8dde4a35951df80

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-08748

Columbia Funds Variable Series Trust

(Exact name of registrant as specified in charter)

290 Congress Street

Boston, MA 02210

(Address of principal executive offices) (Zip code)

Daniel J. Beckman

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

Ryan C. Larrenaga, Esq.

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

(Name and address of agent for service)

Registrant's telephone number, including area code:

(800)

345-6611

Date of fiscal year end:

Last Day of

December

Date of reporting period:

June 30, 2025

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100

F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders

Columbia Variable Portfolio – Acorn International Fund

WSCAX

Semi-Annual Shareholder Report | June 30, 2025

This semi-annual shareholder report contains important information about Columbia Variable Portfolio – Acorn International Fund (the Fund) for the period of January 1, 2025 to June 30, 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)

Fund	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Columbia Variable Portfolio – Acorn International Fund	$ 60	1.10 % (a)

(a)	Annualized.

Key Fund Statistics

Fund net assets	$ 298,746,084
Total number of portfolio holdings	65
Portfolio turnover for the reporting period	12%

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

Capcom Co., Ltd.	3.4 %
CTS Eventim AG & Co. KGaA	3.0 %
Nemetschek SE	2.7 %
Rightmove PLC	2.6 %
Fisher & Paykel Healthcare Corp., Ltd.	2.4 %
Carel Industries SpA	2.3 %
Auto Trader Group PLC	2.3 %
Belimo Holding AG, Registered Shares	2.3 %
ConvaTec Group PLC	2.3 %
Intermediate Capital Group PLC	2.2 %

Equity Sector Allocation

Graphical Representation - Allocation 1 Chart

Geographic Allocation

Graphical Representation - Allocation 2 Chart

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 Fun

d’

s website included at the beginning of this report or scan the QR code below.

Columbia Variable funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments

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

Columbia Variable Portfolio – Acorn International Fund | SSR7062_00_12_D01_(08/25)

Portfolio of Investments

June 30, 2025 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Common Stocks 99.9%
Issuer	Shares	Value ($)
Australia 3.7%
CAR Group Ltd.	257,189	6,333,866
Pro Medicus Ltd.	25,560	4,783,162
Total		11,117,028
Canada 1.8%
Altus Group Ltd.	141,425	5,472,137
China 1.5%
Silergy Corp.	372,000	4,531,419
Finland 2.6%
Konecranes OYJ	38,887	3,090,028
Valmet OYJ	146,429	4,538,127
Total		7,628,155
France 4.2%
Gaztransport Et Technigaz SA	20,092	3,974,664
Robertet SA	4,378	4,105,122
Virbac SA	11,508	4,331,785
Total		12,411,571
Germany 8.8%
Atoss Software SE	24,303	4,040,750
CTS Eventim AG & Co. KGaA	71,150	8,847,551
Hypoport SE(a)	22,073	5,257,918
Nemetschek SE	56,430	8,181,945
Total		26,328,164
India 0.8%
Max Healthcare Institute Ltd.	168,745	2,510,712
Ireland 1.8%
Bank of Ireland Group PLC	381,357	5,434,385
Italy 3.7%
Amplifon SpA	178,880	4,201,142
Carel Industries SpA	262,126	6,987,301
Total		11,188,443

