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)
One Financial Center, Boston, Massachusetts					02111
(Address of principal executive offices)					(Zip code)
James R. Bordewick, Jr., Esq. Columbia Management Advisors, LLC One Financial Center Boston, MA 02111
(Name and address of agent for service)
Registrant’s telephone number, including area code:				1-617-426-3750
Date of fiscal year end:	December 31
Date of reporting period:		June 30, 2009

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, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

Columbia Small Cap Value Fund,
Variable Series

Columbia Funds Variable Insurance Trust

2009 Semiannual Report

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

Portfolio Managers' Discussion

Columbia Small Cap Value Fund, Variable Series / June 30, 2009

Columbia Small Cap Value Fund, Variable Series seeks long-term capital appreciation.

Stephen D. Barbaro, the lead manager, has co-managed the fund since June 2002. Jeremy Javidi has co-managed the fund since August 2005.

Summary

•  For the six-month period that ended June 30, 2009, the fund's Class A shares posted a modest gain, beating the negative return of its benchmark, the Russell 2000 Value Index.¹ The fund lagged the average return of its peer group, the Lipper VUF Small-Cap Value Funds Classification.² Approximately 85% of the fund's advantage versus the index came from stock selection, as the fund remained focused on high quality companies with strong cash flows and balance sheets. These stocks held up well as stock prices declined early in the period. In February, we began shifting the portfolio from a more defensive stance to a more neu tral one. As a result, no single sector weight detracted from returns versus the index. The fund, however, lost some ground versus peers that were more heavily weighted in economically-sensitive and lower quality stocks, which led the market rebound in the spring.

•  Stock selection in the financials, materials and industrials sectors helped the fund stay ahead of the Russell index, as strong companies with excellent balance sheets did quite well in these sectors. The fund's financials declined much less than those in the index as our focus on high quality companies helped us avoid many of the sector's worst performers. Among the fund's best contributors were specialty finance companies and high quality real estate investment trusts (REITs). The fund further benefited from having an underweight in financials, which was the period's worst performing sector for the six-month period. In materials, Clearwater Paper (0.9% of net assets) and steel stocks stood out. Clearwater, which makes store brand, private label tissue, rallied sharply after being spun out of a REIT. Steel stocks, which we had purchased at their lows, climbed as the global economy showed signs of improving. We locked in ga ins and sold Schnitzer Steel Industries.

•  Looking ahead, we expect the current credit crisis to continue, forcing weaker competitors out of business and giving strong companies new opportunities. We believe that our process of selecting financially strong small-cap companies should help us identify the companies with the best prospects in a credit-constrained environment. As long as there is continued uncertainty about the economic outlook, we plan to keep the fund's sector weights in line with those in the index. Once the economic landscape improves, we expect small-cap stocks to be among the first to benefit.

Past performance is no guarantee of future results.

Equity investments are affected by stock market fluctuations that occur in response to economic and business developments.

Investments in small-cap stocks may be subject to greater volatility and price fluctuations because they may be thinly traded and less liquid than investments in larger companies.

Value stocks are stocks of companies that may have experienced adverse business or industry developments or may be subject to special risks that have caused the stocks to be out of favor and, in the advisor's opinion, undervalued. The price of the company's stock may not approach the value the advisor has placed on it.

Holdings are disclosed as of June 30, 2009, and are subject to change.

The outlook for the fund may differ from that presented for other Columbia Funds.

¹  The Russell 2000 Value Index measures the performance of those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values. Indices are not available for investment, and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the fund may not match those in an index.

²  Lipper Inc., a widely respected data provider in the industry, calculates an average total return (assuming reinvestment of distributions) for mutual funds with investment objectives similar to those of the fund. Lipper makes no adjustment for the effect of sales loads.

1

Performance Information

Columbia Small Cap Value Fund, Variable Series / June 30, 2009

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

Performance results reflect any fee waivers or reimbursements of fund expenses by the investment advisor and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of all distributions.

Performance results reflect all fund expenses, but do not include any insurance charges imposed by your insurance company's separate accounts. If performance results included the effect of these additional charges, they would be lower.

Average annual total return as of June 30, 2009 (%)

	(cumulative) 6-month		1-year		5-year		10-year
Class A (05/19/98)		0.79		-20.45		0.11		6.96
Class B (06/01/00)		0.71		-20.59		-0.07		6.84
Russell 2000 Value Index		-5.17		-25.24		-2.27		5.00

Inception date of share class is in parentheses.

Net asset value per share ($)	12/31/08		06/30/09
Class A		11.35		11.44
Class B		11.31		11.39

Annual operating expense ratio (%)*
Class A	0.89
Class B	1.14

*The annual operating expense ratio is as stated in the fund's prospectus that is current as of the date of this report and includes the expenses incurred by the investment companies in which the fund invests. Differences in expense ratios disclosed elsewhere in this report may result from including expenses incurred by the investment companies, fee waivers and expense reimbursements as well as different time periods used in calculating the ratios.

The returns shown for Class B shares include the returns of the fund's Class A shares (the oldest existing share class) for periods prior to June 1, 2000, the date on which Class B shares were first offered by the Fund. The returns shown have not been restated to reflect any expense differential, such as distribution (Rule 12b-1) fees between Class A shares and Class B shares. If differences in expenses were reflected, the returns shown for periods prior to June 1, 2000 would be lower.

2

Understanding Your Expenses

Columbia Small Cap Value Fund, Variable Series / June 30, 2009

As a Variable Series fund shareholder, you incur ongoing costs, which generally include investment advisory fees, distribution (Rule 12b-1) fees for Class B shares and other fund expenses. The information on this page is intended to help you understand the ongoing costs of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your fund's expenses by share class

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in each share class of the fund during the period. The information in the following table is based on an initial investment of $1,000, which is invested at the beginning of the period and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the fund's actual operating expenses and total return for the period. The amount listed in the "Hypothetical" column for each share class assumes that the return each year is 5% before expenses and is calculated based on the fund's actual operating expenses. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during this period.

Estimating your actual expenses by share class

To estimate the expenses that you paid over the period, first you will need your account balance at the end of the period:

1. Divide your ending account balance by $1,000. For example, if an account balance was $8,600 at the end of the period, the result would be 8.6.

2. In the section of the table below titled "Expenses paid during the period," locate the amount for your share class. You will find this number in the column labeled "Actual." Multiply this number by the result from step 1. Your answer is an estimate of the expenses you paid on your account during the period.

01/01/09 – 06/30/09	Account value at the beginning of the period ($)				Account value at the end of the period ($)				Expenses paid during the period ($)				Fund's annualized expense ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,007.88		1,020.13		4.68		4.71		0.94
Class B		1,000.00		1,000.00		1,007.09		1,019.34		5.47		5.51		1.10

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

Had the investment advisor and/or any of its affiliates not waived fees or reimbursed a portion of expenses for Class B shares, account value at the end of the period would have been reduced.

It is important to note that the expense amounts shown in the table are meant to highlight only ongoing costs of investing in the share class of the fund. As a shareholder of the fund, you do not incur any transaction costs, such as sales charges, redemption fees or exchange fees. Expenses paid during the period do not include any insurance charges imposed by your insurance company's separate accounts.

The hypothetical examples provided are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds whose shareholders may incur transaction costs.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing costs of investing in the fund with other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund and do not reflect any transaction costs, such as sales charges, redemption fees or exchange fees, that may be incurred by shareholders of other funds. Expenses paid during the period do not include any insurance charges imposed by your insurance company's separate accounts.

3

Investment Portfolio

Columbia Small Cap Value Fund, Variable Series / June 30, 2009 (Unaudited)

	Shares		Value
COMMON STOCKS—99.6%
Consumer Discretionary—10.6%
Auto Components—0.2%
Stoneridge, Inc. (a)		68,609	$	329,323
Superior Industries International, Inc.		34,525		486,803
				816,126
Diversified Consumer Services—0.7%
Regis Corp.		88,402		1,539,079
Sotheby's		72,130		1,017,754
				2,556,833
Hotels, Restaurants & Leisure—2.1%
Benihana, Inc., Class A (a)		214,042		1,352,746
Bob Evans Farms, Inc.		66,080		1,899,139
CEC Entertainment, Inc. (a)		47,280		1,393,814
Jack in the Box, Inc. (a)		42,000		942,900
Landry's Restaurants, Inc. (a)		43,297		372,354
Red Robin Gourmet Burgers, Inc. (a)		63,300		1,186,875
				7,147,828
Household Durables—1.6%
American Greetings Corp., Class A		178,780		2,088,151
Cavco Industries, Inc. (a)		42,273		1,070,775
CSS Industries, Inc.		72,416		1,475,838
Ethan Allen Interiors, Inc.		97,220		1,007,199
				5,641,963
Leisure Equipment & Products—0.7%
Brunswick Corp.		258,128		1,115,113
Jakks Pacific, Inc. (a)		93,950		1,205,378
				2,320,491
Specialty Retail—4.2%
America's Car-Mart, Inc. (a)		114,318		2,343,519
AnnTaylor Stores Corp. (a)		211,258		1,685,839
Christopher & Banks Corp.		68,245		457,924
Foot Locker, Inc.		115,708		1,211,463
Men's Wearhouse, Inc.		82,631		1,584,862
OfficeMax, Inc.		220,550		1,385,054
Pacific Sunwear of California (a)		668,669		2,253,414
Rent-A-Center, Inc. (a)		141,183		2,517,293
Shoe Carnival, Inc. (a)		92,334		1,101,545
				14,540,913
Textiles, Apparel & Luxury Goods—1.1%
Movado Group, Inc.		125,250		1,320,135
Phillips-Van Heusen Corp.		40,790		1,170,265
Wolverine World Wide, Inc.		55,210		1,217,933
				3,708,333
Consumer Staples—3.3%
Food & Staples Retailing—2.6%
BJ's Wholesale Club, Inc. (a)		34,180		1,101,621
Casey's General Stores, Inc.		81,110		2,083,716
Ruddick Corp.		74,040		1,734,757
Spartan Stores, Inc.		71,770		890,666
Weis Markets, Inc.		90,211		3,023,873
				8,834,633

	Shares		Value
Food Products—0.7%
Fresh Del Monte Produce, Inc. (a)		113,930	$	1,852,502
Lancaster Colony Corp.		13,773		606,976
				2,459,478
Energy—5.2%
Energy Equipment & Services—2.4%
Gulf Island Fabrication, Inc.		60,310		954,707
Lufkin Industries, Inc.		25,786		1,084,301
Matrix Service Co. (a)		80,270		921,500
Patterson-UTI Energy, Inc.		69,790		897,499
Superior Well Services, Inc. (a)		92,633		551,166
T-3 Energy Services, Inc. (a)		51,680		615,509
TGC Industries, Inc. (a)		140,015		681,873
Tidewater, Inc.		42,120		1,805,685
Union Drilling, Inc. (a)		139,266		921,941
				8,434,181
Oil, Gas & Consumable Fuels—2.8%
Berry Petroleum Co., Class A		62,840		1,168,196
Cimarex Energy Co.		34,370		974,046
Forest Oil Corp. (a)		53,130		792,700
Holly Corp.		68,700		1,235,226
Mariner Energy, Inc. (a)		128,790		1,513,282
Nordic American Tanker Shipping		37,301		1,186,918
Stone Energy Corp. (a)		183,977		1,365,109
Swift Energy Co. (a)		87,100		1,450,215
				9,685,692
Financials—30.4%
Capital Markets—1.9%
Federated Investors, Inc., Class B		46,850		1,128,617
Investment Technology Group, Inc. (a)		51,170		1,043,356
Janus Capital Group, Inc.		100,930		1,150,602
Piper Jaffray Companies, Inc. (a)		49,764		2,173,194
Raymond James Financial, Inc.		70,920		1,220,533
				6,716,302
Commercial Banks—7.3%
BancFirst Corp.		46,314		1,601,538
BancTrust Financial Group, Inc.		151,258		453,774
Bryn Mawr Bank Corp.		91,412		1,724,944
Capitol Bancorp Ltd.		92,118		244,113
Chemical Financial Corp.		124,661		2,482,000
Columbia Banking System, Inc.		96,444		986,622
Community Trust Bancorp, Inc.		58,159		1,555,753
First Citizens BancShares, Inc., Class A		18,173		2,428,821
First Financial Corp. Indiana		76,463		2,414,702
First National Bank of Alaska		730		1,175,300
Investors Bancorp, Inc. (a)		159,992		1,465,527
Mass Financial Corp., Class A (a)		154,340		953,821
Merchants Bancshares, Inc.		84,451		1,873,968
Northfield Bancorp, Inc.		115,507		1,342,191
Northrim BanCorp, Inc.		100,400		1,397,568
South Financial Group, Inc.		213,130		253,625

See Accompanying Notes to Financial Statements.

