21** | $14108 | $12139 | $14803 |
| **06/21** | $14220 | $12224 | $14940 |
| **07/21** | $14388 | $12361 | $15121 |
| **08/21** | $14546 | $12337 | $15235 |
| **09/21** | $14220 | $12231 | $14937 |
| **10/21** | $14472 | $12227 | $15217 |
| **11/21** | $14341 | $12263 | $15113 |
| **12/21** | $14518 | $12232 | $15316 |
| **01/22** | $14006 | $11968 | $14803 |
| **02/22** | $13754 | $11835 | $14578 |
| **03/22** | $13521 | $11506 | $14438 |
| **04/22** | $12785 | $11069 | $13668 |
| **05/22** | $12832 | $11141 | $13733 |
| **06/22** | $12300 | $10966 | $13177 |
| **07/22** | $12813 | $11234 | $13755 |
| **08/22** | $12394 | $10917 | $13307 |
| **09/22** | $11630 | $10445 | $12500 |
| **10/22** | $11751 | $10310 | $12715 |
| **11/22** | $12291 | $10689 | $13336 |
| **12/22** | $12067 | $10641 | $13111 |
| **01/23** | $12599 | $10968 | $13706 |
| **02/23** | $12245 | $10684 | $13368 |
| **03/23** | $12543 | $10956 | $13710 |
| **04/23** | $12627 | $11022 | $13842 |
| **05/23** | $12477 | $10902 | $13693 |
| **06/23** | $12720 | $10863 | $13954 |
| **07/23** | $12869 | $10856 | $14117 |
| **08/23** | $12683 | $10786 | $13934 |
| **09/23** | $12254 | $10512 | $13492 |
| **10/23** | $12012 | $10346 | $13208 |
| **11/23** | $12738 | $10815 | $14027 |
| **12/23** | $13298 | $11229 | $14636 |
| **01/24** | $13325 | $11198 | $14658 |
| **02/24** | $13428 | $11040 | $14744 |
| **03/24** | $13680 | $11142 | $15000 |
| **04/24** | $13270 | $10860 | $14553 |
| **05/24** | $13661 | $11044 | $14940 |
| **06/24** | $13819 | $11149 | $15117 |
| **07/24** | $14127 | $11409 | $15462 |
| **08/24** | $14388 | $11573 | $15743 |
| **09/24** | $14611 | $11728 | $15974 |
| **10/24** | $14248 | $11437 | $15593 |
| **11/24** | $14583 | $11558 | $15939 |
| **12/24** | $14248 | $11369 | $15613 |
| **01/25** | $14490 | $11430 | $15875 |
| **02/25** | $14630 | $11681 | $16063 |
| **03/25** | $14388 | $11685 | $15835 |
| **04/25** | $14397 | $11731 | $15930 |
| **05/25** | $14611 | $11647 | $16178 |
| **06/25** | $15012 | $11826 | $16576 |
| **07/25** | $15040 | $11795 | $16610 |
| **08/25** | $15320 | $11936 | $16909 |
| **09/25** | $15590 | $12067 | $17205 |
| **10/25** | $15748 | $12142 | $17385 |
| **11/25** | $15832 | $12217 | $17479 |
| **12/25** | $15851 | $12199 | $17519 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1<sup>Footnote Reference(a)</sup> | 11.25 | 2.92 | 4.71 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| 65% Bloomberg U.S. Aggregate Bond Index, 24% Russell 3000<sup>®</sup> Index, 11% MSCI EAFE Index (Net) | 12.21 | 3.93 | 5.77 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The returns shown for periods prior to February 20, 2019 (including Since Fund Inception returns, if shown) include the returns of Class 2. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1114867220 |
| **Total number of portfolio holdings** | 110 |
| **Management services fees (represents 0.21% of Fund average net assets)** | $2335765 |
| **Portfolio turnover for the reporting period** | 183% |

---

Variable Portfolio – Managed Volatility Conservative Growth Fund \| Class 1 **\|** ASR7046_01_12_D01_(02/26) \|

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

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Equity Risk | 6.6% |
| Foreign Exchange Risk | 7.1% |
| Interest Rate Risk | 5.0% |
|  | Short |
| Equity Risk | 19.5% |
| Foreign Exchange Risk | 4.5% |
| Interest Rate Risk | 0.1% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Fixed Income Funds | 40.0% |
| Equity Funds | 32.6% |
| Money Market Funds | 17.0% |
| Residential Mortgage-Backed Securities - Agency | 7.3% |
| Exchange-Traded Fixed Income Funds | 4.9% |
| Exchange-Traded Equity Funds | 4.3% |
| Other | 0.6% |

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g102030g84q09.jpg)

Variable Portfolio – Managed Volatility Conservative Growth Fund \| Class 1 **\|** ASR7046_01_12_D01_(02/26) \|

# Variable Portfolio – Managed Volatility Conservative Growth Fund
Class 2

![Image](g102030g79l74.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Managed Volatility Conservative Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 2 | $56 | 0.53% |

---

## Management's Discussion of Fund Performance
The performance of Class 2 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Tactical allocation** \| Tactical allocations, in the form of maintaining equity levels above static benchmark policy level weighting assignments, proved beneficial to the Fund's relative performance during the annual period.

**Underlying fund manager selection** \| Underlying fixed-income managers outperformed with varied performance across the fixed-income universe, benefiting the Fund's relative performance.

### Top Performance Detractors
**Dynamic algorithm** \| The dynamic algorithm, a quantitative tool used by the portfolio managers to help direct equity exposure, steered the managers to start the year with an overweight exposure to equities within the Fund. However, as equity volatility rose during the early parts of the annual period, the algorithm shifted to recommend an underweight allocation to equities, versus static benchmark equity weights. This underweight positioning was applied to the Fund during a short span of the annual period, near April 2025, as levels of equity volatility were elevated. As equity volatility quickly subsided the algorithm recommended increased allocations to equities, however the snap-back in markets was swift enough to still result in a detraction effect from the algorithm during the period, weighing on the Fund's relative performance.

**Underlying fund manager selection** \| Underlying strategic fund managers focused on large and small cap domestic equities generally detracted from the Fund's relative performance during the annual period.

Variable Portfolio – Managed Volatility Conservative Growth Fund \| Class 2 **\|** ASR7046_02_12_D01_(02/26) \|

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

### Growth of $10,000
![Growth of 10K Chart](g102030g93v63.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Variable Portfolio – Managed Volatility Conservative Growth Fund Class 2 ($15577)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **65% Bloomberg U.S. Aggregate Bond Index, 24% Russell 3000<sup>®</sup> Index, 11% MSCI EAFE Index (Net) ($17519)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9823 | $10138 | $9874 |
| **02/16** | $9823 | $10210 | $9899 |
| **03/16** | $10112 | $10303 | $10197 |
| **04/16** | $10186 | $10343 | $10270 |
| **05/16** | $10214 | $10345 | $10305 |
| **06/16** | $10270 | $10531 | $10393 |
| **07/16** | $10466 | $10598 | $10592 |
| **08/16** | $10466 | $10586 | $10592 |
| **09/16** | $10466 | $10580 | $10606 |
| **10/16** | $10326 | $10499 | $10474 |
| **11/16** | $10242 | $10250 | $10403 |
| **12/16** | $10317 | $10265 | $10500 |
| **01/17** | $10419 | $10285 | $10594 |
| **02/17** | $10596 | $10354 | $10752 |
| **03/17** | $10624 | $10349 | $10783 |
| **04/17** | $10736 | $10428 | $10894 |
| **05/17** | $10875 | $10509 | $11020 |
| **06/17** | $10894 | $10498 | $11034 |
| **07/17** | $11015 | $10543 | $11150 |
| **08/17** | $11071 | $10638 | $11220 |
| **09/17** | $11155 | $10587 | $11281 |
| **10/17** | $11257 | $10593 | $11363 |
| **11/17** | $11378 | $10580 | $11450 |
| **12/17** | $11471 | $10628 | $11532 |
| **01/18** | $11704 | $10506 | $11655 |
| **02/18** | $11406 | $10406 | $11422 |
| **03/18** | $11350 | $10473 | $11392 |
| **04/18** | $11313 | $10395 | $11376 |
| **05/18** | $11406 | $10469 | $11478 |
| **06/18** | $11369 | $10456 | $11471 |
| **07/18** | $11508 | $10459 | $11595 |
| **08/18** | $11620 | $10526 | $11717 |
| **09/18** | $11583 | $10458 | $11684 |
| **10/18** | $11145 | $10376 | $11315 |
| **11/18** | $11229 | $10438 | $11412 |
| **12/18** | $10978 | $10630 | $11232 |
| **01/19** | $11378 | $10742 | $11622 |
| **02/19** | $11508 | $10736 | $11748 |
| **03/19** | $11676 | $10942 | $11944 |
| **04/19** | $11853 | $10945 | $12098 |
| **05/19** | $11629 | $11139 | $11986 |
| **06/19** | $12030 | $11279 | $12364 |
| **07/19** | $12058 | $11304 | $12408 |
| **08/19** | $12086 | $11597 | $12521 |
| **09/19** | $12123 | $11535 | $12570 |
| **10/19** | $12225 | $11570 | $12709 |
| **11/19** | $12374 | $11564 | $12837 |
| **12/19** | $12514 | $11556 | $12966 |
| **01/20** | $12588 | $11778 | $13095 |
| **02/20** | $12300 | $11990 | $12860 |
| **03/20** | $11601 | $11920 | $12198 |
| **04/20** | $12225 | $12132 | $12813 |
| **05/20** | $12449 | $12188 | $13078 |
| **06/20** | $12616 | $12265 | $13252 |
| **07/20** | $12924 | $12448 | $13595 |
| **08/20** | $13110 | $12348 | $13837 |
| **09/20** | $12933 | $12341 | $13672 |
| **10/20** | $12775 | $12286 | $13501 |
| **11/20** | $13399 | $12406 | $14212 |
| **12/20** | $13659 | $12424 | $14451 |
| **01/21** | $13594 | $12334 | $14351 |
| **02/21** | $13622 | $12156 | $14359 |
| **03/21** | $13650 | $12005 | $14403 |
| **04/21** | $13939 | $12099 | $14703 |
| **05/21** | $14022 | $12139 | $14803 |
| **06/21** | $14134 | $12224 | $14940 |
| **07/21** | $14292 | $12361 | $15121 |
| **08/21** | $14451 | $12337 | $15235 |
| **09/21** | $14115 | $12231 | $14937 |
| **10/21** | $14367 | $12227 | $15217 |
| **11/21** | $14237 | $12263 | $15113 |
| **12/21** | $14404 | $12232 | $15316 |
| **01/22** | $13901 | $11968 | $14803 |
| **02/22** | $13650 | $11835 | $14578 |
| **03/22** | $13408 | $11506 | $14438 |
| **04/22** | $12682 | $11069 | $13668 |
| **05/22** | $12719 | $11141 | $13733 |
| **06/22** | $12188 | $10966 | $13177 |
| **07/22** | $12691 | $11234 | $13755 |
| **08/22** | $12281 | $10917 | $13307 |
| **09/22** | $11518 | $10445 | $12500 |
| **10/22** | $11629 | $10310 | $12715 |
| **11/22** | $12169 | $10689 | $13336 |
| **12/22** | $11946 | $10641 | $13111 |
| **01/23** | $12467 | $10968 | $13706 |
| **02/23** | $12114 | $10684 | $13368 |
| **03/23** | $12412 | $10956 | $13710 |
| **04/23** | $12495 | $11022 | $13842 |
| **05/23** | $12337 | $10902 | $13693 |
| **06/23** | $12579 | $10863 | $13954 |
| **07/23** | $12719 | $10856 | $14117 |
| **08/23** | $12533 | $10786 | $13934 |
| **09/23** | $12114 | $10512 | $13492 |
| **10/23** | $11862 | $10346 | $13208 |
| **11/23** | $12588 | $10815 | $14027 |
| **12/23** | $13138 | $11229 | $14636 |
| **01/24** | $13156 | $11198 | $14658 |
| **02/24** | $13259 | $11040 | $14744 |
| **03/24** | $13501 | $11142 | $15000 |
| **04/24** | $13091 | $10860 | $14553 |
| **05/24** | $13482 | $11044 | $14940 |
| **06/24** | $13631 | $11149 | $15117 |
| **07/24** | $13929 | $11409 | $15462 |
| **08/24** | $14181 | $11573 | $15743 |
| **09/24** | $14395 | $11728 | $15974 |
| **10/24** | $14032 | $11437 | $15593 |
| **11/24** | $14367 | $11558 | $15939 |
| **12/24** | $14032 | $11369 | $15613 |
| **01/25** | $14274 | $11430 | $15875 |
| **02/25** | $14404 | $11681 | $16063 |
| **03/25** | $14162 | $11685 | $15835 |
| **04/25** | $14171 | $11731 | $15930 |
| **05/25** | $14385 | $11647 | $16178 |
| **06/25** | $14767 | $11826 | $16576 |
| **07/25** | $14795 | $11795 | $16610 |
| **08/25** | $15065 | $11936 | $16909 |
| **09/25** | $15326 | $12067 | $17205 |
| **10/25** | $15484 | $12142 | $17385 |
| **11/25** | $15559 | $12217 | $17479 |
| **12/25** | $15577 | $12199 | $17519 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2 | 11.02 | 2.66 | 4.53 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| 65% Bloomberg U.S. Aggregate Bond Index, 24% Russell 3000<sup>®</sup> Index, 11% MSCI EAFE Index (Net) | 12.21 | 3.93 | 5.77 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1114867220 |
| **Total number of portfolio holdings** | 110 |
| **Management services fees (represents 0.21% of Fund average net assets)** | $2335765 |
| **Portfolio turnover for the reporting period** | 183% |

---

Variable Portfolio – Managed Volatility Conservative Growth Fund \| Class 2 **\|** ASR7046_02_12_D01_(02/26) \|

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

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Equity Risk | 6.6% |
| Foreign Exchange Risk | 7.1% |
| Interest Rate Risk | 5.0% |
|  | Short |
| Equity Risk | 19.5% |
| Foreign Exchange Risk | 4.5% |
| Interest Rate Risk | 0.1% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Fixed Income Funds | 40.0% |
| Equity Funds | 32.6% |
| Money Market Funds | 17.0% |
| Residential Mortgage-Backed Securities - Agency | 7.3% |
| Exchange-Traded Fixed Income Funds | 4.9% |
| Exchange-Traded Equity Funds | 4.3% |
| Other | 0.6% |

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g102030g84q09.jpg)

Variable Portfolio – Managed Volatility Conservative Growth Fund \| Class 2 **\|** ASR7046_02_12_D01_(02/26) \|

# Variable Portfolio – Managed Volatility Growth Fund
Class 1

![Image](g102030g79l74.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Managed Volatility Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 1 | $27 | 0.25% |

---

## Management's Discussion of Fund Performance
The performance of Class 1 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Tactical allocation** \| Tactical allocations, in the form of maintaining equity levels above static benchmark policy level weighting assignments, proved beneficial to the Fund's relative performance during the annual period.

**Underlying fund manager selection** \| Underlying fixed-income managers outperformed with varied performance across the fixed-income universe, benefiting the Fund's relative performance.

### Top Performance Detractors
**Dynamic algorithm** \| The dynamic algorithm, a quantitative tool used by the portfolio managers to help direct equity exposure, steered the managers to start the year with an overweight exposure to equities within the Fund. However, as equity volatility rose during the early parts of the annual period, the algorithm shifted to recommend an underweight allocation to equities, versus static benchmark equity weights. This underweight positioning was applied to the Fund during a short span of the annual period, near April 2025, as levels of equity volatility were elevated. As equity volatility quickly subsided the algorithm recommended increased allocations to equities, however the snap-back in markets was swift enough to still result in a detraction effect from the algorithm during the period, weighing on the Fund's relative performance.

**Underlying fund manager selection** \| Underlying strategic fund managers focused on large and small cap domestic equities generally detracted from the Fund's relative performance during the annual period.

Variable Portfolio – Managed Volatility Growth Fund \| Class 1 **\|** ASR7047_01_12_D01_(02/26) \|

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

### Growth of $10,000
![Growth of 10K Chart](g102030g88j69.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Variable Portfolio – Managed Volatility Growth Fund Class 1 ($19911)** | **Russell 3000<sup>®</sup> Index ($38012)** | **46% Russell 3000<sup>®</sup> Index, 35% Bloomberg U.S. Aggregate Bond Index, 19% MSCI EAFE Index (Net) ($23635)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9575 | $9436 | $9651 |
| **02/16** | $9539 | $9433 | $9640 |
| **03/16** | $9973 | $10097 | $10102 |
| **04/16** | $10062 | $10159 | $10200 |
| **05/16** | $10106 | $10341 | $10268 |
| **06/16** | $10062 | $10362 | $10276 |
| **07/16** | $10354 | $10774 | $10586 |
| **08/16** | $10345 | $10801 | $10595 |
| **09/16** | $10354 | $10818 | $10626 |
| **10/16** | $10159 | $10584 | $10450 |
| **11/16** | $10204 | $11058 | $10539 |
| **12/16** | $10337 | $11274 | $10707 |
| **01/17** | $10505 | $11486 | $10867 |
| **02/17** | $10753 | $11913 | $11108 |
| **03/17** | $10815 | $11921 | $11167 |
| **04/17** | $10965 | $12047 | $11306 |
| **05/17** | $11143 | $12171 | $11468 |
| **06/17** | $11178 | $12280 | $11508 |
| **07/17** | $11373 | $12512 | $11688 |
| **08/17** | $11399 | $12536 | $11734 |
| **09/17** | $11594 | $12842 | $11902 |
| **10/17** | $11780 | $13122 | $12058 |
| **11/17** | $12019 | $13521 | $12245 |
| **12/17** | $12143 | $13656 | $12358 |
| **01/18** | $12710 | $14375 | $12726 |
| **02/18** | $12205 | $13846 | $12359 |
| **03/18** | $12046 | $13568 | $12230 |
| **04/18** | $12028 | $13619 | $12273 |
| **05/18** | $12143 | $14004 | $12410 |
| **06/18** | $12099 | $14095 | $12414 |
| **07/18** | $12356 | $14563 | $12662 |
| **08/18** | $12524 | $15074 | $12849 |
| **09/18** | $12533 | $15099 | $12851 |
| **10/18** | $11745 | $13988 | $12186 |
| **11/18** | $11842 | $14268 | $12321 |
| **12/18** | $11205 | $12940 | $11759 |
| **01/19** | $11842 | $14051 | $12413 |
| **02/19** | $12090 | $14545 | $12672 |
| **03/19** | $12241 | $14757 | $12857 |
| **04/19** | $12579 | $15346 | $13163 |
| **05/19** | $11993 | $14353 | $12733 |
| **06/19** | $12605 | $15361 | $13344 |
| **07/19** | $12632 | $15590 | $13413 |
| **08/19** | $12445 | $15272 | $13343 |
| **09/19** | $12561 | $15540 | $13499 |
| **10/19** | $12738 | $15874 | $13739 |
| **11/19** | $13014 | $16478 | $14006 |
| **12/19** | $13280 | $16954 | $14275 |
| **01/20** | $13218 | $16935 | $14307 |
| **02/20** | $12579 | $15549 | $13613 |
| **03/20** | $11602 | $13410 | $12379 |
| **04/20** | $12428 | $15187 | $13362 |
| **05/20** | $12809 | $15999 | $13823 |
| **06/20** | $13022 | $16364 | $14088 |
| **07/20** | $13431 | $17294 | $14592 |
| **08/20** | $13883 | $18546 | $15180 |
| **09/20** | $13555 | $17871 | $14847 |
| **10/20** | $13289 | $17485 | $14564 |
| **11/20** | $14345 | $19613 | $15858 |
| **12/20** | $14816 | $20495 | $16334 |
| **01/21** | $14762 | $20404 | $16227 |
| **02/21** | $15011 | $21042 | $16447 |
| **03/21** | $15215 | $21796 | $16718 |
| **04/21** | $15712 | $22919 | $17256 |
| **05/21** | $15872 | $23024 | $17419 |
| **06/21** | $15996 | $23592 | $17623 |
| **07/21** | $16209 | $23991 | $17854 |
| **08/21** | $16555 | $24675 | $18136 |
| **09/21** | $15970 | $23568 | $17607 |
| **10/21** | $16529 | $25161 | $18235 |
| **11/21** | $16227 | $24778 | $17965 |
| **12/21** | $16626 | $25754 | $18449 |
| **01/22** | $15845 | $24239 | $17641 |
| **02/22** | $15481 | $23628 | $17309 |
| **03/22** | $15339 | $24395 | $17420 |
| **04/22** | $14283 | $22206 | $16255 |
| **05/22** | $14336 | $22176 | $16305 |
| **06/22** | $13457 | $20321 | $15301 |
| **07/22** | $14221 | $22227 | $16237 |
| **08/22** | $13679 | $21397 | $15651 |
| **09/22** | $12676 | $19413 | $14468 |
| **10/22** | $13093 | $21005 | $15096 |
| **11/22** | $13830 | $22102 | $15976 |
| **12/22** | $13431 | $20808 | $15523 |
| **01/23** | $14150 | $22241 | $16421 |
| **02/23** | $13750 | $21721 | $16031 |
| **03/23** | $14070 | $22302 | $16446 |
| **04/23** | $14194 | $22539 | $16649 |
| **05/23** | $14017 | $22627 | $16482 |
| **06/23** | $14594 | $24172 | $17122 |
| **07/23** | $14931 | $25039 | $17505 |
| **08/23** | $14594 | $24555 | $17183 |
| **09/23** | $13990 | $23386 | $16542 |
| **10/23** | $13662 | $22766 | $16122 |
| **11/23** | $14700 | $24888 | $17353 |
| **12/23** | $15428 | $26209 | $18184 |
| **01/24** | $15490 | $26499 | $18279 |
| **02/24** | $15961 | $27933 | $18708 |
| **03/24** | $16405 | $28835 | $19162 |
| **04/24** | $15801 | $27566 | $18512 |
| **05/24** | $16467 | $28868 | $19160 |
| **06/24** | $16680 | $29762 | $19438 |
| **07/24** | $17026 | $30315 | $19871 |
| **08/24** | $17381 | $30975 | $20293 |
| **09/24** | $17656 | $31616 | $20617 |
| **10/24** | $17230 | $31384 | $20155 |
| **11/24** | $17843 | $33471 | $20825 |
| **12/24** | $17319 | $32448 | $20323 |
| **01/25** | $17816 | $33473 | $20859 |
| **02/25** | $17780 | $32831 | $20912 |
| **03/25** | $17212 | $30916 | $20338 |
| **04/25** | $17159 | $30709 | $20480 |
| **05/25** | $17772 | $32655 | $21204 |
| **06/25** | $18437 | $34314 | $21902 |
| **07/25** | $18544 | $35070 | $22046 |
| **08/25** | $18997 | $35881 | $22551 |
| **09/25** | $19467 | $37120 | $23077 |
| **10/25** | $19751 | $37915 | $23407 |
| **11/25** | $19822 | $38019 | $23515 |
| **12/25** | $19911 | $38012 | $23635 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1<sup>Footnote Reference(a)</sup> | 14.97 | 6.09 | 7.13 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |
| 46% Russell 3000<sup>®</sup> Index, 35% Bloomberg U.S. Aggregate Bond Index, 19% MSCI EAFE Index (Net) | 16.30 | 7.67 | 8.98 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The returns shown for periods prior to February 20, 2019 (including Since Fund Inception returns, if shown) include the returns of Class 2. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $11279570607 |
| **Total number of portfolio holdings** | 112 |
| **Management services fees (represents 0.18% of Fund average net assets)** | $20090035 |
| **Portfolio turnover for the reporting period** | 184% |

---

Variable Portfolio – Managed Volatility Growth Fund \| Class 1 **\|** ASR7047_01_12_D01_(02/26) \|

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

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Equity Risk | 16.8% |
| Foreign Exchange Risk | 8.4% |
| Interest Rate Risk | 4.3% |
|  | Short |
| Equity Risk | 36.2% |
| Foreign Exchange Risk | 3.6% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Equity Funds | 61.9% |
| Money Market Funds | 15.8% |
| Fixed Income Funds | 10.8% |
| Exchange-Traded Equity Funds | 5.8% |
| Residential Mortgage-Backed Securities - Agency | 4.3% |
| Exchange-Traded Fixed Income Funds | 3.2% |
| Put Option Contracts Purchased | 1.1% |
| Other | 0.0%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g102030g84q09.jpg)

Variable Portfolio – Managed Volatility Growth Fund \| Class 1 **\|** ASR7047_01_12_D01_(02/26) \|

# Variable Portfolio – Managed Volatility Growth Fund
Class 2

![Image](g102030g79l74.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Managed Volatility Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 2 | $54 | 0.50% |

---

## Management's Discussion of Fund Performance
The performance of Class 2 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Tactical allocation** \| Tactical allocations, in the form of maintaining equity levels above static benchmark policy level weighting assignments, proved beneficial to the Fund's relative performance during the annual period.

**Underlying fund manager selection** \| Underlying fixed-income managers outperformed with varied performance across the fixed-income universe, benefiting the Fund's relative performance.

### Top Performance Detractors
**Dynamic algorithm** \| The dynamic algorithm, a quantitative tool used by the portfolio managers to help direct equity exposure, steered the managers to start the year with an overweight exposure to equities within the Fund. However, as equity volatility rose during the early parts of the annual period, the algorithm shifted to recommend an underweight allocation to equities, versus static benchmark equity weights. This underweight positioning was applied to the Fund during a short span of the annual period, near April 2025, as levels of equity volatility were elevated. As equity volatility quickly subsided the algorithm recommended increased allocations to equities, however the snap-back in markets was swift enough to still result in a detraction effect from the algorithm during the period, weighing on the Fund's relative performance.

**Underlying fund manager selection** \| Underlying strategic fund managers focused on large and small cap domestic equities generally detracted from the Fund's relative performance during the annual period.

Variable Portfolio – Managed Volatility Growth Fund \| Class 2 **\|** ASR7047_02_12_D01_(02/26) \|

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

### Growth of $10,000
![Growth of 10K Chart](g102030g80d36.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Variable Portfolio – Managed Volatility Growth Fund Class 2 ($19575)** | **Russell 3000<sup>®</sup> Index ($38012)** | **46% Russell 3000<sup>®</sup> Index, 35% Bloomberg U.S. Aggregate Bond Index, 19% MSCI EAFE Index (Net) ($23635)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9575 | $9436 | $9651 |
| **02/16** | $9539 | $9433 | $9640 |
| **03/16** | $9973 | $10097 | $10102 |
| **04/16** | $10062 | $10159 | $10200 |
| **05/16** | $10106 | $10341 | $10268 |
| **06/16** | $10062 | $10362 | $10276 |
| **07/16** | $10354 | $10774 | $10586 |
| **08/16** | $10345 | $10801 | $10595 |
| **09/16** | $10354 | $10818 | $10626 |
| **10/16** | $10159 | $10584 | $10450 |
| **11/16** | $10204 | $11058 | $10539 |
| **12/16** | $10337 | $11274 | $10707 |
| **01/17** | $10505 | $11486 | $10867 |
| **02/17** | $10753 | $11913 | $11108 |
| **03/17** | $10815 | $11921 | $11167 |
| **04/17** | $10965 | $12047 | $11306 |
| **05/17** | $11143 | $12171 | $11468 |
| **06/17** | $11178 | $12280 | $11508 |
| **07/17** | $11373 | $12512 | $11688 |
| **08/17** | $11399 | $12536 | $11734 |
| **09/17** | $11594 | $12842 | $11902 |
| **10/17** | $11780 | $13122 | $12058 |
| **11/17** | $12019 | $13521 | $12245 |
| **12/17** | $12143 | $13656 | $12358 |
| **01/18** | $12710 | $14375 | $12726 |
| **02/18** | $12205 | $13846 | $12359 |
| **03/18** | $12046 | $13568 | $12230 |
| **04/18** | $12028 | $13619 | $12273 |
| **05/18** | $12143 | $14004 | $12410 |
| **06/18** | $12099 | $14095 | $12414 |
| **07/18** | $12356 | $14563 | $12662 |
| **08/18** | $12524 | $15074 | $12849 |
| **09/18** | $12533 | $15099 | $12851 |
| **10/18** | $11745 | $13988 | $12186 |
| **11/18** | $11842 | $14268 | $12321 |
| **12/18** | $11205 | $12940 | $11759 |
| **01/19** | $11842 | $14051 | $12413 |
| **02/19** | $12090 | $14545 | $12672 |
| **03/19** | $12241 | $14757 | $12857 |
| **04/19** | $12569 | $15346 | $13163 |
| **05/19** | $11984 | $14353 | $12733 |
| **06/19** | $12595 | $15361 | $13344 |
| **07/19** | $12613 | $15590 | $13413 |
| **08/19** | $12427 | $15272 | $13343 |
| **09/19** | $12542 | $15540 | $13499 |
| **10/19** | $12710 | $15874 | $13739 |
| **11/19** | $12985 | $16478 | $14006 |
| **12/19** | $13251 | $16954 | $14275 |
| **01/20** | $13180 | $16935 | $14307 |
| **02/20** | $12542 | $15549 | $13613 |
| **03/20** | $11568 | $13410 | $12379 |
| **04/20** | $12392 | $15187 | $13362 |
| **05/20** | $12764 | $15999 | $13823 |
| **06/20** | $12976 | $16364 | $14088 |
| **07/20** | $13384 | $17294 | $14592 |
| **08/20** | $13826 | $18546 | $15180 |
| **09/20** | $13499 | $17871 | $14847 |
| **10/20** | $13233 | $17485 | $14564 |
| **11/20** | $14278 | $19613 | $15858 |
| **12/20** | $14748 | $20495 | $16334 |
| **01/21** | $14694 | $20404 | $16227 |
| **02/21** | $14934 | $21042 | $16447 |
| **03/21** | $15128 | $21796 | $16718 |
| **04/21** | $15624 | $22919 | $17256 |
| **05/21** | $15784 | $23024 | $17419 |
| **06/21** | $15908 | $23592 | $17623 |
| **07/21** | $16112 | $23991 | $17854 |
| **08/21** | $16448 | $24675 | $18136 |
| **09/21** | $15864 | $23568 | $17607 |
| **10/21** | $16413 | $25161 | $18235 |
| **11/21** | $16112 | $24778 | $17965 |
| **12/21** | $16501 | $25754 | $18449 |
| **01/22** | $15722 | $24239 | $17641 |
| **02/22** | $15359 | $23628 | $17309 |
| **03/22** | $15217 | $24395 | $17420 |
| **04/22** | $14172 | $22206 | $16255 |
| **05/22** | $14216 | $22176 | $16305 |
| **06/22** | $13348 | $20321 | $15301 |
| **07/22** | $14101 | $22227 | $16237 |
| **08/22** | $13561 | $21397 | $15651 |
| **09/22** | $12560 | $19413 | $14468 |
| **10/22** | $12976 | $21005 | $15096 |
| **11/22** | $13702 | $22102 | $15976 |
| **12/22** | $13295 | $20808 | $15523 |
| **01/23** | $14004 | $22241 | $16421 |
| **02/23** | $13614 | $21721 | $16031 |
| **03/23** | $13924 | $22302 | $16446 |
| **04/23** | $14039 | $22539 | $16649 |
| **05/23** | $13871 | $22627 | $16482 |
| **06/23** | $14438 | $24172 | $17122 |
| **07/23** | $14765 | $25039 | $17505 |
| **08/23** | $14429 | $24555 | $17183 |
| **09/23** | $13826 | $23386 | $16542 |
| **10/23** | $13499 | $22766 | $16122 |
| **11/23** | $14526 | $24888 | $17353 |
| **12/23** | $15235 | $26209 | $18184 |
| **01/24** | $15297 | $26499 | $18279 |
| **02/24** | $15757 | $27933 | $18708 |
| **03/24** | $16191 | $28835 | $19162 |
| **04/24** | $15598 | $27566 | $18512 |
| **05/24** | $16253 | $28868 | $19160 |
| **06/24** | $16457 | $29762 | $19438 |
| **07/24** | $16794 | $30315 | $19871 |
| **08/24** | $17139 | $30975 | $20293 |
| **09/24** | $17405 | $31616 | $20617 |
| **10/24** | $16980 | $31384 | $20155 |
| **11/24** | $17591 | $33471 | $20825 |
| **12/24** | $17059 | $32448 | $20323 |
| **01/25** | $17547 | $33473 | $20859 |
| **02/25** | $17511 | $32831 | $20912 |
| **03/25** | $16953 | $30916 | $20338 |
| **04/25** | $16900 | $30709 | $20480 |
| **05/25** | $17493 | $32655 | $21204 |
| **06/25** | $18140 | $34314 | $21902 |
| **07/25** | $18246 | $35070 | $22046 |
| **08/25** | $18689 | $35881 | $22551 |
| **09/25** | $19150 | $37120 | $23077 |
| **10/25** | $19424 | $37915 | $23407 |
| **11/25** | $19486 | $38019 | $23515 |
| **12/25** | $19575 | $38012 | $23635 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2 | 14.75 | 5.83 | 6.95 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |
| 46% Russell 3000<sup>®</sup> Index, 35% Bloomberg U.S. Aggregate Bond Index, 19% MSCI EAFE Index (Net) | 16.30 | 7.67 | 8.98 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $11279570607 |
| **Total number of portfolio holdings** | 112 |
| **Management services fees (represents 0.18% of Fund average net assets)** | $20090035 |
| **Portfolio turnover for the reporting period** | 184% |

---

Variable Portfolio – Managed Volatility Growth Fund \| Class 2 **\|** ASR7047_02_12_D01_(02/26) \|

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

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Equity Risk | 16.8% |
| Foreign Exchange Risk | 8.4% |
| Interest Rate Risk | 4.3% |
|  | Short |
| Equity Risk | 36.2% |
| Foreign Exchange Risk | 3.6% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Equity Funds | 61.9% |
| Money Market Funds | 15.8% |
| Fixed Income Funds | 10.8% |
| Exchange-Traded Equity Funds | 5.8% |
| Residential Mortgage-Backed Securities - Agency | 4.3% |
| Exchange-Traded Fixed Income Funds | 3.2% |
| Put Option Contracts Purchased | 1.1% |
| Other | 0.0%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g102030g84q09.jpg)

Variable Portfolio – Managed Volatility Growth Fund \| Class 2 **\|** ASR7047_02_12_D01_(02/26) \|

# Variable Portfolio – U.S. Flexible Conservative Growth Fund
Class 1

![Image](g102030g79l74.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – U.S. Flexible Conservative Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 1 | $32 | 0.31% |

---

## Management's Discussion of Fund Performance
The performance of Class 1 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Tactical allocation** \| Tactical allocations, in the form of maintaining equity levels above static benchmark policy level weighting assignments, proved beneficial to the Fund's relative performance during the annual period.

**Underlying fund manager selection** \| Underlying fixed-income managers outperformed with varied performance across the fixed-income universe, benefiting the Fund's relative performance.

### Top Performance Detractors
**Dynamic algorithm** \| The dynamic algorithm, a quantitative tool used by the portfolio managers to help direct equity exposure, steered the managers to start the year with an overweight exposure to equities within the Fund. However, as equity volatility rose during the early parts of the annual period, the algorithm shifted to recommend an underweight allocation to equities, versus static benchmark equity weights. This underweight positioning was applied to the Fund during a short span of the annual period, near April 2025, as levels of equity volatility were elevated. As equity volatility quickly subsided the algorithm recommended increased allocations to equities, however the snap-back in markets was swift enough to still result in a detraction effect from the algorithm during the period, weighing on the Fund's relative performance.

**Underlying fund manager selection** \| Underlying strategic fund managers focused on large and small cap domestic equities generally detracted from the Fund's relative returns during the annual period.

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Class 1 **\|** ASR7059_01_12_D01_(02/26) \|

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

### Growth of $10,000
![Growth of 10K Chart](g102030g79u92.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Variable Portfolio – U.S. Flexible Conservative Growth Fund Class 1 ($16150)** | **S&P 500<sup>®</sup> Index ($38120)** | **65% Bloomberg U.S. Aggregate Bond Index, 35% S&P 500 Index<sup>®</sup> ($18000)** | **Bloomberg U.S. Aggregate Bond Index ($11608)** |
| **11/02/16** | $10000 | $10000 | $10000 | $10000 |
| **11/30/16** | $10020 | $10508 | $10018 | $9754 |
| **12/31/16** | $10070 | $10716 | $10096 | $9767 |
| **01/31/17** | $10180 | $10919 | $10176 | $9786 |
| **02/28/17** | $10410 | $11353 | $10362 | $9852 |
| **03/31/17** | $10400 | $11366 | $10363 | $9847 |
| **04/30/17** | $10490 | $11483 | $10452 | $9923 |
| **05/31/17** | $10610 | $11644 | $10556 | $9999 |
| **06/30/17** | $10630 | $11717 | $10572 | $9989 |
| **07/31/17** | $10750 | $11958 | $10677 | $10032 |
| **08/31/17** | $10810 | $11995 | $10751 | $10122 |
| **09/30/17** | $10890 | $12242 | $10795 | $10074 |
| **10/31/17** | $11000 | $12528 | $10888 | $10080 |
| **11/30/17** | $11170 | $12912 | $10996 | $10067 |
| **12/31/17** | $11250 | $13056 | $11071 | $10113 |
| **01/31/18** | $11510 | $13803 | $11210 | $9997 |
| **02/28/18** | $11250 | $13294 | $10996 | $9902 |
| **03/31/18** | $11160 | $12956 | $10944 | $9965 |
| **04/30/18** | $11120 | $13006 | $10906 | $9891 |
| **05/31/18** | $11250 | $13319 | $11049 | $9962 |
| **06/30/18** | $11250 | $13401 | $11064 | $9950 |
| **07/31/18** | $11400 | $13900 | $11210 | $9952 |
| **08/31/18** | $11570 | $14353 | $11384 | $10016 |
| **09/30/18** | $11540 | $14435 | $11359 | $9952 |
| **10/31/18** | $11120 | $13448 | $11029 | $9873 |
| **11/30/18** | $11240 | $13722 | $11151 | $9932 |
| **12/31/18** | $10970 | $12483 | $10931 | $10114 |
| **01/31/19** | $11350 | $13483 | $11313 | $10222 |
| **02/28/19** | $11460 | $13916 | $11436 | $10216 |
| **03/31/19** | $11660 | $14187 | $11657 | $10412 |
| **04/30/19** | $11840 | $14761 | $11824 | $10415 |
| **05/31/19** | $11650 | $13823 | $11697 | $10600 |
| **06/30/19** | $12050 | $14797 | $12081 | $10733 |
| **07/31/19** | $12120 | $15010 | $12160 | $10756 |
| **08/31/19** | $12210 | $14772 | $12297 | $11035 |
| **09/30/19** | $12230 | $15049 | $12335 | $10976 |
| **10/31/19** | $12310 | $15375 | $12453 | $11009 |
| **11/30/19** | $12480 | $15933 | $12607 | $11004 |
| **12/31/19** | $12630 | $16414 | $12734 | $10996 |
| **01/31/20** | $12740 | $16407 | $12892 | $11208 |
| **02/29/20** | $12450 | $15057 | $12671 | $11409 |
| **03/31/20** | $11780 | $13197 | $12075 | $11342 |
| **04/30/20** | $12290 | $14889 | $12756 | $11544 |
| **05/31/20** | $12480 | $15598 | $13007 | $11598 |
| **06/30/20** | $12620 | $15908 | $13151 | $11671 |
| **07/31/20** | $12890 | $16805 | $13538 | $11845 |
| **08/31/20** | $12950 | $18013 | $13808 | $11749 |
| **09/30/20** | $12810 | $17328 | $13619 | $11743 |
| **10/31/20** | $12720 | $16868 | $13453 | $11690 |
| **11/30/20** | $13200 | $18714 | $14054 | $11805 |
| **12/31/20** | $13410 | $19434 | $14256 | $11821 |
| **01/31/21** | $13340 | $19237 | $14139 | $11737 |
| **02/28/21** | $13350 | $19768 | $14143 | $11567 |
| **03/31/21** | $13410 | $20634 | $14245 | $11423 |
| **04/30/21** | $13730 | $21735 | $14584 | $11513 |
| **05/31/21** | $13790 | $21887 | $14651 | $11551 |
| **06/30/21** | $13970 | $22397 | $14837 | $11632 |
| **07/31/21** | $14170 | $22930 | $15069 | $11762 |
| **08/31/21** | $14340 | $23627 | $15210 | $11739 |
| **09/30/21** | $13960 | $22528 | $14877 | $11638 |
| **10/31/21** | $14320 | $24106 | $15239 | $11635 |
| **11/30/21** | $14260 | $23939 | $15232 | $11669 |
| **12/31/21** | $14450 | $25012 | $15445 | $11639 |
| **01/31/22** | $13920 | $23718 | $14949 | $11388 |
| **02/28/22** | $13680 | $23008 | $14684 | $11261 |
| **03/31/22** | $13480 | $23862 | $14610 | $10948 |
| **04/30/22** | $12750 | $21781 | $13803 | $10533 |
| **05/31/22** | $12790 | $21821 | $13870 | $10601 |
| **06/30/22** | $12330 | $20020 | $13328 | $10435 |
| **07/31/22** | $12840 | $21866 | $13970 | $10690 |
| **08/31/22** | $12440 | $20974 | $13514 | $10388 |
| **09/30/22** | $11700 | $19042 | $12699 | $9939 |
| **10/31/22** | $11800 | $20584 | $12952 | $9810 |
| **11/30/22** | $12300 | $21734 | $13515 | $10171 |
| **12/31/22** | $12060 | $20482 | $13202 | $10125 |
| **01/31/23** | $12550 | $21769 | $13757 | $10436 |
| **02/28/23** | $12200 | $21238 | $13408 | $10167 |
| **03/31/23** | $12520 | $22018 | $13802 | $10425 |
| **04/30/23** | $12610 | $22361 | $13932 | $10488 |
| **05/31/23** | $12520 | $22459 | $13854 | $10374 |
| **06/30/23** | $12800 | $23942 | $14142 | $10337 |
| **07/31/23** | $12990 | $24712 | $14295 | $10330 |
| **08/31/23** | $12820 | $24318 | $14156 | $10264 |
| **09/30/23** | $12370 | $23159 | $13686 | $10003 |
| **10/31/23** | $12140 | $22672 | $13445 | $9845 |
| **11/30/23** | $12910 | $24742 | $14270 | $10291 |
| **12/31/23** | $13450 | $25866 | $14852 | $10685 |
| **01/31/24** | $13530 | $26301 | $14913 | $10655 |
| **02/29/24** | $13730 | $27705 | $15055 | $10505 |
| **03/31/24** | $14010 | $28597 | $15315 | $10602 |
| **04/30/24** | $13570 | $27429 | $14844 | $10334 |
| **05/31/24** | $13990 | $28789 | $15266 | $10509 |
| **06/30/24** | $14260 | $29822 | $15551 | $10609 |
| **07/31/24** | $14510 | $30185 | $15854 | $10856 |
| **08/31/24** | $14730 | $30917 | $16136 | $11012 |
| **09/30/24** | $14960 | $31577 | $16397 | $11160 |
| **10/31/24** | $14650 | $31291 | $16081 | $10883 |
| **11/30/24** | $15100 | $33128 | $16522 | $10998 |
| **12/31/24** | $14750 | $32338 | $16208 | $10818 |
| **01/31/25** | $14990 | $33239 | $16422 | $10876 |
| **02/28/25** | $15060 | $32805 | $16582 | $11115 |
| **03/31/25** | $14720 | $30957 | $16259 | $11119 |
| **04/30/25** | $14680 | $30747 | $16262 | $11163 |
| **05/31/25** | $14880 | $32682 | $16545 | $11083 |
| **06/30/25** | $15280 | $34344 | $17004 | $11253 |
| **07/31/25** | $15370 | $35115 | $17109 | $11224 |
| **08/31/25** | $15600 | $35827 | $17363 | $11358 |
| **09/30/25** | $15910 | $37134 | $17708 | $11482 |
| **10/31/25** | $16090 | $38004 | $17925 | $11553 |
| **11/30/25** | $16160 | $38097 | $18013 | $11625 |
| **12/31/25** | $16150 | $38120 | $18000 | $11608 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | Since Fund Inception |
| Class 1<sup>Footnote Reference(a)</sup> | 9.49 | 3.79 | 5.37 |
| S&P 500<sup>®</sup> Index | 17.88 | 14.42 | 15.73 |
| 65% Bloomberg U.S. Aggregate Bond Index, 35% S&P 500 Index<sup>®</sup> | 11.05 | 4.77 | 6.63 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 1.64 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The returns shown for periods prior to February 20, 2019 (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of Class 2. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $317055901 |
| **Total number of portfolio holdings** | 48 |
| **Management services fees (represents 0.21% of Fund average net assets)** | $665211 |
| **Portfolio turnover for the reporting period** | 196% |

---

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Class 1 **\|** ASR7059_01_12_D01_(02/26) \|

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

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Equity Risk | 8.2% |
| Interest Rate Risk | 4.2% |
|  | Short |
| Equity Risk | 20.5% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Fixed Income Funds | 40.1% |
| Equity Funds | 32.5% |
| Money Market Funds | 16.3% |
| Residential Mortgage-Backed Securities - Agency | 6.7% |
| Exchange-Traded Equity Funds | 5.6% |
| Exchange-Traded Fixed Income Funds | 4.2% |
| Other | 0.6% |

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g102030g84q09.jpg)

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Class 1 **\|** ASR7059_01_12_D01_(02/26) \|

# Variable Portfolio – U.S. Flexible Conservative Growth Fund
Class 2

![Image](g102030g79l74.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – U.S. Flexible Conservative Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 2 | $59 | 0.56% |

---

## Management's Discussion of Fund Performance
The performance of Class 2 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Tactical allocation** \| Tactical allocations, in the form of maintaining equity levels above static benchmark policy level weighting assignments, proved beneficial to the Fund's relative performance during the annual period.

**Underlying fund manager selection** \| Underlying fixed-income managers outperformed with varied performance across the fixed-income universe, benefiting the Fund's relative performance.

### Top Performance Detractors
**Dynamic algorithm** \| The dynamic algorithm, a quantitative tool used by the portfolio managers to help direct equity exposure, steered the managers to start the year with an overweight exposure to equities within the Fund. However, as equity volatility rose during the early parts of the annual period, the algorithm shifted to recommend an underweight allocation to equities, versus static benchmark equity weights. This underweight positioning was applied to the Fund during a short span of the annual period, near April 2025, as levels of equity volatility were elevated. As equity volatility quickly subsided the algorithm recommended increased allocations to equities, however the snap-back in markets was swift enough to still result in a detraction effect from the algorithm during the period, weighing on the Fund's relative performance.

**Underlying fund manager selection** \| Underlying strategic fund managers focused on large and small cap domestic equities generally detracted from the Fund's relative returns during the annual period.

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Class 2 **\|** ASR7059_02_12_D01_(02/26) \|

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

### Growth of $10,000
![Growth of 10K Chart](g102030g99f40.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Variable Portfolio – U.S. Flexible Conservative Growth Fund Class 2 ($15870)** | **S&P 500<sup>®</sup> Index ($38120)** | **65% Bloomberg U.S. Aggregate Bond Index, 35% S&P 500 Index<sup>®</sup> ($18000)** | **Bloomberg U.S. Aggregate Bond Index ($11608)** |
| **11/02/16** | $10000 | $10000 | $10000 | $10000 |
| **11/30/16** | $10020 | $10508 | $10018 | $9754 |
| **12/31/16** | $10070 | $10716 | $10096 | $9767 |
| **01/31/17** | $10180 | $10919 | $10176 | $9786 |
| **02/28/17** | $10410 | $11353 | $10362 | $9852 |
| **03/31/17** | $10400 | $11366 | $10363 | $9847 |
| **04/30/17** | $10490 | $11483 | $10452 | $9923 |
| **05/31/17** | $10610 | $11644 | $10556 | $9999 |
| **06/30/17** | $10630 | $11717 | $10572 | $9989 |
| **07/31/17** | $10750 | $11958 | $10677 | $10032 |
| **08/31/17** | $10810 | $11995 | $10751 | $10122 |
| **09/30/17** | $10890 | $12242 | $10795 | $10074 |
| **10/31/17** | $11000 | $12528 | $10888 | $10080 |
| **11/30/17** | $11170 | $12912 | $10996 | $10067 |
| **12/31/17** | $11250 | $13056 | $11071 | $10113 |
| **01/31/18** | $11510 | $13803 | $11210 | $9997 |
| **02/28/18** | $11250 | $13294 | $10996 | $9902 |
| **03/31/18** | $11160 | $12956 | $10944 | $9965 |
| **04/30/18** | $11120 | $13006 | $10906 | $9891 |
| **05/31/18** | $11250 | $13319 | $11049 | $9962 |
| **06/30/18** | $11250 | $13401 | $11064 | $9950 |
| **07/31/18** | $11400 | $13900 | $11210 | $9952 |
| **08/31/18** | $11570 | $14353 | $11384 | $10016 |
| **09/30/18** | $11540 | $14435 | $11359 | $9952 |
| **10/31/18** | $11120 | $13448 | $11029 | $9873 |
| **11/30/18** | $11240 | $13722 | $11151 | $9932 |
| **12/31/18** | $10970 | $12483 | $10931 | $10114 |
| **01/31/19** | $11350 | $13483 | $11313 | $10222 |
| **02/28/19** | $11470 | $13916 | $11436 | $10216 |
| **03/31/19** | $11660 | $14187 | $11657 | $10412 |
| **04/30/19** | $11840 | $14761 | $11824 | $10415 |
| **05/31/19** | $11650 | $13823 | $11697 | $10600 |
| **06/30/19** | $12040 | $14797 | $12081 | $10733 |
| **07/31/19** | $12110 | $15010 | $12160 | $10756 |
| **08/31/19** | $12200 | $14772 | $12297 | $11035 |
| **09/30/19** | $12210 | $15049 | $12335 | $10976 |
| **10/31/19** | $12290 | $15375 | $12453 | $11009 |
| **11/30/19** | $12460 | $15933 | $12607 | $11004 |
| **12/31/19** | $12600 | $16414 | $12734 | $10996 |
| **01/31/20** | $12710 | $16407 | $12892 | $11208 |
| **02/29/20** | $12420 | $15057 | $12671 | $11409 |
| **03/31/20** | $11740 | $13197 | $12075 | $11342 |
| **04/30/20** | $12250 | $14889 | $12756 | $11544 |
| **05/31/20** | $12440 | $15598 | $13007 | $11598 |
| **06/30/20** | $12580 | $15908 | $13151 | $11671 |
| **07/31/20** | $12840 | $16805 | $13538 | $11845 |
| **08/31/20** | $12900 | $18013 | $13808 | $11749 |
| **09/30/20** | $12760 | $17328 | $13619 | $11743 |
| **10/31/20** | $12670 | $16868 | $13453 | $11690 |
| **11/30/20** | $13140 | $18714 | $14054 | $11805 |
| **12/31/20** | $13340 | $19434 | $14256 | $11821 |
| **01/31/21** | $13270 | $19237 | $14139 | $11737 |
| **02/28/21** | $13280 | $19768 | $14143 | $11567 |
| **03/31/21** | $13340 | $20634 | $14245 | $11423 |
| **04/30/21** | $13660 | $21735 | $14584 | $11513 |
| **05/31/21** | $13710 | $21887 | $14651 | $11551 |
| **06/30/21** | $13890 | $22397 | $14837 | $11632 |
| **07/31/21** | $14080 | $22930 | $15069 | $11762 |
| **08/31/21** | $14250 | $23627 | $15210 | $11739 |
| **09/30/21** | $13870 | $22528 | $14877 | $11638 |
| **10/31/21** | $14220 | $24106 | $15239 | $11635 |
| **11/30/21** | $14160 | $23939 | $15232 | $11669 |
| **12/31/21** | $14340 | $25012 | $15445 | $11639 |
| **01/31/22** | $13810 | $23718 | $14949 | $11388 |
| **02/28/22** | $13580 | $23008 | $14684 | $11261 |
| **03/31/22** | $13370 | $23862 | $14610 | $10948 |
| **04/30/22** | $12650 | $21781 | $13803 | $10533 |
| **05/31/22** | $12680 | $21821 | $13870 | $10601 |
| **06/30/22** | $12220 | $20020 | $13328 | $10435 |
| **07/31/22** | $12730 | $21866 | $13970 | $10690 |
| **08/31/22** | $12330 | $20974 | $13514 | $10388 |
| **09/30/22** | $11590 | $19042 | $12699 | $9939 |
| **10/31/22** | $11690 | $20584 | $12952 | $9810 |
| **11/30/22** | $12180 | $21734 | $13515 | $10171 |
| **12/31/22** | $11940 | $20482 | $13202 | $10125 |
| **01/31/23** | $12430 | $21769 | $13757 | $10436 |
| **02/28/23** | $12080 | $21238 | $13408 | $10167 |
| **03/31/23** | $12390 | $22018 | $13802 | $10425 |
| **04/30/23** | $12480 | $22361 | $13932 | $10488 |
| **05/31/23** | $12380 | $22459 | $13854 | $10374 |
| **06/30/23** | $12660 | $23942 | $14142 | $10337 |
| **07/31/23** | $12850 | $24712 | $14295 | $10330 |
| **08/31/23** | $12670 | $24318 | $14156 | $10264 |
| **09/30/23** | $12220 | $23159 | $13686 | $10003 |
| **10/31/23** | $12000 | $22672 | $13445 | $9845 |
| **11/30/23** | $12750 | $24742 | $14270 | $10291 |
| **12/31/23** | $13280 | $25866 | $14852 | $10685 |
| **01/31/24** | $13360 | $26301 | $14913 | $10655 |
| **02/29/24** | $13560 | $27705 | $15055 | $10505 |
| **03/31/24** | $13830 | $28597 | $15315 | $10602 |
| **04/30/24** | $13390 | $27429 | $14844 | $10334 |
| **05/31/24** | $13800 | $28789 | $15266 | $10509 |
| **06/30/24** | $14070 | $29822 | $15551 | $10609 |
| **07/31/24** | $14310 | $30185 | $15854 | $10856 |
| **08/31/24** | $14520 | $30917 | $16136 | $11012 |
| **09/30/24** | $14750 | $31577 | $16397 | $11160 |
| **10/31/24** | $14440 | $31291 | $16081 | $10883 |
| **11/30/24** | $14880 | $33128 | $16522 | $10998 |
| **12/31/24** | $14530 | $32338 | $16208 | $10818 |
| **01/31/25** | $14760 | $33239 | $16422 | $10876 |
| **02/28/25** | $14830 | $32805 | $16582 | $11115 |
| **03/31/25** | $14490 | $30957 | $16259 | $11119 |
| **04/30/25** | $14450 | $30747 | $16262 | $11163 |
| **05/31/25** | $14640 | $32682 | $16545 | $11083 |
| **06/30/25** | $15030 | $34344 | $17004 | $11253 |
| **07/31/25** | $15120 | $35115 | $17109 | $11224 |
| **08/31/25** | $15340 | $35827 | $17363 | $11358 |
| **09/30/25** | $15640 | $37134 | $17708 | $11482 |
| **10/31/25** | $15820 | $38004 | $17925 | $11553 |
| **11/30/25** | $15880 | $38097 | $18013 | $11625 |
| **12/31/25** | $15870 | $38120 | $18000 | $11608 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | Since Fund Inception |
| Class 2 | 9.22 | 3.53 | 5.17 |
| S&P 500<sup>®</sup> Index | 17.88 | 14.42 | 15.73 |
| 65% Bloomberg U.S. Aggregate Bond Index, 35% S&P 500 Index<sup>®</sup> | 11.05 | 4.77 | 6.63 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 1.64 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $317055901 |
| **Total number of portfolio holdings** | 48 |
| **Management services fees (represents 0.21% of Fund average net assets)** | $665211 |
| **Portfolio turnover for the reporting period** | 196% |

---

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Class 2 **\|** ASR7059_02_12_D01_(02/26) \|

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

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Equity Risk | 8.2% |
| Interest Rate Risk | 4.2% |
|  | Short |
| Equity Risk | 20.5% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Fixed Income Funds | 40.1% |
| Equity Funds | 32.5% |
| Money Market Funds | 16.3% |
| Residential Mortgage-Backed Securities - Agency | 6.7% |
| Exchange-Traded Equity Funds | 5.6% |
| Exchange-Traded Fixed Income Funds | 4.2% |
| Other | 0.6% |

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g102030g84q09.jpg)

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| Class 2 **\|** ASR7059_02_12_D01_(02/26) \|

# Variable Portfolio – U.S. Flexible Growth Fund
Class 1

![Image](g102030g79l74.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – U.S. Flexible Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 1 | $29 | 0.27% |

---

## Management's Discussion of Fund Performance
The performance of Class 1 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Tactical allocation** \| Tactical allocations, in the form of maintaining equity levels above static benchmark policy level weighting assignments, proved beneficial to the Fund's relative performance during the annual period.

**Underlying fund manager selection** \| Underlying fixed-income managers outperformed with varied performance across the fixed-income universe, benefiting the Fund's relative performance.

### Top Performance Detractors
**Dynamic algorithm** \| The dynamic algorithm, a quantitative tool used by the portfolio managers to help direct equity exposure, steered the managers to start the year with an overweight exposure to equities within the Fund. However, as equity volatility rose during the early parts of the annual period, the algorithm shifted to recommend an underweight allocation to equities, versus static benchmark equity weights. This underweight positioning was applied to the Fund during a short span of the annual period, near April 2025, as levels of equity volatility were elevated. As equity volatility quickly subsided the algorithm recommended increased allocations to equities, however the snap-back in markets was swift enough to still result in a detraction effect from the algorithm during the period, weighing on the Fund's relative performance.

**Underlying fund manager selection** \| Underlying strategic fund managers focused on large and small cap domestic equities generally detracted from the Fund's relative returns during the annual period.

Variable Portfolio – U.S. Flexible Growth Fund \| Class 1 **\|** ASR7060_01_12_D01_(02/26) \|

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

### Growth of $10,000
![Growth of 10K Chart](g102030g31b81.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Variable Portfolio – U.S. Flexible Growth Fund Class 1 ($21557)** | **Bloomberg U.S. Aggregate Bond Index ($11608)** | **65% S&P 500<sup>®</sup> Index, 35% Bloomberg U.S. Aggregate Bond Index ($25714)** | **S&P 500<sup>®</sup> Index ($38120)** |
| **11/02/16** | $10000 | $10000 | $10000 | $10000 |
| **11/30/16** | $10240 | $9754 | $10244 | $10508 |
| **12/31/16** | $10350 | $9767 | $10381 | $10716 |
| **01/31/17** | $10520 | $9786 | $10516 | $10919 |
| **02/28/17** | $10890 | $9852 | $10812 | $11353 |
| **03/31/17** | $10880 | $9847 | $10818 | $11366 |
| **04/30/17** | $10980 | $9923 | $10920 | $11483 |
| **05/31/17** | $11140 | $9999 | $11049 | $11644 |
| **06/30/17** | $11190 | $9989 | $11090 | $11717 |
| **07/31/17** | $11370 | $10032 | $11255 | $11958 |
| **08/31/17** | $11410 | $10122 | $11313 | $11995 |
| **09/30/17** | $11590 | $10074 | $11445 | $12242 |
| **10/31/17** | $11800 | $10080 | $11621 | $12528 |
| **11/30/17** | $12140 | $10067 | $11848 | $12912 |
| **12/31/17** | $12260 | $10113 | $11952 | $13056 |
| **01/31/18** | $12860 | $9997 | $12349 | $13803 |
| **02/28/18** | $12440 | $9902 | $12012 | $13294 |
| **03/31/18** | $12220 | $9965 | $11841 | $12956 |
| **04/30/18** | $12190 | $9891 | $11840 | $13006 |
| **05/31/18** | $12410 | $9962 | $12054 | $13319 |
| **06/30/18** | $12430 | $9950 | $12097 | $13401 |
| **07/31/18** | $12720 | $9952 | $12391 | $13900 |
| **08/31/18** | $13020 | $10016 | $12681 | $14353 |
| **09/30/18** | $13030 | $9952 | $12700 | $14435 |
| **10/31/18** | $12280 | $9873 | $12100 | $13448 |
| **11/30/18** | $12470 | $9932 | $12286 | $13722 |
| **12/31/18** | $11780 | $10114 | $11644 | $12483 |
| **01/31/19** | $12400 | $10222 | $12294 | $13483 |
| **02/28/19** | $12630 | $10216 | $12548 | $13916 |
| **03/31/19** | $12830 | $10412 | $12791 | $14187 |
| **04/30/19** | $13200 | $10415 | $13128 | $14761 |
| **05/31/19** | $12650 | $10600 | $12668 | $13823 |
| **06/30/19** | $13291 | $10733 | $13304 | $14797 |
| **07/31/19** | $13421 | $10756 | $13438 | $15010 |
| **08/31/19** | $13331 | $11035 | $13422 | $14772 |
| **09/30/19** | $13431 | $10976 | $13560 | $15049 |
| **10/31/19** | $13561 | $11009 | $13765 | $15375 |
| **11/30/19** | $13911 | $11004 | $14087 | $15933 |
| **12/31/19** | $14201 | $10996 | $14360 | $16414 |
| **01/31/20** | $14201 | $11208 | $14453 | $16407 |
| **02/29/20** | $13481 | $11409 | $13771 | $15057 |
| **03/31/20** | $12510 | $11342 | $12637 | $13197 |
| **04/30/20** | $13170 | $11544 | $13769 | $14889 |
| **05/31/20** | $13451 | $11598 | $14217 | $15598 |
| **06/30/20** | $13651 | $11671 | $14433 | $15908 |
| **07/31/20** | $13971 | $11845 | $15037 | $16805 |
| **08/31/20** | $14161 | $11749 | $15697 | $18013 |
| **09/30/20** | $13911 | $11743 | $15306 | $17328 |
| **10/31/20** | $13761 | $11690 | $15018 | $16868 |
| **11/30/20** | $14542 | $11805 | $16138 | $18714 |
| **12/31/20** | $14922 | $11821 | $16549 | $19434 |
| **01/31/21** | $14852 | $11737 | $16399 | $19237 |
| **02/28/21** | $15072 | $11567 | $16610 | $19768 |
| **03/31/21** | $15312 | $11423 | $17010 | $20634 |
| **04/30/21** | $15893 | $11513 | $17647 | $21735 |
| **05/31/21** | $15973 | $11551 | $17748 | $21887 |
| **06/30/21** | $16263 | $11632 | $18061 | $22397 |
| **07/31/21** | $16543 | $11762 | $18410 | $22930 |
| **08/31/21** | $16923 | $11739 | $18762 | $23627 |
| **09/30/21** | $16213 | $11638 | $18138 | $22528 |
| **10/31/21** | $16993 | $11635 | $18962 | $24106 |
| **11/30/21** | $16853 | $11669 | $18896 | $23939 |
| **12/31/21** | $17274 | $11639 | $19430 | $25012 |
| **01/31/22** | $16423 | $11388 | $18630 | $23718 |
| **02/28/22** | $16073 | $11261 | $18194 | $23008 |
| **03/31/22** | $16013 | $10948 | $18457 | $23862 |
| **04/30/22** | $14932 | $10533 | $17165 | $21781 |
| **05/31/22** | $14972 | $10601 | $17225 | $21821 |
| **06/30/22** | $14211 | $10435 | $16206 | $20020 |
| **07/31/22** | $15012 | $10690 | $17316 | $21866 |
| **08/31/22** | $14481 | $10388 | $16685 | $20974 |
| **09/30/22** | $13471 | $9939 | $15434 | $19042 |
| **10/31/22** | $13871 | $9810 | $16176 | $20584 |
| **11/30/22** | $14542 | $10171 | $16972 | $21734 |
| **12/31/22** | $14071 | $10125 | $16310 | $20482 |
| **01/31/23** | $14732 | $10436 | $17152 | $21769 |
| **02/28/23** | $14291 | $10167 | $16724 | $21238 |
| **03/31/23** | $14682 | $10425 | $17272 | $22018 |
| **04/30/23** | $14832 | $10488 | $17484 | $22361 |
| **05/31/23** | $14772 | $10374 | $17467 | $22459 |
| **06/30/23** | $15462 | $10337 | $18195 | $23942 |
| **07/31/23** | $15903 | $10330 | $18571 | $24712 |
| **08/31/23** | $15602 | $10264 | $18337 | $24318 |
| **09/30/23** | $14902 | $10003 | $17606 | $23159 |
| **10/31/23** | $14612 | $9845 | $17268 | $22672 |
| **11/30/23** | $15772 | $10291 | $18567 | $24742 |
| **12/31/23** | $16483 | $10685 | $19364 | $25866 |
| **01/31/24** | $16683 | $10655 | $19556 | $26301 |
| **02/29/24** | $17394 | $10505 | $20139 | $27705 |
| **03/31/24** | $17944 | $10602 | $20625 | $28597 |
| **04/30/24** | $17244 | $10334 | $19895 | $27429 |
| **05/31/24** | $17994 | $10509 | $20654 | $28789 |
| **06/30/24** | $18485 | $10609 | $21204 | $29822 |
| **07/31/24** | $18705 | $10856 | $21545 | $30185 |
| **08/31/24** | $18985 | $11012 | $21993 | $30917 |
| **09/30/24** | $19305 | $11160 | $22402 | $31577 |
| **10/31/24** | $19005 | $10883 | $22075 | $31291 |
| **11/30/24** | $19946 | $10998 | $22999 | $33128 |
| **12/31/24** | $19355 | $10818 | $22511 | $32338 |
| **01/31/25** | $19856 | $10876 | $22961 | $33239 |
| **02/28/25** | $19646 | $11115 | $22943 | $32805 |
| **03/31/25** | $18815 | $11119 | $22105 | $30957 |
| **04/30/25** | $18605 | $11163 | $22038 | $30747 |
| **05/31/25** | $19195 | $11083 | $22885 | $32682 |
| **06/30/25** | $19906 | $11253 | $23764 | $34344 |
| **07/31/25** | $20196 | $11224 | $24089 | $35115 |
| **08/31/25** | $20546 | $11358 | $24507 | $35827 |
| **09/30/25** | $21137 | $11482 | $25182 | $37134 |
| **10/31/25** | $21497 | $11553 | $25621 | $38004 |
| **11/30/25** | $21547 | $11625 | $25717 | $38097 |
| **12/31/25** | $21557 | $11608 | $25714 | $38120 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | Since Fund Inception |
| Class 1<sup>Footnote Reference(a)</sup> | 11.37 | 7.63 | 8.75 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 1.64 |
| 65% S&P 500<sup>®</sup> Index, 35% Bloomberg U.S. Aggregate Bond Index | 14.23 | 9.21 | 10.86 |
| S&P 500<sup>®</sup> Index | 17.88 | 14.42 | 15.73 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The returns shown for periods prior to February 20, 2019 (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of Class 2. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $4408149193 |
| **Total number of portfolio holdings** | 49 |
| **Management services fees (represents 0.20% of Fund average net assets)** | $8545113 |
| **Portfolio turnover for the reporting period** | 216% |

---

Variable Portfolio – U.S. Flexible Growth Fund \| Class 1 **\|** ASR7060_01_12_D01_(02/26) \|

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

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Equity Risk | 20.4% |
| Interest Rate Risk | 3.0% |
|  | Short |
| Equity Risk | 38.5% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Equity Funds | 61.9% |
| Money Market Funds | 14.8% |
| Fixed Income Funds | 10.7% |
| Exchange-Traded Equity Funds | 7.4% |
| Residential Mortgage-Backed Securities - Agency | 3.3% |
| Exchange-Traded Fixed Income Funds | 2.3% |
| Put Option Contracts Purchased | 1.2% |
| Other | 0.0%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g102030g84q09.jpg)

Variable Portfolio – U.S. Flexible Growth Fund \| Class 1 **\|** ASR7060_01_12_D01_(02/26) \|

# Variable Portfolio – U.S. Flexible Growth Fund
Class 2

![Image](g102030g79l74.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – U.S. Flexible Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 2 | $54 | 0.51% |

---

## Management's Discussion of Fund Performance
The performance of Class 2 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Tactical allocation** \| Tactical allocations, in the form of maintaining equity levels above static benchmark policy level weighting assignments, proved beneficial to the Fund's relative performance during the annual period.

**Underlying fund manager selection** \| Underlying fixed-income managers outperformed with varied performance across the fixed-income universe, benefiting the Fund's relative performance.

### Top Performance Detractors
**Dynamic algorithm** \| The dynamic algorithm, a quantitative tool used by the portfolio managers to help direct equity exposure, steered the managers to start the year with an overweight exposure to equities within the Fund. However, as equity volatility rose during the early parts of the annual period, the algorithm shifted to recommend an underweight allocation to equities, versus static benchmark equity weights. This underweight positioning was applied to the Fund during a short span of the annual period, near April 2025, as levels of equity volatility were elevated. As equity volatility quickly subsided the algorithm recommended increased allocations to equities, however the snap-back in markets was swift enough to still result in a detraction effect from the algorithm during the period, weighing on the Fund's relative performance.

**Underlying fund manager selection** \| Underlying strategic fund managers focused on large and small cap domestic equities generally detracted from the Fund's relative returns during the annual period.

Variable Portfolio – U.S. Flexible Growth Fund \| Class 2 **\|** ASR7060_02_12_D01_(02/26) \|

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

### Growth of $10,000
![Growth of 10K Chart](g102030g51l70.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Variable Portfolio – U.S. Flexible Growth Fund Class 2 ($21170)** | **Bloomberg U.S. Aggregate Bond Index ($11608)** | **65% S&P 500<sup>®</sup> Index, 35% Bloomberg U.S. Aggregate Bond Index ($25714)** | **S&P 500<sup>®</sup> Index ($38120)** |
| **11/02/16** | $10000 | $10000 | $10000 | $10000 |
| **11/30/16** | $10240 | $9754 | $10244 | $10508 |
| **12/31/16** | $10350 | $9767 | $10381 | $10716 |
| **01/31/17** | $10520 | $9786 | $10516 | $10919 |
| **02/28/17** | $10890 | $9852 | $10812 | $11353 |
| **03/31/17** | $10880 | $9847 | $10818 | $11366 |
| **04/30/17** | $10980 | $9923 | $10920 | $11483 |
| **05/31/17** | $11140 | $9999 | $11049 | $11644 |
| **06/30/17** | $11190 | $9989 | $11090 | $11717 |
| **07/31/17** | $11370 | $10032 | $11255 | $11958 |
| **08/31/17** | $11410 | $10122 | $11313 | $11995 |
| **09/30/17** | $11590 | $10074 | $11445 | $12242 |
| **10/31/17** | $11800 | $10080 | $11621 | $12528 |
| **11/30/17** | $12140 | $10067 | $11848 | $12912 |
| **12/31/17** | $12260 | $10113 | $11952 | $13056 |
| **01/31/18** | $12860 | $9997 | $12349 | $13803 |
| **02/28/18** | $12440 | $9902 | $12012 | $13294 |
| **03/31/18** | $12220 | $9965 | $11841 | $12956 |
| **04/30/18** | $12190 | $9891 | $11840 | $13006 |
| **05/31/18** | $12410 | $9962 | $12054 | $13319 |
| **06/30/18** | $12430 | $9950 | $12097 | $13401 |
| **07/31/18** | $12720 | $9952 | $12391 | $13900 |
| **08/31/18** | $13020 | $10016 | $12681 | $14353 |
| **09/30/18** | $13030 | $9952 | $12700 | $14435 |
| **10/31/18** | $12280 | $9873 | $12100 | $13448 |
| **11/30/18** | $12470 | $9932 | $12286 | $13722 |
| **12/31/18** | $11780 | $10114 | $11644 | $12483 |
| **01/31/19** | $12400 | $10222 | $12294 | $13483 |
| **02/28/19** | $12630 | $10216 | $12548 | $13916 |
| **03/31/19** | $12820 | $10412 | $12791 | $14187 |
| **04/30/19** | $13200 | $10415 | $13128 | $14761 |
| **05/31/19** | $12640 | $10600 | $12668 | $13823 |
| **06/30/19** | $13280 | $10733 | $13304 | $14797 |
| **07/31/19** | $13400 | $10756 | $13438 | $15010 |
| **08/31/19** | $13310 | $11035 | $13422 | $14772 |
| **09/30/19** | $13410 | $10976 | $13560 | $15049 |
| **10/31/19** | $13530 | $11009 | $13765 | $15375 |
| **11/30/19** | $13880 | $11004 | $14087 | $15933 |
| **12/31/19** | $14160 | $10996 | $14360 | $16414 |
| **01/31/20** | $14160 | $11208 | $14453 | $16407 |
| **02/29/20** | $13440 | $11409 | $13771 | $15057 |
| **03/31/20** | $12470 | $11342 | $12637 | $13197 |
| **04/30/20** | $13120 | $11544 | $13769 | $14889 |
| **05/31/20** | $13400 | $11598 | $14217 | $15598 |
| **06/30/20** | $13600 | $11671 | $14433 | $15908 |
| **07/31/20** | $13910 | $11845 | $15037 | $16805 |
| **08/31/20** | $14100 | $11749 | $15697 | $18013 |
| **09/30/20** | $13840 | $11743 | $15306 | $17328 |
| **10/31/20** | $13700 | $11690 | $15018 | $16868 |
| **11/30/20** | $14470 | $11805 | $16138 | $18714 |
| **12/31/20** | $14840 | $11821 | $16549 | $19434 |
| **01/31/21** | $14770 | $11737 | $16399 | $19237 |
| **02/28/21** | $14980 | $11567 | $16610 | $19768 |
| **03/31/21** | $15220 | $11423 | $17010 | $20634 |
| **04/30/21** | $15790 | $11513 | $17647 | $21735 |
| **05/31/21** | $15870 | $11551 | $17748 | $21887 |
| **06/30/21** | $16150 | $11632 | $18061 | $22397 |
| **07/31/21** | $16430 | $11762 | $18410 | $22930 |
| **08/31/21** | $16800 | $11739 | $18762 | $23627 |
| **09/30/21** | $16100 | $11638 | $18138 | $22528 |
| **10/31/21** | $16870 | $11635 | $18962 | $24106 |
| **11/30/21** | $16720 | $11669 | $18896 | $23939 |
| **12/31/21** | $17140 | $11639 | $19430 | $25012 |
| **01/31/22** | $16290 | $11388 | $18630 | $23718 |
| **02/28/22** | $15940 | $11261 | $18194 | $23008 |
| **03/31/22** | $15870 | $10948 | $18457 | $23862 |
| **04/30/22** | $14800 | $10533 | $17165 | $21781 |
| **05/31/22** | $14840 | $10601 | $17225 | $21821 |
| **06/30/22** | $14080 | $10435 | $16206 | $20020 |
| **07/31/22** | $14880 | $10690 | $17316 | $21866 |
| **08/31/22** | $14340 | $10388 | $16685 | $20974 |
| **09/30/22** | $13340 | $9939 | $15434 | $19042 |
| **10/31/22** | $13730 | $9810 | $16176 | $20584 |
| **11/30/22** | $14390 | $10171 | $16972 | $21734 |
| **12/31/22** | $13930 | $10125 | $16310 | $20482 |
| **01/31/23** | $14570 | $10436 | $17152 | $21769 |
| **02/28/23** | $14140 | $10167 | $16724 | $21238 |
| **03/31/23** | $14520 | $10425 | $17272 | $22018 |
| **04/30/23** | $14660 | $10488 | $17484 | $22361 |
| **05/31/23** | $14600 | $10374 | $17467 | $22459 |
| **06/30/23** | $15280 | $10337 | $18195 | $23942 |
| **07/31/23** | $15710 | $10330 | $18571 | $24712 |
| **08/31/23** | $15410 | $10264 | $18337 | $24318 |
| **09/30/23** | $14720 | $10003 | $17606 | $23159 |
| **10/31/23** | $14430 | $9845 | $17268 | $22672 |
| **11/30/23** | $15570 | $10291 | $18567 | $24742 |
| **12/31/23** | $16270 | $10685 | $19364 | $25866 |
| **01/31/24** | $16470 | $10655 | $19556 | $26301 |
| **02/29/24** | $17160 | $10505 | $20139 | $27705 |
| **03/31/24** | $17710 | $10602 | $20625 | $28597 |
| **04/30/24** | $17000 | $10334 | $19895 | $27429 |
| **05/31/24** | $17750 | $10509 | $20654 | $28789 |
| **06/30/24** | $18230 | $10609 | $21204 | $29822 |
| **07/31/24** | $18440 | $10856 | $21545 | $30185 |
| **08/31/24** | $18710 | $11012 | $21993 | $30917 |
| **09/30/24** | $19030 | $11160 | $22402 | $31577 |
| **10/31/24** | $18720 | $10883 | $22075 | $31291 |
| **11/30/24** | $19640 | $10998 | $22999 | $33128 |
| **12/31/24** | $19060 | $10818 | $22511 | $32338 |
| **01/31/25** | $19540 | $10876 | $22961 | $33239 |
| **02/28/25** | $19330 | $11115 | $22943 | $32805 |
| **03/31/25** | $18510 | $11119 | $22105 | $30957 |
| **04/30/25** | $18310 | $11163 | $22038 | $30747 |
| **05/31/25** | $18880 | $11083 | $22885 | $32682 |
| **06/30/25** | $19580 | $11253 | $23764 | $34344 |
| **07/31/25** | $19850 | $11224 | $24089 | $35115 |
| **08/31/25** | $20190 | $11358 | $24507 | $35827 |
| **09/30/25** | $20770 | $11482 | $25182 | $37134 |
| **10/31/25** | $21120 | $11553 | $25621 | $38004 |
| **11/30/25** | $21170 | $11625 | $25717 | $38097 |
| **12/31/25** | $21170 | $11608 | $25714 | $38120 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | Since Fund Inception |
| Class 2 | 11.07 | 7.36 | 8.53 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 1.64 |
| 65% S&P 500<sup>®</sup> Index, 35% Bloomberg U.S. Aggregate Bond Index | 14.23 | 9.21 | 10.86 |
| S&P 500<sup>®</sup> Index | 17.88 | 14.42 | 15.73 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $4408149193 |
| **Total number of portfolio holdings** | 49 |
| **Management services fees (represents 0.20% of Fund average net assets)** | $8545113 |
| **Portfolio turnover for the reporting period** | 216% |

---

Variable Portfolio – U.S. Flexible Growth Fund \| Class 2 **\|** ASR7060_02_12_D01_(02/26) \|

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

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Equity Risk | 20.4% |
| Interest Rate Risk | 3.0% |
|  | Short |
| Equity Risk | 38.5% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Equity Funds | 61.9% |
| Money Market Funds | 14.8% |
| Fixed Income Funds | 10.7% |
| Exchange-Traded Equity Funds | 7.4% |
| Residential Mortgage-Backed Securities - Agency | 3.3% |
| Exchange-Traded Fixed Income Funds | 2.3% |
| Put Option Contracts Purchased | 1.2% |
| Other | 0.0%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g102030g84q09.jpg)

Variable Portfolio – U.S. Flexible Growth Fund \| Class 2 **\|** ASR7060_02_12_D01_(02/26) \|

# Variable Portfolio – U.S. Flexible Moderate Growth Fund
Class 1

![Image](g102030g79l74.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – U.S. Flexible Moderate Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 1 | $29 | 0.28% |

---

## Management's Discussion of Fund Performance
The performance of Class 1 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Tactical allocation** \| Tactical allocations, in the form of maintaining equity levels above static benchmark policy level weighting assignments, proved beneficial to the Fund's relative performance during the annual period.

**Underlying fund manager selection** \| Underlying fixed-income managers outperformed with varied performance across the fixed-income universe, benefiting the Fund's relative performance.

### Top Performance Detractors
**Dynamic algorithm** \| The dynamic algorithm, a quantitative tool used by the portfolio managers to help direct equity exposure, steered the managers to start the year with an overweight exposure to equities within the Fund. However, as equity volatility rose during the early parts of the annual period, the algorithm shifted to recommend an underweight allocation to equities, versus static benchmark equity weights. This underweight positioning was applied to the Fund during a short span of the annual period, near April 2025, as levels of equity volatility were elevated. As equity volatility quickly subsided the algorithm recommended increased allocations to equities, however the snap-back in markets was swift enough to still result in a detraction effect from the algorithm during the period, weighing on the Fund's relative performance.

**Underlying fund manager selection** \| Underlying strategic fund managers focused on large and small cap domestic equities generally detracted from the Fund's relative returns during the annual period.

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Class 1 **\|** ASR7061_01_12_D01_(02/26) \|

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

### Growth of $10,000
![Growth of 10K Chart](g102030g93s58.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Variable Portfolio – U.S. Flexible Moderate Growth Fund Class 1 ($18730)** | **Bloomberg U.S. Aggregate Bond Index ($11608)** | **50% S&P 500<sup>®</sup> Index, 50% Bloomberg U.S. Aggregate Bond Index ($21562)** | **S&P 500<sup>®</sup> Index ($38120)** |
| **11/02/16** | $10000 | $10000 | $10000 | $10000 |
| **11/30/16** | $10130 | $9754 | $10131 | $10508 |
| **12/31/16** | $10210 | $9767 | $10238 | $10716 |
| **01/31/17** | $10350 | $9786 | $10345 | $10919 |
| **02/28/17** | $10650 | $9852 | $10585 | $11353 |
| **03/31/17** | $10640 | $9847 | $10589 | $11366 |
| **04/30/17** | $10740 | $9923 | $10684 | $11483 |
| **05/31/17** | $10880 | $9999 | $10800 | $11644 |
| **06/30/17** | $10910 | $9989 | $10829 | $11717 |
| **07/31/17** | $11060 | $10032 | $10963 | $11958 |
| **08/31/17** | $11120 | $10122 | $11029 | $11995 |
| **09/30/17** | $11240 | $10074 | $11117 | $12242 |
| **10/31/17** | $11400 | $10080 | $11250 | $12528 |
| **11/30/17** | $11650 | $10067 | $11415 | $12912 |
| **12/31/17** | $11760 | $10113 | $11505 | $13056 |
| **01/31/18** | $12180 | $9997 | $11768 | $13803 |
| **02/28/18** | $11840 | $9902 | $11495 | $13294 |
| **03/31/18** | $11690 | $9965 | $11386 | $12956 |
| **04/30/18** | $11650 | $9891 | $11365 | $13006 |
| **05/31/18** | $11830 | $9962 | $11543 | $13319 |
| **06/30/18** | $11840 | $9950 | $11571 | $13401 |
| **07/31/18** | $12050 | $9952 | $11788 | $13900 |
| **08/31/18** | $12290 | $10016 | $12018 | $14353 |
| **09/30/18** | $12270 | $9952 | $12013 | $14435 |
| **10/31/18** | $11700 | $9873 | $11555 | $13448 |
| **11/30/18** | $11850 | $9932 | $11708 | $13722 |
| **12/31/18** | $11380 | $10114 | $11287 | $12483 |
| **01/31/19** | $11880 | $10222 | $11799 | $13483 |
| **02/28/19** | $12050 | $10216 | $11985 | $13916 |
| **03/31/19** | $12240 | $10412 | $12216 | $14187 |
| **04/30/19** | $12520 | $10415 | $12465 | $14761 |
| **05/31/19** | $12150 | $10600 | $12180 | $13823 |
| **06/30/19** | $12670 | $10733 | $12685 | $14797 |
| **07/31/19** | $12770 | $10756 | $12790 | $15010 |
| **08/31/19** | $12780 | $11035 | $12855 | $14772 |
| **09/30/19** | $12830 | $10976 | $12941 | $15049 |
| **10/31/19** | $12930 | $11009 | $13101 | $15375 |
| **11/30/19** | $13190 | $11004 | $13335 | $15933 |
| **12/31/19** | $13410 | $10996 | $13532 | $16414 |
| **01/31/20** | $13470 | $11208 | $13659 | $16407 |
| **02/29/20** | $12970 | $11409 | $13220 | $15057 |
| **03/31/20** | $12160 | $11342 | $12365 | $13197 |
| **04/30/20** | $12740 | $11544 | $13267 | $14889 |
| **05/31/20** | $12980 | $11598 | $13614 | $15598 |
| **06/30/20** | $13160 | $11671 | $13792 | $15908 |
| **07/31/20** | $13450 | $11845 | $14284 | $16805 |
| **08/31/20** | $13570 | $11749 | $14740 | $18013 |
| **09/30/20** | $13380 | $11743 | $14456 | $17328 |
| **10/31/20** | $13260 | $11690 | $14231 | $16868 |
| **11/30/20** | $13880 | $11805 | $15080 | $18714 |
| **12/31/20** | $14180 | $11821 | $15380 | $19434 |
| **01/31/21** | $14100 | $11737 | $15247 | $19237 |
| **02/28/21** | $14220 | $11567 | $15347 | $19768 |
| **03/31/21** | $14360 | $11423 | $15588 | $20634 |
| **04/30/21** | $14800 | $11513 | $16065 | $21735 |
| **05/31/21** | $14870 | $11551 | $16147 | $21887 |
| **06/30/21** | $15100 | $11632 | $16393 | $22397 |
| **07/31/21** | $15350 | $11762 | $16679 | $22930 |
| **08/31/21** | $15620 | $11739 | $16917 | $23627 |
| **09/30/21** | $15080 | $11638 | $16450 | $22528 |
| **10/31/21** | $15640 | $11635 | $17024 | $24106 |
| **11/30/21** | $15540 | $11669 | $16990 | $23939 |
| **12/31/21** | $15840 | $11639 | $17349 | $25012 |
| **01/31/22** | $15170 | $11388 | $16714 | $23718 |
| **02/28/22** | $14890 | $11261 | $16370 | $23008 |
| **03/31/22** | $14750 | $10948 | $16447 | $23862 |
| **04/30/22** | $13860 | $10533 | $15417 | $21781 |
| **05/31/22** | $13900 | $10601 | $15481 | $21821 |
| **06/30/22** | $13300 | $10435 | $14721 | $20020 |
| **07/31/22** | $13950 | $10690 | $15579 | $21866 |
| **08/31/22** | $13490 | $10388 | $15042 | $20974 |
| **09/30/22** | $12620 | $9939 | $14024 | $19042 |
| **10/31/22** | $12860 | $9810 | $14501 | $20584 |
| **11/30/22** | $13440 | $10171 | $15173 | $21734 |
| **12/31/22** | $13090 | $10125 | $14701 | $20482 |
| **01/31/23** | $13670 | $10436 | $15389 | $21769 |
| **02/28/23** | $13270 | $10167 | $15003 | $21238 |
| **03/31/23** | $13620 | $10425 | $15469 | $22018 |
| **04/30/23** | $13740 | $10488 | $15636 | $22361 |
| **05/31/23** | $13660 | $10374 | $15585 | $22459 |
| **06/30/23** | $14130 | $10337 | $16072 | $23942 |
| **07/31/23** | $14440 | $10330 | $16325 | $24712 |
| **08/31/23** | $14210 | $10264 | $16143 | $24318 |
| **09/30/23** | $13640 | $10003 | $15553 | $23159 |
| **10/31/23** | $13390 | $9845 | $15267 | $22672 |
| **11/30/23** | $14330 | $10291 | $16309 | $24742 |
| **12/31/23** | $14960 | $10685 | $16992 | $25866 |
| **01/31/24** | $15090 | $10655 | $17111 | $26301 |
| **02/29/24** | $15520 | $10505 | $17447 | $27705 |
| **03/31/24** | $15930 | $10602 | $17809 | $28597 |
| **04/30/24** | $15360 | $10334 | $17220 | $27429 |
| **05/31/24** | $15930 | $10509 | $17793 | $28789 |
| **06/30/24** | $16310 | $10609 | $18196 | $29822 |
| **07/31/24** | $16550 | $10856 | $18520 | $30185 |
| **08/31/24** | $16790 | $11012 | $18877 | $30917 |
| **09/30/24** | $17060 | $11160 | $19205 | $31577 |
| **10/31/24** | $16750 | $10883 | $18880 | $31291 |
| **11/30/24** | $17420 | $10998 | $19534 | $33128 |
| **12/31/24** | $16970 | $10818 | $19141 | $32338 |
| **01/31/25** | $17320 | $10876 | $19459 | $33239 |
| **02/28/25** | $17270 | $11115 | $19546 | $32805 |
| **03/31/25** | $16710 | $11119 | $18999 | $30957 |
| **04/30/25** | $16600 | $11163 | $18972 | $30747 |
| **05/31/25** | $16970 | $11083 | $19501 | $32682 |
| **06/30/25** | $17510 | $11253 | $20147 | $34344 |
| **07/31/25** | $17680 | $11224 | $20346 | $35115 |
| **08/31/25** | $17970 | $11358 | $20674 | $35827 |
| **09/30/25** | $18400 | $11482 | $21164 | $37134 |
| **10/31/25** | $18670 | $11553 | $21478 | $38004 |
| **11/30/25** | $18730 | $11625 | $21571 | $38097 |
| **12/31/25** | $18730 | $11608 | $21562 | $38120 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | Since Fund Inception |
| Class 1<sup>Footnote Reference(a)</sup> | 10.37 | 5.72 | 7.09 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 1.64 |
| 50% S&P 500<sup>®</sup> Index, 50% Bloomberg U.S. Aggregate Bond Index | 12.64 | 6.99 | 8.75 |
| S&P 500<sup>®</sup> Index | 17.88 | 14.42 | 15.73 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The returns shown for periods prior to February 20, 2019 (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of Class 2. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2071610752 |
| **Total number of portfolio holdings** | 50 |
| **Management services fees (represents 0.21% of Fund average net assets)** | $4261649 |
| **Portfolio turnover for the reporting period** | 199% |

---

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Class 1 **\|** ASR7061_01_12_D01_(02/26) \|

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

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Equity Risk | 14.1% |
| Interest Rate Risk | 3.7% |
|  | Short |
| Equity Risk | 29.4% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Equity Funds | 47.1% |
| Fixed Income Funds | 25.5% |
| Money Market Funds | 15.5% |
| Exchange-Traded Equity Funds | 6.5% |
| Residential Mortgage-Backed Securities - Agency | 4.9% |
| Exchange-Traded Fixed Income Funds | 3.3% |
| Other | 0.9% |

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g102030g84q09.jpg)

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Class 1 **\|** ASR7061_01_12_D01_(02/26) \|

# Variable Portfolio – U.S. Flexible Moderate Growth Fund
Class 2

![Image](g102030g79l74.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – U.S. Flexible Moderate Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 2 | $56 | 0.53% |

---

## Management's Discussion of Fund Performance
The performance of Class 2 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Tactical allocation** \| Tactical allocations, in the form of maintaining equity levels above static benchmark policy level weighting assignments, proved beneficial to the Fund's relative performance during the annual period.

**Underlying fund manager selection** \| Underlying fixed-income managers outperformed with varied performance across the fixed-income universe, benefiting the Fund's relative performance.

### Top Performance Detractors
**Dynamic algorithm** \| The dynamic algorithm, a quantitative tool used by the portfolio managers to help direct equity exposure, steered the managers to start the year with an overweight exposure to equities within the Fund. However, as equity volatility rose during the early parts of the annual period, the algorithm shifted to recommend an underweight allocation to equities, versus static benchmark equity weights. This underweight positioning was applied to the Fund during a short span of the annual period, near April 2025, as levels of equity volatility were elevated. As equity volatility quickly subsided the algorithm recommended increased allocations to equities, however the snap-back in markets was swift enough to still result in a detraction effect from the algorithm during the period, weighing on the Fund's relative performance.

**Underlying fund manager selection** \| Underlying strategic fund managers focused on large and small cap domestic equities generally detracted from the Fund's relative returns during the annual period.

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Class 2 **\|** ASR7061_02_12_D01_(02/26) \|

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

### Growth of $10,000
![Growth of 10K Chart](g102030g85i64.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Variable Portfolio – U.S. Flexible Moderate Growth Fund Class 2 ($18420)** | **Bloomberg U.S. Aggregate Bond Index ($11608)** | **50% S&P 500<sup>®</sup> Index, 50% Bloomberg U.S. Aggregate Bond Index ($21562)** | **S&P 500<sup>®</sup> Index ($38120)** |
| **11/02/16** | $10000 | $10000 | $10000 | $10000 |
| **11/30/16** | $10130 | $9754 | $10131 | $10508 |
| **12/31/16** | $10210 | $9767 | $10238 | $10716 |
| **01/31/17** | $10350 | $9786 | $10345 | $10919 |
| **02/28/17** | $10650 | $9852 | $10585 | $11353 |
| **03/31/17** | $10640 | $9847 | $10589 | $11366 |
| **04/30/17** | $10740 | $9923 | $10684 | $11483 |
| **05/31/17** | $10880 | $9999 | $10800 | $11644 |
| **06/30/17** | $10910 | $9989 | $10829 | $11717 |
| **07/31/17** | $11060 | $10032 | $10963 | $11958 |
| **08/31/17** | $11120 | $10122 | $11029 | $11995 |
| **09/30/17** | $11240 | $10074 | $11117 | $12242 |
| **10/31/17** | $11400 | $10080 | $11250 | $12528 |
| **11/30/17** | $11650 | $10067 | $11415 | $12912 |
| **12/31/17** | $11760 | $10113 | $11505 | $13056 |
| **01/31/18** | $12180 | $9997 | $11768 | $13803 |
| **02/28/18** | $11840 | $9902 | $11495 | $13294 |
| **03/31/18** | $11690 | $9965 | $11386 | $12956 |
| **04/30/18** | $11650 | $9891 | $11365 | $13006 |
| **05/31/18** | $11830 | $9962 | $11543 | $13319 |
| **06/30/18** | $11840 | $9950 | $11571 | $13401 |
| **07/31/18** | $12050 | $9952 | $11788 | $13900 |
| **08/31/18** | $12290 | $10016 | $12018 | $14353 |
| **09/30/18** | $12270 | $9952 | $12013 | $14435 |
| **10/31/18** | $11700 | $9873 | $11555 | $13448 |
| **11/30/18** | $11850 | $9932 | $11708 | $13722 |
| **12/31/18** | $11380 | $10114 | $11287 | $12483 |
| **01/31/19** | $11880 | $10222 | $11799 | $13483 |
| **02/28/19** | $12050 | $10216 | $11985 | $13916 |
| **03/31/19** | $12240 | $10412 | $12216 | $14187 |
| **04/30/19** | $12520 | $10415 | $12465 | $14761 |
| **05/31/19** | $12150 | $10600 | $12180 | $13823 |
| **06/30/19** | $12660 | $10733 | $12685 | $14797 |
| **07/31/19** | $12760 | $10756 | $12790 | $15010 |
| **08/31/19** | $12760 | $11035 | $12855 | $14772 |
| **09/30/19** | $12820 | $10976 | $12941 | $15049 |
| **10/31/19** | $12920 | $11009 | $13101 | $15375 |
| **11/30/19** | $13180 | $11004 | $13335 | $15933 |
| **12/31/19** | $13380 | $10996 | $13532 | $16414 |
| **01/31/20** | $13440 | $11208 | $13659 | $16407 |
| **02/29/20** | $12950 | $11409 | $13220 | $15057 |
| **03/31/20** | $12130 | $11342 | $12365 | $13197 |
| **04/30/20** | $12710 | $11544 | $13267 | $14889 |
| **05/31/20** | $12950 | $11598 | $13614 | $15598 |
| **06/30/20** | $13120 | $11671 | $13792 | $15908 |
| **07/31/20** | $13410 | $11845 | $14284 | $16805 |
| **08/31/20** | $13530 | $11749 | $14740 | $18013 |
| **09/30/20** | $13330 | $11743 | $14456 | $17328 |
| **10/31/20** | $13210 | $11690 | $14231 | $16868 |
| **11/30/20** | $13830 | $11805 | $15080 | $18714 |
| **12/31/20** | $14120 | $11821 | $15380 | $19434 |
| **01/31/21** | $14040 | $11737 | $15247 | $19237 |
| **02/28/21** | $14150 | $11567 | $15347 | $19768 |
| **03/31/21** | $14290 | $11423 | $15588 | $20634 |
| **04/30/21** | $14730 | $11513 | $16065 | $21735 |
| **05/31/21** | $14790 | $11551 | $16147 | $21887 |
| **06/30/21** | $15020 | $11632 | $16393 | $22397 |
| **07/31/21** | $15260 | $11762 | $16679 | $22930 |
| **08/31/21** | $15530 | $11739 | $16917 | $23627 |
| **09/30/21** | $14990 | $11638 | $16450 | $22528 |
| **10/31/21** | $15540 | $11635 | $17024 | $24106 |
| **11/30/21** | $15440 | $11669 | $16990 | $23939 |
| **12/31/21** | $15740 | $11639 | $17349 | $25012 |
| **01/31/22** | $15070 | $11388 | $16714 | $23718 |
| **02/28/22** | $14780 | $11261 | $16370 | $23008 |
| **03/31/22** | $14650 | $10948 | $16447 | $23862 |
| **04/30/22** | $13760 | $10533 | $15417 | $21781 |
| **05/31/22** | $13800 | $10601 | $15481 | $21821 |
| **06/30/22** | $13200 | $10435 | $14721 | $20020 |
| **07/31/22** | $13840 | $10690 | $15579 | $21866 |
| **08/31/22** | $13370 | $10388 | $15042 | $20974 |
| **09/30/22** | $12510 | $9939 | $14024 | $19042 |
| **10/31/22** | $12740 | $9810 | $14501 | $20584 |
| **11/30/22** | $13320 | $10171 | $15173 | $21734 |
| **12/31/22** | $12980 | $10125 | $14701 | $20482 |
| **01/31/23** | $13540 | $10436 | $15389 | $21769 |
| **02/28/23** | $13150 | $10167 | $15003 | $21238 |
| **03/31/23** | $13490 | $10425 | $15469 | $22018 |
| **04/30/23** | $13610 | $10488 | $15636 | $22361 |
| **05/31/23** | $13520 | $10374 | $15585 | $22459 |
| **06/30/23** | $13990 | $10337 | $16072 | $23942 |
| **07/31/23** | $14280 | $10330 | $16325 | $24712 |
| **08/31/23** | $14050 | $10264 | $16143 | $24318 |
| **09/30/23** | $13490 | $10003 | $15553 | $23159 |
| **10/31/23** | $13240 | $9845 | $15267 | $22672 |
| **11/30/23** | $14170 | $10291 | $16309 | $24742 |
| **12/31/23** | $14780 | $10685 | $16992 | $25866 |
| **01/31/24** | $14910 | $10655 | $17111 | $26301 |
| **02/29/24** | $15330 | $10505 | $17447 | $27705 |
| **03/31/24** | $15740 | $10602 | $17809 | $28597 |
| **04/30/24** | $15170 | $10334 | $17220 | $27429 |
| **05/31/24** | $15730 | $10509 | $17793 | $28789 |
| **06/30/24** | $16100 | $10609 | $18196 | $29822 |
| **07/31/24** | $16330 | $10856 | $18520 | $30185 |
| **08/31/24** | $16560 | $11012 | $18877 | $30917 |
| **09/30/24** | $16840 | $11160 | $19205 | $31577 |
| **10/31/24** | $16530 | $10883 | $18880 | $31291 |
| **11/30/24** | $17180 | $10998 | $19534 | $33128 |
| **12/31/24** | $16730 | $10818 | $19141 | $32338 |
| **01/31/25** | $17070 | $10876 | $19459 | $33239 |
| **02/28/25** | $17020 | $11115 | $19546 | $32805 |
| **03/31/25** | $16470 | $11119 | $18999 | $30957 |
| **04/30/25** | $16350 | $11163 | $18972 | $30747 |
| **05/31/25** | $16710 | $11083 | $19501 | $32682 |
| **06/30/25** | $17240 | $11253 | $20147 | $34344 |
| **07/31/25** | $17410 | $11224 | $20346 | $35115 |
| **08/31/25** | $17690 | $11358 | $20674 | $35827 |
| **09/30/25** | $18110 | $11482 | $21164 | $37134 |
| **10/31/25** | $18370 | $11553 | $21478 | $38004 |
| **11/30/25** | $18420 | $11625 | $21571 | $38097 |
| **12/31/25** | $18420 | $11608 | $21562 | $38120 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | Since Fund Inception |
| Class 2 | 10.10 | 5.46 | 6.89 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 1.64 |
| 50% S&P 500<sup>®</sup> Index, 50% Bloomberg U.S. Aggregate Bond Index | 12.64 | 6.99 | 8.75 |
| S&P 500<sup>®</sup> Index | 17.88 | 14.42 | 15.73 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2071610752 |
| **Total number of portfolio holdings** | 50 |
| **Management services fees (represents 0.21% of Fund average net assets)** | $4261649 |
| **Portfolio turnover for the reporting period** | 199% |

---

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Class 2 **\|** ASR7061_02_12_D01_(02/26) \|

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

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Equity Risk | 14.1% |
| Interest Rate Risk | 3.7% |
|  | Short |
| Equity Risk | 29.4% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Equity Funds | 47.1% |
| Fixed Income Funds | 25.5% |
| Money Market Funds | 15.5% |
| Exchange-Traded Equity Funds | 6.5% |
| Residential Mortgage-Backed Securities - Agency | 4.9% |
| Exchange-Traded Fixed Income Funds | 3.3% |
| Other | 0.9% |

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g102030g84q09.jpg)

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| Class 2 **\|** ASR7061_02_12_D01_(02/26) \|

------

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

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

#### Item 4. Principal Accountant Fees and Services.
The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for the series of the relevant registrant whose reports to shareholders are included in this annual filing.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amount billed to the registrant ($)** | **Amount billed to the registrant ($)** | **Amount billed to the registrant's<br>investment advisor ($)** | **Amount billed to the registrant's<br>investment advisor ($)** |
|  | **December 31,<br>2025** | **December 31,<br>2024** | **December 31,<br>2025** | **December 31,<br>2024** |
|  Audit fees <sup>(a)</sup> | 453962 | 440927 | 0 | 0 |
|  Audit-related fees <sup>(b)</sup> | 0 | 0 | 0 | 0 |
|  Tax fees <sup>(c)</sup> | 225000 | 201372 | 0 | 0 |
|  All other fees <sup>(d)</sup> | 0 | 0 | 0 | 0 |
|  Non-audit fees <sup>(g)</sup> | 0 | 0 | 474000 | 581000 |

---

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

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

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

------

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

(e)(1) Audit Committee Pre-Approval Policies and Procedures

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

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

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

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

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

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

------

(f) Not applicable.

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

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

(i) Not applicable.

(j) Not applicable.

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

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

(b) Not applicable.

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

------

![](g102030imgb3ec19981.jpg)

Columbia Variable Portfolio – Small Company Growth Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

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

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

---

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

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_0a6b825a-e120-4623-af72-a9dbcb928e11_POI-CommonContent-Date-264_1) | 3 |
| [Statement of Assets and Liabilities](#xx_0a6b825a-e120-4623-af72-a9dbcb928e11_FS-CommonContent-Date-264_1) | 8 |
| [Statement of Operations](#xx_0a6b825a-e120-4623-af72-a9dbcb928e11_FS-CommonContent-Date-264_2) | 9 |
| [Statement of Changes in Net Assets](#xx_0a6b825a-e120-4623-af72-a9dbcb928e11_FS-CommonContent-Date-264_3) | 10 |
| [Financial Highlights](#xx_0a6b825a-e120-4623-af72-a9dbcb928e11_FIHI-CommonContent-Date-264_2) | 12 |
| [Notes to Financial Statements](#xx_0a6b825a-e120-4623-af72-a9dbcb928e11_NTF-CommonContent-Date-264_1) | 14 |
| [Report of Independent Registered Public Accounting Firm](#xx_0a6b825a-e120-4623-af72-a9dbcb928e11_AUD-CommonContent-Date-264_1) | 22 |
| [Federal Income Tax Information](#xx_0a6b825a-e120-4623-af72-a9dbcb928e11_CCH-CommonContent-Date-264_1) | 23 |

---

Columbia Variable Portfolio – Small Company Growth Fund \| 2025

------

Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

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

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

---

| | | |
|:---|:---|:---|
| **Common Stocks 97.3%** | **Common Stocks 97.3%** | **Common Stocks 97.3%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 3.3%** | **Communication Services 3.3%** | **Communication Services 3.3%** |
| **Diversified Telecommunication Services 0.5%** | **Diversified Telecommunication Services 0.5%** | **Diversified Telecommunication Services 0.5%** |
| Globalstar, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 18730 | &nbsp;&nbsp; 1143279 |
| **Entertainment 2.6%** | **Entertainment 2.6%** | **Entertainment 2.6%** |
| IMAX Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 74741 | &nbsp;&nbsp; 2762427 |
| Madison Square Garden Entertainment Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 22823 | &nbsp;&nbsp; 1229931 |
| Sphere Entertainment Co.<sup>(a)</sup> <br>| &nbsp;&nbsp; 20669 | &nbsp;&nbsp; 1965209 |
| Total |  | &nbsp;&nbsp; 5957567 |
| **Media 0.2%** | **Media 0.2%** | **Media 0.2%** |
| MNTN, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 46626 | &nbsp;&nbsp; 556715 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **7657561** |
| **Consumer Discretionary 11.9%** | **Consumer Discretionary 11.9%** | **Consumer Discretionary 11.9%** |
| **Broadline Retail 1.7%** | **Broadline Retail 1.7%** | **Broadline Retail 1.7%** |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 36574 | &nbsp;&nbsp; 4008876 |
| **Hotels, Restaurants & Leisure 7.6%** | **Hotels, Restaurants & Leisure 7.6%** | **Hotels, Restaurants & Leisure 7.6%** |
| Black Rock Coffee Bar, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 35550 | &nbsp;&nbsp; 790987 |
| Brinker International, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 26048 | &nbsp;&nbsp; 3738409 |
| Churchill Downs, Inc. | &nbsp;&nbsp; 13929 | &nbsp;&nbsp; 1584841 |
| Dutch Bros, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 46581 | &nbsp;&nbsp; 2851689 |
| Kura Sushi USA, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 19387 | &nbsp;&nbsp; 1014522 |
| Red Rock Resorts, Inc., Class A | &nbsp;&nbsp; 18840 | &nbsp;&nbsp; 1167138 |
| Rush Street Interactive, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 229444 | &nbsp;&nbsp; 4458097 |
| Sportradar Group AG, Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 87118 | &nbsp;&nbsp; 2070795 |
| Total |  | &nbsp;&nbsp; 17676478 |
| **Specialty Retail 1.9%** | **Specialty Retail 1.9%** | **Specialty Retail 1.9%** |
| Boot Barn Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 9370 | &nbsp;&nbsp; 1653524 |
| Floor & Decor Holdings, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 18914 | &nbsp;&nbsp; 1151674 |
| Lithia Motors, Inc., Class A | &nbsp;&nbsp; 4874 | &nbsp;&nbsp; 1619776 |
| Total |  | &nbsp;&nbsp; 4424974 |
| **Textiles, Apparel & Luxury Goods 0.7%** | **Textiles, Apparel & Luxury Goods 0.7%** | **Textiles, Apparel & Luxury Goods 0.7%** |
| Capri Holdings Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 64900 | &nbsp;&nbsp; 1583560 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **27693888** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Consumer Staples 6.5%** | **Consumer Staples 6.5%** | **Consumer Staples 6.5%** |
| **Beverages 4.9%** | **Beverages 4.9%** | **Beverages 4.9%** |
| Celsius Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 143368 | &nbsp;&nbsp; 6557652 |
| Primo Brands Corp., Class A | &nbsp;&nbsp; 72687 | &nbsp;&nbsp; 1188433 |
| Vita Coco Co., Inc. (The)<sup>(a)</sup> <br>| &nbsp;&nbsp; 69327 | &nbsp;&nbsp; 3675024 |
| Total |  | &nbsp;&nbsp; 11421109 |
| **Consumer Staples Distribution & Retail 1.6%** | **Consumer Staples Distribution & Retail 1.6%** | **Consumer Staples Distribution & Retail 1.6%** |
| Casey's General Stores, Inc. | &nbsp;&nbsp; 3350 | &nbsp;&nbsp; 1851578 |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 21083 | &nbsp;&nbsp; 1679683 |
| Total |  | &nbsp;&nbsp; 3531261 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **14952370** |
| **Energy 2.8%** | **Energy 2.8%** | **Energy 2.8%** |
| **Energy Equipment & Services 0.8%** | **Energy Equipment & Services 0.8%** | **Energy Equipment & Services 0.8%** |
| WaterBridge Infrastructure LLC, Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 88521 | &nbsp;&nbsp; 1771305 |
| **Oil, Gas & Consumable Fuels 2.0%** | **Oil, Gas & Consumable Fuels 2.0%** | **Oil, Gas & Consumable Fuels 2.0%** |
| Antero Resources Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 83508 | &nbsp;&nbsp; 2877686 |
| Centrus Energy Corp. Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 3042 | &nbsp;&nbsp; 738476 |
| Lightbridge Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 43492 | &nbsp;&nbsp; 549739 |
| Uranium Energy Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 52572 | &nbsp;&nbsp; 614041 |
| Total |  | &nbsp;&nbsp; 4779942 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **6551247** |
| **Financials 6.1%** | **Financials 6.1%** | **Financials 6.1%** |
| **Banks 2.3%** | **Banks 2.3%** | **Banks 2.3%** |
| Axos Financial, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 26383 | &nbsp;&nbsp; 2273160 |
| Bancorp, Inc. (The)<sup>(a)</sup> <br>| &nbsp;&nbsp; 44885 | &nbsp;&nbsp; 3030635 |
| Total |  | &nbsp;&nbsp; 5303795 |
| **Capital Markets 3.8%** | **Capital Markets 3.8%** | **Capital Markets 3.8%** |
| Hamilton Lane, Inc., Class A | &nbsp;&nbsp; 9402 | &nbsp;&nbsp; 1262783 |
| Houlihan Lokey, Inc., Class A | &nbsp;&nbsp; 6574 | &nbsp;&nbsp; 1145125 |
| Moelis & Co., ADR, Class A | &nbsp;&nbsp; 46235 | &nbsp;&nbsp; 3178194 |
| Perella Weinberg Partners | &nbsp;&nbsp; 101755 | &nbsp;&nbsp; 1760361 |
| StepStone Group, Inc., Class A | &nbsp;&nbsp; 24512 | &nbsp;&nbsp; 1572935 |
| Total |  | &nbsp;&nbsp; 8919398 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **14223193** |

---

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

Columbia Variable Portfolio – Small Company Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Health Care 20.3%** | **Health Care 20.3%** | **Health Care 20.3%** |
| **Biotechnology 4.9%** | **Biotechnology 4.9%** | **Biotechnology 4.9%** |
| BridgeBio Pharma, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 24935 | &nbsp;&nbsp; 1907278 |
| Caris Life Sciences, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 99473 | &nbsp;&nbsp; 2683782 |
| Insmed, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 10121 | &nbsp;&nbsp; 1761459 |
| Mirum Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 5402 | &nbsp;&nbsp; 426704 |
| Nuvalent, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 20855 | &nbsp;&nbsp; 2097804 |
| Revolution Medicines, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 20865 | &nbsp;&nbsp; 1661897 |
| Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 7806 | &nbsp;&nbsp; 835554 |
| Total |  | &nbsp;&nbsp; 11374478 |
| **Health Care Equipment & Supplies 4.7%** | **Health Care Equipment & Supplies 4.7%** | **Health Care Equipment & Supplies 4.7%** |
| Glaukos Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 45946 | &nbsp;&nbsp; 5187763 |
| ICU Medical, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 39869 | &nbsp;&nbsp; 5688110 |
| Total |  | &nbsp;&nbsp; 10875873 |
| **Health Care Providers & Services 3.9%** | **Health Care Providers & Services 3.9%** | **Health Care Providers & Services 3.9%** |
| Chemed Corp. | &nbsp;&nbsp; 7053 | &nbsp;&nbsp; 3017697 |
| GeneDx Holdings Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 4303 | &nbsp;&nbsp; 559648 |
| Guardant Health, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 23230 | &nbsp;&nbsp; 2372712 |
| RadNet, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 44628 | &nbsp;&nbsp; 3184208 |
| Total |  | &nbsp;&nbsp; 9134265 |
| **Life Sciences Tools & Services 5.2%** | **Life Sciences Tools & Services 5.2%** | **Life Sciences Tools & Services 5.2%** |
| Adaptive Biotechnologies Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 69804 | &nbsp;&nbsp; 1133617 |
| Bio-Techne Corp. | &nbsp;&nbsp; 36593 | &nbsp;&nbsp; 2152034 |
| Charles River Laboratories International, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 19087 | &nbsp;&nbsp; 3807475 |
| DNA Script<sup>(a),(b),(c),(d)</sup> <br>| &nbsp;&nbsp; 1585 | &nbsp;&nbsp; 124800 |
| Personalis, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 176211 | &nbsp;&nbsp; 1402640 |
| Quanterix Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 51466 | &nbsp;&nbsp; 327324 |
| Repligen Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 18797 | &nbsp;&nbsp; 3080076 |
| Total |  | &nbsp;&nbsp; 12027966 |
| **Pharmaceuticals 1.6%** | **Pharmaceuticals 1.6%** | **Pharmaceuticals 1.6%** |
| Axsome Therapeutics, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 6205 | &nbsp;&nbsp; 1133281 |
| Crinetics Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 19946 | &nbsp;&nbsp; 928486 |
| Terns Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 42376 | &nbsp;&nbsp; 1711991 |
| Total |  | &nbsp;&nbsp; 3773758 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **47186340** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Industrials 29.4%** | **Industrials 29.4%** | **Industrials 29.4%** |
| **Aerospace & Defense 9.3%** | **Aerospace & Defense 9.3%** | **Aerospace & Defense 9.3%** |
| Aerovironment, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 5462 | &nbsp;&nbsp; 1321203 |
| Beta Technologies, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 16394 | &nbsp;&nbsp; 462475 |
| Carpenter Technology Corp. | &nbsp;&nbsp; 21943 | &nbsp;&nbsp; 6908534 |
| Karman Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 22041 | &nbsp;&nbsp; 1612740 |
| Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 49768 | &nbsp;&nbsp; 3777889 |
| Mercury Systems, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 58341 | &nbsp;&nbsp; 4259476 |
| Red Cat Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 96864 | &nbsp;&nbsp; 768132 |
| VSE Corp. | &nbsp;&nbsp; 14539 | &nbsp;&nbsp; 2511903 |
| Total |  | &nbsp;&nbsp; 21622352 |
| **Building Products 2.5%** | **Building Products 2.5%** | **Building Products 2.5%** |
| AAON, Inc. | &nbsp;&nbsp; 62171 | &nbsp;&nbsp; 4740539 |
| Simpson Manufacturing Co., Inc. | &nbsp;&nbsp; 6714 | &nbsp;&nbsp; 1084110 |
| Total |  | &nbsp;&nbsp; 5824649 |
| **Electrical Equipment 2.3%** | **Electrical Equipment 2.3%** | **Electrical Equipment 2.3%** |
| Babcock & Wilcox Enterprises, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 166797 | &nbsp;&nbsp; 1057493 |
| Bloom Energy Corp., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 50373 | &nbsp;&nbsp; 4376910 |
| Total |  | &nbsp;&nbsp; 5434403 |
| **Ground Transportation 3.9%** | **Ground Transportation 3.9%** | **Ground Transportation 3.9%** |
| Lyft, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 103134 | &nbsp;&nbsp; 1997705 |
| Ryder System, Inc. | &nbsp;&nbsp; 8022 | &nbsp;&nbsp; 1535331 |
| Saia, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 8523 | &nbsp;&nbsp; 2782930 |
| XPO, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 19320 | &nbsp;&nbsp; 2625781 |
| Total |  | &nbsp;&nbsp; 8941747 |
| **Machinery 2.9%** | **Machinery 2.9%** | **Machinery 2.9%** |
| RBC Bearings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 15175 | &nbsp;&nbsp; 6804925 |
| **Passenger Airlines 2.4%** | **Passenger Airlines 2.4%** | **Passenger Airlines 2.4%** |
| Alaska Air Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 73335 | &nbsp;&nbsp; 3688750 |
| Sun Country Airlines Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 127522 | &nbsp;&nbsp; 1835042 |
| Total |  | &nbsp;&nbsp; 5523792 |

---

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

Columbia Variable Portfolio – Small Company Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Trading Companies & Distributors 6.1%** | **Trading Companies & Distributors 6.1%** | **Trading Companies & Distributors 6.1%** |
| Applied Industrial Technologies, Inc. | &nbsp;&nbsp; 4482 | &nbsp;&nbsp; 1150843 |
| Herc Holdings Inc | &nbsp;&nbsp; 12801 | &nbsp;&nbsp; 1899412 |
| SiteOne Landscape Supply, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 29133 | &nbsp;&nbsp; 3628807 |
| WESCO International, Inc. | &nbsp;&nbsp; 17283 | &nbsp;&nbsp; 4228113 |
| Xometry, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 55238 | &nbsp;&nbsp; 3285004 |
| Total |  | &nbsp;&nbsp; 14192179 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **68344047** |
| **Information Technology 16.4%** | **Information Technology 16.4%** | **Information Technology 16.4%** |
| **Communications Equipment 3.8%** | **Communications Equipment 3.8%** | **Communications Equipment 3.8%** |
| InterDigital, Inc. | &nbsp;&nbsp; 14578 | &nbsp;&nbsp; 4641344 |
| Lumentum Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 11554 | &nbsp;&nbsp; 4258689 |
| Total |  | &nbsp;&nbsp; 8900033 |
| **Electronic Equipment, Instruments & Components 1.4%** | **Electronic Equipment, Instruments & Components 1.4%** | **Electronic Equipment, Instruments & Components 1.4%** |
| Coherent Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 16790 | &nbsp;&nbsp; 3098930 |
| **Semiconductors & Semiconductor Equipment 6.3%** | **Semiconductors & Semiconductor Equipment 6.3%** | **Semiconductors & Semiconductor Equipment 6.3%** |
| Credo Technology Group Holding Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 27940 | &nbsp;&nbsp; 4020287 |
| Impinj, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 21346 | &nbsp;&nbsp; 3714417 |
| Semtech Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 52847 | &nbsp;&nbsp; 3894295 |
| SiTime Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 8656 | &nbsp;&nbsp; 3057213 |
| Total |  | &nbsp;&nbsp; 14686212 |
| **Software 4.9%** | **Software 4.9%** | **Software 4.9%** |
| ACI Worldwide, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 36990 | &nbsp;&nbsp; 1768492 |
| Hut 8 Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 96483 | &nbsp;&nbsp; 4432429 |
| Klaviyo, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 35480 | &nbsp;&nbsp; 1152036 |
| Procore Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 12679 | &nbsp;&nbsp; 922270 |
| Unity Software, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 67224 | &nbsp;&nbsp; 2969284 |
| Total |  | &nbsp;&nbsp; 11244511 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **37929686** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Utilities 0.6%** | **Utilities 0.6%** | **Utilities 0.6%** |
| **Independent Power and Renewable Electricity Producers 0.6%** | **Independent Power and Renewable Electricity Producers 0.6%** | **Independent Power and Renewable Electricity Producers 0.6%** |
| Hallador Energy Co.<sup>(a)</sup> <br>| &nbsp;&nbsp; 72636 | &nbsp;&nbsp; 1382989 |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **1382989** |
| Total Common Stocks <br>(Cost $197,910,857) | Total Common Stocks <br>(Cost $197,910,857) | &nbsp;&nbsp; **225921321** |
| **Money Market Funds 2.8%** | **Money Market Funds 2.8%** | **Money Market Funds 2.8%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(e),(f)</sup> <br>| &nbsp;&nbsp; 6592988 | &nbsp;&nbsp; 6591010 |
| Total Money Market Funds <br>(Cost $6,591,010) | Total Money Market Funds <br>(Cost $6,591,010) | &nbsp;&nbsp; **6591010** |
| **Total Investments in Securities** <br>**(Cost: $204,501,867)** | **Total Investments in Securities** <br>**(Cost: $204,501,867)** | &nbsp;&nbsp; **232512331** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(249304)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **232263027** |

---

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

Columbia Variable Portfolio – Small Company Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Notes to Portfolio of Investments** 

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At December 31, 2025, the total value of these securities amounted to $124,800, which represents 0.05% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These securities are valued at fair value determined in good faith under consistently applied procedures approved by the Fund's Board of Trustees. At December 31, 2025, the total market value of these securities amounted to $124,800, which represents 0.05% of total net assets. Additional information on these securities is as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Acquisition** <br>**Dates**<br>| **Shares** | **Cost ($)** | **Value ($)** |
| DNA Script | 10/01/2021 | &nbsp;&nbsp; 1585 | &nbsp;&nbsp; 1382080 | &nbsp;&nbsp; 124800 |

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2025 are as follows:

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% |
|  | 3207951 | &nbsp;&nbsp; 151108786 | &nbsp;&nbsp; (147725926)<br>| &nbsp;&nbsp; 199 | &nbsp;&nbsp; 6591010 | &nbsp;&nbsp; 655 | &nbsp;&nbsp; 220055 | &nbsp;&nbsp; 6592988 |

---

**Abbreviation Legend** 

ADR American Depositary Receipt

**Fair value measurements** 

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

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

■

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

■

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

■

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

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

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

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

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

Columbia Variable Portfolio – Small Company Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Communication Services | 7657561 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7657561 |
| Consumer Discretionary | 27693888 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27693888 |
| Consumer Staples | 14952370 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14952370 |
| Energy | 6551247 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6551247 |
| Financials | 14223193 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14223193 |
| Health Care | 47061540 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 124800 | &nbsp;&nbsp;&nbsp;&nbsp; 47186340 |
| Industrials | 68344047 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 68344047 |
| Information Technology | 37929686 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37929686 |
| Utilities | 1382989 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1382989 |
| Total Common Stocks | 225796521 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 124800 | &nbsp;&nbsp;&nbsp;&nbsp; 225921321 |
| Money Market Funds | 6591010 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6591010 |
| Total Investments in Securities | 232387531 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 124800 | &nbsp;&nbsp;&nbsp;&nbsp; 232512331 |

---

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 \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

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

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $197,910,857) | $225921321 |
| Affiliated issuers (cost $6,591,010) | 6591010 |
| Receivable for: |  |
| Investments sold | 266311 |
| Dividends | 27682 |
| Expense reimbursement due from Investment Manager | 523 |
| Prepaid expenses | 2936 |
| Deferred compensation of board members | 100391 |
| Total assets | 232910174 |
| **Liabilities** |  |
| Payable for: |  |
| Investments purchased | 242292 |
| Capital shares redeemed | 214898 |
| Management services fees | 5592 |
| Distribution and/or service fees | 1 |
| Service fees | 9119 |
| Compensation of chief compliance officer | 39 |
| Compensation of board members | 545 |
| Other expenses | 23949 |
| Deferred compensation of board members | 150712 |
| Total liabilities | 647147 |
| **Net assets applicable to outstanding capital stock** | **$232263027** |
| **Represented by** |  |
| Paid in capital | 161311807 |
| Total distributable earnings (loss) | 70951220 |
| **Total - representing net assets applicable to outstanding capital stock** | **$232263027** |
| **Class 1** |  |
| Net assets | $232088342 |
| Shares outstanding | 15497464 |
| Net asset value per share | $14.98 |
| **Class 2** |  |
| Net assets | $174685 |
| Shares outstanding | 13551 |
| Net asset value per share | $12.89 |

---

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

Columbia Variable Portfolio – Small Company Growth Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

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

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $402195 |
| Dividends — affiliated issuers | 220055 |
| Interfund lending | 163 |
| Total income | 622413 |
| Expenses: |  |
| Management services fees | 2007764 |
| Distribution and/or service fees |  |
| Class 2 | 472 |
| Service fees | 44322 |
| Custodian fees | 14891 |
| Printing and postage fees | 11316 |
| Accounting services fees | 32423 |
| Legal fees | 21228 |
| Compensation of chief compliance officer | 34 |
| Compensation of board members | 13479 |
| Deferred compensation of board members | 6153 |
| Other | 8862 |
| Total expenses | 2160944 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (174206)<br>|
| Total net expenses | 1986738 |
| **Net investment loss** | (1364325)<br>|
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 46339677 |
| Investments — affiliated issuers | 655 |
| Net realized gain | 46340332 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 1147833 |
| Investments — affiliated issuers | 199 |
| Net change in unrealized appreciation (depreciation) | 1148032 |
| Net realized and unrealized gain | 47488364 |
| **Net increase in net assets resulting from operations** | **$46124039** |

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

Columbia Variable Portfolio – Small Company Growth Fund \| 2025

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Statement of Changes in Net Assets

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

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| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment loss | $(1364325)<br>| &nbsp;&nbsp; $(1518122)<br>|
| Net realized gain | 46340332 | &nbsp;&nbsp; 71898595 |
| Net change in unrealized appreciation (depreciation) | 1148032 | &nbsp;&nbsp; (2776124)<br>|
| Net increase in net assets resulting from operations | 46124039 | &nbsp;&nbsp; 67604349 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class 1 | (30998990)<br>| &nbsp;&nbsp; (6686642)<br>|
| Class 2 | (29337)<br>| &nbsp;&nbsp; (4265)<br>|
| Total distributions to shareholders | (31028327)<br>| &nbsp;&nbsp; (6690907)<br>|
| Decrease in net assets from capital stock activity | (24397092)<br>| &nbsp;&nbsp; (132427279)<br>|
| Total decrease in net assets | (9301380)<br>| &nbsp;&nbsp; (71513837)<br>|
| Net assets at beginning of year | 241564407 | &nbsp;&nbsp; 313078244 |
| **Net assets at end of year** | **$232263027** | &nbsp;&nbsp; **$241564407** |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |
| Shares sold | 734031 | &nbsp;&nbsp;&nbsp;&nbsp; 10711394 | &nbsp;&nbsp;&nbsp;&nbsp; 177093 | &nbsp;&nbsp;&nbsp;&nbsp; 2383380 |
| Distributions reinvested | 2360928 | &nbsp;&nbsp;&nbsp;&nbsp; 30998990 | &nbsp;&nbsp;&nbsp;&nbsp; 511211 | &nbsp;&nbsp;&nbsp;&nbsp; 6686642 |
| Shares redeemed | (4676219)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (66078176)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10478404)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (141497399)<br>|
| Net decrease | (1581260)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24367792)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9790100)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (132427377)<br>|
| Class 2 |  |  |  |  |
| Distributions reinvested | 2594 | &nbsp;&nbsp;&nbsp;&nbsp; 29337 | &nbsp;&nbsp;&nbsp;&nbsp; 371 | &nbsp;&nbsp;&nbsp;&nbsp; 4265 |
| Shares redeemed | (4605)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (58637)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (363)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4167)<br>|
| Net increase (decrease) | (2011)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29300)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 98 |
| **Total net decrease** | **(1583271)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(24397092)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(9790092)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(132427279)**<br>|

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

Columbia Variable Portfolio – Small Company Growth Fund \| 2025

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Columbia Variable Portfolio – Small Company Growth Fund \| 2025

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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 ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $14.13<br>| &nbsp;&nbsp; (0.08) <br>| 2.87<br>| 2.79<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (1.94) <br>| &nbsp;&nbsp; (1.94) <br>|
| Year Ended 12/31/2024 | $11.65<br>| &nbsp;&nbsp; (0.07) <br>| 2.85<br>| 2.78<br>| &nbsp;&nbsp; (0.30) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.30) <br>|
| Year Ended 12/31/2023 | $9.20<br>| &nbsp;&nbsp; (0.01) <br>| 2.46<br>| 2.45<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 12/31/2022 | $24.39<br>| &nbsp;&nbsp; (0.08) <br>| &nbsp;&nbsp; (8.20) <br>| &nbsp;&nbsp; (8.28) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (6.91) <br>| &nbsp;&nbsp; (6.91) <br>|
| Year Ended 12/31/2021 | $29.97<br>| &nbsp;&nbsp; (0.22) <br>| &nbsp;&nbsp; (0.18 )<sup>(c)</sup><br>| &nbsp;&nbsp; (0.40) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (5.18) <br>| &nbsp;&nbsp; (5.18) <br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $12.42<br>| &nbsp;&nbsp; (0.10) <br>| 2.48<br>| 2.38<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (1.91) <br>| &nbsp;&nbsp; (1.91) <br>|
| Year Ended 12/31/2024 | $10.27<br>| &nbsp;&nbsp; (0.09) <br>| 2.52<br>| 2.43<br>| &nbsp;&nbsp; (0.28) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.28) <br>|
| Year Ended 12/31/2023 | $8.13<br>| &nbsp;&nbsp; (0.04) <br>| 2.18<br>| 2.14<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 12/31/2022 | $22.67<br>| &nbsp;&nbsp; (0.14) <br>| &nbsp;&nbsp; (7.56) <br>| &nbsp;&nbsp; (7.70) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (6.84) <br>| &nbsp;&nbsp; (6.84) <br>|
| Year Ended 12/31/2021 | $28.21<br>| &nbsp;&nbsp; (0.29) <br>| &nbsp;&nbsp; (0.13 )<sup>(c)</sup><br>| &nbsp;&nbsp; (0.42) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (5.12) <br>| &nbsp;&nbsp; (5.12) <br>|

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

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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) | 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 timing of Fund shares sold and redeemed in relation to fluctuations in the market value of the portfolio. For a new share class, the difference may be due to the timing of the commencement of operations for the share class. |

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

Columbia Variable Portfolio – Small Company Growth Fund \| 2025

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Financial Highlights (continued)

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income (loss)** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $14.98<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.59%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 132%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $232088<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $14.13<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.51%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 129%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $241371<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $11.65<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.63%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.14%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 152%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $312919<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $9.20<br>| &nbsp;&nbsp;&nbsp;&nbsp; (35.77%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.61%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $254385<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $24.39<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.90%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.76%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 61%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $403066<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $12.89<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.84%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 132%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $175<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $12.42<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.86%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.75%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 129%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $193<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $10.27<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.32%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.39%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 152%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $160<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $8.13<br>| &nbsp;&nbsp;&nbsp;&nbsp; (35.96%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.93%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $129<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $22.67<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.13%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.01%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 61%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $801<br>|

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

Columbia Variable Portfolio – Small Company Growth Fund \| 2025

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Notes to Financial Statements

December 31, 2025

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.