Common Stocks (continued)
Issuer	Shares	Value ($)
Japan 33.4%
Capcom Co., Ltd.	298,900	10,207,882
Disco Corp.	18,800	5,569,377
Gunma Bank Ltd. (The)	300,700	2,524,008
Kakaku.com, Inc.	257,700	4,778,825
Kokusai Electric Corp.	206,900	4,950,606
Kyoritsu Maintenance Co., Ltd.	131,100	3,200,532
Kyudenko Corp.	110,300	4,563,415
Macnica Holdings, Inc.	187,200	2,511,495
MatsukiyoCocokara & Co.	126,700	2,606,286
Nihon M&A Center Holdings, Inc.	331,500	1,680,336
Nippon Sanso Holdings Corp.	146,500	5,543,781
Nissin Foods Holdings Co., Ltd.	110,600	2,297,732
Niterra Co., Ltd.	195,700	6,506,698
Nomura Real Estate Holdings, Inc.	765,500	4,483,701
Omron Corp.	123,900	3,339,904
Open House Co., Ltd.	52,200	2,360,601
Sanwa Holdings Corp.	121,800	4,039,576
Sekisui Chemical Co., Ltd.	244,800	4,433,495
Simplex Holdings, Inc.	216,700	5,863,106
Sundrug Co., Ltd.	104,500	3,270,311
Suntory Beverage & Food Ltd.	193,900	6,200,814
Taisei Corp.	108,000	6,289,979
Yaskawa Electric Corp.	107,200	2,424,136
Total		99,646,596
Mexico 1.7%
Corporación Inmobiliaria Vesta SAB de CV	1,829,730	5,034,451
Netherlands 3.7%
BE Semiconductor Industries NV	40,068	5,992,304
IMCD NV	38,087	5,122,525
Total		11,114,829
New Zealand 2.4%
Fisher & Paykel Healthcare Corp., Ltd.	329,822	7,244,450
Spain 1.4%
Viscofan SA	56,687	4,032,298

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

Columbia Variable Portfolio – Acorn International Fund | 2025

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

Common Stocks (continued)
Issuer	Shares	Value ($)
Sweden 2.7%
AddTech AB, B Shares	119,452	4,072,305
Munters Group AB	152,865	2,240,284
Thule Group AB	63,461	1,827,915
Total		8,140,504
Switzerland 6.8%
Belimo Holding AG, Registered Shares	6,775	6,905,773
Inficon Holding AG, Registered Shares	26,300	3,532,273
Kardex Holding AG	13,078	4,548,644
Tecan Group AG, Registered Shares	13,413	2,744,931
VAT Group AG	6,108	2,588,156
Total		20,319,777
United Kingdom 16.8%
Ashtead Group PLC	62,661	4,018,203
Auto Trader Group PLC	611,149	6,922,360
Baltic Classifieds Group PLC	455,260	2,330,924
ConvaTec Group PLC	1,689,102	6,690,614
Genus PLC	131,699	3,698,424
Halma PLC	99,696	4,382,050

Common Stocks (continued)
Issuer	Shares	Value ($)
Howden Joinery Group PLC	361,324	4,248,996
Intermediate Capital Group PLC	250,057	6,632,987
Rightmove PLC	727,302	7,871,897
Safestore Holdings PLC	348,008	3,382,068
Total		50,178,523
United States 2.1%
Interparfums, Inc.	46,932	6,162,641
Total Common Stocks (Cost $218,246,970)		298,496,083

Money Market Funds 0.7%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 4.473%(b),(c)	1,920,808	1,920,424
Total Money Market Funds (Cost $1,920,055)		1,920,424
Total Investments in Securities (Cost $220,167,025)		300,416,507
Other Assets & Liabilities, Net		(1,670,423 )
Net Assets		$298,746,084

Notes to Portfolio of Investments

(a)	Non-income producing investment.
(b)	The rate shown is the seven-day current annualized yield at June 30, 2025.
(c)	Under Section 2(a)(3) of 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 period ended June 30, 2025 are as follows:

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Realized gain (loss)($)	Dividends($)	End of period shares
Columbia Short-Term Cash Fund, 4.473%
	7,040,597	24,343,128	(29,463,246 )	(55 )	1,920,424	(323 )	134,830	1,920,808

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.).

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

Columbia Variable Portfolio – Acorn International Fund | 2025

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

Fair value measurements (continued)

■

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

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

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

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

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

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

The following table is a summary of the inputs used to value the Fund’s investments at June 30, 2025:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Common Stocks
Australia	—	11,117,028	—	11,117,028
Canada	5,472,137	—	—	5,472,137
China	—	4,531,419	—	4,531,419
Finland	—	7,628,155	—	7,628,155
France	—	12,411,571	—	12,411,571
Germany	—	26,328,164	—	26,328,164
India	2,510,712	—	—	2,510,712
Ireland	—	5,434,385	—	5,434,385
Italy	—	11,188,443	—	11,188,443
Japan	—	99,646,596	—	99,646,596
Mexico	5,034,451	—	—	5,034,451
Netherlands	—	11,114,829	—	11,114,829
New Zealand	—	7,244,450	—	7,244,450
Spain	—	4,032,298	—	4,032,298
Sweden	—	8,140,504	—	8,140,504
Switzerland	—	20,319,777	—	20,319,777
United Kingdom	5,712,992	44,465,531	—	50,178,523
United States	6,162,641	—	—	6,162,641
Total Common Stocks	24,892,933	273,603,150	—	298,496,083
Money Market Funds	1,920,424	—	—	1,920,424
Total Investments in Securities	26,813,357	273,603,150	—	300,416,507