4

Investment Portfolio (continued)

Columbia Small Cap Value Fund, Variable Series / June 30, 2009 (Unaudited)

	Shares		Value
Sterling Bancorp NY		136,614	$	1,140,727
Taylor Capital Group, Inc. (a)		91,909		629,577
West Coast Bancorp		130,100		265,404
Whitney Holding Corp.		111,030		1,017,035
				25,407,010
Consumer Finance—0.7%
Cash America International, Inc.		102,520		2,397,943
Diversified Financial Services—0.7%
Medallion Financial Corp.		204,088		1,561,273
Pico Holdings, Inc. (a)		36,700		1,053,290
				2,614,563
Insurance—6.9%
Baldwin & Lyons, Inc., Class B		82,490		1,625,053
CNA Surety Corp. (a)		141,961		1,915,054
EMC Insurance Group, Inc.		90,485		1,882,993
FBL Financial Group, Inc. Class A		132,845		1,097,300
First Mercury Financial Corp.		91,634		1,261,800
Harleysville Group, Inc.		47,421		1,338,221
Horace Mann Educators Corp.		181,566		1,810,213
National Western Life Insurance Co., Class A		9,256		1,080,638
Navigators Group, Inc. (a)		42,860		1,904,270
RLI Corp.		36,767		1,647,161
Safety Insurance Group, Inc.		65,880		2,013,293
Selective Insurance Group, Inc.		84,912		1,084,326
Stewart Information Services Corp.		93,910		1,338,217
United America Indemnity Ltd., Class A (a)		555,856		2,662,550
United Fire & Casualty Co.		69,704		1,195,424
				23,856,513
Real Estate Investment Trusts (REITs)—7.0%
DCT Industrial Trust, Inc.		333,458		1,360,509
DiamondRock Hospitality Co.		319,550		2,000,383
Duke Realty Corp.		108,520		951,720
DuPont Fabros Technology, Inc.		102,462		965,192
Franklin Street Properties Corp.		181,742		2,408,081
Getty Realty Corp.		61,593		1,162,260
LaSalle Hotel Properties		112,110		1,383,437
Mack-Cali Realty Corp.		35,090		800,052
National Health Investors, Inc.		79,580		2,125,582
National Retail Properties, Inc.		134,830		2,339,300
Potlatch Corp.		102,340		2,485,839
Sun Communities, Inc.		92,252		1,271,233
Sunstone Hotel Investors, Inc.		226,505		1,211,802
Universal Health Realty Income Trust		66,907		2,108,909
Urstadt Biddle Properties, Inc., Class A		124,508		1,753,073
				24,327,372
Real Estate Management & Development—0.4%
Avatar Holdings, Inc. (a)		40,370		733,523
Maui Land & Pineapple Co., Inc. (a)		66,965		516,300
				1,249,823

	Shares		Value
Thrifts & Mortgage Finance—5.5%
Bank Mutual Corp.		221,454	$	1,931,079
BankFinancial Corp.		160,897		1,425,547
Beneficial Mutual Bancorp, Inc. (a)		187,043		1,795,613
Brookline Bancorp, Inc.		249,850		2,328,602
Clifton Savings Bancorp, Inc.		151,725		1,632,561
ESSA Bancorp, Inc.		100,976		1,380,342
Home Federal Bancorp, Inc.		198,994		2,027,749
TrustCo Bank Corp. NY		198,036		1,170,393
United Financial Bancorp, Inc.		120,041		1,658,966
Washington Federal, Inc.		142,150		1,847,950
Westfield Financial, Inc.		224,562		2,034,532
				19,233,334
Health Care—4.7%
Health Care Equipment & Supplies—0.4%
Analogic Corp.		22,280		823,246
Young Innovations, Inc.		30,555		665,793
				1,489,039
Health Care Providers & Services—3.7%
Allion Healthcare, Inc. (a)		33,228		197,707
AmSurg Corp. (a)		50,191		1,076,095
Cross Country Healthcare, Inc. (a)		115,809		795,608
Healthspring, Inc. (a)		142,532		1,547,898
Kindred Healthcare, Inc. (a)		116,870		1,445,682
Magellan Health Services, Inc. (a)		37,700		1,237,314
Medcath Corp. (a)		46,782		550,156
Mednax, Inc. (a)		2,642		111,307
NovaMed, Inc. (a)		277,836		1,097,452
Owens & Minor, Inc.		24,561		1,076,263
Res-Care, Inc. (a)		156,105		2,232,302
Triple-S Management Corp., Class B (a)		46,649		727,258
U.S. Physical Therapy, Inc. (a)		60,755		896,136
				12,991,178
Life Sciences Tools & Services—0.6%
PAREXEL International Corp. (a)		48,200		693,116
Varian, Inc. (a)		29,810		1,175,408
				1,868,524
Industrials—17.0%
Aerospace & Defense—1.4%
AAR Corp. (a)		64,900		1,041,645
Ceradyne, Inc. (a)		65,423		1,155,370
Esterline Technologies Corp. (a)		42,170		1,141,542
Ladish Co., Inc. (a)		113,630		1,473,781
				4,812,338
Air Freight & Logistics—0.2%
Pacer International, Inc.		273,838		610,659
Airlines—0.4%
Skywest, Inc.		136,490		1,392,198

See Accompanying Notes to Financial Statements.

5

Investment Portfolio (continued)

Columbia Small Cap Value Fund, Variable Series / June 30, 2009 (Unaudited)

	Shares		Value
Building Products—1.8%
Ameron International Corp.		24,088	$	1,614,860
Builders FirstSource, Inc. (a)		243,369		1,012,415
Lennox International, Inc.		57,100		1,833,481
NCI Building Systems, Inc. (a)		140,060		369,758
Universal Forest Products, Inc.		38,470		1,272,972
				6,103,486
Commercial Services & Supplies—1.7%
ABM Industries, Inc.		67,130		1,213,039
ATC Technology Corp. (a)		67,300		975,850
Comfort Systems USA, Inc.		104,543		1,071,566
Consolidated Graphics, Inc. (a)		63,450		1,105,299
Ennis, Inc.		4,169		51,946
United Stationers, Inc. (a)		45,970		1,603,433
				6,021,133
Construction & Engineering—2.2%
Dycom Industries, Inc. (a)		139,730		1,546,811
EMCOR Group, Inc. (a)		108,560		2,184,227
KBR, Inc.		97,960		1,806,382
KHD Humboldt Wedag International Ltd. (a)		97,302		811,499
Layne Christensen Co. (a)		53,710		1,098,370
Sterling Construction Co., Inc. (a)		14,514		221,484
				7,668,773
Electrical Equipment—1.9%
A.O. Smith Corp.		46,250		1,506,362
Acuity Brands, Inc.		42,340		1,187,637
Belden, Inc.		77,180		1,288,906
GrafTech International Ltd. (a)		219,260		2,479,831
				6,462,736
Machinery—2.6%
Astec Industries, Inc. (a)		41,547		1,233,531
CIRCOR International, Inc.		48,370		1,142,016
EnPro Industries, Inc. (a)		82,562		1,486,942
FreightCar America, Inc.		61,878		1,040,169
Harsco Corp.		35,194		995,990
Kadant, Inc. (a)		90,208		1,018,448
LB Foster Co., Class A (a)		29,274		880,269
Robbins & Myers, Inc.		63,280		1,218,140
				9,015,505
Professional Services—1.7%
CDI Corp.		99,819		1,112,982
Kforce, Inc. (a)		94,364		780,390
Korn/Ferry International (a)		103,210		1,098,154
LECG Corp. (a)		186,115		606,735
MPS Group, Inc. (a)		318,484		2,433,218
				6,031,479
Road & Rail—2.3%
Arkansas Best Corp.		43,810		1,154,393
Genesee & Wyoming, Inc., Class A (a)		41,217		1,092,663
Heartland Express, Inc.		89,380		1,315,674
Ryder System, Inc.		39,110		1,091,951
Werner Enterprises, Inc.		183,260		3,320,671
				7,975,352

	Shares		Value
Trading Companies & Distributors—0.8%
Kaman Corp.		85,856	$	1,433,795
Watsco, Inc.		28,797		1,409,037
				2,842,832
Information Technology—14.9%
Communications Equipment—3.6%
ADC Telecommunications, Inc. (a)		140,670		1,119,733
Airvana, Inc. (a)		54,184		345,152
Anaren, Inc. (a)		97,041		1,715,685
Avocent Corp. (a)		76,990		1,074,780
Bel Fuse, Inc., Class B		39,919		640,301
Black Box Corp.		58,508		1,958,263
Comtech Telecommunications Corp. (a)		15,537		495,320
Plantronics, Inc.		75,480		1,427,327
Symmetricom, Inc. (a)		190,800		1,100,916
Tekelec (a)		71,740		1,207,384
Tellabs, Inc. (a)		273,130		1,565,035
				12,649,896
Computers & Peripherals—0.9%
Adaptec, Inc. (a)		156,587		414,955
Electronics for Imaging, Inc. (a)		120,060		1,279,840
QLogic Corp. (a)		106,000		1,344,080
				3,038,875
Electronic Equipment, Instruments & Components—4.0%
Anixter International, Inc. (a)		53,990		2,029,484
Benchmark Electronics, Inc. (a)		173,105		2,492,712
Brightpoint, Inc. (a)		272,414		1,708,036
CPI International, Inc. (a)		112,031		973,549
CTS Corp.		135,782		889,372
Electro Scientific Industries, Inc. (a)		109,700		1,226,446
Littelfuse, Inc. (a)		56,730		1,132,331
Methode Electronics, Inc.		34,615		242,997
MTS Systems Corp.		61,887		1,277,966
NAM TAI Electronics, Inc.		254,453		1,083,970
Plexus Corp. (a)		32,484		664,623
				13,721,486
Internet Software & Services—0.2%
InfoSpace, Inc. (a)		126,870		841,148
IT Services—1.6%
Acxiom Corp.		98,940		873,640
CACI International, Inc., Class A (a)		40,303		1,721,341
CSG Systems International, Inc. (a)		87,355		1,156,580
MAXIMUS, Inc.		45,290		1,868,213
				5,619,774
Semiconductors & Semiconductor Equipment—3.0%
Actel Corp. (a)		83,640		897,457
ATMI, Inc. (a)		48,730		756,777
Cirrus Logic, Inc. (a)		223,900		1,007,550
Fairchild Semiconductor International, Inc. (a)		238,730		1,668,723

See Accompanying Notes to Financial Statements.

6

Investment Portfolio (continued)

Columbia Small Cap Value Fund, Variable Series / June 30, 2009 (Unaudited)

	Shares		Value
Kulicke & Soffa Industries, Inc. (a)		283,380	$	971,993
MKS Instruments, Inc. (a)		73,542		970,019
OmniVision Technologies, Inc. (a)		135,135		1,404,053
Verigy Ltd. (a)		137,058		1,667,996
Zoran Corp. (a)		113,907		1,241,586
				10,586,154
Software—1.6%
Jack Henry & Associates, Inc.		44,700		927,525
Mentor Graphics Corp. (a)		207,630		1,135,736
MSC.Software Corp. (a)		191,102		1,272,740
Parametric Technology Corp. (a)		98,270		1,148,776
Progress Software Corp. (a)		45,570		964,717
				5,449,494
Materials—7.0%
Chemicals—2.0%
Cytec Industries, Inc.		79,803		1,485,932
H.B. Fuller Co.		153,130		2,874,250
OM Group, Inc. (a)		84,530		2,453,060
				6,813,242
Construction Materials—0.3%
Eagle Materials, Inc.		44,731		1,129,010
Containers & Packaging—1.7%
Greif, Inc., Class A		30,719		1,358,394
Greif, Inc., Class B		77,712		3,127,908
Packaging Corp. of America		87,838		1,422,976
				5,909,278
Metals & Mining—2.2%
Carpenter Technology Corp.		57,740		1,201,569
Harry Winston Diamond Corp.		263,643		1,571,312
Haynes International, Inc. (a)		58,407		1,384,246
Olympic Steel, Inc.		69,835		1,708,863
RTI International Metals, Inc. (a)		99,940		1,765,940
				7,631,930
Paper & Forest Products—0.8%
Clearwater Paper Corp. (a)		117,485		2,971,196
Telecommunication Services—1.0%
Diversified Telecommunication Services—0.4%
Warwick Valley Telephone Co.		106,739		1,227,498
Wireless Telecommunication Services—0.6%
Syniverse Holdings, Inc. (a)		132,885		2,130,147
Utilities—5.5%
Electric Utilities—2.9%
ALLETE, Inc.		68,830		1,978,862
El Paso Electric Co. (a)		113,321		1,581,961
Great Plains Energy, Inc.		77,490		1,204,970
Hawaiian Electric Industries, Inc.		51,430		980,256
Maine & Maritimes Corp.		22,445		779,964
MGE Energy, Inc.		65,233		2,188,567
UIL Holdings Corp.		69,104		1,551,385
				10,265,965

	Shares		Value
Independent Power Producers & Energy Traders—0.7%
Black Hills Corp.		109,980	$	2,528,440
Multi-Utilities—1.9%
Avista Corp.		140,930		2,509,963
CH Energy Group, Inc.		39,675		1,852,823
NorthWestern Corp.		93,480		2,127,605
				6,490,391
Total Common Stocks (cost of $436,871,143)				346,238,487
	Par
SHORT-TERM OBLIGATION—0.7%
Repurchase agreement with Fixed Income Clearing Corp., dated 06/30/09, due 07/01/09, at 0.000001%, collateralized by a U.S. Treasury obligation maturing 02/12/15, market value $2,318,775 (repurchase proceeds $2,269,000)	$	2,269,000		2,269,000
Total Short-Term Obligation (cost of $2,269,000)				2,269,000
Total Investments—100.3% (cost of $439,140,143) (b)				348,507,487
Other Assets & Liabilities, Net—(0.3)%				(893,558	)
Net Assets—100.0%			$	347,613,929

Notes to Investment Portfolio:

(a)  Non-income producing security.