Note 2. Summary of significant accounting policies

**Basis of preparation**

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

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

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

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

Columbia Variable Portfolio – Small Company Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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

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

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

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

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

**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 Company Growth Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

**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.

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 and is responsible for 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, 2025 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 "Deferred compensation of board members" in the Statement of Operations.

Columbia Variable Portfolio – Small Company Growth Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Service fees**

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2025 was 0.02% of the Fund's average daily net assets.

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

**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:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contractual** <br>**expense cap** <br>**July 1, 2025** <br>**through** <br>**April 30, 2026 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Voluntary** <br>**expense cap** <br>**May 1, 2025** <br>**through** <br>**June 30, 2025 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contractual** <br>**expense cap** <br>**prior to** <br>**May 1, 2025 (%)**<br>|
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 |

---

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

Columbia Variable Portfolio – Small Company Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Note 4. Federal tax information

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

At December 31, 2025, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, trustees' deferred compensation, passive foreign investment company (pfic) holdings, net operating loss reclassification and miscellaneous adjustments. To the extent these differences were permanent, reclassifications were made among the components of the Fund's net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

---

| | | |
|:---|:---|:---|
| **Excess of distributions** <br>**over net investment** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>**gain ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Paid in** <br>**capital ($)**<br>|
| (4241369)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4241369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| **Ordinary** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Long-term** <br>**capital gains ($)**<br>| **Total ($)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ordinary** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Long-term** <br>**capital gains ($)**<br>| **Total ($)** |
| 13962222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17066105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31028327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6690907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6690907 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Undistributed** <br>**ordinary income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Undistributed** <br>**long-term** <br>**capital gains ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Capital loss** <br>**carryforwards ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
| 27042348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18820767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25236649 |

---

At December 31, 2025, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| **Federal** <br>**tax cost ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
| 207275682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35090111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9853462)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25236649 |

---

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 $297,921,906 and $358,091,790, respectively, for the year ended December 31, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Columbia Variable Portfolio – Small Company Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Note 6. Affiliated money market fund

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

Note 7. Interfund lending

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

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

The Fund's activity in the Interfund Program during the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower or lender** | **Average loan** <br>**balance ($)**<br>| &nbsp;&nbsp;&nbsp; **Weighted average** <br>**interest rate (%)**<br>| &nbsp;&nbsp;&nbsp; **Number of days** <br>**with outstanding loans**<br>|
| Lender | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.89 | &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, 2025.

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 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended December 31, 2025.

Columbia Variable Portfolio – Small Company Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Note 9. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

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

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

**Shareholder concentration risk**

At December 31, 2025, affiliated shareholders of record owned 84.1% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

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

Note 11. Information regarding pending and settled legal proceedings

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

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

Columbia Variable Portfolio – Small Company Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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

Columbia Variable Portfolio – Small Company Growth Fund \| 2025

------

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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent, issuer of a privately offered security 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 23, 2026

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

Columbia Variable Portfolio – Small Company Growth Fund \| 2025

------

Federal Income Tax Information

(Unaudited)

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

---

| | |
|:---|:---|
| **Dividends** <br>**received** <br>**deduction**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Capital** <br>**gain** <br>**dividend**<br>|
| 3.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19808990 |

---

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.

Columbia Variable Portfolio – Small Company Growth Fund \| 2025

------

**Columbia Variable Portfolio – Small Company Growth Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g102030img442088b32.jpg)

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

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

ANN7025_12_E01_(02/26)

------

![](g102030imgae67e2011.jpg)

Columbia Variable Portfolio – Small Cap Value Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

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

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

---

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

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_00adf72e-30f7-4471-bc76-2cd626041ef2_POI-CommonContent-Date-263_1) | 3 |
| [Statement of Assets and Liabilities](#xx_00adf72e-30f7-4471-bc76-2cd626041ef2_FS-CommonContent-Date-263_1) | 10 |
| [Statement of Operations](#xx_00adf72e-30f7-4471-bc76-2cd626041ef2_FS-CommonContent-Date-263_2) | 11 |
| [Statement of Changes in Net Assets](#xx_00adf72e-30f7-4471-bc76-2cd626041ef2_FS-CommonContent-Date-263_3) | 12 |
| [Financial Highlights](#xx_00adf72e-30f7-4471-bc76-2cd626041ef2_FIHI-CommonContent-Date-263_1) | 14 |
| [Notes to Financial Statements](#xx_00adf72e-30f7-4471-bc76-2cd626041ef2_NTF-CommonContent-Date-263_1) | 16 |
| [Report of Independent Registered Public Accounting Firm](#xx_00adf72e-30f7-4471-bc76-2cd626041ef2_AUD-CommonContent-Date-263_1) | 24 |
| [Federal Income Tax Information](#xx_00adf72e-30f7-4471-bc76-2cd626041ef2_CCH-CommonContent-Date-263_1) | 25 |

---

Columbia Variable Portfolio – Small Cap Value Fund \| 2025

------

Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

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

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

---

| | | |
|:---|:---|:---|
| **Common Stocks 99.2%** | **Common Stocks 99.2%** | **Common Stocks 99.2%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 2.2%** | **Communication Services 2.2%** | **Communication Services 2.2%** |
| **Diversified Telecommunication Services 0.2%** | **Diversified Telecommunication Services 0.2%** | **Diversified Telecommunication Services 0.2%** |
| Bandwidth, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 49760 | &nbsp;&nbsp; 768792 |
| **Entertainment 0.3%** | **Entertainment 0.3%** | **Entertainment 0.3%** |
| Gaia, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 142133 | &nbsp;&nbsp; 515943 |
| Playstudios, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 494287 | &nbsp;&nbsp; 322028 |
| Vivid Seats, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 44405 | &nbsp;&nbsp; 320160 |
| Total |  | &nbsp;&nbsp; 1158131 |
| **Interactive Media & Services 0.5%** | **Interactive Media & Services 0.5%** | **Interactive Media & Services 0.5%** |
| Webtoon Entertainment, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 145386 | &nbsp;&nbsp; 1894380 |
| **Media 1.2%** | **Media 1.2%** | **Media 1.2%** |
| Cable One, Inc. | &nbsp;&nbsp; 7384 | &nbsp;&nbsp; 833284 |
| Criteo SA, ADR<sup>(a)</sup> <br>| &nbsp;&nbsp; 81210 | &nbsp;&nbsp; 1673738 |
| DoubleVerify Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 162940 | &nbsp;&nbsp; 1864034 |
| Ibotta, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 29576 | &nbsp;&nbsp; 672262 |
| Total |  | &nbsp;&nbsp; 5043318 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **8864621** |
| **Consumer Discretionary 13.2%** | **Consumer Discretionary 13.2%** | **Consumer Discretionary 13.2%** |
| **Automobile Components 1.5%** | **Automobile Components 1.5%** | **Automobile Components 1.5%** |
| Fox Factory Holding Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 60810 | &nbsp;&nbsp; 1040459 |
| Gentherm, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 57173 | &nbsp;&nbsp; 2079382 |
| Visteon Corp. | &nbsp;&nbsp; 33285 | &nbsp;&nbsp; 3165404 |
| Total |  | &nbsp;&nbsp; 6285245 |
| **Automobiles 0.4%** | **Automobiles 0.4%** | **Automobiles 0.4%** |
| Winnebago Industries, Inc. | &nbsp;&nbsp; 43640 | &nbsp;&nbsp; 1768293 |
| **Broadline Retail 0.4%** | **Broadline Retail 0.4%** | **Broadline Retail 0.4%** |
| Savers Value Village, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 161790 | &nbsp;&nbsp; 1511119 |
| **Distributors 0.4%** | **Distributors 0.4%** | **Distributors 0.4%** |
| Educational Development Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 73074 | &nbsp;&nbsp; 96458 |
| Gold.com, Inc. | &nbsp;&nbsp; 41760 | &nbsp;&nbsp; 1421928 |
| Total |  | &nbsp;&nbsp; 1518386 |
| **Diversified Consumer Services 0.5%** | **Diversified Consumer Services 0.5%** | **Diversified Consumer Services 0.5%** |
| American Public Education, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 23258 | &nbsp;&nbsp; 879152 |
| Kindercare Learning Cos, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 308693 | &nbsp;&nbsp; 1333554 |
| Total |  | &nbsp;&nbsp; 2212706 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Household Durables 4.2%** | **Household Durables 4.2%** | **Household Durables 4.2%** |
| Beazer Homes USA, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 47150 | &nbsp;&nbsp; 955730 |
| Cavco Industries, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 3218 | &nbsp;&nbsp; 1901001 |
| Century Communities, Inc. | &nbsp;&nbsp; 43881 | &nbsp;&nbsp; 2604337 |
| Ethan Allen Interiors, Inc. | &nbsp;&nbsp; 34638 | &nbsp;&nbsp; 791132 |
| Hamilton Beach Brands Holding Co. | &nbsp;&nbsp; 71837 | &nbsp;&nbsp; 1181719 |
| Helen of Troy Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 104510 | &nbsp;&nbsp; 2220837 |
| Hooker Furnishings Corp. | &nbsp;&nbsp; 65826 | &nbsp;&nbsp; 743176 |
| Legacy Housing Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 63794 | &nbsp;&nbsp; 1245259 |
| Lifetime Brands, Inc. | &nbsp;&nbsp; 140087 | &nbsp;&nbsp; 553344 |
| Meritage Homes Corp. | &nbsp;&nbsp; 71870 | &nbsp;&nbsp; 4729046 |
| Universal Electronics, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 133441 | &nbsp;&nbsp; 481722 |
| Total |  | &nbsp;&nbsp; 17407303 |
| **Leisure Products 1.6%** | **Leisure Products 1.6%** | **Leisure Products 1.6%** |
| Malibu Boats, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 48145 | &nbsp;&nbsp; 1358171 |
| Polaris, Inc. | &nbsp;&nbsp; 52473 | &nbsp;&nbsp; 3318917 |
| YETI Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 40694 | &nbsp;&nbsp; 1797454 |
| Total |  | &nbsp;&nbsp; 6474542 |
| **Specialty Retail 2.5%** | **Specialty Retail 2.5%** | **Specialty Retail 2.5%** |
| Advance Auto Parts, Inc. | &nbsp;&nbsp; 60055 | &nbsp;&nbsp; 2360161 |
| America's Car-Mart, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 27640 | &nbsp;&nbsp; 698186 |
| Brilliant Earth Group, Inc., Class A | &nbsp;&nbsp; 123228 | &nbsp;&nbsp; 215649 |
| Designer Brands, Inc. | &nbsp;&nbsp; 199167 | &nbsp;&nbsp; 1479811 |
| National Vision Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 118453 | &nbsp;&nbsp; 3058456 |
| OneWater Marine, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 27394 | &nbsp;&nbsp; 296403 |
| Stitch Fix, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 192887 | &nbsp;&nbsp; 1012657 |
| Zumiez, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 41410 | &nbsp;&nbsp; 1078731 |
| Total |  | &nbsp;&nbsp; 10200054 |
| **Textiles, Apparel & Luxury Goods 1.7%** | **Textiles, Apparel & Luxury Goods 1.7%** | **Textiles, Apparel & Luxury Goods 1.7%** |
| Carter's, Inc. | &nbsp;&nbsp; 55450 | &nbsp;&nbsp; 1798243 |
| Culp, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 141244 | &nbsp;&nbsp; 502829 |
| Fossil Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 230133 | &nbsp;&nbsp; 865300 |
| Movado Group, Inc. | &nbsp;&nbsp; 83479 | &nbsp;&nbsp; 1721337 |

---

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

Columbia Variable Portfolio – Small Cap Value Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Oxford Industries, Inc. | &nbsp;&nbsp; 24370 | &nbsp;&nbsp; 833454 |
| Steven Madden Ltd. | &nbsp;&nbsp; 27505 | &nbsp;&nbsp; 1145308 |
| Total |  | &nbsp;&nbsp; 6866471 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **54244119** |
| **Consumer Staples 3.5%** | **Consumer Staples 3.5%** | **Consumer Staples 3.5%** |
| **Beverages 0.8%** | **Beverages 0.8%** | **Beverages 0.8%** |
| Boston Beer Co., Inc. (The), Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 8351 | &nbsp;&nbsp; 1629531 |
| MGP Ingredients, Inc. | &nbsp;&nbsp; 75676 | &nbsp;&nbsp; 1838927 |
| Total |  | &nbsp;&nbsp; 3468458 |
| **Consumer Staples Distribution & Retail 1.1%** | **Consumer Staples Distribution & Retail 1.1%** | **Consumer Staples Distribution & Retail 1.1%** |
| Andersons, Inc. (The) | &nbsp;&nbsp; 52967 | &nbsp;&nbsp; 2816255 |
| Grocery Outlet Holding Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 160590 | &nbsp;&nbsp; 1621959 |
| Total |  | &nbsp;&nbsp; 4438214 |
| **Food Products 1.4%** | **Food Products 1.4%** | **Food Products 1.4%** |
| Dole PLC | &nbsp;&nbsp; 149890 | &nbsp;&nbsp; 2246851 |
| John B. Sanfilippo & Son, Inc. | &nbsp;&nbsp; 18290 | &nbsp;&nbsp; 1291274 |
| Simply Good Foods Co. (The)<sup>(a)</sup> <br>| &nbsp;&nbsp; 102940 | &nbsp;&nbsp; 2067035 |
| Total |  | &nbsp;&nbsp; 5605160 |
| **Personal Care Products 0.2%** | **Personal Care Products 0.2%** | **Personal Care Products 0.2%** |
| Edgewell Personal Care Co. | &nbsp;&nbsp; 28666 | &nbsp;&nbsp; 488755 |
| Honest Co., Inc. (The)<sup>(a)</sup> <br>| &nbsp;&nbsp; 214881 | &nbsp;&nbsp; 554393 |
| Total |  | &nbsp;&nbsp; 1043148 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **14554980** |
| **Energy 6.6%** | **Energy 6.6%** | **Energy 6.6%** |
| **Energy Equipment & Services 2.3%** | **Energy Equipment & Services 2.3%** | **Energy Equipment & Services 2.3%** |
| Atlas Energy Solutions, Inc. | &nbsp;&nbsp; 156500 | &nbsp;&nbsp; 1474230 |
| DMC Global Inc<sup>(a)</sup> <br>| &nbsp;&nbsp; 112933 | &nbsp;&nbsp; 755522 |
| Natural Gas Services Group, Inc. | &nbsp;&nbsp; 78104 | &nbsp;&nbsp; 2628199 |
| Pason Systems, Inc. | &nbsp;&nbsp; 137039 | &nbsp;&nbsp; 1197113 |
| ProPetro Holding Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 117872 | &nbsp;&nbsp; 1120963 |
| Tetra Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 225468 | &nbsp;&nbsp; 2112635 |
| Total |  | &nbsp;&nbsp; 9288662 |
| **Oil, Gas & Consumable Fuels 4.3%** | **Oil, Gas & Consumable Fuels 4.3%** | **Oil, Gas & Consumable Fuels 4.3%** |
| Ardmore Shipping Corp. | &nbsp;&nbsp; 85650 | &nbsp;&nbsp; 907033 |
| Delek U.S. Holdings, Inc. | &nbsp;&nbsp; 81010 | &nbsp;&nbsp; 2402757 |
| Green Plains, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 118970 | &nbsp;&nbsp; 1165906 |
| Infinity Natural Resources, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 71920 | &nbsp;&nbsp; 1059382 |
| Kinetik Holdings, Inc. | &nbsp;&nbsp; 72497 | &nbsp;&nbsp; 2613517 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| PBF Energy, Inc., Class A | &nbsp;&nbsp; 95030 | &nbsp;&nbsp; 2577214 |
| Ring Energy, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 769062 | &nbsp;&nbsp; 669084 |
| Scorpio Tankers, Inc. | &nbsp;&nbsp; 59880 | &nbsp;&nbsp; 3043700 |
| Talos Energy, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 219106 | &nbsp;&nbsp; 2414548 |
| W&T Offshore, Inc. | &nbsp;&nbsp; 476586 | &nbsp;&nbsp; 776835 |
| Total |  | &nbsp;&nbsp; 17629976 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **26918638** |
| **Financials 19.2%** | **Financials 19.2%** | **Financials 19.2%** |
| **Banks 7.3%** | **Banks 7.3%** | **Banks 7.3%** |
| Banc of California, Inc. | &nbsp;&nbsp; 186660 | &nbsp;&nbsp; 3600671 |
| Bank of Marin Bancorp | &nbsp;&nbsp; 53196 | &nbsp;&nbsp; 1383628 |
| BankUnited, Inc. | &nbsp;&nbsp; 86152 | &nbsp;&nbsp; 3839795 |
| Central Pacific Financial Corp. | &nbsp;&nbsp; 38799 | &nbsp;&nbsp; 1208977 |
| CNB Financial Corp. | &nbsp;&nbsp; 52240 | &nbsp;&nbsp; 1367121 |
| First Community Corp. | &nbsp;&nbsp; 30471 | &nbsp;&nbsp; 903465 |
| First Foundation, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 166974 | &nbsp;&nbsp; 1028560 |
| FirstSun Capital Bancorp<sup>(a)</sup> <br>| &nbsp;&nbsp; 20852 | &nbsp;&nbsp; 784765 |
| Hilltop Holdings, Inc. | &nbsp;&nbsp; 77020 | &nbsp;&nbsp; 2614059 |
| MVB Financial Corp. | &nbsp;&nbsp; 35891 | &nbsp;&nbsp; 927065 |
| Northrim BanCorp, Inc. | &nbsp;&nbsp; 39620 | &nbsp;&nbsp; 1054288 |
| Provident Financial Holdings, Inc. | &nbsp;&nbsp; 46761 | &nbsp;&nbsp; 743967 |
| Riverview Bancorp, Inc. | &nbsp;&nbsp; 143520 | &nbsp;&nbsp; 720470 |
| Shore Bancshares, Inc. | &nbsp;&nbsp; 55870 | &nbsp;&nbsp; 987782 |
| Southern First Bancshares, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 41236 | &nbsp;&nbsp; 2124479 |
| Towne Bank | &nbsp;&nbsp; 71017 | &nbsp;&nbsp; 2369837 |
| WaFd, Inc. | &nbsp;&nbsp; 96973 | &nbsp;&nbsp; 3106045 |
| Western New England Bancorp, Inc. | &nbsp;&nbsp; 111733 | &nbsp;&nbsp; 1410070 |
| Total |  | &nbsp;&nbsp; 30175044 |
| **Capital Markets 0.6%** | **Capital Markets 0.6%** | **Capital Markets 0.6%** |
| StoneX Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 26079 | &nbsp;&nbsp; 2480895 |
| **Financial Services 6.6%** | **Financial Services 6.6%** | **Financial Services 6.6%** |
| Alerus Financial Corp. | &nbsp;&nbsp; 58195 | &nbsp;&nbsp; 1310551 |
| Banco Latinoamericano de Comercio Exterior SA, <br> Class E<br>| &nbsp;&nbsp; 45781 | &nbsp;&nbsp; 2041833 |
| Essent Group Ltd. | &nbsp;&nbsp; 71253 | &nbsp;&nbsp; 4632157 |
| Euronet Worldwide, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 37918 | &nbsp;&nbsp; 2885939 |
| EVERTEC, Inc. | &nbsp;&nbsp; 74936 | &nbsp;&nbsp; 2179888 |
| Flywire Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 162860 | &nbsp;&nbsp; 2306098 |
| Pagseguro Digital Ltd., Class A | &nbsp;&nbsp; 177240 | &nbsp;&nbsp; 1708594 |

---

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

Columbia Variable Portfolio – Small Cap Value Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Payoneer Global, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 391737 | &nbsp;&nbsp; 2201562 |
| PennyMac Financial Services, Inc. | &nbsp;&nbsp; 29440 | &nbsp;&nbsp; 3881369 |
| Security National Financial Corp., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 100584 | &nbsp;&nbsp; 906262 |
| Western Union Co. (The) | &nbsp;&nbsp; 308860 | &nbsp;&nbsp; 2875487 |
| Total |  | &nbsp;&nbsp; 26929740 |
| **Insurance 2.6%** | **Insurance 2.6%** | **Insurance 2.6%** |
| F&G Annuities & Life, Inc. | &nbsp;&nbsp; 104119 | &nbsp;&nbsp; 3212071 |
| Global Indemnity Group LLC | &nbsp;&nbsp; 55321 | &nbsp;&nbsp; 1571117 |
| Greenlight Capital Re Ltd., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 98773 | &nbsp;&nbsp; 1440110 |
| Horace Mann Educators Corp. | &nbsp;&nbsp; 52214 | &nbsp;&nbsp; 2411243 |
| Neptune Insurance Holdings, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 63825 | &nbsp;&nbsp; 1861137 |
| Total |  | &nbsp;&nbsp; 10495678 |
| **Mortgage Real Estate Investment Trusts (REITS) 2.1%** | **Mortgage Real Estate Investment Trusts (REITS) 2.1%** | **Mortgage Real Estate Investment Trusts (REITS) 2.1%** |
| ARMOUR Residential REIT, Inc. | &nbsp;&nbsp; 162780 | &nbsp;&nbsp; 2879578 |
| Dynex Capital, Inc. | &nbsp;&nbsp; 169870 | &nbsp;&nbsp; 2379879 |
| Orchid Island Capital, Inc. | &nbsp;&nbsp; 168370 | &nbsp;&nbsp; 1212264 |
| Two Harbors Investment Corp. | &nbsp;&nbsp; 202030 | &nbsp;&nbsp; 2121315 |
| Total |  | &nbsp;&nbsp; 8593036 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **78674393** |
| **Health Care 9.1%** | **Health Care 9.1%** | **Health Care 9.1%** |
| **Biotechnology 1.1%** | **Biotechnology 1.1%** | **Biotechnology 1.1%** |
| Annexon, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 296821 | &nbsp;&nbsp; 1490041 |
| Apellis Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 88458 | &nbsp;&nbsp; 2222065 |
| Atossa Therapeutics, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 581355 | &nbsp;&nbsp; 343000 |
| Compass Pathways PLC, ADR<sup>(a)</sup> <br>| &nbsp;&nbsp; 85850 | &nbsp;&nbsp; 592365 |
| Total |  | &nbsp;&nbsp; 4647471 |
| **Health Care Equipment & Supplies 2.1%** | **Health Care Equipment & Supplies 2.1%** | **Health Care Equipment & Supplies 2.1%** |
| Avanos Medical, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 74610 | &nbsp;&nbsp; 837870 |
| Embecta Corp. | &nbsp;&nbsp; 90413 | &nbsp;&nbsp; 1074106 |
| Inogen, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 123430 | &nbsp;&nbsp; 829450 |
| Neogen Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 354550 | &nbsp;&nbsp; 2478305 |
| Teleflex, Inc. | &nbsp;&nbsp; 28900 | &nbsp;&nbsp; 3526956 |
| Total |  | &nbsp;&nbsp; 8746687 |
| **Health Care Providers & Services 3.0%** | **Health Care Providers & Services 3.0%** | **Health Care Providers & Services 3.0%** |
| Acadia Healthcare Co., Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 83780 | &nbsp;&nbsp; 1188838 |
| Ardent Health, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 162664 | &nbsp;&nbsp; 1436323 |
| Astrana Health, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 48490 | &nbsp;&nbsp; 1203037 |
| Enhabit, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 132200 | &nbsp;&nbsp; 1218884 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Fulgent Genetics, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 75852 | &nbsp;&nbsp; 1992632 |
| PACS Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 111001 | &nbsp;&nbsp; 4261328 |
| Viemed Healthcare, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 108420 | &nbsp;&nbsp; 805561 |
| Total |  | &nbsp;&nbsp; 12106603 |
| **Health Care Technology 1.0%** | **Health Care Technology 1.0%** | **Health Care Technology 1.0%** |
| Certara, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 180590 | &nbsp;&nbsp; 1590998 |
| Teladoc Health, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 228080 | &nbsp;&nbsp; 1596560 |
| TruBridge, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 44565 | &nbsp;&nbsp; 983549 |
| Total |  | &nbsp;&nbsp; 4171107 |
| **Life Sciences Tools & Services 1.6%** | **Life Sciences Tools & Services 1.6%** | **Life Sciences Tools & Services 1.6%** |
| Azenta, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 62770 | &nbsp;&nbsp; 2087730 |
| Bruker Corp. | &nbsp;&nbsp; 58110 | &nbsp;&nbsp; 2737562 |
| Codexis, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 509760 | &nbsp;&nbsp; 830909 |
| Quanterix Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 124315 | &nbsp;&nbsp; 790644 |
| Total |  | &nbsp;&nbsp; 6446845 |
| **Pharmaceuticals 0.3%** | **Pharmaceuticals 0.3%** | **Pharmaceuticals 0.3%** |
| ANI Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 17089 | &nbsp;&nbsp; 1349006 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **37467719** |
| **Industrials 17.6%** | **Industrials 17.6%** | **Industrials 17.6%** |
| **Aerospace & Defense 1.6%** | **Aerospace & Defense 1.6%** | **Aerospace & Defense 1.6%** |
| Astronics Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 36220 | &nbsp;&nbsp; 1964573 |
| Moog, Inc., Class A | &nbsp;&nbsp; 17868 | &nbsp;&nbsp; 4351751 |
| Total |  | &nbsp;&nbsp; 6316324 |
| **Air Freight & Logistics 0.3%** | **Air Freight & Logistics 0.3%** | **Air Freight & Logistics 0.3%** |
| Radiant Logistics, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 205721 | &nbsp;&nbsp; 1302214 |
| **Building Products 0.9%** | **Building Products 0.9%** | **Building Products 0.9%** |
| UFP Industries, Inc. | &nbsp;&nbsp; 42156 | &nbsp;&nbsp; 3838304 |
| **Commercial Services & Supplies 1.3%** | **Commercial Services & Supplies 1.3%** | **Commercial Services & Supplies 1.3%** |
| ACCO Brands Corp. | &nbsp;&nbsp; 171620 | &nbsp;&nbsp; 640143 |
| Healthcare Services Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 111550 | &nbsp;&nbsp; 2132836 |
| HNI Corp. | &nbsp;&nbsp; 57173 | &nbsp;&nbsp; 2403553 |
| Total |  | &nbsp;&nbsp; 5176532 |
| **Electrical Equipment 1.2%** | **Electrical Equipment 1.2%** | **Electrical Equipment 1.2%** |
| GrafTech International Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 53089 | &nbsp;&nbsp; 823410 |
| Shoals Technologies Group, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 240670 | &nbsp;&nbsp; 2045695 |
| Thermon<sup>(a)</sup> <br>| &nbsp;&nbsp; 53662 | &nbsp;&nbsp; 1994080 |
| Total |  | &nbsp;&nbsp; 4863185 |

---

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

Columbia Variable Portfolio – Small Cap Value Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Ground Transportation 2.9%** | **Ground Transportation 2.9%** | **Ground Transportation 2.9%** |
| ArcBest Corp. | &nbsp;&nbsp; 35760 | &nbsp;&nbsp; 2653034 |
| Heartland Express, Inc. | &nbsp;&nbsp; 120574 | &nbsp;&nbsp; 1088783 |
| Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp; 78130 | &nbsp;&nbsp; 4084637 |
| Marten Transport Ltd. | &nbsp;&nbsp; 128950 | &nbsp;&nbsp; 1467451 |
| Werner Enterprises, Inc. | &nbsp;&nbsp; 88130 | &nbsp;&nbsp; 2644781 |
| Total |  | &nbsp;&nbsp; 11938686 |
| **Machinery 4.7%** | **Machinery 4.7%** | **Machinery 4.7%** |
| Energy Recovery, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 70917 | &nbsp;&nbsp; 956670 |
| Gates Industrial Corp. PLC<sup>(a)</sup> <br>| &nbsp;&nbsp; 165330 | &nbsp;&nbsp; 3549635 |
| Greenbrier Companies, Inc. (The) | &nbsp;&nbsp; 53306 | &nbsp;&nbsp; 2491523 |
| Hurco Companies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 41667 | &nbsp;&nbsp; 643755 |
| JBT Marel Corp. | &nbsp;&nbsp; 35230 | &nbsp;&nbsp; 5308104 |
| Mayville Engineering Co., Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 53100 | &nbsp;&nbsp; 994032 |
| Nano Dimension Ltd., ADR<sup>(a)</sup> <br>| &nbsp;&nbsp; 738571 | &nbsp;&nbsp; 1137399 |
| Omega Flex, Inc. | &nbsp;&nbsp; 30705 | &nbsp;&nbsp; 903955 |
| Taylor Devices, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 15670 | &nbsp;&nbsp; 916068 |
| Twin Disc, Inc. | &nbsp;&nbsp; 65438 | &nbsp;&nbsp; 1091506 |
| Wabash National Corp. | &nbsp;&nbsp; 128250 | &nbsp;&nbsp; 1109363 |
| Total |  | &nbsp;&nbsp; 19102010 |
| **Marine Transportation 1.9%** | **Marine Transportation 1.9%** | **Marine Transportation 1.9%** |
| Costamare Bulkers Holdings Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 57234 | &nbsp;&nbsp; 881976 |
| Costamare, Inc. | &nbsp;&nbsp; 122805 | &nbsp;&nbsp; 1939091 |
| Kirby Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 37738 | &nbsp;&nbsp; 4157973 |
| Safe Bulkers, Inc. | &nbsp;&nbsp; 192965 | &nbsp;&nbsp; 930091 |
| Total |  | &nbsp;&nbsp; 7909131 |
| **Passenger Airlines 1.0%** | **Passenger Airlines 1.0%** | **Passenger Airlines 1.0%** |
| Alaska Air Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 54530 | &nbsp;&nbsp; 2742859 |
| Sun Country Airlines Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 100938 | &nbsp;&nbsp; 1452498 |
| Total |  | &nbsp;&nbsp; 4195357 |
| **Professional Services 1.6%** | **Professional Services 1.6%** | **Professional Services 1.6%** |
| Alight, Inc., Class A | &nbsp;&nbsp; 868977 | &nbsp;&nbsp; 1694505 |
| IBEX Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 42446 | &nbsp;&nbsp; 1620588 |
| Korn/Ferry International | &nbsp;&nbsp; 48070 | &nbsp;&nbsp; 3173582 |
| Total |  | &nbsp;&nbsp; 6488675 |
| **Trading Companies & Distributors 0.2%** | **Trading Companies & Distributors 0.2%** | **Trading Companies & Distributors 0.2%** |
| BlueLinx Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 14929 | &nbsp;&nbsp; 917088 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **72047506** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Information Technology 5.9%** | **Information Technology 5.9%** | **Information Technology 5.9%** |
| **Electronic Equipment, Instruments & Components 3.7%** | **Electronic Equipment, Instruments & Components 3.7%** | **Electronic Equipment, Instruments & Components 3.7%** |
| Airgain, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 110023 | &nbsp;&nbsp; 446693 |
| Littelfuse, Inc. | &nbsp;&nbsp; 13510 | &nbsp;&nbsp; 3416949 |
| Luna Innovations, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 439777 | &nbsp;&nbsp; 505744 |
| Methode Electronics, Inc. | &nbsp;&nbsp; 110329 | &nbsp;&nbsp; 732585 |
| Rogers Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 22750 | &nbsp;&nbsp; 2083217 |
| Vishay Intertechnology, Inc. | &nbsp;&nbsp; 192370 | &nbsp;&nbsp; 2787441 |
| Vishay Precision Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 35006 | &nbsp;&nbsp; 1347731 |
| Vontier Corp. | &nbsp;&nbsp; 98150 | &nbsp;&nbsp; 3649217 |
| Total |  | &nbsp;&nbsp; 14969577 |
| **IT Services 0.9%** | **IT Services 0.9%** | **IT Services 0.9%** |
| ASGN, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 58345 | &nbsp;&nbsp; 2810479 |
| Grid Dynamics Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 104730 | &nbsp;&nbsp; 945712 |
| Total |  | &nbsp;&nbsp; 3756191 |
| **Semiconductors & Semiconductor Equipment 0.6%** | **Semiconductors & Semiconductor Equipment 0.6%** | **Semiconductors & Semiconductor Equipment 0.6%** |
| Ichor Holdings Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 60990 | &nbsp;&nbsp; 1124046 |
| inTEST Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 80948 | &nbsp;&nbsp; 604681 |
| MagnaChip Semiconductor Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 222594 | &nbsp;&nbsp; 567615 |
| Valens Semiconductor Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 226980 | &nbsp;&nbsp; 322312 |
| Total |  | &nbsp;&nbsp; 2618654 |
| **Software 0.7%** | **Software 0.7%** | **Software 0.7%** |
| Cognyte Software Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 114909 | &nbsp;&nbsp; 1080145 |
| Expensify, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 284471 | &nbsp;&nbsp; 429551 |
| Mitek Systems, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 103028 | &nbsp;&nbsp; 1086945 |
| Upland Software, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 205954 | &nbsp;&nbsp; 294514 |
| Total |  | &nbsp;&nbsp; 2891155 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **24235577** |
| **Materials 6.9%** | **Materials 6.9%** | **Materials 6.9%** |
| **Chemicals 1.9%** | **Chemicals 1.9%** | **Chemicals 1.9%** |
| Aspen Aerogels, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 213130 | &nbsp;&nbsp; 603158 |
| Chemours Co. LLC (The) | &nbsp;&nbsp; 120270 | &nbsp;&nbsp; 1417983 |
| Ecovyst, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 199300 | &nbsp;&nbsp; 1939189 |
| Koppers Holdings, Inc. | &nbsp;&nbsp; 32930 | &nbsp;&nbsp; 891745 |
| Minerals Technologies, Inc. | &nbsp;&nbsp; 46460 | &nbsp;&nbsp; 2831737 |
| Total |  | &nbsp;&nbsp; 7683812 |

---

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

Columbia Variable Portfolio – Small Cap Value Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Containers & Packaging 1.0%** | **Containers & Packaging 1.0%** | **Containers & Packaging 1.0%** |
| Greif, Inc., Class A | &nbsp;&nbsp; 38531 | &nbsp;&nbsp; 2608549 |
| Myers Industries, Inc. | &nbsp;&nbsp; 87470 | &nbsp;&nbsp; 1637438 |
| Total |  | &nbsp;&nbsp; 4245987 |
| **Metals & Mining 3.6%** | **Metals & Mining 3.6%** | **Metals & Mining 3.6%** |
| Ampco-Pittsburgh Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 177949 | &nbsp;&nbsp; 948468 |
| Centerra Gold, Inc. | &nbsp;&nbsp; 190410 | &nbsp;&nbsp; 2741249 |
| Compass Minerals International, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 53580 | &nbsp;&nbsp; 1052311 |
| Ferroglobe PLC | &nbsp;&nbsp; 290699 | &nbsp;&nbsp; 1348843 |
| Metallus, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 89878 | &nbsp;&nbsp; 1542307 |
| Olympic Steel, Inc. | &nbsp;&nbsp; 3186 | &nbsp;&nbsp; 136313 |
| Ryerson Holding Corp. | &nbsp;&nbsp; 53528 | &nbsp;&nbsp; 1346764 |
| Torex Gold Resources, Inc. | &nbsp;&nbsp; 76614 | &nbsp;&nbsp; 3658360 |
| Vizsla Silver Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 380511 | &nbsp;&nbsp; 2084764 |
| Total |  | &nbsp;&nbsp; 14859379 |
| **Paper & Forest Products 0.4%** | **Paper & Forest Products 0.4%** | **Paper & Forest Products 0.4%** |
| Clearwater Paper Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 33904 | &nbsp;&nbsp; 589929 |
| Magnera Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 62233 | &nbsp;&nbsp; 942208 |
| Total |  | &nbsp;&nbsp; 1532137 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **28321315** |
| **Real Estate 13.4%** | **Real Estate 13.4%** | **Real Estate 13.4%** |
| **Diversified REITs 0.9%** | **Diversified REITs 0.9%** | **Diversified REITs 0.9%** |
| American Assets Trust, Inc. | &nbsp;&nbsp; 125437 | &nbsp;&nbsp; 2374522 |
| Armada Hoffler Properties, Inc. | &nbsp;&nbsp; 195840 | &nbsp;&nbsp; 1296461 |
| Total |  | &nbsp;&nbsp; 3670983 |
| **Health Care REITs 0.3%** | **Health Care REITs 0.3%** | **Health Care REITs 0.3%** |
| Community Healthcare Trust, Inc. | &nbsp;&nbsp; 75920 | &nbsp;&nbsp; 1246606 |
| **Hotel & Resort REITs 1.5%** | **Hotel & Resort REITs 1.5%** | **Hotel & Resort REITs 1.5%** |
| Chatham Lodging Trust | &nbsp;&nbsp; 163040 | &nbsp;&nbsp; 1110302 |
| Park Hotels & Resorts, Inc. | &nbsp;&nbsp; 208240 | &nbsp;&nbsp; 2178191 |
| RLJ Lodging Trust | &nbsp;&nbsp; 381100 | &nbsp;&nbsp; 2839195 |
| Total |  | &nbsp;&nbsp; 6127688 |
| **Industrial REITs 0.9%** | **Industrial REITs 0.9%** | **Industrial REITs 0.9%** |
| Americold Realty Trust, Inc. | &nbsp;&nbsp; 287975 | &nbsp;&nbsp; 3703358 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Office REITs 4.0%** | **Office REITs 4.0%** | **Office REITs 4.0%** |
| Brandywine Realty Trust | &nbsp;&nbsp; 693260 | &nbsp;&nbsp; 2024319 |
| COPT Defense Properties | &nbsp;&nbsp; 113810 | &nbsp;&nbsp; 3163918 |
| Empire State Realty Trust, Inc., Class A | &nbsp;&nbsp; 355520 | &nbsp;&nbsp; 2317990 |
| Highwoods Properties, Inc. | &nbsp;&nbsp; 118620 | &nbsp;&nbsp; 3062769 |
| Kilroy Realty Corp. | &nbsp;&nbsp; 81170 | &nbsp;&nbsp; 3033323 |
| Peakstone Realty Trust | &nbsp;&nbsp; 66126 | &nbsp;&nbsp; 948908 |
| Piedmont Realty Trust, Inc. | &nbsp;&nbsp; 227632 | &nbsp;&nbsp; 1898451 |
| Total |  | &nbsp;&nbsp; 16449678 |
| **Real Estate Management & Development 2.3%** | **Real Estate Management & Development 2.3%** | **Real Estate Management & Development 2.3%** |
| Cushman & Wakefield Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 252460 | &nbsp;&nbsp; 4087327 |
| Douglas Elliman, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 290358 | &nbsp;&nbsp; 688149 |
| Forestar Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 70270 | &nbsp;&nbsp; 1730750 |
| Newmark Group, Inc., Class A | &nbsp;&nbsp; 180052 | &nbsp;&nbsp; 3122102 |
| Total |  | &nbsp;&nbsp; 9628328 |
| **Retail REITs 2.3%** | **Retail REITs 2.3%** | **Retail REITs 2.3%** |
| FrontView REIT, Inc. | &nbsp;&nbsp; 74567 | &nbsp;&nbsp; 1100609 |
| Kite Realty Group Trust | &nbsp;&nbsp; 174030 | &nbsp;&nbsp; 4171499 |
| Macerich Co. (The) | &nbsp;&nbsp; 154250 | &nbsp;&nbsp; 2847455 |
| Saul Centers, Inc. | &nbsp;&nbsp; 36511 | &nbsp;&nbsp; 1151192 |
| Total |  | &nbsp;&nbsp; 9270755 |
| **Specialized REITs 1.2%** | **Specialized REITs 1.2%** | **Specialized REITs 1.2%** |
| PotlatchDeltic Corp. | &nbsp;&nbsp; 65397 | &nbsp;&nbsp; 2601493 |
| Rayonier, Inc. | &nbsp;&nbsp; 95768 | &nbsp;&nbsp; 2073377 |
| Safehold, Inc. | &nbsp;&nbsp; 32046 | &nbsp;&nbsp; 438710 |
| Total |  | &nbsp;&nbsp; 5113580 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **55210976** |
| **Utilities 1.6%** | **Utilities 1.6%** | **Utilities 1.6%** |
| **Gas Utilities 1.6%** | **Gas Utilities 1.6%** | **Gas Utilities 1.6%** |
| National Fuel Gas Co. | &nbsp;&nbsp; 64595 | &nbsp;&nbsp; 5171476 |
| RGC Resources, Inc. | &nbsp;&nbsp; 64260 | &nbsp;&nbsp; 1368738 |
| Total |  | &nbsp;&nbsp; 6540214 |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **6540214** |
| Total Common Stocks <br>(Cost $399,352,115) | Total Common Stocks <br>(Cost $399,352,115) | &nbsp;&nbsp; **407080058** |

---

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

Columbia Variable Portfolio – Small Cap Value Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Exchange-Traded Equity Funds 0.5%** | **Exchange-Traded Equity Funds 0.5%** | **Exchange-Traded Equity Funds 0.5%** |
|  | **Shares** | **Value ($)** |
| **U.S. Small Cap 0.5%** | **U.S. Small Cap 0.5%** | **U.S. Small Cap 0.5%** |
| iShares Russell 2000 Value ETF | &nbsp;&nbsp; 11330 | &nbsp;&nbsp; 2053110 |
| Total Exchange-Traded Equity Funds <br>(Cost $2,079,055) | Total Exchange-Traded Equity Funds <br>(Cost $2,079,055) | &nbsp;&nbsp; **2053110** |
| **Money Market Funds 0.3%** | **Money Market Funds 0.3%** | **Money Market Funds 0.3%** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(b),(c)</sup> <br>| &nbsp;&nbsp; 1237047 | &nbsp;&nbsp; 1236675 |
| Total Money Market Funds <br>(Cost $1,236,676) | Total Money Market Funds <br>(Cost $1,236,676) | &nbsp;&nbsp; **1236675** |
| **Total Investments in Securities** <br>**(Cost: $402,667,846)** | **Total Investments in Securities** <br>**(Cost: $402,667,846)** | &nbsp;&nbsp; **410369843** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(45509)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **410324334** |

---

**Notes to Portfolio of Investments** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2025 are as follows:

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% |
|  | 40039 | &nbsp;&nbsp; 114284104 | &nbsp;&nbsp; (113087467)<br>| &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 1236675 | &nbsp;&nbsp; 219 | &nbsp;&nbsp; 76258 | &nbsp;&nbsp; 1237047 |

---

**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.

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

Columbia Variable Portfolio – Small Cap Value Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Communication Services | 8864621 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8864621 |
| Consumer Discretionary | 54244119 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54244119 |
| Consumer Staples | 14554980 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14554980 |
| Energy | 26918638 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26918638 |
| Financials | 78674393 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 78674393 |
| Health Care | 37467719 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37467719 |
| Industrials | 72047506 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 72047506 |
| Information Technology | 24235577 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24235577 |
| Materials | 28321315 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28321315 |
| Real Estate | 55210976 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55210976 |
| Utilities | 6540214 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6540214 |
| Total Common Stocks | 407080058 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 407080058 |
| Exchange-Traded Equity Funds | 2053110 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2053110 |
| Money Market Funds | 1236675 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1236675 |
| Total Investments in Securities | 410369843 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 410369843 |

---

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 – Small Cap Value Fund \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

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

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $401,431,170) | $409133168 |
| Affiliated issuers (cost $1,236,676) | 1236675 |
| Receivable for: |  |
| Investments sold | 1631400 |
| Capital shares sold | 15439 |
| Dividends | 512790 |
| Foreign tax reclaims | 17180 |
| Expense reimbursement due from Investment Manager | 1119 |
| Prepaid expenses | 3437 |
| Deferred compensation of board members | 145708 |
| Total assets | 412696916 |
| **Liabilities** |  |
| Payable for: |  |
| Investments purchased | 1795871 |
| Capital shares redeemed | 314285 |
| Management services fees | 9877 |
| Distribution and/or service fees | 1253 |
| Service fees | 37467 |
| Compensation of chief compliance officer | 66 |
| Compensation of board members | 622 |
| Other expenses | 29057 |
| Deferred compensation of board members | 184084 |
| Total liabilities | 2372582 |
| **Net assets applicable to outstanding capital stock** | **$410324334** |
| **Represented by** |  |
| Paid in capital | 341585361 |
| Total distributable earnings (loss) | 68738973 |
| **Total - representing net assets applicable to outstanding capital stock** | **$410324334** |
| **Class 1** |  |
| Net assets | $229194173 |
| Shares outstanding | 18121916 |
| Net asset value per share | $12.65 |
| **Class 2** |  |
| Net assets | $181130161 |
| Shares outstanding | 14563641 |
| Net asset value per share | $12.44 |

---

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

Columbia Variable Portfolio – Small Cap Value Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

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

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $7755068 |
| Dividends — affiliated issuers | 76258 |
| Foreign taxes withheld | (36067)<br>|
| Total income | 7795259 |
| Expenses: |  |
| Management services fees | 3649949 |
| Distribution and/or service fees |  |
| Class 2 | 494235 |
| Service fees | 404434 |
| Custodian fees | 19912 |
| Printing and postage fees | 17978 |
| Accounting services fees | 57423 |
| Legal fees | 24351 |
| Line of credit interest | 105 |
| Interest on interfund lending | 6644 |
| Compensation of chief compliance officer | 63 |
| Compensation of board members | 15499 |
| Deferred compensation of board members | 7478 |
| Other | 16668 |
| Total expenses | 4714739 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (560561)<br>|
| Total net expenses | 4154178 |
| **Net investment income** | 3641081 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 59404408 |
| Investments — affiliated issuers | 219 |
| Foreign currency translations | 2095 |
| Net realized gain | 59406722 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | (3338902)<br>|
| Investments — affiliated issuers | (1)<br>|
| Foreign currency translations | 195 |
| Net change in unrealized appreciation (depreciation) | (3338708)<br>|
| Net realized and unrealized gain | 56068014 |
| **Net increase in net assets resulting from operations** | **$59709095** |

---

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

Columbia Variable Portfolio – Small Cap Value Fund \| 2025

------

Statement of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income | $3641081 | &nbsp;&nbsp; $3096532 |
| Net realized gain | 59406722 | &nbsp;&nbsp; 73149884 |
| Net change in unrealized appreciation (depreciation) | (3338708)<br>| &nbsp;&nbsp; (32814565)<br>|
| Net increase in net assets resulting from operations | 59709095 | &nbsp;&nbsp; 43431851 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class 1 | (40280496)<br>| &nbsp;&nbsp; (13997509)<br>|
| Class 2 | (37440096)<br>| &nbsp;&nbsp; (11014868)<br>|
| Total distributions to shareholders | (77720592)<br>| &nbsp;&nbsp; (25012377)<br>|
| Decrease in net assets from capital stock activity | (20090739)<br>| &nbsp;&nbsp; (113276519)<br>|
| Total decrease in net assets | (38102236)<br>| &nbsp;&nbsp; (94857045)<br>|
| Net assets at beginning of year | 448426570 | &nbsp;&nbsp; 543283615 |
| **Net assets at end of year** | **$410324334** | &nbsp;&nbsp; **$448426570** |

---

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

Columbia Variable Portfolio – Small Cap Value Fund \| 2025

------

Statement of Changes in Net Assets (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |
| Shares sold | 631737 | &nbsp;&nbsp;&nbsp;&nbsp; 7794327 | &nbsp;&nbsp;&nbsp;&nbsp; 606714 | &nbsp;&nbsp;&nbsp;&nbsp; 7979262 |
| Distributions reinvested | 3635424 | &nbsp;&nbsp;&nbsp;&nbsp; 40280496 | &nbsp;&nbsp;&nbsp;&nbsp; 1050864 | &nbsp;&nbsp;&nbsp;&nbsp; 13997509 |
| Shares redeemed | (3136289)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (39319608)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9623051)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (128537230)<br>|
| Net increase (decrease) | 1130872 | &nbsp;&nbsp;&nbsp;&nbsp; 8755215 | &nbsp;&nbsp;&nbsp;&nbsp; (7965473)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (106560459)<br>|
| Class 2 |  |  |  |  |
| Shares sold | 743027 | &nbsp;&nbsp;&nbsp;&nbsp; 9016842 | &nbsp;&nbsp;&nbsp;&nbsp; 1142963 | &nbsp;&nbsp;&nbsp;&nbsp; 14494834 |
| Distributions reinvested | 3431723 | &nbsp;&nbsp;&nbsp;&nbsp; 37440096 | &nbsp;&nbsp;&nbsp;&nbsp; 837632 | &nbsp;&nbsp;&nbsp;&nbsp; 11014868 |
| Shares redeemed | (6237023)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (75302892)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2486006)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (32225762)<br>|
| Net decrease | (2062273)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28845954)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (505411)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6716060)<br>|
| **Total net decrease** | **(931401)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(20090739)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(8470884)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(113276519)**<br>|

---

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

Columbia Variable Portfolio – Small Cap Value Fund \| 2025

------

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $13.43<br>| 0.12<br>| 1.55<br>| 1.67<br>| &nbsp;&nbsp; (0.17) <br>| &nbsp;&nbsp; (2.28) <br>| &nbsp;&nbsp; (2.45) <br>|
| Year Ended 12/31/2024 | $12.98<br>| 0.09<br>| 1.06<br>| 1.15<br>| &nbsp;&nbsp; (0.11) <br>| &nbsp;&nbsp; (0.59) <br>| &nbsp;&nbsp; (0.70) <br>|
| Year Ended 12/31/2023 | $11.50<br>| 0.09<br>| 2.37<br>| 2.46<br>| &nbsp;&nbsp; (0.10) <br>| &nbsp;&nbsp; (0.88) <br>| &nbsp;&nbsp; (0.98) <br>|
| Year Ended 12/31/2022 | $20.75<br>| 0.10<br>| &nbsp;&nbsp; (1.93) <br>| &nbsp;&nbsp; (1.83) <br>| &nbsp;&nbsp; (0.14) <br>| &nbsp;&nbsp; (7.28) <br>| &nbsp;&nbsp; (7.42) <br>|
| Year Ended 12/31/2021 | $16.17<br>| 0.12<br>| 4.59<br>| 4.71<br>| &nbsp;&nbsp; (0.13) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.13) <br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $13.25<br>| 0.09<br>| 1.51<br>| 1.60<br>| &nbsp;&nbsp; (0.13) <br>| &nbsp;&nbsp; (2.28) <br>| &nbsp;&nbsp; (2.41) <br>|
| Year Ended 12/31/2024 | $12.81<br>| 0.06<br>| 1.05<br>| 1.11<br>| &nbsp;&nbsp; (0.08) <br>| &nbsp;&nbsp; (0.59) <br>| &nbsp;&nbsp; (0.67) <br>|
| Year Ended 12/31/2023 | $11.35<br>| 0.06<br>| 2.34<br>| 2.40<br>| &nbsp;&nbsp; (0.06) <br>| &nbsp;&nbsp; (0.88) <br>| &nbsp;&nbsp; (0.94) <br>|
| Year Ended 12/31/2022 | $20.58<br>| 0.06<br>| &nbsp;&nbsp; (1.92) <br>| &nbsp;&nbsp; (1.86) <br>| &nbsp;&nbsp; (0.09) <br>| &nbsp;&nbsp; (7.28) <br>| &nbsp;&nbsp; (7.37) <br>|
| Year Ended 12/31/2021 | $16.06<br>| 0.06<br>| 4.56<br>| 4.62<br>| &nbsp;&nbsp; (0.10) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.10) <br>|

---

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

---

| | |
|:---|:---|
| **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%. |
| (d) | Ratios include line of credit interest expense which is less than 0.01%.  |

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

Columbia Variable Portfolio – Small Cap Value Fund \| 2025

------

Financial Highlights (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $12.65<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.99%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.01% <br><sup>(c),(d)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.87% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 79%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $229194<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $13.43<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.87%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.99% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.87% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $228202<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $12.98<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.94%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.98% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.88% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 59%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $323832<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $11.50<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.69%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.95% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.88% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $319024<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $20.75<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.19%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.97% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.88% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $403571<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $12.44<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.66%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.25% <br><sup>(c),(d)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.12% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 79%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $181130<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $13.25<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.67%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.24% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.12% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $220224<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $12.81<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.67%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.23% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.13% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 59%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $219452<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $11.35<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.97%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 1.20% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.13% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $193256<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $20.58<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.80%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.21% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.13% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $238267<br>|

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

Columbia Variable Portfolio – Small Cap Value Fund \| 2025

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Notes to Financial Statements

December 31, 2025

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.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

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

Columbia Variable Portfolio – Small Cap Value Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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

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

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

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

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

**Foreign currency transactions and translations** 

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

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

**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

Columbia Variable Portfolio – Small Cap Value Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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.

**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.

Columbia Variable Portfolio – Small Cap Value Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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 and is responsible for 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, 2025 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 "Deferred compensation of board members" in the Statement of Operations.

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Service fees**

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2025 was 0.10% of the Fund's average daily net assets.

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

**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 – Small Cap Value Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

**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:

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contractual** <br>**expense cap** <br>**July 1, 2025** <br>**through** <br>**April 30, 2026 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Voluntary** <br>**expense cap** <br>**May 1, 2025** <br>**through** <br>**June 30, 2025 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contractual** <br>**expense cap** <br>**prior to** <br>**May 1, 2025 (%)**<br>|
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 |

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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, 2025, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, passive foreign investment company (pfic) holdings, 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:

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| | | |
|:---|:---|:---|
| **Undistributed net** <br>**investment** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>**gain ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Paid in** <br>**capital ($)**<br>|
| 3661094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3661094)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| **Ordinary** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Long-term** <br>**capital gains ($)**<br>| **Total ($)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ordinary** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Long-term** <br>**capital gains ($)**<br>| **Total ($)** |
| 20137339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57583253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77720592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16809029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8203348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25012377 |

---

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

Columbia Variable Portfolio – Small Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
| **Undistributed** <br>**ordinary income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Undistributed** <br>**long-term** <br>**capital gains ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Capital loss** <br>**carryforwards ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
| 18575332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44157391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6186998 |

---

At December 31, 2025, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| **Federal** <br>**tax cost ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
| 404182845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60538317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54351319)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6186998 |

---

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 $329,646,379 and $420,943,837, respectively, for the year ended December 31, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

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

Note 7. 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.

Columbia Variable Portfolio – Small Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

The Fund's activity in the Interfund Program during the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower or lender** | **Average loan** <br>**balance ($)**<br>| &nbsp;&nbsp;&nbsp; **Weighted average** <br>**interest rate (%)**<br>| &nbsp;&nbsp;&nbsp; **Number of days** <br>**with outstanding loans**<br>|
| Borrower | 2065217 | &nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp; 23 |

---

Interest expense incurred by the Fund is recorded as Interest on interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2025.

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 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

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

---

| | | |
|:---|:---|:---|
| **Average loan** <br>**balance ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Weighted average** <br>**interest rate (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Days** <br>**outstanding**<br>|
| 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |

---

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

Note 9. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

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

Columbia Variable Portfolio – Small Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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

**Shareholder concentration risk** 

At December 31, 2025, one unaffiliated shareholder of record owned 38.5% 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 54.2% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

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

Note 11. Information regarding pending and settled legal proceedings

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

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Columbia Variable Portfolio – Small Cap Value Fund \| 2025

------

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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and 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 23, 2026

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

Columbia Variable Portfolio – Small Cap Value Fund \| 2025

------

Federal Income Tax Information

(Unaudited)

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

---

| | |
|:---|:---|
| **Dividends** <br>**received** <br>**deduction**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Capital** <br>**gain** <br>**dividend**<br>|
| 28.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $46470155 |

---

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.

Columbia Variable Portfolio – Small Cap Value Fund \| 2025

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**Columbia Variable Portfolio – Small Cap Value Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g102030img713375012.jpg)

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

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

ANN7024_12_E01_(02/26)

------

![](g102030imgc3051abf1.jpg)

Columbia Variable Portfolio – Contrarian Core Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

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

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

---

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

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_3a91a3fd-a348-4246-8701-0f7006d1dd8f_POI-CommonContent-Date-234_1) | 3 |
| [Statement of Assets and Liabilities](#xx_3a91a3fd-a348-4246-8701-0f7006d1dd8f_FS-CommonContent-Date-234_1) | 7 |
| [Statement of Operations](#xx_3a91a3fd-a348-4246-8701-0f7006d1dd8f_FS-CommonContent-Date-234_2) | 8 |
| [Statement of Changes in Net Assets](#xx_3a91a3fd-a348-4246-8701-0f7006d1dd8f_FS-CommonContent-Date-234_3) | 9 |
| [Financial Highlights](#xx_3a91a3fd-a348-4246-8701-0f7006d1dd8f_FIHI-CommonContent-Date-234_1) | 10 |
| [Notes to Financial Statements](#xx_3a91a3fd-a348-4246-8701-0f7006d1dd8f_NTF-CommonContent-Date-234_1) | 12 |
| [Report of Independent Registered Public Accounting Firm](#xx_3a91a3fd-a348-4246-8701-0f7006d1dd8f_AUD-CommonContent-Date-234_1) | 19 |

---

Columbia Variable Portfolio – Contrarian Core Fund \| 2025

------

Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

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

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

---

| | | |
|:---|:---|:---|
| **Common Stocks 98.6%** | **Common Stocks 98.6%** | **Common Stocks 98.6%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 13.1%** | **Communication Services 13.1%** | **Communication Services 13.1%** |
| **Diversified Telecommunication Services 1.1%** | **Diversified Telecommunication Services 1.1%** | **Diversified Telecommunication Services 1.1%** |
| Verizon Communications, Inc. | &nbsp;&nbsp; 460665 | &nbsp;&nbsp; 18762885 |
| **Entertainment 2.6%** | **Entertainment 2.6%** | **Entertainment 2.6%** |
| Netflix, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 52822 | &nbsp;&nbsp; 4952591 |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 30797 | &nbsp;&nbsp; 7884956 |
| Walt Disney Co. (The) | &nbsp;&nbsp; 261086 | &nbsp;&nbsp; 29703754 |
| Total |  | &nbsp;&nbsp; 42541301 |
| **Interactive Media & Services 9.0%** | **Interactive Media & Services 9.0%** | **Interactive Media & Services 9.0%** |
| Alphabet, Inc., Class A | &nbsp;&nbsp; 174759 | &nbsp;&nbsp; 54699567 |
| Alphabet, Inc., Class C | &nbsp;&nbsp; 154247 | &nbsp;&nbsp; 48402709 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 59739 | &nbsp;&nbsp; 39433116 |
| Pinterest, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 187328 | &nbsp;&nbsp; 4849922 |
| Total |  | &nbsp;&nbsp; 147385314 |
| **Wireless Telecommunication Services 0.4%** | **Wireless Telecommunication Services 0.4%** | **Wireless Telecommunication Services 0.4%** |
| T-Mobile US, Inc. | &nbsp;&nbsp; 32340 | &nbsp;&nbsp; 6566314 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **215255814** |
| **Consumer Discretionary 9.4%** | **Consumer Discretionary 9.4%** | **Consumer Discretionary 9.4%** |
| **Automobiles 1.3%** | **Automobiles 1.3%** | **Automobiles 1.3%** |
| Tesla, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 49546 | &nbsp;&nbsp; 22281827 |
| **Broadline Retail 5.6%** | **Broadline Retail 5.6%** | **Broadline Retail 5.6%** |
| Amazon.com, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 329417 | &nbsp;&nbsp; 76036032 |
| eBay, Inc. | &nbsp;&nbsp; 177795 | &nbsp;&nbsp; 15485944 |
| Total |  | &nbsp;&nbsp; 91521976 |
| **Hotels, Restaurants & Leisure 1.5%** | **Hotels, Restaurants & Leisure 1.5%** | **Hotels, Restaurants & Leisure 1.5%** |
| DoorDash, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 39473 | &nbsp;&nbsp; 8939845 |
| DraftKings, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 97310 | &nbsp;&nbsp; 3353303 |
| Starbucks Corp. | &nbsp;&nbsp; 151447 | &nbsp;&nbsp; 12753352 |
| Total |  | &nbsp;&nbsp; 25046500 |
| **Household Durables 0.4%** | **Household Durables 0.4%** | **Household Durables 0.4%** |
| PulteGroup, Inc. | &nbsp;&nbsp; 52511 | &nbsp;&nbsp; 6157440 |
| **Textiles, Apparel & Luxury Goods 0.6%** | **Textiles, Apparel & Luxury Goods 0.6%** | **Textiles, Apparel & Luxury Goods 0.6%** |
| NIKE, Inc., Class B | &nbsp;&nbsp; 49199 | &nbsp;&nbsp; 3134468 |
| Tapestry, Inc. | &nbsp;&nbsp; 50298 | &nbsp;&nbsp; 6426576 |
| Total |  | &nbsp;&nbsp; 9561044 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **154568787** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Consumer Staples 2.2%** | **Consumer Staples 2.2%** | **Consumer Staples 2.2%** |
| **Beverages 1.1%** | **Beverages 1.1%** | **Beverages 1.1%** |
| PepsiCo, Inc. | &nbsp;&nbsp; 121334 | &nbsp;&nbsp; 17413856 |
| **Consumer Staples Distribution & Retail 1.1%** | **Consumer Staples Distribution & Retail 1.1%** | **Consumer Staples Distribution & Retail 1.1%** |
| Walmart, Inc. | &nbsp;&nbsp; 163040 | &nbsp;&nbsp; 18164286 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **35578142** |
| **Energy 3.1%** | **Energy 3.1%** | **Energy 3.1%** |
| **Oil, Gas & Consumable Fuels 3.1%** | **Oil, Gas & Consumable Fuels 3.1%** | **Oil, Gas & Consumable Fuels 3.1%** |
| Chevron Corp. | &nbsp;&nbsp; 137663 | &nbsp;&nbsp; 20981218 |
| ConocoPhillips Co. | &nbsp;&nbsp; 185828 | &nbsp;&nbsp; 17395359 |
| EOG Resources, Inc. | &nbsp;&nbsp; 124874 | &nbsp;&nbsp; 13113019 |
| Total |  | &nbsp;&nbsp; 51489596 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **51489596** |
| **Financials 15.1%** | **Financials 15.1%** | **Financials 15.1%** |
| **Banks 5.7%** | **Banks 5.7%** | **Banks 5.7%** |
| Bank of America Corp. | &nbsp;&nbsp; 652834 | &nbsp;&nbsp; 35905870 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 96655 | &nbsp;&nbsp; 31144174 |
| Wells Fargo & Co. | &nbsp;&nbsp; 279927 | &nbsp;&nbsp; 26089196 |
| Total |  | &nbsp;&nbsp; 93139240 |
| **Capital Markets 4.2%** | **Capital Markets 4.2%** | **Capital Markets 4.2%** |
| Blackrock, Inc. | &nbsp;&nbsp; 24173 | &nbsp;&nbsp; 25873329 |
| Charles Schwab Corp. (The) | &nbsp;&nbsp; 86874 | &nbsp;&nbsp; 8679581 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp; 40280 | &nbsp;&nbsp; 6523749 |
| Morgan Stanley | &nbsp;&nbsp; 101277 | &nbsp;&nbsp; 17979706 |
| S&P Global, Inc. | &nbsp;&nbsp; 20159 | &nbsp;&nbsp; 10534892 |
| Total |  | &nbsp;&nbsp; 69591257 |
| **Consumer Finance 0.7%** | **Consumer Finance 0.7%** | **Consumer Finance 0.7%** |
| American Express Co. | &nbsp;&nbsp; 33115 | &nbsp;&nbsp; 12250894 |
| **Financial Services 3.5%** | **Financial Services 3.5%** | **Financial Services 3.5%** |
| Block, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 141573 | &nbsp;&nbsp; 9214987 |
| MasterCard, Inc., Class A | &nbsp;&nbsp; 29794 | &nbsp;&nbsp; 17008799 |
| Visa, Inc., Class A | &nbsp;&nbsp; 91405 | &nbsp;&nbsp; 32056647 |
| Total |  | &nbsp;&nbsp; 58280433 |
| **Insurance 1.0%** | **Insurance 1.0%** | **Insurance 1.0%** |
| Aon PLC, Class A | &nbsp;&nbsp; 45202 | &nbsp;&nbsp; 15950882 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **249212706** |

---

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

Columbia Variable Portfolio – Contrarian Core Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Health Care 10.5%** | **Health Care 10.5%** | **Health Care 10.5%** |
| **Biotechnology 2.3%** | **Biotechnology 2.3%** | **Biotechnology 2.3%** |
| AbbVie, Inc. | &nbsp;&nbsp; 74657 | &nbsp;&nbsp; 17058378 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 46594 | &nbsp;&nbsp; 21123856 |
| Total |  | &nbsp;&nbsp; 38182234 |
| **Health Care Equipment & Supplies 2.9%** | **Health Care Equipment & Supplies 2.9%** | **Health Care Equipment & Supplies 2.9%** |
| Abbott Laboratories | &nbsp;&nbsp; 146310 | &nbsp;&nbsp; 18331180 |
| Becton Dickinson & Co. | &nbsp;&nbsp; 59198 | &nbsp;&nbsp; 11488556 |
| Boston Scientific Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 98031 | &nbsp;&nbsp; 9347256 |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp; 92211 | &nbsp;&nbsp; 8291613 |
| Total |  | &nbsp;&nbsp; 47458605 |
| **Health Care Providers & Services 1.1%** | **Health Care Providers & Services 1.1%** | **Health Care Providers & Services 1.1%** |
| Cigna Group (The) | &nbsp;&nbsp; 31499 | &nbsp;&nbsp; 8669470 |
| Henry Schein, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 123005 | &nbsp;&nbsp; 9296718 |
| Total |  | &nbsp;&nbsp; 17966188 |
| **Life Sciences Tools & Services 1.5%** | **Life Sciences Tools & Services 1.5%** | **Life Sciences Tools & Services 1.5%** |
| Agilent Technologies, Inc. | &nbsp;&nbsp; 55316 | &nbsp;&nbsp; 7526848 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; 31661 | &nbsp;&nbsp; 18345966 |
| Total |  | &nbsp;&nbsp; 25872814 |
| **Pharmaceuticals 2.7%** | **Pharmaceuticals 2.7%** | **Pharmaceuticals 2.7%** |
| Eli Lilly & Co. | &nbsp;&nbsp; 41139 | &nbsp;&nbsp; 44211260 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **173691101** |
| **Industrials 7.5%** | **Industrials 7.5%** | **Industrials 7.5%** |
| **Aerospace & Defense 1.9%** | **Aerospace & Defense 1.9%** | **Aerospace & Defense 1.9%** |
| Boeing Co. (The)<sup>(a)</sup> <br>| &nbsp;&nbsp; 90545 | &nbsp;&nbsp; 19659131 |
| General Electric Co. | &nbsp;&nbsp; 11599 | &nbsp;&nbsp; 3572840 |
| RTX Corp. | &nbsp;&nbsp; 44023 | &nbsp;&nbsp; 8073818 |
| Total |  | &nbsp;&nbsp; 31305789 |
| **Building Products 0.5%** | **Building Products 0.5%** | **Building Products 0.5%** |
| Carrier Global Corp. | &nbsp;&nbsp; 145540 | &nbsp;&nbsp; 7690334 |
| **Commercial Services & Supplies 0.5%** | **Commercial Services & Supplies 0.5%** | **Commercial Services & Supplies 0.5%** |
| Waste Management, Inc. | &nbsp;&nbsp; 41758 | &nbsp;&nbsp; 9174650 |
| **Electrical Equipment 0.6%** | **Electrical Equipment 0.6%** | **Electrical Equipment 0.6%** |
| Eaton Corp. PLC | &nbsp;&nbsp; 16802 | &nbsp;&nbsp; 5351605 |
| GE Vernova, Inc. | &nbsp;&nbsp; 7177 | &nbsp;&nbsp; 4690672 |
| Total |  | &nbsp;&nbsp; 10042277 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Ground Transportation 0.3%** | **Ground Transportation 0.3%** | **Ground Transportation 0.3%** |
| Uber Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 52023 | &nbsp;&nbsp; 4250799 |
| **Industrial Conglomerates 1.7%** | **Industrial Conglomerates 1.7%** | **Industrial Conglomerates 1.7%** |
| Honeywell International, Inc. | &nbsp;&nbsp; 146606 | &nbsp;&nbsp; 28601364 |
| **Machinery 1.3%** | **Machinery 1.3%** | **Machinery 1.3%** |
| PACCAR, Inc. | &nbsp;&nbsp; 57924 | &nbsp;&nbsp; 6343257 |
| Parker-Hannifin Corp. | &nbsp;&nbsp; 7607 | &nbsp;&nbsp; 6686249 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp; 125722 | &nbsp;&nbsp; 9338630 |
| Total |  | &nbsp;&nbsp; 22368136 |
| **Professional Services 0.7%** | **Professional Services 0.7%** | **Professional Services 0.7%** |
| Jacobs Solutions, Inc. | &nbsp;&nbsp; 82334 | &nbsp;&nbsp; 10905962 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **124339311** |
| **Information Technology 34.5%** | **Information Technology 34.5%** | **Information Technology 34.5%** |
| **Electronic Equipment, Instruments & Components 1.1%** | **Electronic Equipment, Instruments & Components 1.1%** | **Electronic Equipment, Instruments & Components 1.1%** |
| TE Connectivity PLC | &nbsp;&nbsp; 81981 | &nbsp;&nbsp; 18651497 |
| **IT Services 0.8%** | **IT Services 0.8%** | **IT Services 0.8%** |
| Okta, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 152907 | &nbsp;&nbsp; 13221868 |
| **Semiconductors & Semiconductor Equipment 14.3%** | **Semiconductors & Semiconductor Equipment 14.3%** | **Semiconductors & Semiconductor Equipment 14.3%** |
| Applied Materials, Inc. | &nbsp;&nbsp; 57026 | &nbsp;&nbsp; 14655112 |
| Broadcom, Inc. | &nbsp;&nbsp; 126073 | &nbsp;&nbsp; 43633865 |
| Lam Research Corp. | &nbsp;&nbsp; 69739 | &nbsp;&nbsp; 11937922 |
| Marvell Technology, Inc. | &nbsp;&nbsp; 78084 | &nbsp;&nbsp; 6635578 |
| NVIDIA Corp. | &nbsp;&nbsp; 734311 | &nbsp;&nbsp; 136949002 |
| Texas Instruments, Inc. | &nbsp;&nbsp; 127570 | &nbsp;&nbsp; 22132119 |
| Total |  | &nbsp;&nbsp; 235943598 |
| **Software 11.4%** | **Software 11.4%** | **Software 11.4%** |
| Atlassian Corp., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 51412 | &nbsp;&nbsp; 8335942 |
| Intuit, Inc. | &nbsp;&nbsp; 34216 | &nbsp;&nbsp; 22665363 |
| Microsoft Corp. | &nbsp;&nbsp; 251125 | &nbsp;&nbsp; 121449073 |
| Palo Alto Networks, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 35297 | &nbsp;&nbsp; 6501707 |
| Salesforce, Inc. | &nbsp;&nbsp; 56832 | &nbsp;&nbsp; 15055365 |
| Synopsys, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 27227 | &nbsp;&nbsp; 12789066 |
| Total |  | &nbsp;&nbsp; 186796516 |

---

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

Columbia Variable Portfolio – Contrarian Core Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Technology Hardware, Storage & Peripherals 6.9%** | **Technology Hardware, Storage & Peripherals 6.9%** | **Technology Hardware, Storage & Peripherals 6.9%** |
| Apple, Inc. | &nbsp;&nbsp; 381142 | &nbsp;&nbsp; 103617264 |
| Dell Technologies, Inc. | &nbsp;&nbsp; 84846 | &nbsp;&nbsp; 10680415 |
| Total |  | &nbsp;&nbsp; 114297679 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **568911158** |
| **Materials 0.4%** | **Materials 0.4%** | **Materials 0.4%** |
| **Chemicals 0.4%** | **Chemicals 0.4%** | **Chemicals 0.4%** |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp; 93444 | &nbsp;&nbsp; 6297191 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **6297191** |
| **Real Estate 0.8%** | **Real Estate 0.8%** | **Real Estate 0.8%** |
| **Specialized REITs 0.8%** | **Specialized REITs 0.8%** | **Specialized REITs 0.8%** |
| Equinix, Inc. | &nbsp;&nbsp; 16885 | &nbsp;&nbsp; 12936612 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **12936612** |
| **Utilities 2.0%** | **Utilities 2.0%** | **Utilities 2.0%** |
| **Multi-Utilities 2.0%** | **Multi-Utilities 2.0%** | **Multi-Utilities 2.0%** |
| DTE Energy Co. | &nbsp;&nbsp; 128308 | &nbsp;&nbsp; 16549166 |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp; 199589 | &nbsp;&nbsp; 16026996 |
| Total |  | &nbsp;&nbsp; 32576162 |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **32576162** |
| Total Common Stocks <br>(Cost $1,094,847,115) | Total Common Stocks <br>(Cost $1,094,847,115) | &nbsp;&nbsp; **1624856580** |

---

---

| | | |
|:---|:---|:---|
| **Money Market Funds 1.4%** | **Money Market Funds 1.4%** | **Money Market Funds 1.4%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(b),(c)</sup> <br>| &nbsp;&nbsp; 23021389 | &nbsp;&nbsp; 23014483 |
| Total Money Market Funds <br>(Cost $23,014,803) | Total Money Market Funds <br>(Cost $23,014,803) | &nbsp;&nbsp; **23014483** |
| **Total Investments in Securities** <br>**(Cost: $1,117,861,918)** | **Total Investments in Securities** <br>**(Cost: $1,117,861,918)** | &nbsp;&nbsp; **1647871063** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(492533)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **1647378530** |

---

**Notes to Portfolio of Investments** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2025 are as follows:

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% |
|  | 25723189 | &nbsp;&nbsp; 362612781 | &nbsp;&nbsp; (365321167)<br>| &nbsp;&nbsp; (320)<br>| &nbsp;&nbsp; 23014483 | &nbsp;&nbsp; (5816)<br>| &nbsp;&nbsp; 1114785 | &nbsp;&nbsp; 23021389 |

---

**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.

Columbia Variable Portfolio – Contrarian Core Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**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.

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Communication Services | 215255814 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 215255814 |
| Consumer Discretionary | 154568787 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 154568787 |
| Consumer Staples | 35578142 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35578142 |
| Energy | 51489596 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51489596 |
| Financials | 249212706 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 249212706 |
| Health Care | 173691101 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 173691101 |
| Industrials | 124339311 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 124339311 |
| Information Technology | 568911158 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 568911158 |
| Materials | 6297191 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6297191 |
| Real Estate | 12936612 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12936612 |
| Utilities | 32576162 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32576162 |
| Total Common Stocks | 1624856580 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1624856580 |
| Money Market Funds | 23014483 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23014483 |
| Total Investments in Securities | 1647871063 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1647871063 |

---

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 \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

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

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $1,094,847,115) | $1624856580 |
| Affiliated issuers (cost $23,014,803) | 23014483 |
| Receivable for: |  |
| Capital shares sold | 290478 |
| Dividends | 845913 |
| Foreign tax reclaims | 4330 |
| Expense reimbursement due from Investment Manager | 1573 |
| Prepaid expenses | 6724 |
| Deferred compensation of board members | 276894 |
| Total assets | 1649296975 |
| **Liabilities** |  |
| Payable for: |  |
| Capital shares redeemed | 1491069 |
| Management services fees | 32318 |
| Distribution and/or service fees | 1734 |
| Service fees | 23434 |
| Compensation of chief compliance officer | 267 |
| Compensation of board members | 1165 |
| Other expenses | 31616 |
| Deferred compensation of board members | 336842 |
| Total liabilities | 1918445 |
| **Net assets applicable to outstanding capital stock** | **$1647378530** |
| **Represented by** |  |
| Trust capital | $1647378530 |
| **Total - representing net assets applicable to outstanding capital stock** | **$1647378530** |
| **Class 1** |  |
| Net assets | $1395685334 |
| Shares outstanding | 21969665 |
| Net asset value per share | $63.53 |
| **Class 2** |  |
| Net assets | $251693196 |
| Shares outstanding | 4097702 |
| Net asset value per share | $61.42 |

---

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

Columbia Variable Portfolio – Contrarian Core Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

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

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $16483379 |
| Dividends — affiliated issuers | 1114785 |
| Interfund lending | 350 |
| Total income | 17598514 |
| Expenses: |  |
| Management services fees | 11518916 |
| Distribution and/or service fees |  |
| Class 2 | 575046 |
| Service fees | 178338 |
| Custodian fees | 18352 |
| Printing and postage fees | 13565 |
| Accounting services fees | 32423 |
| Legal fees | 44175 |
| Compensation of chief compliance officer | 285 |
| Compensation of board members | 28092 |
| Deferred compensation of board members | 12415 |
| Other | 27442 |
| Total expenses | 12449049 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (557465)<br>|
| Total net expenses | 11891584 |
| **Net investment income** | 5706930 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 225162804 |
| Investments — affiliated issuers | (5816)<br>|
| Foreign currency translations | (1992)<br>|
| Net realized gain | 225154996 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 35672926 |
| Investments — affiliated issuers | (320)<br>|
| Foreign currency translations | 1166 |
| Net change in unrealized appreciation (depreciation) | 35673772 |
| Net realized and unrealized gain | 260828768 |
| **Net increase in net assets resulting from operations** | **$266535698** |

---

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

Columbia Variable Portfolio – Contrarian Core Fund \| 2025

------

Statement of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income | $5706930 | &nbsp;&nbsp; $8092847 |
| Net realized gain | 225154996 | &nbsp;&nbsp; 182291433 |
| Net change in unrealized appreciation (depreciation) | 35673772 | &nbsp;&nbsp; 111245354 |
| Net increase in net assets resulting from operations | 266535698 | &nbsp;&nbsp; 301629634 |
| Decrease in net assets from capital stock activity | (249243197)<br>| &nbsp;&nbsp; (68629162)<br>|
| Total increase in net assets | 17292501 | &nbsp;&nbsp; 233000472 |
| Net assets at beginning of year | 1630086029 | &nbsp;&nbsp; 1397085557 |
| **Net assets at end of year** | **$1647378530** | &nbsp;&nbsp; **$1630086029** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |
| Shares sold | 203752 | &nbsp;&nbsp;&nbsp;&nbsp; 11396319 | &nbsp;&nbsp;&nbsp;&nbsp; 3022313 | &nbsp;&nbsp;&nbsp;&nbsp; 167014330 |
| Shares redeemed | (4399967)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (257763299)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4825767)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (239258486)<br>|
| Net decrease | (4196215)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (246366980)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1803454)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (72244156)<br>|
| Class 2 |  |  |  |  |
| Shares sold | 318561 | &nbsp;&nbsp;&nbsp;&nbsp; 17577711 | &nbsp;&nbsp;&nbsp;&nbsp; 387441 | &nbsp;&nbsp;&nbsp;&nbsp; 18808508 |
| Shares redeemed | (367252)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20453928)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (316737)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15193514)<br>|
| Net increase (decrease) | (48691)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2876217)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 70704 | &nbsp;&nbsp;&nbsp;&nbsp; 3614994 |
| **Total net decrease** | **(4244906)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(249243197)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(1732750)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(68629162)**<br>|

---

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

Columbia Variable Portfolio – Contrarian Core Fund \| 2025

------

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $54.00<br>| 0.22<br>| 9.31<br>| 9.53<br>|
| Year Ended 12/31/2024 | $43.75<br>| 0.29<br>| 9.96<br>| 10.25<br>|
| Year Ended 12/31/2023 | $33.10<br>| 0.25<br>| 10.40<br>| 10.65<br>|
| Year Ended 12/31/2022 | $40.69<br>| 0.25<br>| &nbsp;&nbsp; (7.84) <br>| &nbsp;&nbsp; (7.59) <br>|
| Year Ended 12/31/2021 | $32.74<br>| 0.20<br>| 7.75<br>| 7.95<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $52.34<br>| 0.08<br>| 9.00<br>| 9.08<br>|
| Year Ended 12/31/2024 | $42.52<br>| 0.16<br>| 9.66<br>| 9.82<br>|
| Year Ended 12/31/2023 | $32.24<br>| 0.16<br>| 10.12<br>| 10.28<br>|
| Year Ended 12/31/2022 | $39.73<br>| 0.15<br>| &nbsp;&nbsp; (7.64) <br>| &nbsp;&nbsp; (7.49) <br>|
| Year Ended 12/31/2021 | $32.05<br>| 0.11<br>| 7.57<br>| 7.68<br>|

---

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

---

| | |
|:---|:---|
| **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.  |

---

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

Columbia Variable Portfolio – Contrarian Core Fund \| 2025

------

Financial Highlights (continued)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $63.53<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.65%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1395685<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $54.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.43%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1413045<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $43.75<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 42%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1223797<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $33.10<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18.65%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1153825<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $40.69<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1512305<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $61.42<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.35%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $251693<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $52.34<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.09%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $217041<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $42.52<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.88%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 42%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $173289<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $32.24<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18.85%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $130137<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $39.73<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.96%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $162952<br>|

---

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

Columbia Variable Portfolio – Contrarian Core Fund \| 2025

------

Notes to Financial Statements

December 31, 2025

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.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

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

Columbia Variable Portfolio – Contrarian Core Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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

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

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

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

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

**Foreign currency transactions and translations** 

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

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

**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

Columbia Variable Portfolio – Contrarian Core Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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.

**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 Fund's net assets are reported at the partner-level for federal income tax purposes.

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.

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 and is responsible for

Columbia Variable Portfolio – Contrarian Core Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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 0.77% to 0.555% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2025 was 0.713% of the Fund's average daily net assets.

**Compensation of Board members**

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

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Service fees**

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2025 was 0.01% 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 to the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

**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:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee rate(s) contractual** <br>**through** <br>**April 30, 2026 (%)**<br>|
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 |

---

Columbia Variable Portfolio – Contrarian Core Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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 $824,116,070 and $1,063,923,175, respectively, for the year ended December 31, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 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. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Note 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's activity in the Interfund Program during the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower or lender** | **Average loan** <br>**balance ($)**<br>| &nbsp;&nbsp;&nbsp; **Weighted average** <br>**interest rate (%)**<br>| &nbsp;&nbsp;&nbsp; **Number of days** <br>**with outstanding loans**<br>|
| Lender | 2600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.84 | &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, 2025.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 23, 2025 amendment and restatement, the credit facility, which

Columbia Variable Portfolio – Contrarian Core Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended December 31, 2025.

Note 8. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

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

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

**Shareholder concentration risk**

At December 31, 2025, affiliated shareholders of record owned 98.7% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

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

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is

Columbia Variable Portfolio – Contrarian Core Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Columbia Variable Portfolio – Contrarian Core Fund \| 2025

------

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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 20, 2026

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

Columbia Variable Portfolio – Contrarian Core Fund \| 2025

------

**Columbia Variable Portfolio – Contrarian Core Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g102030img64032c5c2.jpg)

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

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

ANN7002_12_E01_(02/26)

------

![](g102030img060dd9291.jpg)

Columbia Variable Portfolio – Long Government/Credit Bond Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

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

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

---

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

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_580361ee-cae0-4e5b-af22-445e24eaa557_POI-CommonContent-Date-235_1) | 3 |
| [Statement of Assets and Liabilities](#xx_580361ee-cae0-4e5b-af22-445e24eaa557_FS-CommonContent-Date-235_1) | 10 |
| [Statement of Operations](#xx_580361ee-cae0-4e5b-af22-445e24eaa557_FS-CommonContent-Date-235_2) | 11 |
| [Statement of Changes in Net Assets](#xx_580361ee-cae0-4e5b-af22-445e24eaa557_FS-CommonContent-Date-235_3) | 12 |
| [Financial Highlights](#xx_580361ee-cae0-4e5b-af22-445e24eaa557_FIHI-CommonContent-Date-235_2) | 14 |
| [Notes to Financial Statements](#xx_580361ee-cae0-4e5b-af22-445e24eaa557_NTF-CommonContent-Date-235_1) | 16 |
| [Report of Independent Registered Public Accounting Firm](#xx_580361ee-cae0-4e5b-af22-445e24eaa557_AUD-CommonContent-Date-235_1) | 26 |

---

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| 2025

------

Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Agency 1.3%** | **Asset-Backed Securities - Agency 1.3%** | **Asset-Backed Securities - Agency 1.3%** | **Asset-Backed Securities - Agency 1.3%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| United States Small Business Administration | United States Small Business Administration | United States Small Business Administration | United States Small Business Administration |
| Series 2016-20L Class 1 | Series 2016-20L Class 1 | Series 2016-20L Class 1 | Series 2016-20L Class 1 |
| 12/01/2036 | &nbsp;&nbsp; 2.810% | 1312504 | &nbsp;&nbsp; 1239588 |
| Series 2017-20E Class 1 | Series 2017-20E Class 1 | Series 2017-20E Class 1 | Series 2017-20E Class 1 |
| 05/01/2037 | &nbsp;&nbsp; 2.880% | 105201 | &nbsp;&nbsp; 99524 |
| Series 2017-20F Class 1 | Series 2017-20F Class 1 | Series 2017-20F Class 1 | Series 2017-20F Class 1 |
| 06/01/2037 | &nbsp;&nbsp; 2.810% | 933273 | &nbsp;&nbsp; 881200 |
| Series 2017-20G Class 1 | Series 2017-20G Class 1 | Series 2017-20G Class 1 | Series 2017-20G Class 1 |
| 07/01/2037 | &nbsp;&nbsp; 2.980% | 843278 | &nbsp;&nbsp; 798170 |
| Series 2017-20H Class 1 | Series 2017-20H Class 1 | Series 2017-20H Class 1 | Series 2017-20H Class 1 |
| 08/01/2037 | &nbsp;&nbsp; 2.750% | 716528 | &nbsp;&nbsp; 664689 |
| Series 2017-20I Class 1 | Series 2017-20I Class 1 | Series 2017-20I Class 1 | Series 2017-20I Class 1 |
| 09/01/2037 | &nbsp;&nbsp; 2.590% | 1192499 | &nbsp;&nbsp; 1106132 |
| Total Asset-Backed Securities — Agency <br>(Cost $5,103,283) | Total Asset-Backed Securities — Agency <br>(Cost $5,103,283) | Total Asset-Backed Securities — Agency <br>(Cost $5,103,283) | &nbsp;&nbsp; **4789303** |
| **Corporate Bonds & Notes 46.6%** | **Corporate Bonds & Notes 46.6%** | **Corporate Bonds & Notes 46.6%** | **Corporate Bonds & Notes 46.6%** |
| **Aerospace & Defense 3.9%** | **Aerospace & Defense 3.9%** | **Aerospace & Defense 3.9%** | **Aerospace & Defense 3.9%** |
| BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  |
| 03/26/2034 | &nbsp;&nbsp; 5.300% | 3699000 | &nbsp;&nbsp; 3831353 |
| Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| 08/01/2059 | &nbsp;&nbsp; 3.950% | 3589000 | &nbsp;&nbsp; 2540039 |
| L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. |
| 06/01/2034 | &nbsp;&nbsp; 5.350% | 1183000 | &nbsp;&nbsp; 1224101 |
| Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. |
| 02/15/2055 | &nbsp;&nbsp; 5.200% | 810000 | &nbsp;&nbsp; 762558 |
| Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
| 10/15/2047 | &nbsp;&nbsp; 4.030% | 2810000 | &nbsp;&nbsp; 2258352 |
| United Technologies Corp. | United Technologies Corp. | United Technologies Corp. | United Technologies Corp. |
| 07/15/2038 | &nbsp;&nbsp; 6.125% | 3430000 | &nbsp;&nbsp; 3755006 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **14371409** |
| **Banking 5.0%** | **Banking 5.0%** | **Banking 5.0%** | **Banking 5.0%** |
| Bank of America Corp.<sup>(b)</sup>  | Bank of America Corp.<sup>(b)</sup>  | Bank of America Corp.<sup>(b)</sup>  | Bank of America Corp.<sup>(b)</sup>  |
| 03/20/2051 | &nbsp;&nbsp; 4.083% | 4455000 | &nbsp;&nbsp; 3577456 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| 07/23/2048 | &nbsp;&nbsp; 4.650% | 1855000 | &nbsp;&nbsp; 1638482 |
| Goldman Sachs Group, Inc. (The)<sup>(b)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(b)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(b)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(b)</sup>  |
| 01/28/2056 | &nbsp;&nbsp; 5.734% | 2460000 | &nbsp;&nbsp; 2492110 |
| HSBC Holdings PLC<sup>(b)</sup>  | HSBC Holdings PLC<sup>(b)</sup>  | HSBC Holdings PLC<sup>(b)</sup>  | HSBC Holdings PLC<sup>(b)</sup>  |
| 11/06/2036 | &nbsp;&nbsp; 5.133% | 1339000 | &nbsp;&nbsp; 1341782 |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 09/10/2036 | &nbsp;&nbsp; 5.741% | 555000 | &nbsp;&nbsp; 570908 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| JPMorgan Chase & Co.<sup>(b)</sup>  | JPMorgan Chase & Co.<sup>(b)</sup>  | JPMorgan Chase & Co.<sup>(b)</sup>  | JPMorgan Chase & Co.<sup>(b)</sup>  |
| 11/15/2048 | &nbsp;&nbsp; 3.964% | 4645000 | &nbsp;&nbsp; 3742260 |
| Morgan Stanley<sup>(b)</sup>  | Morgan Stanley<sup>(b)</sup>  | Morgan Stanley<sup>(b)</sup>  | Morgan Stanley<sup>(b)</sup>  |
| 04/17/2036 | &nbsp;&nbsp; 5.664% | 1670000 | &nbsp;&nbsp; 1755743 |
| 10/22/2036 | &nbsp;&nbsp; 4.892% | 1626000 | &nbsp;&nbsp; 1612891 |
| Wells Fargo & Co.<sup>(b)</sup>  | Wells Fargo & Co.<sup>(b)</sup>  | Wells Fargo & Co.<sup>(b)</sup>  | Wells Fargo & Co.<sup>(b)</sup>  |
| 04/04/2051 | &nbsp;&nbsp; 5.013% | 2225000 | &nbsp;&nbsp; 2036712 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **18768344** |
| **Building Materials 0.1%** | **Building Materials 0.1%** | **Building Materials 0.1%** | **Building Materials 0.1%** |
| JH North America Holdings, Inc.<sup>(a)</sup>  | JH North America Holdings, Inc.<sup>(a)</sup>  | JH North America Holdings, Inc.<sup>(a)</sup>  | JH North America Holdings, Inc.<sup>(a)</sup>  |
| 07/31/2032 | &nbsp;&nbsp; 6.125% | 398000 | &nbsp;&nbsp; 408328 |
| **Cable and Satellite 1.7%** | **Cable and Satellite 1.7%** | **Cable and Satellite 1.7%** | **Cable and Satellite 1.7%** |
| Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital |
| 05/01/2047 | &nbsp;&nbsp; 5.375% | 3765000 | &nbsp;&nbsp; 3098941 |
| Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
| 11/01/2056 | &nbsp;&nbsp; 2.937% | 5400000 | &nbsp;&nbsp; 3036741 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **6135682** |
| **Chemicals 0.5%** | **Chemicals 0.5%** | **Chemicals 0.5%** | **Chemicals 0.5%** |
| Dow Chemical Co. (The) | Dow Chemical Co. (The) | Dow Chemical Co. (The) | Dow Chemical Co. (The) |
| 03/15/2055 | &nbsp;&nbsp; 5.950% | 480000 | &nbsp;&nbsp; 436252 |
| LYB International Finance III LLC | LYB International Finance III LLC | LYB International Finance III LLC | LYB International Finance III LLC |
| 04/01/2051 | &nbsp;&nbsp; 3.625% | 2145000 | &nbsp;&nbsp; 1385902 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1822154** |
| **Construction Machinery 0.6%** | **Construction Machinery 0.6%** | **Construction Machinery 0.6%** | **Construction Machinery 0.6%** |
| Caterpillar, Inc. | Caterpillar, Inc. | Caterpillar, Inc. | Caterpillar, Inc. |
| 05/15/2035 | &nbsp;&nbsp; 5.200% | 1306000 | &nbsp;&nbsp; 1355598 |
| United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
| 02/15/2031 | &nbsp;&nbsp; 3.875% | 1010000 | &nbsp;&nbsp; 966607 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2322205** |
| **Diversified Manufacturing 0.6%** | **Diversified Manufacturing 0.6%** | **Diversified Manufacturing 0.6%** | **Diversified Manufacturing 0.6%** |
| Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
| 04/05/2040 | &nbsp;&nbsp; 3.377% | 1590000 | &nbsp;&nbsp; 1284995 |
| Siemens Funding BV<sup>(a)</sup>  | Siemens Funding BV<sup>(a)</sup>  | Siemens Funding BV<sup>(a)</sup>  | Siemens Funding BV<sup>(a)</sup>  |
| 05/28/2035 | &nbsp;&nbsp; 5.200% | 958000 | &nbsp;&nbsp; 993866 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2278861** |
| **Electric 6.7%** | **Electric 6.7%** | **Electric 6.7%** | **Electric 6.7%** |
| AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. |
| 01/15/2050 | &nbsp;&nbsp; 3.450% | 2900000 | &nbsp;&nbsp; 1981707 |
| 05/15/2051 | &nbsp;&nbsp; 3.450% | 750000 | &nbsp;&nbsp; 507614 |
| CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC |
| 08/15/2035 | &nbsp;&nbsp; 4.950% | 463000 | &nbsp;&nbsp; 466700 |

---

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

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Consolidated Edison Co of New York, Inc. | Consolidated Edison Co of New York, Inc. | Consolidated Edison Co of New York, Inc. | Consolidated Edison Co of New York, Inc. |
| 11/15/2055 | &nbsp;&nbsp; 5.750% | 313000 | &nbsp;&nbsp; 312923 |
| Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. |
| 03/15/2055 | &nbsp;&nbsp; 5.500% | 1305000 | &nbsp;&nbsp; 1267160 |
| Duke Energy Indiana LLC | Duke Energy Indiana LLC | Duke Energy Indiana LLC | Duke Energy Indiana LLC |
| 04/01/2050 | &nbsp;&nbsp; 2.750% | 1545000 | &nbsp;&nbsp; 965472 |
| 04/01/2053 | &nbsp;&nbsp; 5.400% | 2288000 | &nbsp;&nbsp; 2176903 |
| Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC |
| 03/15/2055 | &nbsp;&nbsp; 5.800% | 850000 | &nbsp;&nbsp; 855413 |
| Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy |
| 07/15/2034 | &nbsp;&nbsp; 5.950% | 1290000 | &nbsp;&nbsp; 1364278 |
| Exelon Corp. | Exelon Corp. | Exelon Corp. | Exelon Corp. |
| 03/15/2052 | &nbsp;&nbsp; 4.100% | 4674000 | &nbsp;&nbsp; 3607381 |
| FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
| 03/01/2050 | &nbsp;&nbsp; 3.400% | 1310000 | &nbsp;&nbsp; 905705 |
| Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. |
| 01/15/2035 | &nbsp;&nbsp; 5.100% | 1072000 | &nbsp;&nbsp; 1085179 |
| MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. |
| 02/01/2055 | &nbsp;&nbsp; 5.300% | 560000 | &nbsp;&nbsp; 530696 |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| 03/15/2035 | &nbsp;&nbsp; 5.450% | 3124000 | &nbsp;&nbsp; 3233221 |
| Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC |
| 05/15/2050 | &nbsp;&nbsp; 3.700% | 690000 | &nbsp;&nbsp; 507298 |
| Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. |
| 07/01/2050 | &nbsp;&nbsp; 4.950% | 1905000 | &nbsp;&nbsp; 1613036 |
| Virginia Electric and Power Co. | Virginia Electric and Power Co. | Virginia Electric and Power Co. | Virginia Electric and Power Co. |
| 04/01/2053 | &nbsp;&nbsp; 5.450% | 2043000 | &nbsp;&nbsp; 1948743 |
| Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
| 12/01/2049 | &nbsp;&nbsp; 3.500% | 2027000 | &nbsp;&nbsp; 1455526 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **24784955** |
| **Food and Beverage 2.5%** | **Food and Beverage 2.5%** | **Food and Beverage 2.5%** | **Food and Beverage 2.5%** |
| Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | Anheuser-Busch Companies LLC/InBev Worldwide, Inc. |
| 02/01/2046 | &nbsp;&nbsp; 4.900% | 1989000 | &nbsp;&nbsp; 1841463 |
| Bacardi Ltd.<sup>(a)</sup>  | Bacardi Ltd.<sup>(a)</sup>  | Bacardi Ltd.<sup>(a)</sup>  | Bacardi Ltd.<sup>(a)</sup>  |
| 05/15/2038 | &nbsp;&nbsp; 5.150% | 4711000 | &nbsp;&nbsp; 4472864 |
| Campbell Soup Co. | Campbell Soup Co. | Campbell Soup Co. | Campbell Soup Co. |
| 04/24/2050 | &nbsp;&nbsp; 3.125% | 113000 | &nbsp;&nbsp; 73856 |
| Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
| 11/01/2048 | &nbsp;&nbsp; 5.400% | 490000 | &nbsp;&nbsp; 439733 |
| Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. |
| 04/15/2052 | &nbsp;&nbsp; 4.500% | 185000 | &nbsp;&nbsp; 149460 |
| Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
| 06/01/2046 | &nbsp;&nbsp; 4.375% | 399000 | &nbsp;&nbsp; 329900 |
| Kraft Heinz Foods Co. (The) | Kraft Heinz Foods Co. (The) | Kraft Heinz Foods Co. (The) | Kraft Heinz Foods Co. (The) |
| 07/15/2045 | &nbsp;&nbsp; 5.200% | 1657000 | &nbsp;&nbsp; 1519330 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Tyson Foods, Inc. | Tyson Foods, Inc. | Tyson Foods, Inc. | Tyson Foods, Inc. |
| 09/28/2048 | &nbsp;&nbsp; 5.100% | 530000 | &nbsp;&nbsp; 488294 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **9314900** |
| **Health Care 2.1%** | **Health Care 2.1%** | **Health Care 2.1%** | **Health Care 2.1%** |
| Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
| 02/08/2034 | &nbsp;&nbsp; 5.110% | 340000 | &nbsp;&nbsp; 346984 |
| Cigna Corp. | Cigna Corp. | Cigna Corp. | Cigna Corp. |
| 03/15/2050 | &nbsp;&nbsp; 3.400% | 1529000 | &nbsp;&nbsp; 1069862 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 07/20/2045 | &nbsp;&nbsp; 5.125% | 2738000 | &nbsp;&nbsp; 2475058 |
| GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. |
| 06/15/2035 | &nbsp;&nbsp; 5.500% | 469000 | &nbsp;&nbsp; 487606 |
| 12/15/2035 | &nbsp;&nbsp; 4.950% | 471000 | &nbsp;&nbsp; 470606 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 03/15/2052 | &nbsp;&nbsp; 4.625% | 2492000 | &nbsp;&nbsp; 2033233 |
| New York and Presbyterian Hospital (The) | New York and Presbyterian Hospital (The) | New York and Presbyterian Hospital (The) | New York and Presbyterian Hospital (The) |
| 08/01/2036 | &nbsp;&nbsp; 3.563% | 850000 | &nbsp;&nbsp; 756325 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **7639674** |
| **Healthcare Insurance 1.0%** | **Healthcare Insurance 1.0%** | **Healthcare Insurance 1.0%** | **Healthcare Insurance 1.0%** |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 04/15/2054 | &nbsp;&nbsp; 5.375% | 3901000 | &nbsp;&nbsp; 3685726 |
| **Independent Energy 1.1%** | **Independent Energy 1.1%** | **Independent Energy 1.1%** | **Independent Energy 1.1%** |
| APA Corp. | APA Corp. | APA Corp. | APA Corp. |
| 02/15/2055 | &nbsp;&nbsp; 6.750% | 726000 | &nbsp;&nbsp; 724757 |
| Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
| 02/15/2037 | &nbsp;&nbsp; 6.500% | 635000 | &nbsp;&nbsp; 682565 |
| Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
| 04/18/2064 | &nbsp;&nbsp; 5.900% | 667000 | &nbsp;&nbsp; 631769 |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 10/01/2054 | &nbsp;&nbsp; 6.050% | 1724000 | &nbsp;&nbsp; 1643912 |
| Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
| 05/19/2035 | &nbsp;&nbsp; 6.000% | 355000 | &nbsp;&nbsp; 369957 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **4052960** |
| **Integrated Energy 0.7%** | **Integrated Energy 0.7%** | **Integrated Energy 0.7%** | **Integrated Energy 0.7%** |
| BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. |
| 03/17/2052 | &nbsp;&nbsp; 3.001% | 1746000 | &nbsp;&nbsp; 1118195 |
| TotalEnergies Capital SA | TotalEnergies Capital SA | TotalEnergies Capital SA | TotalEnergies Capital SA |
| 04/05/2064 | &nbsp;&nbsp; 5.638% | 1453000 | &nbsp;&nbsp; 1411790 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2529985** |
| **Life Insurance 1.3%** | **Life Insurance 1.3%** | **Life Insurance 1.3%** | **Life Insurance 1.3%** |
| New York Life Insurance Co.<sup>(a)</sup>  | New York Life Insurance Co.<sup>(a)</sup>  | New York Life Insurance Co.<sup>(a)</sup>  | New York Life Insurance Co.<sup>(a)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 05/15/2050 | &nbsp;&nbsp; 3.750% | 2430000 | &nbsp;&nbsp; 1803634 |

---

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

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Northwestern Mutual Life Insurance Co. (The)<sup>(a)</sup>  | Northwestern Mutual Life Insurance Co. (The)<sup>(a)</sup>  | Northwestern Mutual Life Insurance Co. (The)<sup>(a)</sup>  | Northwestern Mutual Life Insurance Co. (The)<sup>(a)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 09/30/2059 | &nbsp;&nbsp; 3.625% | 2003000 | &nbsp;&nbsp; 1401481 |
| Peachtree Corners Funding Trust II<sup>(a)</sup>  | Peachtree Corners Funding Trust II<sup>(a)</sup>  | Peachtree Corners Funding Trust II<sup>(a)</sup>  | Peachtree Corners Funding Trust II<sup>(a)</sup>  |
| 05/15/2035 | &nbsp;&nbsp; 6.012% | 292000 | &nbsp;&nbsp; 307495 |
| Teachers Insurance & Annuity Association of America<sup>(a)</sup>  | Teachers Insurance & Annuity Association of America<sup>(a)</sup>  | Teachers Insurance & Annuity Association of America<sup>(a)</sup>  | Teachers Insurance & Annuity Association of America<sup>(a)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 05/15/2050 | &nbsp;&nbsp; 3.300% | 1756000 | &nbsp;&nbsp; 1205698 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **4718308** |
| **Media and Entertainment 0.9%** | **Media and Entertainment 0.9%** | **Media and Entertainment 0.9%** | **Media and Entertainment 0.9%** |
| Fox Corp. | Fox Corp. | Fox Corp. | Fox Corp. |
| 01/25/2049 | &nbsp;&nbsp; 5.576% | 490000 | &nbsp;&nbsp; 471746 |
| Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| 05/15/2063 | &nbsp;&nbsp; 5.750% | 1005000 | &nbsp;&nbsp; 965750 |
| 11/15/2065 | &nbsp;&nbsp; 5.750% | 2043000 | &nbsp;&nbsp; 1951637 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3389133** |
| **Midstream 2.2%** | **Midstream 2.2%** | **Midstream 2.2%** | **Midstream 2.2%** |
| Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
| 04/05/2034 | &nbsp;&nbsp; 5.625% | 840000 | &nbsp;&nbsp; 877178 |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 05/15/2054 | &nbsp;&nbsp; 5.950% | 2219000 | &nbsp;&nbsp; 2105532 |
| Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
| 02/16/2055 | &nbsp;&nbsp; 5.550% | 675000 | &nbsp;&nbsp; 654585 |
| MPLX LP | MPLX LP | MPLX LP | MPLX LP |
| 03/14/2052 | &nbsp;&nbsp; 4.950% | 1896000 | &nbsp;&nbsp; 1595836 |
| Plains All American Pipeline LP/Finance Corp. | Plains All American Pipeline LP/Finance Corp. | Plains All American Pipeline LP/Finance Corp. | Plains All American Pipeline LP/Finance Corp. |
| 06/15/2044 | &nbsp;&nbsp; 4.700% | 254000 | &nbsp;&nbsp; 216326 |
| Western Gas Partners LP | Western Gas Partners LP | Western Gas Partners LP | Western Gas Partners LP |
| 03/01/2048 | &nbsp;&nbsp; 5.300% | 928000 | &nbsp;&nbsp; 800861 |
| Williams Companies, Inc. (The) | Williams Companies, Inc. (The) | Williams Companies, Inc. (The) | Williams Companies, Inc. (The) |
| 06/24/2044 | &nbsp;&nbsp; 5.750% | 1815000 | &nbsp;&nbsp; 1806106 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **8056424** |
| **Natural Gas 0.8%** | **Natural Gas 0.8%** | **Natural Gas 0.8%** | **Natural Gas 0.8%** |
| NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| 02/15/2044 | &nbsp;&nbsp; 4.800% | 2997000 | &nbsp;&nbsp; 2697814 |
| Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
| 04/01/2054 | &nbsp;&nbsp; 5.600% | 450000 | &nbsp;&nbsp; 441714 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3139528** |
| **Pharmaceuticals 3.4%** | **Pharmaceuticals 3.4%** | **Pharmaceuticals 3.4%** | **Pharmaceuticals 3.4%** |
| AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
| 11/06/2042 | &nbsp;&nbsp; 4.400% | 2167000 | &nbsp;&nbsp; 1933059 |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 03/02/2063 | &nbsp;&nbsp; 5.750% | 2682000 | &nbsp;&nbsp; 2619533 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Bristol Myers Squibb Co. | Bristol Myers Squibb Co. | Bristol Myers Squibb Co. | Bristol Myers Squibb Co. |
| 03/15/2052 | &nbsp;&nbsp; 3.700% | 1240000 | &nbsp;&nbsp; 911655 |
| Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. |
| 10/15/2065 | &nbsp;&nbsp; 5.650% | 1180000 | &nbsp;&nbsp; 1190737 |
| Johnson & Johnson | Johnson & Johnson | Johnson & Johnson | Johnson & Johnson |
| 03/03/2047 | &nbsp;&nbsp; 3.750% | 1105000 | &nbsp;&nbsp; 891627 |
| Merck & Co, Inc. | Merck & Co, Inc. | Merck & Co, Inc. | Merck & Co, Inc. |
| 09/15/2055 | &nbsp;&nbsp; 5.700% | 1585000 | &nbsp;&nbsp; 1602268 |
| Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. |
| 12/04/2055 | &nbsp;&nbsp; 5.550% | 1370000 | &nbsp;&nbsp; 1354099 |
| Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. |
| 12/15/2046 | &nbsp;&nbsp; 4.125% | 2493000 | &nbsp;&nbsp; 2057743 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **12560721** |
| **Property & Casualty 0.2%** | **Property & Casualty 0.2%** | **Property & Casualty 0.2%** | **Property & Casualty 0.2%** |
| Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. |
| 03/15/2052 | &nbsp;&nbsp; 3.850% | 720000 | &nbsp;&nbsp; 554888 |
| **Railroads 1.7%** | **Railroads 1.7%** | **Railroads 1.7%** | **Railroads 1.7%** |
| Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC |
| 03/15/2056 | &nbsp;&nbsp; 5.550% | 2533000 | &nbsp;&nbsp; 2501125 |
| Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. |
| 12/02/2051 | &nbsp;&nbsp; 3.100% | 610000 | &nbsp;&nbsp; 405550 |
| Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. |
| 08/25/2051 | &nbsp;&nbsp; 2.900% | 1215000 | &nbsp;&nbsp; 765634 |
| 08/15/2052 | &nbsp;&nbsp; 4.050% | 1382000 | &nbsp;&nbsp; 1074018 |
| Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. |
| 02/05/2050 | &nbsp;&nbsp; 3.250% | 2460000 | &nbsp;&nbsp; 1702451 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **6448778** |
| **Restaurants 0.2%** | **Restaurants 0.2%** | **Restaurants 0.2%** | **Restaurants 0.2%** |
| McDonald's Corp. | McDonald's Corp. | McDonald's Corp. | McDonald's Corp. |
| 09/01/2049 | &nbsp;&nbsp; 3.625% | 810000 | &nbsp;&nbsp; 595797 |
| **Retailers 1.2%** | **Retailers 1.2%** | **Retailers 1.2%** | **Retailers 1.2%** |
| Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
| 05/12/2051 | &nbsp;&nbsp; 3.100% | 3034000 | &nbsp;&nbsp; 2036573 |
| Lowe's Companies, Inc. | Lowe's Companies, Inc. | Lowe's Companies, Inc. | Lowe's Companies, Inc. |
| 04/01/2052 | &nbsp;&nbsp; 4.250% | 2882000 | &nbsp;&nbsp; 2271497 |
| Walmart, Inc. | Walmart, Inc. | Walmart, Inc. | Walmart, Inc. |
| 09/22/2051 | &nbsp;&nbsp; 2.650% | 525000 | &nbsp;&nbsp; 331041 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **4639111** |
| **Supermarkets 0.3%** | **Supermarkets 0.3%** | **Supermarkets 0.3%** | **Supermarkets 0.3%** |
| Kroger Co. (The) | Kroger Co. (The) | Kroger Co. (The) | Kroger Co. (The) |
| 09/15/2064 | &nbsp;&nbsp; 5.650% | 1273000 | &nbsp;&nbsp; 1213429 |

---

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

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Technology 4.3%** | **Technology 4.3%** | **Technology 4.3%** | **Technology 4.3%** |
| Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. |
| 11/15/2055 | &nbsp;&nbsp; 5.450% | 1700000 | &nbsp;&nbsp; 1669070 |
| 05/15/2065 | &nbsp;&nbsp; 5.300% | 517000 | &nbsp;&nbsp; 486450 |
| Apple, Inc. | Apple, Inc. | Apple, Inc. | Apple, Inc. |
| 02/08/2051 | &nbsp;&nbsp; 2.650% | 3039000 | &nbsp;&nbsp; 1882302 |
| Broadcom, Inc.<sup>(a)</sup>  | Broadcom, Inc.<sup>(a)</sup>  | Broadcom, Inc.<sup>(a)</sup>  | Broadcom, Inc.<sup>(a)</sup>  |
| 11/15/2036 | &nbsp;&nbsp; 3.187% | 3127000 | &nbsp;&nbsp; 2653248 |
| Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. |
| 02/24/2055 | &nbsp;&nbsp; 5.500% | 500000 | &nbsp;&nbsp; 494590 |
| Foundry JV Holdco LLC<sup>(a)</sup>  | Foundry JV Holdco LLC<sup>(a)</sup>  | Foundry JV Holdco LLC<sup>(a)</sup>  | Foundry JV Holdco LLC<sup>(a)</sup>  |
| 01/25/2034 | &nbsp;&nbsp; 5.875% | 1747000 | &nbsp;&nbsp; 1796713 |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 08/12/2051 | &nbsp;&nbsp; 3.050% | 2200000 | &nbsp;&nbsp; 1351980 |
| International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. |
| 02/10/2055 | &nbsp;&nbsp; 5.700% | 825000 | &nbsp;&nbsp; 813351 |
| NXP BV/Funding LLC/USA, Inc. | NXP BV/Funding LLC/USA, Inc. | NXP BV/Funding LLC/USA, Inc. | NXP BV/Funding LLC/USA, Inc. |
| 02/15/2042 | &nbsp;&nbsp; 3.125% | 1740000 | &nbsp;&nbsp; 1269488 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 07/15/2046 | &nbsp;&nbsp; 4.000% | 3750000 | &nbsp;&nbsp; 2603912 |
| 02/06/2053 | &nbsp;&nbsp; 5.550% | 1327000 | &nbsp;&nbsp; 1104057 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **16125161** |
| **Tobacco 0.3%** | **Tobacco 0.3%** | **Tobacco 0.3%** | **Tobacco 0.3%** |
| BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
| 08/02/2043 | &nbsp;&nbsp; 7.079% | 1080000 | &nbsp;&nbsp; 1213294 |
| **Transportation Services 0.7%** | **Transportation Services 0.7%** | **Transportation Services 0.7%** | **Transportation Services 0.7%** |
| ERAC USA Finance LLC<sup>(a)</sup>  | ERAC USA Finance LLC<sup>(a)</sup>  | ERAC USA Finance LLC<sup>(a)</sup>  | ERAC USA Finance LLC<sup>(a)</sup>  |
| 10/30/2034 | &nbsp;&nbsp; 5.200% | 622000 | &nbsp;&nbsp; 638700 |
| FedEx Corp. | FedEx Corp. | FedEx Corp. | FedEx Corp. |
| 04/01/2046 | &nbsp;&nbsp; 4.550% | 1190000 | &nbsp;&nbsp; 1001943 |
| United Parcel Service, Inc. | United Parcel Service, Inc. | United Parcel Service, Inc. | United Parcel Service, Inc. |
| 05/14/2065 | &nbsp;&nbsp; 6.050% | 1080000 | &nbsp;&nbsp; 1114490 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2755133** |
| **Wireless 0.7%** | **Wireless 0.7%** | **Wireless 0.7%** | **Wireless 0.7%** |
| T-Mobile US, Inc. | T-Mobile US, Inc. | T-Mobile US, Inc. | T-Mobile US, Inc. |
| 04/15/2050 | &nbsp;&nbsp; 4.500% | 1100000 | &nbsp;&nbsp; 906612 |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| 01/15/2056 | &nbsp;&nbsp; 5.700% | 660000 | &nbsp;&nbsp; 643799 |
| Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC |
| 06/28/2064 | &nbsp;&nbsp; 5.875% | 920000 | &nbsp;&nbsp; 891046 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2441457** |
| **Wirelines 1.9%** | **Wirelines 1.9%** | **Wirelines 1.9%** | **Wirelines 1.9%** |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| 12/01/2057 | &nbsp;&nbsp; 3.800% | 5477000 | &nbsp;&nbsp; 3769912 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| 03/22/2041 | &nbsp;&nbsp; 3.400% | 4395000 | &nbsp;&nbsp; 3441335 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **7211247** |
| Total Corporate Bonds & Notes <br>(Cost $177,548,178) | Total Corporate Bonds & Notes <br>(Cost $177,548,178) | Total Corporate Bonds & Notes <br>(Cost $177,548,178) | &nbsp;&nbsp; **173177592** |
| **Foreign Government Obligations**<sup>(c)</sup> **0.7%** | **Foreign Government Obligations**<sup>(c)</sup> **0.7%** | **Foreign Government Obligations**<sup>(c)</sup> **0.7%** | **Foreign Government Obligations**<sup>(c)</sup> **0.7%** |
| **Mexico 0.7%** | **Mexico 0.7%** | **Mexico 0.7%** | **Mexico 0.7%** |
| Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
| 05/04/2053 | &nbsp;&nbsp; 6.338% | 2635000 | &nbsp;&nbsp; 2511007 |
| Total Foreign Government Obligations <br>(Cost $2,634,947) | Total Foreign Government Obligations <br>(Cost $2,634,947) | Total Foreign Government Obligations <br>(Cost $2,634,947) | &nbsp;&nbsp; **2511007** |
| **U.S. Treasury Obligations 42.7%** | **U.S. Treasury Obligations 42.7%** | **U.S. Treasury Obligations 42.7%** | **U.S. Treasury Obligations 42.7%** |
| U.S. Treasury | U.S. Treasury | U.S. Treasury | U.S. Treasury |
| 02/15/2036 | &nbsp;&nbsp; 4.500% | 17158000 | &nbsp;&nbsp; 17707592 |
| 05/15/2038 | &nbsp;&nbsp; 4.500% | 14945000 | &nbsp;&nbsp; 15248570 |
| 08/15/2040 | &nbsp;&nbsp; 3.875% | 1725000 | &nbsp;&nbsp; 1598859 |
| 02/15/2041 | &nbsp;&nbsp; 4.750% | 3935000 | &nbsp;&nbsp; 4010011 |
| 05/15/2041 | &nbsp;&nbsp; 4.375% | 6568000 | &nbsp;&nbsp; 6404826 |
| 05/15/2043 | &nbsp;&nbsp; 2.875% | 4575000 | &nbsp;&nbsp; 3554918 |
| 05/15/2043 | &nbsp;&nbsp; 3.875% | 3418500 | &nbsp;&nbsp; 3070775 |
| 08/15/2043 | &nbsp;&nbsp; 4.375% | 17646000 | &nbsp;&nbsp; 16876745 |
| 08/15/2044 | &nbsp;&nbsp; 3.125% | 2795000 | &nbsp;&nbsp; 2215474 |
| 11/15/2044 | &nbsp;&nbsp; 3.000% | 2595000 | &nbsp;&nbsp; 2009909 |
| 05/15/2045 | &nbsp;&nbsp; 5.000% | 10589000 | &nbsp;&nbsp; 10885161 |
| 08/15/2045 | &nbsp;&nbsp; 4.875% | 5119000 | &nbsp;&nbsp; 5175789 |
| 11/15/2045 | &nbsp;&nbsp; 3.000% | 2080000 | &nbsp;&nbsp; 1590875 |
| 11/15/2047 | &nbsp;&nbsp; 2.750% | 3615000 | &nbsp;&nbsp; 2577382 |
| 02/15/2048 | &nbsp;&nbsp; 3.000% | 17090000 | &nbsp;&nbsp; 12734720 |
| 02/15/2051 | &nbsp;&nbsp; 1.875% | 3770000 | &nbsp;&nbsp; 2110611 |
| 05/15/2052 | &nbsp;&nbsp; 2.875% | 17847900 | &nbsp;&nbsp; 12496319 |
| 02/15/2053 | &nbsp;&nbsp; 3.625% | 2167300 | &nbsp;&nbsp; 1757884 |
| 02/15/2055 | &nbsp;&nbsp; 4.625% | 3371000 | &nbsp;&nbsp; 3254068 |
| U.S. Treasury<sup>(d)</sup>  | U.S. Treasury<sup>(d)</sup>  | U.S. Treasury<sup>(d)</sup>  | U.S. Treasury<sup>(d)</sup>  |
| 05/15/2047 | &nbsp;&nbsp; 3.000% | 21257900 | &nbsp;&nbsp; 15979962 |
| U.S. Treasury<sup>(e)</sup>  | U.S. Treasury<sup>(e)</sup>  | U.S. Treasury<sup>(e)</sup>  | U.S. Treasury<sup>(e)</sup>  |
| STRIPS | STRIPS | STRIPS | STRIPS |
| 02/15/2040 | &nbsp;&nbsp; 0.000% | 19295800 | &nbsp;&nbsp; 10133420 |
| 11/15/2041 | &nbsp;&nbsp; 0.000% | 6871000 | &nbsp;&nbsp; 3249433 |
| 05/15/2043 | &nbsp;&nbsp; 0.000% | 9604000 | &nbsp;&nbsp; 4146361 |
| Total U.S. Treasury Obligations <br>(Cost $186,796,706) | Total U.S. Treasury Obligations <br>(Cost $186,796,706) | Total U.S. Treasury Obligations <br>(Cost $186,796,706) | &nbsp;&nbsp; **158789664** |

---

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

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

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

---

| | | |
|:---|:---|:---|
| **Money Market Funds 7.8%** | **Money Market Funds 7.8%** | **Money Market Funds 7.8%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(f),(g)</sup> <br>| &nbsp;&nbsp; 29159242 | &nbsp;&nbsp; 29150494 |
| Total Money Market Funds <br>(Cost $29,145,560) | Total Money Market Funds <br>(Cost $29,145,560) | &nbsp;&nbsp; **29150494** |
| **Total Investments in Securities** <br>**(Cost: $401,228,674)** | **Total Investments in Securities** <br>**(Cost: $401,228,674)** | &nbsp;&nbsp; **368418060** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **3505706** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **371923766** |

---

At December 31, 2025, securities and/or cash totaling $10,333,557 were pledged as collateral.