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

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

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

Columbia Variable Portfolio – Acorn International Fund | 2025

Statement of Operations

Six Months Ended June 30, 2025 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$3,492,181
Dividends — affiliated issuers	134,830
Income from securities lending — net	7,074
Foreign taxes withheld	(318,596 )
Total income	3,315,489
Expenses:
Management services fees	1,289,968
Service fees	160,505
Administration fees	34,037
Custodian fees	19,408
Printing and postage fees	33,572
Accounting services fees	17,270
Legal fees	8,251
Compensation of chief compliance officer	23
Compensation of board members	7,611
Deferred compensation of board members	(30,666 )
Other	8,651
Total expenses	1,548,630
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(34,120 )
Total net expenses	1,514,510
Net investment income	1,800,979
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(5,202,652 )
Investments — affiliated issuers	(323 )
Foreign currency translations	32,287
Net realized loss	(5,170,688 )
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	50,912,713
Investments — affiliated issuers	(55 )
Foreign currency translations	57,396
Foreign capital gains tax	204,596
Net change in unrealized appreciation (depreciation)	51,174,650
Net realized and unrealized gain	46,003,962
Net increase in net assets resulting from operations	$47,804,941

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

Columbia Variable Portfolio – Acorn International Fund | 2025

Statement of Changes in Net Assets

	Six Months Ended June 30, 2025 (Unaudited)	Year Ended December 31, 2024
Operations
Net investment income	$1,800,979	$2,526,244
Net realized gain (loss)	(5,170,688 )	6,945,103
Net change in unrealized appreciation (depreciation)	51,174,650	(33,998,200 )
Net increase (decrease) in net assets resulting from operations	47,804,941	(24,526,853 )
Distributions to shareholders
Net investment income and net realized gains	(3,350,528 )	(4,216,728 )
Total distributions to shareholders	(3,350,528 )	(4,216,728 )
Decrease in net assets from capital stock activity	(15,739,052 )	(30,460,201 )
Total increase (decrease) in net assets	28,715,361	(59,203,782 )
Net assets at beginning of period	270,030,723	329,234,505
Net assets at end of period	$298,746,084	$270,030,723

	Six Months Ended		Year Ended
	June 30, 2025 (Unaudited)		December 31, 2024
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity

Shares sold	135,381	2,625,625	466,898	9,092,145
Distributions reinvested	159,549	3,350,528	211,628	4,216,728
Shares redeemed	(1,103,531 )	(21,715,205 )	(2,190,756 )	(43,769,074 )
Total net decrease	(808,601 )	(15,739,052 )	(1,512,230 )	(30,460,201 )

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

Columbia Variable Portfolio – Acorn International Fund | 2025

Financial Highlights

The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

	Six Months Ended June 30, 2025 (Unaudited)	Year Ended December 31,
	Six Months Ended June 30, 2025 (Unaudited)	2024	2023	2022	2021	2020
Per share data
Net asset value, beginning of period	$18.44	$20.38	$17.48	$32.62	$28.03	$26.00
Income from investment operations:
Net investment income	0.13	0.16	0.09	0.15 (a)	0.02	0.07
Net realized and unrealized gain (loss)	3.26	(1.82 )	2.87	(10.88 )	5.21	3.31
Total from investment operations	3.39	(1.66 )	2.96	(10.73 )	5.23	3.38
Less distributions to shareholders from:
Net investment income	(0.14 )	(0.28 )	(0.06 )	(0.22 )	(0.17 )	(0.48 )
Net realized gains	(0.10 )	—	—	(4.19 )	(0.47 )	(0.87 )
Total distributions to shareholders	(0.24 )	(0.28 )	(0.06 )	(4.41 )	(0.64 )	(1.35 )
Net asset value, end of period	$21.59	$18.44	$20.38	$17.48	$32.62	$28.03
Total return	18.43 %	(8.25 %)(b)	16.95 %(b)	(33.84 %)	18.81 %	14.36 %
Ratios to average net assets
Total gross expenses(c)	1.12 %	1.27 %(d)	1.27 %	1.22 %(e)	1.20 %	1.25 %
Total net expenses(c),(f)	1.10 %	1.14 %(d)	1.18 %	1.22 %(e)	1.20 %	1.25 %
Net investment income	1.31 %	0.82 %	0.46 %	0.71 %	0.06 %	0.34 %
Supplemental data
Portfolio turnover	12 %	34 %	40 %	31 %	36 %	60 %
Net assets, end of period (in thousands)	$298,746	$270,031	$329,235	$309,209	$492,743	$467,811