(b)  Cost for federal income tax purposes is $439,140,143.

The following table summarizes the inputs used, as of June 30, 2009 in valuing the Fund's assets:

See Accompanying Notes to Financial Statements.

7

Investment Portfolio (continued)

Columbia Small Cap Value Fund, Variable Series / June 30, 2009 (Unaudited)

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
COMMON STOCKS
Consumer Discretionary
Auto Components	$	816,126	$	—	$	—	$	816,126
Diversified Consumer Services		2,556,833		—		—		2,556,833
Hotels, Restaurants & Leisure		7,147,828		—		—		7,147,828
Household Durables		5,641,963		—		—		5,641,963
Leisure Equipment & Products		2,320,491		—		—		2,320,491
Specialty Retail		14,540,913		—		—		14,540,913
Textiles, Apparel & Luxury Goods		3,708,333		—		—		3,708,333
		36,732,487		—		—		36,732,487
Consumer Staples
Food & Staples Retailing		8,834,633		—		—		8,834,633
Food Products		2,459,478		—		—		2,459,478
		11,294,111		—		—		11,294,111
Energy
Energy Equipment & Services		8,434,181		—		—		8,434,181
Oil, Gas & Consumable Fuels		9,685,692		—		—		9,685,692
		18,119,873		—		—		18,119,873
Financials
Capital Markets		6,716,302		—		—		6,716,302
Commercial Banks		25,407,010		—		—		25,407,010
Consumer Finance		2,397,943		—		—		2,397,943
Diversified Financial Services		2,614,563		—		—		2,614,563
Insurance		23,856,513		—		—		23,856,513
Real Estate Investment Trusts (REITs)		24,327,372		—		—		24,327,372
Real Estate Management & Development		1,249,823		—		—		1,249,823
Thrifts & Mortgage Finance		19,233,334		—		—		19,233,334
		105,802,860		—		—		105,802,860
Health Care
Health Care Equipment & Supplies		1,489,039		—		—		1,489,039
Health Care Providers & Services		12,991,178		—		—		12,991,178
Life Sciences Tools & Services		1,868,524		—		—		1,868,524
		16,348,741		—		—		16,348,741
Industrials
Aerospace & Defense		4,812,338		—		—		4,812,338
Air Freight & Logistics		610,659		—		—		610,659
Airlines		1,392,198		—		—		1,392,198
Building Products		6,103,486		—		—		6,103,486
Commercial Services & Supplies		6,021,133		—		—		6,021,133
Construction & Engineering		7,668,773		—		—		7,668,773
Electrical Equipment		6,462,736		—		—		6,462,736

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Machinery	$	9,015,505	$	—	$	—	$	9,015,505
Professional Services		6,031,479		—		—		6,031,479
Road & Rail		7,975,352		—		—		7,975,352
Trading Companies & Distributors		2,842,832		—		—		2,842,832
		58,936,491		—		—		58,936,491
Information Technology
Communications Equipment		12,649,896		—		—		12,649,896
Computers & Peripherals		3,038,875		—		—		3,038,875
Electronic Equipment, Instruments & Components		13,721,486		—		—		13,721,486
Internet Software & Services		841,148		—		—		841,148
IT Services		5,619,774		—		—		5,619,774
Semiconductors & Semiconductor Equipment		10,586,154		—		—		10,586,154
Software		5,449,494		—		—		5,449,494
		51,906,827		—		—		51,906,827
Materials
Chemicals		6,813,242		—		—		6,813,242
Construction Materials		1,129,010		—		—		1,129,010
Containers & Packaging		5,909,278		—		—		5,909,278
Metals & Mining		7,631,930		—		—		7,631,930
Paper & Forest Products		2,971,196		—		—		2,971,196
		24,454,656		—		—		24,454,656
Telecommunication Services
Diversified Telecommunication Services		1,227,498		—		—		1,227,498
Wireless Telecommunication Services		2,130,147		—		—		2,130,147
		3,357,645		—		—		3,357,645
Utilities
Electric Utilities		10,265,965		—		—		10,265,965
Independent Power Producers & Energy Traders		2,528,440		—		—		2,528,440
Multi-Utilities		6,490,391		—		—		6,490,391
		19,284,796		—		—		19,284,796
Total Common Stocks		346,238,487		—		—		346,238,487
SHORT-TERM OBLIGATION
Repurchase Agreement		—		2,269,000		—		2,269,000
Total Short-Term Obligation		—		2,269,000		—		2,269,000
Total Investments		346,238,487		2,269,000		—		348,507,487
Total	$	346,238,487	$	2,269,000	$	—	$	348,507,487

For more information on valuation inputs and their aggregation into the levels used in the table above, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

See Accompanying Notes to Financial Statements.

8

Investment Portfolio (continued)

Columbia Small Cap Value Fund, Variable Series / June 30, 2009 (Unaudited)

At June 30, 2009, the Fund held investments in the following sectors:

Sector	% of Net Assets
Financials		30.4
Industrials		17.0
Information Technology		14.9
Consumer Discretionary		10.6
Materials		7.0
Utilities		5.5
Energy		5.2
Health Care		4.7
Consumer Staples		3.3
Telecommunication Services		1.0
		99.6
Short-Term Obligation		0.7
Other Assets & Liabilities, Net		(0.3	)
		100.0

See Accompanying Notes to Financial Statements.

9

Statement of Assets and Liabilities

Columbia Small Cap Value Fund, Variable Series / June 30, 2009 (Unaudited)

Assets
Investments, at cost	$	439,140,143
Investments, at value	$	348,507,487
Cash		373
Receivable for:
Investments sold		1,636,307
Fund shares sold		289,509
Dividends		399,319
Expense reimbursement due from investment advisor		20,829
Trustees' deferred compensation plan		24,130
Prepaid expenses		8,804
Total Assets		350,886,758
Liabilities
Payable for:
Investments purchased		2,815,415
Fund shares repurchased		56,124
Investment advisory fee		229,683
Transfer agent fee		31
Trustees' fees		17
Pricing and bookkeeping fees		10,402
Custody fee		4,827
Distribution fees — Class B		67,086
Chief compliance officer expenses		201
Reports to shareholders		41,143
Trustees' deferred compensation plan		24,130
Other liabilities		23,770
Total Liabilities		3,272,829
Net Assets	$	347,613,929
Net Assets Consist of
Paid-in capital	$	465,761,695
Undistributed net investment income		5,089,581
Accumulated net realized loss		(32,604,691	)
Net unrealized depreciation on investments		(90,632,656	)
Net Assets	$	347,613,929
Class A
Net assets	$	19,624,071
Shares outstanding		1,715,395
Net asset value per share	$	11.44
Class B
Net assets	$	327,989,858
Shares outstanding		28,800,186
Net asset value per share	$	11.39

See Accompanying Notes to Financial Statements.

10

Statement of Operations

Columbia Small Cap Value Fund, Variable Series
For the Six Months Ended June 30, 2009 (Unaudited)

Investment Income
Dividends	$	3,302,581
Interest		623
Foreign taxes withheld		(942	)
Total Investment Income		3,302,262
Expenses
Investment advisory fee		1,241,019
Distribution fees — Class B		366,469
Transfer agent fee		263
Pricing and bookkeeping fees		46,460
Trustees' fees		14,199
Custody fee		44,717
Audit fee		16,167
Legal fees		8,823
Reports to shareholders		67,423
Chief compliance officer expenses		349
Other expenses		13,922
Total Expenses		1,819,811
Fees waived by distibutor — Class B		(125,165	)
Custody earnings credit		—	*
Net Expenses		1,694,646
Net Investment Income		1,607,616
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions
Net realized gain (loss) on:
Investments		(24,980,117	)
Foreign currency transactions		1,204
Net realized loss		(24,978,913	)
Net change in unrealized appreciation (depreciation) on investments		27,273,181
Net Gain		2,294,268
Net Increase Resulting from Operations	$	3,901,884

*  Rounds to less than $1.00.

See Accompanying Notes to Financial Statements.

11

Statement of Changes in Net Assets

Columbia Small Cap Value Fund, Variable Series

Increase (Decrease) in Net Assets	(Unaudited) Six Months Ended June 30, 2009			Year Ended December 31, 2008
Operations
Net investment income	$	1,607,616		$	3,544,295
Net realized loss on investments and foreign currency transactions		(24,978,913	)		(7,504,997	)
Net change in unrealized appreciation (depreciation) on investments		27,273,181			(125,580,154	)
Net increase (decrease) resulting from operations		3,901,884			(129,540,856	)
Distributions to Shareholders
From net investment income:
Class A		—			(178,440	)
Class B		—			(1,871,619	)
From net realized gains:
Class A		—			(3,051,415	)
Class B		—			(50,276,086	)
Total distributions to shareholders		—			(55,377,560	)
Net Capital Stock Transactions		10,295,692			40,168,870
Total increase (decrease) in net assets		14,197,576			(144,749,546	)
Net Assets
Beginning of period		333,416,353			478,165,899
End of period	$	347,613,929		$	333,416,353
Undistributed net investment income at end of period	$	5,089,581		$	3,481,965
Capital Stock Activity

	(Unaudited) Six Months Ended June 30, 2009						Year Ended December 31, 2008
	Shares			Dollars			Shares			Dollars
Class A
Subscriptions		145,629		$	1,552,644			1,187,524		$	19,972,992
Distributions reinvested		—			—			224,764			3,229,855
Redemptions		(135,706	)		(1,398,451	)		(292,979	)		(4,369,746	)
Net increase		9,923			154,193			1,119,309			18,833,101
Class B
Subscriptions		2,877,076			28,905,595			3,651,497			52,331,932
Distributions reinvested		—			—			3,639,058			52,147,705
Redemptions		(1,850,600	)		(18,764,096	)		(5,482,431	)		(83,143,868	)
Net increase		1,026,476			10,141,499			1,808,124			21,335,769

See Accompanying Notes to Financial Statements.

12

Financial Highlights

Columbia Small Cap Value Fund, Variable Series—Class A Shares

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended June 30,			Year Ended December 31,
	2009			2008			2007			2006(a)			2005			2004
Net Asset Value, Beginning of Period	$	11.35		$	18.08		$	20.67		$	17.86		$	16.94		$	14.23
Income from Investment Operations:
Net investment income (b)		0.06			0.17			0.13			0.11			0.12			0.09
Net realized and unrealized gain (loss) on investments and foreign currency		0.03			(4.79	)		(0.38	)		3.33			0.83			3.13
Total from investment operations		0.09			(4.62	)		(0.25	)		3.44			0.95			3.22
Less Distributions to Shareholders:
From net investment income		—			(0.12	)		(0.10	)		(0.10	)		—			(0.07	)
From net realized gains		—			(1.99	)		(2.24	)		(0.53	)		(0.03	)		(0.44	)
Total distributions to shareholders		—			(2.11	)		(2.34	)		(0.63	)		(0.03	)		(0.51	)
Net Asset Value, End of Period	$	11.44		$	11.35		$	18.08		$	20.67		$	17.86		$	16.94
Total return (c)(d)		0.79	%(e)		(28.02	)%		(2.36	)%		19.57	%		5.64	%(f)(g)		22.70	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (h)		0.94	%(i)		0.89	%		0.89	%		0.91	%		0.90	%		0.97	%
Interest expense		—			—	%(j)		—	%(j)		—	%(j)		—			—
Net expenses (h)		0.94	%(i)		0.89	%		0.89	%		0.91	%		0.90	%		0.97	%
Waiver/Reimbursement		—			—			—			—			—	%(j)		—
Net investment income (h)		1.19	%(i)		1.16	%		0.63	%		0.57	%		0.67	%		0.57	%
Portfolio turnover rate		25	%(e)		48	%		51	%		35	%		38	%		30	%
Net assets, end of period (000s)	$	19,624		$	19,357		$	10,598		$	13,668		$	13,711		$	14,557

(a)  On May 1, 2006, Colonial Small Cap Value Fund, Variable Series was renamed Columbia Small Cap Value Fund, Variable Series.

(b)  Per share data was calculated using the average shares outstanding during the period.

(c)  Total return at net asset value assuming all distributions reinvested.

(d)  Total return does not include any insurance company charges imposed by your insurance company's separate accounts. If included, total return would be reduced.

(e)  Not annualized.