**Investments in derivatives** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| U.S. Long Bond | 159 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 18379406 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (178185)<br>|
| U.S. Treasury Ultra Bond | 417 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 49206000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (805124)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (983309)<br>|

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| U.S. Treasury 10-Year Note | (39) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (4385063)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28273 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 2-Year Note | (12) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (2505469)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (490)<br>|
| U.S. Treasury 5-Year Note | (9) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (983742)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1458 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury Ultra 10-Year Note | (279) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (32089359)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 109480 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 139211 | &nbsp;&nbsp;&nbsp;&nbsp; (490)<br>|

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(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, 2025, the total value of these securities amounted to $19,513,380, which represents 5.25% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(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, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Principal and interest may not be guaranteed by a governmental entity.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This security or a portion of this security has been pledged as collateral in connection with investments sold short and/or derivative contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Zero coupon bond.

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2025 are as follows:

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% |
|  | 108908383 | &nbsp;&nbsp; 231655363 | &nbsp;&nbsp; (311411415)<br>| &nbsp;&nbsp; (1837)<br>| &nbsp;&nbsp; 29150494 | &nbsp;&nbsp; (4605)<br>| &nbsp;&nbsp; 2618133 | &nbsp;&nbsp; 29159242 |

---

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

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Abbreviation Legend** 

STRIPS Separate Trading of Registered Interest and Principal Securities

**Currency Legend** 

USD US Dollar

**Fair value measurements** 

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

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

■

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

■

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

■

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities - Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 4789303 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4789303 |
| Corporate Bonds & Notes |  | &nbsp;&nbsp;&nbsp;&nbsp; 173177592 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 173177592 |
| Foreign Government Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp; 2511007 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2511007 |
| U.S. Treasury Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp; 158789664 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 158789664 |
| Money Market Funds | 29150494 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29150494 |
| Total Investments in Securities | 29150494 | &nbsp;&nbsp;&nbsp;&nbsp; 339267566 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 368418060 |
| **Investments in Derivatives** |  |  |  |  |
| Asset |  |  |  |  |
| Futures Contracts | 139211 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 139211 |

---

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

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| Liability |  |  |  |  |
| Futures Contracts | (983799)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (983799)<br>|
| Total | 28305906 | &nbsp;&nbsp;&nbsp;&nbsp; 339267566 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 367573472 |

---

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.

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

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

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $372,083,114) | $339267566 |
| Affiliated issuers (cost $29,145,560) | 29150494 |
| Receivable for: |  |
| Capital shares sold | 168 |
| Dividends | 96396 |
| Interest | 4026295 |
| Variation margin for futures contracts | 61896 |
| Expense reimbursement due from Investment Manager | 641 |
| Prepaid expenses | 5986 |
| Deferred compensation of board members | 220869 |
| Total assets | 372830311 |
| **Liabilities** |  |
| Payable for: |  |
| Capital shares redeemed | 396976 |
| Variation margin for futures contracts | 189309 |
| Management services fees | 5123 |
| Distribution and/or service fees | 141 |
| Service fees | 1030 |
| Compensation of chief compliance officer | 61 |
| Compensation of board members | 605 |
| Other expenses | 29350 |
| Deferred compensation of board members | 283950 |
| Total liabilities | 906545 |
| **Net assets applicable to outstanding capital stock** | **$371923766** |
| **Represented by** |  |
| Paid in capital | 884239095 |
| Total distributable earnings (loss) | (512315329)<br>|
| **Total - representing net assets applicable to outstanding capital stock** | **$371923766** |
| **Class 1** |  |
| Net assets | $351415674 |
| Shares outstanding | 49500671 |
| Net asset value per share | $7.10 |
| **Class 2** |  |
| Net assets | $20508092 |
| Shares outstanding | 2897827 |
| Net asset value per share | $7.08 |

---

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

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

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

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — affiliated issuers | $2618133 |
| Interest | 42428393 |
| Interfund lending | 3193 |
| Total income | 45049719 |
| Expenses: |  |
| Management services fees | 4661345 |
| Distribution and/or service fees |  |
| Class 2 | 47992 |
| Service fees | 11943 |
| Custodian fees | 10226 |
| Printing and postage fees | 10643 |
| Accounting services fees | 43244 |
| Legal fees | 33579 |
| Interest on collateral | 4928 |
| Compensation of chief compliance officer | 54 |
| Compensation of board members | 21306 |
| Deferred compensation of board members | 11750 |
| Other | 21413 |
| Total expenses | 4878423 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (292328)<br>|
| Total net expenses | 4586095 |
| **Net investment income** | 40463624 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | (212661582)<br>|
| Investments — affiliated issuers | (4605)<br>|
| Futures contracts | (7602711)<br>|
| Net realized loss | (220268898)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 216320405 |
| Investments — affiliated issuers | (1837)<br>|
| Futures contracts | 7847879 |
| Net change in unrealized appreciation (depreciation) | 224166447 |
| Net realized and unrealized gain | 3897549 |
| **Net increase in net assets resulting from operations** | **$44361173** |

---

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

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| 2025

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Statement of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income | $40463624 | &nbsp;&nbsp; $61647604 |
| Net realized loss | (220268898)<br>| &nbsp;&nbsp; (14164080)<br>|
| Net change in unrealized appreciation (depreciation) | 224166447 | &nbsp;&nbsp; (110677803)<br>|
| Net increase (decrease) in net assets resulting from operations | 44361173 | &nbsp;&nbsp; (63194279)<br>|
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class 1 | (59683416)<br>| &nbsp;&nbsp; (58270577)<br>|
| Class 2 | (1559787)<br>| &nbsp;&nbsp; (604307)<br>|
| Total distributions to shareholders | (61243203)<br>| &nbsp;&nbsp; (58874884)<br>|
| Increase (decrease) in net assets from capital stock activity | (1078398765)<br>| &nbsp;&nbsp; 35400384 |
| Total decrease in net assets | (1095280795)<br>| &nbsp;&nbsp; (86668779)<br>|
| Net assets at beginning of year | 1467204561 | &nbsp;&nbsp; 1553873340 |
| **Net assets at end of year** | **$371923766** | &nbsp;&nbsp; **$1467204561** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |
| Shares sold | 1379108 | &nbsp;&nbsp;&nbsp;&nbsp; 10061534 | &nbsp;&nbsp;&nbsp;&nbsp; 18978425 | &nbsp;&nbsp;&nbsp;&nbsp; 144729900 |
| Distributions reinvested | 5600105 | &nbsp;&nbsp;&nbsp;&nbsp; 38416718 | &nbsp;&nbsp;&nbsp;&nbsp; 7811070 | &nbsp;&nbsp;&nbsp;&nbsp; 58270577 |
| Shares redeemed | (156743080)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1131192638)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21932386)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (168346265)<br>|
| Net increase (decrease) | (149763867)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1082714386)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4857109 | &nbsp;&nbsp;&nbsp;&nbsp; 34654212 |
| Class 2 |  |  |  |  |
| Shares sold | 720047 | &nbsp;&nbsp;&nbsp;&nbsp; 5265710 | &nbsp;&nbsp;&nbsp;&nbsp; 797388 | &nbsp;&nbsp;&nbsp;&nbsp; 6149867 |
| Distributions reinvested | 227706 | &nbsp;&nbsp;&nbsp;&nbsp; 1559787 | &nbsp;&nbsp;&nbsp;&nbsp; 81115 | &nbsp;&nbsp;&nbsp;&nbsp; 604307 |
| Shares redeemed | (348195)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2509876)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (796600)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6008002)<br>|
| Net increase | 599558 | &nbsp;&nbsp;&nbsp;&nbsp; 4315621 | &nbsp;&nbsp;&nbsp;&nbsp; 81903 | &nbsp;&nbsp;&nbsp;&nbsp; 746172 |
| **Total net increase (decrease)** | **(149164309)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(1078398765)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **4939012** | &nbsp;&nbsp;&nbsp;&nbsp; **35400384** |

---

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

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| 2025

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Columbia Variable Portfolio – Long Government/Credit Bond Fund \| 2025

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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 ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $7.28<br>| 0.32<br>| 0.11<br>| 0.43<br>| &nbsp;&nbsp; (0.61) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.61) <br>|
| Year Ended 12/31/2024 | $7.90<br>| 0.31<br>| &nbsp;&nbsp; (0.63) <br>| &nbsp;&nbsp; (0.32) <br>| &nbsp;&nbsp; (0.30) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.30) <br>|
| Year Ended 12/31/2023 | $7.64<br>| 0.30<br>| 0.22<br>| 0.52<br>| &nbsp;&nbsp; (0.26) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.26) <br>|
| Year Ended 12/31/2022 | $11.19<br>| 0.27<br>| &nbsp;&nbsp; (3.30) <br>| &nbsp;&nbsp; (3.03) <br>| &nbsp;&nbsp; (0.25) <br>| &nbsp;&nbsp; (0.27) <br>| &nbsp;&nbsp; (0.52) <br>|
| Year Ended 12/31/2021 | $12.38<br>| 0.26<br>| &nbsp;&nbsp; (0.65) <br>| &nbsp;&nbsp; (0.39) <br>| &nbsp;&nbsp; (0.24) <br>| &nbsp;&nbsp; (0.56) <br>| &nbsp;&nbsp; (0.80) <br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $7.26<br>| 0.29<br>| 0.12<br>| 0.41<br>| &nbsp;&nbsp; (0.59) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.59) <br>|
| Year Ended 12/31/2024 | $7.88<br>| 0.29<br>| &nbsp;&nbsp; (0.63) <br>| &nbsp;&nbsp; (0.34) <br>| &nbsp;&nbsp; (0.28) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.28) <br>|
| Year Ended 12/31/2023 | $7.62<br>| 0.28<br>| 0.22<br>| 0.50<br>| &nbsp;&nbsp; (0.24) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.24) <br>|
| Year Ended 12/31/2022 | $11.15<br>| 0.25<br>| &nbsp;&nbsp; (3.28) <br>| &nbsp;&nbsp; (3.03) <br>| &nbsp;&nbsp; (0.23) <br>| &nbsp;&nbsp; (0.27) <br>| &nbsp;&nbsp; (0.50) <br>|
| Year Ended 12/31/2021 | $12.34<br>| 0.24<br>| &nbsp;&nbsp; (0.66) <br>| &nbsp;&nbsp; (0.42) <br>| &nbsp;&nbsp; (0.21) <br>| &nbsp;&nbsp; (0.56) <br>| &nbsp;&nbsp; (0.77) <br>|

---

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

---

| | |
|:---|:---|
| **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.

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| 2025

------

Financial Highlights (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $7.10<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.24%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.51% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.48% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $351416<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $7.28<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.14%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.50% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.49% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1450523<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $7.90<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.97%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.50% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.49% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1536406<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $7.64<br>| &nbsp;&nbsp;&nbsp;&nbsp; (27.55%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.50% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 53%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1458011<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $11.19<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.21%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.50% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.32%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1960592<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $7.08<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.98%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.78% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.73% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $20508<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $7.26<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.39%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.74% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $16681<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $7.88<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.68%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.74% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $17467<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $7.62<br>| &nbsp;&nbsp;&nbsp;&nbsp; (27.70%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 53%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12175<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $11.15<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.47%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.07%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $19183<br>|

---

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

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| 2025

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Notes to Financial Statements

December 31, 2025

Note 1. Organization

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

**Fund shares**

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

Note 2. Summary of significant accounting policies

**Basis of preparation**

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

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

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

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

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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

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

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

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

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

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

**Derivative instruments**

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

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally expected to be limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty provides some protection in the case of clearing member default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the primary counterparty credit risk is the risk of failure of the clearinghouse. However, credit risk still exists in exchange-traded and centrally cleared derivatives with respect to any

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

collateral that is held in a broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the central counterparty or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund) by account class, potentially resulting in losses to the Fund.

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

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

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

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

**Futures contracts**

Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. A Fund invests in futures contracts as part of its primary investment strategy and/or to equitize its cash flows. Investments in futures contracts may increase or decrease exposure to a particular market. 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.

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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

**Effects of derivative transactions in the financial statements**

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

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at December 31, 2025:

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| | | |
|:---|:---|:---|
|  | **Asset derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 139,211<br> \*<br>|

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

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| | | |
|:---|:---|:---|
|  | **Liability derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 983,799<br> \*<br>|

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

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

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2025:

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| | |
|:---|:---|
| **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>|
| Interest rate risk | &nbsp;&nbsp; (7602711)<br>|
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>|
| Interest rate risk | &nbsp;&nbsp; 7847879 |

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The following table is a summary of the average daily outstanding volume by derivative instrument for the year ended December 31, 2025:

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| | |
|:---|:---|
| **Derivative instrument** | **Average notional** <br>**amounts ($)**<br>|
| Futures contracts — long | 143150703 |
| Futures contracts — short | 89243835 |

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Columbia Variable Portfolio – Long Government/Credit Bond Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

**Asset- and mortgage-backed securities** 

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

**Security transactions**

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

**Income recognition**

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

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

Dividend income is recorded on the ex-dividend date.

**Expenses**

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

**Determination of class net asset value**

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

**Federal income tax status**

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

**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.

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

**Guarantees and indemnifications**

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

Note 3. Fees and other transactions with affiliates

**Management services fees**

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 and is responsible for 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, 2025 was 0.49% of the Fund's average daily net assets.

**Compensation of Board members**

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

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Service fees**

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2025 was 0.00% 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 to the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

**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:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **May 1, 2025** <br>**through** <br>**April 30, 2026 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Prior to** <br>**May 1, 2025 (%)**<br>|
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 |

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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, 2025, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, derivative investments, tax straddles, principal and/or interest from fixed income securities, capital loss carryforwards and trustees' deferred compensation. To the extent these differences were permanent, reclassifications were made among the components of the Fund's net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

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| | | |
|:---|:---|:---|
| **Undistributed net** <br>**investment** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(loss) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Paid in** <br>**capital ($)**<br>|
| 9150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9150)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

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

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| **Ordinary** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Long-term** <br>**capital gains ($)**<br>| **Total ($)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ordinary** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Long-term** <br>**capital gains ($)**<br>| **Total ($)** |
| 61243203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61243203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58874884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58874884 |

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

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

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| | | | |
|:---|:---|:---|:---|
| **Undistributed** <br>**ordinary income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Undistributed** <br>**long-term** <br>**capital gains ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Capital loss** <br>**carryforwards ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>|
| 40017021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (518328681)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33724501)<br>|

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At December 31, 2025, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

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| | | | |
|:---|:---|:---|:---|
| **Federal** <br>**tax cost ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>|
| 401297973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4141142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37865643)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33724501)<br>|

---

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

The following capital loss carryforwards, determined at December 31, 2025, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended December 31, 2025, capital loss carryforwards utilized, if any, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **No expiration** <br>**short-term ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **No expiration** <br>**long-term ($)**<br>| **Total ($)** | **Utilized ($)** |
| (96959618)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (421369063)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (518328681)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $415,407,556 and $1,423,105,222, respectively, for the year ended December 31, 2025, of which $42,996,539 and $542,935,225, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

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

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower or lender** | **Average loan** <br>**balance ($)**<br>| &nbsp;&nbsp;&nbsp; **Weighted average** <br>**interest rate (%)**<br>| &nbsp;&nbsp;&nbsp; **Number of days** <br>**with outstanding loans**<br>|
| Lender | 1900000 | &nbsp;&nbsp;&nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp;&nbsp; 12 |

---

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, 2025.

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 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended December 31, 2025.

Note 9. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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

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

**Shareholder concentration risk**

At December 31, 2025, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

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

Note 11. Information regarding pending and settled legal proceedings

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

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| 2025

------

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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 23, 2026

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

Columbia Variable Portfolio – Long Government/Credit Bond Fund \| 2025

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[THIS PAGE INTENTIONALLY LEFT BLANK]

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**Columbia Variable Portfolio – Long Government/Credit Bond Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g102030img292f6f0c2.jpg)

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

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

ANN7016_12_E01_(02/26)

------

![](g102030img6690d2311.jpg)

Columbia Variable Portfolio – Strategic Income Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

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

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

---

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

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_18e58c9b-c806-408b-b60f-5353983a3fe4_POI-CommonContent-Date-265_1) | 3 |
| [Statement of Assets and Liabilities](#xx_18e58c9b-c806-408b-b60f-5353983a3fe4_FS-CommonContent-Date-265_1) | 40 |
| [Statement of Operations](#xx_18e58c9b-c806-408b-b60f-5353983a3fe4_FS-CommonContent-Date-265_3) | 42 |
| [Statement of Changes in Net Assets](#xx_18e58c9b-c806-408b-b60f-5353983a3fe4_FS-CommonContent-Date-265_4) | 43 |
| [Financial Highlights](#xx_18e58c9b-c806-408b-b60f-5353983a3fe4_FIHI-CommonContent-Date-265_1) | 44 |
| [Notes to Financial Statements](#xx_18e58c9b-c806-408b-b60f-5353983a3fe4_NTF-CommonContent-Date-265_1) | 46 |
| [Report of Independent Registered Public Accounting Firm](#xx_18e58c9b-c806-408b-b60f-5353983a3fe4_AUD-CommonContent-Date-265_1) | 65 |

---

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency 7.1%** | **Asset-Backed Securities - Non-Agency 7.1%** | **Asset-Backed Securities - Non-Agency 7.1%** | **Asset-Backed Securities - Non-Agency 7.1%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| ACHV ABS Trust<sup>(a)</sup>  | ACHV ABS Trust<sup>(a)</sup>  | ACHV ABS Trust<sup>(a)</sup>  | ACHV ABS Trust<sup>(a)</sup>  |
| Series 2024-3AL Class A | Series 2024-3AL Class A | Series 2024-3AL Class A | Series 2024-3AL Class A |
| 12/26/2031 | &nbsp;&nbsp; 5.010% | 161185 | &nbsp;&nbsp; 162412 |
| Subordinated Series 2024-3AL Class B | Subordinated Series 2024-3AL Class B | Subordinated Series 2024-3AL Class B | Subordinated Series 2024-3AL Class B |
| 12/26/2031 | &nbsp;&nbsp; 5.450% | 95449 | &nbsp;&nbsp; 96267 |
| Affirm Asset Securitization Trust<sup>(a)</sup>  | Affirm Asset Securitization Trust<sup>(a)</sup>  | Affirm Asset Securitization Trust<sup>(a)</sup>  | Affirm Asset Securitization Trust<sup>(a)</sup>  |
| Series 2024-A Class A | Series 2024-A Class A | Series 2024-A Class A | Series 2024-A Class A |
| 02/15/2029 | &nbsp;&nbsp; 5.610% | 500000 | &nbsp;&nbsp; 500810 |
| Series 2024-X2 Class B | Series 2024-X2 Class B | Series 2024-X2 Class B | Series 2024-X2 Class B |
| 12/17/2029 | &nbsp;&nbsp; 5.330% | 250000 | &nbsp;&nbsp; 250357 |
| Series 2024-X2 Class C | Series 2024-X2 Class C | Series 2024-X2 Class C | Series 2024-X2 Class C |
| 12/17/2029 | &nbsp;&nbsp; 5.620% | 200000 | &nbsp;&nbsp; 200554 |
| Apidos CLO XXIV<sup>(a),(b)</sup>  | Apidos CLO XXIV<sup>(a),(b)</sup>  | Apidos CLO XXIV<sup>(a),(b)</sup>  | Apidos CLO XXIV<sup>(a),(b)</sup>  |
| Series 2016-24A Class A1AL | Series 2016-24A Class A1AL | Series 2016-24A Class A1AL | Series 2016-24A Class A1AL |
| 3-month Term SOFR + 1.212% <br>Floor 0.950% <br>10/20/2030<br>| &nbsp;&nbsp; 5.096% | 146125 | &nbsp;&nbsp; 146143 |
| ASP WHCO Participation LP<sup>(a),(b),(c)</sup>  | ASP WHCO Participation LP<sup>(a),(b),(c)</sup>  | ASP WHCO Participation LP<sup>(a),(b),(c)</sup>  | ASP WHCO Participation LP<sup>(a),(b),(c)</sup>  |
| 30-day Average SOFR + 2.400% <br>Floor 3.000% <br>03/29/2029<br>| &nbsp;&nbsp; 6.713% | 1150000 | &nbsp;&nbsp; 1150000 |
| Bain Capital Credit CLO<sup>(a),(b)</sup>  | Bain Capital Credit CLO<sup>(a),(b)</sup>  | Bain Capital Credit CLO<sup>(a),(b)</sup>  | Bain Capital Credit CLO<sup>(a),(b)</sup>  |
| Series 2018-2A Class A1R | Series 2018-2A Class A1R | Series 2018-2A Class A1R | Series 2018-2A Class A1R |
| 3-month Term SOFR + 1.080% <br>Floor 1.080% <br>07/19/2031<br>| &nbsp;&nbsp; 4.964% | 110883 | &nbsp;&nbsp; 110882 |
| Bain Capital Credit CLO Ltd.<sup>(a),(b)</sup>  | Bain Capital Credit CLO Ltd.<sup>(a),(b)</sup>  | Bain Capital Credit CLO Ltd.<sup>(a),(b)</sup>  | Bain Capital Credit CLO Ltd.<sup>(a),(b)</sup>  |
| Series 2021-6A Class E | Series 2021-6A Class E | Series 2021-6A Class E | Series 2021-6A Class E |
| 3-month Term SOFR + 6.762% <br>Floor 6.500% <br>10/21/2034<br>| &nbsp;&nbsp; 10.632% | 250000 | &nbsp;&nbsp; 239462 |
| Dryden Senior Loan Fund<sup>(a),(b)</sup>  | Dryden Senior Loan Fund<sup>(a),(b)</sup>  | Dryden Senior Loan Fund<sup>(a),(b)</sup>  | Dryden Senior Loan Fund<sup>(a),(b)</sup>  |
| Series 2015-41A Class AR | Series 2015-41A Class AR | Series 2015-41A Class AR | Series 2015-41A Class AR |
| 3-month Term SOFR + 1.232% <br>04/15/2031<br>| &nbsp;&nbsp; 5.136% | 48623 | &nbsp;&nbsp; 48624 |
| EDGEX Issuer Trust<sup>(a),(d)</sup>  | EDGEX Issuer Trust<sup>(a),(d)</sup>  | EDGEX Issuer Trust<sup>(a),(d)</sup>  | EDGEX Issuer Trust<sup>(a),(d)</sup>  |
| Series 2025-1NN Class CERT | Series 2025-1NN Class CERT | Series 2025-1NN Class CERT | Series 2025-1NN Class CERT |
| 01/15/2031 | &nbsp;&nbsp; 0.000% | 150000 | &nbsp;&nbsp; 133293 |
| EDGEX Issuer Trust<sup>(a)</sup>  | EDGEX Issuer Trust<sup>(a)</sup>  | EDGEX Issuer Trust<sup>(a)</sup>  | EDGEX Issuer Trust<sup>(a)</sup>  |
| Series 2025-2NN Class A | Series 2025-2NN Class A | Series 2025-2NN Class A | Series 2025-2NN Class A |
| 01/15/2032 | &nbsp;&nbsp; 5.498% | 805610 | &nbsp;&nbsp; 806805 |
| Series 2025-2NN Class B | Series 2025-2NN Class B | Series 2025-2NN Class B | Series 2025-2NN Class B |
| 01/15/2032 | &nbsp;&nbsp; 6.475% | 484000 | &nbsp;&nbsp; 485156 |
| GLS Auto Select Receivables Trust<sup>(a)</sup>  | GLS Auto Select Receivables Trust<sup>(a)</sup>  | GLS Auto Select Receivables Trust<sup>(a)</sup>  | GLS Auto Select Receivables Trust<sup>(a)</sup>  |
| Series 2024-4A Class A2 | Series 2024-4A Class A2 | Series 2024-4A Class A2 | Series 2024-4A Class A2 |
| 12/17/2029 | &nbsp;&nbsp; 4.430% | 281650 | &nbsp;&nbsp; 282657 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| GreenSky Home Improvement Issuer Trust<sup>(a)</sup>  | GreenSky Home Improvement Issuer Trust<sup>(a)</sup>  | GreenSky Home Improvement Issuer Trust<sup>(a)</sup>  | GreenSky Home Improvement Issuer Trust<sup>(a)</sup>  |
| Series 2024-2 Class A4 | Series 2024-2 Class A4 | Series 2024-2 Class A4 | Series 2024-2 Class A4 |
| 10/27/2059 | &nbsp;&nbsp; 5.150% | 294465 | &nbsp;&nbsp; 298663 |
| Lendbuzz Securitization Trust<sup>(a)</sup>  | Lendbuzz Securitization Trust<sup>(a)</sup>  | Lendbuzz Securitization Trust<sup>(a)</sup>  | Lendbuzz Securitization Trust<sup>(a)</sup>  |
| Series 2024-3A Class A2 | Series 2024-3A Class A2 | Series 2024-3A Class A2 | Series 2024-3A Class A2 |
| 10/15/2030 | &nbsp;&nbsp; 4.970% | 300171 | &nbsp;&nbsp; 300323 |
| Series 2025-2A Class A2 | Series 2025-2A Class A2 | Series 2025-2A Class A2 | Series 2025-2A Class A2 |
| 05/15/2030 | &nbsp;&nbsp; 5.180% | 392038 | &nbsp;&nbsp; 393786 |
| Madison Park Funding LXII Ltd.<sup>(a),(b)</sup>  | Madison Park Funding LXII Ltd.<sup>(a),(b)</sup>  | Madison Park Funding LXII Ltd.<sup>(a),(b)</sup>  | Madison Park Funding LXII Ltd.<sup>(a),(b)</sup>  |
| Series 2022-62A Class A1R2 | Series 2022-62A Class A1R2 | Series 2022-62A Class A1R2 | Series 2022-62A Class A1R2 |
| 3-month Term SOFR + 1.300% <br>Floor 1.300% <br>07/16/2038<br>| &nbsp;&nbsp; 5.194% | 600000 | &nbsp;&nbsp; 600193 |
| Madison Park Funding XXIV Ltd.<sup>(a),(b)</sup>  | Madison Park Funding XXIV Ltd.<sup>(a),(b)</sup>  | Madison Park Funding XXIV Ltd.<sup>(a),(b)</sup>  | Madison Park Funding XXIV Ltd.<sup>(a),(b)</sup>  |
| Series 2016-24A Class BR2 | Series 2016-24A Class BR2 | Series 2016-24A Class BR2 | Series 2016-24A Class BR2 |
| 3-month Term SOFR + 1.550% <br>Floor 1.550% <br>10/20/2029<br>| &nbsp;&nbsp; 5.434% | 374607 | &nbsp;&nbsp; 374751 |
| MPOWER Education Trust<sup>(a)</sup>  | MPOWER Education Trust<sup>(a)</sup>  | MPOWER Education Trust<sup>(a)</sup>  | MPOWER Education Trust<sup>(a)</sup>  |
| Series 2025-1 Class A | Series 2025-1 Class A | Series 2025-1 Class A | Series 2025-1 Class A |
| 12/22/2042 | &nbsp;&nbsp; 6.250% | 489464 | &nbsp;&nbsp; 490864 |
| Series 2025-1 Class B | Series 2025-1 Class B | Series 2025-1 Class B | Series 2025-1 Class B |
| 12/22/2042 | &nbsp;&nbsp; 8.180% | 100000 | &nbsp;&nbsp; 101635 |
| Series 2025-A Class A | Series 2025-A Class A | Series 2025-A Class A | Series 2025-A Class A |
| 07/21/2042 | &nbsp;&nbsp; 6.620% | 178420 | &nbsp;&nbsp; 181738 |
| Netcredit Combined Receivables LLC<sup>(a)</sup>  | Netcredit Combined Receivables LLC<sup>(a)</sup>  | Netcredit Combined Receivables LLC<sup>(a)</sup>  | Netcredit Combined Receivables LLC<sup>(a)</sup>  |
| Series 2023-A Class A | Series 2023-A Class A | Series 2023-A Class A | Series 2023-A Class A |
| 12/20/2027 | &nbsp;&nbsp; 7.780% | 32758 | &nbsp;&nbsp; 32798 |
| NetCredit Combined Receivables LLC<sup>(a)</sup>  | NetCredit Combined Receivables LLC<sup>(a)</sup>  | NetCredit Combined Receivables LLC<sup>(a)</sup>  | NetCredit Combined Receivables LLC<sup>(a)</sup>  |
| Series 2024-A Class A | Series 2024-A Class A | Series 2024-A Class A | Series 2024-A Class A |
| 10/21/2030 | &nbsp;&nbsp; 7.430% | 3267 | &nbsp;&nbsp; 3270 |
| Octagon Investment Partners Ltd.<sup>(a),(b)</sup>  | Octagon Investment Partners Ltd.<sup>(a),(b)</sup>  | Octagon Investment Partners Ltd.<sup>(a),(b)</sup>  | Octagon Investment Partners Ltd.<sup>(a),(b)</sup>  |
| Series 2018-18A Class A1A | Series 2018-18A Class A1A | Series 2018-18A Class A1A | Series 2018-18A Class A1A |
| 3-month Term SOFR + 1.222% <br>Floor 0.960% <br>04/16/2031<br>| &nbsp;&nbsp; 5.115% | 43619 | &nbsp;&nbsp; 43619 |
| Pagaya AI Debt Grantor Trust<sup>(a)</sup>  | Pagaya AI Debt Grantor Trust<sup>(a)</sup>  | Pagaya AI Debt Grantor Trust<sup>(a)</sup>  | Pagaya AI Debt Grantor Trust<sup>(a)</sup>  |
| Series 2024-11 Class B | Series 2024-11 Class B | Series 2024-11 Class B | Series 2024-11 Class B |
| 07/15/2032 | &nbsp;&nbsp; 5.637% | 257861 | &nbsp;&nbsp; 259786 |
| Series 2025-1 Class B | Series 2025-1 Class B | Series 2025-1 Class B | Series 2025-1 Class B |
| 07/15/2032 | &nbsp;&nbsp; 5.628% | 259978 | &nbsp;&nbsp; 260865 |
| Series 2025-5 Class B | Series 2025-5 Class B | Series 2025-5 Class B | Series 2025-5 Class B |
| 03/15/2033 | &nbsp;&nbsp; 5.440% | 749971 | &nbsp;&nbsp; 754575 |
| Series 2025-8 Class B | Series 2025-8 Class B | Series 2025-8 Class B | Series 2025-8 Class B |
| 07/15/2033 | &nbsp;&nbsp; 5.409% | 300000 | &nbsp;&nbsp; 300784 |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Series 2025-R3 Class A | Series 2025-R3 Class A | Series 2025-R3 Class A | Series 2025-R3 Class A |
| 01/18/2033 | &nbsp;&nbsp; 4.841% | 658667 | &nbsp;&nbsp; 659458 |
| Subordinated Series 2024-10 Class B | Subordinated Series 2024-10 Class B | Subordinated Series 2024-10 Class B | Subordinated Series 2024-10 Class B |
| 06/15/2032 | &nbsp;&nbsp; 5.750% | 318711 | &nbsp;&nbsp; 321474 |
| Subordinated Series 2024-10 Class D | Subordinated Series 2024-10 Class D | Subordinated Series 2024-10 Class D | Subordinated Series 2024-10 Class D |
| 06/15/2032 | &nbsp;&nbsp; 6.429% | 367080 | &nbsp;&nbsp; 370537 |
| Subordinated Series 2024-5 Class B | Subordinated Series 2024-5 Class B | Subordinated Series 2024-5 Class B | Subordinated Series 2024-5 Class B |
| 10/15/2031 | &nbsp;&nbsp; 6.601% | 244512 | &nbsp;&nbsp; 246350 |
| Subordinated Series 2024-6 Class B | Subordinated Series 2024-6 Class B | Subordinated Series 2024-6 Class B | Subordinated Series 2024-6 Class B |
| 11/15/2031 | &nbsp;&nbsp; 6.589% | 254243 | &nbsp;&nbsp; 256920 |
| Subordinated Series 2024-6 Class C | Subordinated Series 2024-6 Class C | Subordinated Series 2024-6 Class C | Subordinated Series 2024-6 Class C |
| 11/15/2031 | &nbsp;&nbsp; 7.068% | 162671 | &nbsp;&nbsp; 164578 |
| Subordinated Series 2024-8 Class C | Subordinated Series 2024-8 Class C | Subordinated Series 2024-8 Class C | Subordinated Series 2024-8 Class C |
| 01/15/2032 | &nbsp;&nbsp; 6.030% | 241604 | &nbsp;&nbsp; 243067 |
| Subordinated Series 2024-9 Class B | Subordinated Series 2024-9 Class B | Subordinated Series 2024-9 Class B | Subordinated Series 2024-9 Class B |
| 03/15/2032 | &nbsp;&nbsp; 5.306% | 301578 | &nbsp;&nbsp; 302532 |
| Subordinated Series 2024-9 Class C | Subordinated Series 2024-9 Class C | Subordinated Series 2024-9 Class C | Subordinated Series 2024-9 Class C |
| 03/15/2032 | &nbsp;&nbsp; 5.774% | 229737 | &nbsp;&nbsp; 230541 |
| Subordinated Series 2024-9 Class D | Subordinated Series 2024-9 Class D | Subordinated Series 2024-9 Class D | Subordinated Series 2024-9 Class D |
| 03/15/2032 | &nbsp;&nbsp; 6.174% | 288438 | &nbsp;&nbsp; 288930 |
| Pagaya AI Debt Selection Trust<sup>(a)</sup>  | Pagaya AI Debt Selection Trust<sup>(a)</sup>  | Pagaya AI Debt Selection Trust<sup>(a)</sup>  | Pagaya AI Debt Selection Trust<sup>(a)</sup>  |
| Subordinated Series 2024-7 Class B | Subordinated Series 2024-7 Class B | Subordinated Series 2024-7 Class B | Subordinated Series 2024-7 Class B |
| 12/15/2031 | &nbsp;&nbsp; 6.574% | 188610 | &nbsp;&nbsp; 189856 |
| Subordinated Series 2024-7 Class C | Subordinated Series 2024-7 Class C | Subordinated Series 2024-7 Class C | Subordinated Series 2024-7 Class C |
| 12/15/2031 | &nbsp;&nbsp; 7.095% | 223708 | &nbsp;&nbsp; 225653 |
| Pagaya AI Debt Trust<sup>(a)</sup>  | Pagaya AI Debt Trust<sup>(a)</sup>  | Pagaya AI Debt Trust<sup>(a)</sup>  | Pagaya AI Debt Trust<sup>(a)</sup>  |
| Series 2023-8 Class A | Series 2023-8 Class A | Series 2023-8 Class A | Series 2023-8 Class A |
| 06/16/2031 | &nbsp;&nbsp; 7.299% | 165699 | &nbsp;&nbsp; 167838 |
| Subordinated Series 2024-3 Class B | Subordinated Series 2024-3 Class B | Subordinated Series 2024-3 Class B | Subordinated Series 2024-3 Class B |
| 10/15/2031 | &nbsp;&nbsp; 6.571% | 549589 | &nbsp;&nbsp; 553212 |
| Subordinated Series 2024-3 Class C | Subordinated Series 2024-3 Class C | Subordinated Series 2024-3 Class C | Subordinated Series 2024-3 Class C |
| 10/15/2031 | &nbsp;&nbsp; 7.297% | 228851 | &nbsp;&nbsp; 230280 |
| Pagaya Point of Sale Holdings Grantor Trust<sup>(a)</sup>  | Pagaya Point of Sale Holdings Grantor Trust<sup>(a)</sup>  | Pagaya Point of Sale Holdings Grantor Trust<sup>(a)</sup>  | Pagaya Point of Sale Holdings Grantor Trust<sup>(a)</sup>  |
| Series 2025-2 Class A | Series 2025-2 Class A | Series 2025-2 Class A | Series 2025-2 Class A |
| 07/20/2033 | &nbsp;&nbsp; 5.065% | 500000 | &nbsp;&nbsp; 501642 |
| Research-Driven Pagaya Motor Asset Trust<sup>(a)</sup>  | Research-Driven Pagaya Motor Asset Trust<sup>(a)</sup>  | Research-Driven Pagaya Motor Asset Trust<sup>(a)</sup>  | Research-Driven Pagaya Motor Asset Trust<sup>(a)</sup>  |
| Series 2023-4A Class A | Series 2023-4A Class A | Series 2023-4A Class A | Series 2023-4A Class A |
| 03/25/2032 | &nbsp;&nbsp; 7.540% | 223058 | &nbsp;&nbsp; 223547 |
| Series 2024-3A Class A | Series 2024-3A Class A | Series 2024-3A Class A | Series 2024-3A Class A |
| 03/25/2033 | &nbsp;&nbsp; 5.281% | 369381 | &nbsp;&nbsp; 370861 |
| Research-Driven Pagaya Motor Trust<sup>(a)</sup>  | Research-Driven Pagaya Motor Trust<sup>(a)</sup>  | Research-Driven Pagaya Motor Trust<sup>(a)</sup>  | Research-Driven Pagaya Motor Trust<sup>(a)</sup>  |
| Series 2024-1A Class A | Series 2024-1A Class A | Series 2024-1A Class A | Series 2024-1A Class A |
| 06/25/2032 | &nbsp;&nbsp; 7.090% | 174707 | &nbsp;&nbsp; 175493 |
| Upstart Securitization Trust<sup>(a)</sup>  | Upstart Securitization Trust<sup>(a)</sup>  | Upstart Securitization Trust<sup>(a)</sup>  | Upstart Securitization Trust<sup>(a)</sup>  |
| Subordinated Series 2024-1 Class B | Subordinated Series 2024-1 Class B | Subordinated Series 2024-1 Class B | Subordinated Series 2024-1 Class B |
| 11/20/2034 | &nbsp;&nbsp; 6.240% | 750000 | &nbsp;&nbsp; 761207 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Westlake Automobile Receivables Trust<sup>(a)</sup>  | Westlake Automobile Receivables Trust<sup>(a)</sup>  | Westlake Automobile Receivables Trust<sup>(a)</sup>  | Westlake Automobile Receivables Trust<sup>(a)</sup>  |
| Series 2024-3A Class A2A | Series 2024-3A Class A2A | Series 2024-3A Class A2A | Series 2024-3A Class A2A |
| 09/15/2027 | &nbsp;&nbsp; 4.820% | 111919 | &nbsp;&nbsp; 112073 |
| Total Asset-Backed Securities — Non-Agency <br>(Cost $15,567,078) | Total Asset-Backed Securities — Non-Agency <br>(Cost $15,567,078) | Total Asset-Backed Securities — Non-Agency <br>(Cost $15,567,078) | &nbsp;&nbsp; **15607121** |
| **Commercial Mortgage-Backed Securities - Non-Agency 0.3%** | **Commercial Mortgage-Backed Securities - Non-Agency 0.3%** | **Commercial Mortgage-Backed Securities - Non-Agency 0.3%** | **Commercial Mortgage-Backed Securities - Non-Agency 0.3%** |
| Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup>  | Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup>  | Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup>  | Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup>  |
| Subordinated Series 2014-USA Class E | Subordinated Series 2014-USA Class E | Subordinated Series 2014-USA Class E | Subordinated Series 2014-USA Class E |
| 09/15/2037 | &nbsp;&nbsp; 4.373% | 300000 | &nbsp;&nbsp; 237306 |
| Subordinated Series 2014-USA Class F | Subordinated Series 2014-USA Class F | Subordinated Series 2014-USA Class F | Subordinated Series 2014-USA Class F |
| 09/15/2037 | &nbsp;&nbsp; 4.373% | 400000 | &nbsp;&nbsp; 248364 |
| SFO Commercial Mortgage Trust<sup>(a),(b)</sup>  | SFO Commercial Mortgage Trust<sup>(a),(b)</sup>  | SFO Commercial Mortgage Trust<sup>(a),(b)</sup>  | SFO Commercial Mortgage Trust<sup>(a),(b)</sup>  |
| Series 2021-555 Class A | Series 2021-555 Class A | Series 2021-555 Class A | Series 2021-555 Class A |
| 1-month Term SOFR + 1.264% <br>Floor 1.150% <br>05/15/2038<br>| &nbsp;&nbsp; 5.016% | 150000 | &nbsp;&nbsp; 149552 |
| Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $792,711) | Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $792,711) | Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $792,711) | &nbsp;&nbsp; **635222** |