Notes to Financial Highlights
(a)	Net investment income per share includes European Union tax reclaims. The effect of these reclaims amounted to $0.02 per share.
(b)	Had the Investment Manager and/or its affiliates not waived a portion of expenses, total return would have been reduced.
(c)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests, if any. Such indirect expenses are not included in the Fund’s reported expense ratios.
(d)	Ratios include line of credit interest expense which is less than 0.01%.
(e)	Ratios include Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations. If these had been excluded, expenses would have been higher by 0.02%.
(f)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

Columbia Variable Portfolio – Acorn International Fund | 2025

Notes to Financial Statements

June 30, 2025 (Unaudited)

Note 1. Organization

Columbia Variable Portfolio – Acorn International Fund (formerly known as Wanger International) (the Fund), a series of Columbia Funds Variable Series Trust (formerly known as Wanger Advisors Trust) (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

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

Fund shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund.

Note 2. Summary of significant accounting policies

Basis of preparation

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

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

Segment reporting

The intent of ASU 2023-07, Segment Reporting is to enable investors to better understand an entity’s overall performance and to assess its potential future cash flows through improved segment disclosures. Prior to July 7, 2025, the chief operating decision maker (CODM) was Columbia Wanger Asset Management, LLC (CWAM), a wholly-owned subsidiary of Columbia Management Investment Advisers, LLC (Columbia Management or the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Effective July 7, 2025, Columbia Management is the CODM. The CODM, through its Investment Oversight Committee and Global Executive Group, is responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund’s financial statements.

Security valuation

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

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

Columbia Variable Portfolio – Acorn International Fund | 2025

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

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

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

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

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

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

Foreign currency transactions and translations

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

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

Securities lending

The Fund may lend securities up to one-third of the value of its total assets to certain approved brokers, dealers, banks or other institutional borrowers of securities that the Fund’s securities lending agent has determined are credit worthy under guidelines established by the Board of Trustees, to earn additional income. The Fund retains the benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. The Fund also receives a fee for the loan. The Fund has the ability to recall the loans at any time and could do so in order to vote proxies or to sell the loaned securities. Each loan is collateralized by cash that exceeded the value of the securities on loan. The market value of the loaned securities is determined daily at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund typically invests the cash collateral in the Dreyfus Government Cash Management Fund, a third-party institutional government money market fund in accordance with investment guidelines contained in the securities lending agreement and approved by the Board of Trustees. The income earned from the securities lending program is paid to the Fund, net of any fees remitted to Goldman Sachs Agency Lending, the Fund’s lending agent, and borrower rebates. The Investment Manager does not retain any fees earned by the lending program. Generally, in the event of borrower default, the Fund has the right to use the collateral to offset any losses incurred. In the

Columbia Variable Portfolio – Acorn International Fund | 2025

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

event the Fund is delayed or prevented from exercising its right to dispose of the collateral, there may be a potential loss to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of loss with respect to the investment of collateral. The net lending income earned by the Fund as of June 30, 2025, is included in the Statement of Operations.

The Fund had no outstanding loan balances as of June 30, 2025.

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, 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 may be made by the Investment Manager. The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

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

Expenses

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

Determination of net asset value

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

Federal income tax status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not 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.