(f)  Had the investment advisor and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(g)  Total return includes a voluntary reimbursement by the investment advisor for a realized investment loss due to a trading error. This reimbursement had an impact of less than 0.01% on the Fund's total return.

(h)  The benefits derived from custody credits had an impact of less than 0.01%.

(i)  Annualized.

(j)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

13

Financial Highlights

Columbia Small Cap Value Fund, Variable Series—Class B Shares

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended June 30,			Year Ended December 31,
	2009			2008			2007			2006(a)			2005			2004
Net Asset Value, Beginning of Period	$	11.31		$	18.01		$	20.61		$	17.81		$	16.92		$	14.22
Income from Investment Operations:
Net investment income (b)		0.05			0.13			0.09			0.07			0.08			0.07
Net realized and unrealized gain (loss) on investments and foreign currency		0.03			(4.77	)		(0.39	)		3.33			0.84			3.12
Total from investment operations		0.08			(4.64	)		(0.30	)		3.40			0.92			3.19
Less Distributions to Shareholders:
From net investment income		—			(0.07	)		(0.06	)		(0.07	)		—			(0.05	)
From net realized gains		—			(1.99	)		(2.24	)		(0.53	)		(0.03	)		(0.44	)
Total distributions to shareholders		—			(2.06	)		(2.30	)		(0.60	)		(0.03	)		(0.49	)
Net Asset Value, End of Period	$	11.39		$	11.31		$	18.01		$	20.61		$	17.81		$	16.92
Total return (c)(d)(e)		0.71	%(f)		(28.15	)%		(2.58	)%		19.36	%		5.47	%(g)		22.51	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (h)		1.10	%(i)		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%
Interest expense		—			—	%(j)		—	%(j)		—	%(j)		—			—
Net expenses (h)		1.10	%(i)		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%
Waiver/Reimbursement		0.09	%(i)		0.04	%		0.04	%		0.06	%		0.05	%		0.12	%
Net investment income (h)		1.03	%(i)		0.83	%		0.44	%		0.38	%		0.47	%		0.43	%
Portfolio turnover rate		25	%(f)		48	%		51	%		35	%		38	%		30	%
Net assets, end of period (000s)	$	327,990		$	314,060		$	467,568		$	426,877		$	399,540		$	264,487

(a)  On May 1, 2006, Colonial Small Cap Value Fund, Variable Series was renamed Columbia Small Cap Value Fund, Variable Series.

(b)  Per share data was calculated using the average shares outstanding during the period.

(c)  Total return at net asset value assuming all distributions reinvested.

(d)  Total return does not include any insurance company charges imposed by your insurance company's separate accounts. If included, total return would be reduced.

(e)  Had the investment advisor and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(f)  Not annualized.

(g)  Total return includes a voluntary reimbursement by the investment advisor for a realized investment loss due to a trading error. This reimbursement had an impact of less than 0.01% on the Fund's total return.

(h)  The benefits derived from custody credits had an impact of less than 0.01%.

(i)  Annualized.

(j)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

14

Notes to Financial Statements

Columbia Small Cap Value Fund, Variable Series / June 30, 2009 (Unaudited)

Note 1. Organization

Columbia Small Cap Value Fund, Variable Series (the "Fund"), a series of Columbia Funds Variable Insurance Trust (the "Trust"), is a diversified portfolio. 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.

Investment Objective—The Fund seeks long-term capital appreciation.

Fund Shares—The Trust may issue an unlimited number of shares, and the Fund offers two classes of shares: Class A and Class B. Each share class has its own expense structure. Shares of the Fund are available only as a pooled funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies ("Participating Insurance Companies"). The Participating Insurance Companies and their separate accounts own all the shares of the Fund.

Note 2. Significant Accounting Policies

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") 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 revenue and expenses during the reporting period. Actual results could differ from those estimates.

Management has evaluated the events and transactions that have occurred through August 20, 2009, the date the financial statements were issued, and noted no items requiring adjustment of the financial statements or additional disclosures. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

Security Valuation—Equity securities are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets.

Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market value.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. If a security is valued at fair value, such value is likely to be different from the last quoted market price for the security. 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 value.

Financial Accounting Standards Board ("FASB") Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("SFAS 157"), establishes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value giving the highest priority to unadjusted quoted prices in active markets for identical securities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the fair value hierarchy under SFAS 157 are described below:

•  Level 1—quoted prices in active markets for identical securities

•  Level 2—prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)

•  Level 3—prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or less reliable, unobservable inputs may be used. Unobservable inputs may include management's own assumptions about the factors market participants would use in pricing an investment.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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.

Repurchase Agreements—The Fund may engage in repurchase agreement transactions with institutions that Columbia Management Advisors, LLC ("Columbia"), the Fund's investment advisor, has determined are creditworthy. The Fund, through its custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. Columbia is responsible for determining that the collateral is at least equal, at all times, to the value of the repurchase obligation including interest. A repurchase

15

Notes to Financial Statements (continued)

Columbia Small Cap Value Fund, Variable Series / June 30, 2009 (Unaudited)

agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays in or restrictions on the Fund's ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

Foreign Currency Transactions and Translations—The values of all assets and liabilities quoted in foreign currencies are translated into U.S. dollars at that day's exchange rates. 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 on the Statement of Operations

Income Recognition—Interest income is recorded on the accrual basis. Corporate actions and dividend income are recorded on the ex-date except for certain foreign securities which are recorded as soon after the ex-date as the Fund becomes aware of such, net of any non-reclaimable tax withholdings. Distributions received from real estate investment trusts (REITs) in excess of their income are recorded as a reduction of the cost of the related investments. If the Fund no longer owns the applicable securities, any distributions received in excess of income are recorded as realized gains.

Expenses—General expenses of the Trust are allocated to the Fund and other series 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 Class Net Asset Value—All income, expenses (other than class-specific expenses, as shown on 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 taxable income, if any, for its tax year, and as such will not be subject to federal income taxes. Therefore, no provision is made for federal income taxes.

Distributions to Shareholders—Distributions from net investment income, if any, are declared and paid at least annually. Net realized capital gains, if any, are distributed at least annually. 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 class of the Fund at net asset value as of the ex-date of the distribution.

Indemnification—In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown because this would involve future claims against the Fund. Also, under the Trust's organizational documents and by contract, the Trustees and officers of the Trust are indemnified against certain liabilities that may arise out of actions relating to their duties to the Trust. However, based on experience, the Fund expects the risk of loss due to these representations, warranties and indemnities to be minimal.

Note 3. Federal Tax Information

The tax character of distributions paid during the year ended December 31, 2008 was as follows:

Distributions paid from:
Ordinary Income*	$	5,607,905
Long-Term Capital Gains		49,769,655

*  For tax purposes short-term capital gain distributions, if any, are considered ordinary income distributions.

Unrealized appreciation and depreciation at June 30, 2009, based on cost of investments for federal income tax purposes were:

Unrealized appreciation	$	27,579,985
Unrealized depreciation		(118,212,641	)
Net unrealized depreciation	$	(90,632,656	)

Under Financial Accounting Standards Board ("FASB") Interpretation No. 48, Accounting for Uncertainty in Income Taxes — an Interpretation of FASB Statement No. 109 ("FIN 48"), management determines whether a tax position of the Fund is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Management has evaluated the known implications of FIN 48 on the computation of

16

Notes to Financial Statements (continued)

Columbia Small Cap Value Fund, Variable Series / June 30, 2009 (Unaudited)

net assets for the Fund. As a result of this evaluation, management has concluded that FIN 48 did not have any effect on the Fund's financial statements. However, management's conclusions regarding FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance from the FASB, new tax laws, regulations, and administrative interpretations (including relevant court decisions). The Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee—Columbia, an indirect, wholly owned subsidiary of Bank of America Corporation ("BOA"), provides investment advisory, administrative and other services to the Fund. In rendering investment advisory services to the Fund, Columbia may use the portfolio management and research resources of Columbia Management Pte. Ltd., an affiliate of Columbia. Columbia receives a monthly investment advisory fee based on the Fund's average daily net assets at the following annual rates:

Average Daily Net Assets	Annual Fee Rate
First $500 million		0.80	%
$500 million to $1 billion		0.75	%
Over $1 billion		0.70	%

For the six month period ended June 30, 2009, the Fund's annualized effective investment advisory fee rate was 0.80% of the Fund's average daily net assets.

Pricing and Bookkeeping Fees—The Fund has entered into a Financial Reporting Services Agreement (the "Financial Reporting Services Agreement") with State Street Bank & Trust Company ("State Street") and Columbia pursuant to which State Street provides financial reporting services to the Fund. The Fund has also entered into an Accounting Services Agreement (collectively with the Financial Reporting Services Agreement, the "State Street Agreements") with State Street and Columbia pursuant to which State Street provides accounting services to the Fund. Under the State Street Agreements, the Fund pays State Street an annual fee of $38,000 paid monthly plus an additional monthly fee based on an annualized percentage rate of average daily net assets of the Fund for the month. The aggregate fee will not exceed $140,000 per year (exclusive of out-of-pocket expens es and charges). The Fund also reimburses State Street for certain out-of-pocket expenses and charges.

The Fund has entered into a Pricing and Bookkeeping Oversight and Services Agreement (the "Services Agreement") with Columbia. Under the Services Agreement, Columbia provides services related to Fund expenses and the requirements of the Sarbanes-Oxley Act of 2002, and provides oversight of the accounting and financial reporting services provided by State Street. Under the Services Agreement, the Fund reimburses Columbia for out-of-pocket expenses.

Transfer Agent Fee—Columbia Management Services, Inc. (the "Transfer Agent"), an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, provides shareholder services to the Fund and has contracted with Boston Financial Data Services ("BFDS") to serve as sub-transfer agent. The Transfer Agent is entitled to receive a fee for its services, paid monthly, at the annual rate of $17.34 per open account plus reimbursement of certain sub-transfer agent fees paid by the Transfer Agent (exclusive of BFDS fees), calculated based on assets held in omnibus accounts and intended to recover the cost of payments to other parties (including affiliates of BOA) for services to those accounts. The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund.

The Transfer Agent may also retain, as additional compensation for its services, fees for wire, telephone and redemption orders, Individual Retirement Account ("IRA") trustee agent fees and account transcript fees due to the Transfer Agent from shareholders of the Fund and credits (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund. The Transfer Agent also receives reimbursement for certain out-of-pocket expenses.

Distribution Fees—Columbia Management Distributors, Inc. (the "Distributor"), an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, is the principal underwriter of the Fund's shares. The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act for Class B shares pursuant to which it will pay a monthly distribution fee to the Distributor not to exceed the annual rate of 0.25% of the average daily net assets attributable to Class B shares.

Fee Waivers and Expense Reimbursements—Columbia has voluntarily agreed to reimburse a portion of the Fund's expenses so that the Fund's ordinary operating expenses (excluding any brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, do not exceed 0.95% of the Fund's average daily net assets on an annualized basis. In addition, the Distributor has voluntarily

17

Notes to Financial Statements (continued)

Columbia Small Cap Value Fund, Variable Series / June 30, 2009 (Unaudited)

agreed to reimburse the Class B distribution fee in excess of 0.15% when the total annual fund operating expenses applicable to Class B shares, including distribution fees, exceed the annual rate of 1.10% of the average daily net assets attributable to Class B shares. Columbia or the Distributor, in their discretion, may revise or discontinue these arrangements at any time.

Fees Paid to Officers and Trustees—All officers of the Fund are employees of Columbia or its affiliates and, with the exception of the Fund's Chief Compliance Officer, receive no compensation from the Fund. The Board of Trustees has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. The Fund, along with other affiliated funds, pays its pro-rata share of the expenses associated with the Chief Compliance Officer. The Fund's expenses for the Chief Compliance Officer will not exceed $15,000 per year.

The Trust's eligible Trustees may participate in a deferred compensation plan which may be terminated at any time. Obligations of the plan will be paid solely out of the Fund's assets.

Other Related Party Transactions—In connection with the purchase and sale of its securities during the period, the Fund used several brokers that are affiliates of BOA. The total brokerage commissions paid to affiliated brokers for the six month period ended June 30, 2009 was $1,550.

Note 5. Custody Credits

The Fund has an agreement with its custodian bank under which custody fees may be reduced by balance credits. These credits are recorded as a reduction of total expenses on the Statement of Operations. The Fund could have invested a portion of the assets utilized in connection with the expense offset arrangement in an income-producing asset if it had not entered into such an agreement.

Note 6. Portfolio Information

For the six month period ended June 30, 2009, the cost of purchases and proceeds from sales of securities, excluding short-term obligations, for the Fund were $88,545,664 and $79,226,578, respectively.

Note 7. Line of Credit

The Fund and other affiliated funds participate in a $280,000,000 committed, unsecured revolving line of credit provided by State Street. The maximum amount that may be borrowed by any fund is limited to the lesser of $200,000,000 and the Fund's borrowing limit set forth in the Fund's registration statement. Borrowings are available for short-term liquidity or temporary or emergency purposes.