---

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

---

| | | |
|:---|:---|:---|
| **Common Stocks 0.0%** | **Common Stocks 0.0%** | **Common Stocks 0.0%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 0.0%** | **Communication Services 0.0%** | **Communication Services 0.0%** |
| **Wireless Telecommunication Services 0.0%** | **Wireless Telecommunication Services 0.0%** | **Wireless Telecommunication Services 0.0%** |
| Altice Luxco 3<sup>(e)</sup> <br>| &nbsp;&nbsp; 1253 | &nbsp;&nbsp; 22567 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **22567** |
| **Financials —%** | **Financials —%** | **Financials —%** |
| **Financial Services —%** | **Financial Services —%** | **Financial Services —%** |
| Fairlane Management Corp.<sup>(c),(e),(f)</sup> <br>| &nbsp;&nbsp; 2000 | &nbsp;&nbsp; — |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **—** |
| **Information Technology 0.0%** | **Information Technology 0.0%** | **Information Technology 0.0%** |
| **Software 0.0%** | **Software 0.0%** | **Software 0.0%** |
| Avaya Holdings Corp.<sup>(e)</sup> <br>| &nbsp;&nbsp; 415 | &nbsp;&nbsp; 6087 |
| Avaya Holdings Corp.<sup>(e)</sup> <br>| &nbsp;&nbsp; 1975 | &nbsp;&nbsp; 28967 |
| Total |  | &nbsp;&nbsp; 35054 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **35054** |
| **Materials —%** | **Materials —%** | **Materials —%** |
| **Containers & Packaging —%** | **Containers & Packaging —%** | **Containers & Packaging —%** |
| Flint Group Packaging<sup>(c),(e),(f)</sup> <br>| &nbsp;&nbsp; 95393 | &nbsp;&nbsp; 0 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **0** |
| Total Common Stocks <br>(Cost $37,344) | Total Common Stocks <br>(Cost $37,344) | &nbsp;&nbsp; **57621** |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
| **Convertible Bonds 0.1%** | **Convertible Bonds 0.1%** | **Convertible Bonds 0.1%** | **Convertible Bonds 0.1%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Electric 0.1%** | **Electric 0.1%** | **Electric 0.1%** | **Electric 0.1%** |
| NextEra Energy Partners LP<sup>(a)</sup>  | NextEra Energy Partners LP<sup>(a)</sup>  | NextEra Energy Partners LP<sup>(a)</sup>  | NextEra Energy Partners LP<sup>(a)</sup>  |
| 06/15/2026 | &nbsp;&nbsp; 2.500% | 251000 | &nbsp;&nbsp; 246306 |
| Total Convertible Bonds <br>(Cost $246,006) | Total Convertible Bonds <br>(Cost $246,006) | Total Convertible Bonds <br>(Cost $246,006) | &nbsp;&nbsp; **246306** |
| **Corporate Bonds & Notes 33.5%** | **Corporate Bonds & Notes 33.5%** | **Corporate Bonds & Notes 33.5%** | **Corporate Bonds & Notes 33.5%** |
| **Aerospace & Defense 0.9%** | **Aerospace & Defense 0.9%** | **Aerospace & Defense 0.9%** | **Aerospace & Defense 0.9%** |
| Allegheny Technologies, Inc. | Allegheny Technologies, Inc. | Allegheny Technologies, Inc. | Allegheny Technologies, Inc. |
| 12/01/2027 | &nbsp;&nbsp; 5.875% | 31000 | &nbsp;&nbsp; 31055 |
| 10/01/2029 | &nbsp;&nbsp; 4.875% | 16000 | &nbsp;&nbsp; 15994 |
| 10/01/2031 | &nbsp;&nbsp; 5.125% | 63000 | &nbsp;&nbsp; 63090 |
| BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  |
| 03/26/2029 | &nbsp;&nbsp; 5.125% | 211000 | &nbsp;&nbsp; 217028 |
| Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| 08/01/2059 | &nbsp;&nbsp; 3.950% | 330000 | &nbsp;&nbsp; 233551 |
| Bombardier, Inc.<sup>(a)</sup>  | Bombardier, Inc.<sup>(a)</sup>  | Bombardier, Inc.<sup>(a)</sup>  | Bombardier, Inc.<sup>(a)</sup>  |
| 07/01/2031 | &nbsp;&nbsp; 7.250% | 37000 | &nbsp;&nbsp; 39455 |
| 06/01/2032 | &nbsp;&nbsp; 7.000% | 37000 | &nbsp;&nbsp; 39123 |
| Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. |
| 08/15/2030 | &nbsp;&nbsp; 4.400% | 178000 | &nbsp;&nbsp; 179731 |
| Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
| 02/01/2029 | &nbsp;&nbsp; 4.600% | 355000 | &nbsp;&nbsp; 360478 |
| TransDigm, Inc.<sup>(a)</sup>  | TransDigm, Inc.<sup>(a)</sup>  | TransDigm, Inc.<sup>(a)</sup>  | TransDigm, Inc.<sup>(a)</sup>  |
| 08/15/2028 | &nbsp;&nbsp; 6.750% | 94000 | &nbsp;&nbsp; 95809 |
| 03/01/2029 | &nbsp;&nbsp; 6.375% | 122000 | &nbsp;&nbsp; 125956 |
| 03/01/2032 | &nbsp;&nbsp; 6.625% | 152000 | &nbsp;&nbsp; 158125 |
| 01/15/2033 | &nbsp;&nbsp; 6.000% | 43000 | &nbsp;&nbsp; 44012 |
| 05/31/2033 | &nbsp;&nbsp; 6.375% | 193000 | &nbsp;&nbsp; 197961 |
| 01/31/2034 | &nbsp;&nbsp; 6.750% | 127000 | &nbsp;&nbsp; 132397 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1933765** |
| **Airlines 0.2%** | **Airlines 0.2%** | **Airlines 0.2%** | **Airlines 0.2%** |
| Air Canada<sup>(a)</sup>  | Air Canada<sup>(a)</sup>  | Air Canada<sup>(a)</sup>  | Air Canada<sup>(a)</sup>  |
| 08/15/2026 | &nbsp;&nbsp; 3.875% | 62000 | &nbsp;&nbsp; 61758 |
| American Airlines, Inc.<sup>(a)</sup>  | American Airlines, Inc.<sup>(a)</sup>  | American Airlines, Inc.<sup>(a)</sup>  | American Airlines, Inc.<sup>(a)</sup>  |
| 05/15/2029 | &nbsp;&nbsp; 8.500% | 135000 | &nbsp;&nbsp; 140936 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup>  | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup>  | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup>  | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup>  |
| 04/20/2026 | &nbsp;&nbsp; 5.500% | 34668 | &nbsp;&nbsp; 34718 |
| 04/20/2029 | &nbsp;&nbsp; 5.750% | 234729 | &nbsp;&nbsp; 239002 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **476414** |
| **Automotive 1.3%** | **Automotive 1.3%** | **Automotive 1.3%** | **Automotive 1.3%** |
| American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. |
| 10/01/2029 | &nbsp;&nbsp; 5.000% | 42000 | &nbsp;&nbsp; 40442 |
| American Axle & Manufacturing, Inc.<sup>(a)</sup>  | American Axle & Manufacturing, Inc.<sup>(a)</sup>  | American Axle & Manufacturing, Inc.<sup>(a)</sup>  | American Axle & Manufacturing, Inc.<sup>(a)</sup>  |
| 10/15/2032 | &nbsp;&nbsp; 6.375% | 59000 | &nbsp;&nbsp; 60094 |
| 10/15/2033 | &nbsp;&nbsp; 7.750% | 604000 | &nbsp;&nbsp; 615302 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Clarios Global LP/US Finance Co.<sup>(a)</sup>  | Clarios Global LP/US Finance Co.<sup>(a)</sup>  | Clarios Global LP/US Finance Co.<sup>(a)</sup>  | Clarios Global LP/US Finance Co.<sup>(a)</sup>  |
| 05/15/2028 | &nbsp;&nbsp; 6.750% | 73000 | &nbsp;&nbsp; 74808 |
| 02/15/2030 | &nbsp;&nbsp; 6.750% | 69000 | &nbsp;&nbsp; 72083 |
| 09/15/2032 | &nbsp;&nbsp; 6.750% | 105000 | &nbsp;&nbsp; 108912 |
| Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
| 05/28/2027 | &nbsp;&nbsp; 4.950% | 235000 | &nbsp;&nbsp; 235786 |
| 08/17/2027 | &nbsp;&nbsp; 4.125% | 74000 | &nbsp;&nbsp; 73478 |
| IHO Verwaltungs GmbH<sup>(a),(g)</sup>  | IHO Verwaltungs GmbH<sup>(a),(g)</sup>  | IHO Verwaltungs GmbH<sup>(a),(g)</sup>  | IHO Verwaltungs GmbH<sup>(a),(g)</sup>  |
| 11/15/2030 | &nbsp;&nbsp; 7.750% | 56000 | &nbsp;&nbsp; 58673 |
| 11/15/2032 | &nbsp;&nbsp; 8.000% | 76000 | &nbsp;&nbsp; 80048 |
| Nissan Motor Acceptance Co. LLC<sup>(a)</sup>  | Nissan Motor Acceptance Co. LLC<sup>(a)</sup>  | Nissan Motor Acceptance Co. LLC<sup>(a)</sup>  | Nissan Motor Acceptance Co. LLC<sup>(a)</sup>  |
| 09/30/2030 | &nbsp;&nbsp; 6.125% | 56000 | &nbsp;&nbsp; 56017 |
| Nissan Motor Co., Ltd.<sup>(a)</sup>  | Nissan Motor Co., Ltd.<sup>(a)</sup>  | Nissan Motor Co., Ltd.<sup>(a)</sup>  | Nissan Motor Co., Ltd.<sup>(a)</sup>  |
| 07/17/2035 | &nbsp;&nbsp; 8.125% | 180000 | &nbsp;&nbsp; 191733 |
| ZF North America Capital, Inc.<sup>(a)</sup>  | ZF North America Capital, Inc.<sup>(a)</sup>  | ZF North America Capital, Inc.<sup>(a)</sup>  | ZF North America Capital, Inc.<sup>(a)</sup>  |
| 04/14/2030 | &nbsp;&nbsp; 7.125% | 3000 | &nbsp;&nbsp; 3028 |
| 03/24/2031 | &nbsp;&nbsp; 7.500% | 870000 | &nbsp;&nbsp; 880354 |
| 04/23/2032 | &nbsp;&nbsp; 6.875% | 235000 | &nbsp;&nbsp; 228207 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2778965** |
| **Banking 2.8%** | **Banking 2.8%** | **Banking 2.8%** | **Banking 2.8%** |
| Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 02/14/2033 | &nbsp;&nbsp; 6.700% | 48000 | &nbsp;&nbsp; 50314 |
| Ally Financial, Inc.<sup>(h)</sup>  | Ally Financial, Inc.<sup>(h)</sup>  | Ally Financial, Inc.<sup>(h)</sup>  | Ally Financial, Inc.<sup>(h)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 01/17/2040 | &nbsp;&nbsp; 6.646% | 23000 | &nbsp;&nbsp; 23174 |
| Bank of America Corp.<sup>(h)</sup>  | Bank of America Corp.<sup>(h)</sup>  | Bank of America Corp.<sup>(h)</sup>  | Bank of America Corp.<sup>(h)</sup>  |
| 07/21/2032 | &nbsp;&nbsp; 2.299% | 327000 | &nbsp;&nbsp; 292396 |
| 10/20/2032 | &nbsp;&nbsp; 2.572% | 1479000 | &nbsp;&nbsp; 1333324 |
| 02/04/2033 | &nbsp;&nbsp; 2.972% | 440000 | &nbsp;&nbsp; 402205 |
| Citigroup, Inc.<sup>(h)</sup>  | Citigroup, Inc.<sup>(h)</sup>  | Citigroup, Inc.<sup>(h)</sup>  | Citigroup, Inc.<sup>(h)</sup>  |
| 09/11/2031 | &nbsp;&nbsp; 4.503% | 755000 | &nbsp;&nbsp; 757040 |
| Goldman Sachs Group, Inc. (The)<sup>(h)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(h)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(h)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(h)</sup>  |
| 10/21/2031 | &nbsp;&nbsp; 4.369% | 864000 | &nbsp;&nbsp; 862204 |
| JPMorgan Chase & Co.<sup>(h)</sup>  | JPMorgan Chase & Co.<sup>(h)</sup>  | JPMorgan Chase & Co.<sup>(h)</sup>  | JPMorgan Chase & Co.<sup>(h)</sup>  |
| 07/22/2030 | &nbsp;&nbsp; 4.995% | 389000 | &nbsp;&nbsp; 399301 |
| 10/22/2030 | &nbsp;&nbsp; 4.603% | 20000 | &nbsp;&nbsp; 20277 |
| 01/24/2031 | &nbsp;&nbsp; 5.140% | 74000 | &nbsp;&nbsp; 76492 |
| 11/08/2032 | &nbsp;&nbsp; 2.545% | 525000 | &nbsp;&nbsp; 473619 |
| Morgan Stanley<sup>(h)</sup>  | Morgan Stanley<sup>(h)</sup>  | Morgan Stanley<sup>(h)</sup>  | Morgan Stanley<sup>(h)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 09/16/2036 | &nbsp;&nbsp; 2.484% | 345000 | &nbsp;&nbsp; 303253 |
| Morgan Stanley Private Bank<sup>(h)</sup>  | Morgan Stanley Private Bank<sup>(h)</sup>  | Morgan Stanley Private Bank<sup>(h)</sup>  | Morgan Stanley Private Bank<sup>(h)</sup>  |
| 11/19/2031 | &nbsp;&nbsp; 4.465% | 438000 | &nbsp;&nbsp; 438925 |
| Morgan Stanley Private Bank NA<sup>(h)</sup>  | Morgan Stanley Private Bank NA<sup>(h)</sup>  | Morgan Stanley Private Bank NA<sup>(h)</sup>  | Morgan Stanley Private Bank NA<sup>(h)</sup>  |
| 07/18/2031 | &nbsp;&nbsp; 4.734% | 274000 | &nbsp;&nbsp; 277721 |
| PNC Financial Services Group, Inc. (The)<sup>(h)</sup>  | PNC Financial Services Group, Inc. (The)<sup>(h)</sup>  | PNC Financial Services Group, Inc. (The)<sup>(h)</sup>  | PNC Financial Services Group, Inc. (The)<sup>(h)</sup>  |
| 10/20/2034 | &nbsp;&nbsp; 6.875% | 72000 | &nbsp;&nbsp; 81455 |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Royal Bank of Canada<sup>(h)</sup>  | Royal Bank of Canada<sup>(h)</sup>  | Royal Bank of Canada<sup>(h)</sup>  | Royal Bank of Canada<sup>(h)</sup>  |
| 02/04/2031 | &nbsp;&nbsp; 5.153% | 88000 | &nbsp;&nbsp; 90595 |
| 08/06/2031 | &nbsp;&nbsp; 4.696% | 73000 | &nbsp;&nbsp; 73923 |
| 11/03/2031 | &nbsp;&nbsp; 4.305% | 139000 | &nbsp;&nbsp; 138328 |
| Wells Fargo & Co.<sup>(h)</sup>  | Wells Fargo & Co.<sup>(h)</sup>  | Wells Fargo & Co.<sup>(h)</sup>  | Wells Fargo & Co.<sup>(h)</sup>  |
| 04/23/2031 | &nbsp;&nbsp; 5.150% | 100000 | &nbsp;&nbsp; 103175 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **6197721** |
| **Brokerage/Asset Managers/Exchanges 0.4%** | **Brokerage/Asset Managers/Exchanges 0.4%** | **Brokerage/Asset Managers/Exchanges 0.4%** | **Brokerage/Asset Managers/Exchanges 0.4%** |
| AG Issuer LLC<sup>(a)</sup>  | AG Issuer LLC<sup>(a)</sup>  | AG Issuer LLC<sup>(a)</sup>  | AG Issuer LLC<sup>(a)</sup>  |
| 03/01/2028 | &nbsp;&nbsp; 6.250% | 98000 | &nbsp;&nbsp; 98395 |
| Aretec Escrow Issuer 2, Inc.<sup>(a)</sup>  | Aretec Escrow Issuer 2, Inc.<sup>(a)</sup>  | Aretec Escrow Issuer 2, Inc.<sup>(a)</sup>  | Aretec Escrow Issuer 2, Inc.<sup>(a)</sup>  |
| 08/15/2030 | &nbsp;&nbsp; 10.000% | 98000 | &nbsp;&nbsp; 105718 |
| Aretec Escrow Issuer, Inc.<sup>(a)</sup>  | Aretec Escrow Issuer, Inc.<sup>(a)</sup>  | Aretec Escrow Issuer, Inc.<sup>(a)</sup>  | Aretec Escrow Issuer, Inc.<sup>(a)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 7.500% | 172000 | &nbsp;&nbsp; 172779 |
| Focus Financial Partners LLC<sup>(a)</sup>  | Focus Financial Partners LLC<sup>(a)</sup>  | Focus Financial Partners LLC<sup>(a)</sup>  | Focus Financial Partners LLC<sup>(a)</sup>  |
| 09/15/2031 | &nbsp;&nbsp; 6.750% | 93000 | &nbsp;&nbsp; 96177 |
| Hightower Holding LLC<sup>(a)</sup>  | Hightower Holding LLC<sup>(a)</sup>  | Hightower Holding LLC<sup>(a)</sup>  | Hightower Holding LLC<sup>(a)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 6.750% | 97000 | &nbsp;&nbsp; 96613 |
| 01/31/2030 | &nbsp;&nbsp; 9.125% | 104000 | &nbsp;&nbsp; 110352 |
| Osaic Holdings, Inc.<sup>(a)</sup>  | Osaic Holdings, Inc.<sup>(a)</sup>  | Osaic Holdings, Inc.<sup>(a)</sup>  | Osaic Holdings, Inc.<sup>(a)</sup>  |
| 08/01/2032 | &nbsp;&nbsp; 6.750% | 98000 | &nbsp;&nbsp; 102356 |
| 08/01/2033 | &nbsp;&nbsp; 8.000% | 137000 | &nbsp;&nbsp; 141944 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **924334** |
| **Building Materials 0.6%** | **Building Materials 0.6%** | **Building Materials 0.6%** | **Building Materials 0.6%** |
| CP Atlas Buyer, Inc.<sup>(a)</sup>  | CP Atlas Buyer, Inc.<sup>(a)</sup>  | CP Atlas Buyer, Inc.<sup>(a)</sup>  | CP Atlas Buyer, Inc.<sup>(a)</sup>  |
| 07/15/2030 | &nbsp;&nbsp; 9.750% | 52000 | &nbsp;&nbsp; 53914 |
| James Hardie International Finance DAC<sup>(a)</sup>  | James Hardie International Finance DAC<sup>(a)</sup>  | James Hardie International Finance DAC<sup>(a)</sup>  | James Hardie International Finance DAC<sup>(a)</sup>  |
| 01/15/2028 | &nbsp;&nbsp; 5.000% | 76000 | &nbsp;&nbsp; 75999 |
| JH North America Holdings, Inc.<sup>(a)</sup>  | JH North America Holdings, Inc.<sup>(a)</sup>  | JH North America Holdings, Inc.<sup>(a)</sup>  | JH North America Holdings, Inc.<sup>(a)</sup>  |
| 01/31/2031 | &nbsp;&nbsp; 5.875% | 24000 | &nbsp;&nbsp; 24517 |
| LBM Acquisition LLC<sup>(a)</sup>  | LBM Acquisition LLC<sup>(a)</sup>  | LBM Acquisition LLC<sup>(a)</sup>  | LBM Acquisition LLC<sup>(a)</sup>  |
| 01/15/2029 | &nbsp;&nbsp; 6.250% | 53000 | &nbsp;&nbsp; 47730 |
| 06/15/2031 | &nbsp;&nbsp; 9.500% | 118000 | &nbsp;&nbsp; 122645 |
| Quikrete Holdings, Inc.<sup>(a)</sup>  | Quikrete Holdings, Inc.<sup>(a)</sup>  | Quikrete Holdings, Inc.<sup>(a)</sup>  | Quikrete Holdings, Inc.<sup>(a)</sup>  |
| 03/01/2032 | &nbsp;&nbsp; 6.375% | 243000 | &nbsp;&nbsp; 252864 |
| 03/01/2033 | &nbsp;&nbsp; 6.750% | 219000 | &nbsp;&nbsp; 228675 |
| QXO Building Products, Inc.<sup>(a)</sup>  | QXO Building Products, Inc.<sup>(a)</sup>  | QXO Building Products, Inc.<sup>(a)</sup>  | QXO Building Products, Inc.<sup>(a)</sup>  |
| 04/30/2032 | &nbsp;&nbsp; 6.750% | 106000 | &nbsp;&nbsp; 110755 |
| Standard Building Solutions, Inc.<sup>(a)</sup>  | Standard Building Solutions, Inc.<sup>(a)</sup>  | Standard Building Solutions, Inc.<sup>(a)</sup>  | Standard Building Solutions, Inc.<sup>(a)</sup>  |
| 08/15/2032 | &nbsp;&nbsp; 6.500% | 25000 | &nbsp;&nbsp; 25772 |
| 08/01/2033 | &nbsp;&nbsp; 6.250% | 61000 | &nbsp;&nbsp; 62319 |
| Standard Industries, Inc.<sup>(a)</sup>  | Standard Industries, Inc.<sup>(a)</sup>  | Standard Industries, Inc.<sup>(a)</sup>  | Standard Industries, Inc.<sup>(a)</sup>  |
| 01/15/2028 | &nbsp;&nbsp; 4.750% | 125000 | &nbsp;&nbsp; 124609 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| White Cap Supply Holdings LLC<sup>(a)</sup>  | White Cap Supply Holdings LLC<sup>(a)</sup>  | White Cap Supply Holdings LLC<sup>(a)</sup>  | White Cap Supply Holdings LLC<sup>(a)</sup>  |
| 11/15/2030 | &nbsp;&nbsp; 7.375% | 150000 | &nbsp;&nbsp; 155047 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1284846** |
| **Cable and Satellite 1.6%** | **Cable and Satellite 1.6%** | **Cable and Satellite 1.6%** | **Cable and Satellite 1.6%** |
| CCO Holdings LLC/Capital Corp.<sup>(a)</sup>  | CCO Holdings LLC/Capital Corp.<sup>(a)</sup>  | CCO Holdings LLC/Capital Corp.<sup>(a)</sup>  | CCO Holdings LLC/Capital Corp.<sup>(a)</sup>  |
| 05/01/2027 | &nbsp;&nbsp; 5.125% | 276000 | &nbsp;&nbsp; 275686 |
| 02/01/2028 | &nbsp;&nbsp; 5.000% | 79000 | &nbsp;&nbsp; 78351 |
| 03/01/2030 | &nbsp;&nbsp; 4.750% | 156000 | &nbsp;&nbsp; 149235 |
| 08/15/2030 | &nbsp;&nbsp; 4.500% | 147000 | &nbsp;&nbsp; 138488 |
| 02/01/2031 | &nbsp;&nbsp; 4.250% | 131000 | &nbsp;&nbsp; 120384 |
| 03/01/2031 | &nbsp;&nbsp; 7.375% | 19000 | &nbsp;&nbsp; 19379 |
| 02/01/2032 | &nbsp;&nbsp; 4.750% | 124000 | &nbsp;&nbsp; 113324 |
| 01/15/2034 | &nbsp;&nbsp; 4.250% | 133000 | &nbsp;&nbsp; 113232 |
| CCO Holdings LLC/Capital Corp. | CCO Holdings LLC/Capital Corp. | CCO Holdings LLC/Capital Corp. | CCO Holdings LLC/Capital Corp. |
| 05/01/2032 | &nbsp;&nbsp; 4.500% | 169000 | &nbsp;&nbsp; 151699 |
| Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital |
| 05/01/2047 | &nbsp;&nbsp; 5.375% | 40000 | &nbsp;&nbsp; 32924 |
| Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
| 03/01/2026 | &nbsp;&nbsp; 3.150% | 184000 | &nbsp;&nbsp; 183797 |
| 11/01/2056 | &nbsp;&nbsp; 2.937% | 460000 | &nbsp;&nbsp; 258685 |
| CSC Holdings LLC<sup>(a)</sup>  | CSC Holdings LLC<sup>(a)</sup>  | CSC Holdings LLC<sup>(a)</sup>  | CSC Holdings LLC<sup>(a)</sup>  |
| 01/31/2029 | &nbsp;&nbsp; 11.750% | 150000 | &nbsp;&nbsp; 111750 |
| 02/01/2029 | &nbsp;&nbsp; 6.500% | 60000 | &nbsp;&nbsp; 39641 |
| 01/15/2030 | &nbsp;&nbsp; 5.750% | 69000 | &nbsp;&nbsp; 25323 |
| 12/01/2030 | &nbsp;&nbsp; 4.125% | 131000 | &nbsp;&nbsp; 80553 |
| 12/01/2030 | &nbsp;&nbsp; 4.625% | 56000 | &nbsp;&nbsp; 19996 |
| 11/15/2031 | &nbsp;&nbsp; 5.000% | 64000 | &nbsp;&nbsp; 22640 |
| DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
| 07/01/2028 | &nbsp;&nbsp; 7.375% | 24000 | &nbsp;&nbsp; 23160 |
| 06/01/2029 | &nbsp;&nbsp; 5.125% | 39000 | &nbsp;&nbsp; 34656 |
| DISH DBS Corp.<sup>(a)</sup>  | DISH DBS Corp.<sup>(a)</sup>  | DISH DBS Corp.<sup>(a)</sup>  | DISH DBS Corp.<sup>(a)</sup>  |
| 12/01/2028 | &nbsp;&nbsp; 5.750% | 92000 | &nbsp;&nbsp; 90017 |
| DISH Network Corp.<sup>(a)</sup>  | DISH Network Corp.<sup>(a)</sup>  | DISH Network Corp.<sup>(a)</sup>  | DISH Network Corp.<sup>(a)</sup>  |
| 11/15/2027 | &nbsp;&nbsp; 11.750% | 261000 | &nbsp;&nbsp; 271599 |
| EchoStar Corp. | EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |
| 11/30/2029 | &nbsp;&nbsp; 10.750% | 204430 | &nbsp;&nbsp; 225794 |
| EchoStar Corp.<sup>(g)</sup>  | EchoStar Corp.<sup>(g)</sup>  | EchoStar Corp.<sup>(g)</sup>  | EchoStar Corp.<sup>(g)</sup>  |
| 11/30/2030 | &nbsp;&nbsp; 6.750% | 127699 | &nbsp;&nbsp; 130854 |
| Sirius XM Radio, Inc.<sup>(a)</sup>  | Sirius XM Radio, Inc.<sup>(a)</sup>  | Sirius XM Radio, Inc.<sup>(a)</sup>  | Sirius XM Radio, Inc.<sup>(a)</sup>  |
| 09/01/2026 | &nbsp;&nbsp; 3.125% | 84000 | &nbsp;&nbsp; 83218 |
| 08/01/2027 | &nbsp;&nbsp; 5.000% | 141000 | &nbsp;&nbsp; 141195 |
| 07/15/2028 | &nbsp;&nbsp; 4.000% | 110000 | &nbsp;&nbsp; 107486 |
| 07/01/2030 | &nbsp;&nbsp; 4.125% | 78000 | &nbsp;&nbsp; 74211 |
| Virgin Media Finance PLC<sup>(a)</sup>  | Virgin Media Finance PLC<sup>(a)</sup>  | Virgin Media Finance PLC<sup>(a)</sup>  | Virgin Media Finance PLC<sup>(a)</sup>  |
| 07/15/2030 | &nbsp;&nbsp; 5.000% | 81000 | &nbsp;&nbsp; 71411 |
| Virgin Media Secured Finance PLC<sup>(a)</sup>  | Virgin Media Secured Finance PLC<sup>(a)</sup>  | Virgin Media Secured Finance PLC<sup>(a)</sup>  | Virgin Media Secured Finance PLC<sup>(a)</sup>  |
| 05/15/2029 | &nbsp;&nbsp; 5.500% | 36000 | &nbsp;&nbsp; 35476 |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| VZ Secured Financing BV<sup>(a)</sup>  | VZ Secured Financing BV<sup>(a)</sup>  | VZ Secured Financing BV<sup>(a)</sup>  | VZ Secured Financing BV<sup>(a)</sup>  |
| 01/15/2032 | &nbsp;&nbsp; 5.000% | 256000 | &nbsp;&nbsp; 231826 |
| Ziggo Bond Co. BV<sup>(a)</sup>  | Ziggo Bond Co. BV<sup>(a)</sup>  | Ziggo Bond Co. BV<sup>(a)</sup>  | Ziggo Bond Co. BV<sup>(a)</sup>  |
| 02/28/2030 | &nbsp;&nbsp; 5.125% | 84000 | &nbsp;&nbsp; 75000 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3530990** |
| **Chemicals 2.3%** | **Chemicals 2.3%** | **Chemicals 2.3%** | **Chemicals 2.3%** |
| Ashland LLC<sup>(a)</sup>  | Ashland LLC<sup>(a)</sup>  | Ashland LLC<sup>(a)</sup>  | Ashland LLC<sup>(a)</sup>  |
| 09/01/2031 | &nbsp;&nbsp; 3.375% | 156000 | &nbsp;&nbsp; 142347 |
| Avient Corp.<sup>(a)</sup>  | Avient Corp.<sup>(a)</sup>  | Avient Corp.<sup>(a)</sup>  | Avient Corp.<sup>(a)</sup>  |
| 08/01/2030 | &nbsp;&nbsp; 7.125% | 47000 | &nbsp;&nbsp; 48328 |
| 11/01/2031 | &nbsp;&nbsp; 6.250% | 37000 | &nbsp;&nbsp; 38043 |
| Axalta Coating Systems Dutch Holding B BV<sup>(a)</sup>  | Axalta Coating Systems Dutch Holding B BV<sup>(a)</sup>  | Axalta Coating Systems Dutch Holding B BV<sup>(a)</sup>  | Axalta Coating Systems Dutch Holding B BV<sup>(a)</sup>  |
| 02/15/2031 | &nbsp;&nbsp; 7.250% | 54000 | &nbsp;&nbsp; 56916 |
| Celanese US Holdings LLC | Celanese US Holdings LLC | Celanese US Holdings LLC | Celanese US Holdings LLC |
| 04/15/2030 | &nbsp;&nbsp; 6.500% | 22000 | &nbsp;&nbsp; 22093 |
| 02/15/2031 | &nbsp;&nbsp; 7.000% | 54000 | &nbsp;&nbsp; 55270 |
| 07/15/2032 | &nbsp;&nbsp; 6.879% | 29000 | &nbsp;&nbsp; 30158 |
| 04/15/2033 | &nbsp;&nbsp; 6.750% | 35000 | &nbsp;&nbsp; 34801 |
| 11/15/2033 | &nbsp;&nbsp; 7.200% | 71000 | &nbsp;&nbsp; 75014 |
| 02/15/2034 | &nbsp;&nbsp; 7.375% | 70000 | &nbsp;&nbsp; 71191 |
| Element Solutions, Inc.<sup>(a)</sup>  | Element Solutions, Inc.<sup>(a)</sup>  | Element Solutions, Inc.<sup>(a)</sup>  | Element Solutions, Inc.<sup>(a)</sup>  |
| 09/01/2028 | &nbsp;&nbsp; 3.875% | 96000 | &nbsp;&nbsp; 93917 |
| HB Fuller Co. | HB Fuller Co. | HB Fuller Co. | HB Fuller Co. |
| 10/15/2028 | &nbsp;&nbsp; 4.250% | 86000 | &nbsp;&nbsp; 85189 |
| Herens Holdco Sarl<sup>(a)</sup>  | Herens Holdco Sarl<sup>(a)</sup>  | Herens Holdco Sarl<sup>(a)</sup>  | Herens Holdco Sarl<sup>(a)</sup>  |
| 05/15/2028 | &nbsp;&nbsp; 4.750% | 77000 | &nbsp;&nbsp; 67084 |
| Illuminate Buyer LLC/Holdings IV, Inc.<sup>(a)</sup>  | Illuminate Buyer LLC/Holdings IV, Inc.<sup>(a)</sup>  | Illuminate Buyer LLC/Holdings IV, Inc.<sup>(a)</sup>  | Illuminate Buyer LLC/Holdings IV, Inc.<sup>(a)</sup>  |
| 07/01/2028 | &nbsp;&nbsp; 9.000% | 10000 | &nbsp;&nbsp; 10027 |
| INEOS Finance PLC<sup>(a)</sup>  | INEOS Finance PLC<sup>(a)</sup>  | INEOS Finance PLC<sup>(a)</sup>  | INEOS Finance PLC<sup>(a)</sup>  |
| 05/15/2028 | &nbsp;&nbsp; 6.750% | 521000 | &nbsp;&nbsp; 460836 |
| 04/15/2029 | &nbsp;&nbsp; 7.500% | 856000 | &nbsp;&nbsp; 736567 |
| INEOS Quattro Finance 2 PLC<sup>(a)</sup>  | INEOS Quattro Finance 2 PLC<sup>(a)</sup>  | INEOS Quattro Finance 2 PLC<sup>(a)</sup>  | INEOS Quattro Finance 2 PLC<sup>(a)</sup>  |
| 03/15/2029 | &nbsp;&nbsp; 9.625% | 209000 | &nbsp;&nbsp; 144947 |
| Ingevity Corp.<sup>(a)</sup>  | Ingevity Corp.<sup>(a)</sup>  | Ingevity Corp.<sup>(a)</sup>  | Ingevity Corp.<sup>(a)</sup>  |
| 11/01/2028 | &nbsp;&nbsp; 3.875% | 47000 | &nbsp;&nbsp; 45598 |
| Innophos Holdings, Inc.<sup>(a)</sup>  | Innophos Holdings, Inc.<sup>(a)</sup>  | Innophos Holdings, Inc.<sup>(a)</sup>  | Innophos Holdings, Inc.<sup>(a)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 11.500% | 187782 | &nbsp;&nbsp; 170348 |
| Inversion Escrow Issuer LLC<sup>(a)</sup>  | Inversion Escrow Issuer LLC<sup>(a)</sup>  | Inversion Escrow Issuer LLC<sup>(a)</sup>  | Inversion Escrow Issuer LLC<sup>(a)</sup>  |
| 08/01/2032 | &nbsp;&nbsp; 6.750% | 153000 | &nbsp;&nbsp; 152430 |
| Olympus Water US Holding Corp.<sup>(a)</sup>  | Olympus Water US Holding Corp.<sup>(a)</sup>  | Olympus Water US Holding Corp.<sup>(a)</sup>  | Olympus Water US Holding Corp.<sup>(a)</sup>  |
| 10/01/2028 | &nbsp;&nbsp; 4.250% | 125000 | &nbsp;&nbsp; 121295 |
| 10/01/2029 | &nbsp;&nbsp; 6.250% | 108000 | &nbsp;&nbsp; 104922 |
| 06/15/2031 | &nbsp;&nbsp; 7.250% | 121000 | &nbsp;&nbsp; 123861 |
| 02/15/2033 | &nbsp;&nbsp; 7.250% | 544000 | &nbsp;&nbsp; 547132 |
| Qnity Electronics, Inc.<sup>(a)</sup>  | Qnity Electronics, Inc.<sup>(a)</sup>  | Qnity Electronics, Inc.<sup>(a)</sup>  | Qnity Electronics, Inc.<sup>(a)</sup>  |
| 08/15/2032 | &nbsp;&nbsp; 5.750% | 56000 | &nbsp;&nbsp; 57363 |
| 08/15/2033 | &nbsp;&nbsp; 6.250% | 45000 | &nbsp;&nbsp; 46734 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| SPCM SA<sup>(a)</sup>  | SPCM SA<sup>(a)</sup>  | SPCM SA<sup>(a)</sup>  | SPCM SA<sup>(a)</sup>  |
| 03/15/2027 | &nbsp;&nbsp; 3.125% | 4000 | &nbsp;&nbsp; 3930 |
| Tronox, Inc.<sup>(a)</sup>  | Tronox, Inc.<sup>(a)</sup>  | Tronox, Inc.<sup>(a)</sup>  | Tronox, Inc.<sup>(a)</sup>  |
| 03/15/2029 | &nbsp;&nbsp; 4.625% | 90000 | &nbsp;&nbsp; 63059 |
| 09/30/2030 | &nbsp;&nbsp; 9.125% | 382000 | &nbsp;&nbsp; 379957 |
| WR Grace Holdings LLC<sup>(a)</sup>  | WR Grace Holdings LLC<sup>(a)</sup>  | WR Grace Holdings LLC<sup>(a)</sup>  | WR Grace Holdings LLC<sup>(a)</sup>  |
| 06/15/2027 | &nbsp;&nbsp; 4.875% | 76000 | &nbsp;&nbsp; 75918 |
| 08/15/2029 | &nbsp;&nbsp; 5.625% | 455000 | &nbsp;&nbsp; 432051 |
| 03/01/2031 | &nbsp;&nbsp; 7.375% | 93000 | &nbsp;&nbsp; 95332 |
| 08/15/2032 | &nbsp;&nbsp; 6.625% | 421000 | &nbsp;&nbsp; 426631 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **5019289** |
| **Construction Machinery 0.3%** | **Construction Machinery 0.3%** | **Construction Machinery 0.3%** | **Construction Machinery 0.3%** |
| Herc Holdings, Inc.<sup>(a)</sup>  | Herc Holdings, Inc.<sup>(a)</sup>  | Herc Holdings, Inc.<sup>(a)</sup>  | Herc Holdings, Inc.<sup>(a)</sup>  |
| 06/15/2030 | &nbsp;&nbsp; 7.000% | 83000 | &nbsp;&nbsp; 87298 |
| 03/15/2031 | &nbsp;&nbsp; 5.750% | 31000 | &nbsp;&nbsp; 31445 |
| 06/15/2033 | &nbsp;&nbsp; 7.250% | 224000 | &nbsp;&nbsp; 237412 |
| 03/15/2034 | &nbsp;&nbsp; 6.000% | 32000 | &nbsp;&nbsp; 32423 |
| Ritchie Bros Holdings, Inc.<sup>(a)</sup>  | Ritchie Bros Holdings, Inc.<sup>(a)</sup>  | Ritchie Bros Holdings, Inc.<sup>(a)</sup>  | Ritchie Bros Holdings, Inc.<sup>(a)</sup>  |
| 03/15/2028 | &nbsp;&nbsp; 6.750% | 71000 | &nbsp;&nbsp; 72627 |
| 03/15/2031 | &nbsp;&nbsp; 7.750% | 18000 | &nbsp;&nbsp; 18820 |
| Synergy Infrastructure Holdings LLC<sup>(a)</sup>  | Synergy Infrastructure Holdings LLC<sup>(a)</sup>  | Synergy Infrastructure Holdings LLC<sup>(a)</sup>  | Synergy Infrastructure Holdings LLC<sup>(a)</sup>  |
| 12/01/2030 | &nbsp;&nbsp; 7.875% | 97000 | &nbsp;&nbsp; 100846 |
| United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
| 01/15/2032 | &nbsp;&nbsp; 3.750% | 19000 | &nbsp;&nbsp; 17826 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **598697** |
| **Consumer Cyclical Services 0.3%** | **Consumer Cyclical Services 0.3%** | **Consumer Cyclical Services 0.3%** | **Consumer Cyclical Services 0.3%** |
| Arches Buyer, Inc.<sup>(a)</sup>  | Arches Buyer, Inc.<sup>(a)</sup>  | Arches Buyer, Inc.<sup>(a)</sup>  | Arches Buyer, Inc.<sup>(a)</sup>  |
| 06/01/2028 | &nbsp;&nbsp; 4.250% | 75000 | &nbsp;&nbsp; 73615 |
| 12/01/2028 | &nbsp;&nbsp; 6.125% | 233000 | &nbsp;&nbsp; 227341 |
| ASGN, Inc.<sup>(a)</sup>  | ASGN, Inc.<sup>(a)</sup>  | ASGN, Inc.<sup>(a)</sup>  | ASGN, Inc.<sup>(a)</sup>  |
| 05/15/2028 | &nbsp;&nbsp; 4.625% | 77000 | &nbsp;&nbsp; 75938 |
| Garda World Security Corp.<sup>(a)</sup>  | Garda World Security Corp.<sup>(a)</sup>  | Garda World Security Corp.<sup>(a)</sup>  | Garda World Security Corp.<sup>(a)</sup>  |
| 11/15/2032 | &nbsp;&nbsp; 8.375% | 54000 | &nbsp;&nbsp; 55087 |
| Match Group Holdings II LLC<sup>(a)</sup>  | Match Group Holdings II LLC<sup>(a)</sup>  | Match Group Holdings II LLC<sup>(a)</sup>  | Match Group Holdings II LLC<sup>(a)</sup>  |
| 10/01/2031 | &nbsp;&nbsp; 3.625% | 52000 | &nbsp;&nbsp; 47641 |
| Match Group, Inc.<sup>(a)</sup>  | Match Group, Inc.<sup>(a)</sup>  | Match Group, Inc.<sup>(a)</sup>  | Match Group, Inc.<sup>(a)</sup>  |
| 06/01/2028 | &nbsp;&nbsp; 4.625% | 156000 | &nbsp;&nbsp; 154531 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **634153** |
| **Consumer Products 0.2%** | **Consumer Products 0.2%** | **Consumer Products 0.2%** | **Consumer Products 0.2%** |
| CD&R Smokey Buyer, Inc./Radio Systems Corp.<sup>(a)</sup>  | CD&R Smokey Buyer, Inc./Radio Systems Corp.<sup>(a)</sup>  | CD&R Smokey Buyer, Inc./Radio Systems Corp.<sup>(a)</sup>  | CD&R Smokey Buyer, Inc./Radio Systems Corp.<sup>(a)</sup>  |
| 10/15/2029 | &nbsp;&nbsp; 9.500% | 33000 | &nbsp;&nbsp; 26692 |
| Newell Brands, Inc.<sup>(a)</sup>  | Newell Brands, Inc.<sup>(a)</sup>  | Newell Brands, Inc.<sup>(a)</sup>  | Newell Brands, Inc.<sup>(a)</sup>  |
| 06/01/2028 | &nbsp;&nbsp; 8.500% | 12000 | &nbsp;&nbsp; 12570 |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
| 05/15/2030 | &nbsp;&nbsp; 6.375% | 74000 | &nbsp;&nbsp; 72307 |
| 05/15/2032 | &nbsp;&nbsp; 6.625% | 101000 | &nbsp;&nbsp; 97648 |
| Opal Bidco SAS<sup>(a)</sup>  | Opal Bidco SAS<sup>(a)</sup>  | Opal Bidco SAS<sup>(a)</sup>  | Opal Bidco SAS<sup>(a)</sup>  |
| 03/31/2032 | &nbsp;&nbsp; 6.500% | 91000 | &nbsp;&nbsp; 93212 |
| Scotts Miracle-Gro Co. (The) | Scotts Miracle-Gro Co. (The) | Scotts Miracle-Gro Co. (The) | Scotts Miracle-Gro Co. (The) |
| 04/01/2031 | &nbsp;&nbsp; 4.000% | 55000 | &nbsp;&nbsp; 51801 |
| Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. |
| 06/15/2030 | &nbsp;&nbsp; 6.125% | 19000 | &nbsp;&nbsp; 18998 |
| 06/15/2033 | &nbsp;&nbsp; 6.500% | 20000 | &nbsp;&nbsp; 19397 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **392625** |
| **Diversified Manufacturing 1.0%** | **Diversified Manufacturing 1.0%** | **Diversified Manufacturing 1.0%** | **Diversified Manufacturing 1.0%** |
| Amsted Industries, Inc.<sup>(a)</sup>  | Amsted Industries, Inc.<sup>(a)</sup>  | Amsted Industries, Inc.<sup>(a)</sup>  | Amsted Industries, Inc.<sup>(a)</sup>  |
| 03/15/2033 | &nbsp;&nbsp; 6.375% | 18000 | &nbsp;&nbsp; 18540 |
| Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
| 02/15/2030 | &nbsp;&nbsp; 2.722% | 1330000 | &nbsp;&nbsp; 1252827 |
| Chart Industries, Inc.<sup>(a)</sup>  | Chart Industries, Inc.<sup>(a)</sup>  | Chart Industries, Inc.<sup>(a)</sup>  | Chart Industries, Inc.<sup>(a)</sup>  |
| 01/01/2030 | &nbsp;&nbsp; 7.500% | 37000 | &nbsp;&nbsp; 38606 |
| Emerald Debt Merger Sub LLC<sup>(a)</sup>  | Emerald Debt Merger Sub LLC<sup>(a)</sup>  | Emerald Debt Merger Sub LLC<sup>(a)</sup>  | Emerald Debt Merger Sub LLC<sup>(a)</sup>  |
| 12/15/2030 | &nbsp;&nbsp; 6.625% | 246000 | &nbsp;&nbsp; 256172 |
| EMRLD Borrower LP/Co-Issuer, Inc.<sup>(a)</sup>  | EMRLD Borrower LP/Co-Issuer, Inc.<sup>(a)</sup>  | EMRLD Borrower LP/Co-Issuer, Inc.<sup>(a)</sup>  | EMRLD Borrower LP/Co-Issuer, Inc.<sup>(a)</sup>  |
| 07/15/2031 | &nbsp;&nbsp; 6.750% | 47000 | &nbsp;&nbsp; 49545 |
| Esab Corp.<sup>(a)</sup>  | Esab Corp.<sup>(a)</sup>  | Esab Corp.<sup>(a)</sup>  | Esab Corp.<sup>(a)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 6.250% | 35000 | &nbsp;&nbsp; 36025 |
| Gates Corp. (The)<sup>(a)</sup>  | Gates Corp. (The)<sup>(a)</sup>  | Gates Corp. (The)<sup>(a)</sup>  | Gates Corp. (The)<sup>(a)</sup>  |
| 07/01/2029 | &nbsp;&nbsp; 6.875% | 56000 | &nbsp;&nbsp; 58193 |
| Madison IAQ LLC<sup>(a)</sup>  | Madison IAQ LLC<sup>(a)</sup>  | Madison IAQ LLC<sup>(a)</sup>  | Madison IAQ LLC<sup>(a)</sup>  |
| 06/30/2029 | &nbsp;&nbsp; 5.875% | 121000 | &nbsp;&nbsp; 120336 |
| Resideo Funding, Inc.<sup>(a)</sup>  | Resideo Funding, Inc.<sup>(a)</sup>  | Resideo Funding, Inc.<sup>(a)</sup>  | Resideo Funding, Inc.<sup>(a)</sup>  |
| 09/01/2029 | &nbsp;&nbsp; 4.000% | 84000 | &nbsp;&nbsp; 81268 |
| Vertical US Newco, Inc.<sup>(a)</sup>  | Vertical US Newco, Inc.<sup>(a)</sup>  | Vertical US Newco, Inc.<sup>(a)</sup>  | Vertical US Newco, Inc.<sup>(a)</sup>  |
| 07/15/2027 | &nbsp;&nbsp; 5.250% | 45000 | &nbsp;&nbsp; 45092 |
| Wesco Distribution, Inc.<sup>(a)</sup>  | Wesco Distribution, Inc.<sup>(a)</sup>  | Wesco Distribution, Inc.<sup>(a)</sup>  | Wesco Distribution, Inc.<sup>(a)</sup>  |
| 03/15/2033 | &nbsp;&nbsp; 6.375% | 39000 | &nbsp;&nbsp; 40696 |
| WESCO Distribution, Inc.<sup>(a)</sup>  | WESCO Distribution, Inc.<sup>(a)</sup>  | WESCO Distribution, Inc.<sup>(a)</sup>  | WESCO Distribution, Inc.<sup>(a)</sup>  |
| 06/15/2028 | &nbsp;&nbsp; 7.250% | 97000 | &nbsp;&nbsp; 98496 |
| 03/15/2029 | &nbsp;&nbsp; 6.375% | 64000 | &nbsp;&nbsp; 66164 |
| 03/15/2032 | &nbsp;&nbsp; 6.625% | 83000 | &nbsp;&nbsp; 86927 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2248887** |
| **Electric 1.6%** | **Electric 1.6%** | **Electric 1.6%** | **Electric 1.6%** |
| AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. |
| 01/15/2050 | &nbsp;&nbsp; 3.450% | 240000 | &nbsp;&nbsp; 164003 |
| Alpha Generation LLC<sup>(a)</sup>  | Alpha Generation LLC<sup>(a)</sup>  | Alpha Generation LLC<sup>(a)</sup>  | Alpha Generation LLC<sup>(a)</sup>  |
| 10/15/2032 | &nbsp;&nbsp; 6.750% | 46000 | &nbsp;&nbsp; 47627 |
| 01/15/2034 | &nbsp;&nbsp; 6.250% | 59000 | &nbsp;&nbsp; 59537 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(a)</sup>  | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(a)</sup>  | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(a)</sup>  | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(a)</sup>  |
| 02/15/2032 | &nbsp;&nbsp; 6.375% | 81000 | &nbsp;&nbsp; 81096 |
| Calpine Corp.<sup>(a)</sup>  | Calpine Corp.<sup>(a)</sup>  | Calpine Corp.<sup>(a)</sup>  | Calpine Corp.<sup>(a)</sup>  |
| 02/15/2028 | &nbsp;&nbsp; 4.500% | 59000 | &nbsp;&nbsp; 59032 |
| Clearway Energy Operating LLC<sup>(a)</sup>  | Clearway Energy Operating LLC<sup>(a)</sup>  | Clearway Energy Operating LLC<sup>(a)</sup>  | Clearway Energy Operating LLC<sup>(a)</sup>  |
| 03/15/2028 | &nbsp;&nbsp; 4.750% | 76000 | &nbsp;&nbsp; 75778 |
| 02/15/2031 | &nbsp;&nbsp; 3.750% | 109000 | &nbsp;&nbsp; 101758 |
| 01/15/2032 | &nbsp;&nbsp; 3.750% | 62000 | &nbsp;&nbsp; 56505 |
| DTE Energy Co. | DTE Energy Co. | DTE Energy Co. | DTE Energy Co. |
| 07/01/2027 | &nbsp;&nbsp; 4.950% | 270000 | &nbsp;&nbsp; 273543 |
| Edison International | Edison International | Edison International | Edison International |
| 11/15/2028 | &nbsp;&nbsp; 5.250% | 226000 | &nbsp;&nbsp; 229022 |
| Exelon Corp. | Exelon Corp. | Exelon Corp. | Exelon Corp. |
| 03/15/2052 | &nbsp;&nbsp; 4.100% | 15000 | &nbsp;&nbsp; 11577 |
| Leeward Renewable Energy Operations LLC<sup>(a)</sup>  | Leeward Renewable Energy Operations LLC<sup>(a)</sup>  | Leeward Renewable Energy Operations LLC<sup>(a)</sup>  | Leeward Renewable Energy Operations LLC<sup>(a)</sup>  |
| 07/01/2029 | &nbsp;&nbsp; 4.250% | 41000 | &nbsp;&nbsp; 38909 |
| Long Ridge Energy LLC<sup>(a)</sup>  | Long Ridge Energy LLC<sup>(a)</sup>  | Long Ridge Energy LLC<sup>(a)</sup>  | Long Ridge Energy LLC<sup>(a)</sup>  |
| 02/15/2032 | &nbsp;&nbsp; 8.750% | 90000 | &nbsp;&nbsp; 95749 |
| NextEra Energy Operating Partners LP<sup>(a)</sup>  | NextEra Energy Operating Partners LP<sup>(a)</sup>  | NextEra Energy Operating Partners LP<sup>(a)</sup>  | NextEra Energy Operating Partners LP<sup>(a)</sup>  |
| 09/15/2027 | &nbsp;&nbsp; 4.500% | 75000 | &nbsp;&nbsp; 74183 |
| 01/15/2029 | &nbsp;&nbsp; 7.250% | 135000 | &nbsp;&nbsp; 138383 |
| NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
| 01/15/2028 | &nbsp;&nbsp; 5.750% | 28000 | &nbsp;&nbsp; 28047 |
| NRG Energy, Inc.<sup>(a)</sup>  | NRG Energy, Inc.<sup>(a)</sup>  | NRG Energy, Inc.<sup>(a)</sup>  | NRG Energy, Inc.<sup>(a)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 5.250% | 57000 | &nbsp;&nbsp; 57154 |
| 07/15/2029 | &nbsp;&nbsp; 5.750% | 88000 | &nbsp;&nbsp; 88415 |
| 02/01/2033 | &nbsp;&nbsp; 6.000% | 59000 | &nbsp;&nbsp; 60202 |
| 01/15/2034 | &nbsp;&nbsp; 5.750% | 86000 | &nbsp;&nbsp; 86735 |
| 11/01/2034 | &nbsp;&nbsp; 6.250% | 76000 | &nbsp;&nbsp; 78052 |
| 01/15/2036 | &nbsp;&nbsp; 6.000% | 86000 | &nbsp;&nbsp; 87165 |
| Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. |
| 07/01/2050 | &nbsp;&nbsp; 4.950% | 290000 | &nbsp;&nbsp; 245554 |
| Pattern Energy Operations LP/Inc.<sup>(a)</sup>  | Pattern Energy Operations LP/Inc.<sup>(a)</sup>  | Pattern Energy Operations LP/Inc.<sup>(a)</sup>  | Pattern Energy Operations LP/Inc.<sup>(a)</sup>  |
| 08/15/2028 | &nbsp;&nbsp; 4.500% | 41000 | &nbsp;&nbsp; 40363 |
| PG&E Corp.<sup>(h)</sup>  | PG&E Corp.<sup>(h)</sup>  | PG&E Corp.<sup>(h)</sup>  | PG&E Corp.<sup>(h)</sup>  |
| 03/15/2055 | &nbsp;&nbsp; 7.375% | 57000 | &nbsp;&nbsp; 59369 |
| Talen Energy Supply LLC<sup>(a)</sup>  | Talen Energy Supply LLC<sup>(a)</sup>  | Talen Energy Supply LLC<sup>(a)</sup>  | Talen Energy Supply LLC<sup>(a)</sup>  |
| 02/01/2034 | &nbsp;&nbsp; 6.250% | 103000 | &nbsp;&nbsp; 105047 |
| 02/01/2036 | &nbsp;&nbsp; 6.500% | 103000 | &nbsp;&nbsp; 106555 |
| TerraForm Power Operating LLC<sup>(a)</sup>  | TerraForm Power Operating LLC<sup>(a)</sup>  | TerraForm Power Operating LLC<sup>(a)</sup>  | TerraForm Power Operating LLC<sup>(a)</sup>  |
| 01/31/2028 | &nbsp;&nbsp; 5.000% | 59000 | &nbsp;&nbsp; 58907 |
| 01/15/2030 | &nbsp;&nbsp; 4.750% | 148000 | &nbsp;&nbsp; 143812 |
| Vistra Operations Co. LLC<sup>(a)</sup>  | Vistra Operations Co. LLC<sup>(a)</sup>  | Vistra Operations Co. LLC<sup>(a)</sup>  | Vistra Operations Co. LLC<sup>(a)</sup>  |
| 02/15/2027 | &nbsp;&nbsp; 5.625% | 75000 | &nbsp;&nbsp; 75044 |
| 07/31/2027 | &nbsp;&nbsp; 5.000% | 24000 | &nbsp;&nbsp; 23990 |
| 05/01/2029 | &nbsp;&nbsp; 4.375% | 60000 | &nbsp;&nbsp; 59233 |
| 10/15/2031 | &nbsp;&nbsp; 7.750% | 116000 | &nbsp;&nbsp; 123011 |
| 04/15/2032 | &nbsp;&nbsp; 6.875% | 43000 | &nbsp;&nbsp; 45276 |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| VoltaGrid LLC<sup>(a)</sup>  | VoltaGrid LLC<sup>(a)</sup>  | VoltaGrid LLC<sup>(a)</sup>  | VoltaGrid LLC<sup>(a)</sup>  |
| 11/01/2030 | &nbsp;&nbsp; 7.375% | 95000 | &nbsp;&nbsp; 94139 |
| XPLR Infrastructure Operating Partners LP<sup>(a)</sup>  | XPLR Infrastructure Operating Partners LP<sup>(a)</sup>  | XPLR Infrastructure Operating Partners LP<sup>(a)</sup>  | XPLR Infrastructure Operating Partners LP<sup>(a)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 8.375% | 76000 | &nbsp;&nbsp; 79770 |
| 03/15/2033 | &nbsp;&nbsp; 8.625% | 108000 | &nbsp;&nbsp; 113512 |
| 04/15/2034 | &nbsp;&nbsp; 7.750% | 80000 | &nbsp;&nbsp; 81233 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3447287** |
| **Environmental 0.1%** | **Environmental 0.1%** | **Environmental 0.1%** | **Environmental 0.1%** |
| GFL Environmental, Inc.<sup>(a)</sup>  | GFL Environmental, Inc.<sup>(a)</sup>  | GFL Environmental, Inc.<sup>(a)</sup>  | GFL Environmental, Inc.<sup>(a)</sup>  |
| 08/01/2028 | &nbsp;&nbsp; 4.000% | 56000 | &nbsp;&nbsp; 55183 |
| 01/15/2031 | &nbsp;&nbsp; 6.750% | 96000 | &nbsp;&nbsp; 100605 |
| Waste Pro USA, Inc.<sup>(a)</sup>  | Waste Pro USA, Inc.<sup>(a)</sup>  | Waste Pro USA, Inc.<sup>(a)</sup>  | Waste Pro USA, Inc.<sup>(a)</sup>  |
| 02/01/2033 | &nbsp;&nbsp; 7.000% | 105000 | &nbsp;&nbsp; 108325 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **264113** |
| **Finance Companies 1.1%** | **Finance Companies 1.1%** | **Finance Companies 1.1%** | **Finance Companies 1.1%** |
| Bread Financial Holdings, Inc.<sup>(a)</sup>  | Bread Financial Holdings, Inc.<sup>(a)</sup>  | Bread Financial Holdings, Inc.<sup>(a)</sup>  | Bread Financial Holdings, Inc.<sup>(a)</sup>  |
| 05/15/2031 | &nbsp;&nbsp; 6.750% | 25000 | &nbsp;&nbsp; 25883 |
| CrossCountry Intermediate HoldCo LLC<sup>(a)</sup>  | CrossCountry Intermediate HoldCo LLC<sup>(a)</sup>  | CrossCountry Intermediate HoldCo LLC<sup>(a)</sup>  | CrossCountry Intermediate HoldCo LLC<sup>(a)</sup>  |
| 10/01/2030 | &nbsp;&nbsp; 6.500% | 59000 | &nbsp;&nbsp; 60233 |
| GGAM Finance Ltd.<sup>(a)</sup>  | GGAM Finance Ltd.<sup>(a)</sup>  | GGAM Finance Ltd.<sup>(a)</sup>  | GGAM Finance Ltd.<sup>(a)</sup>  |
| 02/15/2027 | &nbsp;&nbsp; 8.000% | 84000 | &nbsp;&nbsp; 86019 |
| 04/15/2029 | &nbsp;&nbsp; 6.875% | 41000 | &nbsp;&nbsp; 42487 |
| 03/15/2030 | &nbsp;&nbsp; 5.875% | 69000 | &nbsp;&nbsp; 69944 |
| goeasy Ltd.<sup>(a)</sup>  | goeasy Ltd.<sup>(a)</sup>  | goeasy Ltd.<sup>(a)</sup>  | goeasy Ltd.<sup>(a)</sup>  |
| 12/01/2028 | &nbsp;&nbsp; 9.250% | 8000 | &nbsp;&nbsp; 8227 |
| 07/01/2029 | &nbsp;&nbsp; 7.625% | 114000 | &nbsp;&nbsp; 112775 |
| 05/15/2030 | &nbsp;&nbsp; 6.875% | 17000 | &nbsp;&nbsp; 16223 |
| 10/01/2030 | &nbsp;&nbsp; 7.375% | 17000 | &nbsp;&nbsp; 16363 |
| 02/15/2031 | &nbsp;&nbsp; 6.875% | 9000 | &nbsp;&nbsp; 8405 |
| Navient Corp. | Navient Corp. | Navient Corp. | Navient Corp. |
| 03/15/2027 | &nbsp;&nbsp; 5.000% | 41000 | &nbsp;&nbsp; 41052 |
| 03/15/2029 | &nbsp;&nbsp; 5.500% | 63000 | &nbsp;&nbsp; 62487 |
| 03/15/2031 | &nbsp;&nbsp; 11.500% | 53000 | &nbsp;&nbsp; 59426 |
| OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
| 05/15/2029 | &nbsp;&nbsp; 6.625% | 80000 | &nbsp;&nbsp; 82854 |
| 03/15/2030 | &nbsp;&nbsp; 7.875% | 76000 | &nbsp;&nbsp; 80374 |
| 09/15/2030 | &nbsp;&nbsp; 4.000% | 50000 | &nbsp;&nbsp; 46848 |
| 05/15/2031 | &nbsp;&nbsp; 7.500% | 56000 | &nbsp;&nbsp; 58912 |
| 11/15/2031 | &nbsp;&nbsp; 7.125% | 27000 | &nbsp;&nbsp; 28195 |
| 03/15/2032 | &nbsp;&nbsp; 6.750% | 71000 | &nbsp;&nbsp; 72787 |
| 09/15/2032 | &nbsp;&nbsp; 7.125% | 61000 | &nbsp;&nbsp; 63466 |
| 03/15/2033 | &nbsp;&nbsp; 6.500% | 141000 | &nbsp;&nbsp; 142141 |
| 09/15/2033 | &nbsp;&nbsp; 6.750% | 108000 | &nbsp;&nbsp; 109597 |
| Provident Funding Associates LP/PFG Finance Corp.<sup>(a)</sup>  | Provident Funding Associates LP/PFG Finance Corp.<sup>(a)</sup>  | Provident Funding Associates LP/PFG Finance Corp.<sup>(a)</sup>  | Provident Funding Associates LP/PFG Finance Corp.<sup>(a)</sup>  |
| 09/15/2029 | &nbsp;&nbsp; 9.750% | 215000 | &nbsp;&nbsp; 226659 |
| Rocket Cos, Inc.<sup>(a)</sup>  | Rocket Cos, Inc.<sup>(a)</sup>  | Rocket Cos, Inc.<sup>(a)</sup>  | Rocket Cos, Inc.<sup>(a)</sup>  |
| 08/01/2030 | &nbsp;&nbsp; 6.125% | 49000 | &nbsp;&nbsp; 50670 |
| 08/01/2033 | &nbsp;&nbsp; 6.375% | 62000 | &nbsp;&nbsp; 64758 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup>  | Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup>  | Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup>  | Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup>  |
| 03/01/2031 | &nbsp;&nbsp; 3.875% | 82000 | &nbsp;&nbsp; 77770 |
| 10/15/2033 | &nbsp;&nbsp; 4.000% | 270000 | &nbsp;&nbsp; 250843 |
| Springleaf Finance Corp. | Springleaf Finance Corp. | Springleaf Finance Corp. | Springleaf Finance Corp. |
| 11/15/2029 | &nbsp;&nbsp; 5.375% | 6000 | &nbsp;&nbsp; 6004 |
| United Wholesale Mortgage LLC<sup>(a)</sup>  | United Wholesale Mortgage LLC<sup>(a)</sup>  | United Wholesale Mortgage LLC<sup>(a)</sup>  | United Wholesale Mortgage LLC<sup>(a)</sup>  |
| 06/15/2027 | &nbsp;&nbsp; 5.750% | 83000 | &nbsp;&nbsp; 83195 |
| 04/15/2029 | &nbsp;&nbsp; 5.500% | 108000 | &nbsp;&nbsp; 107228 |
| UWM Holdings LLC<sup>(a)</sup>  | UWM Holdings LLC<sup>(a)</sup>  | UWM Holdings LLC<sup>(a)</sup>  | UWM Holdings LLC<sup>(a)</sup>  |
| 02/01/2030 | &nbsp;&nbsp; 6.625% | 116000 | &nbsp;&nbsp; 117357 |
| 03/15/2031 | &nbsp;&nbsp; 6.250% | 156000 | &nbsp;&nbsp; 155742 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2434924** |
| **Food and Beverage 1.6%** | **Food and Beverage 1.6%** | **Food and Beverage 1.6%** | **Food and Beverage 1.6%** |
| Bacardi Ltd.<sup>(a)</sup>  | Bacardi Ltd.<sup>(a)</sup>  | Bacardi Ltd.<sup>(a)</sup>  | Bacardi Ltd.<sup>(a)</sup>  |
| 05/15/2028 | &nbsp;&nbsp; 4.700% | 104000 | &nbsp;&nbsp; 104730 |
| 05/15/2048 | &nbsp;&nbsp; 5.300% | 420000 | &nbsp;&nbsp; 374218 |
| Bacardi Ltd./Bacardi-Martini BV<sup>(a)</sup>  | Bacardi Ltd./Bacardi-Martini BV<sup>(a)</sup>  | Bacardi Ltd./Bacardi-Martini BV<sup>(a)</sup>  | Bacardi Ltd./Bacardi-Martini BV<sup>(a)</sup>  |
| 06/15/2033 | &nbsp;&nbsp; 5.400% | 1009000 | &nbsp;&nbsp; 1021049 |
| Chobani Holdco II LLC<sup>(a),(g)</sup>  | Chobani Holdco II LLC<sup>(a),(g)</sup>  | Chobani Holdco II LLC<sup>(a),(g)</sup>  | Chobani Holdco II LLC<sup>(a),(g)</sup>  |
| 10/01/2029 | &nbsp;&nbsp; 8.750% | 145323 | &nbsp;&nbsp; 155631 |
| Chobani LLC/Finance Corp., Inc.<sup>(a)</sup>  | Chobani LLC/Finance Corp., Inc.<sup>(a)</sup>  | Chobani LLC/Finance Corp., Inc.<sup>(a)</sup>  | Chobani LLC/Finance Corp., Inc.<sup>(a)</sup>  |
| 07/01/2029 | &nbsp;&nbsp; 7.625% | 89000 | &nbsp;&nbsp; 92615 |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 08/01/2029 | &nbsp;&nbsp; 3.150% | 130000 | &nbsp;&nbsp; 125312 |
| Darling Ingredients, Inc.<sup>(a)</sup>  | Darling Ingredients, Inc.<sup>(a)</sup>  | Darling Ingredients, Inc.<sup>(a)</sup>  | Darling Ingredients, Inc.<sup>(a)</sup>  |
| 04/15/2027 | &nbsp;&nbsp; 5.250% | 70000 | &nbsp;&nbsp; 69974 |
| Lamb Weston Holdings, Inc.<sup>(a)</sup>  | Lamb Weston Holdings, Inc.<sup>(a)</sup>  | Lamb Weston Holdings, Inc.<sup>(a)</sup>  | Lamb Weston Holdings, Inc.<sup>(a)</sup>  |
| 05/15/2028 | &nbsp;&nbsp; 4.875% | 36000 | &nbsp;&nbsp; 35923 |
| 01/31/2030 | &nbsp;&nbsp; 4.125% | 45000 | &nbsp;&nbsp; 43509 |
| Performance Food Group, Inc.<sup>(a)</sup>  | Performance Food Group, Inc.<sup>(a)</sup>  | Performance Food Group, Inc.<sup>(a)</sup>  | Performance Food Group, Inc.<sup>(a)</sup>  |
| 09/15/2032 | &nbsp;&nbsp; 6.125% | 36000 | &nbsp;&nbsp; 37159 |
| Post Holdings, Inc.<sup>(a)</sup>  | Post Holdings, Inc.<sup>(a)</sup>  | Post Holdings, Inc.<sup>(a)</sup>  | Post Holdings, Inc.<sup>(a)</sup>  |
| 04/15/2030 | &nbsp;&nbsp; 4.625% | 28000 | &nbsp;&nbsp; 27261 |
| 09/15/2031 | &nbsp;&nbsp; 4.500% | 204000 | &nbsp;&nbsp; 193383 |
| 02/15/2032 | &nbsp;&nbsp; 6.250% | 56000 | &nbsp;&nbsp; 57584 |
| 03/15/2036 | &nbsp;&nbsp; 6.500% | 37000 | &nbsp;&nbsp; 37057 |
| Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(a)</sup>  | Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(a)</sup>  | Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(a)</sup>  | Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(a)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 6.250% | 96000 | &nbsp;&nbsp; 96523 |
| 04/30/2029 | &nbsp;&nbsp; 4.375% | 96000 | &nbsp;&nbsp; 93464 |
| Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(a)</sup>  | Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(a)</sup>  | Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(a)</sup>  | Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(a)</sup>  |
| 03/01/2029 | &nbsp;&nbsp; 4.625% | 105000 | &nbsp;&nbsp; 101239 |
| Tyson Foods, Inc. | Tyson Foods, Inc. | Tyson Foods, Inc. | Tyson Foods, Inc. |
| 06/02/2027 | &nbsp;&nbsp; 3.550% | 650000 | &nbsp;&nbsp; 645566 |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| US Foods, Inc.<sup>(a)</sup>  | US Foods, Inc.<sup>(a)</sup>  | US Foods, Inc.<sup>(a)</sup>  | US Foods, Inc.<sup>(a)</sup>  |
| 09/15/2028 | &nbsp;&nbsp; 6.875% | 47000 | &nbsp;&nbsp; 48499 |
| 02/15/2029 | &nbsp;&nbsp; 4.750% | 61000 | &nbsp;&nbsp; 60647 |
| 06/01/2030 | &nbsp;&nbsp; 4.625% | 94000 | &nbsp;&nbsp; 92725 |
| 01/15/2032 | &nbsp;&nbsp; 7.250% | 44000 | &nbsp;&nbsp; 46202 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3560270** |
| **Gaming 0.7%** | **Gaming 0.7%** | **Gaming 0.7%** | **Gaming 0.7%** |
| Boyd Gaming Corp. | Boyd Gaming Corp. | Boyd Gaming Corp. | Boyd Gaming Corp. |
| 12/01/2027 | &nbsp;&nbsp; 4.750% | 58000 | &nbsp;&nbsp; 57913 |
| Caesars Entertainment, Inc.<sup>(a)</sup>  | Caesars Entertainment, Inc.<sup>(a)</sup>  | Caesars Entertainment, Inc.<sup>(a)</sup>  | Caesars Entertainment, Inc.<sup>(a)</sup>  |
| 02/15/2030 | &nbsp;&nbsp; 7.000% | 63000 | &nbsp;&nbsp; 65242 |
| 02/15/2032 | &nbsp;&nbsp; 6.500% | 123000 | &nbsp;&nbsp; 126019 |
| 10/15/2032 | &nbsp;&nbsp; 6.000% | 136000 | &nbsp;&nbsp; 132340 |
| Churchill Downs, Inc.<sup>(a)</sup>  | Churchill Downs, Inc.<sup>(a)</sup>  | Churchill Downs, Inc.<sup>(a)</sup>  | Churchill Downs, Inc.<sup>(a)</sup>  |
| 01/15/2028 | &nbsp;&nbsp; 4.750% | 61000 | &nbsp;&nbsp; 60778 |
| 05/01/2031 | &nbsp;&nbsp; 6.750% | 33000 | &nbsp;&nbsp; 34227 |
| Light & Wonder International, Inc.<sup>(a)</sup>  | Light & Wonder International, Inc.<sup>(a)</sup>  | Light & Wonder International, Inc.<sup>(a)</sup>  | Light & Wonder International, Inc.<sup>(a)</sup>  |
| 09/01/2031 | &nbsp;&nbsp; 7.500% | 11000 | &nbsp;&nbsp; 11510 |
| 10/01/2033 | &nbsp;&nbsp; 6.250% | 106000 | &nbsp;&nbsp; 107270 |
| MGM Resorts International | MGM Resorts International | MGM Resorts International | MGM Resorts International |
| 09/01/2026 | &nbsp;&nbsp; 4.625% | 66000 | &nbsp;&nbsp; 65959 |
| 09/15/2029 | &nbsp;&nbsp; 6.125% | 56000 | &nbsp;&nbsp; 57562 |
| Midwest Gaming Borrower LLC<sup>(a)</sup>  | Midwest Gaming Borrower LLC<sup>(a)</sup>  | Midwest Gaming Borrower LLC<sup>(a)</sup>  | Midwest Gaming Borrower LLC<sup>(a)</sup>  |
| 05/01/2029 | &nbsp;&nbsp; 4.875% | 75000 | &nbsp;&nbsp; 73827 |
| Penn National Gaming, Inc.<sup>(a)</sup>  | Penn National Gaming, Inc.<sup>(a)</sup>  | Penn National Gaming, Inc.<sup>(a)</sup>  | Penn National Gaming, Inc.<sup>(a)</sup>  |
| 07/01/2029 | &nbsp;&nbsp; 4.125% | 128000 | &nbsp;&nbsp; 118554 |
| Rivers Enterprise Borrower LLC/Finance Corp.<sup>(a)</sup>  | Rivers Enterprise Borrower LLC/Finance Corp.<sup>(a)</sup>  | Rivers Enterprise Borrower LLC/Finance Corp.<sup>(a)</sup>  | Rivers Enterprise Borrower LLC/Finance Corp.<sup>(a)</sup>  |
| 02/01/2033 | &nbsp;&nbsp; 6.625% | 164000 | &nbsp;&nbsp; 167908 |
| Rivers Enterprise Lender LLC/Corp.<sup>(a)</sup>  | Rivers Enterprise Lender LLC/Corp.<sup>(a)</sup>  | Rivers Enterprise Lender LLC/Corp.<sup>(a)</sup>  | Rivers Enterprise Lender LLC/Corp.<sup>(a)</sup>  |
| 10/15/2030 | &nbsp;&nbsp; 6.250% | 77000 | &nbsp;&nbsp; 78535 |
| Scientific Games Holdings LP/US FinCo, Inc.<sup>(a)</sup>  | Scientific Games Holdings LP/US FinCo, Inc.<sup>(a)</sup>  | Scientific Games Holdings LP/US FinCo, Inc.<sup>(a)</sup>  | Scientific Games Holdings LP/US FinCo, Inc.<sup>(a)</sup>  |
| 03/01/2030 | &nbsp;&nbsp; 6.625% | 334000 | &nbsp;&nbsp; 296766 |
| Scientific Games International, Inc.<sup>(a)</sup>  | Scientific Games International, Inc.<sup>(a)</sup>  | Scientific Games International, Inc.<sup>(a)</sup>  | Scientific Games International, Inc.<sup>(a)</sup>  |
| 11/15/2029 | &nbsp;&nbsp; 7.250% | 61000 | &nbsp;&nbsp; 62562 |
| Voyager Parent LLC<sup>(a)</sup>  | Voyager Parent LLC<sup>(a)</sup>  | Voyager Parent LLC<sup>(a)</sup>  | Voyager Parent LLC<sup>(a)</sup>  |
| 07/01/2032 | &nbsp;&nbsp; 9.250% | 93000 | &nbsp;&nbsp; 98643 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1615615** |
| **Health Care 1.9%** | **Health Care 1.9%** | **Health Care 1.9%** | **Health Care 1.9%** |
| Acadia Healthcare Co., Inc.<sup>(a)</sup>  | Acadia Healthcare Co., Inc.<sup>(a)</sup>  | Acadia Healthcare Co., Inc.<sup>(a)</sup>  | Acadia Healthcare Co., Inc.<sup>(a)</sup>  |
| 07/01/2028 | &nbsp;&nbsp; 5.500% | 38000 | &nbsp;&nbsp; 37739 |
| 04/15/2029 | &nbsp;&nbsp; 5.000% | 140000 | &nbsp;&nbsp; 134689 |
| 03/15/2033 | &nbsp;&nbsp; 7.375% | 70000 | &nbsp;&nbsp; 70719 |
| Avantor Funding, Inc.<sup>(a)</sup>  | Avantor Funding, Inc.<sup>(a)</sup>  | Avantor Funding, Inc.<sup>(a)</sup>  | Avantor Funding, Inc.<sup>(a)</sup>  |
| 07/15/2028 | &nbsp;&nbsp; 4.625% | 29000 | &nbsp;&nbsp; 28836 |
| 11/01/2029 | &nbsp;&nbsp; 3.875% | 144000 | &nbsp;&nbsp; 137796 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Bausch & Lomb Escrow Corp.<sup>(a)</sup>  | Bausch & Lomb Escrow Corp.<sup>(a)</sup>  | Bausch & Lomb Escrow Corp.<sup>(a)</sup>  | Bausch & Lomb Escrow Corp.<sup>(a)</sup>  |
| 10/01/2028 | &nbsp;&nbsp; 8.375% | 74000 | &nbsp;&nbsp; 77114 |
| Charles River Laboratories International, Inc.<sup>(a)</sup>  | Charles River Laboratories International, Inc.<sup>(a)</sup>  | Charles River Laboratories International, Inc.<sup>(a)</sup>  | Charles River Laboratories International, Inc.<sup>(a)</sup>  |
| 05/01/2028 | &nbsp;&nbsp; 4.250% | 17000 | &nbsp;&nbsp; 16851 |
| CHS/Community Health Systems, Inc.<sup>(a)</sup>  | CHS/Community Health Systems, Inc.<sup>(a)</sup>  | CHS/Community Health Systems, Inc.<sup>(a)</sup>  | CHS/Community Health Systems, Inc.<sup>(a)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 6.875% | 65000 | &nbsp;&nbsp; 57867 |
| 05/15/2030 | &nbsp;&nbsp; 5.250% | 124000 | &nbsp;&nbsp; 116359 |
| 02/15/2031 | &nbsp;&nbsp; 4.750% | 68000 | &nbsp;&nbsp; 60537 |
| 01/15/2032 | &nbsp;&nbsp; 10.875% | 25000 | &nbsp;&nbsp; 27321 |
| Concentra Escrow Issuer Corp.<sup>(a)</sup>  | Concentra Escrow Issuer Corp.<sup>(a)</sup>  | Concentra Escrow Issuer Corp.<sup>(a)</sup>  | Concentra Escrow Issuer Corp.<sup>(a)</sup>  |
| 07/15/2032 | &nbsp;&nbsp; 6.875% | 186000 | &nbsp;&nbsp; 194878 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 03/25/2038 | &nbsp;&nbsp; 4.780% | 240000 | &nbsp;&nbsp; 226669 |
| DaVita, Inc.<sup>(a)</sup>  | DaVita, Inc.<sup>(a)</sup>  | DaVita, Inc.<sup>(a)</sup>  | DaVita, Inc.<sup>(a)</sup>  |
| 07/15/2033 | &nbsp;&nbsp; 6.750% | 70000 | &nbsp;&nbsp; 72628 |
| GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. |
| 12/15/2028 | &nbsp;&nbsp; 4.150% | 157000 | &nbsp;&nbsp; 157448 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 09/01/2030 | &nbsp;&nbsp; 3.500% | 665000 | &nbsp;&nbsp; 639655 |
| IQVIA, Inc.<sup>(a)</sup>  | IQVIA, Inc.<sup>(a)</sup>  | IQVIA, Inc.<sup>(a)</sup>  | IQVIA, Inc.<sup>(a)</sup>  |
| 10/15/2026 | &nbsp;&nbsp; 5.000% | 16000 | &nbsp;&nbsp; 15991 |
| 05/15/2027 | &nbsp;&nbsp; 5.000% | 61000 | &nbsp;&nbsp; 61013 |
| 06/01/2032 | &nbsp;&nbsp; 6.250% | 115000 | &nbsp;&nbsp; 120251 |
| LifePoint Health, Inc.<sup>(a)</sup>  | LifePoint Health, Inc.<sup>(a)</sup>  | LifePoint Health, Inc.<sup>(a)</sup>  | LifePoint Health, Inc.<sup>(a)</sup>  |
| 10/15/2030 | &nbsp;&nbsp; 11.000% | 102000 | &nbsp;&nbsp; 111844 |
| Medline Borrower LP/Co-Issuer, Inc.<sup>(a)</sup>  | Medline Borrower LP/Co-Issuer, Inc.<sup>(a)</sup>  | Medline Borrower LP/Co-Issuer, Inc.<sup>(a)</sup>  | Medline Borrower LP/Co-Issuer, Inc.<sup>(a)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 6.250% | 64000 | &nbsp;&nbsp; 66261 |
| Mozart Debt Merger Sub, Inc.<sup>(a)</sup>  | Mozart Debt Merger Sub, Inc.<sup>(a)</sup>  | Mozart Debt Merger Sub, Inc.<sup>(a)</sup>  | Mozart Debt Merger Sub, Inc.<sup>(a)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 3.875% | 81000 | &nbsp;&nbsp; 79198 |
| 10/01/2029 | &nbsp;&nbsp; 5.250% | 186000 | &nbsp;&nbsp; 187036 |
| Select Medical Corp.<sup>(a)</sup>  | Select Medical Corp.<sup>(a)</sup>  | Select Medical Corp.<sup>(a)</sup>  | Select Medical Corp.<sup>(a)</sup>  |
| 12/01/2032 | &nbsp;&nbsp; 6.250% | 31000 | &nbsp;&nbsp; 30296 |
| Star Parent, Inc.<sup>(a)</sup>  | Star Parent, Inc.<sup>(a)</sup>  | Star Parent, Inc.<sup>(a)</sup>  | Star Parent, Inc.<sup>(a)</sup>  |
| 10/01/2030 | &nbsp;&nbsp; 9.000% | 192000 | &nbsp;&nbsp; 205200 |
| Surgery Center Holdings, Inc.<sup>(a)</sup>  | Surgery Center Holdings, Inc.<sup>(a)</sup>  | Surgery Center Holdings, Inc.<sup>(a)</sup>  | Surgery Center Holdings, Inc.<sup>(a)</sup>  |
| 04/15/2032 | &nbsp;&nbsp; 7.250% | 240000 | &nbsp;&nbsp; 243146 |
| Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
| 11/01/2027 | &nbsp;&nbsp; 5.125% | 98000 | &nbsp;&nbsp; 97995 |
| 06/15/2028 | &nbsp;&nbsp; 4.625% | 65000 | &nbsp;&nbsp; 65101 |
| 10/01/2028 | &nbsp;&nbsp; 6.125% | 52000 | &nbsp;&nbsp; 52211 |
| 01/15/2030 | &nbsp;&nbsp; 4.375% | 313000 | &nbsp;&nbsp; 307382 |
| 05/15/2031 | &nbsp;&nbsp; 6.750% | 89000 | &nbsp;&nbsp; 92544 |
| Tenet Healthcare Corp.<sup>(a)</sup>  | Tenet Healthcare Corp.<sup>(a)</sup>  | Tenet Healthcare Corp.<sup>(a)</sup>  | Tenet Healthcare Corp.<sup>(a)</sup>  |
| 11/15/2032 | &nbsp;&nbsp; 5.500% | 241000 | &nbsp;&nbsp; 244433 |
| 11/15/2033 | &nbsp;&nbsp; 6.000% | 84000 | &nbsp;&nbsp; 86491 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **4123499** |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Healthcare Insurance 0.5%** | **Healthcare Insurance 0.5%** | **Healthcare Insurance 0.5%** | **Healthcare Insurance 0.5%** |
| Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
| 10/15/2030 | &nbsp;&nbsp; 3.000% | 782000 | &nbsp;&nbsp; 699704 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 01/15/2031 | &nbsp;&nbsp; 4.650% | 362000 | &nbsp;&nbsp; 369582 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1069286** |
| **Home Construction 0.1%** | **Home Construction 0.1%** | **Home Construction 0.1%** | **Home Construction 0.1%** |
| Shea Homes LP/Funding Corp. | Shea Homes LP/Funding Corp. | Shea Homes LP/Funding Corp. | Shea Homes LP/Funding Corp. |
| 02/15/2028 | &nbsp;&nbsp; 4.750% | 110000 | &nbsp;&nbsp; 109316 |
| Taylor Morrison Communities, Inc.<sup>(a)</sup>  | Taylor Morrison Communities, Inc.<sup>(a)</sup>  | Taylor Morrison Communities, Inc.<sup>(a)</sup>  | Taylor Morrison Communities, Inc.<sup>(a)</sup>  |
| 01/15/2028 | &nbsp;&nbsp; 5.750% | 52000 | &nbsp;&nbsp; 52932 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **162248** |
| **Independent Energy 0.9%** | **Independent Energy 0.9%** | **Independent Energy 0.9%** | **Independent Energy 0.9%** |
| APA Corp. | APA Corp. | APA Corp. | APA Corp. |
| 02/15/2055 | &nbsp;&nbsp; 6.750% | 36000 | &nbsp;&nbsp; 35938 |
| Civitas Resources, Inc.<sup>(a)</sup>  | Civitas Resources, Inc.<sup>(a)</sup>  | Civitas Resources, Inc.<sup>(a)</sup>  | Civitas Resources, Inc.<sup>(a)</sup>  |
| 07/01/2028 | &nbsp;&nbsp; 8.375% | 45000 | &nbsp;&nbsp; 46409 |
| 11/01/2030 | &nbsp;&nbsp; 8.625% | 17000 | &nbsp;&nbsp; 17802 |
| 07/01/2031 | &nbsp;&nbsp; 8.750% | 154000 | &nbsp;&nbsp; 159858 |
| 06/15/2033 | &nbsp;&nbsp; 9.625% | 188000 | &nbsp;&nbsp; 202665 |
| CNX Resources Corp.<sup>(a)</sup>  | CNX Resources Corp.<sup>(a)</sup>  | CNX Resources Corp.<sup>(a)</sup>  | CNX Resources Corp.<sup>(a)</sup>  |
| 01/15/2029 | &nbsp;&nbsp; 6.000% | 88000 | &nbsp;&nbsp; 88691 |
| 03/01/2032 | &nbsp;&nbsp; 7.250% | 54000 | &nbsp;&nbsp; 56431 |
| Colgate Energy Partners III LLC<sup>(a)</sup>  | Colgate Energy Partners III LLC<sup>(a)</sup>  | Colgate Energy Partners III LLC<sup>(a)</sup>  | Colgate Energy Partners III LLC<sup>(a)</sup>  |
| 07/01/2029 | &nbsp;&nbsp; 5.875% | 163000 | &nbsp;&nbsp; 163761 |
| Comstock Resources, Inc.<sup>(a)</sup>  | Comstock Resources, Inc.<sup>(a)</sup>  | Comstock Resources, Inc.<sup>(a)</sup>  | Comstock Resources, Inc.<sup>(a)</sup>  |
| 03/01/2029 | &nbsp;&nbsp; 6.750% | 32000 | &nbsp;&nbsp; 32000 |
| 01/15/2030 | &nbsp;&nbsp; 5.875% | 16000 | &nbsp;&nbsp; 15570 |
| Hilcorp Energy I LP/Finance Co.<sup>(a)</sup>  | Hilcorp Energy I LP/Finance Co.<sup>(a)</sup>  | Hilcorp Energy I LP/Finance Co.<sup>(a)</sup>  | Hilcorp Energy I LP/Finance Co.<sup>(a)</sup>  |
| 11/01/2028 | &nbsp;&nbsp; 6.250% | 83000 | &nbsp;&nbsp; 83651 |
| 04/15/2032 | &nbsp;&nbsp; 6.250% | 100000 | &nbsp;&nbsp; 94075 |
| 11/01/2033 | &nbsp;&nbsp; 8.375% | 81000 | &nbsp;&nbsp; 82605 |
| 02/15/2035 | &nbsp;&nbsp; 7.250% | 160000 | &nbsp;&nbsp; 152065 |
| Matador Resources Co.<sup>(a)</sup>  | Matador Resources Co.<sup>(a)</sup>  | Matador Resources Co.<sup>(a)</sup>  | Matador Resources Co.<sup>(a)</sup>  |
| 04/15/2028 | &nbsp;&nbsp; 6.875% | 35000 | &nbsp;&nbsp; 35746 |
| 04/15/2032 | &nbsp;&nbsp; 6.500% | 94000 | &nbsp;&nbsp; 95189 |
| 04/15/2033 | &nbsp;&nbsp; 6.250% | 96000 | &nbsp;&nbsp; 95979 |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 10/01/2054 | &nbsp;&nbsp; 6.050% | 124000 | &nbsp;&nbsp; 118240 |
| Permian Resources Operating LLC<sup>(a)</sup>  | Permian Resources Operating LLC<sup>(a)</sup>  | Permian Resources Operating LLC<sup>(a)</sup>  | Permian Resources Operating LLC<sup>(a)</sup>  |
| 04/15/2027 | &nbsp;&nbsp; 8.000% | 72000 | &nbsp;&nbsp; 72909 |
| 01/15/2032 | &nbsp;&nbsp; 7.000% | 115000 | &nbsp;&nbsp; 119782 |
| 02/01/2033 | &nbsp;&nbsp; 6.250% | 58000 | &nbsp;&nbsp; 59513 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| SM Energy Co.<sup>(a)</sup>  | SM Energy Co.<sup>(a)</sup>  | SM Energy Co.<sup>(a)</sup>  | SM Energy Co.<sup>(a)</sup>  |
| 08/01/2029 | &nbsp;&nbsp; 6.750% | 58000 | &nbsp;&nbsp; 58432 |
| 08/01/2032 | &nbsp;&nbsp; 7.000% | 76000 | &nbsp;&nbsp; 74780 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1962091** |
| **Leisure 0.7%** | **Leisure 0.7%** | **Leisure 0.7%** | **Leisure 0.7%** |
| Boyne USA, Inc.<sup>(a)</sup>  | Boyne USA, Inc.<sup>(a)</sup>  | Boyne USA, Inc.<sup>(a)</sup>  | Boyne USA, Inc.<sup>(a)</sup>  |
| 05/15/2029 | &nbsp;&nbsp; 4.750% | 22000 | &nbsp;&nbsp; 21696 |
| Carnival Corp.<sup>(a)</sup>  | Carnival Corp.<sup>(a)</sup>  | Carnival Corp.<sup>(a)</sup>  | Carnival Corp.<sup>(a)</sup>  |
| 03/15/2030 | &nbsp;&nbsp; 5.750% | 87000 | &nbsp;&nbsp; 89557 |
| 08/01/2032 | &nbsp;&nbsp; 5.750% | 195000 | &nbsp;&nbsp; 200343 |
| 02/15/2033 | &nbsp;&nbsp; 6.125% | 83000 | &nbsp;&nbsp; 85683 |
| Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium <br> Op | Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium <br> Op | Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium <br> Op | Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium <br> Op |
| 04/15/2027 | &nbsp;&nbsp; 5.375% | 69000 | &nbsp;&nbsp; 68682 |
| 10/01/2028 | &nbsp;&nbsp; 6.500% | 83000 | &nbsp;&nbsp; 81341 |
| NCL Corp., Ltd.<sup>(a)</sup>  | NCL Corp., Ltd.<sup>(a)</sup>  | NCL Corp., Ltd.<sup>(a)</sup>  | NCL Corp., Ltd.<sup>(a)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 5.875% | 139000 | &nbsp;&nbsp; 138521 |
| 02/01/2032 | &nbsp;&nbsp; 6.750% | 88000 | &nbsp;&nbsp; 90137 |
| 09/15/2033 | &nbsp;&nbsp; 6.250% | 85000 | &nbsp;&nbsp; 84980 |
| Six Flags Entertainment Corp.<sup>(a)</sup>  | Six Flags Entertainment Corp.<sup>(a)</sup>  | Six Flags Entertainment Corp.<sup>(a)</sup>  | Six Flags Entertainment Corp.<sup>(a)</sup>  |
| 05/15/2031 | &nbsp;&nbsp; 7.250% | 250000 | &nbsp;&nbsp; 240117 |
| Six Flags Entertainment Corp./Theme Parks, Inc.<sup>(a)</sup>  | Six Flags Entertainment Corp./Theme Parks, Inc.<sup>(a)</sup>  | Six Flags Entertainment Corp./Theme Parks, Inc.<sup>(a)</sup>  | Six Flags Entertainment Corp./Theme Parks, Inc.<sup>(a)</sup>  |
| 05/01/2032 | &nbsp;&nbsp; 6.625% | 90000 | &nbsp;&nbsp; 90805 |
| Vail Resorts, Inc.<sup>(a)</sup>  | Vail Resorts, Inc.<sup>(a)</sup>  | Vail Resorts, Inc.<sup>(a)</sup>  | Vail Resorts, Inc.<sup>(a)</sup>  |
| 05/15/2032 | &nbsp;&nbsp; 6.500% | 48000 | &nbsp;&nbsp; 49843 |
| Viking Cruises Ltd.<sup>(a)</sup>  | Viking Cruises Ltd.<sup>(a)</sup>  | Viking Cruises Ltd.<sup>(a)</sup>  | Viking Cruises Ltd.<sup>(a)</sup>  |
| 02/15/2029 | &nbsp;&nbsp; 7.000% | 3000 | &nbsp;&nbsp; 3007 |
| 07/15/2031 | &nbsp;&nbsp; 9.125% | 88000 | &nbsp;&nbsp; 94181 |
| 10/15/2033 | &nbsp;&nbsp; 5.875% | 181000 | &nbsp;&nbsp; 184039 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1522932** |
| **Life Insurance 0.2%** | **Life Insurance 0.2%** | **Life Insurance 0.2%** | **Life Insurance 0.2%** |
| Met Tower Global Funding<sup>(a)</sup>  | Met Tower Global Funding<sup>(a)</sup>  | Met Tower Global Funding<sup>(a)</sup>  | Met Tower Global Funding<sup>(a)</sup>  |
| 04/12/2029 | &nbsp;&nbsp; 5.250% | 426000 | &nbsp;&nbsp; 439992 |
| **Lodging 0.3%** | **Lodging 0.3%** | **Lodging 0.3%** | **Lodging 0.3%** |
| Hilton Domestic Operating Co., Inc.<sup>(a)</sup>  | Hilton Domestic Operating Co., Inc.<sup>(a)</sup>  | Hilton Domestic Operating Co., Inc.<sup>(a)</sup>  | Hilton Domestic Operating Co., Inc.<sup>(a)</sup>  |
| 02/15/2032 | &nbsp;&nbsp; 3.625% | 106000 | &nbsp;&nbsp; 98387 |
| 04/01/2032 | &nbsp;&nbsp; 6.125% | 93000 | &nbsp;&nbsp; 96173 |
| 09/15/2033 | &nbsp;&nbsp; 5.750% | 53000 | &nbsp;&nbsp; 54235 |
| Hilton Grand Vacations Borrower Escrow LLC<sup>(a)</sup>  | Hilton Grand Vacations Borrower Escrow LLC<sup>(a)</sup>  | Hilton Grand Vacations Borrower Escrow LLC<sup>(a)</sup>  | Hilton Grand Vacations Borrower Escrow LLC<sup>(a)</sup>  |
| 07/01/2031 | &nbsp;&nbsp; 4.875% | 44000 | &nbsp;&nbsp; 41086 |
| 01/15/2032 | &nbsp;&nbsp; 6.625% | 115000 | &nbsp;&nbsp; 117952 |
| Hilton Worldwide Finance LLC/Corp. | Hilton Worldwide Finance LLC/Corp. | Hilton Worldwide Finance LLC/Corp. | Hilton Worldwide Finance LLC/Corp. |
| 04/01/2027 | &nbsp;&nbsp; 4.875% | 94000 | &nbsp;&nbsp; 94002 |
| Marriott Ownership Resorts, Inc.<sup>(a)</sup>  | Marriott Ownership Resorts, Inc.<sup>(a)</sup>  | Marriott Ownership Resorts, Inc.<sup>(a)</sup>  | Marriott Ownership Resorts, Inc.<sup>(a)</sup>  |
| 10/01/2033 | &nbsp;&nbsp; 6.500% | 193000 | &nbsp;&nbsp; 185361 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **687196** |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Media and Entertainment 1.1%** | **Media and Entertainment 1.1%** | **Media and Entertainment 1.1%** | **Media and Entertainment 1.1%** |
| Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup>  | Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup>  | Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup>  | Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup>  |
| 04/15/2028 | &nbsp;&nbsp; 7.750% | 111000 | &nbsp;&nbsp; 111045 |
| 06/01/2029 | &nbsp;&nbsp; 7.500% | 145000 | &nbsp;&nbsp; 144043 |
| 04/01/2030 | &nbsp;&nbsp; 7.875% | 114000 | &nbsp;&nbsp; 120231 |
| 02/15/2031 | &nbsp;&nbsp; 7.125% | 93000 | &nbsp;&nbsp; 97335 |
| 03/15/2033 | &nbsp;&nbsp; 7.500% | 94000 | &nbsp;&nbsp; 99570 |
| Gray Media, Inc.<sup>(a)</sup>  | Gray Media, Inc.<sup>(a)</sup>  | Gray Media, Inc.<sup>(a)</sup>  | Gray Media, Inc.<sup>(a)</sup>  |
| 07/15/2032 | &nbsp;&nbsp; 9.625% | 53000 | &nbsp;&nbsp; 55012 |
| 08/15/2033 | &nbsp;&nbsp; 7.250% | 66000 | &nbsp;&nbsp; 67476 |
| iHeartCommunications, Inc.<sup>(a)</sup>  | iHeartCommunications, Inc.<sup>(a)</sup>  | iHeartCommunications, Inc.<sup>(a)</sup>  | iHeartCommunications, Inc.<sup>(a)</sup>  |
| 05/01/2029 | &nbsp;&nbsp; 9.125% | 42901 | &nbsp;&nbsp; 41326 |
| Mav Acquisition Corp.<sup>(a)</sup>  | Mav Acquisition Corp.<sup>(a)</sup>  | Mav Acquisition Corp.<sup>(a)</sup>  | Mav Acquisition Corp.<sup>(a)</sup>  |
| 08/01/2029 | &nbsp;&nbsp; 8.000% | 104000 | &nbsp;&nbsp; 105108 |
| McGraw-Hill Education, Inc.<sup>(a)</sup>  | McGraw-Hill Education, Inc.<sup>(a)</sup>  | McGraw-Hill Education, Inc.<sup>(a)</sup>  | McGraw-Hill Education, Inc.<sup>(a)</sup>  |
| 09/01/2031 | &nbsp;&nbsp; 7.375% | 79000 | &nbsp;&nbsp; 83275 |
| Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| 11/15/2055 | &nbsp;&nbsp; 5.625% | 242000 | &nbsp;&nbsp; 232662 |
| 11/15/2065 | &nbsp;&nbsp; 5.750% | 201000 | &nbsp;&nbsp; 192011 |
| Outfront Media Capital LLC/Corp.<sup>(a)</sup>  | Outfront Media Capital LLC/Corp.<sup>(a)</sup>  | Outfront Media Capital LLC/Corp.<sup>(a)</sup>  | Outfront Media Capital LLC/Corp.<sup>(a)</sup>  |
| 08/15/2027 | &nbsp;&nbsp; 5.000% | 79000 | &nbsp;&nbsp; 79061 |
| 01/15/2029 | &nbsp;&nbsp; 4.250% | 15000 | &nbsp;&nbsp; 14629 |
| 03/15/2030 | &nbsp;&nbsp; 4.625% | 78000 | &nbsp;&nbsp; 76122 |
| 02/15/2031 | &nbsp;&nbsp; 7.375% | 21000 | &nbsp;&nbsp; 22197 |
| Roblox Corp.<sup>(a)</sup>  | Roblox Corp.<sup>(a)</sup>  | Roblox Corp.<sup>(a)</sup>  | Roblox Corp.<sup>(a)</sup>  |
| 05/01/2030 | &nbsp;&nbsp; 3.875% | 52000 | &nbsp;&nbsp; 49693 |
| Snap, Inc.<sup>(a)</sup>  | Snap, Inc.<sup>(a)</sup>  | Snap, Inc.<sup>(a)</sup>  | Snap, Inc.<sup>(a)</sup>  |
| 03/01/2033 | &nbsp;&nbsp; 6.875% | 239000 | &nbsp;&nbsp; 247918 |
| 03/15/2034 | &nbsp;&nbsp; 6.875% | 132000 | &nbsp;&nbsp; 135990 |
| Univision Communications, Inc.<sup>(a)</sup>  | Univision Communications, Inc.<sup>(a)</sup>  | Univision Communications, Inc.<sup>(a)</sup>  | Univision Communications, Inc.<sup>(a)</sup>  |
| 08/15/2028 | &nbsp;&nbsp; 8.000% | 59000 | &nbsp;&nbsp; 61090 |
| 05/01/2029 | &nbsp;&nbsp; 4.500% | 90000 | &nbsp;&nbsp; 86466 |
| WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. |
| 03/15/2032 | &nbsp;&nbsp; 4.279% | 78000 | &nbsp;&nbsp; 68476 |
| 03/15/2042 | &nbsp;&nbsp; 5.050% | 216000 | &nbsp;&nbsp; 152562 |
| 03/15/2052 | &nbsp;&nbsp; 5.141% | 42000 | &nbsp;&nbsp; 27756 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2371054** |
| **Metals and Mining 0.6%** | **Metals and Mining 0.6%** | **Metals and Mining 0.6%** | **Metals and Mining 0.6%** |
| Alcoa Nederland Holding BV<sup>(a)</sup>  | Alcoa Nederland Holding BV<sup>(a)</sup>  | Alcoa Nederland Holding BV<sup>(a)</sup>  | Alcoa Nederland Holding BV<sup>(a)</sup>  |
| 03/15/2031 | &nbsp;&nbsp; 7.125% | 29000 | &nbsp;&nbsp; 30785 |
| Carpenter Technology Corp.<sup>(a)</sup>  | Carpenter Technology Corp.<sup>(a)</sup>  | Carpenter Technology Corp.<sup>(a)</sup>  | Carpenter Technology Corp.<sup>(a)</sup>  |
| 03/01/2034 | &nbsp;&nbsp; 5.625% | 80000 | &nbsp;&nbsp; 81322 |
| Cleveland-Cliffs, Inc.<sup>(a)</sup>  | Cleveland-Cliffs, Inc.<sup>(a)</sup>  | Cleveland-Cliffs, Inc.<sup>(a)</sup>  | Cleveland-Cliffs, Inc.<sup>(a)</sup>  |
| 11/01/2029 | &nbsp;&nbsp; 6.875% | 29000 | &nbsp;&nbsp; 30018 |
| 03/15/2032 | &nbsp;&nbsp; 7.000% | 15000 | &nbsp;&nbsp; 15374 |
| 05/01/2033 | &nbsp;&nbsp; 7.375% | 16000 | &nbsp;&nbsp; 16634 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Compass Minerals International, Inc.<sup>(a)</sup>  | Compass Minerals International, Inc.<sup>(a)</sup>  | Compass Minerals International, Inc.<sup>(a)</sup>  | Compass Minerals International, Inc.<sup>(a)</sup>  |
| 07/01/2030 | &nbsp;&nbsp; 8.000% | 45000 | &nbsp;&nbsp; 47089 |
| Constellium SE<sup>(a)</sup>  | Constellium SE<sup>(a)</sup>  | Constellium SE<sup>(a)</sup>  | Constellium SE<sup>(a)</sup>  |
| 06/15/2028 | &nbsp;&nbsp; 5.625% | 88000 | &nbsp;&nbsp; 88027 |
| 04/15/2029 | &nbsp;&nbsp; 3.750% | 127000 | &nbsp;&nbsp; 122619 |
| 08/15/2032 | &nbsp;&nbsp; 6.375% | 97000 | &nbsp;&nbsp; 100047 |
| Hudbay Minerals, Inc.<sup>(a)</sup>  | Hudbay Minerals, Inc.<sup>(a)</sup>  | Hudbay Minerals, Inc.<sup>(a)</sup>  | Hudbay Minerals, Inc.<sup>(a)</sup>  |
| 04/01/2026 | &nbsp;&nbsp; 4.500% | 36000 | &nbsp;&nbsp; 36031 |
| 04/01/2029 | &nbsp;&nbsp; 6.125% | 143000 | &nbsp;&nbsp; 144923 |
| Kaiser Aluminum Corp.<sup>(a)</sup>  | Kaiser Aluminum Corp.<sup>(a)</sup>  | Kaiser Aluminum Corp.<sup>(a)</sup>  | Kaiser Aluminum Corp.<sup>(a)</sup>  |
| 06/01/2031 | &nbsp;&nbsp; 4.500% | 148000 | &nbsp;&nbsp; 143037 |
| 03/01/2034 | &nbsp;&nbsp; 5.875% | 146000 | &nbsp;&nbsp; 146584 |
| Novelis Corp.<sup>(a)</sup>  | Novelis Corp.<sup>(a)</sup>  | Novelis Corp.<sup>(a)</sup>  | Novelis Corp.<sup>(a)</sup>  |
| 01/30/2030 | &nbsp;&nbsp; 4.750% | 120000 | &nbsp;&nbsp; 115984 |
| 08/15/2031 | &nbsp;&nbsp; 3.875% | 88000 | &nbsp;&nbsp; 80040 |
| 08/15/2033 | &nbsp;&nbsp; 6.375% | 78000 | &nbsp;&nbsp; 79127 |
| Novelis, Inc.<sup>(a)</sup>  | Novelis, Inc.<sup>(a)</sup>  | Novelis, Inc.<sup>(a)</sup>  | Novelis, Inc.<sup>(a)</sup>  |
| 01/30/2030 | &nbsp;&nbsp; 6.875% | 29000 | &nbsp;&nbsp; 30098 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1307739** |
| **Midstream 2.3%** | **Midstream 2.3%** | **Midstream 2.3%** | **Midstream 2.3%** |
| AmeriGas Partners LP/Finance Corp.<sup>(a)</sup>  | AmeriGas Partners LP/Finance Corp.<sup>(a)</sup>  | AmeriGas Partners LP/Finance Corp.<sup>(a)</sup>  | AmeriGas Partners LP/Finance Corp.<sup>(a)</sup>  |
| 06/01/2030 | &nbsp;&nbsp; 9.500% | 109000 | &nbsp;&nbsp; 116146 |
| Antero Midstream Partners LP/Finance Corp.<sup>(a)</sup>  | Antero Midstream Partners LP/Finance Corp.<sup>(a)</sup>  | Antero Midstream Partners LP/Finance Corp.<sup>(a)</sup>  | Antero Midstream Partners LP/Finance Corp.<sup>(a)</sup>  |
| 02/01/2032 | &nbsp;&nbsp; 6.625% | 52000 | &nbsp;&nbsp; 53927 |
| CNX Midstream Partners LP<sup>(a)</sup>  | CNX Midstream Partners LP<sup>(a)</sup>  | CNX Midstream Partners LP<sup>(a)</sup>  | CNX Midstream Partners LP<sup>(a)</sup>  |
| 04/15/2030 | &nbsp;&nbsp; 4.750% | 162000 | &nbsp;&nbsp; 156897 |
| Delek Logistics Partners LP/Finance Corp.<sup>(a)</sup>  | Delek Logistics Partners LP/Finance Corp.<sup>(a)</sup>  | Delek Logistics Partners LP/Finance Corp.<sup>(a)</sup>  | Delek Logistics Partners LP/Finance Corp.<sup>(a)</sup>  |
| 03/15/2029 | &nbsp;&nbsp; 8.625% | 232000 | &nbsp;&nbsp; 242506 |
| 06/30/2033 | &nbsp;&nbsp; 7.375% | 181000 | &nbsp;&nbsp; 184730 |
| Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
| 04/05/2027 | &nbsp;&nbsp; 5.250% | 240000 | &nbsp;&nbsp; 243389 |
| Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup>  | Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup>  | Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup>  | Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup>  |
| 03/31/2036 | &nbsp;&nbsp; 2.625% | 624000 | &nbsp;&nbsp; 551460 |
| 09/30/2040 | &nbsp;&nbsp; 3.250% | 200000 | &nbsp;&nbsp; 163831 |
| Greensaif Pipelines Bidco Sarl<sup>(a)</sup>  | Greensaif Pipelines Bidco Sarl<sup>(a)</sup>  | Greensaif Pipelines Bidco Sarl<sup>(a)</sup>  | Greensaif Pipelines Bidco Sarl<sup>(a)</sup>  |
| 02/23/2038 | &nbsp;&nbsp; 6.129% | 400000 | &nbsp;&nbsp; 425543 |
| Hess Midstream Operations LP<sup>(a)</sup>  | Hess Midstream Operations LP<sup>(a)</sup>  | Hess Midstream Operations LP<sup>(a)</sup>  | Hess Midstream Operations LP<sup>(a)</sup>  |
| 03/01/2028 | &nbsp;&nbsp; 5.875% | 38000 | &nbsp;&nbsp; 38710 |
| 10/15/2030 | &nbsp;&nbsp; 5.500% | 38000 | &nbsp;&nbsp; 38411 |
| ITT Holdings LLC<sup>(a)</sup>  | ITT Holdings LLC<sup>(a)</sup>  | ITT Holdings LLC<sup>(a)</sup>  | ITT Holdings LLC<sup>(a)</sup>  |
| 08/01/2029 | &nbsp;&nbsp; 6.500% | 15000 | &nbsp;&nbsp; 14386 |
| NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
| 06/01/2026 | &nbsp;&nbsp; 6.000% | 132000 | &nbsp;&nbsp; 132235 |
| 04/28/2027 | &nbsp;&nbsp; 5.625% | 72000 | &nbsp;&nbsp; 72762 |
| Rockies Express Pipeline LLC<sup>(a)</sup>  | Rockies Express Pipeline LLC<sup>(a)</sup>  | Rockies Express Pipeline LLC<sup>(a)</sup>  | Rockies Express Pipeline LLC<sup>(a)</sup>  |
| 03/15/2033 | &nbsp;&nbsp; 6.750% | 38000 | &nbsp;&nbsp; 40100 |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Sunoco LP<sup>(a),(h),(i)</sup>  | Sunoco LP<sup>(a),(h),(i)</sup>  | Sunoco LP<sup>(a),(h),(i)</sup>  | Sunoco LP<sup>(a),(h),(i)</sup>  |
|  | &nbsp;&nbsp; 7.875% | 155000 | &nbsp;&nbsp; 158953 |
| Sunoco LP<sup>(a)</sup>  | Sunoco LP<sup>(a)</sup>  | Sunoco LP<sup>(a)</sup>  | Sunoco LP<sup>(a)</sup>  |
| 05/01/2029 | &nbsp;&nbsp; 7.000% | 66000 | &nbsp;&nbsp; 68817 |
| 05/01/2032 | &nbsp;&nbsp; 7.250% | 62000 | &nbsp;&nbsp; 65489 |
| 07/01/2033 | &nbsp;&nbsp; 6.250% | 85000 | &nbsp;&nbsp; 87056 |
| Sunoco LP/Finance Corp.<sup>(a)</sup>  | Sunoco LP/Finance Corp.<sup>(a)</sup>  | Sunoco LP/Finance Corp.<sup>(a)</sup>  | Sunoco LP/Finance Corp.<sup>(a)</sup>  |
| 09/15/2028 | &nbsp;&nbsp; 7.000% | 45000 | &nbsp;&nbsp; 46420 |
| TransMontaigne Partners LLC<sup>(a)</sup>  | TransMontaigne Partners LLC<sup>(a)</sup>  | TransMontaigne Partners LLC<sup>(a)</sup>  | TransMontaigne Partners LLC<sup>(a)</sup>  |
| 06/15/2030 | &nbsp;&nbsp; 8.500% | 156000 | &nbsp;&nbsp; 157561 |
| Venture Global Calcasieu Pass LLC<sup>(a)</sup>  | Venture Global Calcasieu Pass LLC<sup>(a)</sup>  | Venture Global Calcasieu Pass LLC<sup>(a)</sup>  | Venture Global Calcasieu Pass LLC<sup>(a)</sup>  |
| 08/15/2029 | &nbsp;&nbsp; 3.875% | 81000 | &nbsp;&nbsp; 76083 |
| 08/15/2031 | &nbsp;&nbsp; 4.125% | 106000 | &nbsp;&nbsp; 96445 |
| 11/01/2033 | &nbsp;&nbsp; 3.875% | 58000 | &nbsp;&nbsp; 49785 |
| Venture Global LNG, Inc.<sup>(a),(h),(i)</sup>  | Venture Global LNG, Inc.<sup>(a),(h),(i)</sup>  | Venture Global LNG, Inc.<sup>(a),(h),(i)</sup>  | Venture Global LNG, Inc.<sup>(a),(h),(i)</sup>  |
|  | &nbsp;&nbsp; 9.000% | 186000 | &nbsp;&nbsp; 146973 |
| Venture Global LNG, Inc.<sup>(a)</sup>  | Venture Global LNG, Inc.<sup>(a)</sup>  | Venture Global LNG, Inc.<sup>(a)</sup>  | Venture Global LNG, Inc.<sup>(a)</sup>  |
| 02/01/2029 | &nbsp;&nbsp; 9.500% | 75000 | &nbsp;&nbsp; 77830 |
| 01/15/2030 | &nbsp;&nbsp; 7.000% | 49000 | &nbsp;&nbsp; 47130 |
| 06/01/2031 | &nbsp;&nbsp; 8.375% | 69000 | &nbsp;&nbsp; 68629 |
| 02/01/2032 | &nbsp;&nbsp; 9.875% | 75000 | &nbsp;&nbsp; 77469 |
| Venture Global Plaquemines LNG LLC<sup>(a)</sup>  | Venture Global Plaquemines LNG LLC<sup>(a)</sup>  | Venture Global Plaquemines LNG LLC<sup>(a)</sup>  | Venture Global Plaquemines LNG LLC<sup>(a)</sup>  |
| 12/15/2030 | &nbsp;&nbsp; 6.125% | 39000 | &nbsp;&nbsp; 39707 |
| 05/01/2033 | &nbsp;&nbsp; 7.500% | 59000 | &nbsp;&nbsp; 63771 |
| 01/15/2034 | &nbsp;&nbsp; 6.500% | 136000 | &nbsp;&nbsp; 139225 |
| 06/15/2034 | &nbsp;&nbsp; 6.500% | 51000 | &nbsp;&nbsp; 52137 |
| 05/01/2035 | &nbsp;&nbsp; 7.750% | 59000 | &nbsp;&nbsp; 64599 |
| 01/15/2036 | &nbsp;&nbsp; 6.750% | 307000 | &nbsp;&nbsp; 314223 |
| Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP |
| 01/15/2029 | &nbsp;&nbsp; 6.350% | 117000 | &nbsp;&nbsp; 123170 |
| Williams Companies, Inc. (The) | Williams Companies, Inc. (The) | Williams Companies, Inc. (The) | Williams Companies, Inc. (The) |
| 08/15/2028 | &nbsp;&nbsp; 5.300% | 505000 | &nbsp;&nbsp; 519954 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **5016459** |
| **Oil Field Services 0.5%** | **Oil Field Services 0.5%** | **Oil Field Services 0.5%** | **Oil Field Services 0.5%** |
| Archrock Partners LP/Finance Corp.<sup>(a)</sup>  | Archrock Partners LP/Finance Corp.<sup>(a)</sup>  | Archrock Partners LP/Finance Corp.<sup>(a)</sup>  | Archrock Partners LP/Finance Corp.<sup>(a)</sup>  |
| 09/01/2032 | &nbsp;&nbsp; 6.625% | 44000 | &nbsp;&nbsp; 45322 |
| Kodiak Gas Services LLC<sup>(a)</sup>  | Kodiak Gas Services LLC<sup>(a)</sup>  | Kodiak Gas Services LLC<sup>(a)</sup>  | Kodiak Gas Services LLC<sup>(a)</sup>  |
| 02/15/2029 | &nbsp;&nbsp; 7.250% | 28000 | &nbsp;&nbsp; 29087 |
| 10/01/2033 | &nbsp;&nbsp; 6.500% | 77000 | &nbsp;&nbsp; 78598 |
| 10/01/2035 | &nbsp;&nbsp; 6.750% | 43000 | &nbsp;&nbsp; 44207 |
| Nabors Industries, Inc.<sup>(a)</sup>  | Nabors Industries, Inc.<sup>(a)</sup>  | Nabors Industries, Inc.<sup>(a)</sup>  | Nabors Industries, Inc.<sup>(a)</sup>  |
| 01/31/2030 | &nbsp;&nbsp; 9.125% | 94000 | &nbsp;&nbsp; 98815 |
| 08/15/2031 | &nbsp;&nbsp; 8.875% | 114000 | &nbsp;&nbsp; 110609 |
| 11/15/2032 | &nbsp;&nbsp; 7.625% | 55000 | &nbsp;&nbsp; 54048 |
| Transocean Aquila Ltd.<sup>(a)</sup>  | Transocean Aquila Ltd.<sup>(a)</sup>  | Transocean Aquila Ltd.<sup>(a)</sup>  | Transocean Aquila Ltd.<sup>(a)</sup>  |
| 09/30/2028 | &nbsp;&nbsp; 8.000% | 88216 | &nbsp;&nbsp; 90390 |
| Transocean Titan Financing Ltd.<sup>(a)</sup>  | Transocean Titan Financing Ltd.<sup>(a)</sup>  | Transocean Titan Financing Ltd.<sup>(a)</sup>  | Transocean Titan Financing Ltd.<sup>(a)</sup>  |
| 02/01/2028 | &nbsp;&nbsp; 8.375% | 182952 | &nbsp;&nbsp; 186874 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Transocean, Inc.<sup>(a)</sup>  | Transocean, Inc.<sup>(a)</sup>  | Transocean, Inc.<sup>(a)</sup>  | Transocean, Inc.<sup>(a)</sup>  |
| 05/15/2029 | &nbsp;&nbsp; 8.250% | 23000 | &nbsp;&nbsp; 23136 |
| 05/15/2031 | &nbsp;&nbsp; 8.500% | 96000 | &nbsp;&nbsp; 95004 |
| USA Compression Partners LP/Finance Corp.<sup>(a)</sup>  | USA Compression Partners LP/Finance Corp.<sup>(a)</sup>  | USA Compression Partners LP/Finance Corp.<sup>(a)</sup>  | USA Compression Partners LP/Finance Corp.<sup>(a)</sup>  |
| 03/15/2029 | &nbsp;&nbsp; 7.125% | 220000 | &nbsp;&nbsp; 227835 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1083925** |
| **Other Industry 0.0%** | **Other Industry 0.0%** | **Other Industry 0.0%** | **Other Industry 0.0%** |
| Williams Scotsman International, Inc.<sup>(a)</sup>  | Williams Scotsman International, Inc.<sup>(a)</sup>  | Williams Scotsman International, Inc.<sup>(a)</sup>  | Williams Scotsman International, Inc.<sup>(a)</sup>  |
| 08/15/2028 | &nbsp;&nbsp; 4.625% | 32000 | &nbsp;&nbsp; 31878 |
| Williams Scotsman, Inc.<sup>(a)</sup>  | Williams Scotsman, Inc.<sup>(a)</sup>  | Williams Scotsman, Inc.<sup>(a)</sup>  | Williams Scotsman, Inc.<sup>(a)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 6.625% | 30000 | &nbsp;&nbsp; 30939 |
| 04/15/2030 | &nbsp;&nbsp; 6.625% | 38000 | &nbsp;&nbsp; 39301 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **102118** |
| **Other REIT 0.2%** | **Other REIT 0.2%** | **Other REIT 0.2%** | **Other REIT 0.2%** |
| Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup>  | Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup>  | Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup>  | Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 4.750% | 86000 | &nbsp;&nbsp; 85075 |
| 07/15/2031 | &nbsp;&nbsp; 7.000% | 45000 | &nbsp;&nbsp; 47713 |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(a)</sup>  | Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(a)</sup>  | Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(a)</sup>  | Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(a)</sup>  |
| 10/01/2028 | &nbsp;&nbsp; 5.875% | 73000 | &nbsp;&nbsp; 73029 |
| 05/15/2029 | &nbsp;&nbsp; 4.875% | 32000 | &nbsp;&nbsp; 31225 |
| 02/01/2030 | &nbsp;&nbsp; 7.000% | 29000 | &nbsp;&nbsp; 29727 |
| RHP Hotel Properties LP/Finance Corp.<sup>(a)</sup>  | RHP Hotel Properties LP/Finance Corp.<sup>(a)</sup>  | RHP Hotel Properties LP/Finance Corp.<sup>(a)</sup>  | RHP Hotel Properties LP/Finance Corp.<sup>(a)</sup>  |
| 07/15/2028 | &nbsp;&nbsp; 7.250% | 18000 | &nbsp;&nbsp; 18547 |
| 02/15/2029 | &nbsp;&nbsp; 4.500% | 15000 | &nbsp;&nbsp; 14859 |
| 04/01/2032 | &nbsp;&nbsp; 6.500% | 51000 | &nbsp;&nbsp; 52911 |
| 06/15/2033 | &nbsp;&nbsp; 6.500% | 53000 | &nbsp;&nbsp; 54993 |
| RLJ Lodging Trust LP<sup>(a)</sup>  | RLJ Lodging Trust LP<sup>(a)</sup>  | RLJ Lodging Trust LP<sup>(a)</sup>  | RLJ Lodging Trust LP<sup>(a)</sup>  |
| 07/01/2026 | &nbsp;&nbsp; 3.750% | 20000 | &nbsp;&nbsp; 19841 |
| Service Properties Trust | Service Properties Trust | Service Properties Trust | Service Properties Trust |
| 06/15/2029 | &nbsp;&nbsp; 8.375% | 35000 | &nbsp;&nbsp; 35229 |
| Service Properties Trust<sup>(a)</sup>  | Service Properties Trust<sup>(a)</sup>  | Service Properties Trust<sup>(a)</sup>  | Service Properties Trust<sup>(a)</sup>  |
| 11/15/2031 | &nbsp;&nbsp; 8.625% | 42000 | &nbsp;&nbsp; 44145 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **507294** |
| **Packaging 0.2%** | **Packaging 0.2%** | **Packaging 0.2%** | **Packaging 0.2%** |
| Ardagh Metal Packaging Finance USA LLC/PLC<sup>(a)</sup>  | Ardagh Metal Packaging Finance USA LLC/PLC<sup>(a)</sup>  | Ardagh Metal Packaging Finance USA LLC/PLC<sup>(a)</sup>  | Ardagh Metal Packaging Finance USA LLC/PLC<sup>(a)</sup>  |
| 09/01/2029 | &nbsp;&nbsp; 4.000% | 211000 | &nbsp;&nbsp; 198613 |
| Clydesdale Acquisition Holdings, Inc.<sup>(a)</sup>  | Clydesdale Acquisition Holdings, Inc.<sup>(a)</sup>  | Clydesdale Acquisition Holdings, Inc.<sup>(a)</sup>  | Clydesdale Acquisition Holdings, Inc.<sup>(a)</sup>  |
| 04/15/2030 | &nbsp;&nbsp; 8.750% | 168000 | &nbsp;&nbsp; 170829 |
| 04/15/2032 | &nbsp;&nbsp; 6.750% | 37000 | &nbsp;&nbsp; 38091 |
| Silgan Holdings, Inc. | Silgan Holdings, Inc. | Silgan Holdings, Inc. | Silgan Holdings, Inc. |
| 02/01/2028 | &nbsp;&nbsp; 4.125% | 120000 | &nbsp;&nbsp; 118298 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **525831** |
| **Pharmaceuticals 0.6%** | **Pharmaceuticals 0.6%** | **Pharmaceuticals 0.6%** | **Pharmaceuticals 0.6%** |
| 1261229 BC Ltd.<sup>(a)</sup>  | 1261229 BC Ltd.<sup>(a)</sup>  | 1261229 BC Ltd.<sup>(a)</sup>  | 1261229 BC Ltd.<sup>(a)</sup>  |
| 04/15/2032 | &nbsp;&nbsp; 10.000% | 265000 | &nbsp;&nbsp; 276005 |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
| 03/15/2029 | &nbsp;&nbsp; 4.800% | 411000 | &nbsp;&nbsp; 421206 |
| 11/21/2029 | &nbsp;&nbsp; 3.200% | 113000 | &nbsp;&nbsp; 109604 |
| Bausch Health Companies, Inc.<sup>(a)</sup>  | Bausch Health Companies, Inc.<sup>(a)</sup>  | Bausch Health Companies, Inc.<sup>(a)</sup>  | Bausch Health Companies, Inc.<sup>(a)</sup>  |
| 06/01/2028 | &nbsp;&nbsp; 4.875% | 85000 | &nbsp;&nbsp; 76105 |
| 09/30/2028 | &nbsp;&nbsp; 11.000% | 19000 | &nbsp;&nbsp; 19706 |
| Grifols Escrow Issuer SA<sup>(a)</sup>  | Grifols Escrow Issuer SA<sup>(a)</sup>  | Grifols Escrow Issuer SA<sup>(a)</sup>  | Grifols Escrow Issuer SA<sup>(a)</sup>  |
| 10/15/2028 | &nbsp;&nbsp; 4.750% | 204000 | &nbsp;&nbsp; 201487 |
| Jazz Securities DAC<sup>(a)</sup>  | Jazz Securities DAC<sup>(a)</sup>  | Jazz Securities DAC<sup>(a)</sup>  | Jazz Securities DAC<sup>(a)</sup>  |
| 01/15/2029 | &nbsp;&nbsp; 4.375% | 73000 | &nbsp;&nbsp; 72019 |
| Organon Finance 1 LLC<sup>(a)</sup>  | Organon Finance 1 LLC<sup>(a)</sup>  | Organon Finance 1 LLC<sup>(a)</sup>  | Organon Finance 1 LLC<sup>(a)</sup>  |
| 04/30/2028 | &nbsp;&nbsp; 4.125% | 30000 | &nbsp;&nbsp; 29226 |
| 04/30/2031 | &nbsp;&nbsp; 5.125% | 20000 | &nbsp;&nbsp; 16574 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1221932** |
| **Property & Casualty 0.9%** | **Property & Casualty 0.9%** | **Property & Casualty 0.9%** | **Property & Casualty 0.9%** |
| Acrisure LLC/Finance, Inc.<sup>(a)</sup>  | Acrisure LLC/Finance, Inc.<sup>(a)</sup>  | Acrisure LLC/Finance, Inc.<sup>(a)</sup>  | Acrisure LLC/Finance, Inc.<sup>(a)</sup>  |
| 02/01/2029 | &nbsp;&nbsp; 8.250% | 25000 | &nbsp;&nbsp; 25937 |
| 08/01/2029 | &nbsp;&nbsp; 6.000% | 115000 | &nbsp;&nbsp; 113774 |
| 07/01/2032 | &nbsp;&nbsp; 6.750% | 49000 | &nbsp;&nbsp; 50394 |
| Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup>  | Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup>  | Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup>  | Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup>  |
| 10/15/2027 | &nbsp;&nbsp; 4.250% | 104000 | &nbsp;&nbsp; 103343 |
| 10/15/2027 | &nbsp;&nbsp; 6.750% | 18000 | &nbsp;&nbsp; 18032 |
| 04/15/2028 | &nbsp;&nbsp; 6.750% | 90000 | &nbsp;&nbsp; 91650 |
| 11/01/2029 | &nbsp;&nbsp; 5.875% | 59000 | &nbsp;&nbsp; 58940 |
| 01/15/2031 | &nbsp;&nbsp; 7.000% | 78000 | &nbsp;&nbsp; 80933 |
| 10/01/2031 | &nbsp;&nbsp; 6.500% | 41000 | &nbsp;&nbsp; 42309 |
| 10/01/2032 | &nbsp;&nbsp; 7.375% | 161000 | &nbsp;&nbsp; 167221 |
| AmWINS Group, Inc.<sup>(a)</sup>  | AmWINS Group, Inc.<sup>(a)</sup>  | AmWINS Group, Inc.<sup>(a)</sup>  | AmWINS Group, Inc.<sup>(a)</sup>  |
| 02/15/2029 | &nbsp;&nbsp; 6.375% | 61000 | &nbsp;&nbsp; 62616 |
| Ardonagh Finco Ltd.<sup>(a)</sup>  | Ardonagh Finco Ltd.<sup>(a)</sup>  | Ardonagh Finco Ltd.<sup>(a)</sup>  | Ardonagh Finco Ltd.<sup>(a)</sup>  |
| 02/15/2031 | &nbsp;&nbsp; 7.750% | 119000 | &nbsp;&nbsp; 124735 |
| Ardonagh Group Finance Ltd.<sup>(a)</sup>  | Ardonagh Group Finance Ltd.<sup>(a)</sup>  | Ardonagh Group Finance Ltd.<sup>(a)</sup>  | Ardonagh Group Finance Ltd.<sup>(a)</sup>  |
| 02/15/2032 | &nbsp;&nbsp; 8.875% | 245000 | &nbsp;&nbsp; 254642 |
| BroadStreet Partners, Inc.<sup>(a)</sup>  | BroadStreet Partners, Inc.<sup>(a)</sup>  | BroadStreet Partners, Inc.<sup>(a)</sup>  | BroadStreet Partners, Inc.<sup>(a)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 5.875% | 199000 | &nbsp;&nbsp; 198752 |
| Howden UK Refinance PLC/2 PLC/US Refinance LLC<sup>(a)</sup>  | Howden UK Refinance PLC/2 PLC/US Refinance LLC<sup>(a)</sup>  | Howden UK Refinance PLC/2 PLC/US Refinance LLC<sup>(a)</sup>  | Howden UK Refinance PLC/2 PLC/US Refinance LLC<sup>(a)</sup>  |
| 02/15/2032 | &nbsp;&nbsp; 8.125% | 80000 | &nbsp;&nbsp; 82491 |
| HUB International Ltd.<sup>(a)</sup>  | HUB International Ltd.<sup>(a)</sup>  | HUB International Ltd.<sup>(a)</sup>  | HUB International Ltd.<sup>(a)</sup>  |
| 01/31/2032 | &nbsp;&nbsp; 7.375% | 154000 | &nbsp;&nbsp; 161606 |
| HUB International, Ltd.<sup>(a)</sup>  | HUB International, Ltd.<sup>(a)</sup>  | HUB International, Ltd.<sup>(a)</sup>  | HUB International, Ltd.<sup>(a)</sup>  |
| 06/15/2030 | &nbsp;&nbsp; 7.250% | 261000 | &nbsp;&nbsp; 273706 |
| Panther Escrow Issuer LLC<sup>(a)</sup>  | Panther Escrow Issuer LLC<sup>(a)</sup>  | Panther Escrow Issuer LLC<sup>(a)</sup>  | Panther Escrow Issuer LLC<sup>(a)</sup>  |
| 06/01/2031 | &nbsp;&nbsp; 7.125% | 109000 | &nbsp;&nbsp; 112982 |
| Ryan Specialty LLC<sup>(a)</sup>  | Ryan Specialty LLC<sup>(a)</sup>  | Ryan Specialty LLC<sup>(a)</sup>  | Ryan Specialty LLC<sup>(a)</sup>  |
| 08/01/2032 | &nbsp;&nbsp; 5.875% | 52000 | &nbsp;&nbsp; 53171 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2077234** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Railroads 0.3%** | **Railroads 0.3%** | **Railroads 0.3%** | **Railroads 0.3%** |
| Genesee & Wyoming, Inc.<sup>(a)</sup>  | Genesee & Wyoming, Inc.<sup>(a)</sup>  | Genesee & Wyoming, Inc.<sup>(a)</sup>  | Genesee & Wyoming, Inc.<sup>(a)</sup>  |
| 04/15/2032 | &nbsp;&nbsp; 6.250% | 87000 | &nbsp;&nbsp; 89830 |
| Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. |
| 08/01/2030 | &nbsp;&nbsp; 5.050% | 304000 | &nbsp;&nbsp; 315252 |
| Watco Cos LLC/Finance Corp.<sup>(a)</sup>  | Watco Cos LLC/Finance Corp.<sup>(a)</sup>  | Watco Cos LLC/Finance Corp.<sup>(a)</sup>  | Watco Cos LLC/Finance Corp.<sup>(a)</sup>  |
| 08/01/2032 | &nbsp;&nbsp; 7.125% | 198000 | &nbsp;&nbsp; 207308 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **612390** |
| **Restaurants 0.3%** | **Restaurants 0.3%** | **Restaurants 0.3%** | **Restaurants 0.3%** |
| 1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup>  | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup>  | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup>  | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup>  |
| 01/15/2028 | &nbsp;&nbsp; 3.875% | 166000 | &nbsp;&nbsp; 163628 |
| 01/15/2028 | &nbsp;&nbsp; 4.375% | 163000 | &nbsp;&nbsp; 161925 |
| 09/15/2029 | &nbsp;&nbsp; 5.625% | 59000 | &nbsp;&nbsp; 60193 |
| 10/15/2030 | &nbsp;&nbsp; 4.000% | 101000 | &nbsp;&nbsp; 96180 |
| Fertitta Entertainment LLC/Finance Co., Inc.<sup>(a)</sup>  | Fertitta Entertainment LLC/Finance Co., Inc.<sup>(a)</sup>  | Fertitta Entertainment LLC/Finance Co., Inc.<sup>(a)</sup>  | Fertitta Entertainment LLC/Finance Co., Inc.<sup>(a)</sup>  |
| 01/15/2030 | &nbsp;&nbsp; 6.750% | 204000 | &nbsp;&nbsp; 193764 |
| Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. |
| 04/01/2032 | &nbsp;&nbsp; 5.375% | 53000 | &nbsp;&nbsp; 53728 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **729418** |
| **Retailers 0.3%** | **Retailers 0.3%** | **Retailers 0.3%** | **Retailers 0.3%** |
| Advance Auto Parts, Inc.<sup>(a)</sup>  | Advance Auto Parts, Inc.<sup>(a)</sup>  | Advance Auto Parts, Inc.<sup>(a)</sup>  | Advance Auto Parts, Inc.<sup>(a)</sup>  |
| 08/01/2030 | &nbsp;&nbsp; 7.000% | 44000 | &nbsp;&nbsp; 44297 |
| 08/01/2033 | &nbsp;&nbsp; 7.375% | 115000 | &nbsp;&nbsp; 115738 |
| Asbury Automotive Group, Inc.<sup>(a)</sup>  | Asbury Automotive Group, Inc.<sup>(a)</sup>  | Asbury Automotive Group, Inc.<sup>(a)</sup>  | Asbury Automotive Group, Inc.<sup>(a)</sup>  |
| 02/15/2032 | &nbsp;&nbsp; 5.000% | 44000 | &nbsp;&nbsp; 42768 |
| Beach Acquisition Bidco LLC<sup>(a),(g)</sup>  | Beach Acquisition Bidco LLC<sup>(a),(g)</sup>  | Beach Acquisition Bidco LLC<sup>(a),(g)</sup>  | Beach Acquisition Bidco LLC<sup>(a),(g)</sup>  |
| 07/15/2033 | &nbsp;&nbsp; 10.000% | 158000 | &nbsp;&nbsp; 173694 |
| Belron UK Finance PLC<sup>(a)</sup>  | Belron UK Finance PLC<sup>(a)</sup>  | Belron UK Finance PLC<sup>(a)</sup>  | Belron UK Finance PLC<sup>(a)</sup>  |
| 10/15/2029 | &nbsp;&nbsp; 5.750% | 57000 | &nbsp;&nbsp; 58197 |
| Group 1 Automotive, Inc.<sup>(a)</sup>  | Group 1 Automotive, Inc.<sup>(a)</sup>  | Group 1 Automotive, Inc.<sup>(a)</sup>  | Group 1 Automotive, Inc.<sup>(a)</sup>  |
| 08/15/2028 | &nbsp;&nbsp; 4.000% | 21000 | &nbsp;&nbsp; 20598 |
| 01/15/2030 | &nbsp;&nbsp; 6.375% | 22000 | &nbsp;&nbsp; 22625 |
| L Brands, Inc. | L Brands, Inc. | L Brands, Inc. | L Brands, Inc. |
| 11/01/2035 | &nbsp;&nbsp; 6.875% | 46000 | &nbsp;&nbsp; 46542 |
| LCM Investments Holdings II LLC<sup>(a)</sup>  | LCM Investments Holdings II LLC<sup>(a)</sup>  | LCM Investments Holdings II LLC<sup>(a)</sup>  | LCM Investments Holdings II LLC<sup>(a)</sup>  |
| 05/01/2029 | &nbsp;&nbsp; 4.875% | 32000 | &nbsp;&nbsp; 31363 |
| 08/01/2031 | &nbsp;&nbsp; 8.250% | 35000 | &nbsp;&nbsp; 37017 |
| Lithia Motors, Inc.<sup>(a)</sup>  | Lithia Motors, Inc.<sup>(a)</sup>  | Lithia Motors, Inc.<sup>(a)</sup>  | Lithia Motors, Inc.<sup>(a)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 4.375% | 30000 | &nbsp;&nbsp; 28821 |
| Wolverine World Wide, Inc.<sup>(a)</sup>  | Wolverine World Wide, Inc.<sup>(a)</sup>  | Wolverine World Wide, Inc.<sup>(a)</sup>  | Wolverine World Wide, Inc.<sup>(a)</sup>  |
| 08/15/2029 | &nbsp;&nbsp; 4.000% | 119000 | &nbsp;&nbsp; 109983 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **731643** |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Supermarkets 0.0%** | **Supermarkets 0.0%** | **Supermarkets 0.0%** | **Supermarkets 0.0%** |
| Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup>  | Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup>  | Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup>  | Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup>  |
| 01/15/2027 | &nbsp;&nbsp; 4.625% | 58000 | &nbsp;&nbsp; 58001 |
| 02/15/2030 | &nbsp;&nbsp; 4.875% | 49000 | &nbsp;&nbsp; 48618 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **106619** |
| **Technology 3.0%** | **Technology 3.0%** | **Technology 3.0%** | **Technology 3.0%** |
| Amentum Escrow Corp.<sup>(a)</sup>  | Amentum Escrow Corp.<sup>(a)</sup>  | Amentum Escrow Corp.<sup>(a)</sup>  | Amentum Escrow Corp.<sup>(a)</sup>  |
| 08/01/2032 | &nbsp;&nbsp; 7.250% | 139000 | &nbsp;&nbsp; 146540 |
| APLD ComputeCo LLC<sup>(a)</sup>  | APLD ComputeCo LLC<sup>(a)</sup>  | APLD ComputeCo LLC<sup>(a)</sup>  | APLD ComputeCo LLC<sup>(a)</sup>  |
| 12/15/2030 | &nbsp;&nbsp; 9.250% | 285000 | &nbsp;&nbsp; 279536 |
| Block, Inc. | Block, Inc. | Block, Inc. | Block, Inc. |
| 06/01/2026 | &nbsp;&nbsp; 2.750% | 157000 | &nbsp;&nbsp; 155942 |
| 06/01/2031 | &nbsp;&nbsp; 3.500% | 31000 | &nbsp;&nbsp; 29106 |
| 05/15/2032 | &nbsp;&nbsp; 6.500% | 103000 | &nbsp;&nbsp; 107099 |
| Block, Inc.<sup>(a)</sup>  | Block, Inc.<sup>(a)</sup>  | Block, Inc.<sup>(a)</sup>  | Block, Inc.<sup>(a)</sup>  |
| 08/15/2030 | &nbsp;&nbsp; 5.625% | 73000 | &nbsp;&nbsp; 74458 |
| 08/15/2033 | &nbsp;&nbsp; 6.000% | 57000 | &nbsp;&nbsp; 58494 |
| Broadcom, Inc.<sup>(a)</sup>  | Broadcom, Inc.<sup>(a)</sup>  | Broadcom, Inc.<sup>(a)</sup>  | Broadcom, Inc.<sup>(a)</sup>  |
| 11/15/2036 | &nbsp;&nbsp; 3.187% | 246000 | &nbsp;&nbsp; 208730 |
| CACI International, Inc.<sup>(a)</sup>  | CACI International, Inc.<sup>(a)</sup>  | CACI International, Inc.<sup>(a)</sup>  | CACI International, Inc.<sup>(a)</sup>  |
| 06/15/2033 | &nbsp;&nbsp; 6.375% | 98000 | &nbsp;&nbsp; 101430 |
| Central Parent LLC/CDK Global II LLC/Financing, Co., Inc.<sup>(a)</sup>  | Central Parent LLC/CDK Global II LLC/Financing, Co., Inc.<sup>(a)</sup>  | Central Parent LLC/CDK Global II LLC/Financing, Co., Inc.<sup>(a)</sup>  | Central Parent LLC/CDK Global II LLC/Financing, Co., Inc.<sup>(a)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 8.000% | 33000 | &nbsp;&nbsp; 28666 |
| Central Parent, Inc./CDK Global, Inc.<sup>(a)</sup>  | Central Parent, Inc./CDK Global, Inc.<sup>(a)</sup>  | Central Parent, Inc./CDK Global, Inc.<sup>(a)</sup>  | Central Parent, Inc./CDK Global, Inc.<sup>(a)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 7.250% | 39000 | &nbsp;&nbsp; 33109 |
| Cipher Compute LLC<sup>(a)</sup>  | Cipher Compute LLC<sup>(a)</sup>  | Cipher Compute LLC<sup>(a)</sup>  | Cipher Compute LLC<sup>(a)</sup>  |
| 11/15/2030 | &nbsp;&nbsp; 7.125% | 134000 | &nbsp;&nbsp; 136684 |
| Clarivate Science Holdings Corp.<sup>(a)</sup>  | Clarivate Science Holdings Corp.<sup>(a)</sup>  | Clarivate Science Holdings Corp.<sup>(a)</sup>  | Clarivate Science Holdings Corp.<sup>(a)</sup>  |
| 07/01/2029 | &nbsp;&nbsp; 4.875% | 181000 | &nbsp;&nbsp; 171121 |
| Cloud Software Group, Inc,<sup>(a)</sup>  | Cloud Software Group, Inc,<sup>(a)</sup>  | Cloud Software Group, Inc,<sup>(a)</sup>  | Cloud Software Group, Inc,<sup>(a)</sup>  |
| 08/15/2033 | &nbsp;&nbsp; 6.625% | 24000 | &nbsp;&nbsp; 23788 |
| Cloud Software Group, Inc.<sup>(a)</sup>  | Cloud Software Group, Inc.<sup>(a)</sup>  | Cloud Software Group, Inc.<sup>(a)</sup>  | Cloud Software Group, Inc.<sup>(a)</sup>  |
| 09/30/2029 | &nbsp;&nbsp; 9.000% | 213000 | &nbsp;&nbsp; 221830 |
| 06/30/2032 | &nbsp;&nbsp; 8.250% | 81000 | &nbsp;&nbsp; 84783 |
| Condor Merger Sub, Inc.<sup>(a)</sup>  | Condor Merger Sub, Inc.<sup>(a)</sup>  | Condor Merger Sub, Inc.<sup>(a)</sup>  | Condor Merger Sub, Inc.<sup>(a)</sup>  |
| 02/15/2030 | &nbsp;&nbsp; 7.375% | 397000 | &nbsp;&nbsp; 346486 |
| Ellucian Holdings, Inc.<sup>(a)</sup>  | Ellucian Holdings, Inc.<sup>(a)</sup>  | Ellucian Holdings, Inc.<sup>(a)</sup>  | Ellucian Holdings, Inc.<sup>(a)</sup>  |
| 12/01/2029 | &nbsp;&nbsp; 6.500% | 34000 | &nbsp;&nbsp; 34742 |
| Entegris Escrow Corp.<sup>(a)</sup>  | Entegris Escrow Corp.<sup>(a)</sup>  | Entegris Escrow Corp.<sup>(a)</sup>  | Entegris Escrow Corp.<sup>(a)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 4.750% | 76000 | &nbsp;&nbsp; 76211 |
| 06/15/2030 | &nbsp;&nbsp; 5.950% | 152000 | &nbsp;&nbsp; 155001 |
| Fair Isaac Corp.<sup>(a)</sup>  | Fair Isaac Corp.<sup>(a)</sup>  | Fair Isaac Corp.<sup>(a)</sup>  | Fair Isaac Corp.<sup>(a)</sup>  |
| 05/15/2033 | &nbsp;&nbsp; 6.000% | 81000 | &nbsp;&nbsp; 83051 |
| Flash Compute LLC<sup>(a)</sup>  | Flash Compute LLC<sup>(a)</sup>  | Flash Compute LLC<sup>(a)</sup>  | Flash Compute LLC<sup>(a)</sup>  |
| 12/31/2030 | &nbsp;&nbsp; 7.250% | 74000 | &nbsp;&nbsp; 73348 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| GTCR W-2 Merger Sub LLC<sup>(a)</sup>  | GTCR W-2 Merger Sub LLC<sup>(a)</sup>  | GTCR W-2 Merger Sub LLC<sup>(a)</sup>  | GTCR W-2 Merger Sub LLC<sup>(a)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 7.500% | 168000 | &nbsp;&nbsp; 178566 |
| HealthEquity, Inc.<sup>(a)</sup>  | HealthEquity, Inc.<sup>(a)</sup>  | HealthEquity, Inc.<sup>(a)</sup>  | HealthEquity, Inc.<sup>(a)</sup>  |
| 10/01/2029 | &nbsp;&nbsp; 4.500% | 80000 | &nbsp;&nbsp; 78445 |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 03/25/2050 | &nbsp;&nbsp; 4.750% | 220000 | &nbsp;&nbsp; 179771 |
| ION Platform Finance US Inc./SARL<sup>(a)</sup>  | ION Platform Finance US Inc./SARL<sup>(a)</sup>  | ION Platform Finance US Inc./SARL<sup>(a)</sup>  | ION Platform Finance US Inc./SARL<sup>(a)</sup>  |
| 05/01/2028 | &nbsp;&nbsp; 5.000% | 51000 | &nbsp;&nbsp; 47382 |
| 05/15/2028 | &nbsp;&nbsp; 5.750% | 103000 | &nbsp;&nbsp; 97707 |
| 05/30/2029 | &nbsp;&nbsp; 9.500% | 361000 | &nbsp;&nbsp; 365781 |
| ION Platform Finance US, Inc.<sup>(a)</sup>  | ION Platform Finance US, Inc.<sup>(a)</sup>  | ION Platform Finance US, Inc.<sup>(a)</sup>  | ION Platform Finance US, Inc.<sup>(a)</sup>  |
| 09/30/2032 | &nbsp;&nbsp; 7.875% | 150000 | &nbsp;&nbsp; 142448 |
| Iron Mountain, Inc.<sup>(a)</sup>  | Iron Mountain, Inc.<sup>(a)</sup>  | Iron Mountain, Inc.<sup>(a)</sup>  | Iron Mountain, Inc.<sup>(a)</sup>  |
| 09/15/2027 | &nbsp;&nbsp; 4.875% | 215000 | &nbsp;&nbsp; 214715 |
| 01/15/2033 | &nbsp;&nbsp; 6.250% | 38000 | &nbsp;&nbsp; 38332 |
| Minerva Merger Sub, Inc.<sup>(a)</sup>  | Minerva Merger Sub, Inc.<sup>(a)</sup>  | Minerva Merger Sub, Inc.<sup>(a)</sup>  | Minerva Merger Sub, Inc.<sup>(a)</sup>  |
| 02/15/2030 | &nbsp;&nbsp; 6.500% | 188000 | &nbsp;&nbsp; 188063 |
| NCR Atleos Escrow Corp.<sup>(a)</sup>  | NCR Atleos Escrow Corp.<sup>(a)</sup>  | NCR Atleos Escrow Corp.<sup>(a)</sup>  | NCR Atleos Escrow Corp.<sup>(a)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 9.500% | 119000 | &nbsp;&nbsp; 129256 |
| NCR Corp.<sup>(a)</sup>  | NCR Corp.<sup>(a)</sup>  | NCR Corp.<sup>(a)</sup>  | NCR Corp.<sup>(a)</sup>  |
| 10/01/2028 | &nbsp;&nbsp; 5.000% | 98000 | &nbsp;&nbsp; 97279 |
| 04/15/2029 | &nbsp;&nbsp; 5.125% | 27000 | &nbsp;&nbsp; 26814 |
| Neptune Bidco US, Inc.<sup>(a)</sup>  | Neptune Bidco US, Inc.<sup>(a)</sup>  | Neptune Bidco US, Inc.<sup>(a)</sup>  | Neptune Bidco US, Inc.<sup>(a)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 9.290% | 192000 | &nbsp;&nbsp; 192493 |
| 05/15/2031 | &nbsp;&nbsp; 10.375% | 61000 | &nbsp;&nbsp; 62517 |
| NXP BV/Funding LLC/USA, Inc. | NXP BV/Funding LLC/USA, Inc. | NXP BV/Funding LLC/USA, Inc. | NXP BV/Funding LLC/USA, Inc. |
| 01/15/2033 | &nbsp;&nbsp; 5.000% | 194000 | &nbsp;&nbsp; 197043 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 09/26/2065 | &nbsp;&nbsp; 6.100% | 640000 | &nbsp;&nbsp; 565111 |
| Picard Midco, Inc.<sup>(a)</sup>  | Picard Midco, Inc.<sup>(a)</sup>  | Picard Midco, Inc.<sup>(a)</sup>  | Picard Midco, Inc.<sup>(a)</sup>  |
| 03/31/2029 | &nbsp;&nbsp; 6.500% | 250000 | &nbsp;&nbsp; 253244 |
| Science Applications International Corp.<sup>(a)</sup>  | Science Applications International Corp.<sup>(a)</sup>  | Science Applications International Corp.<sup>(a)</sup>  | Science Applications International Corp.<sup>(a)</sup>  |
| 11/01/2033 | &nbsp;&nbsp; 5.875% | 128000 | &nbsp;&nbsp; 129775 |
| Seagate Data Storage Technology Pte Ltd.<sup>(a)</sup>  | Seagate Data Storage Technology Pte Ltd.<sup>(a)</sup>  | Seagate Data Storage Technology Pte Ltd.<sup>(a)</sup>  | Seagate Data Storage Technology Pte Ltd.<sup>(a)</sup>  |
| 12/15/2029 | &nbsp;&nbsp; 8.250% | 54000 | &nbsp;&nbsp; 57324 |
| Sensata Technologies BV<sup>(a)</sup>  | Sensata Technologies BV<sup>(a)</sup>  | Sensata Technologies BV<sup>(a)</sup>  | Sensata Technologies BV<sup>(a)</sup>  |
| 09/01/2030 | &nbsp;&nbsp; 5.875% | 50000 | &nbsp;&nbsp; 50835 |
| Sensata Technologies, Inc.<sup>(a)</sup>  | Sensata Technologies, Inc.<sup>(a)</sup>  | Sensata Technologies, Inc.<sup>(a)</sup>  | Sensata Technologies, Inc.<sup>(a)</sup>  |
| 07/15/2032 | &nbsp;&nbsp; 6.625% | 17000 | &nbsp;&nbsp; 17796 |
| Shift4 Payments LLC/Finance Sub, Inc.<sup>(a)</sup>  | Shift4 Payments LLC/Finance Sub, Inc.<sup>(a)</sup>  | Shift4 Payments LLC/Finance Sub, Inc.<sup>(a)</sup>  | Shift4 Payments LLC/Finance Sub, Inc.<sup>(a)</sup>  |
| 08/15/2032 | &nbsp;&nbsp; 6.750% | 118000 | &nbsp;&nbsp; 121873 |
| SS&C Technologies, Inc.<sup>(a)</sup>  | SS&C Technologies, Inc.<sup>(a)</sup>  | SS&C Technologies, Inc.<sup>(a)</sup>  | SS&C Technologies, Inc.<sup>(a)</sup>  |
| 06/01/2032 | &nbsp;&nbsp; 6.500% | 46000 | &nbsp;&nbsp; 47816 |
| Synaptics, Inc.<sup>(a)</sup>  | Synaptics, Inc.<sup>(a)</sup>  | Synaptics, Inc.<sup>(a)</sup>  | Synaptics, Inc.<sup>(a)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 4.000% | 98000 | &nbsp;&nbsp; 94891 |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| UKG, Inc.<sup>(a)</sup>  | UKG, Inc.<sup>(a)</sup>  | UKG, Inc.<sup>(a)</sup>  | UKG, Inc.<sup>(a)</sup>  |
| 02/01/2031 | &nbsp;&nbsp; 6.875% | 129000 | &nbsp;&nbsp; 132859 |
| WEX, Inc.<sup>(a)</sup>  | WEX, Inc.<sup>(a)</sup>  | WEX, Inc.<sup>(a)</sup>  | WEX, Inc.<sup>(a)</sup>  |
| 03/15/2033 | &nbsp;&nbsp; 6.500% | 97000 | &nbsp;&nbsp; 99397 |
| WULF Compute LLC<sup>(a)</sup>  | WULF Compute LLC<sup>(a)</sup>  | WULF Compute LLC<sup>(a)</sup>  | WULF Compute LLC<sup>(a)</sup>  |
| 10/15/2030 | &nbsp;&nbsp; 7.750% | 63000 | &nbsp;&nbsp; 64896 |
| ZoomInfo Technologies LLC/Finance Corp.<sup>(a)</sup>  | ZoomInfo Technologies LLC/Finance Corp.<sup>(a)</sup>  | ZoomInfo Technologies LLC/Finance Corp.<sup>(a)</sup>  | ZoomInfo Technologies LLC/Finance Corp.<sup>(a)</sup>  |
| 02/01/2029 | &nbsp;&nbsp; 3.875% | 145000 | &nbsp;&nbsp; 137079 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **6639663** |
| **Transportation Services 0.3%** | **Transportation Services 0.3%** | **Transportation Services 0.3%** | **Transportation Services 0.3%** |
| Avis Budget Car Rental LLC/Finance, Inc.<sup>(a)</sup>  | Avis Budget Car Rental LLC/Finance, Inc.<sup>(a)</sup>  | Avis Budget Car Rental LLC/Finance, Inc.<sup>(a)</sup>  | Avis Budget Car Rental LLC/Finance, Inc.<sup>(a)</sup>  |
| 02/15/2031 | &nbsp;&nbsp; 8.000% | 98000 | &nbsp;&nbsp; 100748 |
| 06/15/2032 | &nbsp;&nbsp; 8.375% | 104000 | &nbsp;&nbsp; 107410 |
| ERAC USA Finance LLC<sup>(a)</sup>  | ERAC USA Finance LLC<sup>(a)</sup>  | ERAC USA Finance LLC<sup>(a)</sup>  | ERAC USA Finance LLC<sup>(a)</sup>  |
| 05/01/2028 | &nbsp;&nbsp; 4.600% | 393000 | &nbsp;&nbsp; 398099 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **606257** |
| **Wireless 0.5%** | **Wireless 0.5%** | **Wireless 0.5%** | **Wireless 0.5%** |
| Altice France<sup>(a)</sup>  | Altice France<sup>(a)</sup>  | Altice France<sup>(a)</sup>  | Altice France<sup>(a)</sup>  |
| 03/15/2032 | &nbsp;&nbsp; 6.500% | 213318 | &nbsp;&nbsp; 204575 |
| SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. |
| 02/01/2029 | &nbsp;&nbsp; 3.125% | 112000 | &nbsp;&nbsp; 107039 |
| Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. |
| 11/15/2028 | &nbsp;&nbsp; 6.875% | 88000 | &nbsp;&nbsp; 94451 |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| 01/15/2029 | &nbsp;&nbsp; 4.850% | 559000 | &nbsp;&nbsp; 570944 |
| Vmed O2 UK Financing I PLC<sup>(a)</sup>  | Vmed O2 UK Financing I PLC<sup>(a)</sup>  | Vmed O2 UK Financing I PLC<sup>(a)</sup>  | Vmed O2 UK Financing I PLC<sup>(a)</sup>  |
| 01/31/2031 | &nbsp;&nbsp; 4.250% | 32000 | &nbsp;&nbsp; 29199 |
| 07/15/2031 | &nbsp;&nbsp; 4.750% | 110000 | &nbsp;&nbsp; 101644 |
| 04/15/2032 | &nbsp;&nbsp; 7.750% | 90000 | &nbsp;&nbsp; 93679 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1201531** |
| **Wirelines 0.8%** | **Wirelines 0.8%** | **Wirelines 0.8%** | **Wirelines 0.8%** |
| Fibercop SpA<sup>(a)</sup>  | Fibercop SpA<sup>(a)</sup>  | Fibercop SpA<sup>(a)</sup>  | Fibercop SpA<sup>(a)</sup>  |
| 07/18/2036 | &nbsp;&nbsp; 7.200% | 59000 | &nbsp;&nbsp; 59015 |
| Frontier Communications Holdings LLC<sup>(a)</sup>  | Frontier Communications Holdings LLC<sup>(a)</sup>  | Frontier Communications Holdings LLC<sup>(a)</sup>  | Frontier Communications Holdings LLC<sup>(a)</sup>  |
| 05/15/2030 | &nbsp;&nbsp; 8.750% | 76000 | &nbsp;&nbsp; 79376 |
| 03/15/2031 | &nbsp;&nbsp; 8.625% | 64000 | &nbsp;&nbsp; 67418 |
| Iliad Holding SAS<sup>(a)</sup>  | Iliad Holding SAS<sup>(a)</sup>  | Iliad Holding SAS<sup>(a)</sup>  | Iliad Holding SAS<sup>(a)</sup>  |
| 10/15/2028 | &nbsp;&nbsp; 7.000% | 103000 | &nbsp;&nbsp; 104524 |
| Iliad Holding SASU<sup>(a)</sup>  | Iliad Holding SASU<sup>(a)</sup>  | Iliad Holding SASU<sup>(a)</sup>  | Iliad Holding SASU<sup>(a)</sup>  |
| 04/15/2031 | &nbsp;&nbsp; 8.500% | 37000 | &nbsp;&nbsp; 39864 |
| 04/15/2032 | &nbsp;&nbsp; 7.000% | 56000 | &nbsp;&nbsp; 57739 |
| Level 3 Financing, Inc.<sup>(a)</sup>  | Level 3 Financing, Inc.<sup>(a)</sup>  | Level 3 Financing, Inc.<sup>(a)</sup>  | Level 3 Financing, Inc.<sup>(a)</sup>  |
| 01/15/2036 | &nbsp;&nbsp; 8.500% | 81000 | &nbsp;&nbsp; 83080 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Optics Bidco SpA<sup>(a)</sup>  | Optics Bidco SpA<sup>(a)</sup>  | Optics Bidco SpA<sup>(a)</sup>  | Optics Bidco SpA<sup>(a)</sup>  |
| 06/04/2038 | &nbsp;&nbsp; 7.721% | 48000 | &nbsp;&nbsp; 48377 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| 03/21/2031 | &nbsp;&nbsp; 2.550% | 1039000 | &nbsp;&nbsp; 948903 |
| Windstream Escrow LLC/Finance Corp.<sup>(a)</sup>  | Windstream Escrow LLC/Finance Corp.<sup>(a)</sup>  | Windstream Escrow LLC/Finance Corp.<sup>(a)</sup>  | Windstream Escrow LLC/Finance Corp.<sup>(a)</sup>  |
| 10/01/2031 | &nbsp;&nbsp; 8.250% | 137000 | &nbsp;&nbsp; 143792 |
| Windstream Services LLC<sup>(a)</sup>  | Windstream Services LLC<sup>(a)</sup>  | Windstream Services LLC<sup>(a)</sup>  | Windstream Services LLC<sup>(a)</sup>  |
| 10/15/2033 | &nbsp;&nbsp; 7.500% | 66000 | &nbsp;&nbsp; 67642 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1699730** |
| Total Corporate Bonds & Notes <br>(Cost $72,416,863) | Total Corporate Bonds & Notes <br>(Cost $72,416,863) | Total Corporate Bonds & Notes <br>(Cost $72,416,863) | &nbsp;&nbsp; **73850976** |

---

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

---

| | | |
|:---|:---|:---|
| **Exchange-Traded Fixed Income Funds 0.9%** | **Exchange-Traded Fixed Income Funds 0.9%** | **Exchange-Traded Fixed Income Funds 0.9%** |
|  | **Shares** | **Value ($)** |
| **High Yield 0.9%** | **High Yield 0.9%** | **High Yield 0.9%** |
| Columbia Short Duration High Yield ETF<sup>(j)</sup> <br>| &nbsp;&nbsp; 98000 | &nbsp;&nbsp; 1985970 |
| Total Exchange-Traded Fixed Income Funds <br>(Cost $1,968,820) | Total Exchange-Traded Fixed Income Funds <br>(Cost $1,968,820) | &nbsp;&nbsp; **1985970** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(k),(l)</sup> **10.1%** | **Foreign Government Obligations**<sup>(k),(l)</sup> **10.1%** | **Foreign Government Obligations**<sup>(k),(l)</sup> **10.1%** | **Foreign Government Obligations**<sup>(k),(l)</sup> **10.1%** | **Foreign Government Obligations**<sup>(k),(l)</sup> **10.1%** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Angola 0.4%** | **Angola 0.4%** | **Angola 0.4%** | **Angola 0.4%** | **Angola 0.4%** |
| Angolan Government International Bond<sup>(a)</sup>  | Angolan Government International Bond<sup>(a)</sup>  | Angolan Government International Bond<sup>(a)</sup>  | Angolan Government International Bond<sup>(a)</sup>  | Angolan Government International Bond<sup>(a)</sup>  |
| 04/14/2032 | &nbsp;&nbsp; 8.750% |  | 231000 | &nbsp;&nbsp; 225101 |
| 10/15/2035 | &nbsp;&nbsp; 9.875% |  | 200000 | &nbsp;&nbsp; 198117 |
| 05/08/2048 | &nbsp;&nbsp; 9.375% |  | 470000 | &nbsp;&nbsp; 413216 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **836434** |
| **Brazil 0.2%** | **Brazil 0.2%** | **Brazil 0.2%** | **Brazil 0.2%** | **Brazil 0.2%** |
| Brazil Notas do Tesouro Nacional Series F | Brazil Notas do Tesouro Nacional Series F | Brazil Notas do Tesouro Nacional Series F | Brazil Notas do Tesouro Nacional Series F | Brazil Notas do Tesouro Nacional Series F |
| 01/01/2027 | &nbsp;&nbsp; 10.000% | BRL | 1000000 | &nbsp;&nbsp; 176895 |
| Brazilian Government International Bond | Brazilian Government International Bond | Brazilian Government International Bond | Brazilian Government International Bond | Brazilian Government International Bond |
| 06/12/2030 | &nbsp;&nbsp; 3.875% |  | 202000 | &nbsp;&nbsp; 192673 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **369568** |
| **Canada 0.1%** | **Canada 0.1%** | **Canada 0.1%** | **Canada 0.1%** | **Canada 0.1%** |
| NOVA Chemicals Corp.<sup>(a)</sup>  | NOVA Chemicals Corp.<sup>(a)</sup>  | NOVA Chemicals Corp.<sup>(a)</sup>  | NOVA Chemicals Corp.<sup>(a)</sup>  | NOVA Chemicals Corp.<sup>(a)</sup>  |
| 06/01/2027 | &nbsp;&nbsp; 5.250% |  | 70000 | &nbsp;&nbsp; 70417 |
| 11/15/2028 | &nbsp;&nbsp; 8.500% |  | 27000 | &nbsp;&nbsp; 28254 |
| 02/15/2030 | &nbsp;&nbsp; 9.000% |  | 69000 | &nbsp;&nbsp; 73684 |
| 12/01/2031 | &nbsp;&nbsp; 7.000% |  | 34000 | &nbsp;&nbsp; 36226 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **208581** |
| **Chile 0.2%** | **Chile 0.2%** | **Chile 0.2%** | **Chile 0.2%** | **Chile 0.2%** |
| Chile Government International Bond | Chile Government International Bond | Chile Government International Bond | Chile Government International Bond | Chile Government International Bond |
| 05/07/2041 | &nbsp;&nbsp; 3.100% |  | 599000 | &nbsp;&nbsp; 460248 |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(k),(l)</sup> **(continued)** | **Foreign Government Obligations**<sup>(k),(l)</sup> **(continued)** | **Foreign Government Obligations**<sup>(k),(l)</sup> **(continued)** | **Foreign Government Obligations**<sup>(k),(l)</sup> **(continued)** | **Foreign Government Obligations**<sup>(k),(l)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Colombia 1.0%** | **Colombia 1.0%** | **Colombia 1.0%** | **Colombia 1.0%** | **Colombia 1.0%** |
| Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond |
| 02/02/2034 | &nbsp;&nbsp; 7.500% |  | 984000 | &nbsp;&nbsp; 1025669 |
| Colombian TES | Colombian TES | Colombian TES | Colombian TES | Colombian TES |
| 04/28/2028 | &nbsp;&nbsp; 6.000% | COP | 5365000000 | &nbsp;&nbsp; 1241746 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **2267415** |
| **Dominican Republic 0.3%** | **Dominican Republic 0.3%** | **Dominican Republic 0.3%** | **Dominican Republic 0.3%** | **Dominican Republic 0.3%** |
| Dominican Republic International Bond<sup>(a)</sup>  | Dominican Republic International Bond<sup>(a)</sup>  | Dominican Republic International Bond<sup>(a)</sup>  | Dominican Republic International Bond<sup>(a)</sup>  | Dominican Republic International Bond<sup>(a)</sup>  |
| 01/30/2030 | &nbsp;&nbsp; 4.500% |  | 155000 | &nbsp;&nbsp; 151261 |
| 04/30/2044 | &nbsp;&nbsp; 7.450% |  | 200000 | &nbsp;&nbsp; 220515 |
| 01/27/2045 | &nbsp;&nbsp; 6.850% |  | 307000 | &nbsp;&nbsp; 319440 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **691216** |
| **Egypt 0.3%** | **Egypt 0.3%** | **Egypt 0.3%** | **Egypt 0.3%** | **Egypt 0.3%** |
| Egypt Government International Bond<sup>(a)</sup>  | Egypt Government International Bond<sup>(a)</sup>  | Egypt Government International Bond<sup>(a)</sup>  | Egypt Government International Bond<sup>(a)</sup>  | Egypt Government International Bond<sup>(a)</sup>  |
| 01/31/2047 | &nbsp;&nbsp; 8.500% |  | 250000 | &nbsp;&nbsp; 245516 |
| 02/16/2061 | &nbsp;&nbsp; 7.500% |  | 599000 | &nbsp;&nbsp; 522750 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **768266** |
| **France 1.1%** | **France 1.1%** | **France 1.1%** | **France 1.1%** | **France 1.1%** |
| French Republic Government Bond OAT<sup>(a)</sup>  | French Republic Government Bond OAT<sup>(a)</sup>  | French Republic Government Bond OAT<sup>(a)</sup>  | French Republic Government Bond OAT<sup>(a)</sup>  | French Republic Government Bond OAT<sup>(a)</sup>  |
| 05/25/2052 | &nbsp;&nbsp; 0.750% | EUR | 1654000 | &nbsp;&nbsp; 850150 |
| 05/25/2053 | &nbsp;&nbsp; 0.750% | EUR | 3324000 | &nbsp;&nbsp; 1653212 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **2503362** |
| **Ghana 0.2%** | **Ghana 0.2%** | **Ghana 0.2%** | **Ghana 0.2%** | **Ghana 0.2%** |
| Ghana Government International Bond<sup>(a),(h)</sup>  | Ghana Government International Bond<sup>(a),(h)</sup>  | Ghana Government International Bond<sup>(a),(h)</sup>  | Ghana Government International Bond<sup>(a),(h)</sup>  | Ghana Government International Bond<sup>(a),(h)</sup>  |
| 07/03/2035 | &nbsp;&nbsp; 5.000% |  | 506236 | &nbsp;&nbsp; 462584 |
| **Guatemala 0.1%** | **Guatemala 0.1%** | **Guatemala 0.1%** | **Guatemala 0.1%** | **Guatemala 0.1%** |
| Guatemala Government Bond<sup>(a)</sup>  | Guatemala Government Bond<sup>(a)</sup>  | Guatemala Government Bond<sup>(a)</sup>  | Guatemala Government Bond<sup>(a)</sup>  | Guatemala Government Bond<sup>(a)</sup>  |
| 08/06/2031 | &nbsp;&nbsp; 6.050% |  | 205000 | &nbsp;&nbsp; 213863 |
| **Hungary 0.2%** | **Hungary 0.2%** | **Hungary 0.2%** | **Hungary 0.2%** | **Hungary 0.2%** |
| Hungary Government International Bond<sup>(a)</sup>  | Hungary Government International Bond<sup>(a)</sup>  | Hungary Government International Bond<sup>(a)</sup>  | Hungary Government International Bond<sup>(a)</sup>  | Hungary Government International Bond<sup>(a)</sup>  |
| 09/22/2032 | &nbsp;&nbsp; 6.250% |  | 302000 | &nbsp;&nbsp; 320960 |
| 09/23/2055 | &nbsp;&nbsp; 6.750% |  | 205000 | &nbsp;&nbsp; 213929 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **534889** |
| **India 0.5%** | **India 0.5%** | **India 0.5%** | **India 0.5%** | **India 0.5%** |
| Export-Import Bank of India<sup>(a)</sup>  | Export-Import Bank of India<sup>(a)</sup>  | Export-Import Bank of India<sup>(a)</sup>  | Export-Import Bank of India<sup>(a)</sup>  | Export-Import Bank of India<sup>(a)</sup>  |
| 01/15/2030 | &nbsp;&nbsp; 3.250% |  | 239000 | &nbsp;&nbsp; 228564 |
| India Government Bond | India Government Bond | India Government Bond | India Government Bond | India Government Bond |
| 02/06/2033 | &nbsp;&nbsp; 7.260% | INR | 58090000 | &nbsp;&nbsp; 668970 |
| Indian Railway Finance Corp., Ltd.<sup>(a)</sup>  | Indian Railway Finance Corp., Ltd.<sup>(a)</sup>  | Indian Railway Finance Corp., Ltd.<sup>(a)</sup>  | Indian Railway Finance Corp., Ltd.<sup>(a)</sup>  | Indian Railway Finance Corp., Ltd.<sup>(a)</sup>  |
| 02/10/2031 | &nbsp;&nbsp; 2.800% |  | 200000 | &nbsp;&nbsp; 183965 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **1081499** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(k),(l)</sup> **(continued)** | **Foreign Government Obligations**<sup>(k),(l)</sup> **(continued)** | **Foreign Government Obligations**<sup>(k),(l)</sup> **(continued)** | **Foreign Government Obligations**<sup>(k),(l)</sup> **(continued)** | **Foreign Government Obligations**<sup>(k),(l)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Indonesia 0.2%** | **Indonesia 0.2%** | **Indonesia 0.2%** | **Indonesia 0.2%** | **Indonesia 0.2%** |
| PT Pertamina Persero<sup>(a)</sup>  | PT Pertamina Persero<sup>(a)</sup>  | PT Pertamina Persero<sup>(a)</sup>  | PT Pertamina Persero<sup>(a)</sup>  | PT Pertamina Persero<sup>(a)</sup>  |
| 02/09/2031 | &nbsp;&nbsp; 2.300% |  | 200000 | &nbsp;&nbsp; 177411 |
| 05/30/2044 | &nbsp;&nbsp; 6.450% |  | 200000 | &nbsp;&nbsp; 212633 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **390044** |
| **Ivory Coast 0.6%** | **Ivory Coast 0.6%** | **Ivory Coast 0.6%** | **Ivory Coast 0.6%** | **Ivory Coast 0.6%** |
| Ivory Coast Government International Bond<sup>(a)</sup>  | Ivory Coast Government International Bond<sup>(a)</sup>  | Ivory Coast Government International Bond<sup>(a)</sup>  | Ivory Coast Government International Bond<sup>(a)</sup>  | Ivory Coast Government International Bond<sup>(a)</sup>  |
| 06/15/2033 | &nbsp;&nbsp; 6.125% |  | 519000 | &nbsp;&nbsp; 518284 |
| 01/30/2037 | &nbsp;&nbsp; 8.250% |  | 705000 | &nbsp;&nbsp; 766508 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **1284792** |
| **Malaysia 0.1%** | **Malaysia 0.1%** | **Malaysia 0.1%** | **Malaysia 0.1%** | **Malaysia 0.1%** |
| Petronas Capital Ltd.<sup>(a)</sup>  | Petronas Capital Ltd.<sup>(a)</sup>  | Petronas Capital Ltd.<sup>(a)</sup>  | Petronas Capital Ltd.<sup>(a)</sup>  | Petronas Capital Ltd.<sup>(a)</sup>  |
| 04/03/2055 | &nbsp;&nbsp; 5.848% |  | 200000 | &nbsp;&nbsp; 209789 |
| **Mexico 1.3%** | **Mexico 1.3%** | **Mexico 1.3%** | **Mexico 1.3%** | **Mexico 1.3%** |
| Mexican Bonos | Mexican Bonos | Mexican Bonos | Mexican Bonos | Mexican Bonos |
| 03/02/2028 | &nbsp;&nbsp; 8.500% | MXN | 4650000 | &nbsp;&nbsp; 261286 |
| Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
| 03/22/2033 | &nbsp;&nbsp; 5.375% |  | 694000 | &nbsp;&nbsp; 687539 |
| 05/07/2036 | &nbsp;&nbsp; 6.000% |  | 200000 | &nbsp;&nbsp; 202595 |
| 01/29/2038 | &nbsp;&nbsp; 6.625% |  | 200000 | &nbsp;&nbsp; 208735 |
| Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
| 01/28/2031 | &nbsp;&nbsp; 5.950% |  | 410000 | &nbsp;&nbsp; 396725 |
| 06/15/2035 | &nbsp;&nbsp; 6.625% |  | 204000 | &nbsp;&nbsp; 193235 |
| 02/12/2048 | &nbsp;&nbsp; 6.350% |  | 400000 | &nbsp;&nbsp; 312753 |
| 01/23/2050 | &nbsp;&nbsp; 7.690% |  | 734000 | &nbsp;&nbsp; 657547 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **2920415** |
| **Mongolia 0.2%** | **Mongolia 0.2%** | **Mongolia 0.2%** | **Mongolia 0.2%** | **Mongolia 0.2%** |
| Mongolia Government International Bond<sup>(a)</sup>  | Mongolia Government International Bond<sup>(a)</sup>  | Mongolia Government International Bond<sup>(a)</sup>  | Mongolia Government International Bond<sup>(a)</sup>  | Mongolia Government International Bond<sup>(a)</sup>  |
| 01/19/2028 | &nbsp;&nbsp; 8.650% |  | 400000 | &nbsp;&nbsp; 424977 |
| **Nigeria 0.2%** | **Nigeria 0.2%** | **Nigeria 0.2%** | **Nigeria 0.2%** | **Nigeria 0.2%** |
| Nigeria Government International Bond<sup>(a)</sup>  | Nigeria Government International Bond<sup>(a)</sup>  | Nigeria Government International Bond<sup>(a)</sup>  | Nigeria Government International Bond<sup>(a)</sup>  | Nigeria Government International Bond<sup>(a)</sup>  |
| 11/28/2047 | &nbsp;&nbsp; 7.625% |  | 400000 | &nbsp;&nbsp; 377464 |
| **Oman 0.1%** | **Oman 0.1%** | **Oman 0.1%** | **Oman 0.1%** | **Oman 0.1%** |
| Oman Government International Bond<sup>(a)</sup>  | Oman Government International Bond<sup>(a)</sup>  | Oman Government International Bond<sup>(a)</sup>  | Oman Government International Bond<sup>(a)</sup>  | Oman Government International Bond<sup>(a)</sup>  |
| 01/17/2048 | &nbsp;&nbsp; 6.750% |  | 200000 | &nbsp;&nbsp; 220072 |
| **Panama 0.1%** | **Panama 0.1%** | **Panama 0.1%** | **Panama 0.1%** | **Panama 0.1%** |
| Panama Government International Bond | Panama Government International Bond | Panama Government International Bond | Panama Government International Bond | Panama Government International Bond |
| 01/19/2033 | &nbsp;&nbsp; 3.298% |  | 200000 | &nbsp;&nbsp; 175511 |
| **Paraguay 0.1%** | **Paraguay 0.1%** | **Paraguay 0.1%** | **Paraguay 0.1%** | **Paraguay 0.1%** |
| Paraguay Government International Bond<sup>(a)</sup>  | Paraguay Government International Bond<sup>(a)</sup>  | Paraguay Government International Bond<sup>(a)</sup>  | Paraguay Government International Bond<sup>(a)</sup>  | Paraguay Government International Bond<sup>(a)</sup>  |
| 08/11/2044 | &nbsp;&nbsp; 6.100% |  | 200000 | &nbsp;&nbsp; 206557 |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(k),(l)</sup> **(continued)** | **Foreign Government Obligations**<sup>(k),(l)</sup> **(continued)** | **Foreign Government Obligations**<sup>(k),(l)</sup> **(continued)** | **Foreign Government Obligations**<sup>(k),(l)</sup> **(continued)** | **Foreign Government Obligations**<sup>(k),(l)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Romania 0.5%** | **Romania 0.5%** | **Romania 0.5%** | **Romania 0.5%** | **Romania 0.5%** |
| Romanian Government International Bond<sup>(a)</sup>  | Romanian Government International Bond<sup>(a)</sup>  | Romanian Government International Bond<sup>(a)</sup>  | Romanian Government International Bond<sup>(a)</sup>  | Romanian Government International Bond<sup>(a)</sup>  |
| 02/10/2037 | &nbsp;&nbsp; 7.500% |  | 166000 | &nbsp;&nbsp; 183425 |
| 06/15/2048 | &nbsp;&nbsp; 5.125% |  | 362000 | &nbsp;&nbsp; 299156 |
| 02/14/2051 | &nbsp;&nbsp; 4.000% |  | 854000 | &nbsp;&nbsp; 584774 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **1067355** |
| **Saudi Arabia 0.2%** | **Saudi Arabia 0.2%** | **Saudi Arabia 0.2%** | **Saudi Arabia 0.2%** | **Saudi Arabia 0.2%** |
| Saudi Arabian Oil Co.<sup>(a)</sup>  | Saudi Arabian Oil Co.<sup>(a)</sup>  | Saudi Arabian Oil Co.<sup>(a)</sup>  | Saudi Arabian Oil Co.<sup>(a)</sup>  | Saudi Arabian Oil Co.<sup>(a)</sup>  |
| 11/24/2030 | &nbsp;&nbsp; 2.250% |  | 453000 | &nbsp;&nbsp; 408937 |
| **South Africa 0.4%** | **South Africa 0.4%** | **South Africa 0.4%** | **South Africa 0.4%** | **South Africa 0.4%** |
| Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
| 09/30/2049 | &nbsp;&nbsp; 5.750% |  | 510000 | &nbsp;&nbsp; 429466 |
| 04/20/2052 | &nbsp;&nbsp; 7.300% |  | 200000 | &nbsp;&nbsp; 201537 |
| Republic of South Africa Government International Bond<sup>(a)</sup>  | Republic of South Africa Government International Bond<sup>(a)</sup>  | Republic of South Africa Government International Bond<sup>(a)</sup>  | Republic of South Africa Government International Bond<sup>(a)</sup>  | Republic of South Africa Government International Bond<sup>(a)</sup>  |
| 12/11/2055 | &nbsp;&nbsp; 7.250% |  | 200000 | &nbsp;&nbsp; 198077 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **829080** |
| **Sri Lanka 0.2%** | **Sri Lanka 0.2%** | **Sri Lanka 0.2%** | **Sri Lanka 0.2%** | **Sri Lanka 0.2%** |
| Sri Lanka Government International Bond<sup>(a),(h)</sup>  | Sri Lanka Government International Bond<sup>(a),(h)</sup>  | Sri Lanka Government International Bond<sup>(a),(h)</sup>  | Sri Lanka Government International Bond<sup>(a),(h)</sup>  | Sri Lanka Government International Bond<sup>(a),(h)</sup>  |
| 02/15/2038 | &nbsp;&nbsp; 3.600% |  | 472372 | &nbsp;&nbsp; 429474 |
| **Turkey 0.6%** | **Turkey 0.6%** | **Turkey 0.6%** | **Turkey 0.6%** | **Turkey 0.6%** |
| Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond |
| 05/11/2047 | &nbsp;&nbsp; 5.750% |  | 651000 | &nbsp;&nbsp; 533740 |
| Turkiye Government International Bond | Turkiye Government International Bond | Turkiye Government International Bond | Turkiye Government International Bond | Turkiye Government International Bond |
| 02/12/2032 | &nbsp;&nbsp; 7.125% |  | 770000 | &nbsp;&nbsp; 815265 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **1349005** |
| **United Arab Emirates 0.2%** | **United Arab Emirates 0.2%** | **United Arab Emirates 0.2%** | **United Arab Emirates 0.2%** | **United Arab Emirates 0.2%** |
| DP World Crescent Ltd.<sup>(a)</sup>  | DP World Crescent Ltd.<sup>(a)</sup>  | DP World Crescent Ltd.<sup>(a)</sup>  | DP World Crescent Ltd.<sup>(a)</sup>  | DP World Crescent Ltd.<sup>(a)</sup>  |
| 07/18/2029 | &nbsp;&nbsp; 3.875% |  | 200000 | &nbsp;&nbsp; 195285 |
| DP World Ltd.<sup>(a)</sup>  | DP World Ltd.<sup>(a)</sup>  | DP World Ltd.<sup>(a)</sup>  | DP World Ltd.<sup>(a)</sup>  | DP World Ltd.<sup>(a)</sup>  |
| 09/25/2048 | &nbsp;&nbsp; 5.625% |  | 200000 | &nbsp;&nbsp; 196270 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **391555** |
| **United Kingdom 0.5%** | **United Kingdom 0.5%** | **United Kingdom 0.5%** | **United Kingdom 0.5%** | **United Kingdom 0.5%** |
| United Kingdom Gilt<sup>(a)</sup>  | United Kingdom Gilt<sup>(a)</sup>  | United Kingdom Gilt<sup>(a)</sup>  | United Kingdom Gilt<sup>(a)</sup>  | United Kingdom Gilt<sup>(a)</sup>  |
| 07/31/2051 | &nbsp;&nbsp; 1.250% | GBP | 1285000 | &nbsp;&nbsp; 769361 |
| 07/22/2057 | &nbsp;&nbsp; 1.750% | GBP | 345000 | &nbsp;&nbsp; 219036 |
| 10/22/2061 | &nbsp;&nbsp; 0.500% | GBP | 630000 | &nbsp;&nbsp; 222580 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **1210977** |
| Total Foreign Government Obligations <br>(Cost $21,912,080) | Total Foreign Government Obligations <br>(Cost $21,912,080) | Total Foreign Government Obligations <br>(Cost $21,912,080) | Total Foreign Government Obligations <br>(Cost $21,912,080) | &nbsp;&nbsp; **22293929** |