Columbia Variable Portfolio – Acorn International Fund | 2025

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

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

Distributions to subaccounts

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

Guarantees and indemnifications

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

Recent accounting pronouncements and regulatory updates

Accounting Standards Update 2023-09 Income Taxes (Topic 740)

In December 2023, the FASB issued Accounting Standards Update No. 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management expects that the adoption of the amendments will not have a material impact on its financial statements.

Note 3. Fees and other transactions with affiliates

Management services fees

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

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

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

Columbia Variable Portfolio – Acorn International Fund | 2025

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

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

For the period April 1, 2025 through June 30, 2025, CWAM received a management services fee that was equal to a percentage of the Fund’s daily net assets that declined from 0.92% to 0.72% as the Fund’s net assets increased. The annualized effective management services fee rate for the period April 1, 2025 through June 30, 2025 was 0.92% of the Fund’s average daily net assets.

For the period January 1, 2025 through June 30, 2025, the effective blended advisory fee (for the period January 1, 2025 through March 31, 2025) and management services fee (for the period April 1, 2025 through June 30, 2025) was 0.94% of the Fund’s average daily net assets.

Participating Affiliates

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

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

Administration fees

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

Aggregate average daily net assets of the Trust	Annual fee rate
Up to $4 billion	0.05%
$4 billion to $6 billion	0.04%
$6 billion to $8 billion	0.03%
$8 billion and over	0.02%

For the period January 1, 2025 through March 31, 2025, the annualized effective administration fee rate was 0.05% of the Fund’s average daily net assets.

Compensation of Board members

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

Columbia Variable Portfolio – Acorn International Fund | 2025

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

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

Pursuant to the Transfer, Dividend Disbursing and Shareholder Servicing Agreement between the Fund and Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, the Fund bears a service fee paid to the Transfer Agent to compensate it for amounts paid to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for various sub-transfer agency and other shareholder services each 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 annualized effective service fee rate for the six months ended June 30, 2025 was 0.12% of the Fund’s average daily net assets.

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

Expenses waived/reimbursed by the Investment Manager and its affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) through April 30, 2027, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the annual rate of 1.08% of the Fund’s average daily net assets for the period March 1, 2025 through April 30, 2027. Prior to March 1, 2025, it did not exceed the annual rate of 1.14% of the Fund’s average daily net assets.

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

Note 4. Federal tax information

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

At June 30, 2025, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized appreciation ($)
220,167,000	89,639,000	(9,389,000 )	80,250,000

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

Columbia Variable Portfolio – Acorn International Fund | 2025

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

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 $33,693,916 and $43,609,101, respectively, for the six months ended June 30, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

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

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 24, 2024 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 $900 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 24, 2024 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 six months ended June 30, 2025.

Note 8. Significant risks

Foreign securities and emerging market countries risk

Investing in foreign securities may involve heightened risks relative to investments in U.S. securities. Investing in foreign securities subjects the Fund to the risks associated with the issuer’s country of organization and places of business operations, including risks associated with political, regulatory, economic, social, diplomatic and other conditions or events occurring in the country or region, which may result in significant market volatility. In addition, certain foreign securities may be more volatile and less liquid than U.S. securities. Investing in emerging markets may increase these risks and expose the Fund to elevated risks associated with increased inflation, deflation or currency devaluation. To the extent that the Fund concentrates its investment exposure to any one or a few specific countries, the Fund will be particularly susceptible to the risks associated with the conditions, events or other factors impacting those countries or regions and may, therefore, have a

Columbia Variable Portfolio – Acorn International Fund | 2025

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

greater risk than that of a fund that is more geographically diversified. The financial information and disclosure made available by issuers of emerging market securities may be considerably less reliable than publicly available information about other foreign securities. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the U.S. Securities and Exchange Commission, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited.

Geographic focus risk

The Fund may be particularly susceptible to risks related to economic, political, regulatory or other events or conditions affecting issuers and countries within the specific geographic regions in which the Fund invests. The Fund’s net asset value may be more volatile than the net asset value of a more geographically diversified fund.