Interest is charged to each participating fund based on the fund's borrowings at a rate per annum equal to the greater of the Federal Funds Rate plus 0.50% or the overnight LIBOR Rate plus 0.50%. In addition, an annual operations agency fee of $20,000, an amendment fee of 0.02% and a commitment fee of 0.12% per annum are accrued and apportioned among the participating funds pro rata based on their relative net assets.

For the six month period ended June 30, 2009, the Fund did not borrow under this arrangement.

Note 8. Shares of Beneficial Interest

As of June 30, 2009, the Fund had three shareholders that collectively held 89.9% of the Fund's shares outstanding.

Subscription and redemption activity of these accounts may have a significant effect on the operations of the Fund.

Note 9. Significant Risks and Contingencies

Sector Focus Risk—The Fund may focus its investments in certain sectors, subjecting it to greater risk than a fund that is less focused.

Legal Proceedings—Columbia Management Advisors, LLC and Columbia Management Distributors, Inc. (collectively, the "Columbia Group") are subject to a settlement agreement with the New York Attorney General ("NYAG") (the "NYAG Settlement") and a settlement order with the SEC (the "SEC Order") on matters relating to mutual fund trading, each dated February 9, 2005. Under the terms of the SEC Order, the Columbia Group (or predecessor entities) agreed, among other things, to: pay disgorgement and civil money penalties collectively totaling $140 million; cease and desist from violations of the antifraud provisions and certain other provisions of the federal securities laws; maintain certain compliance and ethics oversight structures; and retain an independent consultant to review the Columbia Group's applicable supervisory, compliance, control and other policies an d procedures. The NYAG Settlement, among other things, requires Columbia Management Advisors, LLC and its affiliates to reduce management fees for certain funds in the Columbia family of mutual funds in a projected total of $160 million over five years through November 30, 2009 and to make certain disclosures to investors relating to expenses. In connection with the Columbia Group providing services to the Columbia Funds, the Columbia Funds have voluntarily undertaken to implement certain governance measures designed to maintain the independence of their boards of trustees and certain special consulting and compliance measures.

Pursuant to the SEC Order and related procedures, the $140 million in settlement amounts described above has been substantially distributed in accordance with a distribution

18

Notes to Financial Statements (continued)

Columbia Small Cap Value Fund, Variable Series / June 30, 2009 (Unaudited)

plan that was developed by an independent distribution consultant and approved by the SEC on April 6, 2007.

In connection with the events described above, various parties have filed suit against certain funds, the Trustees of the Columbia Funds, FleetBoston Financial Corporation and its affiliated entities and/or Bank of America and its affiliated entities.

On February 20, 2004, the Judicial Panel on Multidistrict Litigation transferred these cases and cases against other mutual fund companies based on similar allegations to the United States District Court in Maryland for consolidated or coordinated pretrial proceedings (the "MDL"). Subsequently, additional related cases were transferred to the MDL. On September 29, 2004, the plaintiffs in the MDL filed amended and consolidated complaints. One of these amended complaints is a putative class action that includes claims under the federal securities laws and state common law, and that names Columbia Management Advisors, Inc. (which has since merged into Banc of America Capital Management, LLC (now named Columbia Management Advisors, LLC)) ("Columbia"), Columbia Funds Distributor, Inc. (now named Columbia Management Distributors, Inc.) (the "Distributor"), the Trustees of the Columbia Funds, Bank of America Corporation and others as defendants. An other of the amended complaints is a derivative action purportedly on behalf of the Columbia Funds that asserts claims under federal securities laws and state common law.

On February 25, 2005, Columbia and other defendants filed motions to dismiss the claims in the pending cases. On March 1, 2006, for reasons stated in the court's memoranda dated November 3, 2005, the United States District Court for the District of Maryland granted in part and denied in part the defendants' motions to dismiss. The court dismissed all of the class action claims pending against the Columbia Funds Trusts. As to Columbia and the Distributor, the claims under the Securities Act of 1933, the claims under Sections 34(b) and 36(a) of the Investment Company Act of 1940 ("ICA") and the state law claims were dismissed. The claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and claims under Section 36(b) of the ICA were not dismissed.

On March 21, 2005, a purported class action was filed in Massachusetts state court alleging that certain conduct, including market timing, entitled Class B shareholders in certain Columbia Funds to an exemption from contingent deferred sales charges upon early redemption (the "CDSC Lawsuit"). The CDSC Lawsuit was removed to federal court in Massachusetts and transferred to the MDL.

On September 14, 2007, the plaintiffs and the Columbia defendants named in the MDL, including the Columbia Funds, entered into a stipulation of settlement with respect to all Columbia-related claims in the MDL described above, including the CDSC Lawsuit. The settlement is subject to court approval.

19

Important Information About This Report

A description of the policies and procedures that Columbia Small Cap Value Fund, Variable Series uses to determine how to vote proxies relating to its portfolio securities and a copy of the fund's voting records are available (i) at www.columbiamanagement.com; (ii) on the Securities and Exchange Commission's website at www.sec.gov, and (iii) without charge, upon request, by calling 1-800-368-0346. Information regarding how the fund voted proxies relating to portfolio securities during the 12-month period ended June 30 is available from the SEC's website. Information regarding how the fund voted proxies relating to portfolio securities is also available from the fund's website, www.columbiamanagement.com.

The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The fund's Form N-Q is available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Shares of the fund are available only through variable annuity contracts and variable life insurance policies of participating insurance companies.

Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. Contact your insurance company for a prospectus, which contains this and other important information about the fund.

Columbia Management Group, LLC ("Columbia Management") is the investment management division of Bank of America Corporation. Columbia Management entities furnish investment management services and products for institutional and individual investors. Columbia Funds are distributed by Columbia Management Distributors, Inc., member of FINRA, SIPC, part of Columbia Management and an affiliate of Bank of America Corporation.

SHC-44/19716-0609 (08/09) 09/85352

Columbia Strategic Income Fund,
Variable Series

Columbia Funds Variable Insurance Trust

2009 Semiannual Report

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

Portfolio Managers' Discussion

Columbia Strategic Income Fund, Variable Series / June 30, 2009

Columbia Strategic Income Fund, Variable Series seeks total return, consisting of current income and capital appreciation.

Laura A. Ostrander has managed or co-managed the fund since September 2000. Kevin L. Cronk has co-managed the fund since May 2005.

Summary

•  For the six-month period that ended June 30, 2009, the fund's Class A shares significantly outperformed its benchmark, the Barclays Capital U.S. Government/Credit Bond Index.¹ The fund's return was also higher than the average return of its peer group, the Lipper VUF General Bond Funds Classification.² Allocations to high-yield corporate bonds, emerging market debt and developed market non-U.S. dollar denominated bonds helped relative performance. Effective June 19, 2009, a new blended benchmark was introduced for the fund. It consists of 35% Barclays Capital Aggregate Bond Index, 35% JPMorgan Global High Yield Index, 15% Citigroup Non-U.S. World Government Bond Index — Unhedged and 15% JPMorgan Emerging Markets Bond Index — Global Diversified (the "JPMorgan EMBI Global Diversified Index").³ The fund's primary benchmark remains the Barclays Capital U.S. Government/Credit Bond Index .

•  During the first half of 2009, higher-risk assets, including high-yield and emerging market bonds, posted sharp gains, as the credit markets re-opened, the economy stabilized and investors moved out of U.S. Treasurys. High-yield global bonds returned roughly 30%, while emerging market bonds were up nearly 16%. Returns on non-U.S. developed market debt were slightly negative, but non-U.S. dollar denominated issues were positive as most foreign currencies — with the exception of the Japanese yen — strengthened against the U.S. dollar. U.S. Treasurys declined, with the 10-year bond returning negative 8.75%.

•  An early bias toward higher quality issues, the subsequent addition of credit risk, and currency exposure combined to help performance. At the start of the year, the fund had nearly 60% of its assets in U.S. government bonds, developed market foreign debt and cash, all of which led the market's returns. However, we subsequently took profits in interest-rate sensitive government bonds and added to investments in credit-sensitive sectors, including high-yield and emerging market debt. High-yield bonds climbed to 33.5% of assets, and emerging market debt reached 16%. Although the fund lost some ground within the sector from its underweight in lower-quality issues, which posted the sharpest rebounds, the fund's high-yield exposure made a considerable contribution to its strong returns. We also added a small (4%) position in investment-grade corporate bonds, whose prices seemed attractive relative to both U.S. Treasurys and high - -yield bonds. In the emerging market debt sector, we increased exposure to riskier assets, including issues from Venezuela and Indonesia.

•  Going forward, we plan to add cautiously to high-yield and emerging market debt. The yield difference between higher and lower quality issues has narrowed significantly, suggesting that an economic recovery is already underway. In this environment, we believe that prices on lower quality issues may have gotten ahead of themselves, as a sustainable economic recovery is unlikely until the banks finish cleaning up their balance sheets and increase their lending and until consumers reduce their debt exposure and start spending again.

Past performance is no guarantee of future results.

Strategic investing offers attractive income and total return opportunities, but also involves certain risks. The value and return of your investment may fluctuate as a result of changes in interest rates, the financial strength of issuers of lower-rated bonds, foreign, political and economic developments, and changes in currency exchange rates.

Investing in fixed-income securities may involve certain risks, including the credit quality of individual issuers, possible prepayments, market or economic developments and yield and share price fluctuations due to changes in interest rates. When interest rates go up, bond prices typically drop, and vice versa.

Investing in emerging markets may involve greater risks than investing in more developed countries. In addition, concentration of investments in a single region may result in greater volatility.

Investing in high-yield securities or "junk" bonds offers the potential for higher income than investments in investment-grade bonds, but also involves a higher degree of risk. Changes in economic conditions or other circumstances may adversely affect a high yield bond issuer's ability to make timely principal and interest payments. High-yield bonds issued by foreign entities have greater potential risks, including foreign taxation, currency fluctuations, risks associated with possible differences in financial standards and other monetary and political risks.

Holdings are disclosed as of June 30, 2009, and are subject to change.

The outlook for the fund may differ from that presented for other Columbia Funds.

¹  The Barclays Capital U.S. Government/Credit Bond Index tracks the performance of U.S. government and corporate bonds rated investment grade or better, with maturities of at least one year.

²  Lipper Inc., a widely respected data provider in the industry, calculates an average total return (assuming reinvestment of distributions) for mutual funds with investment objectives similar to those of the fund. Lipper makes no adjustment for the effect of sales loads.

³  The blended benchmark, which is a weighted custom composite, established by the Fund's Advisor, consists of the Barclays Capital Aggregate Bond Index, the JPMorgan Global High Yield Index, the Citigroup Non-U.S. World Government Bond Index — Unhedged and the JPMorgan EMBI Global Diversified Index. The Barclays Capital Aggregate Bond Index is a market value-weighted index that tracks the daily price, coupon, pay-downs, and total return performance of fixed rate, publicly placed, dollar-denominated, and non-convertible investment grade debt issues with at least $250 million par amount outstanding and with at least one year to final maturity. The JPMorgan Global High Yield Index is designed to mirror the investable universe of the U.S. dollar global high yield corporate debt market, including domestic and international issues. The Citigroup Non-U.S. World Government Bond Index — Unhedged is calculated on a mark et-weighted basis and includes all fixed-rate bonds with a remaining maturity of one year or longer, with amounts outstanding of at least the equivalent of U.S. $25 million, while excluding floating or variable rate bonds, securities aimed principally at non-institutional investors and private placement-type securities. The JPMorgan Emerging Markets Bond Index — Global Diversified ("JPMorgan EMBI Global Diversified Index") Index is a uniquely weighted index that tracks total returns for U.S. dollar-denominated debt instruments issued by emerging market sovereign entities including Brady bonds, Eurobonds and quasi-sovereign entities, while limiting exposure to any one country. Indices are not available for investment, do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the fund may not match those in an index.

1

Performance Information

Columbia Strategic Income Fund, Variable Series / June 30, 2009

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

Performance results reflect any fee waivers or reimbursements of fund expenses by the investment advisor and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of all distributions.

Performance results reflect all fund expenses, but do not include any insurance charges imposed by your insurance company's separate accounts. If performance results included the effect of these additional charges, they would be lower.

Average annual total return as of June 30, 2009 (%)

	(cumulative) 6-month		1-year		5-year		10-year
Class A (07/05/94)		9.49		0.41		5.11		5.67
Class B (06/01/00)		9.40		0.21		4.91		5.48
Barclays Capital U.S. Government/Credit Bond Index		0.55		5.26		4.80		5.95
Blended Benchmark1		12.87		2.24		5.58		6.59

Inception date of share class is in parentheses.

¹A custom composite, established by the Advisor, consisting of a 35% weighting of the Barclays Capital Aggregate Bond Index, a 35% weighting of the JPMorgan Global High Yield Index, a 15% weighting of the Citigroup Non-U.S. World Government Bond Index – Unhedged and a 15% weighting of the JPMorgan EMBI Global Diversified Index.

Net asset value per share ($)	12/31/08		06/30/09
Class A		8.01		8.77
Class B		7.98		8.73

Annual operating expense ratio (%)*

Class A	0.84
Class B	1.09

*The annual operating expense ratio is as stated in the fund's prospectus that is current as of the date of this report. Differences in expense ratios disclosed elsewhere in this report may result from including fee waivers and expense reimbursements as well as different time periods used in calculating the ratios.