---

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

---

| | |
|:---|:---|
| **Joint Ventures**<sup>(m)</sup> **0.7%** | **Joint Ventures**<sup>(m)</sup> **0.7%** |
|  | **Value ($)** |
| Itasca Park LLC<sup>(c),(e),(f),(j),(n)</sup> <br>| &nbsp;&nbsp; 345383 |
| Itasca Park LLC - Unfunded<sup>(c),(e),(f),(j),(n)</sup> <br>| &nbsp;&nbsp; 1248000 |
| Total Joint Ventures <br>(Cost $1,600,000) | &nbsp;&nbsp; **1593383** |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency 31.8%** | **Residential Mortgage-Backed Securities - Agency 31.8%** | **Residential Mortgage-Backed Securities - Agency 31.8%** | **Residential Mortgage-Backed Securities - Agency 31.8%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Fannie Mae REMICS<sup>(b),(o)</sup>  | Fannie Mae REMICS<sup>(b),(o)</sup>  | Fannie Mae REMICS<sup>(b),(o)</sup>  | Fannie Mae REMICS<sup>(b),(o)</sup>  |
| CMO Series 2022-27 Class SJ | CMO Series 2022-27 Class SJ | CMO Series 2022-27 Class SJ | CMO Series 2022-27 Class SJ |
| -1.0 x 30-day Average SOFR + <br> 6.100% <br>Cap 6.100% <br>06/25/2052<br>| &nbsp;&nbsp; 2.226% | 1340133 | &nbsp;&nbsp; 138490 |
| CMO Series 2023-46 Class SD | CMO Series 2023-46 Class SD | CMO Series 2023-46 Class SD | CMO Series 2023-46 Class SD |
| -1.0 x 30-day Average SOFR + <br> 5.886% <br>Cap 6.000% <br>06/25/2050<br>| &nbsp;&nbsp; 2.011% | 1849750 | &nbsp;&nbsp; 203243 |
| CMO Series 2023-62 Class SA | CMO Series 2023-62 Class SA | CMO Series 2023-62 Class SA | CMO Series 2023-62 Class SA |
| -1.0 x 30-day Average SOFR + <br> 6.086% <br>Cap 6.200% <br>10/25/2048<br>| &nbsp;&nbsp; 2.211% | 1926478 | &nbsp;&nbsp; 230104 |
| CMO Series 2025-104A Class SC | CMO Series 2025-104A Class SC | CMO Series 2025-104A Class SC | CMO Series 2025-104A Class SC |
| -1.0 x 30-day Average SOFR + <br> 5.550% <br>Cap 5.550% <br>12/25/2055<br>| &nbsp;&nbsp; 1.676% | 4454137 | &nbsp;&nbsp; 353237 |
| CMO Series 2025-52A Class SA | CMO Series 2025-52A Class SA | CMO Series 2025-52A Class SA | CMO Series 2025-52A Class SA |
| -1.0 x 30-day Average SOFR + <br> 5.100% <br>Cap 5.100% <br>07/25/2055<br>| &nbsp;&nbsp; 1.226% | 7696008 | &nbsp;&nbsp; 445205 |
| Fannie Mae REMICS<sup>(b)</sup>  | Fannie Mae REMICS<sup>(b)</sup>  | Fannie Mae REMICS<sup>(b)</sup>  | Fannie Mae REMICS<sup>(b)</sup>  |
| CMO Series 2022-60A Class FA | CMO Series 2022-60A Class FA | CMO Series 2022-60A Class FA | CMO Series 2022-60A Class FA |
| 30-day Average SOFR + 0.700% <br>Floor 0.700%, Cap 6.000% <br>09/25/2052<br>| &nbsp;&nbsp; 4.574% | 1896134 | &nbsp;&nbsp; 1864710 |
| CMO Series 2025-13 Class FA | CMO Series 2025-13 Class FA | CMO Series 2025-13 Class FA | CMO Series 2025-13 Class FA |
| 30-day Average SOFR + 1.300% <br>Floor 1.300%, Cap 6.500% <br>03/25/2055<br>| &nbsp;&nbsp; 5.174% | 1747273 | &nbsp;&nbsp; 1757743 |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 05/01/2052 | &nbsp;&nbsp; 3.000% | 1171270 | &nbsp;&nbsp; 1049447 |
| 06/01/2052 | &nbsp;&nbsp; 3.500% | 3063848 | &nbsp;&nbsp; 2854558 |
| 09/01/2052- <br>10/01/2053<br>| &nbsp;&nbsp; 5.000% | 1703365 | &nbsp;&nbsp; 1727183 |
| 12/01/2053 | &nbsp;&nbsp; 5.500% | 835147 | &nbsp;&nbsp; 856784 |
| 12/01/2053 | &nbsp;&nbsp; 6.000% | 779990 | &nbsp;&nbsp; 814252 |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Federal Home Loan Mortgage Corp.<sup>(b),(o)</sup>  | Federal Home Loan Mortgage Corp.<sup>(b),(o)</sup>  | Federal Home Loan Mortgage Corp.<sup>(b),(o)</sup>  | Federal Home Loan Mortgage Corp.<sup>(b),(o)</sup>  |
| CMO Series 4620 Class AS | CMO Series 4620 Class AS | CMO Series 4620 Class AS | CMO Series 4620 Class AS |
| -1.0 x 30-day Average SOFR + <br> 0.554% <br>11/15/2042<br>| &nbsp;&nbsp; 1.719% | 314344 | &nbsp;&nbsp; 33053 |
| Federal Home Loan Mortgage Corp. REMICS<sup>(o)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(o)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(o)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(o)</sup>  |
| CMO Series 5051 Class KI | CMO Series 5051 Class KI | CMO Series 5051 Class KI | CMO Series 5051 Class KI |
| 12/25/2050 | &nbsp;&nbsp; 2.500% | 1412899 | &nbsp;&nbsp; 206806 |
| CMO Series 5192 Class PI | CMO Series 5192 Class PI | CMO Series 5192 Class PI | CMO Series 5192 Class PI |
| 10/25/2051 | &nbsp;&nbsp; 2.500% | 1392432 | &nbsp;&nbsp; 175597 |
| CMO Series 5198 Class KI | CMO Series 5198 Class KI | CMO Series 5198 Class KI | CMO Series 5198 Class KI |
| 02/25/2052 | &nbsp;&nbsp; 3.000% | 1025409 | &nbsp;&nbsp; 176762 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 11/01/2051- <br>05/01/2052<br>| &nbsp;&nbsp; 3.000% | 6721188 | &nbsp;&nbsp; 6014598 |
| 05/01/2052 | &nbsp;&nbsp; 3.500% | 3721153 | &nbsp;&nbsp; 3491911 |
| 10/01/2053 | &nbsp;&nbsp; 5.500% | 822073 | &nbsp;&nbsp; 844073 |
| Federal National Mortgage Association<sup>(o),(p)</sup>  | Federal National Mortgage Association<sup>(o),(p)</sup>  | Federal National Mortgage Association<sup>(o),(p)</sup>  | Federal National Mortgage Association<sup>(o),(p)</sup>  |
| CMO Series 2006-5 Class N1 | CMO Series 2006-5 Class N1 | CMO Series 2006-5 Class N1 | CMO Series 2006-5 Class N1 |
| 08/25/2034 | &nbsp;&nbsp; 0.000% | 653461 | &nbsp;&nbsp; 7 |
| Federal National Mortgage Association<sup>(o)</sup>  | Federal National Mortgage Association<sup>(o)</sup>  | Federal National Mortgage Association<sup>(o)</sup>  | Federal National Mortgage Association<sup>(o)</sup>  |
| CMO Series 2013-1 Class AI | CMO Series 2013-1 Class AI | CMO Series 2013-1 Class AI | CMO Series 2013-1 Class AI |
| 02/25/2043 | &nbsp;&nbsp; 3.500% | 480472 | &nbsp;&nbsp; 66803 |
| CMO Series 2021-3 Class TI | CMO Series 2021-3 Class TI | CMO Series 2021-3 Class TI | CMO Series 2021-3 Class TI |
| 02/25/2051 | &nbsp;&nbsp; 2.500% | 1912191 | &nbsp;&nbsp; 325776 |
| Federal National Mortgage Association<sup>(b),(o)</sup>  | Federal National Mortgage Association<sup>(b),(o)</sup>  | Federal National Mortgage Association<sup>(b),(o)</sup>  | Federal National Mortgage Association<sup>(b),(o)</sup>  |
| CMO Series 2014-93 Class ES | CMO Series 2014-93 Class ES | CMO Series 2014-93 Class ES | CMO Series 2014-93 Class ES |
| -1.0 x 30-day Average SOFR + <br> 6.036% <br>Cap 6.150% <br>01/25/2045<br>| &nbsp;&nbsp; 2.161% | 183986 | &nbsp;&nbsp; 22506 |
| CMO Series 2016-31 Class VS | CMO Series 2016-31 Class VS | CMO Series 2016-31 Class VS | CMO Series 2016-31 Class VS |
| -1.0 x 30-day Average SOFR + <br> 5.886% <br>Cap 6.000% <br>06/25/2046<br>| &nbsp;&nbsp; 2.011% | 331204 | &nbsp;&nbsp; 39774 |
| CMO Series 2017-47 Class SE | CMO Series 2017-47 Class SE | CMO Series 2017-47 Class SE | CMO Series 2017-47 Class SE |
| -1.0 x 30-day Average SOFR + <br> 5.986% <br>Cap 6.100% <br>06/25/2047<br>| &nbsp;&nbsp; 2.111% | 242501 | &nbsp;&nbsp; 28805 |
| CMO Series 2017-56 Class SB | CMO Series 2017-56 Class SB | CMO Series 2017-56 Class SB | CMO Series 2017-56 Class SB |
| -1.0 x 30-day Average SOFR + <br> 6.036% <br>Cap 6.150% <br>07/25/2047<br>| &nbsp;&nbsp; 2.161% | 520458 | &nbsp;&nbsp; 64445 |
| CMO Series 2018-76 Class SN | CMO Series 2018-76 Class SN | CMO Series 2018-76 Class SN | CMO Series 2018-76 Class SN |
| -1.0 x 30-day Average SOFR + <br> 6.036% <br>Cap 6.150% <br>10/25/2048<br>| &nbsp;&nbsp; 2.161% | 237218 | &nbsp;&nbsp; 31885 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Federal National Mortgage Association REMICS<sup>(o)</sup>  | Federal National Mortgage Association REMICS<sup>(o)</sup>  | Federal National Mortgage Association REMICS<sup>(o)</sup>  | Federal National Mortgage Association REMICS<sup>(o)</sup>  |
| CMO Series 2020-77 Class IL | CMO Series 2020-77 Class IL | CMO Series 2020-77 Class IL | CMO Series 2020-77 Class IL |
| 11/25/2050 | &nbsp;&nbsp; 2.500% | 5585823 | &nbsp;&nbsp; 691629 |
| Federal National Mortgage Association REMICS<sup>(b),(o)</sup>  | Federal National Mortgage Association REMICS<sup>(b),(o)</sup>  | Federal National Mortgage Association REMICS<sup>(b),(o)</sup>  | Federal National Mortgage Association REMICS<sup>(b),(o)</sup>  |
| CMO Series 2023-61 Class GS | CMO Series 2023-61 Class GS | CMO Series 2023-61 Class GS | CMO Series 2023-61 Class GS |
| -1.0 x 30-day Average SOFR + <br> 5.700% <br>Cap 5.700% <br>12/25/2053<br>| &nbsp;&nbsp; 1.826% | 3544353 | &nbsp;&nbsp; 187769 |
| Freddie Mac REMICS<sup>(o)</sup>  | Freddie Mac REMICS<sup>(o)</sup>  | Freddie Mac REMICS<sup>(o)</sup>  | Freddie Mac REMICS<sup>(o)</sup>  |
| CMO Series 5287 Class NI | CMO Series 5287 Class NI | CMO Series 5287 Class NI | CMO Series 5287 Class NI |
| 05/25/2051 | &nbsp;&nbsp; 3.500% | 986142 | &nbsp;&nbsp; 193025 |
| Freddie Mac REMICS<sup>(b),(o)</sup>  | Freddie Mac REMICS<sup>(b),(o)</sup>  | Freddie Mac REMICS<sup>(b),(o)</sup>  | Freddie Mac REMICS<sup>(b),(o)</sup>  |
| CMO Series 5356 Class SC | CMO Series 5356 Class SC | CMO Series 5356 Class SC | CMO Series 5356 Class SC |
| -1.0 x 30-day Average SOFR + <br> 5.886% <br>Cap 6.000% <br>07/15/2049<br>| &nbsp;&nbsp; 1.902% | 2332082 | &nbsp;&nbsp; 250793 |
| CMO Series 5559 Class SC | CMO Series 5559 Class SC | CMO Series 5559 Class SC | CMO Series 5559 Class SC |
| -1.0 x 30-day Average SOFR + <br> 5.850% <br>Cap 5.850% <br>07/25/2055<br>| &nbsp;&nbsp; 1.976% | 972358 | &nbsp;&nbsp; 88663 |
| CMO Series 5604 Class SN | CMO Series 5604 Class SN | CMO Series 5604 Class SN | CMO Series 5604 Class SN |
| -1.0 x 30-day Average SOFR + <br> 5.550% <br>Cap 5.550% <br>12/25/2055<br>| &nbsp;&nbsp; 1.676% | 6451581 | &nbsp;&nbsp; 571225 |
| Freddie Mac REMICS<sup>(b)</sup>  | Freddie Mac REMICS<sup>(b)</sup>  | Freddie Mac REMICS<sup>(b)</sup>  | Freddie Mac REMICS<sup>(b)</sup>  |
| CMO Series 5513 Class MQ | CMO Series 5513 Class MQ | CMO Series 5513 Class MQ | CMO Series 5513 Class MQ |
| 30-day Average SOFR + 3.950% <br>Cap 8.250% <br>06/25/2054<br>| &nbsp;&nbsp; 7.824% | 1054351 | &nbsp;&nbsp; 1087589 |
| CMO Series 5513 Class MU | CMO Series 5513 Class MU | CMO Series 5513 Class MU | CMO Series 5513 Class MU |
| 30-day Average SOFR + 3.950% <br>Cap 8.250% <br>11/25/2054<br>| &nbsp;&nbsp; 7.824% | 2027811 | &nbsp;&nbsp; 2097415 |
| CMO Series 5515 Class FM | CMO Series 5515 Class FM | CMO Series 5515 Class FM | CMO Series 5515 Class FM |
| 30-day Average SOFR + 1.350% <br>Floor 1.350%, Cap 6.500% <br>03/25/2055<br>| &nbsp;&nbsp; 5.224% | 949387 | &nbsp;&nbsp; 956285 |
| CMO Series 5517 Class HT | CMO Series 5517 Class HT | CMO Series 5517 Class HT | CMO Series 5517 Class HT |
| 30-day Average SOFR + 3.950% <br>Floor 3.950%, Cap 8.250% <br>03/25/2055<br>| &nbsp;&nbsp; 7.824% | 791789 | &nbsp;&nbsp; 813119 |
| CMO Series 5532 Class MB | CMO Series 5532 Class MB | CMO Series 5532 Class MB | CMO Series 5532 Class MB |
| 30-day Average SOFR + 3.950% <br>Cap 8.250% <br>04/25/2055<br>| &nbsp;&nbsp; 7.824% | 406719 | &nbsp;&nbsp; 417673 |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 5573 Class F | CMO Series 5573 Class F | CMO Series 5573 Class F | CMO Series 5573 Class F |
| 30-day Average SOFR + 1.000% <br>Cap 8.550% <br>09/25/2055<br>| &nbsp;&nbsp; 8.174% | 639531 | &nbsp;&nbsp; 659539 |
| Government National Mortgage Association<sup>(o)</sup>  | Government National Mortgage Association<sup>(o)</sup>  | Government National Mortgage Association<sup>(o)</sup>  | Government National Mortgage Association<sup>(o)</sup>  |
| CMO Series 2014-190 Class AI | CMO Series 2014-190 Class AI | CMO Series 2014-190 Class AI | CMO Series 2014-190 Class AI |
| 12/20/2038 | &nbsp;&nbsp; 3.500% | 453554 | &nbsp;&nbsp; 22504 |
| CMO Series 2020-138 Class GI | CMO Series 2020-138 Class GI | CMO Series 2020-138 Class GI | CMO Series 2020-138 Class GI |
| 09/20/2050 | &nbsp;&nbsp; 3.000% | 589994 | &nbsp;&nbsp; 93467 |
| CMO Series 2021-140 Class IW | CMO Series 2021-140 Class IW | CMO Series 2021-140 Class IW | CMO Series 2021-140 Class IW |
| 08/20/2051 | &nbsp;&nbsp; 3.500% | 818690 | &nbsp;&nbsp; 153483 |
| CMO Series 2021-16 Class KI | CMO Series 2021-16 Class KI | CMO Series 2021-16 Class KI | CMO Series 2021-16 Class KI |
| 01/20/2051 | &nbsp;&nbsp; 2.500% | 995540 | &nbsp;&nbsp; 146736 |
| CMO Series 2021-57 Class KI | CMO Series 2021-57 Class KI | CMO Series 2021-57 Class KI | CMO Series 2021-57 Class KI |
| 03/20/2051 | &nbsp;&nbsp; 3.500% | 1153907 | &nbsp;&nbsp; 235616 |
| CMO Series 2021-89 Class IO | CMO Series 2021-89 Class IO | CMO Series 2021-89 Class IO | CMO Series 2021-89 Class IO |
| 05/20/2051 | &nbsp;&nbsp; 3.000% | 864606 | &nbsp;&nbsp; 157959 |
| Government National Mortgage Association<sup>(b),(o)</sup>  | Government National Mortgage Association<sup>(b),(o)</sup>  | Government National Mortgage Association<sup>(b),(o)</sup>  | Government National Mortgage Association<sup>(b),(o)</sup>  |
| CMO Series 2016-20 Class SQ | CMO Series 2016-20 Class SQ | CMO Series 2016-20 Class SQ | CMO Series 2016-20 Class SQ |
| -1.0 x 1-month Term SOFR + <br> 5.986% <br>Cap 6.100% <br>02/20/2046<br>| &nbsp;&nbsp; 2.252% | 287623 | &nbsp;&nbsp; 39848 |
| CMO Series 2017-129 Class SA | CMO Series 2017-129 Class SA | CMO Series 2017-129 Class SA | CMO Series 2017-129 Class SA |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>08/20/2047<br>| &nbsp;&nbsp; 2.352% | 252713 | &nbsp;&nbsp; 33112 |
| CMO Series 2017-133 Class SM | CMO Series 2017-133 Class SM | CMO Series 2017-133 Class SM | CMO Series 2017-133 Class SM |
| -1.0 x 1-month Term SOFR + <br> 6.136% <br>Cap 6.250% <br>09/20/2047<br>| &nbsp;&nbsp; 2.402% | 260420 | &nbsp;&nbsp; 34185 |
| CMO Series 2018-124 Class SA | CMO Series 2018-124 Class SA | CMO Series 2018-124 Class SA | CMO Series 2018-124 Class SA |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>09/20/2048<br>| &nbsp;&nbsp; 2.352% | 424827 | &nbsp;&nbsp; 57135 |
| CMO Series 2018-147 Class SD | CMO Series 2018-147 Class SD | CMO Series 2018-147 Class SD | CMO Series 2018-147 Class SD |
| -1.0 x 1-month Term SOFR + <br> 6.036% <br>Cap 6.150% <br>10/20/2048<br>| &nbsp;&nbsp; 2.302% | 635631 | &nbsp;&nbsp; 88362 |
| CMO Series 2018-155 Class ES | CMO Series 2018-155 Class ES | CMO Series 2018-155 Class ES | CMO Series 2018-155 Class ES |
| -1.0 x 1-month Term SOFR + <br> 5.986% <br>Cap 6.100% <br>11/20/2048<br>| &nbsp;&nbsp; 2.252% | 343672 | &nbsp;&nbsp; 44367 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2018-168 Class SA | CMO Series 2018-168 Class SA | CMO Series 2018-168 Class SA | CMO Series 2018-168 Class SA |
| -1.0 x 1-month Term SOFR + <br> 5.986% <br>Cap 6.100% <br>12/20/2048<br>| &nbsp;&nbsp; 2.252% | 297341 | &nbsp;&nbsp; 44639 |
| CMO Series 2018-67 Class SP | CMO Series 2018-67 Class SP | CMO Series 2018-67 Class SP | CMO Series 2018-67 Class SP |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>05/20/2048<br>| &nbsp;&nbsp; 2.352% | 561682 | &nbsp;&nbsp; 74246 |
| CMO Series 2019-152 Class BS | CMO Series 2019-152 Class BS | CMO Series 2019-152 Class BS | CMO Series 2019-152 Class BS |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>12/20/2049<br>| &nbsp;&nbsp; 2.202% | 634645 | &nbsp;&nbsp; 77749 |
| CMO Series 2019-23 Class LS | CMO Series 2019-23 Class LS | CMO Series 2019-23 Class LS | CMO Series 2019-23 Class LS |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>02/20/2049<br>| &nbsp;&nbsp; 2.202% | 202359 | &nbsp;&nbsp; 23019 |
| CMO Series 2019-29 Class DS | CMO Series 2019-29 Class DS | CMO Series 2019-29 Class DS | CMO Series 2019-29 Class DS |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>03/20/2049<br>| &nbsp;&nbsp; 2.202% | 496070 | &nbsp;&nbsp; 49924 |
| CMO Series 2019-41 Class AS | CMO Series 2019-41 Class AS | CMO Series 2019-41 Class AS | CMO Series 2019-41 Class AS |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>03/20/2049<br>| &nbsp;&nbsp; 2.202% | 404823 | &nbsp;&nbsp; 46077 |
| CMO Series 2019-5 Class SH | CMO Series 2019-5 Class SH | CMO Series 2019-5 Class SH | CMO Series 2019-5 Class SH |
| -1.0 x 1-month Term SOFR + <br> 6.036% <br>Cap 6.150% <br>01/20/2049<br>| &nbsp;&nbsp; 2.302% | 316645 | &nbsp;&nbsp; 35577 |
| CMO Series 2019-59 Class JS | CMO Series 2019-59 Class JS | CMO Series 2019-59 Class JS | CMO Series 2019-59 Class JS |
| -1.0 x 1-month Term SOFR + <br> 6.036% <br>Cap 6.150% <br>05/20/2049<br>| &nbsp;&nbsp; 2.302% | 317892 | &nbsp;&nbsp; 34769 |
| CMO Series 2020-101 Class SA | CMO Series 2020-101 Class SA | CMO Series 2020-101 Class SA | CMO Series 2020-101 Class SA |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>07/20/2050<br>| &nbsp;&nbsp; 2.352% | 1350187 | &nbsp;&nbsp; 176801 |
| CMO Series 2020-55 Class SA | CMO Series 2020-55 Class SA | CMO Series 2020-55 Class SA | CMO Series 2020-55 Class SA |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>04/20/2050<br>| &nbsp;&nbsp; 2.202% | 988497 | &nbsp;&nbsp; 118810 |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2020-61 Class SM | CMO Series 2020-61 Class SM | CMO Series 2020-61 Class SM | CMO Series 2020-61 Class SM |
| -1.0 x 1-month Term SOFR + <br> 6.486% <br>Cap 6.600% <br>07/20/2043<br>| &nbsp;&nbsp; 2.752% | 881793 | &nbsp;&nbsp; 133719 |
| CMO Series 2020-61 Class SW | CMO Series 2020-61 Class SW | CMO Series 2020-61 Class SW | CMO Series 2020-61 Class SW |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>08/20/2049<br>| &nbsp;&nbsp; 2.202% | 1077084 | &nbsp;&nbsp; 123579 |
| CMO Series 2021-155 Class SG | CMO Series 2021-155 Class SG | CMO Series 2021-155 Class SG | CMO Series 2021-155 Class SG |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>09/20/2051<br>| &nbsp;&nbsp; 2.452% | 921189 | &nbsp;&nbsp; 125957 |
| CMO Series 2021-58 Class SH | CMO Series 2021-58 Class SH | CMO Series 2021-58 Class SH | CMO Series 2021-58 Class SH |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>04/20/2051<br>| &nbsp;&nbsp; 2.452% | 1610341 | &nbsp;&nbsp; 215334 |
| CMO Series 2022-135 Class SC | CMO Series 2022-135 Class SC | CMO Series 2022-135 Class SC | CMO Series 2022-135 Class SC |
| -1.0 x 30-day Average SOFR + <br> 6.050% <br>Cap 6.050% <br>08/20/2052<br>| &nbsp;&nbsp; 2.132% | 1934417 | &nbsp;&nbsp; 179112 |
| CMO Series 2022-148 Class BS | CMO Series 2022-148 Class BS | CMO Series 2022-148 Class BS | CMO Series 2022-148 Class BS |
| -1.0 x 30-day Average SOFR + <br> 5.950% <br>Cap 5.950% <br>08/20/2052<br>| &nbsp;&nbsp; 2.032% | 668064 | &nbsp;&nbsp; 79499 |
| CMO Series 2022-197 Class DS | CMO Series 2022-197 Class DS | CMO Series 2022-197 Class DS | CMO Series 2022-197 Class DS |
| -1.0 x 30-day Average SOFR + <br> 6.800% <br>Cap 6.800% <br>11/20/2052<br>| &nbsp;&nbsp; 2.882% | 1651153 | &nbsp;&nbsp; 221017 |
| CMO Series 2022-215 Class ES | CMO Series 2022-215 Class ES | CMO Series 2022-215 Class ES | CMO Series 2022-215 Class ES |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>12/20/2049<br>| &nbsp;&nbsp; 2.202% | 1805605 | &nbsp;&nbsp; 229384 |
| CMO Series 2022-90 Class SD | CMO Series 2022-90 Class SD | CMO Series 2022-90 Class SD | CMO Series 2022-90 Class SD |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>05/20/2050<br>| &nbsp;&nbsp; 2.202% | 986715 | &nbsp;&nbsp; 112168 |
| CMO Series 2022-90 Class SM | CMO Series 2022-90 Class SM | CMO Series 2022-90 Class SM | CMO Series 2022-90 Class SM |
| -1.0 x 1-month Term SOFR + <br> 6.036% <br>Cap 6.150% <br>07/20/2050<br>| &nbsp;&nbsp; 2.302% | 1673579 | &nbsp;&nbsp; 196737 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2023-165 Class SG | CMO Series 2023-165 Class SG | CMO Series 2023-165 Class SG | CMO Series 2023-165 Class SG |
| -1.0 x 1-month Term SOFR + <br> 6.036% <br>Cap 6.150% <br>02/20/2050<br>| &nbsp;&nbsp; 2.302% | 1983279 | &nbsp;&nbsp; 240188 |
| CMO Series 2023-17 Class SY | CMO Series 2023-17 Class SY | CMO Series 2023-17 Class SY | CMO Series 2023-17 Class SY |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>05/20/2050<br>| &nbsp;&nbsp; 2.202% | 1648794 | &nbsp;&nbsp; 177815 |
| CMO Series 2023-18 Class SB | CMO Series 2023-18 Class SB | CMO Series 2023-18 Class SB | CMO Series 2023-18 Class SB |
| -1.0 x 30-day Average SOFR + <br> 5.690% <br>Cap 5.690% <br>02/20/2053<br>| &nbsp;&nbsp; 1.772% | 1148739 | &nbsp;&nbsp; 108196 |
| CMO Series 2023-32 Class SD | CMO Series 2023-32 Class SD | CMO Series 2023-32 Class SD | CMO Series 2023-32 Class SD |
| -1.0 x 30-day Average SOFR + <br> 5.750% <br>Cap 5.750% <br>02/20/2053<br>| &nbsp;&nbsp; 1.832% | 2010227 | &nbsp;&nbsp; 196768 |
| CMO Series 2023-66 Class SK | CMO Series 2023-66 Class SK | CMO Series 2023-66 Class SK | CMO Series 2023-66 Class SK |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>07/20/2050<br>| &nbsp;&nbsp; 2.352% | 1756401 | &nbsp;&nbsp; 217291 |
| CMO Series 2023-75 Class SB | CMO Series 2023-75 Class SB | CMO Series 2023-75 Class SB | CMO Series 2023-75 Class SB |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>06/20/2050<br>| &nbsp;&nbsp; 2.202% | 1916009 | &nbsp;&nbsp; 227899 |
| CMO Series 2024-110 Class SG | CMO Series 2024-110 Class SG | CMO Series 2024-110 Class SG | CMO Series 2024-110 Class SG |
| -1.0 x 30-day Average SOFR + <br> 5.950% <br>Cap 5.950% <br>07/20/2054<br>| &nbsp;&nbsp; 2.032% | 1803948 | &nbsp;&nbsp; 131792 |
| CMO Series 2024-110 Class SQ | CMO Series 2024-110 Class SQ | CMO Series 2024-110 Class SQ | CMO Series 2024-110 Class SQ |
| -1.0 x 30-day Average SOFR + <br> 6.650% <br>Cap 6.650% <br>07/20/2054<br>| &nbsp;&nbsp; 2.732% | 1870657 | &nbsp;&nbsp; 211445 |
| CMO Series 2024-128 Class S | CMO Series 2024-128 Class S | CMO Series 2024-128 Class S | CMO Series 2024-128 Class S |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>09/20/2048<br>| &nbsp;&nbsp; 2.352% | 1730281 | &nbsp;&nbsp; 184906 |
| CMO Series 2024-24 Class SB | CMO Series 2024-24 Class SB | CMO Series 2024-24 Class SB | CMO Series 2024-24 Class SB |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>04/20/2049<br>| &nbsp;&nbsp; 2.202% | 4908969 | &nbsp;&nbsp; 580488 |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2024-25 Class SG | CMO Series 2024-25 Class SG | CMO Series 2024-25 Class SG | CMO Series 2024-25 Class SG |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>06/20/2051<br>| &nbsp;&nbsp; 2.452% | 2176252 | &nbsp;&nbsp; 264552 |
| CMO Series 2024-30 Class IM | CMO Series 2024-30 Class IM | CMO Series 2024-30 Class IM | CMO Series 2024-30 Class IM |
| -1.0 x 30-day Average SOFR + <br> 5.250% <br>Cap 5.250% <br>02/20/2054<br>| &nbsp;&nbsp; 1.332% | 3039522 | &nbsp;&nbsp; 154010 |
| CMO Series 2024-30 Class SN | CMO Series 2024-30 Class SN | CMO Series 2024-30 Class SN | CMO Series 2024-30 Class SN |
| 30-day Average SOFR + 6.950% <br>Cap 6.950% <br>02/20/2054<br>| &nbsp;&nbsp; 3.032% | 3116757 | &nbsp;&nbsp; 324426 |
| CMO Series 2024-64 Class SM | CMO Series 2024-64 Class SM | CMO Series 2024-64 Class SM | CMO Series 2024-64 Class SM |
| -1.0 x 30-day Average SOFR + <br> 6.000% <br>Cap 6.000% <br>04/20/2054<br>| &nbsp;&nbsp; 1.901% | 1418746 | &nbsp;&nbsp; 152941 |
| CMO Series 2024-64 Class SN | CMO Series 2024-64 Class SN | CMO Series 2024-64 Class SN | CMO Series 2024-64 Class SN |
| -1.0 x 30-day Average SOFR + <br> 5.300% <br>Cap 5.300% <br>04/20/2054<br>| &nbsp;&nbsp; 1.382% | 1798837 | &nbsp;&nbsp; 105111 |
| CMO Series 2024-79 Class HS | CMO Series 2024-79 Class HS | CMO Series 2024-79 Class HS | CMO Series 2024-79 Class HS |
| -1.0 x 30-day Average SOFR + <br> 7.250% <br>Cap 7.250% <br>05/20/2054<br>| &nbsp;&nbsp; 3.332% | 866779 | &nbsp;&nbsp; 103264 |
| CMO Series 2024-79 Class JS | CMO Series 2024-79 Class JS | CMO Series 2024-79 Class JS | CMO Series 2024-79 Class JS |
| -1.0 x 30-day Average SOFR + <br> 7.250% <br>Cap 7.250% <br>05/20/2054<br>| &nbsp;&nbsp; 3.332% | 1334251 | &nbsp;&nbsp; 161442 |
| CMO Series 2024-97 Class YS | CMO Series 2024-97 Class YS | CMO Series 2024-97 Class YS | CMO Series 2024-97 Class YS |
| -1.0 x 30-day Average SOFR + <br> 6.650% <br>Cap 6.650% <br>06/20/2054<br>| &nbsp;&nbsp; 2.732% | 2049836 | &nbsp;&nbsp; 203478 |
| CMO Series 2025-25 Class SH | CMO Series 2025-25 Class SH | CMO Series 2025-25 Class SH | CMO Series 2025-25 Class SH |
| -1.0 x 30-day Average SOFR + <br> 5.300% <br>Cap 5.300% <br>02/20/2055<br>| &nbsp;&nbsp; 1.382% | 1968221 | &nbsp;&nbsp; 125886 |
| Government National Mortgage Association<sup>(b)</sup>  | Government National Mortgage Association<sup>(b)</sup>  | Government National Mortgage Association<sup>(b)</sup>  | Government National Mortgage Association<sup>(b)</sup>  |
| CMO Series 2025-149M Class FP | CMO Series 2025-149M Class FP | CMO Series 2025-149M Class FP | CMO Series 2025-149M Class FP |
| 30-day Average SOFR + 1.100% <br>Floor 1.100%, Cap 6.500% <br>09/20/2055<br>| &nbsp;&nbsp; 5.018% | 991172 | &nbsp;&nbsp; 994081 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2025-39 Class M | CMO Series 2025-39 Class M | CMO Series 2025-39 Class M | CMO Series 2025-39 Class M |
| 30-day Average SOFR + 4.000% <br>Floor 4.000%, Cap 7.700% <br>03/20/2055<br>| &nbsp;&nbsp; 7.221% | 817535 | &nbsp;&nbsp; 839699 |
| Government National Mortgage Association TBA<sup>(q)</sup>  | Government National Mortgage Association TBA<sup>(q)</sup>  | Government National Mortgage Association TBA<sup>(q)</sup>  | Government National Mortgage Association TBA<sup>(q)</sup>  |
| 01/22/2056 | &nbsp;&nbsp; 3.000% | 2000000 | &nbsp;&nbsp; 1796797 |
| Uniform Mortgage-Backed Security TBA<sup>(q)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(q)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(q)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(q)</sup>  |
| 01/20/2041- <br>01/14/2056<br>| &nbsp;&nbsp; 3.000% | 2000000 | &nbsp;&nbsp; 1846250 |
| 01/14/2056 | &nbsp;&nbsp; 4.000% | 5300000 | &nbsp;&nbsp; 5026650 |
| 01/14/2056 | &nbsp;&nbsp; 4.500% | 6500000 | &nbsp;&nbsp; 6344924 |
| 01/14/2056 | &nbsp;&nbsp; 5.000% | 3000000 | &nbsp;&nbsp; 2991562 |
| 01/14/2056 | &nbsp;&nbsp; 5.500% | 6000000 | &nbsp;&nbsp; 6083896 |
| 01/14/2056 | &nbsp;&nbsp; 6.000% | 5000000 | &nbsp;&nbsp; 5133637 |
| Total Residential Mortgage-Backed Securities - Agency <br>(Cost $70,174,841) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $70,174,841) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $70,174,841) | &nbsp;&nbsp; **70166766** |
| **Residential Mortgage-Backed Securities - Non-Agency 8.4%** | **Residential Mortgage-Backed Securities - Non-Agency 8.4%** | **Residential Mortgage-Backed Securities - Non-Agency 8.4%** | **Residential Mortgage-Backed Securities - Non-Agency 8.4%** |
| A&D Mortgage Trust<sup>(a),(h)</sup>  | A&D Mortgage Trust<sup>(a),(h)</sup>  | A&D Mortgage Trust<sup>(a),(h)</sup>  | A&D Mortgage Trust<sup>(a),(h)</sup>  |
| CMO Series 2024-NQM3 Class A1 | CMO Series 2024-NQM3 Class A1 | CMO Series 2024-NQM3 Class A1 | CMO Series 2024-NQM3 Class A1 |
| 07/25/2069 | &nbsp;&nbsp; 6.451% | 374313 | &nbsp;&nbsp; 380182 |
| Angel Oak Mortgage Trust<sup>(a),(h)</sup>  | Angel Oak Mortgage Trust<sup>(a),(h)</sup>  | Angel Oak Mortgage Trust<sup>(a),(h)</sup>  | Angel Oak Mortgage Trust<sup>(a),(h)</sup>  |
| CMO Series 2025-8 Class A2 | CMO Series 2025-8 Class A2 | CMO Series 2025-8 Class A2 | CMO Series 2025-8 Class A2 |
| 07/25/2070 | &nbsp;&nbsp; 5.613% | 941139 | &nbsp;&nbsp; 946917 |
| Barclays Mortgage Loan Trust<sup>(a),(p)</sup>  | Barclays Mortgage Loan Trust<sup>(a),(p)</sup>  | Barclays Mortgage Loan Trust<sup>(a),(p)</sup>  | Barclays Mortgage Loan Trust<sup>(a),(p)</sup>  |
| CMO Series 2025-NQM3 Class A1 | CMO Series 2025-NQM3 Class A1 | CMO Series 2025-NQM3 Class A1 | CMO Series 2025-NQM3 Class A1 |
| 05/25/2065 | &nbsp;&nbsp; 5.640% | 317831 | &nbsp;&nbsp; 320666 |
| CAFL Issuer LLC<sup>(a),(h)</sup>  | CAFL Issuer LLC<sup>(a),(h)</sup>  | CAFL Issuer LLC<sup>(a),(h)</sup>  | CAFL Issuer LLC<sup>(a),(h)</sup>  |
| CMO Series 2021-RTL1 Class A1 | CMO Series 2021-RTL1 Class A1 | CMO Series 2021-RTL1 Class A1 | CMO Series 2021-RTL1 Class A1 |
| 03/28/2029 | &nbsp;&nbsp; 2.239% | 40530 | &nbsp;&nbsp; 38460 |
| Cross Mortgage Trust<sup>(a),(p)</sup>  | Cross Mortgage Trust<sup>(a),(p)</sup>  | Cross Mortgage Trust<sup>(a),(p)</sup>  | Cross Mortgage Trust<sup>(a),(p)</sup>  |
| CMO Series 2025-H5 Class A1 | CMO Series 2025-H5 Class A1 | CMO Series 2025-H5 Class A1 | CMO Series 2025-H5 Class A1 |
| 07/25/2070 | &nbsp;&nbsp; 5.509% | 376353 | &nbsp;&nbsp; 379497 |
| Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup>  | Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup>  | Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup>  | Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup>  |
| CMO Series 2022-HQA1 Class M2 | CMO Series 2022-HQA1 Class M2 | CMO Series 2022-HQA1 Class M2 | CMO Series 2022-HQA1 Class M2 |
| 30-day Average SOFR + 5.250% <br>03/25/2042<br>| &nbsp;&nbsp; 9.124% | 300000 | &nbsp;&nbsp; 314532 |
| Subordinated CMO Series 2020-DNA6 Class B1 | Subordinated CMO Series 2020-DNA6 Class B1 | Subordinated CMO Series 2020-DNA6 Class B1 | Subordinated CMO Series 2020-DNA6 Class B1 |
| 30-day Average SOFR + 3.000% <br>12/25/2050<br>| &nbsp;&nbsp; 6.874% | 600000 | &nbsp;&nbsp; 641508 |
| Subordinated CMO Series 2021-DNA5 Class B1 | Subordinated CMO Series 2021-DNA5 Class B1 | Subordinated CMO Series 2021-DNA5 Class B1 | Subordinated CMO Series 2021-DNA5 Class B1 |
| 30-day Average SOFR + 3.050% <br>01/25/2034<br>| &nbsp;&nbsp; 6.924% | 300000 | &nbsp;&nbsp; 318665 |
| Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(b)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(b)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(b)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(b)</sup>  |
| CMO Series 2019-CS02 Class B2 | CMO Series 2019-CS02 Class B2 | CMO Series 2019-CS02 Class B2 | CMO Series 2019-CS02 Class B2 |
| 30-day Average SOFR + 0.114% <br>02/25/2032<br>| &nbsp;&nbsp; 4.454% | 112448 | &nbsp;&nbsp; 110924 |
| CMO Series 2019-CS02 Class B3 | CMO Series 2019-CS02 Class B3 | CMO Series 2019-CS02 Class B3 | CMO Series 2019-CS02 Class B3 |
| 30-day Average SOFR + 0.114% <br>02/25/2032<br>| &nbsp;&nbsp; 4.454% | 250000 | &nbsp;&nbsp; 241690 |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Subordinated CMO Series 2022-DNA2 Class B1 | Subordinated CMO Series 2022-DNA2 Class B1 | Subordinated CMO Series 2022-DNA2 Class B1 | Subordinated CMO Series 2022-DNA2 Class B1 |
| 30-day Average SOFR + 4.750% <br>02/25/2042<br>| &nbsp;&nbsp; 8.624% | 450000 | &nbsp;&nbsp; 467516 |
| Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(o)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(o)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(o)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(o)</sup>  |
| CMO Series 2019-CS02 Class IO | CMO Series 2019-CS02 Class IO | CMO Series 2019-CS02 Class IO | CMO Series 2019-CS02 Class IO |
| 02/25/2029 | &nbsp;&nbsp; 0.270% | 20988062 | &nbsp;&nbsp; 132619 |
| CMO Series 2020-CS02 Class IO1 | CMO Series 2020-CS02 Class IO1 | CMO Series 2020-CS02 Class IO1 | CMO Series 2020-CS02 Class IO1 |
| 05/25/2030 | &nbsp;&nbsp; 0.090% | 37991202 | &nbsp;&nbsp; 101315 |
| CMO Series 2020-CS02 Class IO2 | CMO Series 2020-CS02 Class IO2 | CMO Series 2020-CS02 Class IO2 | CMO Series 2020-CS02 Class IO2 |
| 06/25/2030 | &nbsp;&nbsp; 0.115% | 37991202 | &nbsp;&nbsp; 129459 |
| Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(b)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(b)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(b)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(b)</sup>  |
| Subordinated CMO Series 2020-CS02 Class B2 | Subordinated CMO Series 2020-CS02 Class B2 | Subordinated CMO Series 2020-CS02 Class B2 | Subordinated CMO Series 2020-CS02 Class B2 |
| 30-day Average SOFR + 0.114% <br>06/25/2033<br>| &nbsp;&nbsp; 4.454% | 500000 | &nbsp;&nbsp; 430630 |
| GCAT Trust<sup>(a),(h)</sup>  | GCAT Trust<sup>(a),(h)</sup>  | GCAT Trust<sup>(a),(h)</sup>  | GCAT Trust<sup>(a),(h)</sup>  |
| CMO Series 2025-NQM3 Class A1 | CMO Series 2025-NQM3 Class A1 | CMO Series 2025-NQM3 Class A1 | CMO Series 2025-NQM3 Class A1 |
| 05/25/2070 | &nbsp;&nbsp; 5.550% | 450728 | &nbsp;&nbsp; 455240 |
| GITSIT Mortgage Loan Trust<sup>(a),(h)</sup>  | GITSIT Mortgage Loan Trust<sup>(a),(h)</sup>  | GITSIT Mortgage Loan Trust<sup>(a),(h)</sup>  | GITSIT Mortgage Loan Trust<sup>(a),(h)</sup>  |
| CMO Series 2025-NPL1 Class A1 | CMO Series 2025-NPL1 Class A1 | CMO Series 2025-NPL1 Class A1 | CMO Series 2025-NPL1 Class A1 |
| 02/25/2055 | &nbsp;&nbsp; 6.276% | 231899 | &nbsp;&nbsp; 232301 |
| HOMES Trust<sup>(a),(p)</sup>  | HOMES Trust<sup>(a),(p)</sup>  | HOMES Trust<sup>(a),(p)</sup>  | HOMES Trust<sup>(a),(p)</sup>  |
| CMO Series 2025-AFC4 Class A1 | CMO Series 2025-AFC4 Class A1 | CMO Series 2025-AFC4 Class A1 | CMO Series 2025-AFC4 Class A1 |
| 11/25/2060 | &nbsp;&nbsp; 5.149% | 791268 | &nbsp;&nbsp; 793252 |
| LHOME Mortgage Trust<sup>(a),(h)</sup>  | LHOME Mortgage Trust<sup>(a),(h)</sup>  | LHOME Mortgage Trust<sup>(a),(h)</sup>  | LHOME Mortgage Trust<sup>(a),(h)</sup>  |
| CMO Series 2024-RTL1 Class A1 | CMO Series 2024-RTL1 Class A1 | CMO Series 2024-RTL1 Class A1 | CMO Series 2024-RTL1 Class A1 |
| 01/25/2029 | &nbsp;&nbsp; 7.017% | 450000 | &nbsp;&nbsp; 451151 |
| CMO Series 2024-RTL2 Class A1 | CMO Series 2024-RTL2 Class A1 | CMO Series 2024-RTL2 Class A1 | CMO Series 2024-RTL2 Class A1 |
| 03/25/2029 | &nbsp;&nbsp; 7.128% | 200000 | &nbsp;&nbsp; 201146 |
| MFA Trust<sup>(h)</sup>  | MFA Trust<sup>(h)</sup>  | MFA Trust<sup>(h)</sup>  | MFA Trust<sup>(h)</sup>  |
| CMO Series 2024-NPL1 Class A1 | CMO Series 2024-NPL1 Class A1 | CMO Series 2024-NPL1 Class A1 | CMO Series 2024-NPL1 Class A1 |
| 09/25/2054 | &nbsp;&nbsp; 6.330% | 1194464 | &nbsp;&nbsp; 1204167 |
| NYMT Loan Trust<sup>(a),(h)</sup>  | NYMT Loan Trust<sup>(a),(h)</sup>  | NYMT Loan Trust<sup>(a),(h)</sup>  | NYMT Loan Trust<sup>(a),(h)</sup>  |
| CMO Series 2024-BPL1 Class A1 | CMO Series 2024-BPL1 Class A1 | CMO Series 2024-BPL1 Class A1 | CMO Series 2024-BPL1 Class A1 |
| 02/25/2029 | &nbsp;&nbsp; 7.154% | 450000 | &nbsp;&nbsp; 450403 |
| Oaktown Re VI Ltd.<sup>(a),(b)</sup>  | Oaktown Re VI Ltd.<sup>(a),(b)</sup>  | Oaktown Re VI Ltd.<sup>(a),(b)</sup>  | Oaktown Re VI Ltd.<sup>(a),(b)</sup>  |
| CMO Series 2021-1A Class M1C | CMO Series 2021-1A Class M1C | CMO Series 2021-1A Class M1C | CMO Series 2021-1A Class M1C |
| 30-day Average SOFR + 3.000% <br>Floor 3.000% <br>10/25/2033<br>| &nbsp;&nbsp; 6.874% | 8990 | &nbsp;&nbsp; 9017 |
| OBX Trust<sup>(a),(h)</sup>  | OBX Trust<sup>(a),(h)</sup>  | OBX Trust<sup>(a),(h)</sup>  | OBX Trust<sup>(a),(h)</sup>  |
| CMO Series 2024-NQM3 Class A1 | CMO Series 2024-NQM3 Class A1 | CMO Series 2024-NQM3 Class A1 | CMO Series 2024-NQM3 Class A1 |
| 12/25/2063 | &nbsp;&nbsp; 6.129% | 228699 | &nbsp;&nbsp; 231201 |
| OSAT Trust<sup>(a),(h)</sup>  | OSAT Trust<sup>(a),(h)</sup>  | OSAT Trust<sup>(a),(h)</sup>  | OSAT Trust<sup>(a),(h)</sup>  |
| CMO Series 2021-RPL1 Class A2 | CMO Series 2021-RPL1 Class A2 | CMO Series 2021-RPL1 Class A2 | CMO Series 2021-RPL1 Class A2 |
| 05/25/2065 | &nbsp;&nbsp; 7.967% | 223071 | &nbsp;&nbsp; 220941 |
| Preston Ridge Partners Mortgage Trust<sup>(a),(h)</sup>  | Preston Ridge Partners Mortgage Trust<sup>(a),(h)</sup>  | Preston Ridge Partners Mortgage Trust<sup>(a),(h)</sup>  | Preston Ridge Partners Mortgage Trust<sup>(a),(h)</sup>  |
| CMO Series 2023-RCF1 Class M1 | CMO Series 2023-RCF1 Class M1 | CMO Series 2023-RCF1 Class M1 | CMO Series 2023-RCF1 Class M1 |
| 06/25/2053 | &nbsp;&nbsp; 4.000% | 350000 | &nbsp;&nbsp; 341258 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| PRET LLC<sup>(a),(h)</sup>  | PRET LLC<sup>(a),(h)</sup>  | PRET LLC<sup>(a),(h)</sup>  | PRET LLC<sup>(a),(h)</sup>  |
| CMO Series 2024-NPL6 Class A1 | CMO Series 2024-NPL6 Class A1 | CMO Series 2024-NPL6 Class A1 | CMO Series 2024-NPL6 Class A1 |
| 10/25/2054 | &nbsp;&nbsp; 5.926% | 695004 | &nbsp;&nbsp; 695387 |
| CMO Series 2024-NPL7 Class A1 | CMO Series 2024-NPL7 Class A1 | CMO Series 2024-NPL7 Class A1 | CMO Series 2024-NPL7 Class A1 |
| 10/25/2054 | &nbsp;&nbsp; 5.925% | 578811 | &nbsp;&nbsp; 579129 |
| CMO Series 2024-NPL7 Class A2 | CMO Series 2024-NPL7 Class A2 | CMO Series 2024-NPL7 Class A2 | CMO Series 2024-NPL7 Class A2 |
| 10/25/2054 | &nbsp;&nbsp; 8.956% | 350000 | &nbsp;&nbsp; 350486 |
| PRPM LLC<sup>(a),(h)</sup>  | PRPM LLC<sup>(a),(h)</sup>  | PRPM LLC<sup>(a),(h)</sup>  | PRPM LLC<sup>(a),(h)</sup>  |
| CMO Series 2024-7 Class A1 | CMO Series 2024-7 Class A1 | CMO Series 2024-7 Class A1 | CMO Series 2024-7 Class A1 |
| 11/25/2029 | &nbsp;&nbsp; 5.870% | 565097 | &nbsp;&nbsp; 565388 |
| CMO Series 2024-8 Class A1 | CMO Series 2024-8 Class A1 | CMO Series 2024-8 Class A1 | CMO Series 2024-8 Class A1 |
| 12/25/2029 | &nbsp;&nbsp; 5.897% | 336706 | &nbsp;&nbsp; 336895 |
| CMO Series 2025-2 Class A1 | CMO Series 2025-2 Class A1 | CMO Series 2025-2 Class A1 | CMO Series 2025-2 Class A1 |
| 05/25/2030 | &nbsp;&nbsp; 6.469% | 451016 | &nbsp;&nbsp; 451349 |
| PRPM Trust<sup>(a),(b)</sup>  | PRPM Trust<sup>(a),(b)</sup>  | PRPM Trust<sup>(a),(b)</sup>  | PRPM Trust<sup>(a),(b)</sup>  |
| CMO Series 2025-NQM6 Class A1 | CMO Series 2025-NQM6 Class A1 | CMO Series 2025-NQM6 Class A1 | CMO Series 2025-NQM6 Class A1 |
| 1-month Term SOFR + 0.000% <br>10/25/2070<br>| &nbsp;&nbsp; 5.253% | 1150000 | &nbsp;&nbsp; 1149792 |
| Radnor Re Ltd.<sup>(a),(b)</sup>  | Radnor Re Ltd.<sup>(a),(b)</sup>  | Radnor Re Ltd.<sup>(a),(b)</sup>  | Radnor Re Ltd.<sup>(a),(b)</sup>  |
| CMO Series 2021-1 Class M2 | CMO Series 2021-1 Class M2 | CMO Series 2021-1 Class M2 | CMO Series 2021-1 Class M2 |
| 30-day Average SOFR + 3.150% <br>12/27/2033<br>| &nbsp;&nbsp; 7.015% | 259482 | &nbsp;&nbsp; 260860 |
| CMO Series 2024-1 Class M1B | CMO Series 2024-1 Class M1B | CMO Series 2024-1 Class M1B | CMO Series 2024-1 Class M1B |
| 30-day Average SOFR + 2.900% <br>Floor 2.900% <br>09/25/2034<br>| &nbsp;&nbsp; 6.765% | 225237 | &nbsp;&nbsp; 226740 |
| RCO X Mortgage LLC<sup>(a),(h)</sup>  | RCO X Mortgage LLC<sup>(a),(h)</sup>  | RCO X Mortgage LLC<sup>(a),(h)</sup>  | RCO X Mortgage LLC<sup>(a),(h)</sup>  |
| CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 |
| 01/25/2030 | &nbsp;&nbsp; 5.875% | 540749 | &nbsp;&nbsp; 540938 |
| SAIF Securitization Trust<sup>(a),(h)</sup>  | SAIF Securitization Trust<sup>(a),(h)</sup>  | SAIF Securitization Trust<sup>(a),(h)</sup>  | SAIF Securitization Trust<sup>(a),(h)</sup>  |
| CMO Series 2025-CES1 Class A1 | CMO Series 2025-CES1 Class A1 | CMO Series 2025-CES1 Class A1 | CMO Series 2025-CES1 Class A1 |
| 06/25/2065 | &nbsp;&nbsp; 5.406% | 575804 | &nbsp;&nbsp; 577028 |
| Toorak Mortgage Trust<sup>(a),(h)</sup>  | Toorak Mortgage Trust<sup>(a),(h)</sup>  | Toorak Mortgage Trust<sup>(a),(h)</sup>  | Toorak Mortgage Trust<sup>(a),(h)</sup>  |
| CMO Series 2024-RRTL2 Class A1 | CMO Series 2024-RRTL2 Class A1 | CMO Series 2024-RRTL2 Class A1 | CMO Series 2024-RRTL2 Class A1 |
| 09/25/2039 | &nbsp;&nbsp; 5.504% | 650000 | &nbsp;&nbsp; 652931 |
| Triangle Re Ltd.<sup>(a),(b)</sup>  | Triangle Re Ltd.<sup>(a),(b)</sup>  | Triangle Re Ltd.<sup>(a),(b)</sup>  | Triangle Re Ltd.<sup>(a),(b)</sup>  |
| CMO Series 2021-2 Class M2 | CMO Series 2021-2 Class M2 | CMO Series 2021-2 Class M2 | CMO Series 2021-2 Class M2 |
| 1-month Term SOFR + 5.614% <br>10/25/2033<br>| &nbsp;&nbsp; 9.342% | 179625 | &nbsp;&nbsp; 182095 |
| Unlock HEA Trust<sup>(a)</sup>  | Unlock HEA Trust<sup>(a)</sup>  | Unlock HEA Trust<sup>(a)</sup>  | Unlock HEA Trust<sup>(a)</sup>  |
| CMO Series 2023-1 Class A | CMO Series 2023-1 Class A | CMO Series 2023-1 Class A | CMO Series 2023-1 Class A |
| 10/25/2038 | &nbsp;&nbsp; 7.000% | 341301 | &nbsp;&nbsp; 341771 |
| Vericrest Opportunity Loan Transferee<sup>(a),(h)</sup>  | Vericrest Opportunity Loan Transferee<sup>(a),(h)</sup>  | Vericrest Opportunity Loan Transferee<sup>(a),(h)</sup>  | Vericrest Opportunity Loan Transferee<sup>(a),(h)</sup>  |
| CMO Series 2021-NPL4 Class A1 | CMO Series 2021-NPL4 Class A1 | CMO Series 2021-NPL4 Class A1 | CMO Series 2021-NPL4 Class A1 |
| 03/27/2051 | &nbsp;&nbsp; 6.240% | 39694 | &nbsp;&nbsp; 39708 |
| Verus Securitization Trust<sup>(a),(p)</sup>  | Verus Securitization Trust<sup>(a),(p)</sup>  | Verus Securitization Trust<sup>(a),(p)</sup>  | Verus Securitization Trust<sup>(a),(p)</sup>  |
| CMO Series 2023-1 Class M1 | CMO Series 2023-1 Class M1 | CMO Series 2023-1 Class M1 | CMO Series 2023-1 Class M1 |
| 12/25/2067 | &nbsp;&nbsp; 6.842% | 1000000 | &nbsp;&nbsp; 997160 |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Visio Trust<sup>(a),(p)</sup>  | Visio Trust<sup>(a),(p)</sup>  | Visio Trust<sup>(a),(p)</sup>  | Visio Trust<sup>(a),(p)</sup>  |
| CMO Series 2019-2 Class M1 | CMO Series 2019-2 Class M1 | CMO Series 2019-2 Class M1 | CMO Series 2019-2 Class M1 |
| 11/25/2054 | &nbsp;&nbsp; 3.260% | 200000 | &nbsp;&nbsp; 196981 |
| Subordinated CMO Series 2019-2 Class B1 | Subordinated CMO Series 2019-2 Class B1 | Subordinated CMO Series 2019-2 Class B1 | Subordinated CMO Series 2019-2 Class B1 |
| 11/25/2054 | &nbsp;&nbsp; 3.910% | 100000 | &nbsp;&nbsp; 98743 |
| Vista Point Securitization Trust<sup>(a),(p)</sup>  | Vista Point Securitization Trust<sup>(a),(p)</sup>  | Vista Point Securitization Trust<sup>(a),(p)</sup>  | Vista Point Securitization Trust<sup>(a),(p)</sup>  |
| CMO Series 2025-CES2 Class A1 | CMO Series 2025-CES2 Class A1 | CMO Series 2025-CES2 Class A1 | CMO Series 2025-CES2 Class A1 |
| 08/25/2055 | &nbsp;&nbsp; 5.601% | 708576 | &nbsp;&nbsp; 712471 |
| Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $18,217,004) | Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $18,217,004) | Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $18,217,004) | &nbsp;&nbsp; **18500509** |
| **Senior Loans 10.7%** | **Senior Loans 10.7%** | **Senior Loans 10.7%** | **Senior Loans 10.7%** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Brokerage/Asset Managers/Exchanges 0.4%** | **Brokerage/Asset Managers/Exchanges 0.4%** | **Brokerage/Asset Managers/Exchanges 0.4%** | **Brokerage/Asset Managers/Exchanges 0.4%** |
| Aretec Group, Inc.<sup>(b),(r)</sup>  | Aretec Group, Inc.<sup>(b),(r)</sup>  | Aretec Group, Inc.<sup>(b),(r)</sup>  | Aretec Group, Inc.<sup>(b),(r)</sup>  |
| Tranche B4 1st Lien Term Loan | Tranche B4 1st Lien Term Loan | Tranche B4 1st Lien Term Loan | Tranche B4 1st Lien Term Loan |
| 1-month Term SOFR + 3.000% <br>08/09/2030<br>| &nbsp;&nbsp; 6.716% | 148875 | &nbsp;&nbsp; 149341 |
| Focus Financial Partners LLC<sup>(b),(r)</sup>  | Focus Financial Partners LLC<sup>(b),(r)</sup>  | Focus Financial Partners LLC<sup>(b),(r)</sup>  | Focus Financial Partners LLC<sup>(b),(r)</sup>  |
| Tranche C Term Loan | Tranche C Term Loan | Tranche C Term Loan | Tranche C Term Loan |
| 1-month Term SOFR + 2.500% <br>09/15/2031<br>| &nbsp;&nbsp; 6.216% | 121501 | &nbsp;&nbsp; 121673 |
| GTCR Everest Borrower LLC<sup>(b),(r)</sup>  | GTCR Everest Borrower LLC<sup>(b),(r)</sup>  | GTCR Everest Borrower LLC<sup>(b),(r)</sup>  | GTCR Everest Borrower LLC<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.750% <br>09/05/2031<br>| &nbsp;&nbsp; 6.422% | 135923 | &nbsp;&nbsp; 136376 |
| Jefferies Finance LLC<sup>(b),(r)</sup>  | Jefferies Finance LLC<sup>(b),(r)</sup>  | Jefferies Finance LLC<sup>(b),(r)</sup>  | Jefferies Finance LLC<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.750% <br>10/21/2031<br>| &nbsp;&nbsp; 6.500% | 102364 | &nbsp;&nbsp; 101596 |
| June Purchaser LLC<sup>(b),(r),(s),(t)</sup>  | June Purchaser LLC<sup>(b),(r),(s),(t)</sup>  | June Purchaser LLC<sup>(b),(r),(s),(t)</sup>  | June Purchaser LLC<sup>(b),(r),(s),(t)</sup>  |
| Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan |
| 3-month Term SOFR + 2.750% <br>11/28/2031<br>| &nbsp;&nbsp; 2.750% | 19286 | &nbsp;&nbsp; 19402 |
| June Purchaser LLC<sup>(b),(r)</sup>  | June Purchaser LLC<sup>(b),(r)</sup>  | June Purchaser LLC<sup>(b),(r)</sup>  | June Purchaser LLC<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.750% <br>11/28/2031<br>| &nbsp;&nbsp; 6.422% | 114847 | &nbsp;&nbsp; 115540 |
| Osaic Holdings, Inc.<sup>(b),(r)</sup>  | Osaic Holdings, Inc.<sup>(b),(r)</sup>  | Osaic Holdings, Inc.<sup>(b),(r)</sup>  | Osaic Holdings, Inc.<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 6-month Term SOFR + 3.000% <br>07/30/2032<br>| &nbsp;&nbsp; 6.595% | 103899 | &nbsp;&nbsp; 104269 |
| VFH Parent LLC<sup>(b),(r)</sup>  | VFH Parent LLC<sup>(b),(r)</sup>  | VFH Parent LLC<sup>(b),(r)</sup>  | VFH Parent LLC<sup>(b),(r)</sup>  |
| Tranche B2 Term Loan | Tranche B2 Term Loan | Tranche B2 Term Loan | Tranche B2 Term Loan |
| 1-month Term SOFR + 2.500% <br>06/21/2031<br>| &nbsp;&nbsp; 6.216% | 132424 | &nbsp;&nbsp; 132700 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **880897** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Building Materials 0.3%** | **Building Materials 0.3%** | **Building Materials 0.3%** | **Building Materials 0.3%** |
| Cornerstone Building Brands, Inc.<sup>(b),(r)</sup>  | Cornerstone Building Brands, Inc.<sup>(b),(r)</sup>  | Cornerstone Building Brands, Inc.<sup>(b),(r)</sup>  | Cornerstone Building Brands, Inc.<sup>(b),(r)</sup>  |
| Tranche C Term Loan | Tranche C Term Loan | Tranche C Term Loan | Tranche C Term Loan |
| 1-month Term SOFR + 4.500% <br>Floor 0.500% <br>05/15/2031<br>| &nbsp;&nbsp; 8.250% | 33200 | &nbsp;&nbsp; 23351 |
| DG Investment Intermediate Holdings 2, Inc.<sup>(b),(r)</sup>  | DG Investment Intermediate Holdings 2, Inc.<sup>(b),(r)</sup>  | DG Investment Intermediate Holdings 2, Inc.<sup>(b),(r)</sup>  | DG Investment Intermediate Holdings 2, Inc.<sup>(b),(r)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 3.750% <br>07/09/2032<br>| &nbsp;&nbsp; 7.466% | 39655 | &nbsp;&nbsp; 39655 |
| Green Infrastructure Partners, Inc.<sup>(b),(r)</sup>  | Green Infrastructure Partners, Inc.<sup>(b),(r)</sup>  | Green Infrastructure Partners, Inc.<sup>(b),(r)</sup>  | Green Infrastructure Partners, Inc.<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.750% <br>09/24/2032<br>| &nbsp;&nbsp; 6.422% | 81250 | &nbsp;&nbsp; 81250 |
| Johnstone Supply LLC<sup>(b),(r)</sup>  | Johnstone Supply LLC<sup>(b),(r)</sup>  | Johnstone Supply LLC<sup>(b),(r)</sup>  | Johnstone Supply LLC<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.500% <br>06/09/2031<br>| &nbsp;&nbsp; 6.230% | 49499 | &nbsp;&nbsp; 49740 |
| LBM Acquisition LLC<sup>(b),(r)</sup>  | LBM Acquisition LLC<sup>(b),(r)</sup>  | LBM Acquisition LLC<sup>(b),(r)</sup>  | LBM Acquisition LLC<sup>(b),(r)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 3.750% <br>Floor 0.750% <br>06/06/2031<br>| &nbsp;&nbsp; 7.584% | 49250 | &nbsp;&nbsp; 46115 |
| 1-month Term SOFR + 5.000% <br>06/06/2031<br>| &nbsp;&nbsp; 8.734% | 100500 | &nbsp;&nbsp; 100299 |
| Madison Safety & Flow LLC<sup>(b),(r)</sup>  | Madison Safety & Flow LLC<sup>(b),(r)</sup>  | Madison Safety & Flow LLC<sup>(b),(r)</sup>  | Madison Safety & Flow LLC<sup>(b),(r)</sup>  |
| Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan |
| 1-month Term SOFR + 2.500% <br>09/26/2031<br>| &nbsp;&nbsp; 6.227% | 21565 | &nbsp;&nbsp; 21695 |
| Park River Holdings, Inc.<sup>(b),(r)</sup>  | Park River Holdings, Inc.<sup>(b),(r)</sup>  | Park River Holdings, Inc.<sup>(b),(r)</sup>  | Park River Holdings, Inc.<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 4.500% <br>03/15/2031<br>| &nbsp;&nbsp; 8.485% | 35106 | &nbsp;&nbsp; 35275 |
| Quikrete Holdings, Inc.<sup>(b),(r)</sup>  | Quikrete Holdings, Inc.<sup>(b),(r)</sup>  | Quikrete Holdings, Inc.<sup>(b),(r)</sup>  | Quikrete Holdings, Inc.<sup>(b),(r)</sup>  |
| Tranche B3 1st Lien Term Loan | Tranche B3 1st Lien Term Loan | Tranche B3 1st Lien Term Loan | Tranche B3 1st Lien Term Loan |
| 1-month Term SOFR + 2.250% <br>02/10/2032<br>| &nbsp;&nbsp; 5.966% | 52361 | &nbsp;&nbsp; 52511 |
| Smyrna Ready Mix Concrete LLC<sup>(b),(r)</sup>  | Smyrna Ready Mix Concrete LLC<sup>(b),(r)</sup>  | Smyrna Ready Mix Concrete LLC<sup>(b),(r)</sup>  | Smyrna Ready Mix Concrete LLC<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.000% <br>04/02/2029<br>| &nbsp;&nbsp; 6.716% | 109077 | &nbsp;&nbsp; 109622 |
| Specialty Building Products Holdings LLC<sup>(b),(r)</sup>  | Specialty Building Products Holdings LLC<sup>(b),(r)</sup>  | Specialty Building Products Holdings LLC<sup>(b),(r)</sup>  | Specialty Building Products Holdings LLC<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.750% <br>Floor 0.500% <br>10/15/2028<br>| &nbsp;&nbsp; 7.566% | 117228 | &nbsp;&nbsp; 109051 |
| White Cap Supply Holdings LLC<sup>(b),(r)</sup>  | White Cap Supply Holdings LLC<sup>(b),(r)</sup>  | White Cap Supply Holdings LLC<sup>(b),(r)</sup>  | White Cap Supply Holdings LLC<sup>(b),(r)</sup>  |
| Tranche C Term Loan | Tranche C Term Loan | Tranche C Term Loan | Tranche C Term Loan |
| 1-month Term SOFR + 3.250% <br>10/19/2029<br>| &nbsp;&nbsp; 6.966% | 99000 | &nbsp;&nbsp; 99379 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **767943** |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Cable and Satellite 0.2%** | **Cable and Satellite 0.2%** | **Cable and Satellite 0.2%** | **Cable and Satellite 0.2%** |
| Sunrise Financing Partnership<sup>(b),(r)</sup>  | Sunrise Financing Partnership<sup>(b),(r)</sup>  | Sunrise Financing Partnership<sup>(b),(r)</sup>  | Sunrise Financing Partnership<sup>(b),(r)</sup>  |
| Tranche AAA Term Loan | Tranche AAA Term Loan | Tranche AAA Term Loan | Tranche AAA Term Loan |
| 6-month Term SOFR + 2.500% <br>02/15/2032<br>| &nbsp;&nbsp; 6.691% | 118267 | &nbsp;&nbsp; 118609 |
| Virgin Media Bristol LLC<sup>(b),(r)</sup>  | Virgin Media Bristol LLC<sup>(b),(r)</sup>  | Virgin Media Bristol LLC<sup>(b),(r)</sup>  | Virgin Media Bristol LLC<sup>(b),(r)</sup>  |
| Tranche Q Term Loan | Tranche Q Term Loan | Tranche Q Term Loan | Tranche Q Term Loan |
| 1-month Term SOFR + 3.250% <br>01/31/2029<br>| &nbsp;&nbsp; 7.115% | 300000 | &nbsp;&nbsp; 300375 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **418984** |
| **Chemicals 0.8%** | **Chemicals 0.8%** | **Chemicals 0.8%** | **Chemicals 0.8%** |
| A-AP Buyer, Inc.<sup>(b),(r)</sup>  | A-AP Buyer, Inc.<sup>(b),(r)</sup>  | A-AP Buyer, Inc.<sup>(b),(r)</sup>  | A-AP Buyer, Inc.<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.750% <br>09/09/2031<br>| &nbsp;&nbsp; 6.466% | 33412 | &nbsp;&nbsp; 33517 |
| Chemours Co. (The)<sup>(b),(r)</sup>  | Chemours Co. (The)<sup>(b),(r)</sup>  | Chemours Co. (The)<sup>(b),(r)</sup>  | Chemours Co. (The)<sup>(b),(r)</sup>  |
| Tranche B4 Term Loan | Tranche B4 Term Loan | Tranche B4 Term Loan | Tranche B4 Term Loan |
| 1-month Term SOFR + 3.500% <br>10/15/2032<br>| &nbsp;&nbsp; 7.216% | 150000 | &nbsp;&nbsp; 147937 |
| Ineos Quattro Holdings UK Ltd.<sup>(b),(r)</sup>  | Ineos Quattro Holdings UK Ltd.<sup>(b),(r)</sup>  | Ineos Quattro Holdings UK Ltd.<sup>(b),(r)</sup>  | Ineos Quattro Holdings UK Ltd.<sup>(b),(r)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 4.250% <br>04/02/2029<br>| &nbsp;&nbsp; 8.066% | 440878 | &nbsp;&nbsp; 308615 |
| Ineos US Finance LLC<sup>(b),(r),(s)</sup>  | Ineos US Finance LLC<sup>(b),(r),(s)</sup>  | Ineos US Finance LLC<sup>(b),(r),(s)</sup>  | Ineos US Finance LLC<sup>(b),(r),(s)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.250% <br>02/18/2030<br>| &nbsp;&nbsp; 6.966% | 425648 | &nbsp;&nbsp; 341412 |
| 1-month Term SOFR + 3.000% <br>02/07/2031<br>| &nbsp;&nbsp; 6.716% | 45045 | &nbsp;&nbsp; 35980 |
| Ineos US Finance LLC<sup>(b),(r)</sup>  | Ineos US Finance LLC<sup>(b),(r)</sup>  | Ineos US Finance LLC<sup>(b),(r)</sup>  | Ineos US Finance LLC<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.250% <br>02/19/2030<br>| &nbsp;&nbsp; 0.000% | 475087 | &nbsp;&nbsp; 383039 |
| Lummus Technology Holdings V LLC<sup>(b),(r)</sup>  | Lummus Technology Holdings V LLC<sup>(b),(r)</sup>  | Lummus Technology Holdings V LLC<sup>(b),(r)</sup>  | Lummus Technology Holdings V LLC<sup>(b),(r)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 2.500% <br>12/31/2029<br>| &nbsp;&nbsp; 6.216% | 107886 | &nbsp;&nbsp; 107925 |
| Olympus Water US Holding Corp.<sup>(b),(r)</sup>  | Olympus Water US Holding Corp.<sup>(b),(r)</sup>  | Olympus Water US Holding Corp.<sup>(b),(r)</sup>  | Olympus Water US Holding Corp.<sup>(b),(r)</sup>  |
| Tranche B6 Term Loan | Tranche B6 Term Loan | Tranche B6 Term Loan | Tranche B6 Term Loan |
| 3-month Term SOFR + 3.000% <br>06/20/2031<br>| &nbsp;&nbsp; 6.672% | 273339 | &nbsp;&nbsp; 270698 |
| USALCO LLC<sup>(b),(r),(s),(t)</sup>  | USALCO LLC<sup>(b),(r),(s),(t)</sup>  | USALCO LLC<sup>(b),(r),(s),(t)</sup>  | USALCO LLC<sup>(b),(r),(s),(t)</sup>  |
| Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan |
| 3-month Term SOFR + 1.000% <br>09/30/2031<br>| &nbsp;&nbsp; 1.000% | 4793 | &nbsp;&nbsp; 4810 |
| USALCO LLC<sup>(b),(r)</sup>  | USALCO LLC<sup>(b),(r)</sup>  | USALCO LLC<sup>(b),(r)</sup>  | USALCO LLC<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.500% <br>09/30/2031<br>| &nbsp;&nbsp; 7.216% | 46059 | &nbsp;&nbsp; 46217 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| W. R. Grace Holdings LLC<sup>(b),(r)</sup>  | W. R. Grace Holdings LLC<sup>(b),(r)</sup>  | W. R. Grace Holdings LLC<sup>(b),(r)</sup>  | W. R. Grace Holdings LLC<sup>(b),(r)</sup>  |
| Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan |
| 3-month Term SOFR + 3.000% <br>08/19/2032<br>| &nbsp;&nbsp; 6.689% | 59850 | &nbsp;&nbsp; 59794 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1739944** |
| **Construction Machinery 0.0%** | **Construction Machinery 0.0%** | **Construction Machinery 0.0%** | **Construction Machinery 0.0%** |
| Engineered Machinery Holdings, Inc.<sup>(b),(r)</sup>  | Engineered Machinery Holdings, Inc.<sup>(b),(r)</sup>  | Engineered Machinery Holdings, Inc.<sup>(b),(r)</sup>  | Engineered Machinery Holdings, Inc.<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.250% <br>11/22/2032<br>| &nbsp;&nbsp; 6.922% | 52336 | &nbsp;&nbsp; 52624 |
| **Consumer Cyclical Services 0.6%** | **Consumer Cyclical Services 0.6%** | **Consumer Cyclical Services 0.6%** | **Consumer Cyclical Services 0.6%** |
| Allied Universal Holdco LLC<sup>(b),(r)</sup>  | Allied Universal Holdco LLC<sup>(b),(r)</sup>  | Allied Universal Holdco LLC<sup>(b),(r)</sup>  | Allied Universal Holdco LLC<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.250% <br>08/20/2032<br>| &nbsp;&nbsp; 6.966% | 149625 | &nbsp;&nbsp; 150306 |
| Arches Buyer, Inc.<sup>(b),(r)</sup>  | Arches Buyer, Inc.<sup>(b),(r)</sup>  | Arches Buyer, Inc.<sup>(b),(r)</sup>  | Arches Buyer, Inc.<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.250% <br>Floor 0.500% <br>12/06/2027<br>| &nbsp;&nbsp; 7.066% | 475000 | &nbsp;&nbsp; 475656 |
| BradyPLUS Holdings LLC<sup>(b),(r)</sup>  | BradyPLUS Holdings LLC<sup>(b),(r)</sup>  | BradyPLUS Holdings LLC<sup>(b),(r)</sup>  | BradyPLUS Holdings LLC<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.500% <br>12/13/2032<br>| &nbsp;&nbsp; 7.190% | 64920 | &nbsp;&nbsp; 64162 |
| Ensemble RCM LLC<sup>(b),(r)</sup>  | Ensemble RCM LLC<sup>(b),(r)</sup>  | Ensemble RCM LLC<sup>(b),(r)</sup>  | Ensemble RCM LLC<sup>(b),(r)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 3.000% <br>08/01/2029<br>| &nbsp;&nbsp; 6.840% | 69255 | &nbsp;&nbsp; 69555 |
| Fleet Midco I Ltd.<sup>(b),(c),(r)</sup>  | Fleet Midco I Ltd.<sup>(b),(c),(r)</sup>  | Fleet Midco I Ltd.<sup>(b),(c),(r)</sup>  | Fleet Midco I Ltd.<sup>(b),(c),(r)</sup>  |
| Tranche B2 Term Loan | Tranche B2 Term Loan | Tranche B2 Term Loan | Tranche B2 Term Loan |
| 6-month Term SOFR + 2.750% <br>02/21/2031<br>| &nbsp;&nbsp; 6.792% | 37032 | &nbsp;&nbsp; 37171 |
| OMNIA Partners LLC<sup>(b),(r)</sup>  | OMNIA Partners LLC<sup>(b),(r)</sup>  | OMNIA Partners LLC<sup>(b),(r)</sup>  | OMNIA Partners LLC<sup>(b),(r)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 2.750% <br>12/31/2032<br>| &nbsp;&nbsp; 6.455% | 148129 | &nbsp;&nbsp; 148579 |
| Raven Acquisition Holdings LLC<sup>(b),(r),(s),(t)</sup>  | Raven Acquisition Holdings LLC<sup>(b),(r),(s),(t)</sup>  | Raven Acquisition Holdings LLC<sup>(b),(r),(s),(t)</sup>  | Raven Acquisition Holdings LLC<sup>(b),(r),(s),(t)</sup>  |
| Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan |
| 3-month Term SOFR + 3.000% <br>11/19/2031<br>| &nbsp;&nbsp; 3.000% | 10877 | &nbsp;&nbsp; 10908 |
| Raven Acquisition Holdings LLC<sup>(b),(r)</sup>  | Raven Acquisition Holdings LLC<sup>(b),(r)</sup>  | Raven Acquisition Holdings LLC<sup>(b),(r)</sup>  | Raven Acquisition Holdings LLC<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.000% <br>11/19/2031<br>| &nbsp;&nbsp; 6.716% | 151520 | &nbsp;&nbsp; 151945 |
| Rosen International SARL<sup>(b),(r)</sup>  | Rosen International SARL<sup>(b),(r)</sup>  | Rosen International SARL<sup>(b),(r)</sup>  | Rosen International SARL<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.250% <br>03/26/2031<br>| &nbsp;&nbsp; 5.922% | 111656 | &nbsp;&nbsp; 111883 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1220165** |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Consumer Products 0.1%** | **Consumer Products 0.1%** | **Consumer Products 0.1%** | **Consumer Products 0.1%** |
| Lavender Dutch Borrow BV<sup>(b),(r),(s)</sup>  | Lavender Dutch Borrow BV<sup>(b),(r),(s)</sup>  | Lavender Dutch Borrow BV<sup>(b),(r),(s)</sup>  | Lavender Dutch Borrow BV<sup>(b),(r),(s)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.250% <br>09/27/2032<br>|  | 91071 | &nbsp;&nbsp; 91716 |
| SRAM LLC<sup>(b),(r)</sup>  | SRAM LLC<sup>(b),(r)</sup>  | SRAM LLC<sup>(b),(r)</sup>  | SRAM LLC<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 6-month Term SOFR + 2.250% <br>02/27/2032<br>| &nbsp;&nbsp; 5.963% | 52786 | &nbsp;&nbsp; 52786 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **144502** |
| **Diversified Manufacturing 0.4%** | **Diversified Manufacturing 0.4%** | **Diversified Manufacturing 0.4%** | **Diversified Manufacturing 0.4%** |
| Dynamo Midco BV<sup>(b),(r)</sup>  | Dynamo Midco BV<sup>(b),(r)</sup>  | Dynamo Midco BV<sup>(b),(r)</sup>  | Dynamo Midco BV<sup>(b),(r)</sup>  |
| Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan |
| 1-month Term SOFR + 3.250% <br>09/30/2031<br>| &nbsp;&nbsp; 7.093% | 59251 | &nbsp;&nbsp; 59769 |
| Madison IAQ LLC<sup>(b),(r)</sup>  | Madison IAQ LLC<sup>(b),(r)</sup>  | Madison IAQ LLC<sup>(b),(r)</sup>  | Madison IAQ LLC<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.750% <br>11/08/2032<br>| &nbsp;&nbsp; 6.637% | 104165 | &nbsp;&nbsp; 104733 |
| TK Elevator Midco GmbH<sup>(b),(r)</sup>  | TK Elevator Midco GmbH<sup>(b),(r)</sup>  | TK Elevator Midco GmbH<sup>(b),(r)</sup>  | TK Elevator Midco GmbH<sup>(b),(r)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 6-month Term SOFR + 2.750% <br>04/30/2030<br>| &nbsp;&nbsp; 6.947% | 474396 | &nbsp;&nbsp; 477086 |
| WEC US Holdings, Inc.<sup>(b),(r)</sup>  | WEC US Holdings, Inc.<sup>(b),(r)</sup>  | WEC US Holdings, Inc.<sup>(b),(r)</sup>  | WEC US Holdings, Inc.<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.000% <br>01/27/2031<br>| &nbsp;&nbsp; 5.873% | 248741 | &nbsp;&nbsp; 249069 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **890657** |
| **Electric 0.8%** | **Electric 0.8%** | **Electric 0.8%** | **Electric 0.8%** |
| Astoria Project Partners LLC/Energy LLC<sup>(b),(r)</sup>  | Astoria Project Partners LLC/Energy LLC<sup>(b),(r)</sup>  | Astoria Project Partners LLC/Energy LLC<sup>(b),(r)</sup>  | Astoria Project Partners LLC/Energy LLC<sup>(b),(r)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 2.750% <br>06/23/2032<br>| &nbsp;&nbsp; 6.466% | 39450 | &nbsp;&nbsp; 39709 |
| Bayonne Energy Center LLC<sup>(b),(r)</sup>  | Bayonne Energy Center LLC<sup>(b),(r)</sup>  | Bayonne Energy Center LLC<sup>(b),(r)</sup>  | Bayonne Energy Center LLC<sup>(b),(r)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 3.000% <br>10/01/2032<br>| &nbsp;&nbsp; 6.672% | 126606 | &nbsp;&nbsp; 127318 |
| Calpine Corp.<sup>(b),(r)</sup>  | Calpine Corp.<sup>(b),(r)</sup>  | Calpine Corp.<sup>(b),(r)</sup>  | Calpine Corp.<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 1.750% <br>02/15/2032<br>| &nbsp;&nbsp; 5.466% | 358975 | &nbsp;&nbsp; 358845 |
| Carroll County Energy LLC<sup>(b),(r)</sup>  | Carroll County Energy LLC<sup>(b),(r)</sup>  | Carroll County Energy LLC<sup>(b),(r)</sup>  | Carroll County Energy LLC<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.750% <br>06/30/2031<br>| &nbsp;&nbsp; 6.422% | 97199 | &nbsp;&nbsp; 97563 |
| Compass Power Generation LLC<sup>(b),(r)</sup>  | Compass Power Generation LLC<sup>(b),(r)</sup>  | Compass Power Generation LLC<sup>(b),(r)</sup>  | Compass Power Generation LLC<sup>(b),(r)</sup>  |
| Tranche B4 Term Loan | Tranche B4 Term Loan | Tranche B4 Term Loan | Tranche B4 Term Loan |
| 1-month Term SOFR + 3.250% <br>04/14/2029<br>| &nbsp;&nbsp; 6.966% | 43893 | &nbsp;&nbsp; 44146 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Constellation Renewables LLC<sup>(b),(r)</sup>  | Constellation Renewables LLC<sup>(b),(r)</sup>  | Constellation Renewables LLC<sup>(b),(r)</sup>  | Constellation Renewables LLC<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.000% <br>Floor 1.000% <br>12/15/2027<br>| &nbsp;&nbsp; 5.822% | 397797 | &nbsp;&nbsp; 398958 |
| Cornerstone Generation LLC<sup>(b),(r)</sup>  | Cornerstone Generation LLC<sup>(b),(r)</sup>  | Cornerstone Generation LLC<sup>(b),(r)</sup>  | Cornerstone Generation LLC<sup>(b),(r)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 3.250% <br>08/11/2032<br>| &nbsp;&nbsp; 7.093% | 149625 | &nbsp;&nbsp; 150801 |
| CPV Fairview LLC<sup>(b),(r)</sup>  | CPV Fairview LLC<sup>(b),(r)</sup>  | CPV Fairview LLC<sup>(b),(r)</sup>  | CPV Fairview LLC<sup>(b),(r)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 2.500% <br>08/14/2031<br>| &nbsp;&nbsp; 6.172% | 66500 | &nbsp;&nbsp; 66729 |
| EFS Cogen Holdings I LLC<sup>(b),(r)</sup>  | EFS Cogen Holdings I LLC<sup>(b),(r)</sup>  | EFS Cogen Holdings I LLC<sup>(b),(r)</sup>  | EFS Cogen Holdings I LLC<sup>(b),(r)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 3.000% <br>10/03/2031<br>| &nbsp;&nbsp; 6.672% | 28817 | &nbsp;&nbsp; 29023 |
| Hamilton Projects Acquiror LLC<sup>(b),(r)</sup>  | Hamilton Projects Acquiror LLC<sup>(b),(r)</sup>  | Hamilton Projects Acquiror LLC<sup>(b),(r)</sup>  | Hamilton Projects Acquiror LLC<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.500% <br>05/30/2031<br>| &nbsp;&nbsp; 6.216% | 106929 | &nbsp;&nbsp; 107537 |
| Invenergy Thermal Operating I LLC<sup>(b),(r)</sup>  | Invenergy Thermal Operating I LLC<sup>(b),(r)</sup>  | Invenergy Thermal Operating I LLC<sup>(b),(r)</sup>  | Invenergy Thermal Operating I LLC<sup>(b),(r)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 2.750% <br>05/17/2032<br>| &nbsp;&nbsp; 6.410% | 25316 | &nbsp;&nbsp; 25386 |
| Tranche C Term Loan | Tranche C Term Loan | Tranche C Term Loan | Tranche C Term Loan |
| 3-month Term SOFR + 2.750% <br>05/17/2032<br>| &nbsp;&nbsp; 6.410% | 1540 | &nbsp;&nbsp; 1544 |
| Lackawanna Energy Center LLC<sup>(b),(r)</sup>  | Lackawanna Energy Center LLC<sup>(b),(r)</sup>  | Lackawanna Energy Center LLC<sup>(b),(r)</sup>  | Lackawanna Energy Center LLC<sup>(b),(r)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 3.000% <br>08/05/2032<br>| &nbsp;&nbsp; 6.784% | 143580 | &nbsp;&nbsp; 144334 |
| South Field Energy LLC<sup>(b),(r)</sup>  | South Field Energy LLC<sup>(b),(r)</sup>  | South Field Energy LLC<sup>(b),(r)</sup>  | South Field Energy LLC<sup>(b),(r)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 3.000% <br>08/29/2031<br>| &nbsp;&nbsp; 6.672% | 36213 | &nbsp;&nbsp; 36440 |
| Tranche C Term Loan | Tranche C Term Loan | Tranche C Term Loan | Tranche C Term Loan |
| 3-month Term SOFR + 3.000% <br>08/29/2031<br>| &nbsp;&nbsp; 6.672% | 2182 | &nbsp;&nbsp; 2196 |
| West Deptford Energy Holdings LLC<sup>(b),(r)</sup>  | West Deptford Energy Holdings LLC<sup>(b),(r)</sup>  | West Deptford Energy Holdings LLC<sup>(b),(r)</sup>  | West Deptford Energy Holdings LLC<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 4.000% <br>12/30/2031<br>| &nbsp;&nbsp; 7.716% | 80629 | &nbsp;&nbsp; 79941 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1710470** |
| **Environmental 0.2%** | **Environmental 0.2%** | **Environmental 0.2%** | **Environmental 0.2%** |
| EnergySolutions LLC/Envirocare of Utah LLC<sup>(b),(r)</sup>  | EnergySolutions LLC/Envirocare of Utah LLC<sup>(b),(r)</sup>  | EnergySolutions LLC/Envirocare of Utah LLC<sup>(b),(r)</sup>  | EnergySolutions LLC/Envirocare of Utah LLC<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.250% <br>Floor 0.500% <br>09/20/2030<br>| &nbsp;&nbsp; 6.966% | 148720 | &nbsp;&nbsp; 149587 |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| GFL Environmental Services, Inc.<sup>(b),(r)</sup>  | GFL Environmental Services, Inc.<sup>(b),(r)</sup>  | GFL Environmental Services, Inc.<sup>(b),(r)</sup>  | GFL Environmental Services, Inc.<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.500% <br>03/03/2032<br>| &nbsp;&nbsp; 6.273% | 149625 | &nbsp;&nbsp; 150074 |
| Northstar Group Services, Inc.<sup>(b),(r)</sup>  | Northstar Group Services, Inc.<sup>(b),(r)</sup>  | Northstar Group Services, Inc.<sup>(b),(r)</sup>  | Northstar Group Services, Inc.<sup>(b),(r)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 4.750% <br>Floor 0.500% <br>05/31/2030<br>| &nbsp;&nbsp; 8.590% | 101987 | &nbsp;&nbsp; 102704 |
| Tidal Waste & Recycling Holdings LLC<sup>(b),(r)</sup>  | Tidal Waste & Recycling Holdings LLC<sup>(b),(r)</sup>  | Tidal Waste & Recycling Holdings LLC<sup>(b),(r)</sup>  | Tidal Waste & Recycling Holdings LLC<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.750% <br>10/24/2031<br>| &nbsp;&nbsp; 6.422% | 59550 | &nbsp;&nbsp; 59922 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **462287** |
| **Finance Companies 0.0%** | **Finance Companies 0.0%** | **Finance Companies 0.0%** | **Finance Companies 0.0%** |
| Red SPV LLC<sup>(b),(r)</sup>  | Red SPV LLC<sup>(b),(r)</sup>  | Red SPV LLC<sup>(b),(r)</sup>  | Red SPV LLC<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.250% <br>03/15/2032<br>| &nbsp;&nbsp; 5.984% | 52238 | &nbsp;&nbsp; 52216 |
| **Food and Beverage 0.6%** | **Food and Beverage 0.6%** | **Food and Beverage 0.6%** | **Food and Beverage 0.6%** |
| A-AG US GSI Bidco, Inc.<sup>(b),(r)</sup>  | A-AG US GSI Bidco, Inc.<sup>(b),(r)</sup>  | A-AG US GSI Bidco, Inc.<sup>(b),(r)</sup>  | A-AG US GSI Bidco, Inc.<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 5.000% <br>10/31/2031<br>| &nbsp;&nbsp; 8.672% | 107521 | &nbsp;&nbsp; 107589 |
| Aramark Intermediate HoldCo Corp.<sup>(b),(r)</sup>  | Aramark Intermediate HoldCo Corp.<sup>(b),(r)</sup>  | Aramark Intermediate HoldCo Corp.<sup>(b),(r)</sup>  | Aramark Intermediate HoldCo Corp.<sup>(b),(r)</sup>  |
| Tranche B9 Term Loan | Tranche B9 Term Loan | Tranche B9 Term Loan | Tranche B9 Term Loan |
| 1-month Term SOFR + 1.750% <br>04/06/2028<br>| &nbsp;&nbsp; 5.471% | 300000 | &nbsp;&nbsp; 300225 |
| Aspire Bakeries Holdings LLC<sup>(b),(r)</sup>  | Aspire Bakeries Holdings LLC<sup>(b),(r)</sup>  | Aspire Bakeries Holdings LLC<sup>(b),(r)</sup>  | Aspire Bakeries Holdings LLC<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.500% <br>12/23/2030<br>| &nbsp;&nbsp; 7.221% | 148873 | &nbsp;&nbsp; 149339 |
| CHG PPC Parent LLC<sup>(b),(r)</sup>  | CHG PPC Parent LLC<sup>(b),(r)</sup>  | CHG PPC Parent LLC<sup>(b),(r)</sup>  | CHG PPC Parent LLC<sup>(b),(r)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 3.000% <br>Floor 0.500% <br>12/08/2028<br>| &nbsp;&nbsp; 6.831% | 60161 | &nbsp;&nbsp; 60311 |
| Dechra Pharmaceuticals Holdings Ltd.<sup>(b),(r)</sup>  | Dechra Pharmaceuticals Holdings Ltd.<sup>(b),(r)</sup>  | Dechra Pharmaceuticals Holdings Ltd.<sup>(b),(r)</sup>  | Dechra Pharmaceuticals Holdings Ltd.<sup>(b),(r)</sup>  |
| Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan |
| 6-month Term SOFR + 3.250% <br>01/27/2032<br>| &nbsp;&nbsp; 7.447% | 149624 | &nbsp;&nbsp; 150513 |
| Froneri International Ltd.<sup>(b),(r)</sup>  | Froneri International Ltd.<sup>(b),(r)</sup>  | Froneri International Ltd.<sup>(b),(r)</sup>  | Froneri International Ltd.<sup>(b),(r)</sup>  |
| Tranche B6 Term Loan | Tranche B6 Term Loan | Tranche B6 Term Loan | Tranche B6 Term Loan |
| 6-month Term SOFR + 2.250% <br>08/02/2032<br>| &nbsp;&nbsp; 6.122% | 66667 | &nbsp;&nbsp; 66641 |
| Golden State Foods LLC<sup>(b),(r)</sup>  | Golden State Foods LLC<sup>(b),(r)</sup>  | Golden State Foods LLC<sup>(b),(r)</sup>  | Golden State Foods LLC<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 4.000% <br>12/04/2031<br>| &nbsp;&nbsp; 7.672% | 149244 | &nbsp;&nbsp; 149974 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Primo Brands Corp.<sup>(b),(r)</sup>  | Primo Brands Corp.<sup>(b),(r)</sup>  | Primo Brands Corp.<sup>(b),(r)</sup>  | Primo Brands Corp.<sup>(b),(r)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 3-month Term SOFR + 2.250% <br>03/31/2028<br>| &nbsp;&nbsp; 5.922% | 198995 | &nbsp;&nbsp; 199477 |
| Sazerac Co., Inc.<sup>(b),(r)</sup>  | Sazerac Co., Inc.<sup>(b),(r)</sup>  | Sazerac Co., Inc.<sup>(b),(r)</sup>  | Sazerac Co., Inc.<sup>(b),(r)</sup>  |
| Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan |
| 1-month Term SOFR + 2.500% <br>07/09/2032<br>| &nbsp;&nbsp; 6.280% | 185116 | &nbsp;&nbsp; 185296 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1369365** |
| **Gaming 0.4%** | **Gaming 0.4%** | **Gaming 0.4%** | **Gaming 0.4%** |
| Caesars Entertainment, Inc.<sup>(b),(r)</sup>  | Caesars Entertainment, Inc.<sup>(b),(r)</sup>  | Caesars Entertainment, Inc.<sup>(b),(r)</sup>  | Caesars Entertainment, Inc.<sup>(b),(r)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 2.250% <br>Floor 0.500% <br>02/06/2030<br>| &nbsp;&nbsp; 5.966% | 408291 | &nbsp;&nbsp; 404617 |
| ECL Entertainment LLC<sup>(b),(r)</sup>  | ECL Entertainment LLC<sup>(b),(r)</sup>  | ECL Entertainment LLC<sup>(b),(r)</sup>  | ECL Entertainment LLC<sup>(b),(r)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 3.000% <br>08/30/2030<br>| &nbsp;&nbsp; 6.716% | 143136 | &nbsp;&nbsp; 142599 |
| Flutter Entertainment PLC<sup>(b),(r)</sup>  | Flutter Entertainment PLC<sup>(b),(r)</sup>  | Flutter Entertainment PLC<sup>(b),(r)</sup>  | Flutter Entertainment PLC<sup>(b),(r)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 2.000% <br>06/04/2032<br>| &nbsp;&nbsp; 5.672% | 159641 | &nbsp;&nbsp; 159641 |
| HRNI Holdings LLC<sup>(b),(r)</sup>  | HRNI Holdings LLC<sup>(b),(r)</sup>  | HRNI Holdings LLC<sup>(b),(r)</sup>  | HRNI Holdings LLC<sup>(b),(r)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 4.250% <br>Floor 0.750% <br>12/11/2028<br>| &nbsp;&nbsp; 8.086% | 133333 | &nbsp;&nbsp; 128667 |
| Ontario Gaming GTA LP<sup>(b),(r)</sup>  | Ontario Gaming GTA LP<sup>(b),(r)</sup>  | Ontario Gaming GTA LP<sup>(b),(r)</sup>  | Ontario Gaming GTA LP<sup>(b),(r)</sup>  |
| Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan |
| 3-month Term SOFR + 4.250% <br>Floor 0.500% <br>08/01/2030<br>| &nbsp;&nbsp; 7.922% | 149239 | &nbsp;&nbsp; 137805 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **973329** |
| **Health Care 0.6%** | **Health Care 0.6%** | **Health Care 0.6%** | **Health Care 0.6%** |
| Cotiviti, Inc.<sup>(b),(r)</sup>  | Cotiviti, Inc.<sup>(b),(r)</sup>  | Cotiviti, Inc.<sup>(b),(r)</sup>  | Cotiviti, Inc.<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.750% <br>03/26/2032<br>| &nbsp;&nbsp; 6.623% | 149250 | &nbsp;&nbsp; 143001 |
| Icon PLC<sup>(b),(r)</sup>  | Icon PLC<sup>(b),(r)</sup>  | Icon PLC<sup>(b),(r)</sup>  | Icon PLC<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.000% <br>Floor 0.500% <br>07/03/2028<br>| &nbsp;&nbsp; 5.672% | 96528 | &nbsp;&nbsp; 97222 |
| 3-month Term SOFR + 2.000% <br>Floor 0.500% <br>07/03/2028<br>| &nbsp;&nbsp; 5.672% | 24050 | &nbsp;&nbsp; 24223 |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Medline Borrower LP<sup>(b),(r)</sup>  | Medline Borrower LP<sup>(b),(r)</sup>  | Medline Borrower LP<sup>(b),(r)</sup>  | Medline Borrower LP<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 1.750% <br>10/23/2030<br>| &nbsp;&nbsp; 5.466% | 409328 | &nbsp;&nbsp; 410650 |
| Parexel International, Inc.<sup>(b),(r)</sup>  | Parexel International, Inc.<sup>(b),(r)</sup>  | Parexel International, Inc.<sup>(b),(r)</sup>  | Parexel International, Inc.<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.750% <br>12/12/2031<br>| &nbsp;&nbsp; 6.466% | 148487 | &nbsp;&nbsp; 148889 |
| Resonetics LLC<sup>(b),(r)</sup>  | Resonetics LLC<sup>(b),(r)</sup>  | Resonetics LLC<sup>(b),(r)</sup>  | Resonetics LLC<sup>(b),(r)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 3-month Term SOFR + 2.750% <br>06/18/2031<br>| &nbsp;&nbsp; 6.593% | 149250 | &nbsp;&nbsp; 149399 |
| Surgery Center Holdings, Inc.<sup>(b),(r)</sup>  | Surgery Center Holdings, Inc.<sup>(b),(r)</sup>  | Surgery Center Holdings, Inc.<sup>(b),(r)</sup>  | Surgery Center Holdings, Inc.<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.500% <br>12/19/2030<br>| &nbsp;&nbsp; 6.216% | 147384 | &nbsp;&nbsp; 147871 |
| US Fertility Enterprises LLC<sup>(b),(r),(s)</sup>  | US Fertility Enterprises LLC<sup>(b),(r),(s)</sup>  | US Fertility Enterprises LLC<sup>(b),(r),(s)</sup>  | US Fertility Enterprises LLC<sup>(b),(r),(s)</sup>  |
| Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan |
| 3-month Term SOFR + 3.500% <br>12/10/2032<br>|  | 46549 | &nbsp;&nbsp; 46665 |
| 3-month Term SOFR + 3.500% <br>12/10/2032<br>|  | 7053 | &nbsp;&nbsp; 7070 |
| WS Audiology A/S<sup>(b),(r)</sup>  | WS Audiology A/S<sup>(b),(r)</sup>  | WS Audiology A/S<sup>(b),(r)</sup>  | WS Audiology A/S<sup>(b),(r)</sup>  |
| Tranche B8 Term Loan | Tranche B8 Term Loan | Tranche B8 Term Loan | Tranche B8 Term Loan |
| 6-month Term SOFR + 3.500% <br>02/28/2029<br>| &nbsp;&nbsp; 7.198% | 121502 | &nbsp;&nbsp; 122148 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1297138** |
| **Home Construction 0.0%** | **Home Construction 0.0%** | **Home Construction 0.0%** | **Home Construction 0.0%** |
| Tecta America Corp.<sup>(b),(r)</sup>  | Tecta America Corp.<sup>(b),(r)</sup>  | Tecta America Corp.<sup>(b),(r)</sup>  | Tecta America Corp.<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.750% <br>02/18/2032<br>| &nbsp;&nbsp; 6.466% | 38180 | &nbsp;&nbsp; 38290 |
| **Independent Energy 0.0%** | **Independent Energy 0.0%** | **Independent Energy 0.0%** | **Independent Energy 0.0%** |
| Hilcorp Energy I LP<sup>(b),(r)</sup>  | Hilcorp Energy I LP<sup>(b),(r)</sup>  | Hilcorp Energy I LP<sup>(b),(r)</sup>  | Hilcorp Energy I LP<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.000% <br>02/11/2030<br>| &nbsp;&nbsp; 5.736% | 59550 | &nbsp;&nbsp; 59588 |
| **Leisure 0.3%** | **Leisure 0.3%** | **Leisure 0.3%** | **Leisure 0.3%** |
| Alterra Mountain Co.<sup>(b),(r)</sup>  | Alterra Mountain Co.<sup>(b),(r)</sup>  | Alterra Mountain Co.<sup>(b),(r)</sup>  | Alterra Mountain Co.<sup>(b),(r)</sup>  |
| Tranche B8 Term Loan | Tranche B8 Term Loan | Tranche B8 Term Loan | Tranche B8 Term Loan |
| 1-month Term SOFR + 2.500% <br>05/31/2030<br>| &nbsp;&nbsp; 6.216% | 57824 | &nbsp;&nbsp; 58041 |
| Tranche B9 Term Loan | Tranche B9 Term Loan | Tranche B9 Term Loan | Tranche B9 Term Loan |
| 1-month Term SOFR + 2.500% <br>08/17/2028<br>| &nbsp;&nbsp; 6.216% | 238442 | &nbsp;&nbsp; 239038 |
| Bulldog Purchaser, Inc.<sup>(b),(r)</sup>  | Bulldog Purchaser, Inc.<sup>(b),(r)</sup>  | Bulldog Purchaser, Inc.<sup>(b),(r)</sup>  | Bulldog Purchaser, Inc.<sup>(b),(r)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 3-month Term SOFR + 3.750% <br>06/27/2031<br>| &nbsp;&nbsp; 7.685% | 48267 | &nbsp;&nbsp; 48518 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Cinemark USA, Inc.<sup>(b),(r)</sup>  | Cinemark USA, Inc.<sup>(b),(r)</sup>  | Cinemark USA, Inc.<sup>(b),(r)</sup>  | Cinemark USA, Inc.<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.250% <br>05/24/2030<br>| &nbsp;&nbsp; 5.953% | 149248 | &nbsp;&nbsp; 149258 |
| Crown Finance US, Inc.<sup>(b),(r)</sup>  | Crown Finance US, Inc.<sup>(b),(r)</sup>  | Crown Finance US, Inc.<sup>(b),(r)</sup>  | Crown Finance US, Inc.<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 4.500% <br>12/02/2031<br>| &nbsp;&nbsp; 8.343% | 126228 | &nbsp;&nbsp; 124272 |
| TKO Worldwide Holdings LLC<sup>(b),(r)</sup>  | TKO Worldwide Holdings LLC<sup>(b),(r)</sup>  | TKO Worldwide Holdings LLC<sup>(b),(r)</sup>  | TKO Worldwide Holdings LLC<sup>(b),(r)</sup>  |
| Tranche B5 1st Lien Term Loan | Tranche B5 1st Lien Term Loan | Tranche B5 1st Lien Term Loan | Tranche B5 1st Lien Term Loan |
| 3-month Term SOFR + 2.000% <br>11/21/2031<br>| &nbsp;&nbsp; 5.868% | 148504 | &nbsp;&nbsp; 149101 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **768228** |
| **Life Insurance 0.1%** | **Life Insurance 0.1%** | **Life Insurance 0.1%** | **Life Insurance 0.1%** |
| OneDigital Borrower LLC<sup>(b),(r)</sup>  | OneDigital Borrower LLC<sup>(b),(r)</sup>  | OneDigital Borrower LLC<sup>(b),(r)</sup>  | OneDigital Borrower LLC<sup>(b),(r)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 3.000% <br>07/02/2031<br>| &nbsp;&nbsp; 6.716% | 129723 | &nbsp;&nbsp; 129888 |
| **Lodging 0.1%** | **Lodging 0.1%** | **Lodging 0.1%** | **Lodging 0.1%** |
| SGH2 LLC<sup>(b),(r)</sup>  | SGH2 LLC<sup>(b),(r)</sup>  | SGH2 LLC<sup>(b),(r)</sup>  | SGH2 LLC<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 4.500% <br>08/18/2032<br>| &nbsp;&nbsp; 8.172% | 80832 | &nbsp;&nbsp; 81034 |
| Travel + Leisure Co.<sup>(b),(r)</sup>  | Travel + Leisure Co.<sup>(b),(r)</sup>  | Travel + Leisure Co.<sup>(b),(r)</sup>  | Travel + Leisure Co.<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.000% <br>12/14/2029<br>| &nbsp;&nbsp; 5.738% | 149625 | &nbsp;&nbsp; 149770 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **230804** |
| **Media and Entertainment 0.2%** | **Media and Entertainment 0.2%** | **Media and Entertainment 0.2%** | **Media and Entertainment 0.2%** |
| Cengage Learning, Inc.<sup>(b),(r)</sup>  | Cengage Learning, Inc.<sup>(b),(r)</sup>  | Cengage Learning, Inc.<sup>(b),(r)</sup>  | Cengage Learning, Inc.<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.500% <br>03/24/2031<br>| &nbsp;&nbsp; 7.287% | 197507 | &nbsp;&nbsp; 198173 |
| Plano Holdco, Inc.<sup>(b),(r)</sup>  | Plano Holdco, Inc.<sup>(b),(r)</sup>  | Plano Holdco, Inc.<sup>(b),(r)</sup>  | Plano Holdco, Inc.<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.500% <br>10/02/2031<br>| &nbsp;&nbsp; 7.172% | 135463 | &nbsp;&nbsp; 131060 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **329233** |
| **Midstream 0.1%** | **Midstream 0.1%** | **Midstream 0.1%** | **Midstream 0.1%** |
| AL GCX Holdings LLC<sup>(b),(r)</sup>  | AL GCX Holdings LLC<sup>(b),(r)</sup>  | AL GCX Holdings LLC<sup>(b),(r)</sup>  | AL GCX Holdings LLC<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.250% <br>12/11/2032<br>| &nbsp;&nbsp; 5.981% | 29963 | &nbsp;&nbsp; 29982 |
| Rockpoint Gas Storage Partners LP<sup>(b),(r)</sup>  | Rockpoint Gas Storage Partners LP<sup>(b),(r)</sup>  | Rockpoint Gas Storage Partners LP<sup>(b),(r)</sup>  | Rockpoint Gas Storage Partners LP<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.500% <br>09/18/2031<br>| &nbsp;&nbsp; 6.172% | 148500 | &nbsp;&nbsp; 149057 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **179039** |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Other Financial Institutions 0.3%** | **Other Financial Institutions 0.3%** | **Other Financial Institutions 0.3%** | **Other Financial Institutions 0.3%** |
| ACP Tara Holdings, Inc.<sup>(b),(r),(s)</sup>  | ACP Tara Holdings, Inc.<sup>(b),(r),(s)</sup>  | ACP Tara Holdings, Inc.<sup>(b),(r),(s)</sup>  | ACP Tara Holdings, Inc.<sup>(b),(r),(s)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.250% <br>09/17/2032<br>| &nbsp;&nbsp; 6.973% | 107143 | &nbsp;&nbsp; 107679 |
| Acuren Delaware Holdco, Inc.<sup>(b),(r)</sup>  | Acuren Delaware Holdco, Inc.<sup>(b),(r)</sup>  | Acuren Delaware Holdco, Inc.<sup>(b),(r)</sup>  | Acuren Delaware Holdco, Inc.<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.750% <br>07/30/2031<br>| &nbsp;&nbsp; 6.466% | 149246 | &nbsp;&nbsp; 149842 |
| Apex Group Treasury LLC<sup>(b),(r)</sup>  | Apex Group Treasury LLC<sup>(b),(r)</sup>  | Apex Group Treasury LLC<sup>(b),(r)</sup>  | Apex Group Treasury LLC<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.500% <br>02/27/2032<br>| &nbsp;&nbsp; 7.387% | 62070 | &nbsp;&nbsp; 58249 |
| BCP VI Summit Holdings LP<sup>(b),(r)</sup>  | BCP VI Summit Holdings LP<sup>(b),(r)</sup>  | BCP VI Summit Holdings LP<sup>(b),(r)</sup>  | BCP VI Summit Holdings LP<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.000% <br>01/30/2032<br>| &nbsp;&nbsp; 6.843% | 51434 | &nbsp;&nbsp; 51739 |
| Emerald X, Inc.<sup>(b),(r),(s)</sup>  | Emerald X, Inc.<sup>(b),(r),(s)</sup>  | Emerald X, Inc.<sup>(b),(r),(s)</sup>  | Emerald X, Inc.<sup>(b),(r),(s)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.250% <br>01/30/2032<br>|  | 116667 | &nbsp;&nbsp; 117591 |
| Mariner Wealth Advisers LLC<sup>(b),(r),(s)</sup>  | Mariner Wealth Advisers LLC<sup>(b),(r),(s)</sup>  | Mariner Wealth Advisers LLC<sup>(b),(r),(s)</sup>  | Mariner Wealth Advisers LLC<sup>(b),(r),(s)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 2.250% <br>12/31/2030<br>|  | 31853 | &nbsp;&nbsp; 32277 |
| Opal US LLC<sup>(b),(r)</sup>  | Opal US LLC<sup>(b),(r)</sup>  | Opal US LLC<sup>(b),(r)</sup>  | Opal US LLC<sup>(b),(r)</sup>  |
| Tranche B4 Term Loan | Tranche B4 Term Loan | Tranche B4 Term Loan | Tranche B4 Term Loan |
| 3-month Term SOFR + 3.000% <br>04/28/2032<br>| &nbsp;&nbsp; 6.686% | 149625 | &nbsp;&nbsp; 150419 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **667796** |
| **Other Industry 0.8%** | **Other Industry 0.8%** | **Other Industry 0.8%** | **Other Industry 0.8%** |
| Aramark Intermediate HoldCo Corp.<sup>(b),(r)</sup>  | Aramark Intermediate HoldCo Corp.<sup>(b),(r)</sup>  | Aramark Intermediate HoldCo Corp.<sup>(b),(r)</sup>  | Aramark Intermediate HoldCo Corp.<sup>(b),(r)</sup>  |
| Tranche B10 Term Loan | Tranche B10 Term Loan | Tranche B10 Term Loan | Tranche B10 Term Loan |
| 1-month Term SOFR + 1.750% <br>06/22/2030<br>| &nbsp;&nbsp; 5.471% | 471250 | &nbsp;&nbsp; 472240 |
| Brand Industrial Services, Inc.<sup>(b),(r)</sup>  | Brand Industrial Services, Inc.<sup>(b),(r)</sup>  | Brand Industrial Services, Inc.<sup>(b),(r)</sup>  | Brand Industrial Services, Inc.<sup>(b),(r)</sup>  |
| Tranche C Term Loan | Tranche C Term Loan | Tranche C Term Loan | Tranche C Term Loan |
| 3-month Term SOFR + 4.500% <br>Floor 0.500% <br>08/01/2030<br>| &nbsp;&nbsp; 8.354% | 756953 | &nbsp;&nbsp; 688138 |
| Chariot Buyer LLC<sup>(b),(r)</sup>  | Chariot Buyer LLC<sup>(b),(r)</sup>  | Chariot Buyer LLC<sup>(b),(r)</sup>  | Chariot Buyer LLC<sup>(b),(r)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 2.750% <br>09/08/2032<br>| &nbsp;&nbsp; 6.466% | 49750 | &nbsp;&nbsp; 49823 |
| Grant Thornton Advisors LLC<sup>(b),(r)</sup>  | Grant Thornton Advisors LLC<sup>(b),(r)</sup>  | Grant Thornton Advisors LLC<sup>(b),(r)</sup>  | Grant Thornton Advisors LLC<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.750% <br>06/02/2031<br>| &nbsp;&nbsp; 6.466% | 148132 | &nbsp;&nbsp; 148251 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| MRP Buyer LLC<sup>(b),(r),(s),(t)</sup>  | MRP Buyer LLC<sup>(b),(r),(s),(t)</sup>  | MRP Buyer LLC<sup>(b),(r),(s),(t)</sup>  | MRP Buyer LLC<sup>(b),(r),(s),(t)</sup>  |
| Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan |
| 3-month Term SOFR + 3.250% <br>06/04/2032<br>| &nbsp;&nbsp; 5.461% | 16910 | &nbsp;&nbsp; 16757 |
| MRP Buyer LLC<sup>(b),(r)</sup>  | MRP Buyer LLC<sup>(b),(r)</sup>  | MRP Buyer LLC<sup>(b),(r)</sup>  | MRP Buyer LLC<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.250% <br>06/04/2032<br>| &nbsp;&nbsp; 6.922% | 132732 | &nbsp;&nbsp; 131529 |
| Pinnacle Buyer LLC<sup>(b),(r),(s),(t)</sup>  | Pinnacle Buyer LLC<sup>(b),(r),(s),(t)</sup>  | Pinnacle Buyer LLC<sup>(b),(r),(s),(t)</sup>  | Pinnacle Buyer LLC<sup>(b),(r),(s),(t)</sup>  |
| Tranche B Delayed Draw Term Loan | Tranche B Delayed Draw Term Loan | Tranche B Delayed Draw Term Loan | Tranche B Delayed Draw Term Loan |
| 3-month Term SOFR + 1.250% <br>09/10/2032<br>| &nbsp;&nbsp; 1.250% | 24194 | &nbsp;&nbsp; 24269 |
| Pinnacle Buyer LLC<sup>(b),(r)</sup>  | Pinnacle Buyer LLC<sup>(b),(r)</sup>  | Pinnacle Buyer LLC<sup>(b),(r)</sup>  | Pinnacle Buyer LLC<sup>(b),(r)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 2.500% <br>09/10/2032<br>| &nbsp;&nbsp; 6.485% | 125806 | &nbsp;&nbsp; 126200 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1657207** |
| **Other REIT 0.0%** | **Other REIT 0.0%** | **Other REIT 0.0%** | **Other REIT 0.0%** |
| OEG Borrower LLC<sup>(b),(r)</sup>  | OEG Borrower LLC<sup>(b),(r)</sup>  | OEG Borrower LLC<sup>(b),(r)</sup>  | OEG Borrower LLC<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.500% <br>06/30/2031<br>| &nbsp;&nbsp; 7.201% | 54861 | &nbsp;&nbsp; 54998 |
| **Packaging 0.3%** | **Packaging 0.3%** | **Packaging 0.3%** | **Packaging 0.3%** |
| Charter Next Generation, Inc.<sup>(b),(r)</sup>  | Charter Next Generation, Inc.<sup>(b),(r)</sup>  | Charter Next Generation, Inc.<sup>(b),(r)</sup>  | Charter Next Generation, Inc.<sup>(b),(r)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 2.750% <br>11/29/2030<br>| &nbsp;&nbsp; 6.500% | 248042 | &nbsp;&nbsp; 248394 |
| Clydesdale Acquisition Holdings, Inc.<sup>(b),(r)</sup>  | Clydesdale Acquisition Holdings, Inc.<sup>(b),(r)</sup>  | Clydesdale Acquisition Holdings, Inc.<sup>(b),(r)</sup>  | Clydesdale Acquisition Holdings, Inc.<sup>(b),(r)</sup>  |
| Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan |
| 1-month Term SOFR + 3.250% <br>04/01/2032<br>| &nbsp;&nbsp; 6.966% | 74414 | &nbsp;&nbsp; 74314 |
| Flint Group Packaging Inks North America Holdings LLC<sup>(b),(r)</sup>  | Flint Group Packaging Inks North America Holdings LLC<sup>(b),(r)</sup>  | Flint Group Packaging Inks North America Holdings LLC<sup>(b),(r)</sup>  | Flint Group Packaging Inks North America Holdings LLC<sup>(b),(r)</sup>  |
| Tranche B 2nd Lien Term Loan | Tranche B 2nd Lien Term Loan | Tranche B 2nd Lien Term Loan | Tranche B 2nd Lien Term Loan |
| 3-month Term SOFR + 0.100% <br>12/31/2027<br>| &nbsp;&nbsp; 4.221% | 138474 | &nbsp;&nbsp; 7755 |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 4.250% <br>12/31/2026<br>| &nbsp;&nbsp; 8.371% | 170013 | &nbsp;&nbsp; 160557 |
| LC Ahab US Bidco LLC<sup>(b),(r)</sup>  | LC Ahab US Bidco LLC<sup>(b),(r)</sup>  | LC Ahab US Bidco LLC<sup>(b),(r)</sup>  | LC Ahab US Bidco LLC<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.000% <br>05/01/2031<br>| &nbsp;&nbsp; 6.716% | 148496 | &nbsp;&nbsp; 148775 |
| Owens-Brockway Glass Container, Inc.<sup>(b),(r)</sup>  | Owens-Brockway Glass Container, Inc.<sup>(b),(r)</sup>  | Owens-Brockway Glass Container, Inc.<sup>(b),(r)</sup>  | Owens-Brockway Glass Container, Inc.<sup>(b),(r)</sup>  |
| Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan |
| 3-month Term SOFR + 3.000% <br>09/30/2032<br>| &nbsp;&nbsp; 6.838% | 96429 | &nbsp;&nbsp; 97122 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **736917** |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Pharmaceuticals 0.0%** | **Pharmaceuticals 0.0%** | **Pharmaceuticals 0.0%** | **Pharmaceuticals 0.0%** |
| Amneal Pharmaceuticals LLC<sup>(b),(r)</sup>  | Amneal Pharmaceuticals LLC<sup>(b),(r)</sup>  | Amneal Pharmaceuticals LLC<sup>(b),(r)</sup>  | Amneal Pharmaceuticals LLC<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.500% <br>08/01/2032<br>| &nbsp;&nbsp; 7.216% | 95927 | &nbsp;&nbsp; 96647 |
| **Property & Casualty 0.4%** | **Property & Casualty 0.4%** | **Property & Casualty 0.4%** | **Property & Casualty 0.4%** |
| Alliant Holdings Intermediate LLC<sup>(b),(r)</sup>  | Alliant Holdings Intermediate LLC<sup>(b),(r)</sup>  | Alliant Holdings Intermediate LLC<sup>(b),(r)</sup>  | Alliant Holdings Intermediate LLC<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.500% <br>09/19/2031<br>| &nbsp;&nbsp; 6.216% | 111470 | &nbsp;&nbsp; 111690 |
| Broadstreet Partners, Inc.<sup>(b),(r)</sup>  | Broadstreet Partners, Inc.<sup>(b),(r)</sup>  | Broadstreet Partners, Inc.<sup>(b),(r)</sup>  | Broadstreet Partners, Inc.<sup>(b),(r)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 2.750% <br>06/13/2031<br>| &nbsp;&nbsp; 6.466% | 490323 | &nbsp;&nbsp; 491740 |
| CRC Insurance Group LLC<sup>(b),(r)</sup>  | CRC Insurance Group LLC<sup>(b),(r)</sup>  | CRC Insurance Group LLC<sup>(b),(r)</sup>  | CRC Insurance Group LLC<sup>(b),(r)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 3-month Term SOFR + 2.750% <br>05/06/2031<br>| &nbsp;&nbsp; 6.422% | 72782 | &nbsp;&nbsp; 72813 |
| Hub International Ltd.<sup>(b),(r)</sup>  | Hub International Ltd.<sup>(b),(r)</sup>  | Hub International Ltd.<sup>(b),(r)</sup>  | Hub International Ltd.<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.250% <br>06/20/2030<br>| &nbsp;&nbsp; 6.120% | 149119 | &nbsp;&nbsp; 149826 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **826069** |
| **Restaurants 0.3%** | **Restaurants 0.3%** | **Restaurants 0.3%** | **Restaurants 0.3%** |
| Dave & Buster's, Inc.<sup>(b),(r)</sup>  | Dave & Buster's, Inc.<sup>(b),(r)</sup>  | Dave & Buster's, Inc.<sup>(b),(r)</sup>  | Dave & Buster's, Inc.<sup>(b),(r)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 3.250% <br>11/01/2031<br>| &nbsp;&nbsp; 7.072% | 148500 | &nbsp;&nbsp; 132025 |
| Flynn Restaurant Group LP<sup>(b),(r)</sup>  | Flynn Restaurant Group LP<sup>(b),(r)</sup>  | Flynn Restaurant Group LP<sup>(b),(r)</sup>  | Flynn Restaurant Group LP<sup>(b),(r)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 3.750% <br>01/28/2032<br>| &nbsp;&nbsp; 7.466% | 53181 | &nbsp;&nbsp; 53355 |
| IRB Holding Corp.<sup>(b),(r)</sup>  | IRB Holding Corp.<sup>(b),(r)</sup>  | IRB Holding Corp.<sup>(b),(r)</sup>  | IRB Holding Corp.<sup>(b),(r)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 2.500% <br>12/15/2030<br>| &nbsp;&nbsp; 6.216% | 149625 | &nbsp;&nbsp; 149912 |
| Whatabrands LLC<sup>(b),(r)</sup>  | Whatabrands LLC<sup>(b),(r)</sup>  | Whatabrands LLC<sup>(b),(r)</sup>  | Whatabrands LLC<sup>(b),(r)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 2.500% <br>08/03/2028<br>| &nbsp;&nbsp; 6.216% | 294761 | &nbsp;&nbsp; 295457 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **630749** |
| **Retailers 0.3%** | **Retailers 0.3%** | **Retailers 0.3%** | **Retailers 0.3%** |
| Belron Finance 2019 LLC<sup>(b),(r)</sup>  | Belron Finance 2019 LLC<sup>(b),(r)</sup>  | Belron Finance 2019 LLC<sup>(b),(r)</sup>  | Belron Finance 2019 LLC<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.250% <br>10/16/2031<br>| &nbsp;&nbsp; 6.120% | 99827 | &nbsp;&nbsp; 100326 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Great Outdoors Group LLC<sup>(b),(r)</sup>  | Great Outdoors Group LLC<sup>(b),(r)</sup>  | Great Outdoors Group LLC<sup>(b),(r)</sup>  | Great Outdoors Group LLC<sup>(b),(r)</sup>  |
| Tranche B3 Term Loan | Tranche B3 Term Loan | Tranche B3 Term Loan | Tranche B3 Term Loan |
| 1-month Term SOFR + 3.250% <br>Floor 0.750% <br>01/23/2032<br>| &nbsp;&nbsp; 6.966% | 487443 | &nbsp;&nbsp; 489880 |
| Harbor Freight Tools USA, Inc.<sup>(b),(r)</sup>  | Harbor Freight Tools USA, Inc.<sup>(b),(r)</sup>  | Harbor Freight Tools USA, Inc.<sup>(b),(r)</sup>  | Harbor Freight Tools USA, Inc.<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.250% <br>06/11/2031<br>| &nbsp;&nbsp; 5.966% | 49127 | &nbsp;&nbsp; 48601 |
| Mavis Tire Express Services Topco Corp.<sup>(b),(r)</sup>  | Mavis Tire Express Services Topco Corp.<sup>(b),(r)</sup>  | Mavis Tire Express Services Topco Corp.<sup>(b),(r)</sup>  | Mavis Tire Express Services Topco Corp.<sup>(b),(r)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 3.000% <br>05/04/2028<br>| &nbsp;&nbsp; 6.716% | 66167 | &nbsp;&nbsp; 66379 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **705186** |
| **Technology 2.0%** | **Technology 2.0%** | **Technology 2.0%** | **Technology 2.0%** |
| Ahead DB Holdings LLC<sup>(b),(r)</sup>  | Ahead DB Holdings LLC<sup>(b),(r)</sup>  | Ahead DB Holdings LLC<sup>(b),(r)</sup>  | Ahead DB Holdings LLC<sup>(b),(r)</sup>  |
| Tranche B5 1st Lien Term Loan | Tranche B5 1st Lien Term Loan | Tranche B5 1st Lien Term Loan | Tranche B5 1st Lien Term Loan |
| 3-month Term SOFR + 2.500% <br>Floor 0.750% <br>02/03/2031<br>| &nbsp;&nbsp; 6.172% | 148130 | &nbsp;&nbsp; 147826 |
| Applied Systems, Inc.<sup>(b),(r)</sup>  | Applied Systems, Inc.<sup>(b),(r)</sup>  | Applied Systems, Inc.<sup>(b),(r)</sup>  | Applied Systems, Inc.<sup>(b),(r)</sup>  |
| Tranche B1 1st Lien Term Loan | Tranche B1 1st Lien Term Loan | Tranche B1 1st Lien Term Loan | Tranche B1 1st Lien Term Loan |
| 3-month Term SOFR + 2.500% <br>02/24/2031<br>| &nbsp;&nbsp; 6.172% | 148132 | &nbsp;&nbsp; 148903 |
| Ascend Learning LLC<sup>(b),(r)</sup>  | Ascend Learning LLC<sup>(b),(r)</sup>  | Ascend Learning LLC<sup>(b),(r)</sup>  | Ascend Learning LLC<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.000% <br>Floor 0.500% <br>12/11/2028<br>| &nbsp;&nbsp; 6.716% | 54793 | &nbsp;&nbsp; 54920 |
| athenahealth Group, Inc.<sup>(b),(r)</sup>  | athenahealth Group, Inc.<sup>(b),(r)</sup>  | athenahealth Group, Inc.<sup>(b),(r)</sup>  | athenahealth Group, Inc.<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.750% <br>Floor 0.500% <br>02/15/2029<br>| &nbsp;&nbsp; 6.466% | 435140 | &nbsp;&nbsp; 435593 |
| Avaya, Inc.<sup>(b),(r)</sup>  | Avaya, Inc.<sup>(b),(r)</sup>  | Avaya, Inc.<sup>(b),(r)</sup>  | Avaya, Inc.<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 7.500% <br>Floor 1.000% <br>08/01/2028<br>| &nbsp;&nbsp; 11.216% | 105293 | &nbsp;&nbsp; 94162 |
| BCPE Pequod Buyer, Inc.<sup>(b),(r)</sup>  | BCPE Pequod Buyer, Inc.<sup>(b),(r)</sup>  | BCPE Pequod Buyer, Inc.<sup>(b),(r)</sup>  | BCPE Pequod Buyer, Inc.<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.000% <br>11/25/2031<br>| &nbsp;&nbsp; 6.716% | 78357 | &nbsp;&nbsp; 78479 |
| Boxer Parent Co., Inc.<sup>(b),(r)</sup>  | Boxer Parent Co., Inc.<sup>(b),(r)</sup>  | Boxer Parent Co., Inc.<sup>(b),(r)</sup>  | Boxer Parent Co., Inc.<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.000% <br>07/30/2031<br>| &nbsp;&nbsp; 6.822% | 115792 | &nbsp;&nbsp; 115399 |
| Central Parent LLC<sup>(b),(r)</sup>  | Central Parent LLC<sup>(b),(r)</sup>  | Central Parent LLC<sup>(b),(r)</sup>  | Central Parent LLC<sup>(b),(r)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 3-month Term SOFR + 3.250% <br>07/06/2029<br>| &nbsp;&nbsp; 6.922% | 147381 | &nbsp;&nbsp; 124475 |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Cloud Software Group, Inc.<sup>(b),(r)</sup>  | Cloud Software Group, Inc.<sup>(b),(r)</sup>  | Cloud Software Group, Inc.<sup>(b),(r)</sup>  | Cloud Software Group, Inc.<sup>(b),(r)</sup>  |
| Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan |
| 3-month Term SOFR + 3.250% <br>08/13/2032<br>| &nbsp;&nbsp; 6.922% | 91378 | &nbsp;&nbsp; 91436 |
| Cornerstone OnDemand, Inc.<sup>(b),(r)</sup>  | Cornerstone OnDemand, Inc.<sup>(b),(r)</sup>  | Cornerstone OnDemand, Inc.<sup>(b),(r)</sup>  | Cornerstone OnDemand, Inc.<sup>(b),(r)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 3.750% <br>Floor 0.500% <br>10/16/2028<br>| &nbsp;&nbsp; 7.581% | 149225 | &nbsp;&nbsp; 136541 |
| Darktrace Finco US LLC<sup>(b),(r)</sup>  | Darktrace Finco US LLC<sup>(b),(r)</sup>  | Darktrace Finco US LLC<sup>(b),(r)</sup>  | Darktrace Finco US LLC<sup>(b),(r)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 3-month Term SOFR + 3.250% <br>10/09/2031<br>| &nbsp;&nbsp; 7.185% | 138346 | &nbsp;&nbsp; 138767 |
| Dayforce, Inc.<sup>(b),(r),(s)</sup>  | Dayforce, Inc.<sup>(b),(r),(s)</sup>  | Dayforce, Inc.<sup>(b),(r),(s)</sup>  | Dayforce, Inc.<sup>(b),(r),(s)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 3.500% <br>10/07/2032<br>|  | 215573 | &nbsp;&nbsp; 214804 |
| Ellucian Holdings, Inc.<sup>(b),(r)</sup>  | Ellucian Holdings, Inc.<sup>(b),(r)</sup>  | Ellucian Holdings, Inc.<sup>(b),(r)</sup>  | Ellucian Holdings, Inc.<sup>(b),(r)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 2.750% <br>10/09/2029<br>| &nbsp;&nbsp; 6.466% | 149248 | &nbsp;&nbsp; 149994 |
| Fortress Intermediate 3, Inc.<sup>(b),(r)</sup>  | Fortress Intermediate 3, Inc.<sup>(b),(r)</sup>  | Fortress Intermediate 3, Inc.<sup>(b),(r)</sup>  | Fortress Intermediate 3, Inc.<sup>(b),(r)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 3.000% <br>06/27/2031<br>| &nbsp;&nbsp; 6.784% | 148503 | &nbsp;&nbsp; 148365 |
| Genesys Cloud Services Holdings I LLC<sup>(b),(r)</sup>  | Genesys Cloud Services Holdings I LLC<sup>(b),(r)</sup>  | Genesys Cloud Services Holdings I LLC<sup>(b),(r)</sup>  | Genesys Cloud Services Holdings I LLC<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.500% <br>01/30/2032<br>| &nbsp;&nbsp; 6.216% | 149623 | &nbsp;&nbsp; 149156 |
| Icon Parent I, Inc.<sup>(b),(r),(s)</sup>  | Icon Parent I, Inc.<sup>(b),(r),(s)</sup>  | Icon Parent I, Inc.<sup>(b),(r),(s)</sup>  | Icon Parent I, Inc.<sup>(b),(r),(s)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 3-month Term SOFR + 2.750% <br>11/13/2031<br>| &nbsp;&nbsp; 6.445% | 149832 | &nbsp;&nbsp; 150095 |
| ION Platform Finance US, Inc.<sup>(b),(r)</sup>  | ION Platform Finance US, Inc.<sup>(b),(r)</sup>  | ION Platform Finance US, Inc.<sup>(b),(r)</sup>  | ION Platform Finance US, Inc.<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.750% <br>09/30/2032<br>| &nbsp;&nbsp; 7.422% | 123214 | &nbsp;&nbsp; 115337 |
| KnowBe4, Inc.<sup>(b),(r)</sup>  | KnowBe4, Inc.<sup>(b),(r)</sup>  | KnowBe4, Inc.<sup>(b),(r)</sup>  | KnowBe4, Inc.<sup>(b),(r)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 3-month Term SOFR + 3.750% <br>07/23/2032<br>| &nbsp;&nbsp; 7.590% | 95946 | &nbsp;&nbsp; 95886 |
| McAfee Corp.<sup>(b),(r)</sup>  | McAfee Corp.<sup>(b),(r)</sup>  | McAfee Corp.<sup>(b),(r)</sup>  | McAfee Corp.<sup>(b),(r)</sup>  |
| Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan |
| 1-month Term SOFR + 3.000% <br>03/01/2029<br>| &nbsp;&nbsp; 6.716% | 295505 | &nbsp;&nbsp; 271774 |
| Mitchell International, Inc.<sup>(b),(r)</sup>  | Mitchell International, Inc.<sup>(b),(r)</sup>  | Mitchell International, Inc.<sup>(b),(r)</sup>  | Mitchell International, Inc.<sup>(b),(r)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 3.250% <br>06/17/2031<br>| &nbsp;&nbsp; 6.966% | 139308 | &nbsp;&nbsp; 139676 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Nielsen Consumer, Inc.<sup>(b),(r)</sup>  | Nielsen Consumer, Inc.<sup>(b),(r)</sup>  | Nielsen Consumer, Inc.<sup>(b),(r)</sup>  | Nielsen Consumer, Inc.<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.500% <br>10/31/2030<br>| &nbsp;&nbsp; 5.966% | 148505 | &nbsp;&nbsp; 148536 |
| Peraton Corp.<sup>(b),(r)</sup>  | Peraton Corp.<sup>(b),(r)</sup>  | Peraton Corp.<sup>(b),(r)</sup>  | Peraton Corp.<sup>(b),(r)</sup>  |
| Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan |
| 3-month Term SOFR + 3.750% <br>Floor 0.750% <br>02/01/2028<br>| &nbsp;&nbsp; 7.690% | 325167 | &nbsp;&nbsp; 301303 |
| Project Boost Purchaser LLC<sup>(b),(r)</sup>  | Project Boost Purchaser LLC<sup>(b),(r)</sup>  | Project Boost Purchaser LLC<sup>(b),(r)</sup>  | Project Boost Purchaser LLC<sup>(b),(r)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 3-month Term SOFR + 2.750% <br>07/16/2031<br>| &nbsp;&nbsp; 6.422% | 149250 | &nbsp;&nbsp; 149560 |
| Proofpoint, Inc.<sup>(b),(r)</sup>  | Proofpoint, Inc.<sup>(b),(r)</sup>  | Proofpoint, Inc.<sup>(b),(r)</sup>  | Proofpoint, Inc.<sup>(b),(r)</sup>  |
| Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan |
| 3-month Term SOFR + 3.000% <br>08/31/2028<br>| &nbsp;&nbsp; 6.672% | 148489 | &nbsp;&nbsp; 149117 |
| Sanmina Corp.<sup>(b),(r)</sup>  | Sanmina Corp.<sup>(b),(r)</sup>  | Sanmina Corp.<sup>(b),(r)</sup>  | Sanmina Corp.<sup>(b),(r)</sup>  |
| Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan |
| 1-month Term SOFR + 2.000% <br>08/07/2032<br>| &nbsp;&nbsp; 5.916% | 70000 | &nbsp;&nbsp; 70088 |
| Storable, Inc.<sup>(b),(r)</sup>  | Storable, Inc.<sup>(b),(r)</sup>  | Storable, Inc.<sup>(b),(r)</sup>  | Storable, Inc.<sup>(b),(r)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 3.250% <br>04/16/2031<br>| &nbsp;&nbsp; 6.966% | 198220 | &nbsp;&nbsp; 198963 |
| UKG, Inc.<sup>(b),(r)</sup>  | UKG, Inc.<sup>(b),(r)</sup>  | UKG, Inc.<sup>(b),(r)</sup>  | UKG, Inc.<sup>(b),(r)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 3-month Term SOFR + 2.500% <br>02/10/2031<br>| &nbsp;&nbsp; 6.338% | 42322 | &nbsp;&nbsp; 42339 |
| Ultra Clean Holdings, Inc.<sup>(b),(r)</sup>  | Ultra Clean Holdings, Inc.<sup>(b),(r)</sup>  | Ultra Clean Holdings, Inc.<sup>(b),(r)</sup>  | Ultra Clean Holdings, Inc.<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.750% <br>02/25/2028<br>| &nbsp;&nbsp; 6.466% | 88037 | &nbsp;&nbsp; 88404 |
| Virtusa Corp.<sup>(b),(r)</sup>  | Virtusa Corp.<sup>(b),(r)</sup>  | Virtusa Corp.<sup>(b),(r)</sup>  | Virtusa Corp.<sup>(b),(r)</sup>  |
| Tranche B2 Term Loan | Tranche B2 Term Loan | Tranche B2 Term Loan | Tranche B2 Term Loan |
| 1-month Term SOFR + 3.250% <br>Floor 0.750% <br>02/15/2029<br>| &nbsp;&nbsp; 6.966% | 147375 | &nbsp;&nbsp; 147596 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **4297494** |
| **Tobacco 0.0%** | **Tobacco 0.0%** | **Tobacco 0.0%** | **Tobacco 0.0%** |
| Savor Acquisition, Inc.<sup>(b),(r)</sup>  | Savor Acquisition, Inc.<sup>(b),(r)</sup>  | Savor Acquisition, Inc.<sup>(b),(r)</sup>  | Savor Acquisition, Inc.<sup>(b),(r)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.000% <br>02/19/2032<br>| &nbsp;&nbsp; 6.840% | 37500 | &nbsp;&nbsp; 37625 |
| **Transportation Services 0.1%** | **Transportation Services 0.1%** | **Transportation Services 0.1%** | **Transportation Services 0.1%** |
| Apple Bidco LLC<sup>(b),(r)</sup>  | Apple Bidco LLC<sup>(b),(r)</sup>  | Apple Bidco LLC<sup>(b),(r)</sup>  | Apple Bidco LLC<sup>(b),(r)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 2.500% <br>09/23/2031<br>| &nbsp;&nbsp; 6.216% | 117000 | &nbsp;&nbsp; 117569 |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Student Transportation of America Holdings, Inc<sup>(b),(r),(s)</sup>  | Student Transportation of America Holdings, Inc<sup>(b),(r),(s)</sup>  | Student Transportation of America Holdings, Inc<sup>(b),(r),(s)</sup>  | Student Transportation of America Holdings, Inc<sup>(b),(r),(s)</sup>  | Student Transportation of America Holdings, Inc<sup>(b),(r),(s)</sup>  |
| Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan |
| 3-month Term SOFR + 1.750% <br>06/24/2032<br>|  |  | 11733 | &nbsp;&nbsp; 11753 |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 2.750% <br>06/24/2032<br>|  |  | 15597 | &nbsp;&nbsp; 15623 |
| Student Transportation of America Holdings, Inc.<sup>(b),(r)</sup>  | Student Transportation of America Holdings, Inc.<sup>(b),(r)</sup>  | Student Transportation of America Holdings, Inc.<sup>(b),(r)</sup>  | Student Transportation of America Holdings, Inc.<sup>(b),(r)</sup>  | Student Transportation of America Holdings, Inc.<sup>(b),(r)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 3.250% <br>06/24/2032<br>| &nbsp;&nbsp; 6.939% |  | 46039 | &nbsp;&nbsp; 46115 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **191060** |
| Total Senior Loans <br>(Cost $23,976,524) | Total Senior Loans <br>(Cost $23,976,524) | Total Senior Loans <br>(Cost $23,976,524) | Total Senior Loans <br>(Cost $23,976,524) | &nbsp;&nbsp; **23617339** |
| **Treasury Bills**<sup>(k)</sup> **0.4%** | **Treasury Bills**<sup>(k)</sup> **0.4%** | **Treasury Bills**<sup>(k)</sup> **0.4%** | **Treasury Bills**<sup>(k)</sup> **0.4%** | **Treasury Bills**<sup>(k)</sup> **0.4%** |
| **Issuer** | **Yield** |  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Egypt 0.3%** | **Egypt 0.3%** | **Egypt 0.3%** | **Egypt 0.3%** | **Egypt 0.3%** |
| Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills |
| 02/24/2026 | &nbsp;&nbsp; 25.550% | EGP | 34250000 | &nbsp;&nbsp; 691413 |
| **Turkey 0.1%** | **Turkey 0.1%** | **Turkey 0.1%** | **Turkey 0.1%** | **Turkey 0.1%** |
| Turkiye Government Bond | Turkiye Government Bond | Turkiye Government Bond | Turkiye Government Bond | Turkiye Government Bond |
| 08/12/2026 | &nbsp;&nbsp; 35.830% | TRY | 10500000 | &nbsp;&nbsp; 245788 |
| Total Treasury Bills <br>(Cost $933,010) | Total Treasury Bills <br>(Cost $933,010) | Total Treasury Bills <br>(Cost $933,010) | Total Treasury Bills <br>(Cost $933,010) | &nbsp;&nbsp; **937201** |