Asia Pacific Region. The Fund is particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries in the Asia Pacific region. Many of the countries in the region are considered underdeveloped or developing, including from a political, economic and/or social perspective, and may have relatively unstable governments and economies based on limited business, industries and/or natural resources or commodities. Events in any one country within the region may impact other countries in the region or the region as a whole. As a result, events in the region will generally have a greater effect on the Fund than if the Fund were more geographically diversified. This could result in increased volatility in the value of the Fund’s investments and losses for the Fund. Also, securities of some companies in the region can be less liquid than U.S. or other foreign securities, potentially making it difficult for the Fund to sell such securities at a desirable time and price.

Europe. The Fund is particularly susceptible to risks related to economic, political, regulatory or other events or conditions, including acts of war or other conflicts in the region, affecting issuers and countries in Europe. Countries in Europe are often closely connected and interdependent, and events in one European country can have an adverse impact on, and potentially spread to, other European countries. In addition, significant private or public debt problems in a single European Union (EU) country can pose economic risks to the EU as a whole. As a result, the Fund’s net asset value may be more volatile than the net asset value of a more geographically diversified fund. If securities of issuers in Europe fall out of favor, it may cause the Fund to underperform other funds that do not focus their investments in this region of the world. Uncertainty caused by the departure of the United Kingdom (UK) from the EU, which occurred in January 2020, could have negative impacts on the UK and EU, as well as other European economies and the broader global economy. These could include negative impacts on currencies and financial markets as well as increased volatility and illiquidity, and potentially lower economic growth in markets in Europe, which could adversely affect the value of your investment in the Fund.

Japan. The Fund is particularly susceptible to the social, political, economic, regulatory and other conditions or events that may affect Japan’s economy. The Japanese economy is heavily dependent upon international trade, including, among other things, the export of finished goods and the import of oil and other commodities and raw materials. Because of its trade dependence, the Japanese economy is particularly exposed to the risks of currency fluctuation, foreign trade policy and regional and global economic disruption, including the risk of increased tariffs, embargoes, and other trade limitations or factors. Strained relationships between Japan and its neighboring countries, including China, South Korea and North Korea, based on historical grievances, territorial disputes, and defense concerns, may also cause uncertainty in Japanese markets. As a result, additional tariffs, other trade barriers, or boycotts may have an adverse impact on the Japanese economy. Japanese government policy has been characterized by economic regulation, intervention, protectionism and large government deficits. The Japanese economy is also challenged by an unstable financials sector, highly leveraged corporate balance sheets and extensive cross-ownership among major corporations. Structural social and labor market changes, including an aging workforce, population decline and traditional aversion to labor mobility may adversely affect Japan’s economic competitiveness and growth potential. The potential for natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis, could also have significant negative effects on Japan’s economy. As a result of the Fund’s investment in Japanese securities, the Fund’s net asset value may be more volatile than the net asset value of a more geographically diversified fund. If securities of issuers in Japan fall out of favor, it may cause the Fund to underperform other funds that do not focus their investments in Japan.

Columbia Variable Portfolio – Acorn International Fund | 2025

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

Industrials sector risk

The Fund is vulnerable to the particular risks that may affect companies in the industrials sector. Companies in the industrials sector are subject to certain risks, including changes in supply and demand for their specific product or service and for industrial sector products in general, including decline in demand for such products due to rapid technological developments and frequent new product introduction. Performance of such companies may be affected by factors including government regulation, world events, economic conditions and risks for environmental damage and product liability claims.

Market risk

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

Shareholder concentration risk

At June 30, 2025, affiliated shareholders of record owned 58.0% 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.

Small- and mid-cap company risk

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

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued. Other than as noted in Note 2 and Note 3 above, there were 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.

Columbia Variable Portfolio – Acorn International Fund | 2025

Approval of Management Agreement

(Unaudited)

Consideration of Management Agreement with Columbia Wanger Asset Management, LLC

At their meeting on March 27, 2025 (the March Meeting), the Board of Trustees (the Board), including the independent Board members (the Independent Trustees), of Columbia Funds Variable Series Trust (formerly, Wanger Advisors Trust) (the Trust) unanimously approved a management agreement (the CWAM Management Agreement) between Columbia Wanger Asset Management, LLC (CWAM) and the Trust, on behalf of Columbia Variable Portfolio - Acorn International Fund (formerly, Wanger International) (the Fund), effective April 1, 2025. Independent legal counsel noted for the Independent Trustees that management was seeking approval of the proposed Management Agreement in place of the existing Investment Advisory Agreement and Administrative Services Agreement with CWAM.