The returns shown for Class B shares include the returns of the fund's Class A shares (the oldest existing share class) for periods prior to June 1, 2000, the date on which Class B shares were first offered by the Fund. The returns shown for Class B shares have not been restated to reflect any differences in expenses, such as distribution and service (Rule 12b-1) fees, between Class A shares and Class B shares. If differences in expenses were reflected, the returns for Class B shares shown for the periods prior to June 1, 2000 would be lower.

2

Understanding Your Expenses

Columbia Strategic Income Fund, Variable Series / June 30, 2009

As a Variable Series fund shareholder, you incur ongoing costs, which generally include investment advisory fees, distribution (Rule 12b-1) fees for Class B shares and other fund expenses. The information on this page is intended to help you understand the ongoing costs of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your fund's expenses by share class

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in each share class of the fund during the period. The information in the following table is based on an initial investment of $1,000, which is invested at the beginning of the period and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the fund's actual operating expenses and total return for the period. The amount listed in the "Hypothetical" column for each share class assumes that the return each year is 5% before expenses and is calculated based on the fund's actual operating expenses. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during this period.

Estimating your actual expenses by share class

To estimate the expenses that you paid over the period, first you will need your account balance at the end of the period:

1. Divide your ending account balance by $1,000. For example, if an account balance was $8,600 at the end of the period, the result would be 8.6.

2. In the section of the table below titled "Expenses paid during the period," locate the amount for your share class. You will find this number in the column labeled "Actual." Multiply this number by the result from step 1. Your answer is an estimate of the expenses you paid on your account during the period.

01/01/09 – 06/30/09	Account value at the beginning of the period ($)				Account value at the end of the period ($)				Expenses paid during the period ($)				Fund's annualized expense ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,094.91		1,021.57		3.38		3.26		0.65
Class B		1,000.00		1,000.00		1,094.02		1,020.33		4.67		4.51		0.90

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

Had the investment advisor and/or any of its affiliates not waived fees or reimbursed a portion of expenses, account value at the end of the period would have been reduced.

It is important to note that the expense amounts shown in the table are meant to highlight only ongoing costs of investing in the share class of the fund. As a shareholder of the fund, you do not incur any transaction costs, such as sales charges, redemption fees or exchange fees. Expenses paid during the period do not include any insurance charges imposed by your insurance company's separate accounts.

The hypothetical examples provided are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds whose shareholders may incur transaction costs.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing costs of investing in the fund with other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund and do not reflect any transaction costs, such as sales charges, redemption fees or exchange fees, that may be incurred by shareholders of other funds. Expenses paid during the period do not include any insurance charges imposed by your insurance company's separate accounts.

3

Investment Portfolio

Columbia Strategic Income Fund, Variable Series / June 30, 2009 (Unaudited)

	Par (a)		Value
GOVERNMENT & AGENCY OBLIGATIONS—45.4%
Foreign Government Obligations—28.7%
Aries Vermoegensverwaltungs GmbH 7.750% 10/25/09	EUR	250,000	$	357,288
Banco Nacional de Desenvolvimento Economico e Social 6.369% 06/16/18 (b)		150,000		147,375
European Investment Bank 0.273% 09/21/11 (c)	JPY	87,000,000		888,956
1.250% 09/20/12	JPY	30,000,000		313,965
1.400% 06/20/17	JPY	52,700,000		539,131
5.500% 12/07/11	GBP	210,000		370,888
Federal Republic of Germany 5.000% 07/04/12	EUR	360,000		549,443
6.000% 06/20/16	EUR	330,000		544,089
Federative Republic of Brazil 7.375% 02/03/15	EUR	260,000		407,233
8.750% 02/04/25		365,000		448,950
11.000% 08/17/40		410,000		533,410
12.500% 01/05/22	BRL	250,000		141,618
Government of Canada 4.000% 06/01/16	CAD	165,000		151,548
8.000% 06/01/23	CAD	170,000		212,755
10.250% 03/15/14	CAD	70,000		80,881
Government of Japan 1.400% 12/20/18	JPY	40,000,000		419,989
Instituto de Credito Oficial 0.800% 09/28/09	JPY	45,000,000		467,330
International Finance Corp. 7.500% 02/28/13	AUD	390,000		332,082
Japan Finance Organization for Municipal Enterprises 1.900% 06/22/18	JPY	50,000,000		542,051
Kingdom of Belgium 3.250% 09/28/16	EUR	200,000		274,944
Kingdom of Norway 4.250% 05/19/17	NOK	3,670,000		584,217
6.000% 05/16/11	NOK	2,770,000		462,526
Kingdom of Spain 3.800% 01/31/17	EUR	245,000		345,860
New South Wales Treasury Corp. 6.000% 04/01/19	AUD	270,000		212,027
Pemex Project Funding Master Trust 1.929% 06/15/10 (c)		200,000		197,000
5.750% 03/01/18		230,000		211,600
Province of British Columbia 5.700% 06/18/29	CAD	100,000		94,561
9.500% 01/09/12	CAD	145,000		148,007
Republic of Argentina 8.280% 12/31/33 (d)		125,318		65,792
Republic of Colombia 7.375% 03/18/19		130,000		138,775
8.125% 05/21/24		245,000		267,050
9.750% 04/09/11		228,701		244,710

	Par (a)		Value
Republic of Finland 4.250% 07/04/15	EUR	120,000	$	178,745
Republic of France 4.000% 04/25/13	EUR	295,000		438,104
4.750% 10/25/12	EUR	275,000		417,499
5.500% 04/25/29	EUR	250,000		403,196
Republic of Hungary 4.750% 02/03/15		80,000		70,400
Republic of Indonesia 10.375% 05/04/14 (b)		100,000		114,000
Republic of Italy 5.250% 08/01/17	EUR	400,000		613,460
Republic of Panama 8.875% 09/30/27		575,000		694,313
Republic of Peru 7.350% 07/21/25		100,000		107,000
8.375% 05/03/16		450,000		518,625
Republic of Philippines 8.875% 03/17/15		400,000		456,000
Republic of Poland 5.625% 06/20/18	EUR	150,000		205,617
6.250% 10/24/15	PLN	1,850,000		590,015
Republic of South Africa 6.500% 06/02/14		150,000		157,125
13.000% 08/31/09	ZAR	535,000		69,932
13.000% 08/31/10	ZAR	125,000		17,223
13.000% 08/31/10	ZAR	535,000		73,682
13.000% 08/31/11	ZAR	535,000		77,373
Republic of Turkey 7.000% 09/26/16		280,000		286,300
7.375% 02/05/25		280,000		282,800
Republic of Uruguay PIK, 7.875% 01/15/33		300,000		291,000
Republic of Venezuela 9.250% 09/15/27		760,000		516,800
Russian Federation 7.500% 03/31/30		907,200		893,138
12.750% 06/24/28		250,000		360,000
United Kingdom Treasury 5.000% 03/07/25	GBP	235,000		420,904
9.000% 07/12/11	GBP	55,000		103,818
United Mexican States 6.050% 01/11/40		240,000		218,040
11.375% 09/15/16		370,000		495,800
				19,766,960
U.S. Government Obligations—16.7%
U.S. Treasury Bonds 7.500% 11/15/24 (e)		1,310,000		1,801,454
8.750% 05/15/17 (e)		3,100,000		4,245,063
12.500% 08/15/14		2,655,000		2,693,580
U.S. Treasury Notes 5.000% 02/15/11		2,565,000		2,735,331
				11,475,428
Total Government & Agency Obligations (cost of $29,511,759)				31,242,388

See Accompanying Notes to Financial Statements.

4

Investment Portfolio (continued)

Columbia Strategic Income Fund, Variable Series / June 30, 2009 (Unaudited)

	Par (a)		Value
CORPORATE FIXED-INCOME BONDS & NOTES—41.4%
Basic Materials—3.8%
Chemicals—0.8%
Agricultural Chemicals—0.1%
Terra Capital, Inc. 7.000% 02/01/17		70,000	$	63,963
Chemicals – Diversified—0.6%
Huntsman International LLC 6.875% 11/15/13 (b)	EUR	90,000		92,167
7.875% 11/15/14		75,000		59,438
Ineos Group Holdings PLC 8.500% 02/15/16 (b)		180,000		55,800
INVISTA 9.250% 05/01/12 (b)		135,000		127,237
NOVA Chemicals Corp. 6.500% 01/15/12		100,000		94,000
				428,642
Chemicals – Specialty—0.1%
Chemtura Corp. 6.875% 06/01/16 (f)		90,000		65,250
Forest Products & Paper—0.7%
Paper & Related Products—0.7%
Cascades, Inc. 7.250% 02/15/13		75,000		65,438
Clearwater Paper Corp. 10.625% 06/15/16 (b)		30,000		30,600
Domtar Corp. 7.125% 08/15/15		110,000		91,850
Georgia-Pacific Corp. 8.000% 01/15/24		205,000		174,250
NewPage Corp. 10.000% 05/01/12		65,000		31,200
Westvaco Corp. 8.200% 01/15/30		80,000		70,672
				464,010
Iron/Steel—0.6%
Steel – Producers—0.6%
ArcelorMittal 9.850% 06/01/19		60,000		64,753
Russel Metals, Inc. 6.375% 03/01/14		65,000		52,731
Steel Dynamics, Inc. 8.250% 04/15/16 (b)		180,000		169,650
United States Steel Corp. 7.000% 02/01/18		160,000		138,998
				426,132
Metals & Mining—1.7%
Diversified Minerals—0.5%
FMG Finance Ltd. 10.625% 09/01/16 (b)		155,000		148,800
Teck Resources Ltd. 10.750% 05/15/19 (b)		170,000		182,750
				331,550

	Par (a)		Value
Metal – Diversified—0.5%
Freeport-McMoRan Copper & Gold, Inc. 8.375% 04/01/17		325,000	$	327,437
Mining Services—0.1%
Noranda Aluminium Holding Corp. PIK, 7.163% 11/15/14 (c)		151,593		54,892
Non-Ferrous Metals—0.6%
Codelco, Inc. 7.500% 01/15/19 (b)		380,000		439,699
Communications—7.8%
Advertising—0.1%
Advertising Agencies—0.1%
Interpublic Group of Companies, Inc. 6.250% 11/15/14		25,000		21,875
10.000% 07/15/17 (b)		30,000		30,225
				52,100
Media—1.9%
Broadcast Services/Programs—0.1%
XM Satellite Radio, Inc. 11.250% 06/15/13 (b)		35,000		34,738
Cable TV—1.4%
Cablevision Systems Corp. 8.000% 04/15/12		95,000		94,050
Charter Communications Holdings II LLC 10.250% 09/15/10 (g)		130,000		137,150
Charter Communications Operating LLC/Charter Communications Operating Capital 10.375% 04/30/14 (b)(g)		130,000		120,552
Comcast Corp. 6.950% 08/15/37		85,000		88,628
CSC Holdings, Inc. 8.500% 06/15/15 (b)		70,000		68,775
8.625% 02/15/19 (b)		45,000		43,762
DirecTV Holdings LLC 6.375% 06/15/15		190,000		175,750
EchoStar DBS Corp. 6.625% 10/01/14		225,000		207,562
Time Warner Cable, Inc. 7.300% 07/01/38		45,000		46,878
				983,107
Multimedia—0.2%
News America, Inc. 6.400% 12/15/35		20,000		17,505
6.550% 03/15/33		40,000		35,801
Time Warner, Inc. 6.875% 05/01/12		70,000		74,882
				128,188

See Accompanying Notes to Financial Statements.