---

---

| | | | |
|:---|:---|:---|:---|
| **U.S. Treasury Obligations 1.3%** | **U.S. Treasury Obligations 1.3%** | **U.S. Treasury Obligations 1.3%** | **U.S. Treasury Obligations 1.3%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| U.S. Treasury | U.S. Treasury | U.S. Treasury | U.S. Treasury |
| 07/31/2028 | &nbsp;&nbsp; 1.000% | 200000 | &nbsp;&nbsp; 187656 |
| 05/15/2032 | &nbsp;&nbsp; 2.875% | 2905000 | &nbsp;&nbsp; 2739778 |
| Total U.S. Treasury Obligations <br>(Cost $3,101,291) | Total U.S. Treasury Obligations <br>(Cost $3,101,291) | Total U.S. Treasury Obligations <br>(Cost $3,101,291) | &nbsp;&nbsp; **2927434** |

---

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

---

| | |
|:---|:---|
| **Call Option Contracts Purchased 0.3%** | **Call Option Contracts Purchased 0.3%** |
|  | **Value ($)** |
| (Cost $1,539,014) | &nbsp;&nbsp; **539284** |
| **Put Option Contracts Purchased 0.2%** | **Put Option Contracts Purchased 0.2%** |
| (Cost $681,109) | &nbsp;&nbsp; **464033** |

---

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

---

| | | |
|:---|:---|:---|
| **Money Market Funds 7.4%** | **Money Market Funds 7.4%** | **Money Market Funds 7.4%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(j),(u)</sup> <br>| &nbsp;&nbsp; 16295884 | &nbsp;&nbsp; 16290995 |
| Total Money Market Funds <br>(Cost $16,289,400) | Total Money Market Funds <br>(Cost $16,289,400) | &nbsp;&nbsp; **16290995** |
| **Total Investments in Securities** <br>**(Cost: $249,453,095)** | **Total Investments in Securities** <br>**(Cost: $249,453,095)** | &nbsp;&nbsp; **249714089** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(29147988)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **220566101** |

---

At December 31, 2025, securities and/or cash totaling $1,368,384 were pledged as collateral.

**Investments in derivatives** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** |
| **Currency to** <br>**be sold**<br>| &nbsp;&nbsp;&nbsp; **Currency to** <br>**be purchased**<br>| **Counterparty** | **Settlement** <br>**date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**depreciation ($)**<br>|
| 2,088,519 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 2,463,638 USD | Citi | 01/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6561 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 894,116 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 1,200,905 USD | Citi | 01/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4286)<br>|
| Total |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6561 | &nbsp;&nbsp;&nbsp;&nbsp; (4286)<br>|

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| 3-Month Euro Euribor | 73 | 12/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 17865838 | &nbsp;&nbsp;&nbsp;&nbsp; 12595 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Canadian Government 10-Year Bond | 68 | 03/2026 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 8221880 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (64932)<br>|
| Euro-OAT | 22 | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 2652980 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (13967)<br>|
| Long Gilt | 45 | 03/2026 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 4111650 | &nbsp;&nbsp;&nbsp;&nbsp; 9473 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 10-Year Note | 140 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 15741250 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (102832)<br>|
| U.S. Treasury Ultra Bond | 76 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 8968000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (150128)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 22068 | &nbsp;&nbsp;&nbsp;&nbsp; (331859)<br>|

---

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

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| Euro-Bund | (30) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (3827100)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35796 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Long Bond | (55) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (6357656)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 67932 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 2-Year Note | (154) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (32153516)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6373)<br>|
| U.S. Treasury 5-Year Note | (15) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (1639570)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2441 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury Ultra 10-Year Note | (103) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (11846609)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 42394 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 148563 | &nbsp;&nbsp;&nbsp;&nbsp; (6373)<br>|

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Cost ($)** | **Value ($)** |
| 10-Year OTC interest rate swap with <br> Goldman Sachs International to <br> receive exercise rate and pay SOFR<br>| Goldman Sachs International | USD | &nbsp;&nbsp; 15975213 | &nbsp;&nbsp; 15975213 | 3.60 | &nbsp;&nbsp; 02/03/2026 | &nbsp;&nbsp; 252807 | &nbsp;&nbsp; 25457 |
| 10-Year OTC interest rate swap with <br> Goldman Sachs International to <br> receive exercise rate and pay SOFR<br>| Goldman Sachs International | USD | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5000000 | 3.50 | &nbsp;&nbsp; 11/16/2026 | &nbsp;&nbsp; 84500 | &nbsp;&nbsp; 56605 |
| 10-Year OTC interest rate swap with <br> Morgan Stanley to receive exercise <br> rate and pay SOFR<br>| Morgan Stanley | USD | &nbsp;&nbsp; 11627000 | &nbsp;&nbsp; 11627000 | 3.35 | &nbsp;&nbsp; 04/16/2026 | &nbsp;&nbsp; 146791 | &nbsp;&nbsp; 26812 |
| 10-Year OTC interest rate swap with <br> Morgan Stanley to receive exercise <br> rate and pay SOFR<br>| Morgan Stanley | USD | &nbsp;&nbsp; 11495000 | &nbsp;&nbsp; 11495000 | 3.50 | &nbsp;&nbsp; 06/11/2026 | &nbsp;&nbsp; 189667 | &nbsp;&nbsp; 75838 |
| 10-Year OTC interest rate swap with <br> Morgan Stanley to receive exercise <br> rate and pay SOFR<br>| Morgan Stanley | USD | &nbsp;&nbsp; 7890000 | &nbsp;&nbsp; 7890000 | 3.33 | &nbsp;&nbsp; 07/31/2026 | &nbsp;&nbsp; 104740 | &nbsp;&nbsp; 41802 |
| 30-Year OTC interest rate swap with <br> Morgan Stanley to receive exercise <br> rate and pay SOFR<br>| Morgan Stanley | USD | &nbsp;&nbsp; 3209922 | &nbsp;&nbsp; 3209922 | 3.85 | &nbsp;&nbsp; 02/25/2026 | &nbsp;&nbsp; 72223 | &nbsp;&nbsp; 8676 |
| 30-Year OTC interest rate swap with <br> Morgan Stanley to receive exercise <br> rate and pay SOFR<br>| Morgan Stanley | USD | &nbsp;&nbsp; 5428000 | &nbsp;&nbsp; 5428000 | 3.50 | &nbsp;&nbsp; 10/29/2026 | &nbsp;&nbsp; 146827 | &nbsp;&nbsp; 51645 |
| 5-Year OTC interest rate swap with <br> Morgan Stanley to receive exercise <br> rate and pay SOFR<br>| Morgan Stanley | USD | &nbsp;&nbsp; 17174000 | &nbsp;&nbsp; 17174000 | 3.15 | &nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp; 124798 | &nbsp;&nbsp; 38648 |
| 5-Year OTC interest rate swap with <br> Morgan Stanley to receive exercise <br> rate and pay SOFR<br>| Morgan Stanley | USD | &nbsp;&nbsp; 15908538 | &nbsp;&nbsp; 15908538 | 3.50 | &nbsp;&nbsp; 04/16/2026 | &nbsp;&nbsp; 286354 | &nbsp;&nbsp; 133399 |
| 5-Year OTC interest rate swap with <br> Morgan Stanley to receive exercise <br> rate and pay SOFR<br>| Morgan Stanley | USD | &nbsp;&nbsp; 8219456 | &nbsp;&nbsp; 8219456 | 3.10 | &nbsp;&nbsp; 07/09/2026 | &nbsp;&nbsp; 79277 | &nbsp;&nbsp; 34484 |
| 7-Year OTC interest rate swap with <br> Morgan Stanley to receive exercise <br> rate and pay SOFR<br>| Morgan Stanley | USD | &nbsp;&nbsp; 5400000 | &nbsp;&nbsp; 5400000 | 3.25 | &nbsp;&nbsp; 12/16/2026 | &nbsp;&nbsp; 51030 | &nbsp;&nbsp; 45918 |
| Total |  |  |  |  |  |  | &nbsp;&nbsp; 1539014 | &nbsp;&nbsp; 539284 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Cost ($)** | **Value ($)** |
| 10-Year OTC interest rate swap with <br> Morgan Stanley to receive SOFR and <br> pay exercise rate<br>| Morgan Stanley | USD | &nbsp;&nbsp; 6018940 | &nbsp;&nbsp; 6018940 | 4.25 | &nbsp;&nbsp; 06/23/2026 | &nbsp;&nbsp; 106836 | &nbsp;&nbsp; 30320 |
| 5-Year OTC interest rate swap with Citi to <br> receive SOFR and pay exercise rate<br>| Citi | USD | &nbsp;&nbsp; 14000000 | &nbsp;&nbsp; 14000000 | 3.60 | &nbsp;&nbsp; 05/05/2026 | &nbsp;&nbsp; 92400 | &nbsp;&nbsp; 70951 |
| 5-Year OTC interest rate swap with <br> Goldman Sachs International to <br> receive SOFR and pay exercise rate<br>| Goldman Sachs International | USD | &nbsp;&nbsp; 6366539 | &nbsp;&nbsp; 6366539 | 3.50 | &nbsp;&nbsp; 02/27/2026 | &nbsp;&nbsp; 41383 | &nbsp;&nbsp; 25156 |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Put option contracts purchased (continued)** | **Put option contracts purchased (continued)** | **Put option contracts purchased (continued)** | **Put option contracts purchased (continued)** | **Put option contracts purchased (continued)** | **Put option contracts purchased (continued)** | **Put option contracts purchased (continued)** | **Put option contracts purchased (continued)** | **Put option contracts purchased (continued)** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading**<br> **currency**<br>| **Notional**<br> **amount**<br>| **Number of**<br> **contracts**<br>| **Exercise**<br> **price/Rate**<br>| **Expiration**<br> **date**<br>| **Cost ($)** | **Value ($)** |
| 5-Year OTC interest rate swap with <br> Morgan Stanley to receive SOFR and <br> pay exercise rate<br>| Morgan Stanley | USD | &nbsp;&nbsp; 6488820 | &nbsp;&nbsp; 6488820 | 3.50 | &nbsp;&nbsp; 02/27/2026 | &nbsp;&nbsp; 45908 | &nbsp;&nbsp; 25639 |
| 5-Year OTC interest rate swap with <br> Morgan Stanley to receive SOFR and <br> pay exercise rate<br>| Morgan Stanley | USD | &nbsp;&nbsp; 4435179 | &nbsp;&nbsp; 4435179 | 3.40 | &nbsp;&nbsp; 03/04/2026 | &nbsp;&nbsp; 35482 | &nbsp;&nbsp; 28962 |
| 5-Year OTC interest rate swap with <br> Morgan Stanley to receive SOFR and <br> pay exercise rate<br>| Morgan Stanley | USD | &nbsp;&nbsp; 22500000 | &nbsp;&nbsp; 22500000 | 3.40 | &nbsp;&nbsp; 08/05/2026 | &nbsp;&nbsp; 359100 | &nbsp;&nbsp; 283005 |
| Total |  |  |  |  |  |  | &nbsp;&nbsp; 681109 | &nbsp;&nbsp; 464033 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Premium** <br>**received ($)**<br>| **Value ($)** |
| 5-Year OTC interest rate swap with Morgan <br> Stanley to receive SOFR and pay exercise rate<br>| Morgan Stanley | USD | &nbsp;&nbsp; (17174000)<br>| &nbsp;&nbsp; (17174000)<br>| 2.65 | &nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp; (34806)<br>| &nbsp;&nbsp; (5691)<br>|
| 5-Year OTC interest rate swap with Morgan <br> Stanley to receive SOFR and pay exercise rate<br>| Morgan Stanley | USD | &nbsp;&nbsp; (7954500)<br>| &nbsp;&nbsp; (7954500)<br>| 3.20 | &nbsp;&nbsp; 04/16/2026 | &nbsp;&nbsp; (70000)<br>| &nbsp;&nbsp; (25939)<br>|
| 5-Year OTC interest rate swap with Morgan <br> Stanley to receive SOFR and pay exercise rate<br>| Morgan Stanley | USD | &nbsp;&nbsp; (15908538)<br>| &nbsp;&nbsp; (15908538)<br>| 3.00 | &nbsp;&nbsp; 04/16/2026 | &nbsp;&nbsp; (152721)<br>| &nbsp;&nbsp; (26402)<br>|
| Total |  |  |  |  |  |  | &nbsp;&nbsp; (257527)<br>| &nbsp;&nbsp; (58032)<br>|

---

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cleared interest rate swap contracts** | **Cleared interest rate swap contracts** | **Cleared interest rate swap contracts** | **Cleared interest rate swap contracts** | **Cleared interest rate swap contracts** | **Cleared interest rate swap contracts** | **Cleared interest rate swap contracts** | **Cleared interest rate swap contracts** | **Cleared interest rate swap contracts** | **Cleared interest rate swap contracts** | **Cleared interest rate swap contracts** | **Cleared interest rate swap contracts** |
| **Fund receives** | **Fund pays** | **Payment** <br>**frequency**<br>| **Counterparty** | **Maturity** <br>**date**<br>| **Notional** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Value** <br>**($)**<br>| **Upfront** <br>**payments** <br>**($)**<br>| **Upfront** <br>**receipts** <br>**($)**<br>| **Unrealized** <br>**appreciation** <br>**($)**<br>| **Unrealized** <br>**depreciation** <br>**($)**<br>|
| SOFR plus <br> 0.262%<br>| Fixed rate of <br> 1.781%<br>| Receives Quarterly, Pays Semi-Annually | Morgan Stanley | 08/09/2049 | USD | 2100000 | 850823 |  |  | 850823 |  |

---

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** |
| **Reference** <br>**entity**<br>| **Counterparty** | **Maturity** <br>**date**<br>| **Pay** <br>**fixed** <br>**rate** <br>**(%)**<br>| **Payment** <br>**frequency**<br>| **Notional** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Value** <br>**($)**<br>| **Periodic** <br>**payments** <br>**receivable** <br>**(payable)** <br>**($)**<br>| **Upfront** <br>**payments** <br>**($)**<br>| **Upfront** <br>**receipts** <br>**($)**<br>| **Unrealized** <br>**appreciation** <br>**($)**<br>| **Unrealized** <br>**depreciation** <br>**($)**<br>|
| CMBX North America Index, <br> Series 11 BBB-<br>| Citi | 11/18/2054 | 3.000 | Monthly | USD | 500000 | 60181 | (292)<br>| 116069 |  |  | (56180)<br>|
| CMBX North America Index, <br> Series 12 BBB-<br>| Citi | 08/17/2061 | 3.000 | Monthly | USD | 300000 | 52341 | (176)<br>| 76450 |  |  | (24285)<br>|
| CMBX North America Index, <br> Series 11 BBB-<br>| Goldman Sachs International | 11/18/2054 | 3.000 | Monthly | USD | 200000 | 24072 | (117)<br>| 27845 |  |  | (3890)<br>|
| CMBX North America Index, <br> Series 11 BBB-<br>| JPMorgan | 11/18/2054 | 3.000 | Monthly | USD | 200000 | 24072 | (116)<br>| 6156 |  | 17800 |  |
| CMBX North America Index, <br> Series 16 BBB-<br>| Morgan Stanley | 04/17/2065 | 3.000 | Monthly | USD | 320000 | 53597 | (186)<br>| 70128 |  |  | (16717)<br>|
| Total |  |  |  |  |  |  | 214263 | (887)<br>| 296648 |  | 17800 | (101072)<br>|

---

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

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** |
| **Reference** <br>**entity**<br>| **Counterparty** | **Maturity** <br>**date**<br>| **Receive** <br>**fixed** <br>**rate** <br>**(%)**<br>| **Payment** <br>**frequency**<br>| **Implied** <br>**credit** <br>**spread** <br>**(%)\***<br>| **Notional** <br>**currency**<br>| **Notional** <br>**amount** <br>| **Value** <br>**($)**<br>| **Periodic** <br>**payments** <br>**receivable** <br>**(payable)** <br>**($)**<br>| **Upfront** <br>**payments** <br>**($)**<br>| **Upfront** <br>**receipts** <br>**($)**<br>| **Unrealized** <br>**appreciation** <br>**($)**<br>| **Unrealized** <br>**depreciation** <br>**($)**<br>|
| CMBX North America <br> Index, Series 10 BBB-<br>| JPMorgan | 11/17/2059 | 3.000 | Monthly | 35.436 | USD | 499745 | (110514)<br>| 292 |  | (99184)<br>|  | (11038)<br>|
| CMBX North America <br> Index, Series 10 BBB-<br>| JPMorgan | 11/17/2059 | 3.000 | Monthly | 35.436 | USD | 499745 | (110514)<br>| 292 |  | (76831)<br>|  | (33391)<br>|
| CMBX North America <br> Index, Series 8 BBB-<br>| Morgan Stanley | 10/17/2057 | 3.000 | Monthly | 38.026 | USD | 180065 | (44342)<br>| 105 |  | (33847)<br>|  | (10390)<br>|
| Total |  |  |  |  |  |  |  | (265370)<br>| 689 |  | (209862)<br>|  | (54819)<br>|

---

\* 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.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** |
| **Reference** <br>**entity**<br>| **Counterparty** | **Maturity** <br>**date**<br>| **Receive** <br>**fixed** <br>**rate** <br>**(%)**<br>| **Payment** <br>**frequency**<br>| **Implied** <br>**credit** <br>**spread** <br>**(%)\***<br>| **Notional** <br>**currency**<br>| **Notional** <br>**amount** <br>| **Value** <br>**($)**<br>| **Upfront** <br>**payments** <br>**($)**<br>| **Upfront** <br>**receipts** <br>**($)**<br>| **Unrealized** <br>**appreciation** <br>**($)**<br>| **Unrealized** <br>**depreciation** <br>**($)**<br>|
| CDX North America High Yield <br> Index, Series 45<br>| Morgan Stanley | 12/20/2030 | 5.000 | Quarterly | 3.153 | USD | 6640000 | 33009 |  |  | 33009 |  |

---

\* 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.

---

| | | |
|:---|:---|:---|
| **Reference index and values for swap contracts as of period end** | **Reference index and values for swap contracts as of period end** | **Reference index and values for swap contracts as of period end** |
| **Reference index**  |  | **Reference rate** |
| SOFR | Secured Overnight Financing Rate | 3.710% |

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(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, 2025, the total value of these securities amounted to $98,062,698, which represents 44.46% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable rate security. The interest rate shown was the current rate as of December 31, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Security represents a pool of loans that generate cash payments generally over fixed periods of time. Such securities entitle the security holders to receive distributions (i.e. principal and interest, net of fees and expenses) that are tied to the payments made by the borrower on the underlying loans. Due to the structure of the security the cash payments received are not known until the time of payment. The interest rate shown is the stated coupon rate as of December 31, 2025 and is not reflective of the cash flow payments. The security is represented in shares.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At December 31, 2025, the total value of these securities amounted to $1,593,383, which represents 0.72% of total net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(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, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Perpetual security with no specified maturity date.

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Notes to Portfolio of Investments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;(j) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2025 are as follows:

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Capital gain** <br>**distributions($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends —** <br>**affiliated** <br>**issuers ($)**<br>| **End of** <br>**period shares**<br>|
| Columbia Short Duration High Yield ETF  | Columbia Short Duration High Yield ETF  | Columbia Short Duration High Yield ETF  | Columbia Short Duration High Yield ETF  | Columbia Short Duration High Yield ETF  | Columbia Short Duration High Yield ETF  | Columbia Short Duration High Yield ETF  | Columbia Short Duration High Yield ETF  | Columbia Short Duration High Yield ETF  | Columbia Short Duration High Yield ETF  |
|  |  | 1968820 |  | 17150 | 1985970 | 1122 |  | 65570 | 98000 |
| Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  |
|  | 10513936 | 76591404 | (70814626)<br>| 281 | 16290995 |  | (791)<br>| 475130 | 16295884 |
| Itasca Park LLC  | Itasca Park LLC  | Itasca Park LLC  | Itasca Park LLC  | Itasca Park LLC  | Itasca Park LLC  | Itasca Park LLC  | Itasca Park LLC  | Itasca Park LLC  | Itasca Park LLC  |
|  |  | 352000 |  | (6617)<br>| 345383 |  |  |  |  |
| Itasca Park LLC - Unfunded  | Itasca Park LLC - Unfunded  | Itasca Park LLC - Unfunded  | Itasca Park LLC - Unfunded  | Itasca Park LLC - Unfunded  | Itasca Park LLC - Unfunded  | Itasca Park LLC - Unfunded  | Itasca Park LLC - Unfunded  | Itasca Park LLC - Unfunded  | Itasca Park LLC - Unfunded  |
|  |  | 1248000 |  |  | 1248000 |  |  |  |  |
| Total | 10513936 |  |  | 10814 | 19870348 | 1122 | (791)<br>| 540700 |  |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(k) Principal amounts are denominated in United States Dollars unless otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Principal and interest may not be guaranteed by a governmental entity.

&nbsp;&nbsp;&nbsp;&nbsp;(m) The Fund's committed equity ownership interest in the joint venture is 2% of the LLC, which is not held in the form of shares. Investments into the LLC will be called from the Fund over a commitment period ending December 31, 2026. Any unfunded commitments are indicated as such.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These securities are valued at fair value determined in good faith under consistently applied procedures approved by the Fund's Board of Trustees. At December 31, 2025, the total market value of these securities amounted to $1,593,383, which represents 0.72% of total net assets. Additional information on these securities is as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Acquisition** <br>**Dates**<br>| **Shares** | **Cost ($)** | **Value ($)** |
| Itasca Park LLC | 09/02/2025-12/03/2025 | &nbsp;&nbsp; — | &nbsp;&nbsp; 352000 | &nbsp;&nbsp; 345383 |
| Itasca Park LLC - Unfunded | 07/28/2025 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1248000 | &nbsp;&nbsp; 1248000 |
|  |  |  | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp; 1593383 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(p) 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, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(q) Represents a security purchased on a when-issued basis.

&nbsp;&nbsp;&nbsp;&nbsp;(r) The stated interest rate represents the weighted average interest rate at December 31, 2025 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. 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.

&nbsp;&nbsp;&nbsp;&nbsp;(s) Represents a security purchased on a forward commitment basis.

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Notes to Portfolio of Investments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;(t) At December 31, 2025, the Fund had unfunded senior loan commitments pursuant to the terms of the loan agreement. The Fund receives a stated coupon rate until the borrower draws on the loan commitment, at which time the rate will become the stated rate in the loan agreement.

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

---

| | |
|:---|:---|
| **Borrower** | **Unfunded Commitment ($)** |
| June Purchaser LLC <br>Delayed Draw Term Loan <br>11/28/2031 2.750%<br>| 19286 |
| MRP Buyer LLC <br>Delayed Draw Term Loan <br>06/04/2032 5.461%<br>| 6726 |
| Pinnacle Buyer LLC <br>Tranche B Delayed Draw Term Loan <br>09/10/2032 1.250%<br>| 24194 |
| Raven Acquisition Holdings LLC <br>Delayed Draw Term Loan <br>11/19/2031 3.000%<br>| 10877 |
| USALCO LLC <br>Delayed Draw Term Loan <br>09/30/2031 1.000%<br>| 4793 |

---

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

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

**Abbreviation Legend** 

CMO Collateralized Mortgage Obligation <br> SOFR Secured Overnight Financing Rate <br> TBA To Be Announced

**Currency Legend** 

---

| | |
|:---|:---|
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| COP | Colombian Peso |
| EGP | Egyptian Pound |
| EUR | Euro |
| GBP | British Pound |
| INR | Indian Rupee |
| MXN | Mexican Peso |
| TRY | Turkish Lira |
| 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).

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 14457121 | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 15607121 |
| Commercial Mortgage-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 635222 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 635222 |
| Common Stocks |  |  |  |  |
| Communication Services |  | &nbsp;&nbsp;&nbsp;&nbsp; 22567 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22567 |
| Financials |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>|
| Information Technology |  | &nbsp;&nbsp;&nbsp;&nbsp; 35054 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35054 |
| Materials |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>|
| Total Common Stocks |  | &nbsp;&nbsp;&nbsp;&nbsp; 57621 | &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 57621 |
| Convertible Bonds |  | &nbsp;&nbsp;&nbsp;&nbsp; 246306 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 246306 |
| Corporate Bonds & Notes |  | &nbsp;&nbsp;&nbsp;&nbsp; 73850976 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 73850976 |
| Exchange-Traded Fixed Income Funds | 1985970 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1985970 |
| Foreign Government Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp; 22293929 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22293929 |
| Joint Ventures |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1593383 | &nbsp;&nbsp;&nbsp;&nbsp; 1593383 |
| Residential Mortgage-Backed Securities - Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 70166766 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 70166766 |
| Residential Mortgage-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 18500509 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18500509 |
| Senior Loans |  | &nbsp;&nbsp;&nbsp;&nbsp; 23580168 | &nbsp;&nbsp;&nbsp;&nbsp; 37171 | &nbsp;&nbsp;&nbsp;&nbsp; 23617339 |
| Treasury Bills |  | &nbsp;&nbsp;&nbsp;&nbsp; 937201 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 937201 |
| U.S. Treasury Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp; 2927434 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2927434 |
| Call Option Contracts Purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 539284 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 539284 |
| Put Option Contracts Purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 464033 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 464033 |
| Money Market Funds | 16290995 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16290995 |
| Total Investments in Securities | 18276965 | &nbsp;&nbsp;&nbsp;&nbsp; 228656570 | &nbsp;&nbsp;&nbsp;&nbsp; 2780554 | &nbsp;&nbsp;&nbsp;&nbsp; 249714089 |
| **Investments in Derivatives** |  |  |  |  |
| Asset |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; 6561 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6561 |
| Futures Contracts | 170631 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 170631 |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; 901632 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 901632 |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| Liability |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; (4286)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4286)<br>|
| Futures Contracts | (338232)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (338232)<br>|
| Call Option Contracts Written |  | &nbsp;&nbsp;&nbsp;&nbsp; (58032)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (58032)<br>|
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; (155891)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (155891)<br>|
| Total | 18109364 | &nbsp;&nbsp;&nbsp;&nbsp; 229346554 | &nbsp;&nbsp;&nbsp;&nbsp; 2780554 | &nbsp;&nbsp;&nbsp;&nbsp; 250236472 |

---

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

\* Rounds to zero.

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

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

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>**12/31/2024** <br>**($)**<br>| **Increase** <br>**(decrease)** <br>**in accrued** <br>**discounts/** <br>**premiums** <br>**($)**<br>| **Realized** <br>**gain (loss)** <br>**($)**<br>| **Change** <br>**in unrealized** <br>**appreciation** <br>**(depreciation)**<sup>(a)</sup> <br>**($)**<br>| **Purchases** <br>**($)**<br>| **Sales** <br>**($)**<br>| **Transfers** <br>**into** <br>**Level 3** <br>**($)**<br>| **Transfers** <br>**out of** <br>**Level 3** <br>**($)**<br>| **Balance** <br>**as of** <br>**12/31/2025** <br>**($)**<br>|
| Asset-Backed Securities - Non-Agency | -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 1150000<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 1150000<br>|
| Common Stocks | 24276<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; (24276)<br>| &nbsp;&nbsp; -<br>|
| Joint Ventures | -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; (6617)<br>| &nbsp;&nbsp; 1600000 | &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 1593383<br>|
| Residential Mortgage-Backed Securities - <br> Non-Agency<br>| 765074<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 1328<br>| &nbsp;&nbsp; (1328)<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; (365074)<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; (400000)<br>| &nbsp;&nbsp; -<br>|
| Senior Loans | -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; (48)<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; (374)<br>| &nbsp;&nbsp; 37593<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 37171<br>|
| **Total** | **789350**<br>| &nbsp;&nbsp; **-**<br>| &nbsp;&nbsp; **1328**<br>| &nbsp;&nbsp; **(7993)**<br>| &nbsp;&nbsp; **2750000** | &nbsp;&nbsp; **(365448)**<br>| &nbsp;&nbsp; **37593**<br>| &nbsp;&nbsp; **(424276)**<br>| &nbsp;&nbsp; **2780554**<br>|

---

(a) Change in unrealized appreciation (depreciation) relating to securities held at December 31, 2025 was $(6,665), which is comprised of Joint Ventures of $(6,617) and of Senior Loans of $(48).

Financial assets were transferred from Level 2 to Level 3 due to utilizing a single market quotation from a broker dealer. As a result, management concluded that the market input(s) were generally unobservable.

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 Fund's assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. The following table is a summary of valuation technique(s) used to value the Fund's investments at December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Valuation Technique** | **Value ($)** |
| Asset-Backed Securities - Non-Agency | Single Market Quotes from Broker | &nbsp;&nbsp; 1150000 |
| Common Stocks |  |  |
| Financials | Market Approach | &nbsp;&nbsp; 0 |
| Materials | Market Approach | &nbsp;&nbsp; 0 |
| Joint Ventures | Market Approach | &nbsp;&nbsp; 345383 |
| Joint Ventures | Recent Transaction | &nbsp;&nbsp; 1248000 |
| Senior Loans | Single Market Quotes from Broker | &nbsp;&nbsp; 37171 |
| Total |  | &nbsp;&nbsp; 2780554 |

---

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.

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

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

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $227,374,752) | $228840424 |
| Affiliated issuers (cost $19,858,220) | 19870348 |
| Option contracts purchased (cost $2,220,123) | 1003317 |
| Cash | 182808 |
| Foreign currency (cost $26) | 26 |
| Cash collateral held at broker for: |  |
| Swap contracts | 200000 |
| Margin deposits on: |  |
| Futures contracts | 499186 |
| Swap contracts | 669198 |
| Unrealized appreciation on forward foreign currency exchange contracts | 6561 |
| Unrealized appreciation on swap contracts | 17800 |
| Upfront payments on swap contracts | 296648 |
| Receivable for: |  |
| Investments sold | 6920 |
| Investments sold on a delayed delivery basis  | 119779 |
| Capital shares sold | 14868 |
| Dividends | 49567 |
| Interest | 2052028 |
| Foreign tax reclaims | 1627 |
| Variation margin for futures contracts | 53635 |
| Variation margin for swap contracts | 2277 |
| Expense reimbursement due from Investment Manager | 1012 |
| Prepaid expenses | 2127 |
| Deferred compensation of board members | 142499 |
| Total assets | 254032655 |
| **Liabilities** |  |
| Option contracts written, at value (premiums received $257,527) | 58032 |
| Unrealized depreciation on forward foreign currency exchange contracts | 4286 |
| Unrealized depreciation on swap contracts | 155891 |
| Upfront receipts on swap contracts | 209862 |
| Payable for: |  |
| Investments purchased on a delayed delivery basis | 31690249 |
| Capital shares redeemed | 1016853 |
| Variation margin for futures contracts | 57433 |
| Variation margin for swap contracts | 3857 |
| Management services fees | 3641 |
| Distribution and/or service fees | 1340 |
| Service fees | 46912 |
| Compensation of chief compliance officer | 34 |
| Compensation of board members | 524 |
| Other expenses | 47389 |
| Deferred compensation of board members | 170251 |
| Total liabilities | 33466554 |
| **Net assets applicable to outstanding capital stock** | **$220566101** |
| **Represented by** |  |
| Paid in capital | 223861512 |
| Total distributable earnings (loss) | (3295411)<br>|
| **Total - representing net assets applicable to outstanding capital stock** | **$220566101** |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Statement of Assets and Liabilities (continued)

December 31, 2025

---

| | |
|:---|:---|
| **Class 1** |  |
| Net assets | $25772785 |
| Shares outstanding | 6805775 |
| Net asset value per share | $3.79 |
| **Class 2** |  |
| Net assets | $194793316 |
| Shares outstanding | 52153721 |
| Net asset value per share | $3.73 |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

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

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — affiliated issuers | $540700 |
| Interest | 11421415 |
| Interfund lending | 2920 |
| Foreign taxes withheld | (45529)<br>|
| Total income | 11919506 |
| Expenses: |  |
| Management services fees | 1213251 |
| Distribution and/or service fees |  |
| Class 2 | 447450 |
| Service fees | 258908 |
| Custodian fees | 50289 |
| Printing and postage fees | 12313 |
| Accounting services fees | 67216 |
| Legal fees | 20760 |
| Interest on collateral | 55281 |
| Compensation of chief compliance officer | 34 |
| Compensation of board members | 13100 |
| Deferred compensation of board members | 5779 |
| Other | 14318 |
| Total expenses | 2158699 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (301156)<br>|
| Total net expenses | 1857543 |
| **Net investment income** | 10061963 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 228827 |
| Investments — affiliated issuers | (791)<br>|
| Capital gain distributions from underlying affiliated funds | 1122 |
| Foreign currency translations | (133572)<br>|
| Forward foreign currency exchange contracts | (68378)<br>|
| Futures contracts | (1875084)<br>|
| Option contracts purchased | (1712938)<br>|
| Option contracts written | 487727 |
| Swap contracts | 1130594 |
| Net realized loss | (1942493)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 5689119 |
| Investments — affiliated issuers | 10814 |
| Foreign currency translations | 3333 |
| Forward foreign currency exchange contracts | (4908)<br>|
| Futures contracts | 643279 |
| Option contracts purchased | (343951)<br>|
| Option contracts written | 33753 |
| Swap contracts | (642882)<br>|
| Net change in unrealized appreciation (depreciation) | 5388557 |
| Net realized and unrealized gain | 3446064 |
| **Net increase in net assets resulting from operations** | **$13508027** |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Statement of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income | $10061963 | &nbsp;&nbsp; $8894982 |
| Net realized gain (loss) | (1942493)<br>| &nbsp;&nbsp; 12196 |
| Net change in unrealized appreciation (depreciation) | 5388557 | &nbsp;&nbsp; (1389101)<br>|
| Net increase in net assets resulting from operations | 13508027 | &nbsp;&nbsp; 7518077 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class 1 | (1052546)<br>| &nbsp;&nbsp; (1083175)<br>|
| Class 2 | (7921590)<br>| &nbsp;&nbsp; (6522071)<br>|
| Total distributions to shareholders | (8974136)<br>| &nbsp;&nbsp; (7605246)<br>|
| Increase in net assets from capital stock activity | 29899981 | &nbsp;&nbsp; 26703124 |
| Total increase in net assets | 34433872 | &nbsp;&nbsp; 26615955 |
| Net assets at beginning of year | 186132229 | &nbsp;&nbsp; 159516274 |
| **Net assets at end of year** | **$220566101** | &nbsp;&nbsp; **$186132229** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |
| Shares sold | 1397916 | &nbsp;&nbsp;&nbsp;&nbsp; 5283818 | &nbsp;&nbsp;&nbsp;&nbsp; 2174512 | &nbsp;&nbsp;&nbsp;&nbsp; 8085789 |
| Distributions reinvested | 285243 | &nbsp;&nbsp;&nbsp;&nbsp; 1052545 | &nbsp;&nbsp;&nbsp;&nbsp; 297575 | &nbsp;&nbsp;&nbsp;&nbsp; 1083175 |
| Shares redeemed | (703532)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2654349)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2328222)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8668411)<br>|
| Net increase | 979627 | &nbsp;&nbsp;&nbsp;&nbsp; 3682014 | &nbsp;&nbsp;&nbsp;&nbsp; 143865 | &nbsp;&nbsp;&nbsp;&nbsp; 500553 |
| Class 2 |  |  |  |  |
| Shares sold | 9778468 | &nbsp;&nbsp;&nbsp;&nbsp; 36442104 | &nbsp;&nbsp;&nbsp;&nbsp; 9964374 | &nbsp;&nbsp;&nbsp;&nbsp; 36551599 |
| Distributions reinvested | 2176261 | &nbsp;&nbsp;&nbsp;&nbsp; 7921590 | &nbsp;&nbsp;&nbsp;&nbsp; 1811687 | &nbsp;&nbsp;&nbsp;&nbsp; 6522071 |
| Shares redeemed | (4872129)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18145727)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4608483)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16871099)<br>|
| Net increase | 7082600 | &nbsp;&nbsp;&nbsp;&nbsp; 26217967 | &nbsp;&nbsp;&nbsp;&nbsp; 7167578 | &nbsp;&nbsp;&nbsp;&nbsp; 26202571 |
| **Total net increase** | **8062227** | &nbsp;&nbsp;&nbsp;&nbsp; **29899981** | &nbsp;&nbsp;&nbsp;&nbsp; **7311443** | &nbsp;&nbsp;&nbsp;&nbsp; **26703124** |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $3.70<br>| 0.20<br>| 0.07<br>| 0.27<br>| &nbsp;&nbsp; (0.18) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.18) <br>|
| Year Ended 12/31/2024 | $3.70<br>| 0.20<br>| &nbsp;&nbsp; (0.03) <br>| 0.17<br>| &nbsp;&nbsp; (0.17) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.17) <br>|
| Year Ended 12/31/2023 | $3.50<br>| 0.20<br>| 0.13<br>| 0.33<br>| &nbsp;&nbsp; (0.13) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.13) <br>|
| Year Ended 12/31/2022 | $4.25<br>| 0.15<br>| &nbsp;&nbsp; (0.62) <br>| &nbsp;&nbsp; (0.47) <br>| &nbsp;&nbsp; (0.12) <br>| &nbsp;&nbsp; (0.16) <br>| &nbsp;&nbsp; (0.28) <br>|
| Year Ended 12/31/2021 | $4.40<br>| 0.14<br>| &nbsp;&nbsp; (0.05) <br>| 0.09<br>| &nbsp;&nbsp; (0.24) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.24) <br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $3.65<br>| 0.18<br>| 0.07<br>| 0.25<br>| &nbsp;&nbsp; (0.17) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.17) <br>|
| Year Ended 12/31/2024 | $3.65<br>| 0.19<br>| &nbsp;&nbsp; (0.03) <br>| 0.16<br>| &nbsp;&nbsp; (0.16) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.16) <br>|
| Year Ended 12/31/2023 | $3.46<br>| 0.19<br>| 0.12<br>| 0.31<br>| &nbsp;&nbsp; (0.12) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.12) <br>|
| Year Ended 12/31/2022 | $4.20<br>| 0.14<br>| &nbsp;&nbsp; (0.61) <br>| &nbsp;&nbsp; (0.47) <br>| &nbsp;&nbsp; (0.11) <br>| &nbsp;&nbsp; (0.16) <br>| &nbsp;&nbsp; (0.27) <br>|
| Year Ended 12/31/2021 | $4.36<br>| 0.13<br>| &nbsp;&nbsp; (0.06) <br>| 0.07<br>| &nbsp;&nbsp; (0.23) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.23) <br>|

---

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

---

| | |
|:---|:---|
| **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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class** | **12/31/2025** | **12/31/2024** | **12/31/2023** | **12/31/2022** | **12/31/2021** |
| Class 1 | 0.03% | &nbsp;&nbsp; 0.02% | &nbsp;&nbsp; 0.02% | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; 0.01% |
| Class 2 | 0.03% | &nbsp;&nbsp; 0.02% | &nbsp;&nbsp; 0.02% | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; 0.01% |

---

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Financial Highlights (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $3.79<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.32%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.85% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.70% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 224%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $25773<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $3.70<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.83% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.69% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 199%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $21554<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $3.70<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.67%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.83% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.69% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.53%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 276%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $21022<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $3.50<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.37%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.83% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.69% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 182%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $19019<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $4.25<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.09%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.80% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.69% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.21%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 136%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $19045<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $3.73<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.10% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.95% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 224%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $194793<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $3.65<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.51%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.09% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.94% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.08%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 199%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $164578<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $3.65<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.20%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.08% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.94% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 276%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $138494<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $3.46<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.52%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 1.08% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.94% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 182%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $118268<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $4.20<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.08% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.94% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 136%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $127722<br>|

---

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Notes to Financial Statements

December 31, 2025

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.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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.

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

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

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

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.

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Notes to Financial Statements (continued)

December 31, 2025

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 exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in the underlying rate, asset or reference instrument and individual markets. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

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

In connection with certain over-the-counter derivatives, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in

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Notes to Financial Statements (continued)

December 31, 2025

the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

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

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

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

**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 portfolio currency risk and to facilitate transactions in securities denominated in foreign currencies in the normal course of pursuing its investment objectives. These contracts are used to protect against a decline in value relative to the U.S. dollar of the currencies in which portfolio securities are denominated or quoted (or an increase in the value of a currency in which securities that a Fund intends to buy are denominated, when a Fund holds cash reserves and short-term investments), or for other investment purposes. 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.

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Notes to Financial Statements (continued)

December 31, 2025

**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 its exposure to the securities markets or to movements in interest rates and currency values. A Fund invests in futures contracts as part of its primary investment strategy and/or to equitize its cash flows. Investments in futures contracts may increase or decrease exposure to a particular market. 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 may use options that are written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund's exposure to the underlying instrument. Writing call options tends to decrease a Fund's exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. 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.

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Notes to Financial Statements (continued)

December 31, 2025

**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 option is exercised. Changes in the value of 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 and the central counterparty 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 central counterparty 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 marked-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, there is less credit exposure to the FCM than in the case of an over-the-counter derivative, because the central counterparty provides some protection in the case of clearing member default. The central counterparty stands between the buyer and the seller of the swap contract; therefore, failure of the clearinghouse may pose additional counterparty credit risk. However, credit risk still exists in centrally cleared swaps to the extent initial and variation margin is held in an FCM's customer account. While FCM's are required to segregate customer margin from their own assets, in the event that an FCM becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the FCM for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all of the FCM's customers (including the Fund) by account class, potentially resulting in losses to the Fund. 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 central counterparty, as applicable, may not fulfill its obligation under the contract.

**Credit default swap contracts**

The Fund entered into credit default swap contracts to hedge or manage the risks associated with assets held in the Fund and/or to facilitate the implementation of portfolio strategies to seek to increase the total return. These swaps are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. 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

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Notes to Financial Statements (continued)

December 31, 2025

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 other risks including 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 or inflation rate swap contracts (together, rate swaps) to help hedge against interest rate risk exposure and to maintain the Fund's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Fund holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swap agreements. These instruments may be used for other purposes in future periods. A rate swap 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 notional amount. Certain rate swaps are considered forward-starting, whereby 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 rate swap is generally the difference between a floating market interest rate or floating rate linked to an inflation index versus a fixed interest rate as applied to the notional amount.

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Notes to Financial Statements (continued)

December 31, 2025

Rate swaps are valued daily and unrealized appreciation (depreciation) is recorded. Certain 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 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, 2025:

---

| | | |
|:---|:---|:---|
|  | **Asset derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Credit risk | Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 50,809<br> \*<br>|
| Credit risk | Upfront payments on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 296648 |
| Foreign exchange risk | Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 6561 |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 170,631<br> \*<br>|
| Interest rate risk | Investments, at value — Option contracts purchased | &nbsp;&nbsp;&nbsp;&nbsp; 1003317 |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 850,823<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 2378789 |

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

---

| | | |
|:---|:---|:---|
|  | **Liability derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Credit risk | Component of total distributable earnings (loss) — unrealized depreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 155,891<br> \*<br>|
| Credit risk | Upfront receipts on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 209862 |
| Foreign exchange risk | Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 4286 |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 338,232<br> \*<br>|
| Interest rate risk | Option contracts written, at value | &nbsp;&nbsp;&nbsp;&nbsp; 58032 |
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 766303 |

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

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

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Notes to Financial Statements (continued)

December 31, 2025

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, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** |
| **Risk exposure category** | **Forward** <br>**foreign** <br>**currency** <br>**exchange** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**purchased** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**written** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Credit risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 435164 | &nbsp;&nbsp;&nbsp;&nbsp; 435164 |
| Foreign exchange risk | &nbsp;&nbsp; (68378)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (68378)<br>|
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1875084)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1712938)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 487727 | &nbsp;&nbsp;&nbsp;&nbsp; 695430 | &nbsp;&nbsp;&nbsp;&nbsp; (2404865)<br>|
| Total | &nbsp;&nbsp; (68378)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1875084)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1712938)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 487727 | &nbsp;&nbsp;&nbsp;&nbsp; 1130594 | &nbsp;&nbsp;&nbsp;&nbsp; (2038079)<br>|
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Forward** <br>**foreign** <br>**currency** <br>**exchange** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**purchased** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**written** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Credit risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (42976)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (42976)<br>|
| Foreign exchange risk | &nbsp;&nbsp; (4908)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4908)<br>|
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 643279 | &nbsp;&nbsp;&nbsp;&nbsp; (343951)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33753 | &nbsp;&nbsp;&nbsp;&nbsp; (599906)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (266825)<br>|
| Total | &nbsp;&nbsp; (4908)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 643279 | &nbsp;&nbsp;&nbsp;&nbsp; (343951)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33753 | &nbsp;&nbsp;&nbsp;&nbsp; (642882)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (314709)<br>|

---

The following table is a summary of the average daily outstanding volume by derivative instrument for the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Derivative instrument** | **Average notional** <br>**amounts ($)**<br>|
| Futures contracts — long | 78938301 |
| Futures contracts — short | 102738837 |
| Credit default swap contracts — buy protection | 1520000 |
| Credit default swap contracts — sell protection | 8428117 |

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

---

| | |
|:---|:---|
| **Derivative instrument** | **Average** <br>**value ($)**<br>|
| Option contracts purchased | 1158160 |
| Option contracts written | (112399)<br>|

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

---

| | | |
|:---|:---|:---|
| **Derivative instrument** | **Average unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Average unrealized** <br>**depreciation ($)**<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 5308 | &nbsp;&nbsp;&nbsp;&nbsp; (12372)<br>|
| Interest rate swap contracts | &nbsp;&nbsp; 909159 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

**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 rights only through an administrative agent. Although certain senior loan participations or assignments are secured by

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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.

**Joint venture** 

Long Run Partners (LRP) and the Fund, along with certain other affiliated funds, are members of Itasca Park LLC, a joint venture formed as a Delaware limited liability company that is not consolidated by any member for financial reporting purposes. Investments into Itasca Park LLC will be called from the members over a commitment period to end on December 31, 2026 (Commitment Period). All portfolio and other material decisions regarding Itasca Park LLC must be submitted to Itasca Park LLC's board of directors which is comprised of two LRP representatives and one representative for each of the affiliated investing funds. Because management of Itasca Park LLC is shared between LRP and the other members, the Fund does not believe it controls Itasca Park LLC for purposes of the Investment Company Act or otherwise. The Fund does not consider this non-consolidated investment as a significant subsidiary under Regulation S-X Rules 3-09 and 4-08(g).

The Fund has made a commitment of $1,600,000 to Itasca Park LLC of which $352,000 has been funded and $1,248,000 remains unfunded for the year ended December 31, 2025.

Funded investments in non-consolidated joint ventures are stated at fair value. Unfunded investments are stated at cost with a corresponding liability for securities purchased on a delayed delivery basis. The Fund's ownership interests are valued based on the Fund's ownership interest in Itasca Park LLC and the fair value of the underlying loans and residential mortgages, using the same techniques as described within this Note. Any other factors, such as ownership percentage, ownership rights, buy/sell agreements, distribution provisions, and capital call obligations are also considered.

Distributions to the Fund are not expected during the Commitment Period. During the Commitment Period, all available cash will be used to aggregate additional loans. Upon completion of the Commitment Period, available cash will be distributed first based on pro-rata equity ownership in Itasca Park LLC until all capital contributions have been returned then as income and gain distributions. Itasca Park LLC will return capital within 48 months of the completion of the Commitment Period with two, 12-month extension options.

**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.

Columbia Variable Portfolio – Strategic Income Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

**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 with counterparties as well as any related collateral received or pledged by the Fund as of December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Citi**<sup>(a)</sup> <br>| **Citi**<sup>(a)</sup> <br>| **Goldman** <br>**Sachs** <br>**International** <br>| **JPMorgan** | **Morgan** <br>**Stanley** <sup>(a)</sup> <br>| **Morgan** <br>**Stanley** <sup>(a)</sup> <br>| **Total** |
| **Assets** |  |  |  |  |  |  |  |
| Centrally cleared interest rate swap contracts <sup>(b)</sup> <br>| $&nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 2277<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 2277<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 6561<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 6561<br>|
| Call option contracts purchased | &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 82062<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 457222<br>| &nbsp;&nbsp; 539284<br>|
| Put option contracts purchased | &nbsp;&nbsp; 70951<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 25156<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 367926<br>| &nbsp;&nbsp; 464033<br>|
| OTC credit default swap contracts <sup>(c)</sup> <br>| &nbsp;&nbsp; 192519<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 27845<br>| &nbsp;&nbsp; 23956<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 70128<br>| &nbsp;&nbsp; 314448<br>|
| Total Assets | &nbsp;&nbsp; 270031<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 135063<br>| &nbsp;&nbsp; 23956<br>| &nbsp;&nbsp; 2277<br>| &nbsp;&nbsp; 895276<br>| &nbsp;&nbsp; 1326603<br>|
| **Liabilities** |  |  |  |  |  |  |  |
| Centrally cleared credit default swap contracts <sup>(b)</sup> <br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 3857<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 3857<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 4286<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 4286<br>|
| Call option contracts written | &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 58032<br>| &nbsp;&nbsp; 58032<br>|
| OTC credit default swap contracts<sup>(c)</sup> <br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 80465<br>| &nbsp;&nbsp; 3890<br>| &nbsp;&nbsp; 220444<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 60954<br>| &nbsp;&nbsp; 365753<br>|
| Total Liabilities | &nbsp;&nbsp; 4286<br>| &nbsp;&nbsp; 80465<br>| &nbsp;&nbsp; 3890<br>| &nbsp;&nbsp; 220444<br>| &nbsp;&nbsp; 3857<br>| &nbsp;&nbsp; 118986<br>| &nbsp;&nbsp; 431928<br>|
| **Total Financial and Derivative Net Assets** | &nbsp;&nbsp; **265745**<br>| &nbsp;&nbsp; **(80465)**<br>| &nbsp;&nbsp; **131173**<br>| &nbsp;&nbsp; **(196488)**<br>| &nbsp;&nbsp; **(1580)**<br>| &nbsp;&nbsp; **776290**<br>| &nbsp;&nbsp; **894675**<br>|
| Total collateral received (pledged)<sup>(d)</sup> <br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 131173<br>| &nbsp;&nbsp; (196488)<br>| &nbsp;&nbsp; (1580)<br>| &nbsp;&nbsp; 776290<br>| &nbsp;&nbsp; 709395<br>|
| **Net Amount** <sup>(e)</sup> <br>| $&nbsp;&nbsp; **265745**<br>| &nbsp;&nbsp; **(80465)**<br>| &nbsp;&nbsp; **-**<br>| &nbsp;&nbsp; **-**<br>| &nbsp;&nbsp; **-**<br>| &nbsp;&nbsp; **-**<br>| &nbsp;&nbsp; **185280**<br>|

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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

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

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.

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

**Foreign taxes**

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

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

**Distributions to subaccounts**

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

**Guarantees and indemnifications**

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

Note 3. Fees and other transactions with affiliates

**Management services fees**

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 and is responsible for 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, 2025 was 0.598% of the Fund's average daily net assets.

The Investment Manager has contractually agreed to implement a waiver with respect to Fund assets invested in funds that pay a management or advisory fee to the Investment Manager or its affiliate (underlying affiliated funds). Under this arrangement, the Investment Manager waives its net management fee (management fee less reimbursements/waivers) with respect to the Fund in an amount equal to the net management or advisory fee (fee less reimbursement/waivers) payable by an underlying affiliated fund on the assets invested by the Fund in the underlying affiliated fund.

**Compensation of Board members**

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

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

Columbia Variable Portfolio – Strategic Income Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

**Service fees**

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2025 was 0.13% of the Fund's average daily net assets.

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

**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:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contractual** <br>**expense cap** <br>**July 1, 2025** <br>**through** <br>**April 30, 2026 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Voluntary** <br>**expense cap** <br>**May 1, 2025** <br>**through** <br>**June 30, 2025 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contractual** <br>**expense cap** <br>**prior to** <br>**May 1, 2025 (%)**<br>|
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 |

---

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, 2025, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, foreign currency transactions, derivative investments, swap investments, tax straddles, investments in partnerships and/or grantor trusts, principal and/or interest from fixed income securities, capital loss carryforwards, trustees' deferred

Columbia Variable Portfolio – Strategic Income Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

compensation, re-characterization of distributions for investments 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:

---

| | | |
|:---|:---|:---|
| **Undistributed net** <br>**investment** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(loss) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Paid in** <br>**capital ($)**<br>|
| (78863)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| **Ordinary** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Long-term** <br>**capital gains ($)**<br>| **Total ($)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ordinary** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Long-term** <br>**capital gains ($)**<br>| **Total ($)** |
| 8974136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8974136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7605246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7605246 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Undistributed** <br>**ordinary income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Undistributed** <br>**long-term** <br>**capital gains ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Capital loss** <br>**carryforwards ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
| 9759801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13420513)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530084 |

---

At December 31, 2025, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| **Federal** <br>**tax cost ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
| 249986191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5726353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5196269)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530084 |

---

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

The following capital loss carryforwards, determined at December 31, 2025, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended December 31, 2025, capital loss carryforwards utilized, if any, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **No expiration** <br>**short-term ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **No expiration** <br>**long-term ($)**<br>| **Total ($)** | **Utilized ($)** |
| (1212333)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12208180)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13420513)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $518,865,671 and $489,662,510, respectively, for the year ended December 31, 2025, of which $402,994,422 and $395,564,683, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

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

Note 7. Interfund lending

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

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

The Fund's activity in the Interfund Program during the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower or lender** | **Average loan** <br>**balance ($)**<br>| &nbsp;&nbsp;&nbsp; **Weighted average** <br>**interest rate (%)**<br>| &nbsp;&nbsp;&nbsp; **Number of days** <br>**with outstanding loans**<br>|
| Lender | 2190000 | &nbsp;&nbsp;&nbsp;&nbsp;4.69 | &nbsp;&nbsp;&nbsp;&nbsp; 10 |

---

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, 2025.

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 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended December 31, 2025.

Note 9. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

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

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

**Shareholder concentration risk** 

At December 31, 2025, one unaffiliated shareholder of record owned 23.8% 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 48.5% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

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

Note 11. Information regarding pending and settled legal proceedings

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Columbia Variable Portfolio – Strategic Income Fund \| 2025

------

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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent, issuers of privately offered securities, agent banks 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 23, 2026

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

Columbia Variable Portfolio – Strategic Income Fund \| 2025

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**Columbia Variable Portfolio – Strategic Income Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g102030img457567562.jpg)

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

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

ANN7026_12_E01_(02/26)

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![](g102030imgc0e153531.jpg)

Variable Portfolio – U.S. Flexible Growth Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

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

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

---

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

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_7e6e9d7e-ac7d-407f-b654-6ae61aab9f30_POI-CommonContent-Date-618_1) | 3 |
| [Statement of Assets and Liabilities](#xx_7e6e9d7e-ac7d-407f-b654-6ae61aab9f30_FS-CommonContent-Date-618_1) | 8 |
| [Statement of Operations](#xx_7e6e9d7e-ac7d-407f-b654-6ae61aab9f30_FS-CommonContent-Date-618_2) | 9 |
| [Statement of Changes in Net Assets](#xx_7e6e9d7e-ac7d-407f-b654-6ae61aab9f30_FS-CommonContent-Date-618_3) | 10 |
| [Financial Highlights](#xx_7e6e9d7e-ac7d-407f-b654-6ae61aab9f30_FIHI-CommonContent-Date-618_2) | 12 |
| [Notes to Financial Statements](#xx_7e6e9d7e-ac7d-407f-b654-6ae61aab9f30_NTF-CommonContent-Date-618_1) | 14 |
| [Report of Independent Registered Public Accounting Firm](#xx_7e6e9d7e-ac7d-407f-b654-6ae61aab9f30_AUD-CommonContent-Date-618_1) | 26 |

---

Variable Portfolio – U.S. Flexible Growth Fund \| 2025

------

Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

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

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

---

| | | |
|:---|:---|:---|
| **Equity Funds 61.9%** | **Equity Funds 61.9%** | **Equity Funds 61.9%** |
|  | **Shares** | **Value ($)** |
| **U.S. Large Cap 61.9%** | **U.S. Large Cap 61.9%** | **U.S. Large Cap 61.9%** |
| Columbia Variable Portfolio – Disciplined Core <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 1985401 | &nbsp;&nbsp; 257049800 |
| Columbia Variable Portfolio – Large Cap Growth <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 517226 | &nbsp;&nbsp; 29409465 |
| Columbia Variable Portfolio – Large Cap Index <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 10843537 | &nbsp;&nbsp; 641828963 |
| Columbia Variable Portfolio – Select Large Cap <br> Equity Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 9504422 | &nbsp;&nbsp; 255573894 |
| Columbia Variable Portfolio – Select Large Cap <br> Value Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 5246502 | &nbsp;&nbsp; 294013942 |
| CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 2996823 | &nbsp;&nbsp; 244301036 |
| CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 5605163 | &nbsp;&nbsp; 247467965 |
| CTIVP<sup>®</sup> – Westfield Select Large Cap Growth <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 3548535 | &nbsp;&nbsp; 245771560 |
| Variable Portfolio – Partners Core Equity Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 9851111 | &nbsp;&nbsp; 513735445 |
| **Total** | **Total** | &nbsp;&nbsp; **2729152070** |
| Total Equity Funds <br>(Cost $1,131,968,199) | Total Equity Funds <br>(Cost $1,131,968,199) | &nbsp;&nbsp; **2729152070** |
| **Exchange-Traded Equity Funds 7.4%** | **Exchange-Traded Equity Funds 7.4%** | **Exchange-Traded Equity Funds 7.4%** |
| **U.S. Mid Large Cap 7.4%** | **U.S. Mid Large Cap 7.4%** | **U.S. Mid Large Cap 7.4%** |
| iShares Core S&P 500 ETF | &nbsp;&nbsp; 239750 | &nbsp;&nbsp; 164214365 |
| Vanguard S&P 500 ETF | &nbsp;&nbsp; 259750 | &nbsp;&nbsp; 162897018 |
| **Total** | **Total** | &nbsp;&nbsp; **327111383** |
| Total Exchange-Traded Equity Funds <br>(Cost $301,360,304) | Total Exchange-Traded Equity Funds <br>(Cost $301,360,304) | &nbsp;&nbsp; **327111383** |
| **Exchange-Traded Fixed Income Funds 2.3%** | **Exchange-Traded Fixed Income Funds 2.3%** | **Exchange-Traded Fixed Income Funds 2.3%** |
| **Investment Grade 2.3%** | **Investment Grade 2.3%** | **Investment Grade 2.3%** |
| iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp; 480000 | &nbsp;&nbsp; 47942400 |
| iShares iBoxx $ Investment Grade Corporate <br> Bond ETF<br>| &nbsp;&nbsp; 268500 | &nbsp;&nbsp; 29586015 |
| Vanguard Intermediate-Term Corporate Bond ETF | &nbsp;&nbsp; 304500 | &nbsp;&nbsp; 25501875 |
| **Total** | **Total** | &nbsp;&nbsp; **103030290** |
| Total Exchange-Traded Fixed Income Funds <br>(Cost $101,804,475) | Total Exchange-Traded Fixed Income Funds <br>(Cost $101,804,475) | &nbsp;&nbsp; **103030290** |

---

---

| | | |
|:---|:---|:---|
| **Fixed Income Funds 10.7%** | **Fixed Income Funds 10.7%** | **Fixed Income Funds 10.7%** |
|  | **Shares** | **Value ($)** |
| **Investment Grade 10.7%** | **Investment Grade 10.7%** | **Investment Grade 10.7%** |
| Columbia Variable Portfolio – Corporate Bond <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 5987602 | &nbsp;&nbsp; 47002676 |
| Columbia Variable Portfolio – Limited Duration <br> Credit Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 2364791 | &nbsp;&nbsp; 22489166 |
| Columbia Variable Portfolio – Long <br> Government/Credit Bond Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 3580694 | &nbsp;&nbsp; 25422931 |
| Columbia Variable Portfolio – U.S. Government <br> Mortgage Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 3412525 | &nbsp;&nbsp; 31941230 |
| CTIVP<sup>®</sup> – American Century Diversified Bond <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 8881190 | &nbsp;&nbsp; 82683878 |
| CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 <br> Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 10571082 | &nbsp;&nbsp; 98416777 |
| Variable Portfolio – Partners Core Bond Fund, <br> Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 16925649 | &nbsp;&nbsp; 165194331 |
| **Total** | **Total** | &nbsp;&nbsp; **473150989** |
| Total Fixed Income Funds <br>(Cost $513,343,720) | Total Fixed Income Funds <br>(Cost $513,343,720) | &nbsp;&nbsp; **473150989** |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency 3.3%** | **Residential Mortgage-Backed Securities - Agency 3.3%** | **Residential Mortgage-Backed Securities - Agency 3.3%** | **Residential Mortgage-Backed Securities - Agency 3.3%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Uniform Mortgage-Backed Security TBA<sup>(c)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(c)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(c)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(c)</sup>  |
| 01/20/2041- <br>01/14/2056<br>| &nbsp;&nbsp; 3.000% | 19780000 | &nbsp;&nbsp; 17948324 |
| 01/20/2041- <br>01/14/2056<br>| &nbsp;&nbsp; 3.500% | 23635000 | &nbsp;&nbsp; 22303783 |
| 01/20/2041- <br>01/14/2056<br>| &nbsp;&nbsp; 4.000% | 35024500 | &nbsp;&nbsp; 33750067 |
| 01/14/2056 | &nbsp;&nbsp; 4.500% | 56000000 | &nbsp;&nbsp; 54663961 |
| 01/14/2056 | &nbsp;&nbsp; 5.000% | 14225000 | &nbsp;&nbsp; 14184992 |
| Total Residential Mortgage-Backed Securities - Agency <br>(Cost $142,814,144) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $142,814,144) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $142,814,144) | &nbsp;&nbsp; **142851127** |

---

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

---

| | |
|:---|:---|
| **Call Option Contracts Purchased 0.0%** | **Call Option Contracts Purchased 0.0%** |
|  | **Value ($)** |
| (Cost $481,444) | &nbsp;&nbsp; **419485** |
| **Put Option Contracts Purchased 1.2%** | **Put Option Contracts Purchased 1.2%** |
| (Cost $60,643,348) | &nbsp;&nbsp; **50253200** |

---

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

Variable Portfolio – U.S. Flexible Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

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

---

| | | |
|:---|:---|:---|
| **Money Market Funds 14.8%** | **Money Market Funds 14.8%** | **Money Market Funds 14.8%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(a),(d)</sup> <br>| &nbsp;&nbsp; 650940932 | &nbsp;&nbsp; 650745650 |
| Total Money Market Funds <br>(Cost $650,639,050) | Total Money Market Funds <br>(Cost $650,639,050) | &nbsp;&nbsp; **650745650** |
| **Total Investments in Securities** <br>**(Cost: $2,903,054,684)** | **Total Investments in Securities** <br>**(Cost: $2,903,054,684)** | &nbsp;&nbsp; **4476714194** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(68565001)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **4408149193** |

---

At December 31, 2025, securities and/or cash totaling $85,124,590 were pledged as collateral.

**Investments in derivatives** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| NASDAQ 100 Index E-mini | 286 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 145612610 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (65046)<br>|
| S&P 500 Index E-mini | 1718 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 592065750 | &nbsp;&nbsp;&nbsp;&nbsp; 482923 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P 500 Index E-mini | 354 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 121997250 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (535759)<br>|
| U.S. Long Bond | 24 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2774250 | &nbsp;&nbsp;&nbsp;&nbsp; 13703 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Long Bond | 69 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 7975969 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (40434)<br>|
| U.S. Treasury 10-Year Note | 117 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 13155188 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (41499)<br>|
| U.S. Treasury 2-Year Note | 216 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 45098437 | &nbsp;&nbsp;&nbsp;&nbsp; 27924 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 5-Year Note | 85 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 9290898 | &nbsp;&nbsp;&nbsp;&nbsp; 14769 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 5-Year Note | 409 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 44705617 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (43359)<br>|
| U.S. Treasury Ultra Bond | 10 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1180000 | &nbsp;&nbsp;&nbsp;&nbsp; 5605 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury Ultra Bond | 83 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 9794000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (88953)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 544924 | &nbsp;&nbsp;&nbsp;&nbsp; (815050)<br>|

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| Russell 2000 Index E-mini | (46) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (5745400)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 173996 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P Mid 400 Index E-mini | (162) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (53868240)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 769275 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 943271 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Cost ($)** | **Value ($)** |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 19851950 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 6940.00 | &nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp; 481444 | &nbsp;&nbsp; 419485 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Cost ($)** | **Value ($)** |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 571599250 | &nbsp;&nbsp; 835 | &nbsp;&nbsp; 5400.00 | &nbsp;&nbsp; 12/17/2027 | &nbsp;&nbsp; 22273868 | &nbsp;&nbsp; 18098625 |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 403884500 | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 5300.00 | &nbsp;&nbsp; 12/17/2027 | &nbsp;&nbsp; 15162049 | &nbsp;&nbsp; 11944550 |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 366234250 | &nbsp;&nbsp; 535 | &nbsp;&nbsp; 5200.00 | &nbsp;&nbsp; 12/17/2027 | &nbsp;&nbsp; 12837602 | &nbsp;&nbsp; 10111500 |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 297779250 | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 5500.00 | &nbsp;&nbsp; 12/17/2027 | &nbsp;&nbsp; 10369829 | &nbsp;&nbsp; 10098525 |
| Total |  |  |  |  |  |  | &nbsp;&nbsp; 60643348 | &nbsp;&nbsp; 50253200 |

---

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

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

Variable Portfolio – U.S. Flexible Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Premium** <br>**received ($)**<br>| **Value ($)** |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; (19851950)<br>| &nbsp;&nbsp; (29)<br>| &nbsp;&nbsp; 6940.00 | &nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp; (507456)<br>| &nbsp;&nbsp; (557380)<br>|

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2025 are as follows:

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Capital gain** <br>**distributions($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends —** <br>**affiliated** <br>**issuers ($)**<br>| **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  |
|  | 729225297 | 2102651350 | (2181073062)<br>| (57935)<br>| 650745650 |  | (7736)<br>| 28400736 | 650940932 |
| Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  |
|  |  | 45379946 | (54269)<br>| 1676999 | 47002676 |  | (207)<br>|  | 5987602 |
| Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  |
|  | 259683956 | 244420 | (16048222)<br>| 13169646 | 257049800 |  | 21704275 |  | 1985401 |
| Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  |
|  |  | 29500000 | (406042)<br>| 315507 | 29409465 |  | 920 |  | 517226 |
| Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares  |
|  | 654876492 |  | (47963980)<br>| 34916451 | 641828963 |  | 68640185 |  | 10843537 |
| Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  |
|  | 45400961 | 2688745 | (26313464)<br>| 712924 | 22489166 |  | (549220)<br>| 1980200 | 2364791 |
| Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  |
|  | 45505911 | 4843171 | (36754754)<br>| 11828603 | 25422931 |  | (12584510)<br>| 2728365 | 3580694 |
| Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  |
|  | 261735217 | 7585 | (24099006)<br>| 17930098 | 255573894 |  | 16104734 |  | 9504422 |
| Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  |
|  | 256922250 | 22537397 | (26206569)<br>| 40760864 | 294013942 |  | 24638800 |  | 5246502 |
| Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  |
|  | 29610100 | 1486617 | (1400337)<br>| 2244850 | 31941230 |  | (222428)<br>| 694206 | 3412525 |
| CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  |
|  | 76940429 | 4392268 | (2269841)<br>| 3621022 | 82683878 |  | (437360)<br>| 2574241 | 8881190 |
| CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  |
|  | 266858581 | 533214 | (23141422)<br>| 50663 | 244301036 |  | 32957853 |  | 2996823 |
| CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  |
|  | 253976152 | 1123948 | (20509577)<br>| 12877442 | 247467965 |  | 17602880 |  | 5605163 |
| CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  |
|  | 91004808 | 7280343 | (2713582)<br>| 2845208 | 98416777 |  | (478588)<br>| 4543253 | 10571082 |
| CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  |
|  | 272297136 | 95042 | (54203008)<br>| 27582390 | 245771560 |  | 14259431 |  | 3548535 |
| Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  |
|  | 154664074 | 12334124 | (5767272)<br>| 3963405 | 165194331 |  | (910824)<br>| 8694654 | 16925649 |
| Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  |
|  | 533710706 |  | (36335805)<br>| 16360544 | 513735445 |  | 49610367 |  | 9851111 |
| Total | 3932412070 |  |  | 190798681 | 3853048709 |  | 230328572 | 49615655 |  |

---

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

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

Variable Portfolio – U.S. Flexible Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Notes to Portfolio of Investments (continued)**

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents a security purchased on a when-issued basis.

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

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

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

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

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

Variable Portfolio – U.S. Flexible Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Assets at NAV ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |  |
| Equity Funds |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2729152070 | &nbsp;&nbsp;&nbsp;&nbsp; 2729152070 |
| Exchange-Traded Equity Funds | 327111383 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 327111383 |
| Exchange-Traded Fixed Income Funds | 103030290 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 103030290 |
| Fixed Income Funds |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 473150989 | &nbsp;&nbsp;&nbsp;&nbsp; 473150989 |
| Residential Mortgage-Backed Securities - Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 142851127 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 142851127 |
| Call Option Contracts Purchased | 419485 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 419485 |
| Put Option Contracts Purchased | 50253200 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50253200 |
| Money Market Funds | 650745650 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 650745650 |
| Total Investments in Securities | 1131560008 | &nbsp;&nbsp;&nbsp;&nbsp; 142851127 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3202303059 | &nbsp;&nbsp;&nbsp;&nbsp; 4476714194 |
| **Investments in Derivatives** |  |  |  |  |  |
| Asset |  |  |  |  |  |
| Futures Contracts | 1488195 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1488195 |
| Liability |  |  |  |  |  |
| Futures Contracts | (815050)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (815050)<br>|
| Put Option Contracts Written | (557380)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (557380)<br>|
| Total | 1131675773 | &nbsp;&nbsp;&nbsp;&nbsp; 142851127 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3202303059 | &nbsp;&nbsp;&nbsp;&nbsp; 4476829959 |

---

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 Growth Fund \| 2025

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Statement of Assets and Liabilities

December 31, 2025

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

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $545,978,923) | $572992800 |
| Affiliated issuers (cost $2,295,950,969) | 3853048709 |
| Option contracts purchased (cost $61,124,792) | 50672685 |
| Cash | 10046 |
| Cash collateral held at broker for: |  |
| Other<sup>(a)</sup> <br>| 31000000 |
| Margin deposits on: |  |
| Futures contracts | 54124590 |
| Receivable for: |  |
| Investments sold | 3995351 |
| Investments sold on a delayed delivery basis  | 95868110 |
| Capital shares sold | 5330 |
| Dividends | 2113174 |
| Interest | 236325 |
| Variation margin for futures contracts | 654430 |
| Prepaid expenses | 14120 |
| Deferred compensation of board members | 124556 |
| Total assets | 4664860226 |
| **Liabilities** |  |
| Option contracts written, at value (premiums received $507,456) | 557380 |
| Payable for: |  |
| Investments purchased | 4668644 |
| Investments purchased on a delayed delivery basis | 239156003 |
| Capital shares redeemed | 4988037 |
| Variation margin for futures contracts | 6763183 |
| Management services fees | 24441 |
| Distribution and/or service fees | 30308 |
| Service fees | 226909 |
| Compensation of chief compliance officer | 716 |
| Compensation of board members | 2363 |
| Other expenses | 51434 |
| Deferred compensation of board members | 241615 |
| Total liabilities | 256711033 |
| **Net assets applicable to outstanding capital stock** | **$4408149193** |
| **Represented by** |  |
| Trust capital | $4408149193 |
| **Total - representing net assets applicable to outstanding capital stock** | **$4408149193** |
| **Class 1** |  |
| Net assets | $16567151 |
| Shares outstanding | 769178 |
| Net asset value per share | $21.54 |
| **Class 2** |  |
| Net assets | $4391582042 |
| Shares outstanding | 207419775 |
| Net asset value per share | $21.17 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes collateral related to option contracts purchased and option contracts written.

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

Variable Portfolio – U.S. Flexible Growth Fund \| 2025

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Statement of Operations

Year Ended December 31, 2025

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

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $10795312 |
| Dividends — affiliated issuers | 49615655 |
| Interest | 1683718 |
| Total income | 62094685 |
| Expenses: |  |
| Management services fees | 8545113 |
| Distribution and/or service fees |  |
| Class 2 | 10776305 |
| Service fees | 2598423 |
| Custodian fees | 38243 |
| Printing and postage fees | 17867 |
| Accounting services fees | 32423 |
| Legal fees | 89066 |
| Interest on collateral | 26 |
| Compensation of chief compliance officer | 716 |
| Compensation of board members | 56686 |
| Deferred compensation of board members | 24666 |
| Other | 55707 |
| Total expenses | 22235241 |
| **Net investment income** | 39859444 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | (8924255)<br>|
| Investments — affiliated issuers | 230328572 |
| Foreign currency translations | 35048 |
| Futures contracts | (32140893)<br>|
| Option contracts purchased | (12565335)<br>|
| Option contracts written | (1344030)<br>|
| Net realized gain | 175389107 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 29018666 |
| Investments — affiliated issuers | 190798681 |
| Futures contracts | 25144596 |
| Option contracts purchased | (4598333)<br>|
| Option contracts written | (49924)<br>|
| Net change in unrealized appreciation (depreciation) | 240313686 |
| Net realized and unrealized gain | 415702793 |
| **Net increase in net assets resulting from operations** | **$455562237** |

---

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

Variable Portfolio – U.S. Flexible Growth Fund \| 2025

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Statement of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income | $39859444 | &nbsp;&nbsp; $49312715 |
| Net realized gain | 175389107 | &nbsp;&nbsp; 317023346 |
| Net change in unrealized appreciation (depreciation) | 240313686 | &nbsp;&nbsp; 295667038 |
| Net increase in net assets resulting from operations | 455562237 | &nbsp;&nbsp; 662003099 |
| Decrease in net assets from capital stock activity | (410591516)<br>| &nbsp;&nbsp; (233664944)<br>|
| Total increase in net assets | 44970721 | &nbsp;&nbsp; 428338155 |
| Net assets at beginning of year | 4363178472 | &nbsp;&nbsp; 3934840317 |
| **Net assets at end of year** | **$4408149193** | &nbsp;&nbsp; **$4363178472** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |
| Shares sold | 122416 | &nbsp;&nbsp;&nbsp;&nbsp; 2454702 | &nbsp;&nbsp;&nbsp;&nbsp; 121665 | &nbsp;&nbsp;&nbsp;&nbsp; 2223305 |
| Shares redeemed | (37962)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (739089)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25310)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (436060)<br>|
| Net increase | 84454 | &nbsp;&nbsp;&nbsp;&nbsp; 1715613 | &nbsp;&nbsp;&nbsp;&nbsp; 96355 | &nbsp;&nbsp;&nbsp;&nbsp; 1787245 |
| Class 2 |  |  |  |  |
| Shares sold | 1341556 | &nbsp;&nbsp;&nbsp;&nbsp; 25771136 | &nbsp;&nbsp;&nbsp;&nbsp; 2493220 | &nbsp;&nbsp;&nbsp;&nbsp; 44805686 |
| Shares redeemed | (22120658)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (438078265)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15523167)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (280257875)<br>|
| Net decrease | (20779102)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (412307129)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13029947)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (235452189)<br>|
| **Total net decrease** | **(20694648)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(410591516)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(12933592)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(233664944)**<br>|

---

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

Variable Portfolio – U.S. Flexible Growth Fund \| 2025

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Variable Portfolio – U.S. Flexible Growth Fund \| 2025

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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 ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $19.34<br>| 0.23<br>| 1.97<br>| 2.20<br>|
| Year Ended 12/31/2024 | $16.47<br>| 0.26<br>| 2.61<br>| 2.87<br>|
| Year Ended 12/31/2023 | $14.06<br>| 0.20<br>| 2.21<br>| 2.41<br>|
| Year Ended 12/31/2022 | $17.26<br>| 0.08<br>| &nbsp;&nbsp; (3.28) <br>| &nbsp;&nbsp; (3.20) <br>|
| Year Ended 12/31/2021 | $14.91<br>| 0.01<br>| 2.34<br>| 2.35<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $19.06<br>| 0.18<br>| 1.93<br>| 2.11<br>|
| Year Ended 12/31/2024 | $16.27<br>| 0.21<br>| 2.58<br>| 2.79<br>|
| Year Ended 12/31/2023 | $13.93<br>| 0.16<br>| 2.18<br>| 2.34<br>|
| Year Ended 12/31/2022 | $17.14<br>| 0.03<br>| &nbsp;&nbsp; (3.24) <br>| &nbsp;&nbsp; (3.21) <br>|
| Year Ended 12/31/2021 | $14.84<br>| &nbsp;&nbsp; (0.03) <br>| 2.33<br>| 2.30<br>|

---

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

---

| | |
|:---|:---|
| **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.

Variable Portfolio – U.S. Flexible Growth Fund \| 2025

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Financial Highlights (continued)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income (loss)** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $21.54<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.37%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 216%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $16567<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $19.34<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.42%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 156%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $13245<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $16.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 177%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9690<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $14.06<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18.54%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 173%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6360<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $17.26<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 189%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4884<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $21.17<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.07%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 216%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4391582<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $19.06<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 156%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4349934<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $16.27<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.80%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 177%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3925150<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $13.93<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18.73%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 173%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3542085<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $17.14<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.20%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 189%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4354064<br>|

---

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

Variable Portfolio – U.S. Flexible Growth Fund \| 2025

------

Notes to Financial Statements

December 31, 2025

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.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

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.

Variable Portfolio – U.S. Flexible Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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.

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

Variable Portfolio – U.S. Flexible Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in the underlying rate, asset or reference instrument and individual markets. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

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

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

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

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

Variable Portfolio – U.S. Flexible Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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 its exposure to the securities markets or to movements in interest rates and currency values. A Fund invests in futures contracts as part of its primary investment strategy and/or to equitize its cash flows. Investments in futures contracts may increase or decrease exposure to a particular market. 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 may use options that are written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund's exposure to the underlying instrument. Writing call options tends to decrease a Fund's exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. 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

Variable Portfolio – U.S. Flexible Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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, 2025:

---

| | | |
|:---|:---|:---|
|  | **Asset derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Equity risk | Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1,426,194<br> \*<br>|
| Equity risk | Investments, at value — Option contracts purchased | &nbsp;&nbsp;&nbsp;&nbsp; 50672685 |
| Interest rate risk | Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 62,001<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 52160880 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Liability derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Equity risk | Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 600,805<br> \*<br>|
| Equity risk | Option contracts written, at value | &nbsp;&nbsp;&nbsp;&nbsp; 557380 |
| Interest rate risk | Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 214,245<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 1372430 |

---

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

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

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**purchased** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**written** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; (25621243)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12565335)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1344030)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (39530608)<br>|
| Interest rate risk | &nbsp;&nbsp; (6519650)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6519650)<br>|
| Total | &nbsp;&nbsp; (32140893)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12565335)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1344030)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (46050258)<br>|
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**purchased** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**written** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; 25197315 | &nbsp;&nbsp;&nbsp;&nbsp; (4598333)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (49924)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20549058 |
| Interest rate risk | &nbsp;&nbsp; (52719)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (52719)<br>|
| Total | &nbsp;&nbsp; 25144596 | &nbsp;&nbsp;&nbsp;&nbsp; (4598333)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (49924)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20496339 |

---

Variable Portfolio – U.S. Flexible Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

The following table is a summary of the average daily outstanding volume by derivative instrument for the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Derivative instrument** | **Average notional** <br>**amounts ($)**<br>|
| Futures contracts — long | 850771290 |
| Futures contracts — short | 56913921 |

---

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

---

| | |
|:---|:---|
| **Derivative instrument** | **Average** <br>**value ($)**<br>|
| Option contracts purchased | 38447330 |
| Option contracts written | (3269521)<br>|

---

**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.

Variable Portfolio – U.S. Flexible Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**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 with counterparties as well as any related collateral received or pledged by the Fund as of December 31, 2025:

---

| | |
|:---|:---|
|  | **Morgan** <br>**Stanley**<br>|
| **Assets** |  |
| Call option contracts purchased | $&nbsp;&nbsp; 419485<br>|
| Put option contracts purchased | &nbsp;&nbsp; 50253200<br>|
| Total assets | &nbsp;&nbsp; 50672685<br>|
| **Liabilities** |  |
| Put option contracts written | &nbsp;&nbsp; 557380<br>|
| **Total financial and derivative net assets** | &nbsp;&nbsp; **50115305**<br>|
| Total collateral received (pledged) <sup>(a)</sup> <br>| &nbsp;&nbsp; -<br>|
| **Net amount** <sup>(b)</sup> <br>| $&nbsp;&nbsp; **50115305**<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

Variable Portfolio – U.S. Flexible Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**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 Fund's net assets are reported at the partner-level for federal income tax purposes.

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.

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 and is responsible for 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, 2025 was 0.20% 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 Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Compensation of Board members**

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

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Service fees**

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2025 was 0.06% 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 to the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

**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:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee rate(s) contractual** <br>**through** <br>**April 30, 2026 (%)**<br>|
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 |

---

Variable Portfolio – U.S. Flexible Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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 $8,185,670,199 and $8,506,902,852, respectively, for the year ended December 31, 2025, of which $5,511,410,149 and $5,495,757,165, 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. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Note 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, 2025.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed.

Variable Portfolio – U.S. Flexible Growth Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended December 31, 2025.

Note 8. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

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

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

**Shareholder concentration risk**

At December 31, 2025, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

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

Note 10. Information regarding pending and settled legal proceedings

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

Variable Portfolio – U.S. Flexible Growth Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Variable Portfolio – U.S. Flexible Growth Fund \| 2025

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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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and 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 20, 2026

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

Variable Portfolio – U.S. Flexible Growth Fund \| 2025

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**Variable Portfolio – U.S. Flexible Growth Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g102030img0316f04b2.jpg)

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

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

ANN7060_12_E01_(02/26)

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![](g102030img6b56f2291.jpg)

Variable Portfolio – U.S. Flexible Moderate Growth Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

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

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

---

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

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_13b0c824-d6f3-4c21-b52e-bfcb3bf70c53_POI-CommonContent-Date-619_1) | 3 |
| [Statement of Assets and Liabilities](#xx_13b0c824-d6f3-4c21-b52e-bfcb3bf70c53_FS-CommonContent-Date-619_1) | 8 |
| [Statement of Operations](#xx_13b0c824-d6f3-4c21-b52e-bfcb3bf70c53_FS-CommonContent-Date-619_2) | 9 |
| [Statement of Changes in Net Assets](#xx_13b0c824-d6f3-4c21-b52e-bfcb3bf70c53_FS-CommonContent-Date-619_3) | 10 |
| [Financial Highlights](#xx_13b0c824-d6f3-4c21-b52e-bfcb3bf70c53_FIHI-CommonContent-Date-619_2) | 12 |
| [Notes to Financial Statements](#xx_13b0c824-d6f3-4c21-b52e-bfcb3bf70c53_NTF-CommonContent-Date-619_1) | 14 |
| [Report of Independent Registered Public Accounting Firm](#xx_13b0c824-d6f3-4c21-b52e-bfcb3bf70c53_AUD-CommonContent-Date-619_1) | 26 |

---

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| 2025

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Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

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

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

---

| | | |
|:---|:---|:---|
| **Equity Funds 47.1%** | **Equity Funds 47.1%** | **Equity Funds 47.1%** |
|  | **Shares** | **Value ($)** |
| **U.S. Large Cap 47.1%** | **U.S. Large Cap 47.1%** | **U.S. Large Cap 47.1%** |
| Columbia Variable Portfolio – Disciplined Core <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 794609 | &nbsp;&nbsp; 102877957 |
| Columbia Variable Portfolio – Large Cap Growth <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 268738 | &nbsp;&nbsp; 15280446 |
| Columbia Variable Portfolio – Large Cap Index <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 3812886 | &nbsp;&nbsp; 225684724 |
| Columbia Variable Portfolio – Select Large Cap <br> Equity Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 3805768 | &nbsp;&nbsp; 102337110 |
| Columbia Variable Portfolio – Select Large Cap <br> Value Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 1923421 | &nbsp;&nbsp; 107788515 |
| CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 1020426 | &nbsp;&nbsp; 83185149 |
| CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 1893077 | &nbsp;&nbsp; 83579352 |
| CTIVP<sup>®</sup> – Westfield Select Large Cap Growth <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 1204621 | &nbsp;&nbsp; 83432023 |
| Variable Portfolio – Partners Core Equity Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 3301832 | &nbsp;&nbsp; 172190548 |
| **Total** | **Total** | &nbsp;&nbsp; **976355824** |
| Total Equity Funds <br>(Cost $400,409,691) | Total Equity Funds <br>(Cost $400,409,691) | &nbsp;&nbsp; **976355824** |
| **Exchange-Traded Equity Funds 6.5%** | **Exchange-Traded Equity Funds 6.5%** | **Exchange-Traded Equity Funds 6.5%** |
| **U.S. Mid Large Cap 6.5%** | **U.S. Mid Large Cap 6.5%** | **U.S. Mid Large Cap 6.5%** |
| iShares Core S&P 500 ETF | &nbsp;&nbsp; 97000 | &nbsp;&nbsp; 66439180 |
| Vanguard S&P 500 ETF | &nbsp;&nbsp; 107000 | &nbsp;&nbsp; 67102910 |
| **Total** | **Total** | &nbsp;&nbsp; **133542090** |
| Total Exchange-Traded Equity Funds <br>(Cost $122,999,939) | Total Exchange-Traded Equity Funds <br>(Cost $122,999,939) | &nbsp;&nbsp; **133542090** |
| **Exchange-Traded Fixed Income Funds 3.3%** | **Exchange-Traded Fixed Income Funds 3.3%** | **Exchange-Traded Fixed Income Funds 3.3%** |
| **Investment Grade 3.3%** | **Investment Grade 3.3%** | **Investment Grade 3.3%** |
| iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 32461000 |
| iShares iBoxx $ Investment Grade Corporate <br> Bond ETF<br>| &nbsp;&nbsp; 158863 | &nbsp;&nbsp; 17505114 |
| Vanguard Intermediate-Term Corporate Bond ETF | &nbsp;&nbsp; 219400 | &nbsp;&nbsp; 18374750 |
| **Total** | **Total** | &nbsp;&nbsp; **68340864** |
| Total Exchange-Traded Fixed Income Funds <br>(Cost $65,867,094) | Total Exchange-Traded Fixed Income Funds <br>(Cost $65,867,094) | &nbsp;&nbsp; **68340864** |

---

---

| | | |
|:---|:---|:---|
| **Fixed Income Funds 25.5%** | **Fixed Income Funds 25.5%** | **Fixed Income Funds 25.5%** |
|  | **Shares** | **Value ($)** |
| **Investment Grade 25.5%** | **Investment Grade 25.5%** | **Investment Grade 25.5%** |
| Columbia Variable Portfolio – Corporate Bond <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 4800349 | &nbsp;&nbsp; 37682738 |
| Columbia Variable Portfolio – Intermediate Bond <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 10816825 | &nbsp;&nbsp; 93024696 |
| Columbia Variable Portfolio – Limited Duration <br> Credit Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 1590167 | &nbsp;&nbsp; 15122487 |
| Columbia Variable Portfolio – Long <br> Government/Credit Bond Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 3336895 | &nbsp;&nbsp; 23691952 |
| Columbia Variable Portfolio – U.S. Government <br> Mortgage Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 3229951 | &nbsp;&nbsp; 30232347 |
| CTIVP<sup>®</sup> – American Century Diversified Bond <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 14286843 | &nbsp;&nbsp; 133010510 |
| CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 <br> Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 11675929 | &nbsp;&nbsp; 108702895 |
| Variable Portfolio – Partners Core Bond Fund, <br> Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 8817369 | &nbsp;&nbsp; 86057520 |
| **Total** | **Total** | &nbsp;&nbsp; **527525145** |
| Total Fixed Income Funds <br>(Cost $582,740,120) | Total Fixed Income Funds <br>(Cost $582,740,120) | &nbsp;&nbsp; **527525145** |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency 4.9%** | **Residential Mortgage-Backed Securities - Agency 4.9%** | **Residential Mortgage-Backed Securities - Agency 4.9%** | **Residential Mortgage-Backed Securities - Agency 4.9%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Uniform Mortgage-Backed Security TBA<sup>(c)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(c)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(c)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(c)</sup>  |
| 01/20/2041- <br>01/14/2056<br>| &nbsp;&nbsp; 3.000% | 14580000 | &nbsp;&nbsp; 13132171 |
| 01/20/2041- <br>01/14/2056<br>| &nbsp;&nbsp; 3.500% | 16783000 | &nbsp;&nbsp; 15766261 |
| 01/20/2041- <br>01/14/2056<br>| &nbsp;&nbsp; 4.000% | 23139500 | &nbsp;&nbsp; 22246604 |
| 01/14/2056 | &nbsp;&nbsp; 4.500% | 40747500 | &nbsp;&nbsp; 39775353 |
| 01/14/2056 | &nbsp;&nbsp; 5.000% | 11452500 | &nbsp;&nbsp; 11420290 |
| Total Residential Mortgage-Backed Securities - Agency <br>(Cost $102,396,640) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $102,396,640) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $102,396,640) | &nbsp;&nbsp; **102340679** |

---

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

---

| | |
|:---|:---|
| **Call Option Contracts Purchased 0.0%** | **Call Option Contracts Purchased 0.0%** |
|  | **Value ($)** |
| (Cost $166,015) | &nbsp;&nbsp; **144650** |
| **Put Option Contracts Purchased 0.9%** | **Put Option Contracts Purchased 0.9%** |
| (Cost $21,732,499) | &nbsp;&nbsp; **18013850** |

---

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

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

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

---

| | | |
|:---|:---|:---|
| **Money Market Funds 15.5%** | **Money Market Funds 15.5%** | **Money Market Funds 15.5%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(a),(d)</sup> <br>| &nbsp;&nbsp; 321659343 | &nbsp;&nbsp; 321562846 |
| Total Money Market Funds <br>(Cost $321,512,836) | Total Money Market Funds <br>(Cost $321,512,836) | &nbsp;&nbsp; **321562846** |
| **Total Investments in Securities** <br>**(Cost: $1,617,824,834)** | **Total Investments in Securities** <br>**(Cost: $1,617,824,834)** | &nbsp;&nbsp; **2147825948** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(76215196)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **2071610752** |

---

At December 31, 2025, securities and/or cash totaling $29,898,037 were pledged as collateral.

**Investments in derivatives** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| NASDAQ 100 Index E-mini | 102 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 51931770 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (23198)<br>|
| S&P 500 Index E-mini | 525 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 180928125 | &nbsp;&nbsp;&nbsp;&nbsp; 228523 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P 500 Index E-mini | 131 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 45145875 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (145562)<br>|
| U.S. Long Bond | 20 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2311875 | &nbsp;&nbsp;&nbsp;&nbsp; 8711 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Long Bond | 10 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1155938 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3366)<br>|
| U.S. Treasury 10-Year Note | 41 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 4609938 | &nbsp;&nbsp;&nbsp;&nbsp; 5593 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 2-Year Note | 142 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 29648047 | &nbsp;&nbsp;&nbsp;&nbsp; 13316 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 5-Year Note | 63 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 6886195 | &nbsp;&nbsp;&nbsp;&nbsp; 10105 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 5-Year Note | 270 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 29512266 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (34287)<br>|
| U.S. Treasury Ultra Bond | 4 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 472000 | &nbsp;&nbsp;&nbsp;&nbsp; 2242 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury Ultra Bond | 26 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3068000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9897)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 268490 | &nbsp;&nbsp;&nbsp;&nbsp; (216310)<br>|

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| Russell 2000 Index E-mini | (16) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (1998400)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 60520 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P Mid 400 Index E-mini | (58) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (19286160)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 275021 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 335541 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Cost ($)** | **Value ($)** |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 6845500 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 6940.00 | &nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp; 166015 | &nbsp;&nbsp; 144650 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Cost ($)** | **Value ($)** |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 208787750 | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 5400.00 | &nbsp;&nbsp; 12/17/2027 | &nbsp;&nbsp; 8127756 | &nbsp;&nbsp; 6610875 |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 143755500 | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 5300.00 | &nbsp;&nbsp; 12/17/2027 | &nbsp;&nbsp; 5396661 | &nbsp;&nbsp; 4251450 |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 106105250 | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 5500.00 | &nbsp;&nbsp; 12/17/2027 | &nbsp;&nbsp; 3696925 | &nbsp;&nbsp; 3598325 |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 128695400 | &nbsp;&nbsp; 188 | &nbsp;&nbsp; 5200.00 | &nbsp;&nbsp; 12/17/2027 | &nbsp;&nbsp; 4511157 | &nbsp;&nbsp; 3553200 |
| Total |  |  |  |  |  |  | &nbsp;&nbsp; 21732499 | &nbsp;&nbsp; 18013850 |

---

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

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

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Premium** <br>**received ($)**<br>| **Value ($)** |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; (6845500)<br>| &nbsp;&nbsp; (10)<br>| &nbsp;&nbsp; 6940.00 | &nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp; (174985)<br>| &nbsp;&nbsp; (192200)<br>|

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2025 are as follows:

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Capital gain** <br>**distributions($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends —** <br>**affiliated** <br>**issuers ($)**<br>| **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  |
|  | 339969701 | 819046165 | (837419009)<br>| (34011)<br>| 321562846 |  | 1750 | 14103463 | 321659343 |
| Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  |
|  |  | 36949998 | (615802)<br>| 1348542 | 37682738 |  | 18552 |  | 4800349 |
| Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  |
|  | 107270040 | 315752 | (7810012)<br>| 3102177 | 102877957 |  | 11121255 |  | 794609 |
| Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  |
|  | 93830237 | 5482059 | (11844669)<br>| 5557069 | 93024696 |  | (2424847)<br>| 5019924 | 10816825 |
| Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  |
|  |  | 15360000 | (243484)<br>| 163930 | 15280446 |  | 604 |  | 268738 |
| Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares  |
|  | 237112903 | 153695 | (18710271)<br>| 7128397 | 225684724 |  | 30087691 |  | 3812886 |
| Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  |
|  | 30559805 | 1373398 | (16789128)<br>| (21588)<br>| 15122487 |  | 172510 | 1266426 | 1590167 |
| Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  |
|  | 45098648 | 3028757 | (36905839)<br>| 12470386 | 23691952 |  | (13131838)<br>| 2519852 | 3336895 |
| Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  |
|  | 107991490 | 334965 | (11915781)<br>| 5926436 | 102337110 |  | 7982833 |  | 3805768 |
| Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  |
|  | 93550577 | 12349068 | (10365533)<br>| 12254403 | 107788515 |  | 11116056 |  | 1923421 |
| Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  |
|  | 30206307 | 836302 | (3275167)<br>| 2464905 | 30232347 |  | (463456)<br>| 669667 | 3229951 |
| CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  |
|  | 132902205 | 4886606 | (12683306)<br>| 7905005 | 133010510 |  | (2541431)<br>| 4203114 | 14286843 |
| CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  |
|  | 96389467 | 47008 | (9317807)<br>| (3933519)<br>| 83185149 |  | 15912112 |  | 1020426 |
| CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  |
|  | 92462933 | 257521 | (10136811)<br>| 995709 | 83579352 |  | 9936464 |  | 1893077 |
| CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  |
|  | 107858339 | 5790716 | (9462205)<br>| 4516045 | 108702895 |  | (1705995)<br>| 5091168 | 11675929 |
| CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  |
|  | 98423598 | 307848 | (23834179)<br>| 8534756 | 83432023 |  | 6466153 |  | 1204621 |
| Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  |
|  | 86266183 | 5029423 | (7958696)<br>| 2720610 | 86057520 |  | (988361)<br>| 4599447 | 8817369 |
| Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  |
|  | 187737261 | 166130 | (15327719)<br>| (385124)<br>| 172190548 |  | 23425133 |  | 3301832 |
| Total | 1887629694 |  |  | 70714128 | 1825443815 |  | 94985185 | 37473061 |  |

---

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

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

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Notes to Portfolio of Investments (continued)**

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents a security purchased on a when-issued basis.