At the March Meeting, the Independent Trustees reviewed and discussed the presentation made at the March 26, 2025 Contracts Committee meeting regarding the proposed CWAM Management Agreement. The Independent Trustees considered the differences between the CWAM Management Agreement and the existing Investment Advisory Agreement and Administrative Services Agreement with CWAM. The Independent Trustees considered that CWAM had confirmed that the nature and level of the services to be provided under the CWAM Management Agreement would not decrease relative to the services provided under the Investment Advisory Agreement and the Administrative Services Agreement. The Independent Trustees also considered that the aggregate fee to be paid by the Fund would not change, noting that the management fee rate was proposed to equal the sum of the existing investment management services fee rate and the existing administrative fee rate. It was observed that the combining of the agreements was therefore not material for the Fund’s shareholders. The Independent Trustees considered that the Fund’s investment management services and administrative fees were considered less than one year ago in connection with the June 2024 renewal of the existing Investment Advisory Agreement and Administrative Services Agreement with CWAM.

The Independent Trustees noted the discussion relating to the renewal and approval of the advisory agreements for the other Funds at the Contracts Committee and Board meetings in June 2024 (the June 2024 Meeting) and, in that connection, the discussion by independent legal counsel of the Board’s responsibilities pursuant to Sections 15(c) and 36(b) of the 1940 Act and the factors that should be considered in determining whether to approve or renew an investment management agreement and/or subadvisory agreement. Independent legal counsel further indicated that the Independent Trustees should take into account the variety of written materials and oral presentations they received at this meeting as well as all of the information previously considered at the June 2024 Meeting regarding the proposed renewal of the other Funds’ advisory agreements. It was noted that the Board’s consideration of the 2025 renewal of the Funds’ agreements would be undertaken in June 2025.

The Board reviewed all of the above considerations in reaching its decision to approve the CWAM Management Agreement. In reaching its conclusions, no single factor was determinative. On March 27, 2025, the Board, including all of the Independent Trustees, unanimously approved the CWAM Management Agreement.

APPROVAL OF MANAGEMENT AGREEMENT WITH COLUMBIA MANAGEMENT INVESTMENT ADVISERS

At their meeting on June 26, 2025 (the June Meeting), the Board, including the Independent Trustees, unanimously approved a novation agreement assigning the CWAM Management Agreement from CWAM to Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), effective July 1, 2025. The Board, including the Independent Trustees, also unanimously approved the continuation through June 30, 2026 of the management agreement resulting therefrom (the Management Agreement). Under the Management Agreement and other similar management agreements, the Investment Manager provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds).

On an annual basis, the Board, including the Independent Trustees, considers renewal of the Funds’ management agreements. The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April and June 2025, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews

Columbia Variable Portfolio – Acorn International Fund | 2025

Approval of Management Agreement (continued)

(Unaudited)

information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Management Agreement. The Board also evaluated materials provided by CWAM regarding the Fund, and discussed these materials with representatives of the Investment Manager at the Committee and Board meetings held in March and June 2025.

The Board, at the June Meeting, considered the continuation of the Management Agreement through June 30, 2026. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory agreements and the Board’s legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement. Among other things, the information and factors considered included the following:

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Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;

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Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;

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The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets;

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Terms of the Management Agreement, including the novation agreement (also considered at this meeting);

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Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

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Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;

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Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

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Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

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Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

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The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

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Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the continuation of the Management Agreement.

Nature, extent and quality of services provided by the Investment Manager

The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager, as well as its history, expertise, resources and relative capabilities, and the qualifications of its personnel.

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department’s processes,

Columbia Variable Portfolio – Acorn International Fund | 2025

Approval of Management Agreement (continued)

(Unaudited)

systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to the Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager’s ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.

In connection with the Board’s evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2024 in the performance of administrative services, and noted the various enhancements anticipated for 2025. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements.

In addition, the Board discussed the acceptability of the terms of the Management Agreement, including the novation agreement (which was not expected to impact the services provided in any material respect). The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.