5

Investment Portfolio (continued)

Columbia Strategic Income Fund, Variable Series / June 30, 2009 (Unaudited)

	Par (a)		Value
Publishing – Books—0.2%
TL Acquisitions, Inc. 10.500% 01/15/15 (b)		220,000	$	178,200
Radio—0.0%
CMP Susquehanna Corp. 3.826% 05/15/14 (h)		12,000		5,400
Television—0.0%
Local TV Finance LLC PIK, 9.250% 06/15/15 (b)		105,000		17,418
Telecommunication Services—5.8%
Cellular Telecommunications—1.9%
Cricket Communications, Inc. 9.375% 11/01/14		185,000		182,225
Digicel Group Ltd. 8.875% 01/15/15 (b)		240,000		199,200
MetroPCS Wireless, Inc. 9.250% 11/01/14		190,000		188,812
Nextel Communications, Inc. 7.375% 08/01/15		200,000		159,500
Orascom Telecom Finance SCA 7.875% 02/08/14 (b)		100,000		84,500
Verizon Wireless Capital LLC 5.550% 02/01/14 (b)		120,000		127,395
8.500% 11/15/18 (b)		30,000		35,853
Wind Acquisition Finance SA PIK, 8.357% 12/21/11 (c)(i)		335,364		330,678
				1,308,163
Media—0.4%
Nielsen Finance LLC/ Nielsen Finance Co. 11.500% 05/01/16 (b)		65,000		63,213
Quebecor Media, Inc. 7.750% 03/15/16		200,000		181,250
				244,463
Satellite Telecommunications—0.9%
Inmarsat Finance PLC 10.375% 11/15/12		255,000		263,925
Intelsat Jackson Holdings Ltd. 11.250% 06/15/16		370,000		377,400
				641,325
Telecommunication Equipment—0.2%
Lucent Technologies, Inc. 6.450% 03/15/29		300,000		170,250
Telecommunication Services—0.7%
Hellas Telecommunications Luxembourg II 6.881% 01/15/15 (b)(c)		75,000		19,125
Nordic Telephone Co. Holdings ApS 8.250% 05/01/16 (b)	EUR	115,000		157,294
Syniverse Technologies, Inc. 7.750% 08/15/13		95,000		89,300

	Par (a)		Value
Time Warner Telecom Holdings, Inc. 9.250% 02/15/14		85,000	$	84,363
West Corp. 11.000% 10/15/16		160,000		133,600
				483,682
Telephone – Integrated—1.6%
BellSouth Corp. 5.200% 09/15/14		65,000		67,667
Citizens Communications Co. 7.875% 01/15/27		165,000		132,000
Qwest Communications International, Inc. 7.500% 02/15/14		240,000		219,000
Qwest Corp. 7.500% 10/01/14		85,000		81,069
7.500% 06/15/23		195,000		155,025
Telefonica Emisiones SAU 6.421% 06/20/16		75,000		80,191
Virgin Media Finance PLC 9.500% 08/15/16		85,000		83,725
Windstream Corp. 8.625% 08/01/16		260,000		248,950
				1,067,627
Wireless Equipment—0.1%
Crown Castle International Corp. 9.000% 01/15/15		70,000		71,225
Consumer Cyclical—4.1%
Apparel—0.2%
Apparel Manufacturers—0.2%
Levi Strauss & Co. 9.750% 01/15/15		155,000		152,287
Auto Manufacturers—0.1%
Auto – Cars/Light Trucks—0.1%
General Motors Corp. 7.200% 01/15/11 (j)		90,000		11,250
8.375% 07/15/33 (j)		290,000		36,975
				48,225
Auto Parts & Equipment—0.3%
Auto/Truck Parts & Equipment – Original—0.1%
Hayes Lemmerz Finance LLC - Luxembourg SCA 8.250% 06/15/15 (f)	EUR	150,000		4,209
TRW Automotive, Inc. 7.000% 03/15/14 (b)		85,000		61,200
				65,409
Rubber – Tires—0.2%
Goodyear Tire & Rubber Co. 9.000% 07/01/15		89,000		88,110
10.500% 05/15/16		35,000		35,350
				123,460

See Accompanying Notes to Financial Statements.

6

Investment Portfolio (continued)

Columbia Strategic Income Fund, Variable Series / June 30, 2009 (Unaudited)

	Par (a)		Value
Entertainment—0.3%
Music—0.3%
WMG Acquisition Corp. 7.375% 04/15/14		135,000	$	114,244
9.500% 06/15/16 (b)		10,000		9,950
WMG Holdings Corp. (k) 12/15/14 (9.500% 12/15/09)		110,000		86,350
				210,544
Resorts/Theme Parks—0.0%
Six Flags, Inc. 9.625% 06/01/14 (f)		95,000		13,300
Home Builders—0.5%
Building – Residential/Commercial—0.5%
DR Horton, Inc. 5.625% 09/15/14		115,000		98,325
5.625% 01/15/16		40,000		32,800
KB Home 5.875% 01/15/15		170,000		143,650
Ryland Group, Inc. 8.400% 05/15/17		45,000		43,200
				317,975
Lodging—1.3%
Casino Hotels—0.8%
Boyd Gaming Corp. 6.750% 04/15/14		125,000		101,250
Harrah's Operating Co., Inc. 10.000% 12/15/18 (b)		89,000		51,175
Harrahs Operating Escrow LLC/Harrahs Escrow Corp. 11.250% 06/01/17 (b)		65,000		61,425
Jacobs Entertainment, Inc. 9.750% 06/15/14		80,000		66,400
Majestic Star LLC 9.750% 01/15/11 (l)		175,000		21,438
MGM Mirage 6.750% 09/01/12		190,000		134,900
Pinnacle Entertainment, Inc. 7.500% 06/15/15		50,000		42,750
Snoqualmie Entertainment Authority 5.384% 02/01/14 (b)(c)		30,000		14,400
9.125% 02/01/15 (b)		100,000		52,000
				545,738
Gambling (Non-Hotel)—0.4%
Mashantucket Western Pequot Tribe 8.500% 11/15/15 (b)		185,000		92,500
Seminole Indian Tribe of Florida 7.804% 10/01/20 (b)		195,000		164,533
				257,033
Hotels & Motels—0.1%
Starwood Hotels & Resorts Worldwide, Inc. 6.750% 05/15/18		100,000		85,750

	Par (a)		Value
Retail—1.4%
Retail – Apparel/Shoe—0.2%
Hanesbrands, Inc. 4.593% 12/15/14 (c)		95,000	$	76,475
Limited Brands, Inc. 8.500% 06/15/19 (b)		40,000		38,324
Phillips-Van Heusen Corp. 8.125% 05/01/13		60,000		58,950
				173,749
Retail – Computer Equipment—0.1%
GameStop Corp./GameStop, Inc. 8.000% 10/01/12		60,000		60,450
Retail – Discount—0.3%
Dollar General Corp. PIK, 11.875% 07/15/17		170,000		183,600
Retail – Drug Stores—0.1%
Rite Aid Corp. 9.500% 06/15/17 (d)		160,000		104,000
Retail – Hypermarkets—0.1%
New Albertsons, Inc. 8.000% 05/01/31		105,000		90,037
Retail – Propane Distributors—0.4%
AmeriGas Partners LP 7.125% 05/20/16		140,000		128,100
Inergy LP/Inergy Finance Corp. 8.250% 03/01/16		45,000		42,863
8.750% 03/01/15 (b)		85,000		83,087
				254,050
Retail – Restaurants—0.1%
McDonald's Corp. 5.700% 02/01/39		50,000		49,503
Retail – Toy Store—0.1%
Toys R Us, Inc. 7.375% 10/15/18		90,000		64,350
Consumer Non-Cyclical—6.1%
Agriculture—0.1%
Tobacco—0.1%
Reynolds American, Inc. 7.625% 06/01/16		85,000		85,255
Beverages—0.4%
Beverages – Non-Alcoholic—0.1%
Cott Beverages, Inc. 8.000% 12/15/11		70,000		65,100
PepsiCo, Inc. 7.900% 11/01/18		50,000		60,830
				125,930
Beverages – Wine/Spirits—0.2%
Constellation Brands, Inc. 8.125% 01/15/12		135,000		135,000
Brewery—0.1%
Anheuser-Busch InBev Worldwide, Inc. 7.750% 01/15/19 (b)		40,000		43,746

See Accompanying Notes to Financial Statements.

7

Investment Portfolio (continued)

Columbia Strategic Income Fund, Variable Series / June 30, 2009 (Unaudited)

	Par (a)		Value
Biotechnology—0.1%
Medical – Biomedical/Gene—0.1%
Bio-Rad Laboratories, Inc. 7.500% 08/15/13		60,000	$	59,175
8.000% 09/15/16 (b)		25,000		24,750
				83,925
Commercial Services—1.2%
Commercial Services—0.4%
ARAMARK Corp. 8.500% 02/01/15		150,000		145,500
Iron Mountain, Inc. 8.000% 06/15/20		110,000		102,300
				247,800
Commercial Services – Finance—0.1%
ACE Cash Express, Inc. 10.250% 10/01/14 (b)		115,000		51,750
Funeral Services & Related Items—0.1%
Service Corp. International 6.750% 04/01/16		80,000		72,200
Private Corrections—0.2%
Corrections Corp. of America 6.250% 03/15/13		80,000		75,800
GEO Group, Inc. 8.250% 07/15/13		90,000		87,750
				163,550
Rental Auto/Equipment—0.4%
Ashtead Holdings PLC 8.625% 08/01/15 (b)		130,000		110,825
Rental Service Corp. 9.500% 12/01/14		95,000		76,237
United Rentals North America, Inc. 6.500% 02/15/12		90,000		87,300
				274,362
Food—1.0%
Food – Meat Products—0.5%
JBS USA LLC/JBS USA Finance, Inc. 11.625% 05/01/14 (b)		130,000		122,850
Smithfield Foods, Inc. 10.000% 07/15/14 (b)		85,000		83,937
Tyson Foods, Inc. 10.500% 03/01/14 (b)		85,000		92,225
				299,012
Food – Miscellaneous/Diversified—0.5%
Campbell Soup Co. 4.500% 02/15/19		30,000		29,493
ConAgra Foods, Inc. 7.000% 10/01/28		45,000		44,711
Del Monte Corp. 6.750% 02/15/15		65,000		61,588
Pinnacle Foods Finance LLC 9.250% 04/01/15		160,000		144,800
Reddy Ice Holdings, Inc. 10.500% 11/01/12		90,000		55,800
				336,392

	Par (a)		Value
Food – Retail—0.0%
Kroger Co. 8.000% 09/15/29		20,000	$	22,493
Healthcare Products—0.4%
Medical Products—0.4%
Biomet, Inc. PIK, 10.375% 10/15/17		305,000		295,088
Healthcare Services—1.9%
Dialysis Centers—0.1%
DaVita, Inc. 7.250% 03/15/15		65,000		61,100
Medical – HMO—0.1%
Coventry Health Care, Inc. 5.875% 01/15/12		55,000		52,613
WellPoint, Inc. 7.000% 02/15/19		40,000		41,351
				93,964
Medical – Hospitals—1.2%
Community Health Systems, Inc. 8.875% 07/15/15		215,000		210,700
HCA, Inc. 9.250% 11/15/16		10,000		9,850
PIK, 9.625% 11/15/16		599,000		593,010
				813,560
Physical Therapy/Rehab Centers—0.1%
Healthsouth Corp. 10.750% 06/15/16		70,000		70,350
Physician Practice Management—0.4%
U.S. Oncology Holdings, Inc. PIK, 6.904% 03/15/12 (c)		106,000		87,157
US Oncology, Inc. 9.000% 08/15/12		65,000		66,463
9.125% 08/15/17 (b)		85,000		84,362
				237,982
Household Products/Wares—0.2%
Consumer Products – Miscellaneous—0.2%
American Greetings Corp. 7.375% 06/01/16		65,000		46,475
Jostens IH Corp. 7.625% 10/01/12		100,000		99,750
				146,225
Pharmaceuticals—0.8%
Medical – Drugs—0.6%
Elan Finance PLC 8.875% 12/01/13		130,000		118,950
Novartis Securities Investment Ltd. 5.125% 02/10/19		50,000		51,154
Valeant Pharmaceuticals International 8.375% 06/15/16 (b)		55,000		54,588
Warner Chilcott Corp. 8.750% 02/01/15		166,000		165,170
				389,862

See Accompanying Notes to Financial Statements.