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

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

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

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

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

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Assets at NAV ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |  |
| Equity Funds |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 976355824 | &nbsp;&nbsp;&nbsp;&nbsp; 976355824 |
| Exchange-Traded Equity Funds | 133542090 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 133542090 |
| Exchange-Traded Fixed Income Funds | 68340864 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 68340864 |
| Fixed Income Funds |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 527525145 | &nbsp;&nbsp;&nbsp;&nbsp; 527525145 |
| Residential Mortgage-Backed Securities - Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 102340679 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 102340679 |
| Call Option Contracts Purchased | 144650 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 144650 |
| Put Option Contracts Purchased | 18013850 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18013850 |
| Money Market Funds | 321562846 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 321562846 |
| Total Investments in Securities | 541604300 | &nbsp;&nbsp;&nbsp;&nbsp; 102340679 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1503880969 | &nbsp;&nbsp;&nbsp;&nbsp; 2147825948 |
| **Investments in Derivatives** |  |  |  |  |  |
| Asset |  |  |  |  |  |
| Futures Contracts | 604031 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 604031 |
| Liability |  |  |  |  |  |
| Futures Contracts | (216310)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (216310)<br>|
| Put Option Contracts Written | (192200)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (192200)<br>|
| Total | 541799821 | &nbsp;&nbsp;&nbsp;&nbsp; 102340679 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1503880969 | &nbsp;&nbsp;&nbsp;&nbsp; 2148021469 |

---

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 \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

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

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $291,263,673) | $304223633 |
| Affiliated issuers (cost $1,304,662,647) | 1825443815 |
| Option contracts purchased (cost $21,898,514) | 18158500 |
| Cash collateral held at broker for: |  |
| Other<sup>(a)</sup> <br>| 12200000 |
| Margin deposits on: |  |
| Futures contracts | 17698037 |
| Receivable for: |  |
| Investments sold | 2029465 |
| Investments sold on a delayed delivery basis  | 30682349 |
| Capital shares sold | 1663 |
| Dividends | 1039465 |
| Interest | 167162 |
| Variation margin for futures contracts | 233840 |
| Prepaid expenses | 8111 |
| Deferred compensation of board members | 92674 |
| Total assets | 2211978714 |
| **Liabilities** |  |
| Option contracts written, at value (premiums received $174,985) | 192200 |
| Payable for: |  |
| Investments purchased | 1637194 |
| Investments purchased on a delayed delivery basis | 133327748 |
| Capital shares redeemed | 2650921 |
| Variation margin for futures contracts | 2218288 |
| Management services fees | 11995 |
| Distribution and/or service fees | 14235 |
| Service fees | 106384 |
| Compensation of chief compliance officer | 337 |
| Compensation of board members | 1348 |
| Other expenses | 41290 |
| Deferred compensation of board members | 166022 |
| Total liabilities | 140367962 |
| **Net assets applicable to outstanding capital stock** | **$2071610752** |
| **Represented by** |  |
| Trust capital | $2071610752 |
| **Total - representing net assets applicable to outstanding capital stock** | **$2071610752** |
| **Class 1** |  |
| Net assets | $7649128 |
| Shares outstanding | 408397 |
| Net asset value per share | $18.73 |
| **Class 2** |  |
| Net assets | $2063961624 |
| Shares outstanding | 112045539 |
| Net asset value per share | $18.42 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes collateral related to option contracts purchased and option contracts written.

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

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| 2025

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Statement of Operations

Year Ended December 31, 2025

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

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $5647073 |
| Dividends — affiliated issuers | 37473061 |
| Interest | 572227 |
| Total income | 43692361 |
| Expenses: |  |
| Management services fees | 4261649 |
| Distribution and/or service fees |  |
| Class 2 | 5159203 |
| Service fees | 1243278 |
| Custodian fees | 34832 |
| Printing and postage fees | 15969 |
| Accounting services fees | 32423 |
| Legal fees | 51739 |
| Compensation of chief compliance officer | 334 |
| Compensation of board members | 32863 |
| Deferred compensation of board members | 14944 |
| Other | 29775 |
| Total expenses | 10877009 |
| **Net investment income** | 32815352 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | (1438933)<br>|
| Investments — affiliated issuers | 94985185 |
| Foreign currency translations | 8908 |
| Futures contracts | (14022114)<br>|
| Option contracts purchased | (4694217)<br>|
| Option contracts written | (571989)<br>|
| Net realized gain | 74266840 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 13998713 |
| Investments — affiliated issuers | 70714128 |
| Futures contracts | 7981616 |
| Option contracts purchased | (1510959)<br>|
| Option contracts written | (17215)<br>|
| Net change in unrealized appreciation (depreciation) | 91166283 |
| Net realized and unrealized gain | 165433123 |
| **Net increase in net assets resulting from operations** | **$198248475** |

---

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

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| 2025

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Statement of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income | $32815352 | &nbsp;&nbsp; $37389710 |
| Net realized gain | 74266840 | &nbsp;&nbsp; 143956098 |
| Net change in unrealized appreciation (depreciation) | 91166283 | &nbsp;&nbsp; 76801898 |
| Net increase in net assets resulting from operations | 198248475 | &nbsp;&nbsp; 258147706 |
| Decrease in net assets from capital stock activity | (235753322)<br>| &nbsp;&nbsp; (153529895)<br>|
| Total increase (decrease) in net assets | (37504847)<br>| &nbsp;&nbsp; 104617811 |
| Net assets at beginning of year | 2109115599 | &nbsp;&nbsp; 2004497788 |
| **Net assets at end of year** | **$2071610752** | &nbsp;&nbsp; **$2109115599** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |
| Shares sold | 77349 | &nbsp;&nbsp;&nbsp;&nbsp; 1357918 | &nbsp;&nbsp;&nbsp;&nbsp; 93785 | &nbsp;&nbsp;&nbsp;&nbsp; 1508673 |
| Shares redeemed | (28187)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (492884)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (58071)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (939806)<br>|
| Net increase | 49162 | &nbsp;&nbsp;&nbsp;&nbsp; 865034 | &nbsp;&nbsp;&nbsp;&nbsp; 35714 | &nbsp;&nbsp;&nbsp;&nbsp; 568867 |
| Class 2 |  |  |  |  |
| Shares sold | 494568 | &nbsp;&nbsp;&nbsp;&nbsp; 8357987 | &nbsp;&nbsp;&nbsp;&nbsp; 1087826 | &nbsp;&nbsp;&nbsp;&nbsp; 17667613 |
| Shares redeemed | (14133282)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (244976343)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10671356)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (171766375)<br>|
| Net decrease | (13638714)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (236618356)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9583530)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (154098762)<br>|
| **Total net decrease** | **(13589552)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(235753322)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(9547816)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(153529895)**<br>|

---

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

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| 2025

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Variable Portfolio – U.S. Flexible Moderate Growth Fund \| 2025

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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 ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $16.97<br>| 0.33<br>| 1.43<br>| 1.76<br>|
| Year Ended 12/31/2024 | $14.96<br>| 0.33<br>| 1.68<br>| 2.01<br>|
| Year Ended 12/31/2023 | $13.09<br>| 0.24<br>| 1.63<br>| 1.87<br>|
| Year Ended 12/31/2022 | $15.84<br>| 0.12<br>| &nbsp;&nbsp; (2.87) <br>| &nbsp;&nbsp; (2.75) <br>|
| Year Ended 12/31/2021 | $14.18<br>| 0.07<br>| 1.59<br>| 1.66<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $16.73<br>| 0.27<br>| 1.42<br>| 1.69<br>|
| Year Ended 12/31/2024 | $14.78<br>| 0.29<br>| 1.66<br>| 1.95<br>|
| Year Ended 12/31/2023 | $12.98<br>| 0.20<br>| 1.60<br>| 1.80<br>|
| Year Ended 12/31/2022 | $15.74<br>| 0.08<br>| &nbsp;&nbsp; (2.84) <br>| &nbsp;&nbsp; (2.76) <br>|
| Year Ended 12/31/2021 | $14.12<br>| 0.02<br>| 1.60<br>| 1.62<br>|

---

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

---

| | |
|:---|:---|
| **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.

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| 2025

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Financial Highlights (continued)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $18.73<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.37%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 199%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7649<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $16.97<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.44%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 161%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6096<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $14.96<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 165%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4838<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $13.09<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17.36%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 151%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3423<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $15.84<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 175%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2959<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $18.42<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.10%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 199%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2063962<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $16.73<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.19%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 161%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2103019<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $14.78<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.87%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 165%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1999659<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $12.98<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17.54%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 151%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1865608<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $15.74<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.47%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 175%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2330831<br>|

---

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

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| 2025

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Notes to Financial Statements

December 31, 2025

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.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

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.

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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.

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

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in the underlying rate, asset or reference instrument and individual markets. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

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

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

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

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

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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 its exposure to the securities markets or to movements in interest rates and currency values. A Fund invests in futures contracts as part of its primary investment strategy and/or to equitize its cash flows. Investments in futures contracts may increase or decrease exposure to a particular market. 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 may use options that are written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund's exposure to the underlying instrument. Writing call options tends to decrease a Fund's exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. 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

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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, 2025:

---

| | | |
|:---|:---|:---|
|  | **Asset derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Equity risk | Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 564,064<br> \*<br>|
| Equity risk | Investments, at value — Option contracts purchased | &nbsp;&nbsp;&nbsp;&nbsp; 18158500 |
| Interest rate risk | Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 39,967<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 18762531 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Liability derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Equity risk | Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 168,760<br> \*<br>|
| Equity risk | Option contracts written, at value | &nbsp;&nbsp;&nbsp;&nbsp; 192200 |
| Interest rate risk | Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 47,550<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 408510 |

---

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

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

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**purchased** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**written** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; (12268778)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4694217)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (571989)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17534984)<br>|
| Interest rate risk | &nbsp;&nbsp; (1753336)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1753336)<br>|
| Total | &nbsp;&nbsp; (14022114)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4694217)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (571989)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19288320)<br>|
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**purchased** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**written** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; 8766167 | &nbsp;&nbsp;&nbsp;&nbsp; (1510959)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17215)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7237993 |
| Interest rate risk | &nbsp;&nbsp; (784551)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (784551)<br>|
| Total | &nbsp;&nbsp; 7981616 | &nbsp;&nbsp;&nbsp;&nbsp; (1510959)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17215)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6453442 |

---

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

The following table is a summary of the average daily outstanding volume by derivative instrument for the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Derivative instrument** | **Average notional** <br>**amounts ($)**<br>|
| Futures contracts — long | 308620282 |
| Futures contracts — short | 25355796 |

---

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

---

| | |
|:---|:---|
| **Derivative instrument** | **Average** <br>**value ($)**<br>|
| Option contracts purchased | 14057701 |
| Option contracts written | (1200184)<br>|

---

**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.

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**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 with counterparties as well as any related collateral received or pledged by the Fund as of December 31, 2025:

---

| | |
|:---|:---|
|  | **Morgan** <br>**Stanley**<br>|
| **Assets** |  |
| Call option contracts purchased | $&nbsp;&nbsp; 144650<br>|
| Put option contracts purchased | $&nbsp;&nbsp; 18013850<br>|
| Total assets | &nbsp;&nbsp; 18158500<br>|
| **Liabilities** |  |
| Put option contracts written | $&nbsp;&nbsp; 192200<br>|
| **Total financial and derivative net assets** | &nbsp;&nbsp; **17966300**<br>|
| Total collateral received (pledged) <sup>(a)</sup> <br>| &nbsp;&nbsp; -<br>|
| **Net amount** <sup>(b)</sup> <br>| $&nbsp;&nbsp; **17966300**<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**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 Fund's net assets are reported at the partner-level for federal income tax purposes.

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.

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 and is responsible for 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, 2025 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 \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Compensation of Board members**

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

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Service fees**

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2025 was 0.06% 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 to the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

**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:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee rate(s) contractual** <br>**through** <br>**April 30, 2026 (%)**<br>|
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 |

---

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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 $3,657,935,312 and $3,847,990,409, respectively, for the year ended December 31, 2025, of which $2,583,790,674 and $2,573,301,794, 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. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Note 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, 2025.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed.

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended December 31, 2025.

Note 8. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

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

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

**Shareholder concentration risk**

At December 31, 2025, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

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

Note 10. Information regarding pending and settled legal proceedings

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

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| 2025

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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 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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and 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 20, 2026

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

Variable Portfolio – U.S. Flexible Moderate Growth Fund \| 2025

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[THIS PAGE INTENTIONALLY LEFT BLANK]

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**Variable Portfolio – U.S. Flexible Moderate Growth Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g102030imgb89cf2c52.jpg)

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

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

ANN7061_12_E01_(02/26)

------

![](g102030img18c468381.jpg)

Variable Portfolio – U.S. Flexible Conservative Growth Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

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

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

---

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

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_9921ef94-e6b9-4bef-b4fa-2864bf728cc5_POI-CommonContent-Date-620_1) | 3 |
| [Statement of Assets and Liabilities](#xx_9921ef94-e6b9-4bef-b4fa-2864bf728cc5_FS-CommonContent-Date-620_1) | 8 |
| [Statement of Operations](#xx_9921ef94-e6b9-4bef-b4fa-2864bf728cc5_FS-CommonContent-Date-620_2) | 9 |
| [Statement of Changes in Net Assets](#xx_9921ef94-e6b9-4bef-b4fa-2864bf728cc5_FS-CommonContent-Date-620_3) | 10 |
| [Financial Highlights](#xx_9921ef94-e6b9-4bef-b4fa-2864bf728cc5_FIHI-CommonContent-Date-620_2) | 12 |
| [Notes to Financial Statements](#xx_9921ef94-e6b9-4bef-b4fa-2864bf728cc5_NTF-CommonContent-Date-620_1) | 14 |
| [Report of Independent Registered Public Accounting Firm](#xx_9921ef94-e6b9-4bef-b4fa-2864bf728cc5_AUD-CommonContent-Date-620_1) | 26 |

---

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| 2025

------

Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

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

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

---

| | | |
|:---|:---|:---|
| **Equity Funds 32.5%** | **Equity Funds 32.5%** | **Equity Funds 32.5%** |
|  | **Shares** | **Value ($)** |
| **U.S. Large Cap 32.5%** | **U.S. Large Cap 32.5%** | **U.S. Large Cap 32.5%** |
| Columbia Variable Portfolio – Disciplined Core <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 94084 | &nbsp;&nbsp; 12181079 |
| Columbia Variable Portfolio – Large Cap Growth <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 41344 | &nbsp;&nbsp; 2350833 |
| Columbia Variable Portfolio – Large Cap Index Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 387164 | &nbsp;&nbsp; 22916219 |
| Columbia Variable Portfolio – Select Large Cap <br> Equity Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 452170 | &nbsp;&nbsp; 12158855 |
| Columbia Variable Portfolio – Select Large Cap <br> Value Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 209598 | &nbsp;&nbsp; 11745885 |
| CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 <br> Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 101589 | &nbsp;&nbsp; 8281481 |
| CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 182333 | &nbsp;&nbsp; 8049999 |
| CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 119614 | &nbsp;&nbsp; 8284439 |
| Variable Portfolio – Partners Core Equity Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 328525 | &nbsp;&nbsp; 17132587 |
| **Total** | **Total** | &nbsp;&nbsp; **103101377** |
| Total Equity Funds <br>(Cost $42,530,814) | Total Equity Funds <br>(Cost $42,530,814) | &nbsp;&nbsp; **103101377** |
| **Exchange-Traded Equity Funds 5.6%** | **Exchange-Traded Equity Funds 5.6%** | **Exchange-Traded Equity Funds 5.6%** |
| **U.S. Mid Large Cap 5.6%** | **U.S. Mid Large Cap 5.6%** | **U.S. Mid Large Cap 5.6%** |
| iShares Core S&P 500 ETF | &nbsp;&nbsp; 13450 | &nbsp;&nbsp; 9212443 |
| Vanguard S&P 500 ETF | &nbsp;&nbsp; 13750 | &nbsp;&nbsp; 8623037 |
| **Total** | **Total** | &nbsp;&nbsp; **17835480** |
| Total Exchange-Traded Equity Funds <br>(Cost $16,478,199) | Total Exchange-Traded Equity Funds <br>(Cost $16,478,199) | &nbsp;&nbsp; **17835480** |
| **Exchange-Traded Fixed Income Funds 4.2%** | **Exchange-Traded Fixed Income Funds 4.2%** | **Exchange-Traded Fixed Income Funds 4.2%** |
| **Investment Grade 4.2%** | **Investment Grade 4.2%** | **Investment Grade 4.2%** |
| iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp; 58110 | &nbsp;&nbsp; 5804027 |
| iShares iBoxx $ Investment Grade Corporate Bond <br> ETF<br>| &nbsp;&nbsp; 30777 | &nbsp;&nbsp; 3391318 |
| Vanguard Intermediate-Term Corporate Bond ETF | &nbsp;&nbsp; 48130 | &nbsp;&nbsp; 4030887 |
| **Total** | **Total** | &nbsp;&nbsp; **13226232** |
| Total Exchange-Traded Fixed Income Funds <br>(Cost $12,573,018) | Total Exchange-Traded Fixed Income Funds <br>(Cost $12,573,018) | &nbsp;&nbsp; **13226232** |

---

---

| | | |
|:---|:---|:---|
| **Fixed Income Funds 40.1%** | **Fixed Income Funds 40.1%** | **Fixed Income Funds 40.1%** |
|  | **Shares** | **Value ($)** |
| **Investment Grade 40.1%** | **Investment Grade 40.1%** | **Investment Grade 40.1%** |
| Columbia Variable Portfolio – Corporate Bond Fund, <br> Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 1061664 | &nbsp;&nbsp; 8334065 |
| Columbia Variable Portfolio – Intermediate Bond <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 3482568 | &nbsp;&nbsp; 29950085 |
| Columbia Variable Portfolio – Limited Duration <br> Credit Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 383481 | &nbsp;&nbsp; 3646902 |
| Columbia Variable Portfolio – Long <br> Government/Credit Bond Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 680354 | &nbsp;&nbsp; 4830514 |
| Columbia Variable Portfolio – U.S. Government <br> Mortgage Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 765251 | &nbsp;&nbsp; 7162755 |
| CTIVP<sup>®</sup> – American Century Diversified Bond Fund, <br> Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 2835047 | &nbsp;&nbsp; 26394287 |
| CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 <br> Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 2553226 | &nbsp;&nbsp; 23770531 |
| Variable Portfolio – Partners Core Bond Fund, <br> Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 2340817 | &nbsp;&nbsp; 22846373 |
| **Total** | **Total** | &nbsp;&nbsp; **126935512** |
| Total Fixed Income Funds <br>(Cost $136,258,767) | Total Fixed Income Funds <br>(Cost $136,258,767) | &nbsp;&nbsp; **126935512** |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency 6.7%** | **Residential Mortgage-Backed Securities - Agency 6.7%** | **Residential Mortgage-Backed Securities - Agency 6.7%** | **Residential Mortgage-Backed Securities - Agency 6.7%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Uniform Mortgage-Backed Security TBA<sup>(c)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(c)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(c)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(c)</sup>  |
| 01/20/2041- <br>01/14/2056<br>| &nbsp;&nbsp; 3.000% | 2967500 | &nbsp;&nbsp; 2675856 |
| 01/20/2041- <br>01/14/2056<br>| &nbsp;&nbsp; 3.500% | 3480000 | &nbsp;&nbsp; 3268868 |
| 01/20/2041- <br>01/14/2056<br>| &nbsp;&nbsp; 4.000% | 4937500 | &nbsp;&nbsp; 4747951 |
| 01/14/2056 | &nbsp;&nbsp; 4.500% | 8440000 | &nbsp;&nbsp; 8238640 |
| 01/14/2056 | &nbsp;&nbsp; 5.000% | 2370000 | &nbsp;&nbsp; 2363334 |
| Total Residential Mortgage-Backed Securities - Agency <br>(Cost $21,312,529) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $21,312,529) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $21,312,529) | &nbsp;&nbsp; **21294649** |

---

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

---

| | |
|:---|:---|
| **Call Option Contracts Purchased 0.0%** | **Call Option Contracts Purchased 0.0%** |
|  | **Value ($)** |
| (Cost $16,601) | &nbsp;&nbsp; **14465** |
| **Put Option Contracts Purchased 0.6%** | **Put Option Contracts Purchased 0.6%** |
| (Cost $2,328,484) | &nbsp;&nbsp; **1920815** |

---

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

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

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

---

| | | |
|:---|:---|:---|
| **Money Market Funds 16.3%** | **Money Market Funds 16.3%** | **Money Market Funds 16.3%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(a),(d)</sup> <br>| &nbsp;&nbsp; 51780015 | &nbsp;&nbsp; 51764481 |
| Total Money Market Funds <br>(Cost $51,756,127) | Total Money Market Funds <br>(Cost $51,756,127) | &nbsp;&nbsp; **51764481** |
| **Total Investments in Securities** <br>**(Cost: $283,254,539)** | **Total Investments in Securities** <br>**(Cost: $283,254,539)** | &nbsp;&nbsp; **336093011** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(19037110)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **317055901** |

---

At December 31, 2025, securities and/or cash totaling $2,624,820 were pledged as collateral.

**Investments in derivatives** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| NASDAQ 100 Index E-mini | 11 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 5600485 | &nbsp;&nbsp;&nbsp;&nbsp; 1428 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P 500 Index E-mini | 45 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 15508125 | &nbsp;&nbsp;&nbsp;&nbsp; 71652 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P 500 Index E-mini | 10 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3446250 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (20422)<br>|
| U.S. Long Bond | 4 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 462375 | &nbsp;&nbsp;&nbsp;&nbsp; 1242 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 2-Year Note | 27 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 5637305 | &nbsp;&nbsp;&nbsp;&nbsp; 1623 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 5-Year Note | 9 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 983742 | &nbsp;&nbsp;&nbsp;&nbsp; 1390 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 5-Year Note | 51 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 5574539 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8089)<br>|
| U.S. Treasury Ultra Bond | 1 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 118000 | &nbsp;&nbsp;&nbsp;&nbsp; 561 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury Ultra Bond | 4 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 472000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (164)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 77896 | &nbsp;&nbsp;&nbsp;&nbsp; (28675)<br>|

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| Russell 2000 Index E-mini | (1) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (124900)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3783 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P Mid 400 Index E-mini | (6) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (1995120)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28355 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 32138 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Cost ($)** | **Value ($)** |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 684550 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 6940.00 | &nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp; 16601 | &nbsp;&nbsp; 14465 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Cost ($)** | **Value ($)** |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 17113750 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 5400.00 | &nbsp;&nbsp; 12/17/2027 | &nbsp;&nbsp; 675862 | &nbsp;&nbsp; 541875 |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 17798300 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 5300.00 | &nbsp;&nbsp; 12/17/2027 | &nbsp;&nbsp; 668158 | &nbsp;&nbsp; 526370 |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 15744650 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 5200.00 | &nbsp;&nbsp; 12/17/2027 | &nbsp;&nbsp; 551897 | &nbsp;&nbsp; 434700 |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 12321900 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 5500.00 | &nbsp;&nbsp; 12/17/2027 | &nbsp;&nbsp; 432567 | &nbsp;&nbsp; 417870 |
| Total |  |  |  |  |  |  | &nbsp;&nbsp; 2328484 | &nbsp;&nbsp; 1920815 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Premium** <br>**received ($)**<br>| **Value ($)** |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; (684550)<br>| &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 6940.00 | &nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp; (17498)<br>| &nbsp;&nbsp; (19220)<br>|

---

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

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| 2025

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Portfolio of Investments (continued)

December 31, 2025

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2025 are as follows:

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Capital gain** <br>**distributions($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends —** <br>**affiliated** <br>**issuers ($)**<br>| **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  |
|  | 55647923 | 112797792 | (116675674)<br>| (5560)<br>| 51764481 |  | (32)<br>| 2290463 | 51780015 |
| Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  |
|  |  | 8373895 | (338038)<br>| 298208 | 8334065 |  | 7229 |  | 1061664 |
| Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  |
|  | 12830197 | 775618 | (1684205)<br>| 259469 | 12181079 |  | 1491321 |  | 94084 |
| Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  |
|  | 31818557 | 1987940 | (6026638)<br>| 2170226 | 29950085 |  | (1127321)<br>| 1635084 | 3482568 |
| Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  |
|  |  | 2340000 | (14387)<br>| 25220 | 2350833 |  | 272 |  | 41344 |
| Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares  |
|  | 24201766 | 1187297 | (3055727)<br>| 582883 | 22916219 |  | 3315462 |  | 387164 |
| Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  |
|  | 7623183 | 372664 | (4314096)<br>| (34849)<br>| 3646902 |  | 73733 | 307151 | 383481 |
| Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  |
|  | 10111374 | 753011 | (8216520)<br>| 2182649 | 4830514 |  | (2311382)<br>| 535143 | 680354 |
| Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  |
|  | 12833882 | 786279 | (2105373)<br>| 644067 | 12158855 |  | 1079946 |  | 452170 |
| Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  |
|  | 9765088 | 2328335 | (1416895)<br>| 1069357 | 11745885 |  | 1356727 |  | 209598 |
| Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  |
|  | 7590968 | 247170 | (1346385)<br>| 671002 | 7162755 |  | (185738)<br>| 161307 | 765251 |
| CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  |
|  | 27921711 | 1120148 | (4531915)<br>| 1884343 | 26394287 |  | (795302)<br>| 845791 | 2835047 |
| CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  |
|  | 9876657 | 693266 | (1684079)<br>| (604363)<br>| 8281481 |  | 1867828 |  | 101589 |
| CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  |
|  | 9675093 | 360716 | (1742180)<br>| (243630)<br>| 8049999 |  | 1384718 |  | 182333 |
| CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  |
|  | 25221896 | 1384058 | (4096640)<br>| 1261217 | 23770531 |  | (619603)<br>| 1131606 | 2553226 |
| CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  |
|  | 9897465 | 1200300 | (3589752)<br>| 776426 | 8284439 |  | 852130 |  | 119614 |
| Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  |
|  | 24251475 | 1472122 | (3824172)<br>| 946948 | 22846373 |  | (470386)<br>| 1241123 | 2340817 |
| Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  |
|  | 19318699 | 873712 | (2555114)<br>| (504710)<br>| 17132587 |  | 2924752 |  | 328525 |
| Total | 298585934 |  |  | 11378903 | 281801370 |  | 8844354 | 8147668 |  |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents a security purchased on a when-issued basis.

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

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

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Assets at NAV ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |  |
| Equity Funds |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 103101377 | &nbsp;&nbsp;&nbsp;&nbsp; 103101377 |
| Exchange-Traded Equity Funds | 17835480 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17835480 |
| Exchange-Traded Fixed Income Funds | 13226232 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13226232 |
| Fixed Income Funds |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 126935512 | &nbsp;&nbsp;&nbsp;&nbsp; 126935512 |
| Residential Mortgage-Backed Securities - Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 21294649 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21294649 |
| Call Option Contracts Purchased | 14465 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14465 |

---

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

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Assets at NAV ($)** | **Total ($)** |
| Put Option Contracts Purchased | 1920815 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1920815 |
| Money Market Funds | 51764481 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51764481 |
| Total Investments in Securities | 84761473 | &nbsp;&nbsp;&nbsp;&nbsp; 21294649 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 230036889 | &nbsp;&nbsp;&nbsp;&nbsp; 336093011 |
| **Investments in Derivatives** |  |  |  |  |  |
| Asset |  |  |  |  |  |
| Futures Contracts | 110034 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 110034 |
| Liability |  |  |  |  |  |
| Futures Contracts | (28675)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (28675)<br>|
| Put Option Contracts Written | (19220)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (19220)<br>|
| Total | 84823612 | &nbsp;&nbsp;&nbsp;&nbsp; 21294649 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 230036889 | &nbsp;&nbsp;&nbsp;&nbsp; 336155150 |

---

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 \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

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

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $50,363,746) | $52356361 |
| Affiliated issuers (cost $230,545,708) | 281801370 |
| Option contracts purchased (cost $2,345,085) | 1935280 |
| Cash | 188 |
| Cash collateral held at broker for: |  |
| Other<sup>(a)</sup> <br>| 1100000 |
| Margin deposits on: |  |
| Futures contracts | 1524820 |
| Receivable for: |  |
| Investments sold | 230918 |
| Investments sold on a delayed delivery basis  | 3319708 |
| Capital shares sold | 1 |
| Dividends | 167942 |
| Interest | 34838 |
| Variation margin for futures contracts | 23545 |
| Prepaid expenses | 2762 |
| Deferred compensation of board members | 45665 |
| Total assets | 342543398 |
| **Liabilities** |  |
| Option contracts written, at value (premiums received $17,498) | 19220 |
| Payable for: |  |
| Investments purchased | 152403 |
| Investments purchased on a delayed delivery basis | 24678049 |
| Capital shares redeemed | 304886 |
| Variation margin for futures contracts | 202062 |
| Management services fees | 1847 |
| Distribution and/or service fees | 2176 |
| Service fees | 16233 |
| Compensation of chief compliance officer | 52 |
| Compensation of board members | 575 |
| Other expenses | 32013 |
| Deferred compensation of board members | 77981 |
| Total liabilities | 25487497 |
| **Net assets applicable to outstanding capital stock** | **$317055901** |
| **Represented by** |  |
| Trust capital | $317055901 |
| **Total - representing net assets applicable to outstanding capital stock** | **$317055901** |
| **Class 1** |  |
| Net assets | $567950 |
| Shares outstanding | 35167 |
| Net asset value per share | $16.15 |
| **Class 2** |  |
| Net assets | $316487951 |
| Shares outstanding | 19940276 |
| Net asset value per share | $15.87 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes collateral related to option contracts purchased and option contracts written.

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

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

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

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $896784 |
| Dividends — affiliated issuers | 8147668 |
| Interest | 57118 |
| Total income | 9101570 |
| Expenses: |  |
| Management services fees | 665211 |
| Distribution and/or service fees |  |
| Class 2 | 800666 |
| Service fees | 192474 |
| Custodian fees | 31464 |
| Printing and postage fees | 11338 |
| Accounting services fees | 32676 |
| Legal fees | 22744 |
| Compensation of chief compliance officer | 50 |
| Compensation of board members | 14390 |
| Deferred compensation of board members | 6565 |
| Other | 8775 |
| Total expenses | 1786353 |
| **Net investment income** | 7315217 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | (280528)<br>|
| Investments — affiliated issuers | 8844354 |
| Foreign currency translations | 1167 |
| Futures contracts | (1352410)<br>|
| Option contracts purchased | (470337)<br>|
| Option contracts written | (54672)<br>|
| Net realized gain | 6687574 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 2293599 |
| Investments — affiliated issuers | 11378903 |
| Futures contracts | 571311 |
| Option contracts purchased | (148193)<br>|
| Option contracts written | (1722)<br>|
| Net change in unrealized appreciation (depreciation) | 14093898 |
| Net realized and unrealized gain | 20781472 |
| **Net increase in net assets resulting from operations** | **$28096689** |

---

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

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| 2025

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Statement of Changes in Net Assets

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

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| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income | $7315217 | &nbsp;&nbsp; $8064402 |
| Net realized gain | 6687574 | &nbsp;&nbsp; 16342957 |
| Net change in unrealized appreciation (depreciation) | 14093898 | &nbsp;&nbsp; 5691934 |
| Net increase in net assets resulting from operations | 28096689 | &nbsp;&nbsp; 30099293 |
| Decrease in net assets from capital stock activity | (42026105)<br>| &nbsp;&nbsp; (25599232)<br>|
| Total increase (decrease) in net assets | (13929416)<br>| &nbsp;&nbsp; 4500061 |
| Net assets at beginning of year | 330985317 | &nbsp;&nbsp; 326485256 |
| **Net assets at end of year** | **$317055901** | &nbsp;&nbsp; **$330985317** |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |
| Shares sold | 3852 | &nbsp;&nbsp;&nbsp;&nbsp; 59049 | &nbsp;&nbsp;&nbsp;&nbsp; 7690 | &nbsp;&nbsp;&nbsp;&nbsp; 109165 |
| Shares redeemed | (4857)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (72537)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2965)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (42456)<br>|
| Net increase (decrease) | (1005)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13488)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4725 | &nbsp;&nbsp;&nbsp;&nbsp; 66709 |
| Class 2 |  |  |  |  |
| Shares sold | 825844 | &nbsp;&nbsp;&nbsp;&nbsp; 12251605 | &nbsp;&nbsp;&nbsp;&nbsp; 1796222 | &nbsp;&nbsp;&nbsp;&nbsp; 25213235 |
| Shares redeemed | (3621353)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (54264222)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3608831)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (50879176)<br>|
| Net decrease | (2795509)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (42012617)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1812609)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25665941)<br>|
| **Total net decrease** | **(2796514)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(42026105)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(1807884)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(25599232)**<br>|

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

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| 2025

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Variable Portfolio – U.S. Flexible Conservative Growth Fund \| 2025

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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 ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $14.75<br>| 0.39<br>| 1.01<br>| 1.40<br>|
| Year Ended 12/31/2024 | $13.45<br>| 0.39<br>| 0.91<br>| 1.30<br>|
| Year Ended 12/31/2023 | $12.06<br>| 0.27<br>| 1.12<br>| 1.39<br>|
| Year Ended 12/31/2022 | $14.45<br>| 0.16<br>| &nbsp;&nbsp; (2.55) <br>| &nbsp;&nbsp; (2.39) <br>|
| Year Ended 12/31/2021 | $13.41<br>| 0.10<br>| 0.94<br>| 1.04<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $14.53<br>| 0.34<br>| 1.00<br>| 1.34<br>|
| Year Ended 12/31/2024 | $13.28<br>| 0.34<br>| 0.91<br>| 1.25<br>|
| Year Ended 12/31/2023 | $11.94<br>| 0.23<br>| 1.11<br>| 1.34<br>|
| Year Ended 12/31/2022 | $14.34<br>| 0.11<br>| &nbsp;&nbsp; (2.51) <br>| &nbsp;&nbsp; (2.40) <br>|
| Year Ended 12/31/2021 | $13.34<br>| 0.06<br>| 0.94<br>| 1.00<br>|

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

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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.  |

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

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| 2025

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Financial Highlights (continued)

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $16.15<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.49%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.56%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 196%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $568<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $14.75<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 165%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $534<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $13.45<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.53%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 169%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $423<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $12.06<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16.54%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 149%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $306<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $14.45<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 179%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $144<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $15.87<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.22%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 196%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $316488<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $14.53<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 165%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $330452<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $13.28<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.22%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 169%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $326062<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $11.94<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16.74%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 149%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $305808<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $14.34<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 179%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $374527<br>|

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

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| 2025

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Notes to Financial Statements

December 31, 2025

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.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

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.

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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.

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

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in the underlying rate, asset or reference instrument and individual markets. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

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

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

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

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

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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 its exposure to the securities markets or to movements in interest rates and currency values. A Fund invests in futures contracts as part of its primary investment strategy and/or to equitize its cash flows. Investments in futures contracts may increase or decrease exposure to a particular market. 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 may use options that are written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund's exposure to the underlying instrument. Writing call options tends to decrease a Fund's exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. 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

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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, 2025:

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| | | |
|:---|:---|:---|
|  | **Asset derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Equity risk | Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 105,218<br> \*<br>|
| Equity risk | Investments, at value — Option contracts purchased | &nbsp;&nbsp;&nbsp;&nbsp; 1935280 |
| Interest rate risk | Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 4,816<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 2045314 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Liability derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Equity risk | Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 20,422<br> \*<br>|
| Equity risk | Option contracts written, at value | &nbsp;&nbsp;&nbsp;&nbsp; 19220 |
| Interest rate risk | Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 8,253<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 47895 |

---

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

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

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**purchased** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**written** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; (1135385)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (470337)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (54672)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1660394)<br>|
| Interest rate risk | &nbsp;&nbsp; (217025)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (217025)<br>|
| Total | &nbsp;&nbsp; (1352410)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (470337)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (54672)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1877419)<br>|
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**purchased** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**written** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; 710548 | &nbsp;&nbsp;&nbsp;&nbsp; (148193)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1722)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 560633 |
| Interest rate risk | &nbsp;&nbsp; (139237)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (139237)<br>|
| Total | &nbsp;&nbsp; 571311 | &nbsp;&nbsp;&nbsp;&nbsp; (148193)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1722)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 421396 |

---

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

The following table is a summary of the average daily outstanding volume by derivative instrument for the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Derivative instrument** | **Average notional** <br>**amounts ($)**<br>|
| Futures contracts — long | 35143075 |
| Futures contracts — short | 3893705 |

---

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

---

| | |
|:---|:---|
| **Derivative instrument** | **Average** <br>**value ($)**<br>|
| Option contracts purchased | 1538312 |
| Option contracts written | (122119)<br>|

---

**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.

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**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 with counterparties as well as any related collateral received or pledged by the Fund as of December 31, 2025:

---

| | |
|:---|:---|
|  | **Morgan** <br>**Stanley**<br>|
| **Assets** |  |
| Call option contracts purchased | $&nbsp;&nbsp; 14465<br>|
| Put option contracts purchased | &nbsp;&nbsp; 1920815<br>|
| Total assets | &nbsp;&nbsp; 1935280<br>|
| **Liabilities** |  |
| Put option contracts written | &nbsp;&nbsp; 19220<br>|
| **Total financial and derivative net assets** | &nbsp;&nbsp; **1916060**<br>|
| Total collateral received (pledged) <sup>(a)</sup> <br>| &nbsp;&nbsp; -<br>|
| **Net amount** <sup>(b)</sup> <br>| $&nbsp;&nbsp; **1916060**<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**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 Fund's net assets are reported at the partner-level for federal income tax purposes.

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.

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 and is responsible for 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, 2025 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 \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Compensation of Board members**

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

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Service fees**

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2025 was 0.06% 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 to the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

**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:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee rate(s) contractual** <br>**through** <br>**April 30, 2026 (%)**<br>|
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 |

---

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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 $565,470,596 and $596,894,612, respectively, for the year ended December 31, 2025, of which $420,165,371 and $419,698,908, 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. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Note 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, 2025.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed.

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended December 31, 2025.

Note 8. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

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

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

**Shareholder concentration risk**

At December 31, 2025, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

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

Note 10. Information regarding pending and settled legal proceedings

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

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| 2025

------

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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and 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 20, 2026

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

Variable Portfolio – U.S. Flexible Conservative Growth Fund \| 2025

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**Variable Portfolio – U.S. Flexible Conservative Growth Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g102030img796017e62.jpg)

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

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

1QT7059_12_E01_(02/26)

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![](g102030img36c009de1.jpg)

Variable Portfolio – Managed Volatility Conservative Growth Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

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

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

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

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**Table of Contents**

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

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| | |
|:---|:---|
| [Portfolio of Investments](#xx_a390b77f-bd4d-4069-9bd4-44b1cbffb4c9_POI-CommonContent-Date-253_1) | 3 |
| [Statement of Assets and Liabilities](#xx_a390b77f-bd4d-4069-9bd4-44b1cbffb4c9_FS-CommonContent-Date-253_1) | 10 |
| [Statement of Operations](#xx_a390b77f-bd4d-4069-9bd4-44b1cbffb4c9_FS-CommonContent-Date-253_2) | 11 |
| [Statement of Changes in Net Assets](#xx_a390b77f-bd4d-4069-9bd4-44b1cbffb4c9_FS-CommonContent-Date-253_3) | 12 |
| [Financial Highlights](#xx_a390b77f-bd4d-4069-9bd4-44b1cbffb4c9_FIHI-CommonContent-Date-253_2) | 14 |
| [Notes to Financial Statements](#xx_a390b77f-bd4d-4069-9bd4-44b1cbffb4c9_NTF-CommonContent-Date-253_1) | 16 |
| [Report of Independent Registered Public Accounting Firm](#xx_a390b77f-bd4d-4069-9bd4-44b1cbffb4c9_AUD-CommonContent-Date-253_1) | 29 |

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Variable Portfolio – Managed Volatility Conservative Growth Fund \| 2025

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Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

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

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

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| | | |
|:---|:---|:---|
| **Equity Funds 32.6%** | **Equity Funds 32.6%** | **Equity Funds 32.6%** |
|  | **Shares** | **Value ($)** |
| **International 9.9%** | **International 9.9%** | **International 9.9%** |
| Columbia Variable Portfolio – Overseas Core <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 3134657 | &nbsp;&nbsp; 56079018 |
| Variable Portfolio – Partners International Core <br> Equity Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 1765688 | &nbsp;&nbsp; 22212350 |
| Variable Portfolio – Partners International <br> Growth Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 1256528 | &nbsp;&nbsp; 16435390 |
| Variable Portfolio – Partners International Value <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 1198007 | &nbsp;&nbsp; 16005369 |
| **Total** | **Total** | &nbsp;&nbsp; **110732127** |
| **U.S. Large Cap 20.5%** | **U.S. Large Cap 20.5%** | **U.S. Large Cap 20.5%** |
| Columbia Variable Portfolio – Contrarian Core <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 217036 | &nbsp;&nbsp; 13788293 |
| Columbia Variable Portfolio – Disciplined Core <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 333643 | &nbsp;&nbsp; 43196726 |
| Columbia Variable Portfolio – Large Cap Growth <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 422316 | &nbsp;&nbsp; 24012861 |
| Columbia Variable Portfolio – Select Large Cap <br> Equity Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 1658581 | &nbsp;&nbsp; 44599255 |
| Columbia Variable Portfolio – Select Large Cap <br> Value Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 424339 | &nbsp;&nbsp; 23779953 |
| CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 181722 | &nbsp;&nbsp; 14814005 |
| CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 398701 | &nbsp;&nbsp; 17602640 |
| CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 339033 | &nbsp;&nbsp; 17453417 |
| CTIVP<sup>®</sup> – Westfield Select Large Cap Growth <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 258208 | &nbsp;&nbsp; 17883500 |
| Variable Portfolio – Partners Core Equity Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 216762 | &nbsp;&nbsp; 11304118 |
| **Total** | **Total** | &nbsp;&nbsp; **228434768** |
| **U.S. Mid Cap 0.7%** | **U.S. Mid Cap 0.7%** | **U.S. Mid Cap 0.7%** |
| Columbia Variable Portfolio – Select Mid Cap <br> Growth Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 46444 | &nbsp;&nbsp; 3002600 |
| Columbia Variable Portfolio – Select Mid Cap <br> Value Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 64871 | &nbsp;&nbsp; 3070995 |
| CTIVP<sup>®</sup> – Victory Sycamore Established Value <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 21870 | &nbsp;&nbsp; 1135516 |
| CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 18595 | &nbsp;&nbsp; 1078307 |
| **Total** | **Total** | &nbsp;&nbsp; **8287418** |

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| | | |
|:---|:---|:---|
| **Equity Funds (continued)** | **Equity Funds (continued)** | **Equity Funds (continued)** |
|  | **Shares** | **Value ($)** |
| **U.S. Small Cap 1.5%** | **U.S. Small Cap 1.5%** | **U.S. Small Cap 1.5%** |
| Columbia Variable Portfolio – Small Cap Value <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 285348 | &nbsp;&nbsp; 3609653 |
| Columbia Variable Portfolio – Small Company <br> Growth Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 236213 | &nbsp;&nbsp; 3538467 |
| Variable Portfolio – Partners Small Cap Growth <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 122902 | &nbsp;&nbsp; 4594101 |
| Variable Portfolio – Partners Small Cap Value <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 109434 | &nbsp;&nbsp; 4618106 |
| **Total** | **Total** | &nbsp;&nbsp; **16360327** |
| Total Equity Funds <br>(Cost $165,909,495) | Total Equity Funds <br>(Cost $165,909,495) | &nbsp;&nbsp; **363814640** |
| **Exchange-Traded Equity Funds 4.3%** | **Exchange-Traded Equity Funds 4.3%** | **Exchange-Traded Equity Funds 4.3%** |
| **U.S. Mid Large Cap 4.3%** | **U.S. Mid Large Cap 4.3%** | **U.S. Mid Large Cap 4.3%** |
| iShares Core S&P 500 ETF | &nbsp;&nbsp; 34950 | &nbsp;&nbsp; 23938653 |
| Vanguard S&P 500 ETF | &nbsp;&nbsp; 38950 | &nbsp;&nbsp; 24426714 |
| **Total** | **Total** | &nbsp;&nbsp; **48365367** |
| Total Exchange-Traded Equity Funds <br>(Cost $42,606,268) | Total Exchange-Traded Equity Funds <br>(Cost $42,606,268) | &nbsp;&nbsp; **48365367** |
| **Exchange-Traded Fixed Income Funds 4.9%** | **Exchange-Traded Fixed Income Funds 4.9%** | **Exchange-Traded Fixed Income Funds 4.9%** |
| **Investment Grade 4.9%** | **Investment Grade 4.9%** | **Investment Grade 4.9%** |
| iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp; 360000 | &nbsp;&nbsp; 35956800 |
| iShares iBoxx $ Investment Grade Corporate <br> Bond ETF<br>| &nbsp;&nbsp; 66650 | &nbsp;&nbsp; 7344163 |
| Vanguard Intermediate-Term Corporate Bond ETF | &nbsp;&nbsp; 127500 | &nbsp;&nbsp; 10678125 |
| **Total** | **Total** | &nbsp;&nbsp; **53979088** |
| Total Exchange-Traded Fixed Income Funds <br>(Cost $52,130,759) | Total Exchange-Traded Fixed Income Funds <br>(Cost $52,130,759) | &nbsp;&nbsp; **53979088** |
| **Fixed Income Funds 40.0%** | **Fixed Income Funds 40.0%** | **Fixed Income Funds 40.0%** |
| **Investment Grade 40.0%** | **Investment Grade 40.0%** | **Investment Grade 40.0%** |
| Columbia Variable Portfolio – Corporate Bond <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 4751942 | &nbsp;&nbsp; 37302746 |
| Columbia Variable Portfolio – Intermediate Bond <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 10188456 | &nbsp;&nbsp; 87620721 |
| Columbia Variable Portfolio – Limited Duration <br> Credit Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 1281639 | &nbsp;&nbsp; 12188392 |
| Columbia Variable Portfolio – Long <br> Government/Credit Bond Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 3529800 | &nbsp;&nbsp; 25061577 |
| Columbia Variable Portfolio – U.S. Government <br> Mortgage Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 2603799 | &nbsp;&nbsp; 24371562 |

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

Variable Portfolio – Managed Volatility Conservative Growth Fund \| 2025

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Portfolio of Investments (continued)

December 31, 2025

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| | | |
|:---|:---|:---|
| **Fixed Income Funds (continued)** | **Fixed Income Funds (continued)** | **Fixed Income Funds (continued)** |
|  | **Shares** | **Value ($)** |
| CTIVP<sup>®</sup> – American Century Diversified Bond <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 7588802 | &nbsp;&nbsp; 70651743 |
| CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 <br> Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 8981809 | &nbsp;&nbsp; 83620646 |
| Variable Portfolio – Partners Core Bond Fund, <br> Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 10744843 | &nbsp;&nbsp; 104869666 |
| **Total** | **Total** | &nbsp;&nbsp; **445687053** |
| Total Fixed Income Funds <br>(Cost $489,660,423) | Total Fixed Income Funds <br>(Cost $489,660,423) | &nbsp;&nbsp; **445687053** |

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

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| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency 7.3%** | **Residential Mortgage-Backed Securities - Agency 7.3%** | **Residential Mortgage-Backed Securities - Agency 7.3%** | **Residential Mortgage-Backed Securities - Agency 7.3%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Uniform Mortgage-Backed Security TBA<sup>(c)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(c)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(c)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(c)</sup>  |
| 01/20/2041- <br>01/14/2056<br>| &nbsp;&nbsp; 3.000% | 10893000 | &nbsp;&nbsp; 9761075 |
| 01/20/2041- <br>01/14/2056<br>| &nbsp;&nbsp; 3.500% | 12750000 | &nbsp;&nbsp; 11926761 |
| 01/20/2041- <br>01/14/2056<br>| &nbsp;&nbsp; 4.000% | 17896000 | &nbsp;&nbsp; 17145848 |
| 01/14/2056 | &nbsp;&nbsp; 4.500% | 33500000 | &nbsp;&nbsp; 32700763 |
| 01/14/2056 | &nbsp;&nbsp; 5.000% | 10250000 | &nbsp;&nbsp; 10221172 |
| Total Residential Mortgage-Backed Securities - Agency <br>(Cost $81,821,154) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $81,821,154) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $81,821,154) | &nbsp;&nbsp; **81755619** |

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

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| | |
|:---|:---|
| **Call Option Contracts Purchased 0.0%** | **Call Option Contracts Purchased 0.0%** |
|  | **Value ($)** |
| (Cost $49,805) | &nbsp;&nbsp; **43395** |
| **Put Option Contracts Purchased 0.6%** | **Put Option Contracts Purchased 0.6%** |
| (Cost $7,681,839) | &nbsp;&nbsp; **6408080** |

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

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| | | |
|:---|:---|:---|
| **Money Market Funds 17.0%** | **Money Market Funds 17.0%** | **Money Market Funds 17.0%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(a),(d)</sup> <br>| &nbsp;&nbsp; 189428929 | &nbsp;&nbsp; 189372100 |
| Total Money Market Funds <br>(Cost $189,342,416) | Total Money Market Funds <br>(Cost $189,342,416) | &nbsp;&nbsp; **189372100** |
| **Total Investments in Securities** <br>**(Cost: $1,029,202,159)** | **Total Investments in Securities** <br>**(Cost: $1,029,202,159)** | &nbsp;&nbsp; **1189425342** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(74558122)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **1114867220** |

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At December 31, 2025, securities and/or cash totaling $8,576,421 were pledged as collateral.

**Investments in derivatives** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** |
| **Currency to** <br>**be sold**<br>| &nbsp;&nbsp;&nbsp; **Currency to** <br>**be purchased**<br>| **Counterparty** | **Settlement** <br>**date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**depreciation ($)**<br>|
| 5,300,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 3,803,648 USD | Barclays | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (61925)<br>|
| 1,450,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 1,950,651 USD | Barclays | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3821)<br>|
| 1,830,575 USD | &nbsp;&nbsp;&nbsp;&nbsp; 3,150,000 NZD | Barclays | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (15103)<br>|
| 900,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 651,788 USD | Citi | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4631)<br>|
| 900,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp; 520,134 USD | Citi | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1428 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 17,000,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 1,845,966 USD | Citi | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2884)<br>|
| 2,670,923 USD | &nbsp;&nbsp;&nbsp;&nbsp; 2,100,000 CHF | Citi | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12920)<br>|
| 23,365,501 USD | &nbsp;&nbsp;&nbsp;&nbsp; 3,605,000,000 JPY | Citi | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (302160)<br>|
| 2,025,392 USD | &nbsp;&nbsp;&nbsp;&nbsp; 19,000,000 SEK | Citi | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40970 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 28,000,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 3,051,040 USD | Goldman Sachs International | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5874 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 35,600,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 3,784,195 USD | Goldman Sachs International | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (87515)<br>|
| 202,304 USD | &nbsp;&nbsp;&nbsp;&nbsp; 150,000 GBP | Goldman Sachs International | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (118)<br>|
| 580,510 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,000,000 NZD | Goldman Sachs International | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4169)<br>|
| 3,500,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 4,688,687 USD | HSBC | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (29003)<br>|
| 7,150,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp; 4,112,859 USD | HSBC | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7975)<br>|
| 757,542 USD | &nbsp;&nbsp;&nbsp;&nbsp; 650,000 EUR | HSBC | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7200 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 641,589 USD | &nbsp;&nbsp;&nbsp;&nbsp; 100,000,000 JPY | HSBC | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1830)<br>|
| 9,250,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp; 11,606,574 USD | JPMorgan | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (101297)<br>|
| 1,054,302 USD | &nbsp;&nbsp;&nbsp;&nbsp; 165,000,000 JPY | JPMorgan | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1304 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 7,200,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 8,402,292 USD | Morgan Stanley | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (68698)<br>|

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

Variable Portfolio – Managed Volatility Conservative Growth Fund \| 2025

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Portfolio of Investments (continued)

December 31, 2025

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** |
| **Currency to**<br> **be sold**<br>| &nbsp;&nbsp;&nbsp; **Currency to**<br> **be purchased**<br>| **Counterparty** | **Settlement**<br> **date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized**<br> **appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized**<br> **depreciation ($)**<br>|
| 200,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 264,969 USD | Morgan Stanley | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4613)<br>|
| 4,500,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 485,796 USD | Morgan Stanley | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3606)<br>|
| 515,664 USD | &nbsp;&nbsp;&nbsp;&nbsp; 80,000,000 JPY | Morgan Stanley | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3856)<br>|
| 580,417 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,000,000 NZD | Morgan Stanley | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4077)<br>|
| 1,350,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 1,797,466 USD | UBS | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (22215)<br>|
| 4,932,713 USD | &nbsp;&nbsp;&nbsp;&nbsp; 3,900,000 CHF | UBS | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3579 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2,713,945 USD | &nbsp;&nbsp;&nbsp;&nbsp; 2,300,000 EUR | UBS | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7934)<br>|
| 14,237,876 USD | &nbsp;&nbsp;&nbsp;&nbsp; 144,050,000 NOK | UBS | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 53864 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 500,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 365,576 USD | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2,250,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 1,638,637 USD | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2408)<br>|
| 300,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 353,537 USD | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 579 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 50,000,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp; 324,124 USD | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4244 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 15,583,135 USD | &nbsp;&nbsp;&nbsp;&nbsp; 23,750,000 AUD | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 268613 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 100,333 USD | &nbsp;&nbsp;&nbsp;&nbsp; 150,000 AUD | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (217)<br>|
| 1,743,028 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,400,000 CHF | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 28974 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 5,323,902 USD | &nbsp;&nbsp;&nbsp;&nbsp; 4,200,000 CHF | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7896)<br>|
| Total |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 417529 | &nbsp;&nbsp;&nbsp;&nbsp; (760871)<br>|

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| CAC40 Index | 14 | 01/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1141560 | &nbsp;&nbsp;&nbsp;&nbsp; 2813 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| FTSE 100 Index | 25 | 03/2026 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 2485250 | &nbsp;&nbsp;&nbsp;&nbsp; 39157 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| IBEX 35 Index | 3 | 01/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 518385 | &nbsp;&nbsp;&nbsp;&nbsp; 10615 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MSCI Singapore Index | 13 | 01/2026 | SGD | &nbsp;&nbsp;&nbsp;&nbsp; 579475 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (759)<br>|
| NASDAQ 100 Index E-mini | 1 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 509135 | &nbsp;&nbsp;&nbsp;&nbsp; 1833 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| NASDAQ 100 Index E-mini | 15 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 7637025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3412)<br>|
| OMXS30 Index | 105 | 01/2026 | SEK | &nbsp;&nbsp;&nbsp;&nbsp; 30400125 | &nbsp;&nbsp;&nbsp;&nbsp; 62517 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P 500 Index E-mini | 88 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 30327000 | &nbsp;&nbsp;&nbsp;&nbsp; 88257 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P 500 Index E-mini | 25 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 8615625 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (56062)<br>|
| S&P Mid 400 Index E-mini | 4 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1330080 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (17003)<br>|
| S&P/TSX 60 Index | 20 | 03/2026 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 7447600 | &nbsp;&nbsp;&nbsp;&nbsp; 24001 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| SPI 200 Index | 9 | 03/2026 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; 1952100 | &nbsp;&nbsp;&nbsp;&nbsp; 7813 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| SPI 200 Index | 2 | 03/2026 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; 433800 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (469)<br>|
| TOPIX Index | 24 | 03/2026 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; 819240000 | &nbsp;&nbsp;&nbsp;&nbsp; 44434 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 10-Year Note | 2 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 224875 | &nbsp;&nbsp;&nbsp;&nbsp; 496 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 10-Year Note | 47 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 5284563 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10547)<br>|
| U.S. Treasury 2-Year Note | 104 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 21714062 | &nbsp;&nbsp;&nbsp;&nbsp; 8284 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 5-Year Note | 27 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2951227 | &nbsp;&nbsp;&nbsp;&nbsp; 4405 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 5-Year Note | 234 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 25577297 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (36395)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 294625 | &nbsp;&nbsp;&nbsp;&nbsp; (124647)<br>|

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| Euro STOXX 50 Index | (21) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (1226610)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (17307)<br>|
| FTSE/MIB Index | (7) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (1576855)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (31137)<br>|
| Russell 2000 Index E-mini | (17) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (2123300)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 64303 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Long Bond | (5) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (577969)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 583 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury Ultra Bond | (5) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (590000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2989 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 67875 | &nbsp;&nbsp;&nbsp;&nbsp; (48444)<br>|

---

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

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

Variable Portfolio – Managed Volatility Conservative Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Cost ($)** | **Value ($)** |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 2053650 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 6940.00 | &nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp; 49805 | &nbsp;&nbsp; 43395 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Cost ($)** | **Value ($)** |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 65032250 | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 5300.00 | &nbsp;&nbsp; 12/17/2027 | &nbsp;&nbsp; 2441347 | &nbsp;&nbsp; 1923275 |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 59555850 | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 5200.00 | &nbsp;&nbsp; 12/17/2027 | &nbsp;&nbsp; 2087610 | &nbsp;&nbsp; 1644300 |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 47918500 | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 5400.00 | &nbsp;&nbsp; 12/17/2027 | &nbsp;&nbsp; 1789377 | &nbsp;&nbsp; 1517250 |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 39019350 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 5500.00 | &nbsp;&nbsp; 12/17/2027 | &nbsp;&nbsp; 1363505 | &nbsp;&nbsp; 1323255 |
| Total |  |  |  |  |  |  | &nbsp;&nbsp; 7681839 | &nbsp;&nbsp; 6408080 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Premium** <br>**received ($)**<br>| **Value ($)** |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; (2053650)<br>| &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; 6940.00 | &nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp; (52495)<br>| &nbsp;&nbsp; (57660)<br>|

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2025 are as follows:

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Capital gain** <br>**distributions($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends —** <br>**affiliated** <br>**issuers ($)**<br>| **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  |
|  | 194851092 | 299250402 | (304708976)<br>| (20418)<br>| 189372100 |  | 5230 | 8143400 | 189428929 |
| Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  |
|  | 14325512 | 101384 | (767263)<br>| 128660 | 13788293 |  | 2176806 |  | 217036 |
| Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  |
|  |  | 37078736 | (1113181)<br>| 1337191 | 37302746 |  | 31574 |  | 4751942 |
| Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  |
|  | 45018271 | 357438 | (2543061)<br>| 364078 | 43196726 |  | 5723421 |  | 333643 |
| Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  |
|  | 91529598 | 5032014 | (14476061)<br>| 5535170 | 87620721 |  | (2527505)<br>| 4787667 | 10188456 |
| Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  |
|  | 21777410 | 3524722 | (1306839)<br>| 17568 | 24012861 |  | 3271801 |  | 422316 |
| Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  |
|  | 25591161 | 1118038 | (14815340)<br>| 294533 | 12188392 |  | (171566)<br>| 1045098 | 1281639 |
| Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  |
|  | 51326428 | 3160845 | (41336542)<br>| 11910846 | 25061577 |  | (12636982)<br>| 2808829 | 3529800 |
| Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  |
|  | 57074497 | 1389944 | (17228448)<br>| 14843025 | 56079018 |  | 2640978 | 1202968 | 3134657 |
| Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  |
|  | 46508870 | 390363 | (4834362)<br>| 2534384 | 44599255 |  | 3609048 |  | 1658581 |
| Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  |
|  | 20777748 | 3140350 | (2052972)<br>| 1914827 | 23779953 |  | 3285800 |  | 424339 |
| Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  |
|  | 3117319 | 73687 | (241640)<br>| 53234 | 3002600 |  | 407555 |  | 46444 |

---

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

Variable Portfolio – Managed Volatility Conservative Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Notes to Portfolio of Investments (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning**<br> **of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br> **unrealized** <br> **appreciation** <br> **(depreciation)($)**<br>| **End of** <br> **period($)**<br>| **Capital gain**<br> **distributions($)**<br>| **Realized gain**<br> **(loss)($)**<br>| **Dividends —**<br> **affiliated**<br> **issuers ($)**<br>| **End of**<br> **period shares**<br>|
| Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  |
|  | 3112564 | 37426 | (220905)<br>| 141910 | 3070995 |  | 275655 |  | 64871 |
| Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  |
|  | 3664265 | 736247 | (625181)<br>| (165678)<br>| 3609653 | 613705 | 37866 | 44399 | 285348 |
| Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  |
|  | 3657851 | 573190 | (1127126)<br>| 434552 | 3538467 | 485725 | (169351)<br>|  | 236213 |
| Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  |
|  | 25426618 | 596699 | (3785428)<br>| 2133673 | 24371562 |  | (491533)<br>| 550124 | 2603799 |
| CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  |
|  | 73808524 | 2404931 | (10223173)<br>| 4661461 | 70651743 |  | (1751558)<br>| 2277504 | 7588802 |
| CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  |
|  | 18660411 | 211580 | (1660196)<br>| (2397790)<br>| 14814005 |  | 4764990 |  | 181722 |
| CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  |
|  | 17673116 | 46701 | (958011)<br>| 840834 | 17602640 |  | 1255179 |  | 398701 |
| CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  |
|  | 87291152 | 4221238 | (11507364)<br>| 3615620 | 83620646 |  | (1389756)<br>| 3991233 | 8981809 |
| CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  |
|  | 3112359 | 46609 | (813708)<br>| (1209744)<br>| 1135516 |  | 1308748 |  | 21870 |
| CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  |
|  | 18243754 | 31878 | (1521845)<br>| 699630 | 17453417 |  | 2634719 |  | 339033 |
| CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  |
|  | 3132192 | 72832 | (812424)<br>| (1314293)<br>| 1078307 |  | 1648258 |  | 18595 |
| CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  |
|  | 18771875 | 335725 | (3338430)<br>| 2114330 | 17883500 |  | 881623 |  | 258208 |
| Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  |
|  | 109385638 | 5930324 | (14247467)<br>| 3801171 | 104869666 |  | (1657114)<br>| 5702712 | 10744843 |
| Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  |
|  | 11747481 | 71046 | (583453)<br>| 69044 | 11304118 |  | 1397160 |  | 216762 |
| Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  |
|  | 22854809 | 1533746 | (5132862)<br>| 2956657 | 22212350 | 892495 | 899874 | 350354 | 1765688 |
| Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  |
|  | 15587316 | 558706 | (2100491)<br>| 2389859 | 16435390 | 126490 | 54431 | 124191 | 1256528 |
| Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  |
|  | 16129309 | 549217 | (4215916)<br>| 3542759 | 16005369 | 39346 | 1014589 | 486859 | 1198007 |
| Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  |
|  | 4834478 | 165586 | (456940)<br>| 50977 | 4594101 |  | 361074 |  | 122902 |
| Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  |
|  | 4850178 | 222915 | (508764)<br>| 53777 | 4618106 |  | 324789 |  | 109434 |
| Total | 1033841796 |  |  | 61331847 | 998873793 | 2157761 | 17215803 | 31515338 |  |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents a security purchased on a when-issued basis.

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

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

Variable Portfolio – Managed Volatility Conservative Growth Fund \| 2025

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Portfolio of Investments (continued)

December 31, 2025

**Abbreviation Legend** 

TBA To Be Announced

**Currency Legend** 

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| 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, if any, are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

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

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

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

Variable Portfolio – Managed Volatility Conservative Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Assets at NAV ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |  |
| Equity Funds |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 363814640 | &nbsp;&nbsp;&nbsp;&nbsp; 363814640 |
| Exchange-Traded Equity Funds | 48365367 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 48365367 |
| Exchange-Traded Fixed Income Funds | 53979088 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53979088 |
| Fixed Income Funds |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 445687053 | &nbsp;&nbsp;&nbsp;&nbsp; 445687053 |
| Residential Mortgage-Backed Securities - Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 81755619 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 81755619 |
| Call Option Contracts Purchased | 43395 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43395 |
| Put Option Contracts Purchased | 6408080 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6408080 |
| Money Market Funds | 189372100 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 189372100 |
| Total Investments in Securities | 298168030 | &nbsp;&nbsp;&nbsp;&nbsp; 81755619 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 809501693 | &nbsp;&nbsp;&nbsp;&nbsp; 1189425342 |
| **Investments in Derivatives** |  |  |  |  |  |
| Asset |  |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; 417529 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 417529 |
| Futures Contracts | 362500 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 362500 |
| Liability |  |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; (760871)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (760871)<br>|
| Futures Contracts | (173091)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (173091)<br>|
| Put Option Contracts Written | (57660)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (57660)<br>|
| Total | 298299779 | &nbsp;&nbsp;&nbsp;&nbsp; 81412277 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 809501693 | &nbsp;&nbsp;&nbsp;&nbsp; 1189213749 |

---

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.

Variable Portfolio – Managed Volatility Conservative Growth Fund \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

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

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $176,558,181) | $184100074 |
| Affiliated issuers (cost $844,912,334) | 998873793 |
| Option contracts purchased (cost $7,731,644) | 6451475 |
| Cash collateral held at broker for: |  |
| Other<sup>(a)</sup> <br>| 3700000 |
| Margin deposits on: |  |
| Futures contracts | 4876421 |
| Unrealized appreciation on forward foreign currency exchange contracts | 417529 |
| Receivable for: |  |
| Investments sold | 886132 |
| Investments sold on a delayed delivery basis  | 14622750 |
| Capital shares sold | 1139 |
| Dividends | 618369 |
| Interest | 132255 |
| Variation margin for futures contracts | 19714 |
| Prepaid expenses | 6030 |
| Deferred compensation of board members | 177788 |
| Total assets | 1214883469 |
| **Liabilities** |  |
| Option contracts written, at value (premiums received $52,495) | 57660 |
| Unrealized depreciation on forward foreign currency exchange contracts | 760871 |
| Payable for: |  |
| Investments purchased | 547742 |
| Investments purchased on a delayed delivery basis | 96626293 |
| Capital shares redeemed | 1192047 |
| Variation margin for futures contracts | 484032 |
| Management services fees | 6491 |
| Distribution and/or service fees | 7657 |
| Service fees | 57166 |
| Compensation of chief compliance officer | 182 |
| Compensation of board members | 928 |
| Other expenses | 39988 |
| Deferred compensation of board members | 235192 |
| Total liabilities | 100016249 |
| **Net assets applicable to outstanding capital stock** | **$1114867220** |
| **Represented by** |  |
| Trust capital | $1114867220 |
| **Total - representing net assets applicable to outstanding capital stock** | **$1114867220** |
| **Class 1** |  |
| Net assets | $2418150 |
| Shares outstanding | 142138 |
| Net asset value per share | $17.01 |
| **Class 2** |  |
| Net assets | $1112449070 |
| Shares outstanding | 66500935 |
| Net asset value per share | $16.73 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes collateral related to option contracts purchased and option contracts written.

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

Variable Portfolio – Managed Volatility Conservative Growth Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

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

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $2886592 |
| Dividends — affiliated issuers | 31515338 |
| Interest | 154444 |
| Total income | 34556374 |
| Expenses: |  |
| Management services fees | 2335765 |
| Distribution and/or service fees |  |
| Class 2 | 2806159 |
| Service fees | 674935 |
| Custodian fees | 44735 |
| Printing and postage fees | 15432 |
| Accounting services fees | 32423 |
| Legal fees | 36078 |
| Interest on collateral | 6473 |
| Compensation of chief compliance officer | 176 |
| Compensation of board members | 22856 |
| Deferred compensation of board members | 11124 |
| Other | 19330 |
| Total expenses | 6005486 |
| **Net investment income** | 28550888 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | (108282)<br>|
| Investments — affiliated issuers | 17215803 |
| Capital gain distributions from underlying affiliated funds | 2157761 |
| Foreign currency translations | (143153)<br>|
| Forward foreign currency exchange contracts | (395219)<br>|
| Futures contracts | 2196043 |
| Option contracts purchased | (2203009)<br>|
| Option contracts written | (238406)<br>|
| Net realized gain | 18481538 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 8246229 |
| Investments — affiliated issuers | 61331847 |
| Forward foreign currency exchange contracts | 491446 |
| Futures contracts | 540437 |
| Option contracts purchased | (468372)<br>|
| Option contracts written | (5165)<br>|
| Net change in unrealized appreciation (depreciation) | 70136422 |
| Net realized and unrealized gain | 88617960 |
| **Net increase in net assets resulting from operations** | **$117168848** |

---

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

Variable Portfolio – Managed Volatility Conservative Growth Fund \| 2025

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Statement of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income | $28550888 | &nbsp;&nbsp; $32202615 |
| Net realized gain | 18481538 | &nbsp;&nbsp; 49162080 |
| Net change in unrealized appreciation (depreciation) | 70136422 | &nbsp;&nbsp; (3673250)<br>|
| Net increase in net assets resulting from operations | 117168848 | &nbsp;&nbsp; 77691445 |
| Decrease in net assets from capital stock activity | (146432086)<br>| &nbsp;&nbsp; (128186369)<br>|
| Total decrease in net assets | (29263238)<br>| &nbsp;&nbsp; (50494924)<br>|
| Net assets at beginning of year | 1144130458 | &nbsp;&nbsp; 1194625382 |
| **Net assets at end of year** | **$1114867220** | &nbsp;&nbsp; **$1144130458** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |
| Shares sold | 21703 | &nbsp;&nbsp;&nbsp;&nbsp; 352837 | &nbsp;&nbsp;&nbsp;&nbsp; 42289 | &nbsp;&nbsp;&nbsp;&nbsp; 628821 |
| Shares redeemed | (22543)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (363361)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19875)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (298012)<br>|
| Net increase (decrease) | (840)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10524)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22414 | &nbsp;&nbsp;&nbsp;&nbsp; 330809 |
| Class 2 |  |  |  |  |
| Shares sold | 668413 | &nbsp;&nbsp;&nbsp;&nbsp; 10492634 | &nbsp;&nbsp;&nbsp;&nbsp; 1125410 | &nbsp;&nbsp;&nbsp;&nbsp; 17002030 |
| Shares redeemed | (9931800)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (156914196)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9924370)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (145519208)<br>|
| Net decrease | (9263387)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (146421562)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8798960)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (128517178)<br>|
| **Total net decrease** | **(9264227)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(146432086)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(8776546)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(128186369)**<br>|

---

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

Variable Portfolio – Managed Volatility Conservative Growth Fund \| 2025

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Variable Portfolio – Managed Volatility Conservative Growth Fund \| 2025

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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 ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $15.29<br>| 0.44<br>| 1.28<br>| 1.72<br>|
| Year Ended 12/31/2024 | $14.27<br>| 0.45<br>| 0.57<br>| 1.02<br>|
| Year Ended 12/31/2023 | $12.95<br>| 0.31<br>| 1.01<br>| 1.32<br>|
| Year Ended 12/31/2022 | $15.58<br>| 0.17<br>| &nbsp;&nbsp; (2.80) <br>| &nbsp;&nbsp; (2.63) <br>|
| Year Ended 12/31/2021 | $14.73<br>| 0.13<br>| 0.72<br>| 0.85<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $15.07<br>| 0.40<br>| 1.26<br>| 1.66<br>|
| Year Ended 12/31/2024 | $14.11<br>| 0.40<br>| 0.56<br>| 0.96<br>|
| Year Ended 12/31/2023 | $12.83<br>| 0.27<br>| 1.01<br>| 1.28<br>|
| Year Ended 12/31/2022 | $15.47<br>| 0.13<br>| &nbsp;&nbsp; (2.77) <br>| &nbsp;&nbsp; (2.64) <br>|
| Year Ended 12/31/2021 | $14.67<br>| 0.09<br>| 0.71<br>| 0.80<br>|

---

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

---

| | |
|:---|:---|
| **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.

Variable Portfolio – Managed Volatility Conservative Growth Fund \| 2025

------

Financial Highlights (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $17.01<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.25%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.28% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.74%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 183%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2418<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $15.29<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.15%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.29% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 165%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2186<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $14.27<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.19%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.29% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 167%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1721<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $12.95<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16.88%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.28% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 138%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1016<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $15.58<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.77%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.28% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 180%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1017<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $16.73<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.02%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.53% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.54%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 183%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1112449<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $15.07<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.54% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 165%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1141944<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $14.11<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.98%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.54% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 167%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1192904<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $12.83<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17.07%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.53% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 138%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1211320<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $15.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.53% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 180%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1634712<br>|

---

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

Variable Portfolio – Managed Volatility Conservative Growth Fund \| 2025

------

Notes to Financial Statements

December 31, 2025

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.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

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.

Variable Portfolio – Managed Volatility Conservative Growth Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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.

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

Variable Portfolio – Managed Volatility Conservative Growth Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in the underlying rate, asset or reference instrument and individual markets. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

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

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

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

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

Variable Portfolio – Managed Volatility Conservative Growth Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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 portfolio currency risk and to facilitate transactions in securities denominated in foreign currencies in the normal course of pursuing its investment objectives. These contracts are used to protect against a decline in value relative to the U.S. dollar of the currencies in which portfolio securities are denominated or quoted (or an increase in the value of a currency in which securities that a Fund intends to buy are denominated, when a Fund holds cash reserves and short-term investments), or for other investment purposes. 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 its exposure to the securities markets or to movements in interest rates and currency values. A Fund invests in futures contracts as part of its primary investment strategy and/or to equitize its cash flows. Investments in futures contracts may increase or decrease exposure to a particular market. 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 may use options that are written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and

Variable Portfolio – Managed Volatility Conservative Growth Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund's exposure to the underlying instrument. Writing call options tends to decrease a Fund's exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. 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.

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, 2025:

---

| | | |
|:---|:---|:---|
|  | **Asset derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Equity risk | Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 345,743<br> \*<br>|
| Equity risk | Investments, at value — Option contracts purchased | &nbsp;&nbsp;&nbsp;&nbsp; 6451475 |
| Foreign exchange risk | Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 417529 |
| Interest rate risk | Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 16,757<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 7231504 |

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

Variable Portfolio – Managed Volatility Conservative Growth Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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| | | |
|:---|:---|:---|
|  | **Liability derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Equity risk | Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 126,149<br> \*<br>|
| Equity risk | Option contracts written, at value | &nbsp;&nbsp;&nbsp;&nbsp; 57660 |
| Foreign exchange risk | Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 760871 |
| Interest rate risk | Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 46,942<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 991622 |

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

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

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** |
| **Risk exposure category** | **Forward** <br>**foreign** <br>**currency** <br>**exchange** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**purchased** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**written** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1800229 | &nbsp;&nbsp;&nbsp;&nbsp; (2203009)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (238406)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (641186)<br>|
| Foreign exchange risk | &nbsp;&nbsp; (395219)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (395219)<br>|
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 395814 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 395814 |
| Total | &nbsp;&nbsp; (395219)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2196043 | &nbsp;&nbsp;&nbsp;&nbsp; (2203009)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (238406)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (640591)<br>|
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Forward** <br>**foreign** <br>**currency** <br>**exchange** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**purchased** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**written** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1155072 | &nbsp;&nbsp;&nbsp;&nbsp; (468372)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5165)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 681535 |
| Foreign exchange risk | &nbsp;&nbsp; 491446 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 491446 |
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (614635)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (614635)<br>|
| Total | &nbsp;&nbsp; 491446 | &nbsp;&nbsp;&nbsp;&nbsp; 540437 | &nbsp;&nbsp;&nbsp;&nbsp; (468372)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5165)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 558346 |

---

The following table is a summary of the average daily outstanding volume by derivative instrument for the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Derivative instrument** | **Average notional** <br>**amounts ($)**<br>|
| Futures contracts — long | 128970879 |
| Futures contracts — short | 20858542 |

---

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

---

| | |
|:---|:---|
| **Derivative instrument** | **Average** <br>**value ($)**<br>|
| Option contracts purchased | 5378353 |
| Option contracts written | (453530)<br>|

---

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

---

| | | |
|:---|:---|:---|
| **Derivative instrument** | **Average unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Average unrealized** <br>**depreciation ($)**<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 725282 | &nbsp;&nbsp;&nbsp;&nbsp; (739935)<br>|

---

Variable Portfolio – Managed Volatility Conservative Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**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.

Variable Portfolio – Managed Volatility Conservative Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**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 with counterparties as well as any related collateral received or pledged by the Fund as of December 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Barclays** | **Citi** | **Goldman** <br>**Sachs** <br>**International**<br>| **HSBC** | **JPMorgan** | **Morgan** <br>**Stanley** <sup>(a)</sup> <br>| **Morgan** <br>**Stanley** <sup>(a)</sup> <br>| **UBS** | **Wells** <br>**Fargo**<br>| **Total** |
| **Assets** |  |  |  |  |  |  |  |  |  |  |
| Forward foreign currency exchange <br> contracts<br>| $&nbsp;&nbsp; -<br>| &nbsp;&nbsp; 42398<br>| &nbsp;&nbsp; 5874<br>| &nbsp;&nbsp; 7200<br>| &nbsp;&nbsp; 1304<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 57443<br>| &nbsp;&nbsp; 303310<br>| &nbsp;&nbsp; 417529<br>|
| Call option contracts purchased | &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 43395<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 43395<br>|
| Put option contracts purchased | &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 6408080<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 6408080<br>|
| Total assets | &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 42398<br>| &nbsp;&nbsp; 5874<br>| &nbsp;&nbsp; 7200<br>| &nbsp;&nbsp; 1304<br>| &nbsp;&nbsp; 6451475<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 57443<br>| &nbsp;&nbsp; 303310<br>| &nbsp;&nbsp; 6869004<br>|
| **Liabilities** |  |  |  |  |  |  |  |  |  |  |
| Forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; 80849<br>| &nbsp;&nbsp; 322595<br>| &nbsp;&nbsp; 91802<br>| &nbsp;&nbsp; 38808<br>| &nbsp;&nbsp; 101297<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 84850<br>| &nbsp;&nbsp; 30149<br>| &nbsp;&nbsp; 10521<br>| &nbsp;&nbsp; 760871<br>|
| Put option contracts written | &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 57660<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 57660<br>|
| Total liabilities | &nbsp;&nbsp; 80849<br>| &nbsp;&nbsp; 322595<br>| &nbsp;&nbsp; 91802<br>| &nbsp;&nbsp; 38808<br>| &nbsp;&nbsp; 101297<br>| &nbsp;&nbsp; 57660<br>| &nbsp;&nbsp; 84850<br>| &nbsp;&nbsp; 30149<br>| &nbsp;&nbsp; 10521<br>| &nbsp;&nbsp; 818531<br>|
| **Total financial and derivative net assets** | &nbsp;&nbsp; **(80849)**<br>| &nbsp;&nbsp; **(280197)**<br>| &nbsp;&nbsp; **(85928)**<br>| &nbsp;&nbsp; **(31608)**<br>| &nbsp;&nbsp; **(99993)**<br>| &nbsp;&nbsp; **6393815**<br>| &nbsp;&nbsp; **(84850)**<br>| &nbsp;&nbsp; **27294**<br>| &nbsp;&nbsp; **292789**<br>| &nbsp;&nbsp; **6050473**<br>|
| Total collateral received (pledged) <sup>(b)</sup> <br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>|
| **Net amount** <sup>(c)</sup> <br>| $&nbsp;&nbsp; **(80849)**<br>| &nbsp;&nbsp; **(280197)**<br>| &nbsp;&nbsp; **(85928)**<br>| &nbsp;&nbsp; **(31608)**<br>| &nbsp;&nbsp; **(99993)**<br>| &nbsp;&nbsp; **6393815**<br>| &nbsp;&nbsp; **(84850)**<br>| &nbsp;&nbsp; **27294**<br>| &nbsp;&nbsp; **292789**<br>| &nbsp;&nbsp; **6050473**<br>|

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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

Variable Portfolio – Managed Volatility Conservative Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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 Fund's net assets are reported at the partner-level for federal income tax purposes.

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.

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 and is responsible for 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

Variable Portfolio – Managed Volatility Conservative Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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, 2025 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 "Deferred compensation of board members" in the Statement of Operations.

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Service fees**

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2025 was 0.06% 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 to the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

**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

Variable Portfolio – Managed Volatility Conservative Growth Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee rate(s) contractual** <br>**through** <br>**April 30, 2026 (%)**<br>|
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 |

---

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 $1,843,227,591 and $1,957,780,755, respectively, for the year ended December 31, 2025, of which $1,440,040,346 and $1,445,519,426, 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. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Note 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, 2025.

Variable Portfolio – Managed Volatility Conservative Growth Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended December 31, 2025.

Note 8. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

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

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

**Shareholder concentration risk**

At December 31, 2025, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 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.

Variable Portfolio – Managed Volatility Conservative Growth Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

Note 10. Information regarding pending and settled legal proceedings

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

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Variable Portfolio – Managed Volatility Conservative Growth Fund \| 2025

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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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and 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 20, 2026

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

Variable Portfolio – Managed Volatility Conservative Growth Fund \| 2025

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**Variable Portfolio – Managed Volatility Conservative Growth Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g102030img0fe467552.jpg)

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

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

ANN7046_12_E01_(02/26)

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![](g102030img88e525761.jpg)

Variable Portfolio – Managed Volatility Growth Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

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

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

---

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

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_1952880b-6b90-4fe3-ab8e-f52f845012a1_POI-CommonContent-Date-254_1) | 3 |
| [Statement of Assets and Liabilities](#xx_1952880b-6b90-4fe3-ab8e-f52f845012a1_FS-CommonContent-Date-254_1) | 10 |
| [Statement of Operations](#xx_1952880b-6b90-4fe3-ab8e-f52f845012a1_FS-CommonContent-Date-254_2) | 11 |
| [Statement of Changes in Net Assets](#xx_1952880b-6b90-4fe3-ab8e-f52f845012a1_FS-CommonContent-Date-254_3) | 12 |
| [Financial Highlights](#xx_1952880b-6b90-4fe3-ab8e-f52f845012a1_FIHI-CommonContent-Date-254_2) | 14 |
| [Notes to Financial Statements](#xx_1952880b-6b90-4fe3-ab8e-f52f845012a1_NTF-CommonContent-Date-254_1) | 16 |
| [Report of Independent Registered Public Accounting Firm](#xx_1952880b-6b90-4fe3-ab8e-f52f845012a1_AUD-CommonContent-Date-254_1) | 29 |

---

Variable Portfolio – Managed Volatility Growth Fund \| 2025

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Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

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

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

---

| | | |
|:---|:---|:---|
| **Equity Funds 61.9%** | **Equity Funds 61.9%** | **Equity Funds 61.9%** |
|  | **Shares** | **Value ($)** |
| **International 18.8%** | **International 18.8%** | **International 18.8%** |
| Columbia Variable Portfolio – Overseas Core <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 48017283 | &nbsp;&nbsp; 859029192 |
| Variable Portfolio – Partners International Core <br> Equity Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 48663738 | &nbsp;&nbsp; 612189827 |
| Variable Portfolio – Partners International <br> Growth Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 24919833 | &nbsp;&nbsp; 325951414 |
| Variable Portfolio – Partners International <br> Value Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 24355604 | &nbsp;&nbsp; 325390868 |
| **Total** | **Total** | &nbsp;&nbsp; **2122561301** |
| **U.S. Large Cap 38.7%** | **U.S. Large Cap 38.7%** | **U.S. Large Cap 38.7%** |
| Columbia Variable Portfolio – Contrarian Core <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 4737623 | &nbsp;&nbsp; 300981198 |
| Columbia Variable Portfolio – Disciplined Core <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 5486381 | &nbsp;&nbsp; 710321783 |
| Columbia Variable Portfolio – Large Cap <br> Growth Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 7268397 | &nbsp;&nbsp; 413281041 |
| Columbia Variable Portfolio – Select Large Cap <br> Equity Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 26317462 | &nbsp;&nbsp; 707676547 |
| Columbia Variable Portfolio – Select Large Cap <br> Value Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 7499683 | &nbsp;&nbsp; 420282218 |
| CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 4333252 | &nbsp;&nbsp; 353246736 |
| CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 8170708 | &nbsp;&nbsp; 360736740 |
| CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 6963481 | &nbsp;&nbsp; 358479989 |
| CTIVP<sup>®</sup> – Westfield Select Large Cap Growth <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 5125117 | &nbsp;&nbsp; 354965640 |
| Variable Portfolio – Partners Core Equity Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 7443123 | &nbsp;&nbsp; 388158887 |
| **Total** | **Total** | &nbsp;&nbsp; **4368130779** |
| **U.S. Mid Cap 1.7%** | **U.S. Mid Cap 1.7%** | **U.S. Mid Cap 1.7%** |
| Columbia Variable Portfolio – Select Mid Cap <br> Growth Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 921531 | &nbsp;&nbsp; 59576956 |
| Columbia Variable Portfolio – Select Mid Cap <br> Value Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 1296155 | &nbsp;&nbsp; 61359992 |
| CTIVP<sup>®</sup> – Victory Sycamore Established Value <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 646970 | &nbsp;&nbsp; 33590703 |
| CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 558992 | &nbsp;&nbsp; 32415929 |
| **Total** | **Total** | &nbsp;&nbsp; **186943580** |

---

---

| | | |
|:---|:---|:---|
| **Equity Funds (continued)** | **Equity Funds (continued)** | **Equity Funds (continued)** |
|  | **Shares** | **Value ($)** |
| **U.S. Small Cap 2.7%** | **U.S. Small Cap 2.7%** | **U.S. Small Cap 2.7%** |
| Columbia Variable Portfolio – Small Cap Value <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 3479483 | &nbsp;&nbsp; 44015452 |
| Columbia Variable Portfolio – Small Company <br> Growth Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 2873808 | &nbsp;&nbsp; 43049644 |
| Variable Portfolio – Partners Small Cap Growth <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 2898173 | &nbsp;&nbsp; 108333707 |
| Variable Portfolio – Partners Small Cap Value <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 2583917 | &nbsp;&nbsp; 109041301 |
| **Total** | **Total** | &nbsp;&nbsp; **304440104** |
| Total Equity Funds <br>(Cost $3,232,092,801) | Total Equity Funds <br>(Cost $3,232,092,801) | &nbsp;&nbsp; **6982075764** |
| **Exchange-Traded Equity Funds 5.8%** | **Exchange-Traded Equity Funds 5.8%** | **Exchange-Traded Equity Funds 5.8%** |
| **U.S. Mid Large Cap 5.8%** | **U.S. Mid Large Cap 5.8%** | **U.S. Mid Large Cap 5.8%** |
| iShares Core S&P 500 ETF | &nbsp;&nbsp; 481125 | &nbsp;&nbsp; 329541758 |
| Vanguard S&P 500 ETF | &nbsp;&nbsp; 526125 | &nbsp;&nbsp; 329948771 |
| **Total** | **Total** | &nbsp;&nbsp; **659490529** |
| Total Exchange-Traded Equity Funds <br>(Cost $559,104,403) | Total Exchange-Traded Equity Funds <br>(Cost $559,104,403) | &nbsp;&nbsp; **659490529** |
| **Exchange-Traded Fixed Income Funds 3.2%** | **Exchange-Traded Fixed Income Funds 3.2%** | **Exchange-Traded Fixed Income Funds 3.2%** |
| **Investment Grade 3.2%** | **Investment Grade 3.2%** | **Investment Grade 3.2%** |
| iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 124850000 |
| iShares iBoxx $ Investment Grade Corporate <br> Bond ETF<br>| &nbsp;&nbsp; 1099500 | &nbsp;&nbsp; 121153905 |
| Vanguard Intermediate-Term Corporate Bond <br> ETF<br>| &nbsp;&nbsp; 1380000 | &nbsp;&nbsp; 115575000 |
| **Total** | **Total** | &nbsp;&nbsp; **361578905** |
| Total Exchange-Traded Fixed Income Funds <br>(Cost $350,502,320) | Total Exchange-Traded Fixed Income Funds <br>(Cost $350,502,320) | &nbsp;&nbsp; **361578905** |
| **Fixed Income Funds 10.8%** | **Fixed Income Funds 10.8%** | **Fixed Income Funds 10.8%** |
| **Investment Grade 10.8%** | **Investment Grade 10.8%** | **Investment Grade 10.8%** |
| Columbia Variable Portfolio – Corporate Bond <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 15055694 | &nbsp;&nbsp; 118187197 |
| Columbia Variable Portfolio – Intermediate <br> Bond Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 18954554 | &nbsp;&nbsp; 163009168 |
| Columbia Variable Portfolio – Limited Duration <br> Credit Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 4295332 | &nbsp;&nbsp; 40848605 |
| Columbia Variable Portfolio – Long <br> Government/Credit Bond Fund, Class 1 <br> Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 11305919 | &nbsp;&nbsp; 80272028 |

---

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

Variable Portfolio – Managed Volatility Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Fixed Income Funds (continued)** | **Fixed Income Funds (continued)** | **Fixed Income Funds (continued)** |
|  | **Shares** | **Value ($)** |
| Columbia Variable Portfolio – U.S. Government <br> Mortgage Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 8732108 | &nbsp;&nbsp; 81732530 |
| CTIVP<sup>®</sup> – American Century Diversified Bond <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 17549285 | &nbsp;&nbsp; 163383839 |
| CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 <br> Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 21899916 | &nbsp;&nbsp; 203888218 |
| Variable Portfolio – Partners Core Bond Fund, <br> Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 37624828 | &nbsp;&nbsp; 367218325 |
| **Total** | **Total** | &nbsp;&nbsp; **1218539910** |
| Total Fixed Income Funds <br>(Cost $1,342,497,453) | Total Fixed Income Funds <br>(Cost $1,342,497,453) | &nbsp;&nbsp; **1218539910** |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency 4.3%** | **Residential Mortgage-Backed Securities - Agency 4.3%** | **Residential Mortgage-Backed Securities - Agency 4.3%** | **Residential Mortgage-Backed Securities - Agency 4.3%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Uniform Mortgage-Backed Security TBA<sup>(c)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(c)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(c)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(c)</sup>  |
| 01/20/2041- <br>01/14/2056<br>| &nbsp;&nbsp; 3.000% | 66100000 | &nbsp;&nbsp; 59238145 |
| 01/20/2041- <br>01/14/2056<br>| &nbsp;&nbsp; 3.500% | 72600000 | &nbsp;&nbsp; 67855348 |
| 01/20/2041- <br>01/14/2056<br>| &nbsp;&nbsp; 4.000% | 104350000 | &nbsp;&nbsp; 99939862 |
| 01/14/2056 | &nbsp;&nbsp; 4.500% | 202000000 | &nbsp;&nbsp; 197180718 |
| 01/14/2056 | &nbsp;&nbsp; 5.000% | 56050000 | &nbsp;&nbsp; 55892359 |
| Total Residential Mortgage-Backed Securities - Agency <br>(Cost $480,277,544) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $480,277,544) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $480,277,544) | &nbsp;&nbsp; **480106432** |

---

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

---

| | |
|:---|:---|
| **Call Option Contracts Purchased 0.0%** | **Call Option Contracts Purchased 0.0%** |
|  | **Value ($)** |
| (Cost $1,245,114) | &nbsp;&nbsp; **1084875** |
| **Put Option Contracts Purchased 1.1%** | **Put Option Contracts Purchased 1.1%** |
| (Cost $146,030,664) | &nbsp;&nbsp; **122093775** |

---

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

---

| | | |
|:---|:---|:---|
| **Money Market Funds 15.8%** | **Money Market Funds 15.8%** | **Money Market Funds 15.8%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, <br> 3.825%<sup>(a),(d)</sup> <br>| &nbsp;&nbsp; 1778073225 | &nbsp;&nbsp; 1777539803 |
| Total Money Market Funds <br>(Cost $1,777,282,604) | Total Money Market Funds <br>(Cost $1,777,282,604) | &nbsp;&nbsp; **1777539803** |
| **Total Investments in Securities** <br>**(Cost: $7,889,032,903)** | **Total Investments in Securities** <br>**(Cost: $7,889,032,903)** | &nbsp;&nbsp; **11602509993** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(322939386)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **11279570607** |

---

At December 31, 2025, securities and/or cash totaling $183,543,502 were pledged as collateral.

**Investments in derivatives** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** |
| **Currency to** <br>**be sold**<br>| &nbsp;&nbsp;&nbsp; **Currency to** <br>**be purchased**<br>| **Counterparty** | **Settlement** <br>**date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**depreciation ($)**<br>|
| 54,500,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 39,112,986 USD | Barclays | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (636772)<br>|
| 13,000,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 17,488,595 USD | Barclays | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (34257)<br>|
| 18,596,320 USD | &nbsp;&nbsp;&nbsp;&nbsp; 32,000,000 NZD | Barclays | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (153429)<br>|
| 7,500,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 5,431,563 USD | Citi | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (38588)<br>|
| 9,000,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp; 5,201,340 USD | Citi | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 14277 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 175,000,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 19,002,592 USD | Citi | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (29690)<br>|
| 31,796,705 USD | &nbsp;&nbsp;&nbsp;&nbsp; 25,000,000 CHF | Citi | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (153808)<br>|
| 280,969,334 USD | &nbsp;&nbsp;&nbsp;&nbsp; 43,350,000,000 JPY | Citi | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3633461)<br>|
| 21,319,916 USD | &nbsp;&nbsp;&nbsp;&nbsp; 200,000,000 SEK | Citi | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 431264 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 275,000,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 29,965,567 USD | Goldman Sachs International | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 57695 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 306,000,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 32,527,066 USD | Goldman Sachs International | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (752239)<br>|
| 9,440,878 USD | &nbsp;&nbsp;&nbsp;&nbsp; 7,000,000 GBP | Goldman Sachs International | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5496)<br>|
| 6,966,115 USD | &nbsp;&nbsp;&nbsp;&nbsp; 12,000,000 NZD | Goldman Sachs International | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (50031)<br>|
| 37,000,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 49,566,125 USD | HSBC | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (306607)<br>|
| 72,000,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp; 41,416,200 USD | HSBC | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (80304)<br>|
| 13,985,384 USD | &nbsp;&nbsp;&nbsp;&nbsp; 12,000,000 EUR | HSBC | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 132932 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 14,756,557 USD | &nbsp;&nbsp;&nbsp;&nbsp; 2,300,000,000 JPY | HSBC | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (42081)<br>|
| 77,750,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp; 97,557,964 USD | JPMorgan | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (851443)<br>|

---

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

Variable Portfolio – Managed Volatility Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** |
| **Currency to**<br> **be sold**<br>| &nbsp;&nbsp;&nbsp; **Currency to**<br> **be purchased**<br>| **Counterparty** | **Settlement**<br> **date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized**<br> **appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized**<br> **depreciation ($)**<br>|
| 14,057,357 USD | &nbsp;&nbsp;&nbsp;&nbsp; 2,200,000,000 JPY | JPMorgan | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 17357 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 12,500,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 14,587,313 USD | Morgan Stanley | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (119267)<br>|
| 40,000,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 4,318,186 USD | Morgan Stanley | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (32049)<br>|
| 27,159,363 USD | &nbsp;&nbsp;&nbsp;&nbsp; 20,500,000 GBP | Morgan Stanley | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 472826 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 10,957,857 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,700,000,000 JPY | Morgan Stanley | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (81940)<br>|
| 5,804,170 USD | &nbsp;&nbsp;&nbsp;&nbsp; 10,000,000 NZD | Morgan Stanley | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (40767)<br>|
| 12,000,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 15,977,472 USD | UBS | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (197468)<br>|
| 47,429,930 USD | &nbsp;&nbsp;&nbsp;&nbsp; 37,500,000 CHF | UBS | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 34414 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 47,198,680 USD | &nbsp;&nbsp;&nbsp;&nbsp; 40,000,000 EUR | UBS | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (137627)<br>|
| 143,910,775 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,456,000,000 NOK | UBS | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 544436 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 6,000,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 4,386,917 USD | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10797 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 23,000,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 16,750,824 USD | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (24303)<br>|
| 6,000,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 7,070,744 USD | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11586 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,000,000,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp; 6,482,479 USD | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 84881 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 169,610,122 USD | &nbsp;&nbsp;&nbsp;&nbsp; 258,500,000 AUD | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2923635 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 6,020,004 USD | &nbsp;&nbsp;&nbsp;&nbsp; 9,000,000 AUD | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (13026)<br>|
| 18,675,299 USD | &nbsp;&nbsp;&nbsp;&nbsp; 15,000,000 CHF | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 310439 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 55,774,216 USD | &nbsp;&nbsp;&nbsp;&nbsp; 44,000,000 CHF | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (82719)<br>|
| Total |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5046539 | &nbsp;&nbsp;&nbsp;&nbsp; (7497372)<br>|

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| CAC40 Index | 271 | 01/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 22097340 | &nbsp;&nbsp;&nbsp;&nbsp; 54484 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| FTSE 100 Index | 580 | 03/2026 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 57657800 | &nbsp;&nbsp;&nbsp;&nbsp; 935564 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| IBEX 35 Index | 60 | 01/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 10367700 | &nbsp;&nbsp;&nbsp;&nbsp; 212301 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MSCI Singapore Index | 285 | 01/2026 | SGD | &nbsp;&nbsp;&nbsp;&nbsp; 12703875 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16188)<br>|
| NASDAQ 100 Index E-mini | 275 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 140012125 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (62545)<br>|
| OMXS30 Index | 2381 | 01/2026 | SEK | &nbsp;&nbsp;&nbsp;&nbsp; 689359025 | &nbsp;&nbsp;&nbsp;&nbsp; 1426104 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P 500 Index E-mini | 2915 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1004581875 | &nbsp;&nbsp;&nbsp;&nbsp; 1340565 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P 500 Index E-mini | 506 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 174380250 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (922490)<br>|
| S&P Mid 400 Index E-mini | 25 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 8313000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (106268)<br>|
| S&P/TSX 60 Index | 385 | 03/2026 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 143366300 | &nbsp;&nbsp;&nbsp;&nbsp; 462009 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| SPI 200 Index | 207 | 03/2026 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; 44898300 | &nbsp;&nbsp;&nbsp;&nbsp; 181987 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| SPI 200 Index | 50 | 03/2026 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; 10845000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11729)<br>|
| TOPIX Index | 544 | 03/2026 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; 18569440000 | &nbsp;&nbsp;&nbsp;&nbsp; 1088139 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Long Bond | 110 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 12715313 | &nbsp;&nbsp;&nbsp;&nbsp; 48830 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Long Bond | 206 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 23812313 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (182381)<br>|
| U.S. Treasury 10-Year Note | 261 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 29346188 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (111064)<br>|
| U.S. Treasury 2-Year Note | 811 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 169327929 | &nbsp;&nbsp;&nbsp;&nbsp; 64375 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 2-Year Note | 38 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 7933984 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1853)<br>|
| U.S. Treasury 5-Year Note | 150 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 16395703 | &nbsp;&nbsp;&nbsp;&nbsp; 29027 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 5-Year Note | 1671 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 182648134 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (222830)<br>|
| U.S. Treasury Ultra Bond | 30 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3540000 | &nbsp;&nbsp;&nbsp;&nbsp; 16815 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury Ultra Bond | 286 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 33748000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (372570)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5860200 | &nbsp;&nbsp;&nbsp;&nbsp; (2009918)<br>|

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| DAX Index | (7) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (4320750)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (62242)<br>|
| Euro STOXX 50 Index | (81) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (4731210)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (66757)<br>|
| FTSE/MIB Index | (127) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (28608655)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (564919)<br>|
| Russell 2000 Index E-mini | (110) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (13739000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 416077 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 416077 | &nbsp;&nbsp;&nbsp;&nbsp; (693918)<br>|

---

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Cost ($)** | **Value ($)** |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 51341250 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 6940.00 | &nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp; 1245114 | &nbsp;&nbsp; 1084875 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Cost ($)** | **Value ($)** |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 1215076250 | &nbsp;&nbsp; 1775 | &nbsp;&nbsp; 5300.00 | &nbsp;&nbsp; 12/17/2027 | &nbsp;&nbsp; 45614640 | &nbsp;&nbsp; 35934875 |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 1126084750 | &nbsp;&nbsp; 1645 | &nbsp;&nbsp; 5200.00 | &nbsp;&nbsp; 12/17/2027 | &nbsp;&nbsp; 39472628 | &nbsp;&nbsp; 31090500 |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 907028750 | &nbsp;&nbsp; 1325 | &nbsp;&nbsp; 5400.00 | &nbsp;&nbsp; 12/17/2027 | &nbsp;&nbsp; 33870337 | &nbsp;&nbsp; 28719375 |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 776964250 | &nbsp;&nbsp; 1135 | &nbsp;&nbsp; 5500.00 | &nbsp;&nbsp; 12/17/2027 | &nbsp;&nbsp; 27073059 | &nbsp;&nbsp; 26349025 |
| Total |  |  |  |  |  |  | &nbsp;&nbsp; 146030664 | &nbsp;&nbsp; 122093775 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Premium** <br>**received ($)**<br>| **Value ($)** |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; (51341250)<br>| &nbsp;&nbsp; (75)<br>| &nbsp;&nbsp; 6940.00 | &nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp; (1312386)<br>| &nbsp;&nbsp; (1441500)<br>|

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated** <br> **issuers**<br>| **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Capital gain** <br>**distributions($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends —** <br>**affiliated** <br>**issuers ($)**<br>| **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  |
|  | 1833081274 | 4585175772 | (4640520328)<br>| (196915)<br>| 1777539803 |  | 54443 | 74599637 | 1778073225 |
| Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  |
|  | 306579121 | 1923 | (13226277)<br>| 7626431 | 300981198 |  | 41630640 |  | 4737623 |
| Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  |
|  |  | 114099999 | (132824)<br>| 4220022 | 118187197 |  | 4189 |  | 15055694 |
| Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  |
|  | 720446998 | 6625 | (32108990)<br>| 21977150 | 710321783 |  | 75390837 |  | 5486381 |
| Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  |
|  | 163465598 | 8731358 | (17709796)<br>| 8522008 | 163009168 |  | (3081853)<br>| 8728759 | 18954554 |
| Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  |
|  | 404132055 | 25908364 | (16878987)<br>| 119609 | 413281041 |  | 59391882 |  | 7268397 |
| Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  |
|  | 82724143 | 3405499 | (47837382)<br>| 2556345 | 40848605 |  | (2144378)<br>| 3404867 | 4295332 |
| Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  |
|  | 149403754 | 8434500 | (118025123)<br>| 40458897 | 80272028 |  | (42756874)<br>| 8416444 | 11305919 |
| Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  |
|  | 822608421 | 17884853 | (229259777)<br>| 247795695 | 859029192 |  | 12059778 | 17884853 | 48017283 |
| Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  |
|  | 724650694 | 9564 | (64446066)<br>| 47462355 | 707676547 |  | 47853599 |  | 26317462 |
| Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  |
|  | 389463648 | 20850000 | (50786775)<br>| 60755345 | 420282218 |  | 37243264 |  | 7499683 |
| Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  |
|  | 62213450 | 2995 | (3777918)<br>| 1138429 | 59576956 |  | 7770892 |  | 921531 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Notes to Portfolio of Investments (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated** <br> **issuers**<br>| **Beginning**<br> **of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br> **unrealized** <br> **appreciation** <br> **(depreciation)($)**<br>| **End of** <br> **period($)**<br>| **Capital gain**<br> **distributions($)**<br>| **Realized gain**<br> **(loss)($)**<br>| **Dividends —**<br> **affiliated**<br> **issuers ($)**<br>| **End of**<br> **period shares**<br>|
| Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  |
|  | 60913026 | 1815 | (3150883)<br>| 3596034 | 61359992 |  | 4592853 |  | 1296155 |
| Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  |
|  | 43687693 | 7884511 | (5651893)<br>| (1904859)<br>| 44015452 | 7351176 | 353294 | 531829 | 3479483 |
| Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  |
|  | 43475288 | 5854056 | (9425654)<br>| 3145954 | 43049644 | 5850999 | (52244)<br>|  | 2873808 |
| Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  |
|  | 81199773 | 1806527 | (7941241)<br>| 6667471 | 81732530 |  | (1292013)<br>| 1804659 | 8732108 |
| CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  |
|  | 163253924 | 5150264 | (14394601)<br>| 9374252 | 163383839 |  | (2809099)<br>| 5147787 | 17549285 |
| CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  |
|  | 365680545 | 3853 | (15158380)<br>| 2720718 | 353246736 |  | 43900837 |  | 4333252 |
| CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  |
|  | 353446489 |  | (21761171)<br>| 29051422 | 360736740 |  | 12998865 |  | 8170708 |
| CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  |
|  | 202379251 | 9529758 | (15108270)<br>| 7087479 | 203888218 |  | (1842172)<br>| 9524780 | 21899916 |
| CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  |
|  | 60861366 | 751 | (11012169)<br>| (16259245)<br>| 33590703 |  | 18004875 |  | 646970 |
| CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  |
|  | 355307482 |  | (39318684)<br>| 42491191 | 358479989 |  | 22687350 |  | 6963481 |
| CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  |
|  | 62410483 | 2597 | (11452888)<br>| (18544263)<br>| 32415929 |  | 24897793 |  | 558992 |
| CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  |
|  | 373705123 | 10355 | (61274307)<br>| 42524469 | 354965640 |  | 15611661 |  | 5125117 |
| Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  |
|  | 368513734 | 19570043 | (32223468)<br>| 11358016 | 367218325 |  | (3992747)<br>| 19565228 | 37624828 |
| Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  |
|  | 393377167 | 2583 | (15356730)<br>| 10135867 | 388158887 |  | 38979742 |  | 7443123 |
| Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  |
|  | 599896215 | 33534106 | (119838843)<br>| 98598349 | 612189827 | 24076383 | 4222795 | 9457723 | 48663738 |
| Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  |
|  | 291180154 | 4773764 | (18714063)<br>| 48711559 | 325951414 | 2459180 | (2450997)<br>| 2292946 | 24919833 |
| Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  |
|  | 314204051 | 10026062 | (75871248)<br>| 77032003 | 325390868 | 763009 | 12130736 | 9263053 | 24355604 |
| Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  |
|  | 106252148 | 9570 | (3038451)<br>| 5110440 | 108333707 |  | 3571273 |  | 2898173 |
| Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  |
|  | 106436161 | 8594 | (2571588)<br>| 5168134 | 109041301 |  | 2733921 |  | 2583917 |
| Total | 10004949229 |  |  | 808500362 | 9978155477 | 40500747 | 425663142 | 170622565 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents a security purchased on a when-issued basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The rate shown is the seven-day current annualized yield at December 31, 2025.

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Abbreviation Legend** 

TBA To Be Announced

**Currency Legend** 

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| 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, if any, are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Assets at NAV ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |  |
| Equity Funds |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6982075764 | &nbsp;&nbsp;&nbsp;&nbsp; 6982075764 |
| Exchange-Traded Equity Funds | 659490529 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 659490529 |
| Exchange-Traded Fixed Income Funds | 361578905 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 361578905 |
| Fixed Income Funds |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1218539910 | &nbsp;&nbsp;&nbsp;&nbsp; 1218539910 |
| Residential Mortgage-Backed Securities - Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 480106432 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 480106432 |
| Call Option Contracts Purchased | 1084875 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1084875 |
| Put Option Contracts Purchased | 122093775 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 122093775 |
| Money Market Funds | 1777539803 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1777539803 |
| Total Investments in Securities | 2921787887 | &nbsp;&nbsp;&nbsp;&nbsp; 480106432 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8200615674 | &nbsp;&nbsp;&nbsp;&nbsp; 11602509993 |
| **Investments in Derivatives** |  |  |  |  |  |
| Asset |  |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; 5046539 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5046539 |
| Futures Contracts | 6276277 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6276277 |
| Liability |  |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; (7497372)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7497372)<br>|
| Futures Contracts | (2703836)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2703836)<br>|
| Put Option Contracts Written | (1441500)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1441500)<br>|
| Total | 2923918828 | &nbsp;&nbsp;&nbsp;&nbsp; 477655599 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8200615674 | &nbsp;&nbsp;&nbsp;&nbsp; 11602190101 |

---

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.

Variable Portfolio – Managed Volatility Growth Fund \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $1,389,884,267) | $1501175866 |
| Affiliated issuers (cost $6,351,872,858) | 9978155477 |
| Option contracts purchased (cost $147,275,778) | 123178650 |
| Foreign currency (cost $1) | 1 |
| Cash collateral held at broker for: |  |
| TBA | 854000 |
| Other<sup>(a)</sup> <br>| 63000000 |
| Margin deposits on: |  |
| Futures contracts | 119689502 |
| Unrealized appreciation on forward foreign currency exchange contracts | 5046539 |
| Receivable for: |  |
| Investments sold | 10446556 |
| Investments sold on a delayed delivery basis  | 246649883 |
| Capital shares sold | 23695 |
| Dividends | 5764269 |
| Interest | 774562 |
| Variation margin for futures contracts | 108350 |
| Prepaid expenses | 38926 |
| Deferred compensation of board members | 855817 |
| Total assets | 12055762093 |
| **Liabilities** |  |
| Option contracts written, at value (premiums received $1,312,386) | 1441500 |
| Unrealized depreciation on forward foreign currency exchange contracts | 7497372 |
| Payable for: |  |
| Investments purchased | 11996033 |
| Investments purchased on a delayed delivery basis | 728324742 |
| Capital shares redeemed | 13072508 |
| Variation margin for futures contracts | 11884765 |
| Management services fees | 56939 |
| Distribution and/or service fees | 77479 |
| Service fees | 579528 |
| Compensation of chief compliance officer | 1835 |
| Compensation of board members | 5418 |
| Other expenses | 87923 |
| Deferred compensation of board members | 1165444 |
| Total liabilities | 776191486 |
| **Net assets applicable to outstanding capital stock** | **$11279570607** |
| **Represented by** |  |
| Trust capital | $11279570607 |
| **Total - representing net assets applicable to outstanding capital stock** | **$11279570607** |
| **Class 1** |  |
| Net assets | $43294619 |
| Shares outstanding | 1930156 |
| Net asset value per share | $22.43 |
| **Class 2** |  |
| Net assets | $11236275988 |
| Shares outstanding | 508537791 |
| Net asset value per share | $22.10 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes collateral related to option contracts purchased and option contracts written.

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Growth Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $26194195 |
| Dividends — affiliated issuers | 170622565 |
| Interest | 3817077 |
| Total income | 200633837 |
| Expenses: |  |
| Management services fees | 20090035 |
| Distribution and/or service fees |  |
| Class 2 | 27691338 |
| Service fees | 6674097 |
| Custodian fees | 59269 |
| Printing and postage fees | 27681 |
| Accounting services fees | 32423 |
| Legal fees | 201448 |
| Interest on collateral | 138973 |
| Compensation of chief compliance officer | 1780 |
| Compensation of board members | 128267 |
| Deferred compensation of board members | 60942 |
| Other | 140817 |
| Total expenses | 55247070 |
| **Net investment income** | 145386767 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | (46971107)<br>|
| Investments — affiliated issuers | 425663142 |
| Capital gain distributions from underlying affiliated funds | 40500747 |
| Foreign currency translations | (2163239)<br>|
| Forward foreign currency exchange contracts | (11385770)<br>|
| Futures contracts | 57508906 |
| Option contracts purchased | (40329922)<br>|
| Option contracts written | (3681349)<br>|
| Net realized gain | 419141408 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 111861131 |
| Investments — affiliated issuers | 808500362 |
| Forward foreign currency exchange contracts | 15254203 |
| Futures contracts | 36693550 |
| Option contracts purchased | (9316856)<br>|
| Option contracts written | (129114)<br>|
| Net change in unrealized appreciation (depreciation) | 962863276 |
| Net realized and unrealized gain | 1382004684 |
| **Net increase in net assets resulting from operations** | **$1527391451** |

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The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Growth Fund \| 2025

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Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income | $145386767 | &nbsp;&nbsp; $192391288 |
| Net realized gain | 419141408 | &nbsp;&nbsp; 810356069 |
| Net change in unrealized appreciation (depreciation) | 962863276 | &nbsp;&nbsp; 288968236 |
| Net increase in net assets resulting from operations | 1527391451 | &nbsp;&nbsp; 1291715593 |
| Decrease in net assets from capital stock activity | (1378553545)<br>| &nbsp;&nbsp; (1311842304)<br>|
| Total increase (decrease) in net assets | 148837906 | &nbsp;&nbsp; (20126711)<br>|
| Net assets at beginning of year | 11130732701 | &nbsp;&nbsp; 11150859412 |
| **Net assets at end of year** | **$11279570607** | &nbsp;&nbsp; **$11130732701** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |
| Shares sold | 230338 | &nbsp;&nbsp;&nbsp;&nbsp; 4798437 | &nbsp;&nbsp;&nbsp;&nbsp; 356063 | &nbsp;&nbsp;&nbsp;&nbsp; 6737488 |
| Shares redeemed | (80906)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1659915)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (223874)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4258660)<br>|
| Net increase | 149432 | &nbsp;&nbsp;&nbsp;&nbsp; 3138522 | &nbsp;&nbsp;&nbsp;&nbsp; 132189 | &nbsp;&nbsp;&nbsp;&nbsp; 2478828 |
| Class 2 |  |  |  |  |
| Shares sold | 72596 | &nbsp;&nbsp;&nbsp;&nbsp; 1485118 | &nbsp;&nbsp;&nbsp;&nbsp; 65635 | &nbsp;&nbsp;&nbsp;&nbsp; 1238423 |
| Shares redeemed | (67599252)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1383177185)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (70552132)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1315559555)<br>|
| Net decrease | (67526656)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1381692067)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (70486497)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1314321132)<br>|
| **Total net decrease** | **(67377224)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(1378553545)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(70354308)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(1311842304)**<br>|

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The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Growth Fund \| 2025

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Variable Portfolio – Managed Volatility Growth Fund \| 2025

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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 ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $19.51<br>| 0.32<br>| 2.60<br>| 2.92<br>|
| Year Ended 12/31/2024 | $17.38<br>| 0.36<br>| 1.77<br>| 2.13<br>|
| Year Ended 12/31/2023 | $15.13<br>| 0.25<br>| 2.00<br>| 2.25<br>|
| Year Ended 12/31/2022 | $18.73<br>| 0.12<br>| &nbsp;&nbsp; (3.72) <br>| &nbsp;&nbsp; (3.60) <br>|
| Year Ended 12/31/2021 | $16.69<br>| 0.08<br>| 1.96<br>| 2.04<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $19.26<br>| 0.27<br>| 2.57<br>| 2.84<br>|
| Year Ended 12/31/2024 | $17.20<br>| 0.31<br>| 1.75<br>| 2.06<br>|
| Year Ended 12/31/2023 | $15.01<br>| 0.21<br>| 1.98<br>| 2.19<br>|
| Year Ended 12/31/2022 | $18.63<br>| 0.07<br>| &nbsp;&nbsp; (3.69) <br>| &nbsp;&nbsp; (3.62) <br>|
| Year Ended 12/31/2021 | $16.65<br>| 0.04<br>| 1.94<br>| 1.98<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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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%. |

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The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Growth Fund \| 2025

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Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $22.43<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.97%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.25% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 184%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $43295<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $19.51<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.25%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.25% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 155%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $34733<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $17.38<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.87%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.25% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 163%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $28646<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $15.13<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19.22%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.25% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 151%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $17737<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $18.73<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.22%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.25% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 196%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $15036<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $22.10<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.75%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.50% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 184%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $11236276<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $19.26<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.98%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.50% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.68%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 155%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $11095999<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $17.20<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.59%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.50% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 163%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $11122214<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $15.01<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19.43%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.50% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 151%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10527029<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $18.63<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.89%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.50% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 196%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $14007272<br>|

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The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Growth Fund \| 2025

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Notes to Financial Statements

December 31, 2025

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.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

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.

Variable Portfolio – Managed Volatility Growth Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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.

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

Variable Portfolio – Managed Volatility Growth Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in the underlying rate, asset or reference instrument and individual markets. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally expected to be limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty provides some protection in the case of clearing member default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the primary counterparty credit risk is the risk of failure of the clearinghouse. However, credit risk still exists in exchange-traded and centrally cleared derivatives with respect to any collateral that is held in a broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the central counterparty or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund) by account class, potentially resulting in losses to the Fund.

In connection with certain over-the-counter derivatives, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or central counterparty for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker or receive interest income on cash collateral pledged to the broker. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet

Variable Portfolio – Managed Volatility Growth Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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 portfolio currency risk and to facilitate transactions in securities denominated in foreign currencies in the normal course of pursuing its investment objectives. These contracts are used to protect against a decline in value relative to the U.S. dollar of the currencies in which portfolio securities are denominated or quoted (or an increase in the value of a currency in which securities that a Fund intends to buy are denominated, when a Fund holds cash reserves and short-term investments), or for other investment purposes. 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 its exposure to the securities markets or to movements in interest rates and currency values. A Fund invests in futures contracts as part of its primary investment strategy and/or to equitize its cash flows. Investments in futures contracts may increase or decrease exposure to a particular market. 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 may use options that are written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and

Variable Portfolio – Managed Volatility Growth Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund's exposure to the underlying instrument. Writing call options tends to decrease a Fund's exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. 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.

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, 2025:

---

| | | |
|:---|:---|:---|
|  | **Asset derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Equity risk | Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 6,117,230<br> \*<br>|
| Equity risk | Investments, at value — Option contracts purchased | &nbsp;&nbsp;&nbsp;&nbsp; 123178650 |
| Foreign exchange risk | Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 5046539 |
| Interest rate risk | Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 159,047<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 134501466 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Variable Portfolio – Managed Volatility Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Liability derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Equity risk | Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1,813,138<br> \*<br>|
| Equity risk | Option contracts written, at value | &nbsp;&nbsp;&nbsp;&nbsp; 1441500 |
| Foreign exchange risk | Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 7497372 |
| Interest rate risk | Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 890,698<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 11642708 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin for futures and centrally cleared swaps, if any, is reported in receivables or payables in the Statement of Assets and Liabilities.