After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.

Investment performance

The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund’s performance relative to peers and benchmarks and (iii) the net assets of the Fund. The Board observed the Fund’s underperformance for certain periods, noting that appropriate steps (such as enhancements to the Fund’s investment process and changes to the management teams) had been taken in recent years.

The Board also reviewed a description of the third-party data provider’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.

The Board also considered the Investment Manager’s performance and reputation generally. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund and the Investment Manager, in light of other considerations, supported the continuation of the Management Agreement.

Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund

The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund’s expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund’s contribution to the Investment Manager’s profitability.

The Board considered the reports of JDL, which assisted in the Board’s analysis of the Funds’ performance and expenses and the reasonableness of the Funds’ fee rates. The Board took into account that the Fund’s net management fee rate approximated the peer universe median rate.

After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement.

Columbia Variable Portfolio – Acorn International Fund | 2025

Approval of Management Agreement (continued)

(Unaudited)

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2024 had increased from 2023 levels due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.

Economies of scale

The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund’s net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement thus provides for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders.

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.

On June 26, 2025, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the continuation of the Management Agreement.

Columbia Variable Portfolio – Acorn International Fund | 2025

SIGNATURES

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

(registrant)	Columbia Funds Variable Series Trust

By (Signature and Title)	/s/ Daniel J. Beckman
	Daniel J. Beckman, President and Principal Executive Officer

Date	August 21, 2025

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

By (Signature and Title)	/s/ Daniel J. Beckman
	Daniel J. Beckman, President and Principal Executive Officer

Date	August 21, 2025

By (Signature and Title)	/s/ Michael G. Clarke
	Michael G. Clarke, Chief Financial Officer,
	Principal Financial Officer and Senior Vice President

Date	August 21, 2025

By (Signature and Title)	/s/ Charles H. Chiesa
	Charles H. Chiesa, Treasurer, Chief Accounting
	Officer and Principal Financial Officer

Date	August 21, 2025

Assets
Investments in securities, at value
Unaffiliated issuers (cost $218,246,970)	$298,496,083
Affiliated issuers (cost $1,920,055)	1,920,424
Receivable for:
Capital shares sold	15,191
Dividends	363,143
Foreign tax reclaims	522,715
Prepaid expenses	1
Total assets	301,317,557
Liabilities
Foreign currency (cost $596)	577
Payable for:
Capital shares redeemed	2,063,511
Foreign capital gains taxes deferred	96,757
Management services fees	22,759
Service fees	52,384
Compensation of chief compliance officer	28
Compensation of board members	363
Other expenses	47,548
Deferred compensation of board members	287,546
Total liabilities	2,571,473
Net assets applicable to outstanding capital stock	$298,746,084
Represented by
Paid in capital	226,449,763
Total distributable earnings (loss)	72,296,321
Total - representing net assets applicable to outstanding capital stock	$298,746,084
Shares outstanding	13,834,932
Net asset value per share	21.59

Trustee	Votes for	Votes withheld	Abstentions
George S. Batejan	44,806,459	2,497,578	0
Daniel J. Beckman	44,545,549	2,758,489	0
Kathleen Blatz	44,841,283	2,462,755	0
Pamela G. Carlton	44,738,205	2,565,833	0
Janet Langford Carrig	44,923,713	2,380,324	0
J. Kevin Connaughton	44,851,008	2,453,030	0
Olive M. Darragh	44,634,747	2,669,291	0
Patricia M. Flynn	44,680,197	2,623,841	0
Brian J. Gallagher	44,768,699	2,535,339	0
Douglas A. Hacker	44,744,402	2,559,636	0
Nancy T. Lukitsh	44,975,413	2,328,625	0
David M. Moffett	44,601,579	2,702,459	0
Catherine James Paglia	44,611,075	2,692,963	0
Natalie A. Trunow	44,966,319	2,337,719	0
Sandra L. Yeager	44,920,389	2,383,649	0

Portfolio of Investments	3
Statement of Assets and Liabilities	6
Statement of Operations	7
Statement of Changes in Net Assets	8
Financial Highlights	9
Notes to Financial Statements	10
Approval of Management Agreement	20
Results of Meeting of Shareholders	24