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** |
| **Risk exposure category** | **Forward** <br>**foreign** <br>**currency** <br>**exchange** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**purchased** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**written** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 68813653 | &nbsp;&nbsp;&nbsp;&nbsp; (40329922)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3681349)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24802382 |
| Foreign exchange risk | &nbsp;&nbsp; (11385770)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11385770)<br>|
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11304747)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11304747)<br>|
| Total | &nbsp;&nbsp; (11385770)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 57508906 | &nbsp;&nbsp;&nbsp;&nbsp; (40329922)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3681349)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2111865 |
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Forward** <br>**foreign** <br>**currency** <br>**exchange** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**purchased** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**written** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36878359 | &nbsp;&nbsp;&nbsp;&nbsp; (9316856)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (129114)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27432389 |
| Foreign exchange risk | &nbsp;&nbsp; 15254203 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15254203 |
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (184809)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (184809)<br>|
| Total | &nbsp;&nbsp; 15254203 | &nbsp;&nbsp;&nbsp;&nbsp; 36693550 | &nbsp;&nbsp;&nbsp;&nbsp; (9316856)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (129114)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 42501783 |

---

The following table is a summary of the average daily outstanding volume by derivative instrument for the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Derivative instrument** | **Average notional** <br>**amounts ($)**<br>|
| Futures contracts — long | 2198628059 |
| Futures contracts — short | 130994075 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Derivative instrument** | **Average** <br>**value ($)**<br>|
| Option contracts purchased | 99175921 |
| Option contracts written | (7943515)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Derivative instrument** | **Average unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Average unrealized** <br>**depreciation ($)**<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 9080598 | &nbsp;&nbsp;&nbsp;&nbsp; (9321961)<br>|

---

Variable Portfolio – Managed Volatility Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**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.

Variable Portfolio – Managed Volatility Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**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 with counterparties as well as any related collateral received or pledged by the Fund as of December 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Barclays** | **Citi** | **Goldman** <br>**Sachs** <br>**International**<br>| **HSBC** | **JPMorgan** | **Morgan** <br>**Stanley** <sup>(a)</sup> <br>| **Morgan** <br>**Stanley** <sup>(a)</sup> <br>| **UBS** | **Wells** <br>**Fargo**<br>| **Total** |
| **Assets** |  |  |  |  |  |  |  |  |  |  |
| Forward foreign currency <br> exchange contracts<br>| $&nbsp;&nbsp; -<br>| &nbsp;&nbsp; 445541<br>| &nbsp;&nbsp; 57695<br>| &nbsp;&nbsp; 132932<br>| &nbsp;&nbsp; 17357<br>| &nbsp;&nbsp; 472826<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 578850<br>| &nbsp;&nbsp; 3341338<br>| &nbsp;&nbsp; 5046539<br>|
| Call option contracts <br> purchased<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 1084875<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 1084875<br>|
| Put option contracts purchased | &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 122093775<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 122093775<br>|
| Total assets | &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 445541<br>| &nbsp;&nbsp; 57695<br>| &nbsp;&nbsp; 132932<br>| &nbsp;&nbsp; 17357<br>| &nbsp;&nbsp; 472826<br>| &nbsp;&nbsp; 123178650<br>| &nbsp;&nbsp; 578850<br>| &nbsp;&nbsp; 3341338<br>| &nbsp;&nbsp; 128225189<br>|
| **Liabilities** |  |  |  |  |  |  |  |  |  |  |
| Forward foreign currency <br> exchange contracts<br>| &nbsp;&nbsp; 824458<br>| &nbsp;&nbsp; 3855547<br>| &nbsp;&nbsp; 807766<br>| &nbsp;&nbsp; 428992<br>| &nbsp;&nbsp; 851443<br>| &nbsp;&nbsp; 274023<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 335095<br>| &nbsp;&nbsp; 120048<br>| &nbsp;&nbsp; 7497372<br>|
| Put option contracts written | &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 1441500<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 1441500<br>|
| Total liabilities | &nbsp;&nbsp; 824458<br>| &nbsp;&nbsp; 3855547<br>| &nbsp;&nbsp; 807766<br>| &nbsp;&nbsp; 428992<br>| &nbsp;&nbsp; 851443<br>| &nbsp;&nbsp; 274023<br>| &nbsp;&nbsp; 1441500<br>| &nbsp;&nbsp; 335095<br>| &nbsp;&nbsp; 120048<br>| &nbsp;&nbsp; 8938872<br>|
| **Total financial and derivative** <br> **net assets**<br>| &nbsp;&nbsp; **(824458)**<br>| &nbsp;&nbsp; **(3410006)**<br>| &nbsp;&nbsp; **(750071)**<br>| &nbsp;&nbsp; **(296060)**<br>| &nbsp;&nbsp; **(834086)**<br>| &nbsp;&nbsp; **198803**<br>| &nbsp;&nbsp; **121737150**<br>| &nbsp;&nbsp; **243755**<br>| &nbsp;&nbsp; **3221290**<br>| &nbsp;&nbsp; **119286317**<br>|
| Total collateral received <br> (pledged) <sup>(b)</sup> <br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>|
| **Net amount** <sup>(c)</sup> <br>| $&nbsp;&nbsp; **(824458)**<br>| &nbsp;&nbsp; **(3410006)**<br>| &nbsp;&nbsp; **(750071)**<br>| &nbsp;&nbsp; **(296060)**<br>| &nbsp;&nbsp; **(834086)**<br>| &nbsp;&nbsp; **198803**<br>| &nbsp;&nbsp; **121737150**<br>| &nbsp;&nbsp; **243755**<br>| &nbsp;&nbsp; **3221290**<br>| &nbsp;&nbsp; **119286317**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Exposure can only be netted across transactions governed under the same master agreement with the same legal entity.

&nbsp;&nbsp;&nbsp;&nbsp;(b) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

&nbsp;&nbsp;&nbsp;&nbsp;(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

Variable Portfolio – Managed Volatility Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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 Fund's net assets are reported at the partner-level for federal income tax purposes.

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.

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 and is responsible for 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

Variable Portfolio – Managed Volatility Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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, 2025 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 "Deferred compensation of board members" in the Statement of Operations.

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Service fees**

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2025 was 0.06% 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 to the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

**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

Variable Portfolio – Managed Volatility Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee rate(s) contractual** <br>**through** <br>**April 30, 2026 (%)**<br>|
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 |

---

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 $17,735,069,265 and $18,893,800,097, respectively, for the year ended December 31, 2025, of which $12,632,851,286 and $12,648,597,672, 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. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Note 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, 2025.

Variable Portfolio – Managed Volatility Growth Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended December 31, 2025.

Note 8. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

**Shareholder concentration risk**

At December 31, 2025, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 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.

Variable Portfolio – Managed Volatility Growth Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Variable Portfolio – Managed Volatility Growth Fund \| 2025

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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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and 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 20, 2026

We have served as the auditor of one or more investment companies in the Columbia Funds Complex since 1977.

Variable Portfolio – Managed Volatility Growth Fund \| 2025

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**Variable Portfolio – Managed Volatility Growth Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g102030img99ae11702.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest.** The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2026 Columbia Management Investment Advisers, LLC.

ANN7047_12_E01_(02/26)

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![](g102030img32b05b0a1.jpg)

Variable Portfolio – Managed Volatility Conservative Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

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**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| [Portfolio of Investments](#xx_5e0f6f24-26d8-4c49-a8f2-d7d7a8fabd41_POI-CommonContent-Date-252_1) | 3 |
| [Statement of Assets and Liabilities](#xx_5e0f6f24-26d8-4c49-a8f2-d7d7a8fabd41_FS-CommonContent-Date-252_1) | 10 |
| [Statement of Operations](#xx_5e0f6f24-26d8-4c49-a8f2-d7d7a8fabd41_FS-CommonContent-Date-252_2) | 11 |
| [Statement of Changes in Net Assets](#xx_5e0f6f24-26d8-4c49-a8f2-d7d7a8fabd41_FS-CommonContent-Date-252_3) | 12 |
| [Financial Highlights](#xx_5e0f6f24-26d8-4c49-a8f2-d7d7a8fabd41_FIHI-CommonContent-Date-252_2) | 14 |
| [Notes to Financial Statements](#xx_5e0f6f24-26d8-4c49-a8f2-d7d7a8fabd41_NTF-CommonContent-Date-252_1) | 16 |
| [Report of Independent Registered Public Accounting Firm](#xx_5e0f6f24-26d8-4c49-a8f2-d7d7a8fabd41_AUD-CommonContent-Date-252_1) | 29 |

---

Variable Portfolio – Managed Volatility Conservative Fund \| 2025

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Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Equity Funds 18.1%** | **Equity Funds 18.1%** | **Equity Funds 18.1%** |
|  | **Shares** | **Value ($)** |
| **International 5.4%** | **International 5.4%** | **International 5.4%** |
| Columbia Variable Portfolio – Overseas Core Fund, <br> Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 1052332 | &nbsp;&nbsp; 18826225 |
| Variable Portfolio – Partners International Core <br> Equity Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 260915 | &nbsp;&nbsp; 3282308 |
| Variable Portfolio – Partners International Growth <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 337118 | &nbsp;&nbsp; 4409509 |
| Variable Portfolio – Partners International Value <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 322842 | &nbsp;&nbsp; 4313167 |
| **Total** | **Total** | &nbsp;&nbsp; **30831209** |
| **U.S. Large Cap 11.3%** | **U.S. Large Cap 11.3%** | **U.S. Large Cap 11.3%** |
| Columbia Variable Portfolio – Contrarian Core Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 79248 | &nbsp;&nbsp; 5034629 |
| Columbia Variable Portfolio – Disciplined Core <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 107784 | &nbsp;&nbsp; 13954731 |
| Columbia Variable Portfolio – Large Cap Growth <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 161036 | &nbsp;&nbsp; 9156506 |
| Columbia Variable Portfolio – Select Large Cap <br> Equity Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 498300 | &nbsp;&nbsp; 13399286 |
| Columbia Variable Portfolio – Select Large Cap <br> Value Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 146749 | &nbsp;&nbsp; 8223840 |
| CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 <br> Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 32774 | &nbsp;&nbsp; 2671756 |
| CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 67314 | &nbsp;&nbsp; 2971900 |
| CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 <br> Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 71159 | &nbsp;&nbsp; 3663280 |
| CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 38664 | &nbsp;&nbsp; 2677866 |
| Variable Portfolio – Partners Core Equity Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 40666 | &nbsp;&nbsp; 2120738 |
| **Total** | **Total** | &nbsp;&nbsp; **63874532** |
| **U.S. Mid Cap 0.6%** | **U.S. Mid Cap 0.6%** | **U.S. Mid Cap 0.6%** |
| Columbia Variable Portfolio – Select Mid Cap <br> Growth Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 25396 | &nbsp;&nbsp; 1641833 |
| Columbia Variable Portfolio – Select Mid Cap Value <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 34909 | &nbsp;&nbsp; 1652600 |
| **Total** | **Total** | &nbsp;&nbsp; **3294433** |

---

---

| | | |
|:---|:---|:---|
| **Equity Funds (continued)** | **Equity Funds (continued)** | **Equity Funds (continued)** |
|  | **Shares** | **Value ($)** |
| **U.S. Small Cap 0.8%** | **U.S. Small Cap 0.8%** | **U.S. Small Cap 0.8%** |
| Columbia Variable Portfolio – Small Cap Value <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 80214 | &nbsp;&nbsp; 1014702 |
| Columbia Variable Portfolio – Small Company <br> Growth Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 67271 | &nbsp;&nbsp; 1007719 |
| Variable Portfolio – Partners Small Cap Growth <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 34521 | &nbsp;&nbsp; 1290401 |
| Variable Portfolio – Partners Small Cap Value Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 30561 | &nbsp;&nbsp; 1289673 |
| **Total** | **Total** | &nbsp;&nbsp; **4602495** |
| Total Equity Funds <br>(Cost $46,134,186) | Total Equity Funds <br>(Cost $46,134,186) | &nbsp;&nbsp; **102602669** |
| **Exchange-Traded Equity Funds 1.6%** | **Exchange-Traded Equity Funds 1.6%** | **Exchange-Traded Equity Funds 1.6%** |
| **U.S. Mid Large Cap 1.6%** | **U.S. Mid Large Cap 1.6%** | **U.S. Mid Large Cap 1.6%** |
| iShares Core S&P 500 ETF | &nbsp;&nbsp; 7050 | &nbsp;&nbsp; 4828827 |
| Vanguard S&P 500 ETF | &nbsp;&nbsp; 7050 | &nbsp;&nbsp; 4421266 |
| **Total** | **Total** | &nbsp;&nbsp; **9250093** |
| Total Exchange-Traded Equity Funds <br>(Cost $9,003,920) | Total Exchange-Traded Equity Funds <br>(Cost $9,003,920) | &nbsp;&nbsp; **9250093** |
| **Exchange-Traded Fixed Income Funds 7.5%** | **Exchange-Traded Fixed Income Funds 7.5%** | **Exchange-Traded Fixed Income Funds 7.5%** |
| **Investment Grade 7.5%** | **Investment Grade 7.5%** | **Investment Grade 7.5%** |
| iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp; 233000 | &nbsp;&nbsp; 23272040 |
| iShares iBoxx $ Investment Grade Corporate Bond <br> ETF<br>| &nbsp;&nbsp; 12600 | &nbsp;&nbsp; 1388394 |
| Vanguard Intermediate-Term Corporate Bond ETF | &nbsp;&nbsp; 36000 | &nbsp;&nbsp; 3015000 |
| Vanguard Total Bond Market ETF | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 14814000 |
| **Total** | **Total** | &nbsp;&nbsp; **42489434** |
| Total Exchange-Traded Fixed Income Funds <br>(Cost $41,871,056) | Total Exchange-Traded Fixed Income Funds <br>(Cost $41,871,056) | &nbsp;&nbsp; **42489434** |
| **Fixed Income Funds 54.5%** | **Fixed Income Funds 54.5%** | **Fixed Income Funds 54.5%** |
| **Investment Grade 54.5%** | **Investment Grade 54.5%** | **Investment Grade 54.5%** |
| Columbia Variable Portfolio – Corporate Bond Fund, <br> Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 3479464 | &nbsp;&nbsp; 27313788 |
| Columbia Variable Portfolio – Intermediate Bond <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 6458832 | &nbsp;&nbsp; 55545953 |
| Columbia Variable Portfolio – Limited Duration <br> Credit Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 1119671 | &nbsp;&nbsp; 10648074 |
| Columbia Variable Portfolio – Long <br> Government/Credit Bond Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 2387868 | &nbsp;&nbsp; 16953865 |

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The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Conservative Fund \| 2025

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Portfolio of Investments (continued)

December 31, 2025

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| | | |
|:---|:---|:---|
| **Fixed Income Funds (continued)** | **Fixed Income Funds (continued)** | **Fixed Income Funds (continued)** |
|  | **Shares** | **Value ($)** |
| Columbia Variable Portfolio – U.S. Government <br> Mortgage Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 2257314 | &nbsp;&nbsp; 21128461 |
| CTIVP<sup>®</sup> – American Century Diversified Bond Fund, <br> Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 6182974 | &nbsp;&nbsp; 57563491 |
| CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 <br> Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 5958476 | &nbsp;&nbsp; 55473410 |
| Variable Portfolio – Partners Core Bond Fund, <br> Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 6703915 | &nbsp;&nbsp; 65430206 |
| **Total** | **Total** | &nbsp;&nbsp; **310057248** |
| Total Fixed Income Funds <br>(Cost $332,887,546) | Total Fixed Income Funds <br>(Cost $332,887,546) | &nbsp;&nbsp; **310057248** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency 7.7%** | **Residential Mortgage-Backed Securities - Agency 7.7%** | **Residential Mortgage-Backed Securities - Agency 7.7%** | **Residential Mortgage-Backed Securities - Agency 7.7%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Uniform Mortgage-Backed Security TBA<sup>(c)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(c)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(c)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(c)</sup>  |
| 01/20/2041- <br>01/14/2056<br>| &nbsp;&nbsp; 3.000% | 6250000 | &nbsp;&nbsp; 5600799 |
| 01/20/2041- <br>01/14/2056<br>| &nbsp;&nbsp; 3.500% | 6800000 | &nbsp;&nbsp; 6362209 |
| 01/20/2041- <br>01/14/2056<br>| &nbsp;&nbsp; 4.000% | 9747000 | &nbsp;&nbsp; 9335325 |
| 01/14/2056 | &nbsp;&nbsp; 4.500% | 17950000 | &nbsp;&nbsp; 17521752 |
| 01/14/2056 | &nbsp;&nbsp; 5.000% | 5100000 | &nbsp;&nbsp; 5085656 |
| Total Residential Mortgage-Backed Securities - Agency <br>(Cost $43,941,172) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $43,941,172) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $43,941,172) | &nbsp;&nbsp; **43905741** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Call Option Contracts Purchased 0.0%** | **Call Option Contracts Purchased 0.0%** |
|  | **Value ($)** |
| (Cost $16,602) | &nbsp;&nbsp; **14465** |
| **Put Option Contracts Purchased 0.3%** | **Put Option Contracts Purchased 0.3%** |
| (Cost $2,224,662) | &nbsp;&nbsp; **1853725** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Money Market Funds 17.7%** | **Money Market Funds 17.7%** | **Money Market Funds 17.7%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(a),(d)</sup> <br>| &nbsp;&nbsp; 100485570 | &nbsp;&nbsp; 100455424 |
| Total Money Market Funds <br>(Cost $100,444,131) | Total Money Market Funds <br>(Cost $100,444,131) | &nbsp;&nbsp; **100455424** |
| **Total Investments in Securities** <br>**(Cost: $576,523,275)** | **Total Investments in Securities** <br>**(Cost: $576,523,275)** | &nbsp;&nbsp; **610628799** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(41867697)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **568761102** |

---

At December 31, 2025, securities and/or cash totaling $2,611,394 were pledged as collateral.

**Investments in derivatives** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** |
| **Currency to** <br>**be sold**<br>| &nbsp;&nbsp;&nbsp; **Currency to** <br>**be purchased**<br>| **Counterparty** | **Settlement** <br>**date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**depreciation ($)**<br>|
| 2,750,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 1,973,591 USD | Barclays | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (32131)<br>|
| 800,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 1,076,221 USD | Barclays | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2108)<br>|
| 929,816 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,600,000 NZD | Barclays | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7671)<br>|
| 400,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 289,683 USD | Citi | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2058)<br>|
| 450,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp; 260,067 USD | Citi | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 714 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 9,500,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 1,031,569 USD | Citi | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1612)<br>|
| 1,271,868 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,000,000 CHF | Citi | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6152)<br>|
| 11,050,812 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,705,000,000 JPY | Citi | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (142908)<br>|
| 986,046 USD | &nbsp;&nbsp;&nbsp;&nbsp; 9,250,000 SEK | Citi | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 19946 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 14,000,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 1,525,520 USD | Goldman Sachs International | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2937 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 19,300,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 2,051,544 USD | Goldman Sachs International | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (47445)<br>|
| 319,280 USD | &nbsp;&nbsp;&nbsp;&nbsp; 550,000 NZD | Goldman Sachs International | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2293)<br>|
| 1,800,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 2,411,325 USD | HSBC | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (14916)<br>|
| 3,650,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp; 2,099,571 USD | HSBC | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4071)<br>|
| 174,817 USD | &nbsp;&nbsp;&nbsp;&nbsp; 150,000 EUR | HSBC | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1662 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 96,239 USD | &nbsp;&nbsp;&nbsp;&nbsp; 15,000,000 JPY | HSBC | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (274)<br>|
| 4,950,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp; 6,211,086 USD | JPMorgan | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (54208)<br>|
| 383,383 USD | &nbsp;&nbsp;&nbsp;&nbsp; 60,000,000 JPY | JPMorgan | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 473 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Conservative Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** |
| **Currency to**<br> **be sold**<br>| &nbsp;&nbsp;&nbsp; **Currency to**<br> **be purchased**<br>| **Counterparty** | **Settlement**<br> **date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized**<br> **appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized**<br> **depreciation ($)**<br>|
| 4,710,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 5,496,499 USD | Morgan Stanley | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (44940)<br>|
| 475,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 629,302 USD | Morgan Stanley | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10956)<br>|
| 1,500,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 161,932 USD | Morgan Stanley | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1202)<br>|
| 128,916 USD | &nbsp;&nbsp;&nbsp;&nbsp; 20,000,000 JPY | Morgan Stanley | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (964)<br>|
| 290,209 USD | &nbsp;&nbsp;&nbsp;&nbsp; 500,000 NZD | Morgan Stanley | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2038)<br>|
| 750,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 998,592 USD | UBS | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12342)<br>|
| 2,529,596 USD | &nbsp;&nbsp;&nbsp;&nbsp; 2,000,000 CHF | UBS | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1835 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 855,774 USD | &nbsp;&nbsp;&nbsp;&nbsp; 725,000 EUR | UBS | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2792)<br>|
| 7,180,713 USD | &nbsp;&nbsp;&nbsp;&nbsp; 72,650,000 NOK | UBS | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 27166 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 200,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 146,231 USD | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,150,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 837,541 USD | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1215)<br>|
| 100,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 117,846 USD | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 193 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 5,000,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp; 32,413 USD | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 424 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 7,676,744 USD | &nbsp;&nbsp;&nbsp;&nbsp; 11,700,000 AUD | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 132327 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 778,138 USD | &nbsp;&nbsp;&nbsp;&nbsp; 625,000 CHF | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12935 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2,661,951 USD | &nbsp;&nbsp;&nbsp;&nbsp; 2,100,000 CHF | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3948)<br>|
| Total |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 200972 | &nbsp;&nbsp;&nbsp;&nbsp; (398244)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| CAC40 Index | 4 | 01/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 326160 | &nbsp;&nbsp;&nbsp;&nbsp; 804 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| FTSE 100 Index | 4 | 03/2026 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 397640 | &nbsp;&nbsp;&nbsp;&nbsp; 5715 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| IBEX 35 Index | 1 | 01/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 172795 | &nbsp;&nbsp;&nbsp;&nbsp; 3538 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MSCI Singapore Index | 2 | 01/2026 | SGD | &nbsp;&nbsp;&nbsp;&nbsp; 89150 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (117)<br>|
| NASDAQ 100 Index E-mini | 4 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2036540 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (910)<br>|
| OMXS30 Index | 18 | 01/2026 | SEK | &nbsp;&nbsp;&nbsp;&nbsp; 5211450 | &nbsp;&nbsp;&nbsp;&nbsp; 10156 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P 500 Index E-mini | 22 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 7581750 | &nbsp;&nbsp;&nbsp;&nbsp; 66696 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P 500 Index E-mini | 20 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 6892500 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (49607)<br>|
| S&P/TSX 60 Index | 5 | 03/2026 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 1861900 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| SPI 200 Index | 1 | 03/2026 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; 216900 | &nbsp;&nbsp;&nbsp;&nbsp; 871 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| SPI 200 Index | 1 | 03/2026 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; 216900 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (235)<br>|
| TOPIX Index | 4 | 03/2026 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; 136540000 | &nbsp;&nbsp;&nbsp;&nbsp; 7432 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 10-Year Note | 42 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 4722375 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10962)<br>|
| U.S. Treasury 2-Year Note | 52 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 10857031 | &nbsp;&nbsp;&nbsp;&nbsp; 3602 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 5-Year Note | 21 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2295398 | &nbsp;&nbsp;&nbsp;&nbsp; 3290 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 5-Year Note | 123 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 13444477 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (18702)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 108104 | &nbsp;&nbsp;&nbsp;&nbsp; (80533)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| Euro STOXX 50 Index | (17) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (992970)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (14011)<br>|
| FTSE/MIB Index | (2) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (450530)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8896)<br>|
| Russell 2000 Index E-mini | (4) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (499600)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15130 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P Mid 400 Index E-mini | (3) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (997560)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15563 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Long Bond | (14) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (1618313)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10745 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury Ultra Bond | (13) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (1534000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23329 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 64767 | &nbsp;&nbsp;&nbsp;&nbsp; (22907)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Cost ($)** | **Value ($)** |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 684550 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 6940.00 | &nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp; 16602 | &nbsp;&nbsp; 14465 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Conservative Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Cost ($)** | **Value ($)** |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 21221050 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 5200.00 | &nbsp;&nbsp; 12/17/2027 | &nbsp;&nbsp; 743861 | &nbsp;&nbsp; 585900 |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 17798300 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 5300.00 | &nbsp;&nbsp; 12/17/2027 | &nbsp;&nbsp; 668158 | &nbsp;&nbsp; 526370 |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 11637350 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 5500.00 | &nbsp;&nbsp; 12/17/2027 | &nbsp;&nbsp; 403643 | &nbsp;&nbsp; 394655 |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 10952800 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 5400.00 | &nbsp;&nbsp; 12/17/2027 | &nbsp;&nbsp; 409000 | &nbsp;&nbsp; 346800 |
| Total |  |  |  |  |  |  | &nbsp;&nbsp; 2224662 | &nbsp;&nbsp; 1853725 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Premium** <br>**received ($)**<br>| **Value ($)** |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; (684550)<br>| &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 6940.00 | &nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp; (17499)<br>| &nbsp;&nbsp; (19220)<br>|

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Capital gain** <br>**distributions($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends —** <br>**affiliated** <br>**issuers ($)**<br>| **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  |
|  | 98373516 | 150779497 | (148685079)<br>| (12510)<br>| 100455424 |  | 3428 | 4362473 | 100485570 |
| Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  |
|  | 4935591 | 1079917 | (1265366)<br>| 284487 | 5034629 |  | 612188 |  | 79248 |
| Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  |
|  |  | 28152643 | (1821204)<br>| 982349 | 27313788 |  | 24120 |  | 3479464 |
| Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  |
|  | 12064370 | 4242794 | (3198094)<br>| 845661 | 13954731 |  | 1029781 |  | 107784 |
| Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  |
|  | 55017626 | 4916945 | (7480850)<br>| 3092232 | 55545953 |  | (1264932)<br>| 3004926 | 6458832 |
| Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  |
|  | 7497766 | 3621389 | (2886505)<br>| 923856 | 9156506 |  | 427056 |  | 161036 |
| Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  |
|  | 21019076 | 1544948 | (11808887)<br>| (107063)<br>| 10648074 |  | 193805 | 912832 | 1119671 |
| Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  |
|  | 33144166 | 4951127 | (28527165)<br>| 7385737 | 16953865 |  | (7871092)<br>| 1909314 | 2387868 |
| Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  |
|  | 18341673 | 1927508 | (6193596)<br>| 4750640 | 18826225 |  | 1112738 | 390895 | 1052332 |
| Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  |
|  | 13120647 | 2994942 | (3824940)<br>| 1108637 | 13399286 |  | 889581 |  | 498300 |
| Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  |
|  | 7569164 | 1510147 | (2559895)<br>| 1704424 | 8223840 |  | 311493 |  | 146749 |
| Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  |
|  | 1692946 | 548394 | (742991)<br>| 143484 | 1641833 |  | 166311 |  | 25396 |
| Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  |
|  | 1726513 | 443637 | (666907)<br>| 149357 | 1652600 |  | 105741 |  | 34909 |
| Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  |
|  | 992721 | 487113 | (439213)<br>| (25919)<br>| 1014702 | 169831 | 9847 | 12287 | 80214 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Conservative Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Notes to Portfolio of Investments (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning**<br> **of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br> **unrealized** <br> **appreciation** <br> **(depreciation)($)**<br>| **End of** <br> **period($)**<br>| **Capital gain**<br> **distributions($)**<br>| **Realized gain**<br> **(loss)($)**<br>| **Dividends —**<br> **affiliated**<br> **issuers ($)**<br>| **End of**<br> **period shares**<br>|
| Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  |
|  | 990192 | 458053 | (500889)<br>| 60363 | 1007719 | 133435 | 39786 |  | 67271 |
| Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  |
|  | 20951808 | 1304983 | (2914731)<br>| 1786401 | 21128461 |  | (393514)<br>| 473392 | 2257314 |
| CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  |
|  | 57075767 | 4339018 | (7467988)<br>| 3616694 | 57563491 |  | (1288885)<br>| 1841379 | 6182974 |
| CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  |
|  | 3617251 | 1042518 | (1829903)<br>| (158110)<br>| 2671756 |  | 673395 |  | 32774 |
| CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  |
|  | 3631966 | 628058 | (1519101)<br>| 230977 | 2971900 |  | 228461 |  | 67314 |
| CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  |
|  | 55034818 | 4799465 | (6645670)<br>| 2284797 | 55473410 |  | (862369)<br>| 2629135 | 5958476 |
| CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  |
|  | 3662034 | 439538 | (1038486)<br>| 600194 | 3663280 |  | 100052 |  | 71159 |
| CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  |
|  | 3621673 | 1060017 | (2212073)<br>| 208249 | 2677866 |  | 472470 |  | 38664 |
| Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  |
|  | 65304519 | 6211064 | (8313215)<br>| 2227838 | 65430206 |  | (936972)<br>| 3558840 | 6703915 |
| Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  |
|  | 3075214 | 596492 | (958719)<br>| (592249)<br>| 2120738 |  | 1022632 |  | 40666 |
| Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  |
|  | 3201324 | 545038 | (838578)<br>| 374524 | 3282308 | 133481 | 198309 | 50094 | 260915 |
| Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  |
|  | 4264980 | 711413 | (1241121)<br>| 674237 | 4409509 | 34146 | 18917 | 33433 | 337118 |
| Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  |
|  | 4307457 | 549406 | (1494358)<br>| 950662 | 4313167 | 10662 | 287079 | 128568 | 322842 |
| Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  |
|  | 1257020 | 400079 | (434156)<br>| 67458 | 1290401 |  | 63467 |  | 34521 |
| Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  |
|  | 1266984 | 409425 | (446239)<br>| 59503 | 1289673 |  | 58550 |  | 30561 |
| Total | 506758782 |  |  | 33616910 | 513115341 | 481555 | (4568557)<br>| 19307568 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents a security purchased on a when-issued basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The rate shown is the seven-day current annualized yield at December 31, 2025.

**Abbreviation Legend** 

TBA To Be Announced

**Currency Legend** 

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| EUR | Euro |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Conservative Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Currency Legend (continued)**

---

| | |
|:---|:---|
| GBP | British Pound |
| JPY | Japanese Yen |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| 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, if any, are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Assets at NAV ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |  |
| Equity Funds |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 102602669 | &nbsp;&nbsp;&nbsp;&nbsp; 102602669 |
| Exchange-Traded Equity Funds | 9250093 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9250093 |
| Exchange-Traded Fixed Income Funds | 42489434 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42489434 |
| Fixed Income Funds |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 310057248 | &nbsp;&nbsp;&nbsp;&nbsp; 310057248 |
| Residential Mortgage-Backed Securities - Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 43905741 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43905741 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Conservative Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Assets at NAV ($)** | **Total ($)** |
| Call Option Contracts Purchased | 14465 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14465 |
| Put Option Contracts Purchased | 1853725 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1853725 |
| Money Market Funds | 100455424 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 100455424 |
| Total Investments in Securities | 154063141 | &nbsp;&nbsp;&nbsp;&nbsp; 43905741 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 412659917 | &nbsp;&nbsp;&nbsp;&nbsp; 610628799 |
| **Investments in Derivatives** |  |  |  |  |  |
| Asset |  |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; 200972 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 200972 |
| Futures Contracts | 172871 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 172871 |
| Liability |  |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; (398244)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (398244)<br>|
| Futures Contracts | (103440)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (103440)<br>|
| Put Option Contracts Written | (19220)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (19220)<br>|
| Total | 154113352 | &nbsp;&nbsp;&nbsp;&nbsp; 43708469 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 412659917 | &nbsp;&nbsp;&nbsp;&nbsp; 610481738 |

---

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.

Variable Portfolio – Managed Volatility Conservative Fund \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $94,816,148) | $95645268 |
| Affiliated issuers (cost $479,465,863) | 513115341 |
| Option contracts purchased (cost $2,241,264) | 1868190 |
| Cash collateral held at broker for: |  |
| Other<sup>(a)</sup> <br>| 1050000 |
| Margin deposits on: |  |
| Futures contracts | 1561394 |
| Unrealized appreciation on forward foreign currency exchange contracts | 200972 |
| Receivable for: |  |
| Investments sold | 488617 |
| Investments sold on a delayed delivery basis  | 4663258 |
| Dividends | 330573 |
| Interest | 70810 |
| Variation margin for futures contracts | 23157 |
| Prepaid expenses | 3942 |
| Deferred compensation of board members | 106448 |
| Total assets | 619127970 |
| **Liabilities** |  |
| Option contracts written, at value (premiums received $17,499) | 19220 |
| Unrealized depreciation on forward foreign currency exchange contracts | 398244 |
| Payable for: |  |
| Investments purchased | 197670 |
| Investments purchased on a delayed delivery basis | 48690306 |
| Capital shares redeemed | 673026 |
| Variation margin for futures contracts | 168258 |
| Management services fees | 3315 |
| Distribution and/or service fees | 3907 |
| Service fees | 29054 |
| Compensation of chief compliance officer | 92 |
| Compensation of board members | 686 |
| Other expenses | 36234 |
| Deferred compensation of board members | 146856 |
| Total liabilities | 50366868 |
| **Net assets applicable to outstanding capital stock** | **$568761102** |
| **Represented by** |  |
| Trust capital | $568761102 |
| **Total - representing net assets applicable to outstanding capital stock** | **$568761102** |
| **Class 1** |  |
| Net assets | $770978 |
| Shares outstanding | 52224 |
| Net asset value per share | $14.76 |
| **Class 2** |  |
| Net assets | $567990124 |
| Shares outstanding | 39115157 |
| Net asset value per share | $14.52 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes collateral related to option contracts purchased and option contracts written.

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Conservative Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $1563710 |
| Dividends — affiliated issuers | 19307568 |
| Interest | 44010 |
| Total income | 20915288 |
| Expenses: |  |
| Management services fees | 1182405 |
| Distribution and/or service fees |  |
| Class 2 | 1418751 |
| Service fees | 340975 |
| Custodian fees | 42295 |
| Printing and postage fees | 13241 |
| Accounting services fees | 32423 |
| Legal fees | 26866 |
| Interest on collateral | 1506 |
| Compensation of chief compliance officer | 89 |
| Compensation of board members | 16952 |
| Deferred compensation of board members | 8001 |
| Other | 12206 |
| Total expenses | 3095710 |
| **Net investment income** | 17819578 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 2004440 |
| Investments — affiliated issuers | (4568557)<br>|
| Capital gain distributions from underlying affiliated funds | 481555 |
| Foreign currency translations | (8242)<br>|
| Forward foreign currency exchange contracts | (118011)<br>|
| Futures contracts | 657907 |
| Option contracts purchased | (639089)<br>|
| Option contracts written | (67161)<br>|
| Net realized loss | (2257158)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 1716593 |
| Investments — affiliated issuers | 33616910 |
| Forward foreign currency exchange contracts | 8692 |
| Futures contracts | (461843)<br>|
| Option contracts purchased | (137252)<br>|
| Option contracts written | (1721)<br>|
| Net change in unrealized appreciation (depreciation) | 34741379 |
| Net realized and unrealized gain | 32484221 |
| **Net increase in net assets resulting from operations** | **$50303799** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Conservative Fund \| 2025

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income | $17819578 | &nbsp;&nbsp; $18233046 |
| Net realized gain (loss) | (2257158)<br>| &nbsp;&nbsp; 10765611 |
| Net change in unrealized appreciation (depreciation) | 34741379 | &nbsp;&nbsp; (5049122)<br>|
| Net increase in net assets resulting from operations | 50303799 | &nbsp;&nbsp; 23949535 |
| Decrease in net assets from capital stock activity | (38496680)<br>| &nbsp;&nbsp; (46480438)<br>|
| Total increase (decrease) in net assets | 11807119 | &nbsp;&nbsp; (22530903)<br>|
| Net assets at beginning of year | 556953983 | &nbsp;&nbsp; 579484886 |
| **Net assets at end of year** | **$568761102** | &nbsp;&nbsp; **$556953983** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |
| Shares sold | 8312 | &nbsp;&nbsp;&nbsp;&nbsp; 117447 | &nbsp;&nbsp;&nbsp;&nbsp; 4631 | &nbsp;&nbsp;&nbsp;&nbsp; 60562 |
| Shares redeemed | (4166)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (58021)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4295)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (57620)<br>|
| Net increase | 4146 | &nbsp;&nbsp;&nbsp;&nbsp; 59426 | &nbsp;&nbsp;&nbsp;&nbsp; 336 | &nbsp;&nbsp;&nbsp;&nbsp; 2942 |
| Class 2 |  |  |  |  |
| Shares sold | 3725927 | &nbsp;&nbsp;&nbsp;&nbsp; 51071487 | &nbsp;&nbsp;&nbsp;&nbsp; 3654130 | &nbsp;&nbsp;&nbsp;&nbsp; 48378446 |
| Shares redeemed | (6446587)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (89627593)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7232197)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (94861826)<br>|
| Net decrease | (2720660)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (38556106)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3578067)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (46483380)<br>|
| **Total net decrease** | **(2716514)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(38496680)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(3577731)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(46480438)**<br>|

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The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Conservative Fund \| 2025

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Variable Portfolio – Managed Volatility Conservative Fund \| 2025

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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 ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $13.49<br>| 0.48<br>| 0.79<br>| 1.27<br>|
| Year Ended 12/31/2024 | $12.89<br>| 0.47<br>| 0.13<br>| 0.60<br>|
| Year Ended 12/31/2023 | $11.93<br>| 0.33<br>| 0.63<br>| 0.96<br>|
| Year Ended 12/31/2022 | $14.16<br>| 0.20<br>| &nbsp;&nbsp; (2.43) <br>| &nbsp;&nbsp; (2.23) <br>|
| Year Ended 12/31/2021 | $13.76<br>| 0.16<br>| 0.24<br>| 0.40<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $13.30<br>| 0.44<br>| 0.78<br>| 1.22<br>|
| Year Ended 12/31/2024 | $12.75<br>| 0.42<br>| 0.13<br>| 0.55<br>|
| Year Ended 12/31/2023 | $11.82<br>| 0.29<br>| 0.64<br>| 0.93<br>|
| Year Ended 12/31/2022 | $14.07<br>| 0.15<br>| &nbsp;&nbsp; (2.40) <br>| &nbsp;&nbsp; (2.25) <br>|
| Year Ended 12/31/2021 | $13.71<br>| 0.11<br>| 0.25<br>| 0.36<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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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%. |

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The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Conservative Fund \| 2025

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Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $14.76<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.39%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 181%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $771<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $13.49<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 174%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $648<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $12.89<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.05%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 178%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $616<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $11.93<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15.75%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.56%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 147%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $422<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $14.16<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 195%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $421<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $14.52<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 181%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $567990<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $13.30<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 174%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $556306<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $12.75<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.87%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.43%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 178%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $578869<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $11.82<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15.99%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 147%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $605114<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $14.07<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 195%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $744356<br>|

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The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Conservative Fund \| 2025

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Notes to Financial Statements

December 31, 2025

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.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

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.

Variable Portfolio – Managed Volatility Conservative Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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.

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

Variable Portfolio – Managed Volatility Conservative Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in the underlying rate, asset or reference instrument and individual markets. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally expected to be limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty provides some protection in the case of clearing member default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the primary counterparty credit risk is the risk of failure of the clearinghouse. However, credit risk still exists in exchange-traded and centrally cleared derivatives with respect to any collateral that is held in a broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the central counterparty or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund) by account class, potentially resulting in losses to the Fund.

In connection with certain over-the-counter derivatives, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or central counterparty for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker or receive interest income on cash collateral pledged to the broker. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet

Variable Portfolio – Managed Volatility Conservative Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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 portfolio currency risk and to facilitate transactions in securities denominated in foreign currencies in the normal course of pursuing its investment objectives. These contracts are used to protect against a decline in value relative to the U.S. dollar of the currencies in which portfolio securities are denominated or quoted (or an increase in the value of a currency in which securities that a Fund intends to buy are denominated, when a Fund holds cash reserves and short-term investments), or for other investment purposes. 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 its exposure to the securities markets or to movements in interest rates and currency values. A Fund invests in futures contracts as part of its primary investment strategy and/or to equitize its cash flows. Investments in futures contracts may increase or decrease exposure to a particular market. 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 may use options that are written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and

Variable Portfolio – Managed Volatility Conservative Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund's exposure to the underlying instrument. Writing call options tends to decrease a Fund's exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. 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.

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, 2025:

---

| | | |
|:---|:---|:---|
|  | **Asset derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Equity risk | Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 131,905<br> \*<br>|
| Equity risk | Investments, at value — Option contracts purchased | &nbsp;&nbsp;&nbsp;&nbsp; 1868190 |
| Foreign exchange risk | Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 200972 |
| Interest rate risk | Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 40,966<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 2242033 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Variable Portfolio – Managed Volatility Conservative Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Liability derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Equity risk | Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 73,776<br> \*<br>|
| Equity risk | Option contracts written, at value | &nbsp;&nbsp;&nbsp;&nbsp; 19220 |
| Foreign exchange risk | Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 398244 |
| Interest rate risk | Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 29,664<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 520904 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin for futures and centrally cleared swaps, if any, is reported in receivables or payables in the Statement of Assets and Liabilities.

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** |
| **Risk exposure category** | **Forward** <br>**foreign** <br>**currency** <br>**exchange** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**purchased** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**written** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 243028 | &nbsp;&nbsp;&nbsp;&nbsp; (639089)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (67161)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (463222)<br>|
| Foreign exchange risk | &nbsp;&nbsp; (118011)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (118011)<br>|
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 414879 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 414879 |
| Total | &nbsp;&nbsp; (118011)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 657907 | &nbsp;&nbsp;&nbsp;&nbsp; (639089)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (67161)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (166354)<br>|
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Forward** <br>**foreign** <br>**currency** <br>**exchange** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**purchased** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**written** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (123317)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (137252)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1721)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (262290)<br>|
| Foreign exchange risk | &nbsp;&nbsp; 8692 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8692 |
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (338526)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (338526)<br>|
| Total | &nbsp;&nbsp; 8692 | &nbsp;&nbsp;&nbsp;&nbsp; (461843)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (137252)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1721)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (592124)<br>|

---

The following table is a summary of the average daily outstanding volume by derivative instrument for the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Derivative instrument** | **Average notional** <br>**amounts ($)**<br>|
| Futures contracts — long | 51724142 |
| Futures contracts — short | 13676920 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Derivative instrument** | **Average** <br>**value ($)**<br>|
| Option contracts purchased | 1548350 |
| Option contracts written | (131072)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Derivative instrument** | **Average unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Average unrealized** <br>**depreciation ($)**<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 324301 | &nbsp;&nbsp;&nbsp;&nbsp; (336980)<br>|

---

Variable Portfolio – Managed Volatility Conservative Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**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.

Variable Portfolio – Managed Volatility Conservative Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**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 with counterparties as well as any related collateral received or pledged by the Fund as of December 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Barclays** | **Citi** | **Goldman** <br>**Sachs** <br>**International**<br>| **HSBC** | **JPMorgan** | **Morgan** <br>**Stanley** <sup>(a)</sup> <br>| **Morgan** <br>**Stanley** <sup>(a)</sup> <br>| **UBS** | **Wells** <br>**Fargo**<br>| **Total** |
| **Assets** |  |  |  |  |  |  |  |  |  |  |
| Forward foreign currency exchange <br> contracts<br>| $&nbsp;&nbsp; -<br>| &nbsp;&nbsp; 20660<br>| &nbsp;&nbsp; 2937<br>| &nbsp;&nbsp; 1662<br>| &nbsp;&nbsp; 473<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 29001<br>| &nbsp;&nbsp; 146239<br>| &nbsp;&nbsp; 200972<br>|
| Call option contracts purchased | &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 14465<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 14465<br>|
| Put option contracts purchased | &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 1853725<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 1853725<br>|
| Total assets | &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 20660<br>| &nbsp;&nbsp; 2937<br>| &nbsp;&nbsp; 1662<br>| &nbsp;&nbsp; 473<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 1868190<br>| &nbsp;&nbsp; 29001<br>| &nbsp;&nbsp; 146239<br>| &nbsp;&nbsp; 2069162<br>|
| **Liabilities** |  |  |  |  |  |  |  |  |  |  |
| Forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; 41910<br>| &nbsp;&nbsp; 152730<br>| &nbsp;&nbsp; 49738<br>| &nbsp;&nbsp; 19261<br>| &nbsp;&nbsp; 54208<br>| &nbsp;&nbsp; 60100<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 15134<br>| &nbsp;&nbsp; 5163<br>| &nbsp;&nbsp; 398244<br>|
| Put option contracts written | &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 19220<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 19220<br>|
| Total liabilities | &nbsp;&nbsp; 41910<br>| &nbsp;&nbsp; 152730<br>| &nbsp;&nbsp; 49738<br>| &nbsp;&nbsp; 19261<br>| &nbsp;&nbsp; 54208<br>| &nbsp;&nbsp; 60100<br>| &nbsp;&nbsp; 19220<br>| &nbsp;&nbsp; 15134<br>| &nbsp;&nbsp; 5163<br>| &nbsp;&nbsp; 417464<br>|
| **Total financial and derivative net assets** | &nbsp;&nbsp; **(41910)**<br>| &nbsp;&nbsp; **(132070)**<br>| &nbsp;&nbsp; **(46801)**<br>| &nbsp;&nbsp; **(17599)**<br>| &nbsp;&nbsp; **(53735)**<br>| &nbsp;&nbsp; **(60100)**<br>| &nbsp;&nbsp; **1848970**<br>| &nbsp;&nbsp; **13867**<br>| &nbsp;&nbsp; **141076**<br>| &nbsp;&nbsp; **1651698**<br>|
| Total collateral received (pledged) <sup>(b)</sup> <br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>|
| **Net amount** <sup>(c)</sup> <br>| $&nbsp;&nbsp; **(41910)**<br>| &nbsp;&nbsp; **(132070)**<br>| &nbsp;&nbsp; **(46801)**<br>| &nbsp;&nbsp; **(17599)**<br>| &nbsp;&nbsp; **(53735)**<br>| &nbsp;&nbsp; **(60100)**<br>| &nbsp;&nbsp; **1848970**<br>| &nbsp;&nbsp; **13867**<br>| &nbsp;&nbsp; **141076**<br>| &nbsp;&nbsp; **1651698**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Exposure can only be netted across transactions governed under the same master agreement with the same legal entity.

&nbsp;&nbsp;&nbsp;&nbsp;(b) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

&nbsp;&nbsp;&nbsp;&nbsp;(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

Variable Portfolio – Managed Volatility Conservative Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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 Fund's net assets are reported at the partner-level for federal income tax purposes.

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.

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 and is responsible for 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

Variable Portfolio – Managed Volatility Conservative Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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, 2025 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 "Deferred compensation of board members" in the Statement of Operations.

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Service fees**

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2025 was 0.06% 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 to the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

**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

Variable Portfolio – Managed Volatility Conservative Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee rate(s) contractual** <br>**through** <br>**April 30, 2026 (%)**<br>|
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 |

---

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 $923,904,798 and $952,196,285, respectively, for the year ended December 31, 2025, of which $712,910,590 and $719,846,662, 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. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Note 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, 2025.

Variable Portfolio – Managed Volatility Conservative Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended December 31, 2025.

Note 8. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

**Shareholder concentration risk**

At December 31, 2025, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 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.

Variable Portfolio – Managed Volatility Conservative Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Variable Portfolio – Managed Volatility Conservative Fund \| 2025

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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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and 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 20, 2026

We have served as the auditor of one or more investment companies in the Columbia Funds Complex since 1977.

Variable Portfolio – Managed Volatility Conservative Fund \| 2025

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**Variable Portfolio – Managed Volatility Conservative Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g102030img12644aa02.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest.** The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2026 Columbia Management Investment Advisers, LLC.

ANN7045_12_E01_(02/26)

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![](g102030imgeda4ff811.jpg)

Variable Portfolio – Managed Risk Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_22af743b-8921-42d8-b798-475ba9b9b01d_POI-CommonContent-Date-707_1) | 3 |
| [Statement of Assets and Liabilities](#xx_22af743b-8921-42d8-b798-475ba9b9b01d_FS-CommonContent-Date-707_1) | 9 |
| [Statement of Operations](#xx_22af743b-8921-42d8-b798-475ba9b9b01d_FS-CommonContent-Date-707_2) | 10 |
| [Statement of Changes in Net Assets](#xx_22af743b-8921-42d8-b798-475ba9b9b01d_FS-CommonContent-Date-707_3) | 11 |
| [Financial Highlights](#xx_22af743b-8921-42d8-b798-475ba9b9b01d_FIHI-CommonContent-Date-707_1) | 12 |
| [Notes to Financial Statements](#xx_22af743b-8921-42d8-b798-475ba9b9b01d_NTF-CommonContent-Date-707_1) | 13 |
| [Report of Independent Registered Public Accounting Firm](#xx_22af743b-8921-42d8-b798-475ba9b9b01d_AUD-CommonContent-Date-707_1) | 28 |

---

Variable Portfolio – Managed Risk Fund \| 2025

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Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Equity Funds 53.6%** | **Equity Funds 53.6%** | **Equity Funds 53.6%** |
|  | **Shares** | **Value ($)** |
| **International 16.4%** | **International 16.4%** | **International 16.4%** |
| Columbia Variable Portfolio – Overseas Core Fund, <br> Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 976479 | &nbsp;&nbsp; 17469207 |
| Variable Portfolio – Partners International Core <br> Equity Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 1875922 | &nbsp;&nbsp; 23599101 |
| **Total** | **Total** | &nbsp;&nbsp; **41068308** |
| **U.S. Large Cap 35.1%** | **U.S. Large Cap 35.1%** | **U.S. Large Cap 35.1%** |
| Columbia Variable Portfolio – Disciplined Core <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 128067 | &nbsp;&nbsp; 16580824 |
| Columbia Variable Portfolio – Large Cap Growth <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 164081 | &nbsp;&nbsp; 9329620 |
| Columbia Variable Portfolio – Select Large Cap <br> Equity Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 610903 | &nbsp;&nbsp; 16427190 |
| Columbia Variable Portfolio – Select Large Cap <br> Value Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 164731 | &nbsp;&nbsp; 9231522 |
| Variable Portfolio – Partners Core Equity Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 692692 | &nbsp;&nbsp; 36123881 |
| **Total** | **Total** | &nbsp;&nbsp; **87693037** |
| **U.S. Small Cap 2.1%** | **U.S. Small Cap 2.1%** | **U.S. Small Cap 2.1%** |
| Variable Portfolio – Partners Small Cap Growth <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 69233 | &nbsp;&nbsp; 2587933 |
| Variable Portfolio – Partners Small Cap Value Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 61530 | &nbsp;&nbsp; 2596576 |
| **Total** | **Total** | &nbsp;&nbsp; **5184509** |
| Total Equity Funds <br>(Cost $83,455,749) | Total Equity Funds <br>(Cost $83,455,749) | &nbsp;&nbsp; **133945854** |
| **Exchange-Traded Equity Funds 1.9%** | **Exchange-Traded Equity Funds 1.9%** | **Exchange-Traded Equity Funds 1.9%** |
| **U.S. Mid Cap 1.9%** | **U.S. Mid Cap 1.9%** | **U.S. Mid Cap 1.9%** |
| iShares Core S&P Mid-Cap ETF | &nbsp;&nbsp; 71000 | &nbsp;&nbsp; 4686000 |
| Total Exchange-Traded Equity Funds <br>(Cost $3,668,148) | Total Exchange-Traded Equity Funds <br>(Cost $3,668,148) | &nbsp;&nbsp; **4686000** |

---

---

| | | |
|:---|:---|:---|
| **Exchange-Traded Fixed Income Funds 6.2%** | **Exchange-Traded Fixed Income Funds 6.2%** | **Exchange-Traded Fixed Income Funds 6.2%** |
|  | **Shares** | **Value ($)** |
| **Investment Grade 6.2%** | **Investment Grade 6.2%** | **Investment Grade 6.2%** |
| iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp; 43000 | &nbsp;&nbsp; 4294840 |
| iShares iBoxx $ Investment Grade Corporate Bond <br> ETF<br>| &nbsp;&nbsp; 21670 | &nbsp;&nbsp; 2387817 |
| Vanguard Intermediate-Term Corporate Bond ETF | &nbsp;&nbsp; 38100 | &nbsp;&nbsp; 3190875 |
| Vanguard Total Bond Market ETF | &nbsp;&nbsp; 74500 | &nbsp;&nbsp; 5518215 |
| **Total** | **Total** | &nbsp;&nbsp; **15391747** |
| Total Exchange-Traded Fixed Income Funds <br>(Cost $14,844,888) | Total Exchange-Traded Fixed Income Funds <br>(Cost $14,844,888) | &nbsp;&nbsp; **15391747** |
| **Fixed Income Funds 29.0%** | **Fixed Income Funds 29.0%** | **Fixed Income Funds 29.0%** |
| **Investment Grade 29.0%** | **Investment Grade 29.0%** | **Investment Grade 29.0%** |
| Columbia Variable Portfolio – Intermediate Bond <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 4033792 | &nbsp;&nbsp; 34690613 |
| Variable Portfolio – Partners Core Bond Fund, <br> Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 3854011 | &nbsp;&nbsp; 37615150 |
| **Total** | **Total** | &nbsp;&nbsp; **72305763** |
| Total Fixed Income Funds <br>(Cost $78,408,912) | Total Fixed Income Funds <br>(Cost $78,408,912) | &nbsp;&nbsp; **72305763** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency 5.5%** | **Residential Mortgage-Backed Securities - Agency 5.5%** | **Residential Mortgage-Backed Securities - Agency 5.5%** | **Residential Mortgage-Backed Securities - Agency 5.5%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Uniform Mortgage-Backed Security TBA<sup>(c)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(c)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(c)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(c)</sup>  |
| 01/20/2041- <br>01/14/2056<br>| &nbsp;&nbsp; 3.000% | 1916000 | &nbsp;&nbsp; 1721540 |
| 01/20/2041- <br>01/14/2056<br>| &nbsp;&nbsp; 3.500% | 2190000 | &nbsp;&nbsp; 2053040 |
| 01/20/2041- <br>01/14/2056<br>| &nbsp;&nbsp; 4.000% | 3023000 | &nbsp;&nbsp; 2898775 |
| 01/14/2056 | &nbsp;&nbsp; 4.500% | 5515000 | &nbsp;&nbsp; 5383424 |
| 01/14/2056 | &nbsp;&nbsp; 5.000% | 1615000 | &nbsp;&nbsp; 1610458 |
| Total Residential Mortgage-Backed Securities - Agency <br>(Cost $13,685,349) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $13,685,349) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $13,685,349) | &nbsp;&nbsp; **13667237** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Put Option Contracts Purchased 0.7%** | **Put Option Contracts Purchased 0.7%** |
|  | **Value ($)** |
| (Cost $2,247,714) | &nbsp;&nbsp; **1839805** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Risk Fund \| 2025

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Portfolio of Investments (continued)

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Money Market Funds 7.7%** | **Money Market Funds 7.7%** | **Money Market Funds 7.7%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(a),(d)</sup> <br>| &nbsp;&nbsp; 19351057 | &nbsp;&nbsp; 19345252 |
| Total Money Market Funds <br>(Cost $19,341,634) | Total Money Market Funds <br>(Cost $19,341,634) | &nbsp;&nbsp; **19345252** |
| **Total Investments in Securities** <br>**(Cost: $215,652,394)** | **Total Investments in Securities** <br>**(Cost: $215,652,394)** | &nbsp;&nbsp; **261181658** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(11385130)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **249796528** |

---

At December 31, 2025, securities and/or cash totaling $2,553,985 were pledged as collateral.

**Investments in derivatives** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** |
| **Currency to** <br>**be sold**<br>| &nbsp;&nbsp;&nbsp; **Currency to** <br>**be purchased**<br>| **Counterparty** | **Settlement** <br>**date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**depreciation ($)**<br>|
| 1,195,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 857,615 USD | Barclays | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (13962)<br>|
| 285,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 383,404 USD | Barclays | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (751)<br>|
| 406,795 USD | &nbsp;&nbsp;&nbsp;&nbsp; 700,000 NZD | Barclays | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3356)<br>|
| 200,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 144,842 USD | Citi | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1029)<br>|
| 200,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp; 115,585 USD | Citi | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 317 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3,750,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 407,198 USD | Citi | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (636)<br>|
| 445,154 USD | &nbsp;&nbsp;&nbsp;&nbsp; 350,000 CHF | Citi | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2153)<br>|
| 3,914,775 USD | &nbsp;&nbsp;&nbsp;&nbsp; 604,000,000 JPY | Citi | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (50628)<br>|
| 426,398 USD | &nbsp;&nbsp;&nbsp;&nbsp; 4,000,000 SEK | Citi | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8626 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 50,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 67,435 USD | Goldman Sachs International | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 6,500,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 708,277 USD | Goldman Sachs International | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1364 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 9,800,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 1,041,717 USD | Goldman Sachs International | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (24091)<br>|
| 145,127 USD | &nbsp;&nbsp;&nbsp;&nbsp; 250,000 NZD | Goldman Sachs International | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1042)<br>|
| 800,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 1,071,700 USD | HSBC | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6629)<br>|
| 1,610,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp; 926,112 USD | HSBC | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1796)<br>|
| 2,525,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp; 3,168,281 USD | JPMorgan | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (27651)<br>|
| 268,368 USD | &nbsp;&nbsp;&nbsp;&nbsp; 42,000,000 JPY | JPMorgan | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 331 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3,355,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 3,915,235 USD | Morgan Stanley | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (32011)<br>|
| 695,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 920,769 USD | Morgan Stanley | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16030)<br>|
| 900,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 97,159 USD | Morgan Stanley | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (721)<br>|
| 116,083 USD | &nbsp;&nbsp;&nbsp;&nbsp; 200,000 NZD | Morgan Stanley | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (815)<br>|
| 375,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 499,296 USD | UBS | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6171)<br>|
| 1,075,078 USD | &nbsp;&nbsp;&nbsp;&nbsp; 850,000 CHF | UBS | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 780 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 383,161 USD | &nbsp;&nbsp;&nbsp;&nbsp; 325,000 EUR | UBS | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (789)<br>|
| 3,133,222 USD | &nbsp;&nbsp;&nbsp;&nbsp; 31,700,000 NOK | UBS | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11853 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 150,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp; 99,803 USD | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (313)<br>|
| 125,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 91,394 USD | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 500,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 364,149 USD | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (527)<br>|
| 150,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 176,769 USD | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 15,000,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp; 97,237 USD | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1273 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3,106,785 USD | &nbsp;&nbsp;&nbsp;&nbsp; 4,735,000 AUD | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 53553 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 66,889 USD | &nbsp;&nbsp;&nbsp;&nbsp; 100,000 AUD | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (145)<br>|
| 342,380 USD | &nbsp;&nbsp;&nbsp;&nbsp; 275,000 CHF | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5691 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,267,596 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,000,000 CHF | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1880)<br>|
| Total |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 84342 | &nbsp;&nbsp;&nbsp;&nbsp; (193126)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Risk Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| CAC40 Index | 5 | 01/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 407700 | &nbsp;&nbsp;&nbsp;&nbsp; 1007 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| IBEX 35 Index | 1 | 01/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 172795 | &nbsp;&nbsp;&nbsp;&nbsp; 3538 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| NASDAQ 100 Index E-mini | 1 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 509135 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6928)<br>|
| S&P 500 Index E-mini | 24 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 8271000 | &nbsp;&nbsp;&nbsp;&nbsp; 67690 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P/TSX 60 Index | 6 | 03/2026 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 2234280 | &nbsp;&nbsp;&nbsp;&nbsp; 7200 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Long Bond | 7 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 809156 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5154)<br>|
| U.S. Treasury 2-Year Note | 11 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2296680 | &nbsp;&nbsp;&nbsp;&nbsp; 589 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 5-Year Note | 22 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2404703 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2667)<br>|
| U.S. Treasury Ultra Bond | 7 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 826000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11454)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 80024 | &nbsp;&nbsp;&nbsp;&nbsp; (26203)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| Euro STOXX 50 Index | (55) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (3212550)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (45329)<br>|
| FTSE 100 Index | (3) | 03/2026 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; (298230)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6134)<br>|
| FTSE/MIB Index | (2) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (450530)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8896)<br>|
| OMXS30 Index | (15) | 01/2026 | SEK | &nbsp;&nbsp;&nbsp;&nbsp; (4342875)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10300)<br>|
| Russell 2000 Index E-mini | (14) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (1748600)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 52955 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P 500 Index E-mini | (8) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (2757000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29720 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| SPI 200 Index | (1) | 03/2026 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; (216900)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (891)<br>|
| TOPIX Index | (3) | 03/2026 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; (102405000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8211)<br>|
| U.S. Treasury 10-Year Note | (14) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (1574125)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9032 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 91707 | &nbsp;&nbsp;&nbsp;&nbsp; (79761)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Cost ($)** | **Value ($)** |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 21221050 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 5300.00 | &nbsp;&nbsp; 12/17/2027 | &nbsp;&nbsp; 796650 | &nbsp;&nbsp; 627595 |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 19851950 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 5200.00 | &nbsp;&nbsp; 12/17/2027 | &nbsp;&nbsp; 695870 | &nbsp;&nbsp; 548100 |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 14375550 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 5400.00 | &nbsp;&nbsp; 12/17/2027 | &nbsp;&nbsp; 536813 | &nbsp;&nbsp; 455175 |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 6160950 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 5500.00 | &nbsp;&nbsp; 12/17/2027 | &nbsp;&nbsp; 218381 | &nbsp;&nbsp; 208935 |
| Total |  |  |  |  |  |  | &nbsp;&nbsp; 2247714 | &nbsp;&nbsp; 1839805 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** |
| **Reference** <br>**entity**<br>| **Counterparty** | **Maturity** <br>**date**<br>| **Receive** <br>**fixed** <br>**rate** <br>**(%)**<br>| **Payment** <br>**frequency**<br>| **Implied** <br>**credit** <br>**spread** <br>**(%)\***<br>| **Notional** <br>**currency**<br>| **Notional** <br>**amount** <br>| **Value** <br>**($)**<br>| **Upfront** <br>**payments** <br>**($)**<br>| **Upfront** <br>**receipts** <br>**($)**<br>| **Unrealized** <br>**appreciation** <br>**($)**<br>| **Unrealized** <br>**depreciation** <br>**($)**<br>|
| CDX North America Investment <br> Grade Index, Series 45<br>| Morgan Stanley | 12/20/2030 | 1.000 | Quarterly | 0.5 | USD | 6000000 | 5991 |  |  | 5991 |  |

---

\* 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.

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Risk Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Capital gain** <br>**distributions($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends —** <br>**affiliated** <br>**issuers ($)**<br>| **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  |
|  | 18848676 | 48637851 | (48139737)<br>| (1538)<br>| 19345252 |  | (288)<br>| 698389 | 19351057 |
| Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  |
|  | 16205506 | 298003 | (1051936)<br>| 1129251 | 16580824 |  | 1198520 |  | 128067 |
| Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  |
|  | 34092251 | 2717124 | (4238470)<br>| 2119708 | 34690613 |  | (987642)<br>| 1878729 | 4033792 |
| Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  |
|  |  | 9262500 | (32969)<br>| 100089 | 9329620 |  | 244 |  | 164081 |
| Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  |
|  | 16547346 | 408888 | (4500018)<br>| 5012991 | 17469207 |  | 312312 | 357340 | 976479 |
| Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  |
|  | 16184297 | 286914 | (1431366)<br>| 1387345 | 16427190 |  | 874855 |  | 610903 |
| Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  |
|  |  | 9262500 | (30978)<br>|  | 9231522 |  | (252)<br>|  | 164731 |
| Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  |
|  | 36598740 | 3140958 | (3269883)<br>| 1145335 | 37615150 |  | (416376)<br>| 2002869 | 3854011 |
| Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  |
|  | 53512100 | 442508 | (11488502)<br>| (6342225)<br>| 36123881 |  | 13340170 |  | 692692 |
| Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  |
|  | 21900089 | 1669886 | (4041583)<br>| 4070709 | 23599101 | 962590 | (198366)<br>| 353423 | 1875922 |
| Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  |
|  | 2463131 | 189315 | (237085)<br>| 172572 | 2587933 |  | 53143 |  | 69233 |
| Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  |
|  | 2468943 | 240317 | (273815)<br>| 161131 | 2596576 |  | 55753 |  | 61530 |
| Total | 218821079 |  |  | 8955368 | 225596869 | 962590 | 14232073 | 5290750 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents a security purchased on a when-issued basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The rate shown is the seven-day current annualized yield at December 31, 2025.

**Abbreviation Legend** 

TBA To Be Announced

**Currency Legend** 

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Risk Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Currency Legend (continued)**

SEK Swedish Krona <br> 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, if any, are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Assets at NAV ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |  |
| Equity Funds |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 133945854 | &nbsp;&nbsp;&nbsp;&nbsp; 133945854 |
| Exchange-Traded Equity Funds | 4686000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4686000 |
| Exchange-Traded Fixed Income Funds | 15391747 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15391747 |
| Fixed Income Funds |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 72305763 | &nbsp;&nbsp;&nbsp;&nbsp; 72305763 |
| Residential Mortgage-Backed Securities - Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 13667237 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13667237 |
| Put Option Contracts Purchased | 1839805 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1839805 |
| Money Market Funds | 19345252 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19345252 |
| Total Investments in Securities | 41262804 | &nbsp;&nbsp;&nbsp;&nbsp; 13667237 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 206251617 | &nbsp;&nbsp;&nbsp;&nbsp; 261181658 |
| **Investments in Derivatives** |  |  |  |  |  |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Risk Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Assets at NAV ($)** | **Total ($)** |
| Asset |  |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; 84342 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 84342 |
| Futures Contracts | 171731 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 171731 |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; 5991 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5991 |
| Liability |  |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; (193126)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (193126)<br>|
| Futures Contracts | (105964)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (105964)<br>|
| Total | 41328571 | &nbsp;&nbsp;&nbsp;&nbsp; 13564444 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 206251617 | &nbsp;&nbsp;&nbsp;&nbsp; 261144632 |

---

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 Risk Fund \| 2025

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Statement of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $32,198,385) | $33744984 |
| Affiliated issuers (cost $181,206,295) | 225596869 |
| Option contracts purchased (cost $2,247,714) | 1839805 |
| Cash | 5673 |
| Cash collateral held at broker for: |  |
| Option contracts purchased | 950000 |
| Margin deposits on: |  |
| Futures contracts | 1460875 |
| Swap contracts | 143111 |
| Unrealized appreciation on forward foreign currency exchange contracts | 84342 |
| Receivable for: |  |
| Investments sold | 184305 |
| Investments sold on a delayed delivery basis  | 683413 |
| Dividends | 55893 |
| Interest | 22163 |
| Variation margin for futures contracts | 39388 |
| Expense reimbursement due from Investment Manager | 238 |
| Prepaid expenses | 2369 |
| Deferred compensation of board members | 37276 |
| Total assets | 264850704 |
| **Liabilities** |  |
| Unrealized depreciation on forward foreign currency exchange contracts | 193126 |
| Payable for: |  |
| Investments purchased | 45267 |
| Investments purchased on a delayed delivery basis | 14391046 |
| Capital shares redeemed | 223776 |
| Variation margin for futures contracts | 84801 |
| Variation margin for swap contracts | 1021 |
| Management services fees | 974 |
| Distribution and/or service fees | 1720 |
| Service fees | 12807 |
| Compensation of chief compliance officer | 41 |
| Compensation of board members | 547 |
| Other expenses | 31822 |
| Deferred compensation of board members | 67228 |
| Total liabilities | 15054176 |
| **Net assets applicable to outstanding capital stock** | **$249796528** |
| **Represented by** |  |
| Trust capital | $249796528 |
| **Total - representing net assets applicable to outstanding capital stock** | **$249796528** |
| **Class 2** |  |
| Net assets | $249796528 |
| Shares outstanding | 16106727 |
| Net asset value per share | $15.51 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Risk Fund \| 2025

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Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $704610 |
| Dividends — affiliated issuers | 5290750 |
| Interest | 45541 |
| Total income | 6040901 |
| Expenses: |  |
| Management services fees | 332942 |
| Distribution and/or service fees |  |
| Class 2 | 612859 |
| Service fees | 147179 |
| Custodian fees | 34295 |
| Printing and postage fees | 12630 |
| Accounting services fees | 32423 |
| Legal fees | 21485 |
| Compensation of chief compliance officer | 39 |
| Compensation of board members | 13585 |
| Deferred compensation of board members | 6128 |
| Other | 7734 |
| Total expenses | 1221299 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (56865)<br>|
| Total net expenses | 1164434 |
| **Net investment income** | 4876467 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 437209 |
| Investments — affiliated issuers | 14232073 |
| Capital gain distributions from underlying affiliated funds | 962590 |
| Foreign currency translations | 105028 |
| Forward foreign currency exchange contracts | (147168)<br>|
| Futures contracts | (740881)<br>|
| Option contracts purchased | (635440)<br>|
| Option contracts written | (101653)<br>|
| Swap contracts | 65628 |
| Net realized gain | 14177386 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 771709 |
| Investments — affiliated issuers | 8955368 |
| Forward foreign currency exchange contracts | (146371)<br>|
| Futures contracts | (294988)<br>|
| Option contracts purchased | (202441)<br>|
| Swap contracts | (652)<br>|
| Net change in unrealized appreciation (depreciation) | 9082625 |
| Net realized and unrealized gain | 23260011 |
| **Net increase in net assets resulting from operations** | **$28136478** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Risk Fund \| 2025

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Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income | $4876467 | &nbsp;&nbsp; $4564210 |
| Net realized gain | 14177386 | &nbsp;&nbsp; 3417098 |
| Net change in unrealized appreciation (depreciation) | 9082625 | &nbsp;&nbsp; 14004188 |
| Net increase in net assets resulting from operations | 28136478 | &nbsp;&nbsp; 21985496 |
| Decrease in net assets from capital stock activity | (19889324)<br>| &nbsp;&nbsp; (22585338)<br>|
| Total increase (decrease) in net assets | 8247154 | &nbsp;&nbsp; (599842)<br>|
| Net assets at beginning of year | 241549374 | &nbsp;&nbsp; 242149216 |
| **Net assets at end of year** | **$249796528** | &nbsp;&nbsp; **$241549374** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |
| Shares redeemed | (239)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3413)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net decrease | (239)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3413)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class 2 |  |  |  |  |
| Shares sold | 331900 | &nbsp;&nbsp;&nbsp;&nbsp; 4851103 | &nbsp;&nbsp;&nbsp;&nbsp; 203441 | &nbsp;&nbsp;&nbsp;&nbsp; 2712736 |
| Shares redeemed | (1689317)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24737014)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1892021)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25298074)<br>|
| Net decrease | (1357417)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19885911)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1688580)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22585338)<br>|
| **Total net decrease** | **(1357656)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(19889324)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(1688580)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(22585338)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Risk Fund \| 2025

------

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class 2** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class 2** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Per share data** |  |  |  |  |  |
| Net asset value, beginning of period | $13.83 | &nbsp;&nbsp;&nbsp; $12.64 | &nbsp;&nbsp;&nbsp; $11.26 | &nbsp;&nbsp;&nbsp; $13.63 | &nbsp;&nbsp;&nbsp; $12.31 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income | 0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Net realized and unrealized gain (loss) | 1.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp; (2.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.24 |
| Total from investment operations | 1.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp; (2.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.32 |
| Net asset value, end of period | $15.51 | &nbsp;&nbsp;&nbsp; $13.83 | &nbsp;&nbsp;&nbsp; $12.64 | &nbsp;&nbsp;&nbsp; $11.26 | &nbsp;&nbsp;&nbsp; $13.63 |
| Total return | 12.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.26<br> %<br>| &nbsp;&nbsp;&nbsp; (17.39<br> %)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.72<br> %<br>|
| **Ratios to average net assets** |  |  |  |  |  |
| Total gross expenses<sup>(a)</sup> <br>| 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>(b)</sup><br>|
| Total net expenses<sup>(a),(c)</sup> <br>| 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>(b)</sup><br>|
| Net investment income  | 1.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $249797 | &nbsp;&nbsp;&nbsp; $241546 | &nbsp;&nbsp;&nbsp; $242146 | &nbsp;&nbsp;&nbsp; $218577 | &nbsp;&nbsp;&nbsp; $277708 |
| Portfolio turnover | 112<br> %<br>| &nbsp;&nbsp;&nbsp; 98<br> %<br>| &nbsp;&nbsp;&nbsp; 110<br> %<br>| &nbsp;&nbsp;&nbsp; 113<br> %<br>| &nbsp;&nbsp;&nbsp; 116<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **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) | 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Class** | **12/31/2022** | **12/31/2021** |
| Class 2 | less than 0.01% | &nbsp;&nbsp; 0.01% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Risk Fund \| 2025

------

Notes to Financial Statements

December 31, 2025

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 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.

Effective at the close of business on February 7, 2025, Class 1 shares of the Fund were liquidated.

Note 2. Summary of significant accounting policies

**Basis of preparation**

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

Variable Portfolio – Managed Risk Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**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.

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.

Variable Portfolio – Managed Risk Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Derivative instruments**

The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in the underlying rate, asset or reference instrument and individual markets. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally expected to be limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty provides some protection in the case of clearing member default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the primary counterparty credit risk is the risk of failure of the clearinghouse. However, credit risk still exists in exchange-traded and centrally cleared derivatives with respect to any collateral that is held in a broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the central counterparty or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund) by account class, potentially resulting in losses to the Fund.

In connection with certain over-the-counter derivatives, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or central counterparty for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on

Variable Portfolio – Managed Risk Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

cash collateral received from the broker or receive interest income on cash collateral pledged to the broker. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

**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 portfolio currency risk and to facilitate transactions in securities denominated in foreign currencies in the normal course of pursuing its investment objectives. These contracts are used to protect against a decline in value relative to the U.S. dollar of the currencies in which portfolio securities are denominated or quoted (or an increase in the value of a currency in which securities that a Fund intends to buy are denominated, when a Fund holds cash reserves and short-term investments), or for other investment purposes. 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 its exposure to the securities markets or to movements in interest rates and currency values. A Fund invests in futures contracts as part of its primary investment strategy and/or to equitize its cash flows. Investments in futures contracts may increase or decrease exposure to a particular market. 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

Variable Portfolio – Managed Risk Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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 may use options that are written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund's exposure to the underlying instrument. Writing call options tends to decrease a Fund's exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. 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 and the central counterparty 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 central counterparty 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 marked-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, there is less credit exposure to the FCM than in the case of an over-the-counter derivative, because the central counterparty provides some protection in the case of clearing member default. The central counterparty stands between the buyer and the seller of the swap contract; therefore, failure of the clearinghouse may pose additional counterparty credit risk. However, credit risk still exists in centrally cleared swaps to the extent initial and variation margin is held in an FCM's customer account. While FCM's are required to segregate customer margin from their own assets, in the event that an FCM becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount

Variable Portfolio – Managed Risk Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

of margin held by the FCM for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all of the FCM's customers (including the Fund) by account class, potentially resulting in losses to the Fund. 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 central counterparty, as applicable, may not fulfill its obligation under the contract.

**Credit default swap contracts**

The Fund entered into credit default swap contracts to hedge or manage the risks associated with assets held in the Fund and/or to facilitate the implementation of portfolio strategies to seek to increase the total return. These swaps are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. 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.

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Notes to Financial Statements (continued)

December 31, 2025

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 other risks including 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, 2025:

---

| | | |
|:---|:---|:---|
|  | **Asset derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Credit risk | Component of trust capital — unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 5,991<br> \*<br>|
| Equity risk | Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 162,110<br> \*<br>|
| Equity risk | Investments, at value — Option contracts purchased | &nbsp;&nbsp;&nbsp;&nbsp; 1839805 |
| Foreign exchange risk | Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 84342 |
| Interest rate risk | Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 9,621<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 2101869 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Liability derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Equity risk | Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 86,689<br> \*<br>|
| Foreign exchange risk | Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 193126 |
| Interest rate risk | Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 19,275<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 299090 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin for futures and centrally cleared swaps, if any, is reported in receivables or payables in the Statement of Assets and Liabilities.

Variable Portfolio – Managed Risk Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** |
| **Risk exposure category** | **Forward** <br>**foreign** <br>**currency** <br>**exchange** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**purchased** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**written** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Credit risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65628 | &nbsp;&nbsp;&nbsp;&nbsp; 65628 |
| Equity risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (681039)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (635440)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (101653)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1418132)<br>|
| Foreign exchange risk | &nbsp;&nbsp; (147168)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (147168)<br>|
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (59842)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (59842)<br>|
| Total | &nbsp;&nbsp; (147168)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (740881)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (635440)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (101653)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 65628 | &nbsp;&nbsp;&nbsp;&nbsp; (1559514)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Forward** <br>**foreign** <br>**currency** <br>**exchange** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**purchased** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Credit risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (652)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (652)<br>|
| Equity risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (293648)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (202441)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (496089)<br>|
| Foreign exchange risk | &nbsp;&nbsp; (146371)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (146371)<br>|
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1340)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1340)<br>|
| Total | &nbsp;&nbsp; (146371)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (294988)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (202441)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (652)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (644452)<br>|

---

The following table is a summary of the average daily outstanding volume by derivative instrument for the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Derivative instrument** | **Average notional** <br>**amounts ($)**<br>|
| Futures contracts — long | 17581775 |
| Futures contracts — short | 14225374 |
| Credit default swap contracts — sell protection | 6000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Derivative instrument** | **Average** <br>**value ($)**<br>|
| Option contracts purchased | 1531688 |
| Option contracts written | (105854)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Derivative instrument** | **Average unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Average unrealized** <br>**depreciation ($)**<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 126782 | &nbsp;&nbsp;&nbsp;&nbsp; (142471)<br>|

---

**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.

Variable Portfolio – Managed Risk Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

**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 \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

**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 with counterparties as well as any related collateral received or pledged by the Fund as of December 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Barclays** | **Citi** | **Goldman** <br>**Sachs** <br>**International**<br>| **HSBC** | **JPMorgan** | **Morgan** <br>**Stanley** <sup>(a)</sup> <br>| **Morgan** <br>**Stanley** <sup>(a)</sup> <br>| **Morgan** <br>**Stanley** <sup>(a)</sup> <br>| **UBS** | **Wells** <br>**Fargo**<br>| **Total** |
| **Assets** |  |  |  |  |  |  |  |  |  |  |  |
| Forward foreign currency <br> exchange contracts<br>| $&nbsp;&nbsp; -<br>| &nbsp;&nbsp; 8943<br>| &nbsp;&nbsp; 1403<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 331<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 12633<br>| &nbsp;&nbsp; 61032<br>| &nbsp;&nbsp; 84342<br>|
| Put option contracts purchased | &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 1839805 | &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 1839805<br>|
| Total assets | &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 8943<br>| &nbsp;&nbsp; 1403<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 331<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 1839805 | &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 12633<br>| &nbsp;&nbsp; 61032<br>| &nbsp;&nbsp; 1924147<br>|
| **Liabilities** |  |  |  |  |  |  |  |  |  |  |  |
| Centrally cleared credit default <br> swap contracts <sup>(b)</sup> <br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 1021<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 1021<br>|
| Forward foreign currency <br> exchange contracts<br>| &nbsp;&nbsp; 18069<br>| &nbsp;&nbsp; 54446<br>| &nbsp;&nbsp; 25133<br>| &nbsp;&nbsp; 8425<br>| &nbsp;&nbsp; 27651<br>|  | &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 49577<br>| &nbsp;&nbsp; 6960<br>| &nbsp;&nbsp; 2865<br>| &nbsp;&nbsp; 193126<br>|
| Total liabilities | &nbsp;&nbsp; 18069<br>| &nbsp;&nbsp; 54446<br>| &nbsp;&nbsp; 25133<br>| &nbsp;&nbsp; 8425<br>| &nbsp;&nbsp; 27651<br>| &nbsp;&nbsp; 1021<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 49577<br>| &nbsp;&nbsp; 6960<br>| &nbsp;&nbsp; 2865<br>| &nbsp;&nbsp; 194147<br>|
| **Total financial and derivative net** <br> **assets**<br>| &nbsp;&nbsp; **(18069)**<br>| &nbsp;&nbsp; **(45503)**<br>| &nbsp;&nbsp; **(23730)**<br>| &nbsp;&nbsp; **(8425)**<br>| &nbsp;&nbsp; **(27320)**<br>| &nbsp;&nbsp; **(1021)**<br>| &nbsp;&nbsp; **1839805** | &nbsp;&nbsp; **(49577)**<br>| &nbsp;&nbsp; **5673**<br>| &nbsp;&nbsp; **58167**<br>| &nbsp;&nbsp; **1730000**<br>|
| Total collateral received <br> (pledged) <sup>(c)</sup> <br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; (1021)<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; (1021)<br>|
| **Net amount** <sup>(d)</sup> <br>| $&nbsp;&nbsp; **(18069)**<br>| &nbsp;&nbsp; **(45503)**<br>| &nbsp;&nbsp; **(23730)**<br>| &nbsp;&nbsp; **(8425)**<br>| &nbsp;&nbsp; **(27320)**<br>| &nbsp;&nbsp; **-**<br>| &nbsp;&nbsp; **1839805** | &nbsp;&nbsp; **(49577)**<br>| &nbsp;&nbsp; **5673**<br>| &nbsp;&nbsp; **58167**<br>| &nbsp;&nbsp; **1731021**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Exposure can only be netted across transactions governed under the same master agreement with the same legal entity.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Centrally cleared swaps are included within payable/receivable for variation margin in the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(c) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 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

Variable Portfolio – Managed Risk Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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 Fund's net assets are reported at the partner-level for federal income tax purposes.

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.

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 and is responsible for 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

Variable Portfolio – Managed Risk Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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, 2025 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 "Deferred compensation of board members" in the Statement of Operations.

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Service fees**

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2025 was 0.06% 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 to the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

**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.

**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

Variable Portfolio – Managed Risk Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee rate(s) contractual** <br>**through** <br>**April 30, 2026 (%)**<br>|
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 |

---

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 $266,700,283 and $284,357,969, respectively, for the year ended December 31, 2025, of which $207,537,588 and $208,633,668, 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. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Note 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, 2025.

Variable Portfolio – Managed Risk Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended December 31, 2025.

Note 8. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

**Shareholder concentration risk**

At December 31, 2025, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 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.

Variable Portfolio – Managed Risk Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Variable Portfolio – Managed Risk Fund \| 2025

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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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and 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 20, 2026

We have served as the auditor of one or more investment companies in the Columbia Funds Complex since 1977.

Variable Portfolio – Managed Risk Fund \| 2025

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**Variable Portfolio – Managed Risk Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g102030img40fe76db2.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest.** The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2026 Columbia Management Investment Advisers, LLC.

ANN7043_12_E01_(02/26)

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![](g102030img8b27d4c21.jpg)

Variable Portfolio – Managed Risk U.S. Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

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**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| [Portfolio of Investments](#xx_abd3f2f5-2087-4bd1-89f7-123408144f46_POI-CommonContent-Date-712_1) | 3 |
| [Statement of Assets and Liabilities](#xx_abd3f2f5-2087-4bd1-89f7-123408144f46_FS-CommonContent-Date-712_1) | 7 |
| [Statement of Operations](#xx_abd3f2f5-2087-4bd1-89f7-123408144f46_FS-CommonContent-Date-712_2) | 8 |
| [Statement of Changes in Net Assets](#xx_abd3f2f5-2087-4bd1-89f7-123408144f46_FS-CommonContent-Date-712_3) | 9 |
| [Financial Highlights](#xx_abd3f2f5-2087-4bd1-89f7-123408144f46_FIHI-CommonContent-Date-712_1) | 10 |
| [Notes to Financial Statements](#xx_abd3f2f5-2087-4bd1-89f7-123408144f46_NTF-CommonContent-Date-712_1) | 11 |
| [Report of Independent Registered Public Accounting Firm](#xx_abd3f2f5-2087-4bd1-89f7-123408144f46_AUD-CommonContent-Date-712_1) | 25 |

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Variable Portfolio – Managed Risk U.S. Fund \| 2025

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Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Equity Funds 53.6%** | **Equity Funds 53.6%** | **Equity Funds 53.6%** |
|  | **Shares** | **Value ($)** |
| **U.S. Large Cap 53.6%** | **U.S. Large Cap 53.6%** | **U.S. Large Cap 53.6%** |
| Columbia Variable Portfolio – Disciplined Core <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 306639 | &nbsp;&nbsp; 39700564 |
| Columbia Variable Portfolio – Large Cap Growth <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 272347 | &nbsp;&nbsp; 15485669 |
| Columbia Variable Portfolio – Select Large Cap <br> Equity Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 1472549 | &nbsp;&nbsp; 39596840 |
| Columbia Variable Portfolio – Select Large Cap <br> Value Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 273310 | &nbsp;&nbsp; 15316291 |
| CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 <br> Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 401542 | &nbsp;&nbsp; 32733675 |
| CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 752529 | &nbsp;&nbsp; 33224171 |
| Variable Portfolio – Partners Core Equity Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 727814 | &nbsp;&nbsp; 37955492 |
| **Total** | **Total** | &nbsp;&nbsp; **214012702** |
| Total Equity Funds <br>(Cost $115,675,684) | Total Equity Funds <br>(Cost $115,675,684) | &nbsp;&nbsp; **214012702** |
| **Exchange-Traded Fixed Income Funds 7.8%** | **Exchange-Traded Fixed Income Funds 7.8%** | **Exchange-Traded Fixed Income Funds 7.8%** |
| **Investment Grade 7.8%** | **Investment Grade 7.8%** | **Investment Grade 7.8%** |
| iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp; 120500 | &nbsp;&nbsp; 12035540 |
| iShares iBoxx $ Investment Grade Corporate Bond <br> ETF<br>| &nbsp;&nbsp; 20335 | &nbsp;&nbsp; 2240714 |
| Vanguard Intermediate-Term Corporate Bond ETF | &nbsp;&nbsp; 41800 | &nbsp;&nbsp; 3500750 |
| Vanguard Total Bond Market ETF | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 13332600 |
| **Total** | **Total** | &nbsp;&nbsp; **31109604** |
| Total Exchange-Traded Fixed Income Funds <br>(Cost $30,190,667) | Total Exchange-Traded Fixed Income Funds <br>(Cost $30,190,667) | &nbsp;&nbsp; **31109604** |
| **Fixed Income Funds 28.9%** | **Fixed Income Funds 28.9%** | **Fixed Income Funds 28.9%** |
| **Investment Grade 28.9%** | **Investment Grade 28.9%** | **Investment Grade 28.9%** |
| Columbia Variable Portfolio – Intermediate Bond <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 6418822 | &nbsp;&nbsp; 55201862 |
| Variable Portfolio – Partners Core Bond Fund, <br> Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 6161525 | &nbsp;&nbsp; 60136484 |
| **Total** | **Total** | &nbsp;&nbsp; **115338346** |
| Total Fixed Income Funds <br>(Cost $123,505,993) | Total Fixed Income Funds <br>(Cost $123,505,993) | &nbsp;&nbsp; **115338346** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency 4.9%** | **Residential Mortgage-Backed Securities - Agency 4.9%** | **Residential Mortgage-Backed Securities - Agency 4.9%** | **Residential Mortgage-Backed Securities - Agency 4.9%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Uniform Mortgage-Backed Security TBA<sup>(c)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(c)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(c)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(c)</sup>  |
| 01/20/2041- <br>01/14/2056<br>| &nbsp;&nbsp; 3.000% | 2820000 | &nbsp;&nbsp; 2526410 |
| 01/20/2041- <br>01/14/2056<br>| &nbsp;&nbsp; 3.500% | 3435000 | &nbsp;&nbsp; 3229412 |
| 01/20/2041- <br>01/14/2056<br>| &nbsp;&nbsp; 4.000% | 4140000 | &nbsp;&nbsp; 3965463 |
| 01/14/2056 | &nbsp;&nbsp; 4.500% | 7875000 | &nbsp;&nbsp; 7687120 |
| 01/14/2056 | &nbsp;&nbsp; 5.000% | 2275000 | &nbsp;&nbsp; 2268602 |
| Total Residential Mortgage-Backed Securities - Agency <br>(Cost $19,700,726) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $19,700,726) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $19,700,726) | &nbsp;&nbsp; **19677007** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Put Option Contracts Purchased 0.8%** | **Put Option Contracts Purchased 0.8%** |
|  | **Value ($)** |
| (Cost $3,597,304) | &nbsp;&nbsp; **2967835** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Money Market Funds 8.2%** | **Money Market Funds 8.2%** | **Money Market Funds 8.2%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(a),(d)</sup> <br>| &nbsp;&nbsp; 32808517 | &nbsp;&nbsp; 32798675 |
| Total Money Market Funds <br>(Cost $32,793,970) | Total Money Market Funds <br>(Cost $32,793,970) | &nbsp;&nbsp; **32798675** |
| **Total Investments in Securities** <br>**(Cost: $325,464,344)** | **Total Investments in Securities** <br>**(Cost: $325,464,344)** | &nbsp;&nbsp; **415904169** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(16691449)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **399212720** |

---

At December 31, 2025, securities and/or cash totaling $3,201,972 were pledged as collateral.

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Risk U.S. Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Investments in derivatives** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| NASDAQ 100 Index E-mini | 20 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 10182700 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (619)<br>|
| Russell 2000 Index E-mini | 1 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 124900 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1602)<br>|
| S&P 500 Index E-mini | 39 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 13440375 | &nbsp;&nbsp;&nbsp;&nbsp; 69242 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Long Bond | 7 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 809156 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4943)<br>|
| U.S. Treasury 2-Year Note | 13 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2714258 | &nbsp;&nbsp;&nbsp;&nbsp; 703 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 5-Year Note | 24 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2623313 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2655)<br>|
| U.S. Treasury Ultra Bond | 7 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 826000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10829)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 69945 | &nbsp;&nbsp;&nbsp;&nbsp; (20648)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| S&P 500 Index E-mini | (18) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (6203250)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 61418 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P 500 Index E-mini | (2) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (689250)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5255)<br>|
| S&P Mid 400 Index E-mini | (18) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (5985360)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 79334 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 10-Year Note | (21) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (2361188)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10606 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 151358 | &nbsp;&nbsp;&nbsp;&nbsp; (5255)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Cost ($)** | **Value ($)** |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 34227500 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 5400.00 | &nbsp;&nbsp; 12/17/2027 | &nbsp;&nbsp; 1278126 | &nbsp;&nbsp; 1083750 |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 30804750 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 5200.00 | &nbsp;&nbsp; 12/17/2027 | &nbsp;&nbsp; 1079798 | &nbsp;&nbsp; 850500 |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 23959250 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 5300.00 | &nbsp;&nbsp; 12/17/2027 | &nbsp;&nbsp; 899444 | &nbsp;&nbsp; 708575 |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 9583700 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 5500.00 | &nbsp;&nbsp; 12/17/2027 | &nbsp;&nbsp; 339936 | &nbsp;&nbsp; 325010 |
| Total |  |  |  |  |  |  | &nbsp;&nbsp; 3597304 | &nbsp;&nbsp; 2967835 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** |
| **Reference** <br>**entity**<br>| **Counterparty** | **Maturity** <br>**date**<br>| **Receive** <br>**fixed** <br>**rate** <br>**(%)**<br>| **Payment** <br>**frequency**<br>| **Implied** <br>**credit** <br>**spread** <br>**(%)\***<br>| **Notional** <br>**currency**<br>| **Notional** <br>**amount** <br>| **Value** <br>**($)**<br>| **Upfront** <br>**payments** <br>**($)**<br>| **Upfront** <br>**receipts** <br>**($)**<br>| **Unrealized** <br>**appreciation** <br>**($)**<br>| **Unrealized** <br>**depreciation** <br>**($)**<br>|
| CDX North America <br> Investment Grade Index, <br> Series 45<br>| Morgan Stanley | 12/20/2030 | 1.000 | Quarterly | 0.5 | USD | 11000000 | 10983 |  |  | 10983 |  |

---

\* 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.

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Risk U.S. Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Capital gain** <br>**distributions($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends —** <br>**affiliated** <br>**issuers ($)**<br>| **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  | Columbia Short-Term Cash Fund, 3.825%  |
|  | 36659201 | 89826373 | (93681335)<br>| (5564)<br>| 32798675 |  | 2755 | 1209409 | 32808517 |
| Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  |
|  | 40854186 | 307664 | (3152811)<br>| 1691525 | 39700564 |  | 3934830 |  | 306639 |
| Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  |
|  | 57723656 | 4332438 | (11460099)<br>| 4605867 | 55201862 |  | (2684109)<br>| 3077893 | 6418822 |
| Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  |
|  |  | 15512500 | (192963)<br>| 166132 | 15485669 |  | 477 |  | 272347 |
| Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  |
|  | 40858853 | 434512 | (4360907)<br>| 2664382 | 39596840 |  | 2844567 |  | 1472549 |
| Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  |
|  |  | 15512500 | (196209)<br>|  | 15316291 |  | (1920)<br>|  | 273310 |
| CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  |
|  | 34016577 | 124428 | (3702020)<br>| 2294690 | 32733675 |  | 2124346 |  | 401542 |
| CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  |
|  | 33357765 | 560891 | (2818574)<br>| 2124089 | 33224171 |  | 1880862 |  | 752529 |
| Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  |
|  | 61907884 | 4763777 | (9160940)<br>| 2625763 | 60136484 |  | (1386416)<br>| 3283972 | 6161525 |
| Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  |
|  | 71445948 | 731988 | (19815819)<br>| (14406625)<br>| 37955492 |  | 23370411 |  | 727814 |
| Total | 376824070 |  |  | 1760259 | 362149723 |  | 30085803 | 7571274 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents a security purchased on a when-issued basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The rate shown is the seven-day current annualized yield at December 31, 2025.

**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.

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Risk U.S. Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

■

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, if any, are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Assets at NAV ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |  |
| Equity Funds |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 214012702 | &nbsp;&nbsp;&nbsp;&nbsp; 214012702 |
| Exchange-Traded Fixed Income Funds | 31109604 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31109604 |
| Fixed Income Funds |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 115338346 | &nbsp;&nbsp;&nbsp;&nbsp; 115338346 |
| Residential Mortgage-Backed Securities - Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 19677007 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19677007 |
| Put Option Contracts Purchased | 2967835 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2967835 |
| Money Market Funds | 32798675 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32798675 |
| Total Investments in Securities | 66876114 | &nbsp;&nbsp;&nbsp;&nbsp; 19677007 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 329351048 | &nbsp;&nbsp;&nbsp;&nbsp; 415904169 |
| **Investments in Derivatives** |  |  |  |  |  |
| Asset |  |  |  |  |  |
| Futures Contracts | 221303 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 221303 |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; 10983 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10983 |
| Liability |  |  |  |  |  |
| Futures Contracts | (25903)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (25903)<br>|
| Total | 67071514 | &nbsp;&nbsp;&nbsp;&nbsp; 19687990 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 329351048 | &nbsp;&nbsp;&nbsp;&nbsp; 416110552 |

---

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 \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $49,891,393) | $50786611 |
| Affiliated issuers (cost $271,975,647) | 362149723 |
| Option contracts purchased (cost $3,597,304) | 2967835 |
| Cash collateral held at broker for: |  |
| Option contracts purchased | 1650000 |
| Margin deposits on: |  |
| Futures contracts | 1289601 |
| Swap contracts | 262371 |
| Receivable for: |  |
| Investments sold | 316096 |
| Investments sold on a delayed delivery basis  | 723266 |
| Dividends | 96719 |
| Interest | 31830 |
| Variation margin for futures contracts | 123695 |
| Prepaid expenses | 2704 |
| Deferred compensation of board members | 36965 |
| Total assets | 420437416 |
| **Liabilities** |  |
| Payable for: |  |
| Investments purchased | 67901 |
| Investments purchased on a delayed delivery basis | 20458978 |
| Capital shares redeemed | 371878 |
| Variation margin for futures contracts | 197180 |
| Variation margin for swap contracts | 1872 |
| Management services fees | 1562 |
| Distribution and/or service fees | 2752 |
| Service fees | 20471 |
| Compensation of chief compliance officer | 65 |
| Compensation of board members | 616 |
| Other expenses | 31596 |
| Deferred compensation of board members | 69825 |
| Total liabilities | 21224696 |
| **Net assets applicable to outstanding capital stock** | **$399212720** |
| **Represented by** |  |
| Trust capital | $399212720 |
| **Total - representing net assets applicable to outstanding capital stock** | **$399212720** |
| **Class 2** |  |
| Net assets | $399212720 |
| Shares outstanding | 23133864 |
| Net asset value per share | $17.26 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Risk U.S. Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $1319661 |
| Dividends — affiliated issuers | 7571274 |
| Interest | 64388 |
| Total income | 8955323 |
| Expenses: |  |
| Management services fees | 543481 |
| Distribution and/or service fees |  |
| Class 2 | 1006365 |
| Service fees | 241621 |
| Custodian fees | 29600 |
| Printing and postage fees | 12376 |
| Accounting services fees | 32423 |
| Legal fees | 24099 |
| Compensation of chief compliance officer | 64 |
| Compensation of board members | 15261 |
| Deferred compensation of board members | 6800 |
| Other | 9385 |
| Total expenses | 1921475 |
| **Net investment income** | 7033848 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 487170 |
| Investments — affiliated issuers | 30085803 |
| Foreign currency translations | 47 |
| Futures contracts | (2723550)<br>|
| Option contracts purchased | (983713)<br>|
| Option contracts written | (176786)<br>|
| Swap contracts | 120319 |
| Net realized gain | 26809290 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 1327389 |
| Investments — affiliated issuers | 1760259 |
| Futures contracts | 93167 |
| Option contracts purchased | (299691)<br>|
| Swap contracts | (1196)<br>|
| Net change in unrealized appreciation (depreciation) | 2879928 |
| Net realized and unrealized gain | 29689218 |
| **Net increase in net assets resulting from operations** | **$36723066** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Risk U.S. Fund \| 2025

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Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income | $7033848 | &nbsp;&nbsp; $6345857 |
| Net realized gain | 26809290 | &nbsp;&nbsp; 12068538 |
| Net change in unrealized appreciation (depreciation) | 2879928 | &nbsp;&nbsp; 26899396 |
| Net increase in net assets resulting from operations | 36723066 | &nbsp;&nbsp; 45313791 |
| Decrease in net assets from capital stock activity | (46965462)<br>| &nbsp;&nbsp; (33595611)<br>|
| Total increase (decrease) in net assets | (10242396)<br>| &nbsp;&nbsp; 11718180 |
| Net assets at beginning of year | 409455116 | &nbsp;&nbsp; 397736936 |
| **Net assets at end of year** | **$399212720** | &nbsp;&nbsp; **$409455116** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |
| Shares redeemed | (233)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3778)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net decrease | (233)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3778)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class 2 |  |  |  |  |
| Shares sold | 384852 | &nbsp;&nbsp;&nbsp;&nbsp; 6224480 | &nbsp;&nbsp;&nbsp;&nbsp; 664236 | &nbsp;&nbsp;&nbsp;&nbsp; 9975833 |
| Shares redeemed | (3248439)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (53186164)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2873137)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (43571444)<br>|
| Net decrease | (2863587)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (46961684)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2208901)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (33595611)<br>|
| **Total net decrease** | **(2863820)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(46965462)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(2208901)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(33595611)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Risk U.S. Fund \| 2025

------

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class 2** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class 2** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Per share data** |  |  |  |  |  |
| Net asset value, beginning of period | $15.75 | &nbsp;&nbsp;&nbsp; $14.10 | &nbsp;&nbsp;&nbsp; $12.31 | &nbsp;&nbsp;&nbsp; $14.87 | &nbsp;&nbsp;&nbsp; $13.12 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income | 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Net realized and unrealized gain (loss) | 1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.70 |
| Total from investment operations | 1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp; (2.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.75 |
| Net asset value, end of period | $17.26 | &nbsp;&nbsp;&nbsp; $15.75 | &nbsp;&nbsp;&nbsp; $14.10 | &nbsp;&nbsp;&nbsp; $12.31 | &nbsp;&nbsp;&nbsp; $14.87 |
| Total return | 9.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.54<br> %<br>| &nbsp;&nbsp;&nbsp; (17.22<br> %)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.34<br> %<br>|
| **Ratios to average net assets** |  |  |  |  |  |
| Total gross expenses<sup>(a)</sup> <br>| 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48 %<sup>(b)</sup><br>|
| Total net expenses<sup>(a),(c)</sup> <br>| 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48 %<sup>(b)</sup><br>|
| Net investment income  | 1.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $399213 | &nbsp;&nbsp;&nbsp; $409451 | &nbsp;&nbsp;&nbsp; $397734 | &nbsp;&nbsp;&nbsp; $367045 | &nbsp;&nbsp;&nbsp; $387821 |
| Portfolio turnover | 113<br> %<br>| &nbsp;&nbsp;&nbsp; 103<br> %<br>| &nbsp;&nbsp;&nbsp; 115<br> %<br>| &nbsp;&nbsp;&nbsp; 114<br> %<br>| &nbsp;&nbsp;&nbsp; 113<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **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) | Ratios include interest on collateral expense which is less than 0.01%. |
| (c) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.  |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Risk U.S. Fund \| 2025

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Notes to Financial Statements

December 31, 2025

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 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.

Effective at the close of business on February 7, 2025, Class 1 shares of the Fund were liquidated.

Note 2. Summary of significant accounting policies

**Basis of preparation**

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

Variable Portfolio – Managed Risk U.S. Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**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.

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.

Variable Portfolio – Managed Risk U.S. Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

**Derivative instruments**

The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in the underlying rate, asset or reference instrument and individual markets. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally expected to be limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty provides some protection in the case of clearing member default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the primary counterparty credit risk is the risk of failure of the clearinghouse. However, credit risk still exists in exchange-traded and centrally cleared derivatives with respect to any collateral that is held in a broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the central counterparty or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund) by account class, potentially resulting in losses to the Fund.

In connection with certain over-the-counter derivatives, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or central counterparty for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on

Variable Portfolio – Managed Risk U.S. Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

cash collateral received from the broker or receive interest income on cash collateral pledged to the broker. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

**Futures contracts**

Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. A Fund invests in futures contracts as part of its primary investment strategy and/or to equitize its cash flows. Investments in futures contracts may increase or decrease exposure to a particular market. 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 may use options that are written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund's exposure to the underlying instrument. Writing call options tends to decrease a Fund's exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. 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

Variable Portfolio – Managed Risk U.S. Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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 and the central counterparty 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 central counterparty 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 marked-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, there is less credit exposure to the FCM than in the case of an over-the-counter derivative, because the central counterparty provides some protection in the case of clearing member default. The central counterparty stands between the buyer and the seller of the swap contract; therefore, failure of the clearinghouse may pose additional counterparty credit risk. However, credit risk still exists in centrally cleared swaps to the extent initial and variation margin is held in an FCM's customer account. While FCM's are required to segregate customer margin from their own assets, in the event that an FCM becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the FCM for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all of the FCM's customers (including the Fund) by account class, potentially resulting in losses to the Fund. 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 central counterparty, as applicable, may not fulfill its obligation under the contract.

**Credit default swap contracts**

The Fund entered into credit default swap contracts to hedge or manage the risks associated with assets held in the Fund and/or to facilitate the implementation of portfolio strategies to seek to increase the total return. These swaps are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. 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.

Variable Portfolio – Managed Risk U.S. Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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 other risks including 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.

Variable Portfolio – Managed Risk U.S. Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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, 2025:

---

| | | |
|:---|:---|:---|
|  | **Asset derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Credit risk | Component of trust capital — unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 10,983<br> \*<br>|
| Equity risk | Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 209,994<br> \*<br>|
| Equity risk | Investments, at value — Option contracts purchased | &nbsp;&nbsp;&nbsp;&nbsp; 2967835 |
| Interest rate risk | Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 11,309<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 3200121 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Liability derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Equity risk | Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 7,476<br> \*<br>|
| Interest rate risk | Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 18,427<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 25903 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin for futures and centrally cleared swaps, if any, is reported in receivables or payables in the Statement of Assets and Liabilities.

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**purchased** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**written** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Credit risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 120319 | &nbsp;&nbsp;&nbsp;&nbsp; 120319 |
| Equity risk | &nbsp;&nbsp; (2471787)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (983713)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (176786)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3632286)<br>|
| Interest rate risk | &nbsp;&nbsp; (251763)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (251763)<br>|
| Total | &nbsp;&nbsp; (2723550)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (983713)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (176786)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 120319 | &nbsp;&nbsp;&nbsp;&nbsp; (3763730)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**purchased** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Credit risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1196)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1196)<br>|
| Equity risk | &nbsp;&nbsp; 113180 | &nbsp;&nbsp;&nbsp;&nbsp; (299691)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (186511)<br>|
| Interest rate risk | &nbsp;&nbsp; (20013)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (20013)<br>|
| Total | &nbsp;&nbsp; 93167 | &nbsp;&nbsp;&nbsp;&nbsp; (299691)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1196)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (207720)<br>|

---

The following table is a summary of the average daily outstanding volume by derivative instrument for the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Derivative instrument** | **Average notional** <br>**amounts ($)**<br>|
| Futures contracts — long | 25320811 |
| Futures contracts — short | 13271877 |
| Credit default swap contracts — sell protection | 11000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Variable Portfolio – Managed Risk U.S. Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

---

| | |
|:---|:---|
| **Derivative instrument** | **Average** <br>**value ($)**<br>|
| Option contracts purchased | 2483897 |
| Option contracts written | (159691)<br>|

---

**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.

Variable Portfolio – Managed Risk U.S. Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**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 with counterparties as well as any related collateral received or pledged by the Fund as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Morgan** <br>**Stanley** <sup>(a)</sup> <br>| &nbsp;&nbsp; **Morgan** <br>**Stanley** <sup>(a)</sup> <br>| **Total** |
| **Assets** |  |  |  |
| Put option contracts purchased | $&nbsp;&nbsp;&nbsp; 2967835<br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; 2967835<br>|
| **Liabilities** |  |  |  |
| Centrally cleared credit default swap contracts <sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; 1872<br>| &nbsp;&nbsp;&nbsp; 1872<br>|
| **Total financial and derivative net assets** | &nbsp;&nbsp;&nbsp; **2967835**<br>| &nbsp;&nbsp;&nbsp; **(1872)**<br>| &nbsp;&nbsp;&nbsp; **2965963**<br>|
| Total collateral received (pledged) <sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; (1872)<br>| &nbsp;&nbsp;&nbsp; (1872)<br>|
| **Net amount** <sup>(d)</sup> <br>| $&nbsp;&nbsp;&nbsp; **2967835**<br>| &nbsp;&nbsp;&nbsp; **-**<br>| &nbsp;&nbsp;&nbsp; **2967835**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Exposure can only be netted across transactions governed under the same master agreement with the same legal entity.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Centrally cleared swaps are included within payable/receivable for variation margin in the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(c) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 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.

Variable Portfolio – Managed Risk U.S. Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**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 Fund's net assets are reported at the partner-level for federal income tax purposes.

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.

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 and is responsible for 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, 2025 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.

Variable Portfolio – Managed Risk U.S. Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Compensation of Board members**

Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members" in the Statement of Operations.

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Service fees**

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2025 was 0.06% 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 to the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

**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.

**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:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee rate(s) contractual** <br>**through** <br>**April 30, 2026 (%)**<br>|
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 |

---

Variable Portfolio – Managed Risk U.S. Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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 $442,527,411 and $486,307,599, respectively, for the year ended December 31, 2025, of which $333,880,752 and $337,162,944, 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. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Note 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, 2025.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed.

Variable Portfolio – Managed Risk U.S. Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended December 31, 2025.

Note 8. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

**Shareholder concentration risk**

At December 31, 2025, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

Variable Portfolio – Managed Risk U.S. Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Variable Portfolio – Managed Risk U.S. Fund \| 2025

------

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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and 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 20, 2026

We have served as the auditor of one or more investment companies in the Columbia Funds Complex since 1977.

Variable Portfolio – Managed Risk U.S. Fund \| 2025

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**Variable Portfolio – Managed Risk U.S. Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g102030img081469ac2.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest.** The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2026 Columbia Management Investment Advisers, LLC.

ANN7044_12_E01_(02/26)

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The fees and expenses of the independent trustees are included in "Compensation of board members" and "Deferred compensation of board members" on each Fund's Statement of Operations as part of the Registrant's financial statements filed under Item 7 of this Form N-CSR. Additionally, the compensation paid by the Trust to the Chief Compliance Officer is included in "Compensation of chief compliance officer" on each Fund's Statement of Operations as part of the Registrant's financial statements filed under Item 7 of this Form N-CSR.

------

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees implemented since the registrant last provided disclosure as to such procedures in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K or Item 15 of Form N-CSR.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer, based on their evaluation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are effective and adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant's management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b) There was no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

------

#### Item 19. Exhibits.

---

| | |
|:---|:---|
| (a)(1) | [Code of ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as Exhibit 99.CODE ETH.](d102030dex99codeeth.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.](d102030dex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.](d102030dex99906cert.htm) |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

#### Columbia Funds Variable Insurance Trust

---

| | |
|:---|:---|
| By: | /s/ Michael G. Clarke |
| Name: | Michael G. Clarke |
| Title: | President and Principal Executive Officer |

---

Date: February 23, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Michael G. Clarke |
| Name: | Michael G. Clarke |
| Title: | President and Principal Executive Officer |

---

Date: February 23, 2026

---

| | |
|:---|:---|
| By: | /s/ Charles H. Chiesa |
| Name: | Charles H. Chiesa |
| Title: | Treasurer, Chief Financial Officer, Chief Accounting Officer and Principal Financial Officer |

---

Date: February 23, 2026

## Ex-99.Code

**Exhibit 99.CODE ETH.** 

**COLUMBIA FUNDS** 

---

| | |
|:---|:---|
| **Applicable Regulatory Authority** | Section 406 of the Sarbanes-Oxley Act of 2002; Item 2 of Form N-CSR |
| **Related Policies** | Overview and Implementation of Compliance Program Policy |
| **Requires Annual Board Approval** | No but Covered Officers Must provide annual certification |
| **Last Reviewed by AMC** | September 2025 |

---

**<u>Overview and Statement</u>**

Item 2 of Form N-CSR, the form used by registered management investment companies to file certified annual and semi-annual shareholder reports, requires a registered management investment company to disclose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 the Columbia Funds ("Columbia Board") has adopted the following Code of Ethics for Principle Executive and Senior Financial Officers (the "Code"), which sets forth the ethical standards to which the Funds holds their principal executive officer and each of its senior financial officers.

This Code should be read and interpreted in conjunction with the *Overview and Implementation of Compliance Program Policy*.

**<u>Policy</u>**

The Board has adopted the Code in order to comply with applicable regulatory requirements as outlined below:

**I.** **Covered Officers/Purpose of the Code** 

This Code applies to the Fund's Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer or Controller (the "Covered Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;• 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;• Compliance with applicable laws and governmental rules and regulations;

*This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.* 

*Proprietary and Confidential* 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;• Accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual or apparent conflicts of interest.

**II.** **Administration of the Code** 

The Board has designated an individual to be primarily responsible for the administration of the Code (the "Code Officer"). In the absence of the Code Officer, his or her designee shall serve as the Code Officer, but only on a temporary basis.

The Board has designated a person who meets the definition of a Chief Legal Officer (the "CLO") for purposes of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder as the Fund's CLO. The CLO of the Fund shall assist the Fund's Code Officer in administration of this Code. The Code Officer, in consultation with the CLO, shall be responsible for applying this Code to specific situations (in consultation with Fund counsel, where appropriate) and has the authority to interpret this Code in any particular situation.

**III.** **Managing Conflicts of Interest** 

A "conflict of interest" occurs when a Covered Officer's personal interest interferes with the interests of, or his or her service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of the Covered Officer's position with the Fund. Certain provisions in the 1940 Act and the rules and regulations thereunder and the Advisers Act and the rules and regulations thereunder govern certain conflicts of interest that arise out of the relationships between Covered Officers and the Fund. If such conflicts are addressed in conformity with applicable provisions of the 1940 Act and the Advisers Act, they will be deemed to have been handled ethically. The Fund's and its Adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of those provisions. This Code does not, and is not intended to, repeat or replace those programs and procedures, and conduct that is consistent with such programs and procedures falls outside of the parameters of this Code.

Although they do not typically present an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationships between the Fund and, as applicable, its Adviser (Columbia Management Investment Advisers, LLC ("CMIA") for the Columbia Funds, administrator, principal underwriter, pricing and bookkeeping agent and/or transfer agent (each, a "Primary Service Provider") of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or for a Primary Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Primary Service Providers and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Fund and the Primary Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. If such conflicts are addressed in conformity with applicable provisions of the 1940 Act and the Advisers Act, they will be deemed to have been handled ethically. In addition, it is recognized by the Board of the Funds that the Covered Officers also may be officers or employees of one or more other investment companies or organizations affiliated with the sponsor of the Funds covered by other similar codes and that the codes of ethics of those other investment companies or organizations will apply to the Covered Officers acting in such capacities for such other investment companies.

*This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.* 

*Proprietary and Confidential* 

------

This Code covers general conflicts of interest and other issues applicable to the Funds under the Sarbanes-Oxley Act of 2002. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interests of the Funds. Certain examples of such conflicts of interest follow.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;• 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;• 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;• Report at least annually (or more frequently, as appropriate) known affiliations or other relationships that may
give rise to conflicts of interest with respect to the Fund.

If a Covered Officer believes that he or she has a potential conflict of interest that is likely to materially compromise his or her objectivity or his or her ability to perform the duties of his or her role as a Covered Officer, including a potential conflict of interest that arises out of his or her responsibilities as an officer or employee of one or more Primary Service Providers or other funds, he or she should consult with the Code Officer, the CLO, the Fund's outside counsel, or counsel to the Independent Board Members, as appropriate.

Examples of potential conflicts of interest that may materially compromise objectivity or ability to perform the duties of a Covered Officer and which the Covered Officer should consider discussing with the Code Officer or other appropriate person include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;• 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;• The receipt of entertainment from any company with which the Fund has current or prospective business dealings,
unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

*This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.* 

*Proprietary and Confidential* 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;• A direct or indirect material financial interest in commissions, transaction charges or spreads paid by the Fund
for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**IV.** **Disclosure and Compliance** 

It is the responsibility of each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;• 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;• 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;• To adhere to and, within his or her area of responsibility, promote compliance with the standards and
restrictions imposed by applicable laws, rules and regulations.

**V.** **Reporting and Accountability by Covered Officers** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;• 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;• 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;• 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.

*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* 

------

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;• 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;• 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;• 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;• 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;• This Code and any changes to or waivers of the Code will, to the extent required, be disclosed as provided by SEC
rules.

**VI.** **Other Policies** 

This Code shall be the sole code of ethics adopted by the Fund for the purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered management investment companies thereunder. Insofar as other policies or procedures of the Fund or the Fund's Primary Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Fund's and its Adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the 1940 Act and the more detailed policies and procedures of the Primary Service Providers as set forth in their respect Compliance Manuals are separate requirements applicable to the Covered Officers and are not part of this Code.

**VII.** **Disclosure of Amendments to the Code** 

Any amendments will, to the extent required, be disclosed in accordance with law.

**VIII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or upon advice of counsel, such reports and records shall not be disclosed to anyone other than the Fund's Board, the Covered Officers, the Code Officer, the CLO, the Fund's Primary Service Providers and their affiliates, and outside audit firms, legal counsel to the Fund and legal counsel to the Independent Board Members.

**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.

*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* 

------

**Reporting Requirements** 

Each Covered Officer must annually acknowledge in writing to the Fund's Board that he or she has received and read the Code and believes that he or she has complied with the requirements of the Code, using the form attached as Appendix II hereto.

The Code Officer or CLO shall report to the Fund's Audit Committee any violations of, or material issues arising under, this Code.

If the Audit Committee concurs that a violation has occurred, it will inform and make a recommendation to the Fund's Board, which will consider appropriate action, which may include review of, and appropriate modifications to: Applicable policies and procedures; Notification to the appropriate personnel of the Fund's Primary Service Providers or their boards; A recommendation to censure, suspend or dismiss the Covered Officer; or Referral of the matter to the appropriate authorities for civil action or criminal prosecution.

All material amendments to this Code must be in writing and approved or ratified by the Fund's Board, including a majority of the Independent Board Members.

The Code Officer, in conjunction with the CLO, shall be responsible for administration of this Code and for adopting procedures to ensure compliance with the requirements set forth herein.

Any issues that arise under this policy should be communicated to an employee's immediate supervisor, and appropriately escalated to AMC. Additionally, AMC will escalate any compliance issues relating to this Code to the Fund CCO and, if warranted, the appropriate Fund Board.

**Monitoring/Oversight/Escalation** 

The Code Officer shall be responsible for oversight of compliance with this Code by the Covered Officers. AMC and Ameriprise Risk & Control Services may perform periodic reviews and assessments of various lines of business, including their compliance with this Code.

**Recordkeeping** 

All records must be maintained for at least seven years, the first three in the appropriate Ameriprise Financial, Inc. management office. The following records will be maintained to evidence compliance with this Code: (1) a copy of the information or materials supplied to the Audit Committee or the Board: (i) that provided the basis for any amendment or waiver to this Code; and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Audit Committee and/or Board; (2) a copy of the policy and any amendments; and (3) a list of Covered Officers and reporting by Covered Officers.

*This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.* 

*Proprietary and Confidential*

## Ex-99.Cert

**EX-99.CERT SECTION 302 CERTIFICATION** 

I, Michael G. Clarke, certify that:

1. I have reviewed this report on Form N-CSR of Columbia Funds Variable 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;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

---

| | |
|:---|:---|
| By: | /s/ Michael G. Clarke |
| Name: | Michael G. Clarke |
| Title: | President and Principal Executive Officer |

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Date: February 23, 2026

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I, Charles H. Chiesa, 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;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| By: | /s/ Charles H. Chiesa |
| Name: | Charles H. Chiesa |
| Title: | Treasurer, Chief Financial Officer, Chief Accounting Officer and Principal Financial Officer |

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Date: February 23, 2026

## Exhibit 99.906

**EX-99.906 CERT SECTION 906 CERTIFICATION** 

**CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Certified Shareholder Report of Columbia Funds Variable Insurance Trust (the "Trust") on Form N-CSR for the period ending December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof ("the Report"), the undersigned hereby certifies that, to his knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

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| | |
|:---|:---|
| By: | /s/ Michael G. Clarke |
| Name: | Michael G. Clarke |
| Title: | President and Principal Executive Officer |
| Date: | February 23, 2026 |
| By: | /s/ Charles H. Chiesa |
| Name: | Charles H. Chiesa |
| Title: | Treasurer, Chief Financial Officer, Chief Accounting Officer and Principal Financial Officer |
| Date: | February 23, 2026 |

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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.