8

Investment Portfolio (continued)

Columbia Strategic Income Fund, Variable Series / June 30, 2009 (Unaudited)

	Par (a)		Value
Pharmacy Services—0.2%
Omnicare, Inc. 6.750% 12/15/13		135,000	$	121,500
Energy—6.6%
Coal—0.5%
Arch Western Finance LLC 6.750% 07/01/13		145,000		132,312
Massey Energy Co. 6.875% 12/15/13		230,000		210,450
				342,762
Oil & Gas—4.7%
Oil Companies – Exploration & Production—4.1%
Chesapeake Energy Corp. 6.375% 06/15/15		240,000		213,600
9.500% 02/15/15		30,000		30,225
Cimarex Energy Co. 7.125% 05/01/17		115,000		101,200
Compton Petroleum Corp. 7.625% 12/01/13		125,000		69,375
Connacher Oil & Gas Ltd. 11.750% 07/15/14 (b)		60,000		57,900
Forest Oil Corp. 8.500% 02/15/14 (b)		130,000		127,725
KCS Energy, Inc. 7.125% 04/01/12		50,000		47,125
Newfield Exploration Co. 6.625% 04/15/16		185,000		166,962
Nexen, Inc. 5.875% 03/10/35		40,000		34,274
OPTI Canada, Inc. 8.250% 12/15/14		185,000		122,100
Pemex Finance Ltd. 9.150% 11/15/18		310,000		329,453
10.610% 08/15/17		215,000		268,247
Penn Virginia Corp. 10.375% 06/15/16		70,000		71,225
Petrobras International Finance Co. 5.875% 03/01/18		150,000		147,437
7.875% 03/15/19		120,000		130,800
PetroHawk Energy Corp. 7.875% 06/01/15		200,000		185,000
Pioneer Natural Resources Co. 5.875% 07/15/16		45,000		38,800
Quicksilver Resources, Inc. 7.125% 04/01/16		170,000		132,600
Range Resources Corp. 7.500% 05/15/16		45,000		43,200
Ras Laffan Liquefied Natural Gas Co., Ltd. III 5.832% 09/30/16 (b)		335,000		328,498
Southwestern Energy Co. 7.500% 02/01/18 (b)		140,000		134,400
				2,780,146

	Par (a)		Value
Oil Company – Integrated—0.0%
Marathon Oil Corp. 7.500% 02/15/19		20,000	$	21,829
Oil Refining & Marketing—0.3%
Frontier Oil Corp. 8.500% 09/15/16		80,000		80,600
Tesoro Corp. 6.625% 11/01/15		100,000		89,750
United Refining Co. 10.500% 08/15/12		50,000		39,000
Valero Energy Corp. 6.625% 06/15/37		20,000		17,063
				226,413
Oil – Field Services—0.3%
Gazprom International SA 7.201% 02/01/20		206,540		194,664
Oil & Gas Services—0.2%
Oil – Field Services—0.1%
Halliburton Co. 5.900% 09/15/18		40,000		42,715
Smith International, Inc. 9.750% 03/15/19		15,000		17,326
Weatherford International Ltd. 5.150% 03/15/13		45,000		44,881
				104,922
Seismic Data Collection—0.1%
Seitel, Inc. 9.750% 02/15/14		95,000		61,750
Pipelines—1.2%
Atlas Pipeline Partners LP 8.125% 12/15/15		110,000		78,650
El Paso Corp. 6.875% 06/15/14		140,000		130,654
7.250% 06/01/18		55,000		50,781
Energy Transfer Partners LP 8.500% 04/15/14		65,000		72,907
Kinder Morgan Energy Partners LP 6.950% 01/15/38		30,000		29,061
Kinder Morgan Finance Co. ULC 5.700% 01/05/16		155,000		132,912
MarkWest Energy Partners LP 6.875% 11/01/14		105,000		87,675
8.500% 07/15/16		15,000		12,900
Plains All American Pipeline LP 6.500% 05/01/18		80,000		80,953
TransCanada Pipelines Ltd. 6.350% 05/15/67 (c)		50,000		34,750
7.625% 01/15/39		25,000		29,178
Williams Companies, Inc. 7.625% 07/15/19		50,000		49,375
7.875% 09/01/21		40,000		39,400
				829,196

See Accompanying Notes to Financial Statements.

9

Investment Portfolio (continued)

Columbia Strategic Income Fund, Variable Series / June 30, 2009 (Unaudited)

	Par (a)		Value
Financials—5.6%
Banks—2.8%
Commercial Banks – Non US—0.2%
ANZ National International Ltd. 6.200% 07/19/13 (b)		100,000	$	103,017
Commercial Banks – Western U.S.—1.4%
Citibank NA 1.875% 05/07/12 (m)		1,000,000		996,095
Diversified Banking Institutional—0.3%
Citigroup, Inc. 6.500% 08/19/13		65,000		63,140
Goldman Sachs Capital II 5.793% 12/29/49 (c)		85,000		51,803
Goldman Sachs Group, Inc. 6.250% 09/01/17		35,000		34,630
JPMorgan Chase Capital XX 6.550% 09/29/36		50,000		39,741
				189,314
Fiduciary Banks—0.3%
Bank of New York Mellon Corp. 5.450% 05/15/19		170,000		174,523
Northern Trust Corp. 5.500% 08/15/13		30,000		31,806
				206,329
Money Center Banks—0.2%
Deutsche Bank AG/ London 4.875% 05/20/13		120,000		123,177
Super-Regional Banks – US—0.4%
Capital One Financial Corp. 5.700% 09/15/11		55,000		55,244
7.375% 05/23/14		75,000		77,339
Keycorp 6.500% 05/14/13		75,000		74,724
National City Corp. 4.900% 01/15/15		60,000		56,898
Wachovia Capital Trust III 5.800% 03/15/42 (c)		25,000		15,000
				279,205
Diversified Financial Services—1.9%
Diversified Financial Services—0.0%
General Electric Capital Corp. 6.875% 01/10/39		35,000		31,504
Finance – Auto Loans—1.0%
Ford Motor Credit Co. 7.800% 06/01/12		285,000		245,220
8.000% 12/15/16		110,000		84,098
GMAC LLC 6.875% 09/15/11 (b)		193,000		168,875
8.000% 11/01/31 (b)		236,000		165,200
				663,393

	Par (a)		Value
Finance – Consumer Loans—0.6%
Sears Roebuck Acceptance Corp. 7.000% 02/01/11		40,000	$	38,800
SLM Corp. 6.500% 06/15/10	NZD	725,000		342,717
				381,517
Finance – Investment Banker/Broker—0.1%
Lazard Group LLC 7.125% 05/15/15		105,000		96,468
Finance – Other Services—0.1%
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 7.125% 02/15/13		45,000		40,612
Investment Management/Advisor Service—0.1%
Nuveen Investments, Inc. 10.500% 11/15/15 (b)		130,000		89,700
Insurance—0.8%
Insurance Brokers—0.2%
HUB International Holdings, Inc. 10.250% 06/15/15 (b)		80,000		58,900
USI Holdings Corp. 9.750% 05/15/15 (b)		95,000		63,650
				122,550
Life/Health Insurance—0.3%
New York Life Global Funding 4.650% 05/09/13 (b)		145,000		147,075
Principal Life Income Funding Trusts 5.300% 04/24/13		40,000		39,908
Provident Companies, Inc. 7.000% 07/15/18		30,000		23,939
				210,922
Property/Casualty Insurance—0.3%
Asurion Corp. 6.821% 07/02/15 (i)		48,578		45,390
6.821% 07/02/15		66,422		57,344
Crum & Forster Holdings Corp. 7.750% 05/01/17		150,000		130,125
				232,859
Real Estate Investment Trusts (REITs)—0.1%
REITS – Hotels—0.1%
Host Hotels & Resorts LP 6.750% 06/01/16		95,000		82,413
Industrials—4.0%
Aerospace & Defense—0.6%
Aerospace & Defense—0.1%
Boeing Co. 6.000% 03/15/19		35,000		38,165

See Accompanying Notes to Financial Statements.

10

Investment Portfolio (continued)

Columbia Strategic Income Fund, Variable Series / June 30, 2009 (Unaudited)

	Par (a)		Value
Aerospace/Defense – Equipment—0.4%
BE Aerospace, Inc. 8.500% 07/01/18		135,000	$	127,237
Moog, Inc. 7.250% 06/15/18		45,000		42,075
Sequa Corp. 11.750% 12/01/15 (b)		165,000		95,288
United Technologies Corp. 6.125% 02/01/19		5,000		5,534
				270,134
Electronics – Military—0.1%
L-3 Communications Corp. 6.375% 10/15/15		135,000		122,512
Building Materials—0.1%
Building & Construction Products – Miscellaneous—0.1%
Owens Corning 6.500% 12/01/16		75,000		65,742
Building Products – Cement/Aggregation—0.0%
Texas Industries, Inc. 7.250% 07/15/13 (b)		15,000		13,575
Electrical Components & Equipment—0.3%
Wire & Cable Products—0.3%
Belden, Inc. 7.000% 03/15/17		100,000		88,500
General Cable Corp. 7.125% 04/01/17		105,000		95,287
				183,787
Electronics—0.2%
Electronic Components – Miscellaneous—0.2%
Flextronics International Ltd. 6.250% 11/15/14 (c)(i)		150,000		140,250
Engineering & Construction—0.1%
Building & Construction – Miscellaneous—0.1%
Esco Corp. 8.625% 12/15/13 (b)		55,000		47,575
Machinery – Construction & Mining—0.2%
Terex Corp. 8.000% 11/15/17		155,000		119,156
Machinery – Diversified—0.1%
Machinery – General Industry—0.1%
Manitowoc Co., Inc. 7.125% 11/01/13		145,000		107,119
Miscellaneous Manufacturing—0.7%
Diversified Manufacturing Operators—0.5%
Bombardier, Inc. 6.300% 05/01/14 (b)		150,000		131,250
Koppers Holdings, Inc. (k) 11/15/14 (9.875% 11/15/09)		100,000		89,750
Trinity Industries, Inc. 6.500% 03/15/14		100,000		87,000
				308,000

	Par (a)		Value
Miscellaneous Manufacturing—0.2%
American Railcar Industries, Inc. 7.500% 03/01/14		70,000	$	61,075
TriMas Corp. 9.875% 06/15/12		108,000		92,880
				153,955
Packaging & Containers—0.8%
Containers – Metal/Glass—0.5%
BWAY Corp. 10.000% 04/15/14 (b)		75,000		74,812
Crown Americas LLC & Crown Americas Capital Corp. 7.750% 11/15/15		75,000		73,313
Crown Americas LLC & Crown Americas Capital Corp. II 7.625% 05/15/17 (b)		40,000		38,600
Owens-Brockway Glass Container, Inc. 8.250% 05/15/13		120,000		120,600
Silgan Holdings, Inc. 6.750% 11/15/13		35,000		33,513
				340,838
Containers – Paper/Plastic—0.3%
Berry Plastics Holding Corp. 8.875% 09/15/14		110,000		92,675
Solo Cup Co. 8.500% 02/15/14		95,000		77,900
Temple-Inland, Inc. 6.625% 01/15/16		50,000		45,395
				215,970
Transportation—0.9%
Transportation – Marine—0.4%
Navios Maritime Holdings, Inc. 9.500% 12/15/14		125,000		102,500
Ship Finance International Ltd. 8.500% 12/15/13		155,000		129,812
Stena AB 7.500% 11/01/13		75,000		63,188
				295,500
Transportation – Railroad—0.3%
RailAmerica, Inc. 9.250% 07/01/17 (b)		40,000		38,600
TFM SA de CV 9.375% 05/01/12		130,000		123,500
Union Pacific Corp. 5.700% 08/15/18		60,000		60,123
				222,223
Transportation – Services—0.2%
Bristow Group, Inc. 7.500% 09/15/17		90,000		81,675
PHI, Inc. 7.125% 04/15/13		65,000		57,850
				139,525

See Accompanying Notes to Financial Statements.

11

Investment Portfolio (continued)

Columbia Strategic Income Fund, Variable Series / June 30, 2009 (Unaudited)

	Par (a)		Value
Technology—0.7%
Computers—0.3%
Computer Services—0.2%
Sungard Data Systems, Inc. 9.125% 08/15/13		160,000	$	151,200
Computers – Memory Devices—0.1%
Seagate Technology International 10.000% 05/01/14 (b)		40,000		41,250
Networking & Telecom Equipment—0.1%
Networking Products—0.1%
Cisco Systems, Inc. 5.900% 02/15/39		40,000		39,392
Office/Business Equipment—0.0%
Office Automation & Equipment—0.0%
Xerox Corp. 6.400% 03/15/16		20,000		18,400
Semiconductors—0.2%
Electronic Components – Semiconductors—0.2%
Amkor Technology, Inc. 9.250% 06/01/16		85,000		78,731
Freescale Semiconductor, Inc. 12.500% 12/15/14		87,395		76,252
				154,983
Software—0.1%
Enterprise Software/Services—0.1%
Oracle Corp. 5.000% 01/15/11		35,000		36,691
6.500% 04/15/38		35,000		37,280
				73,971
Utilities—2.7%
Electric—2.5%
Electric – Generation—0.5%
AES Corp. 7.750% 03/01/14		125,000		118,437
8.000% 10/15/17		55,000		51,150
Edison Mission Energy 7.000% 05/15/17		85,000		65,238
Intergen NV 9.000% 06/30/17 (b)		140,000		132,650
				367,475
Electric – Integrated—1.4%
CMS Energy Corp. 6.875% 12/15/15		80,000		76,028
Commonwealth Edison Co. 4.700% 04/15/15		80,000		78,969
5.950% 08/15/16		50,000		51,988
Consolidated Edison Co. of New York, Inc. 6.750% 04/01/38		55,000		61,733
Energy Future Holdings Corp. PIK, 11.250% 11/01/17		323,300		191,150
Ipalco Enterprises, Inc. 7.250% 04/01/16 (b)		105,000		100,275

	Par (a)		Value
Kansas City Power & Light Co. 7.150% 04/01/19		35,000	$	38,279
Mirant Americas Generation LLC 8.500% 10/01/21		210,000		165,900
Texas Competitive Electric Holdings Co., LLC PIK, 10.500% 11/01/16		369,687		163,586
				927,908
Independent Power Producer—0.6%
Dynegy Holdings, Inc. 7.125% 05/15/18		195,000		132,600
Mirant North America LLC 7.375% 12/31/13		40,000		38,400
NRG Energy, Inc. 7.375% 02/01/16		145,000		137,206
7.375% 01/15/17		25,000		23,563
NSG Holdings LLC/NSG Holdings, Inc. 7.750% 12/15/25 (b)		110,000		88,000
				419,769
Gas—0.2%
Gas – Distribution—0.2%
Atmos Energy Corp. 8.500% 03/15/19		30,000		35,036
Centerpoint Energy, Inc. 5.950% 02/01/17		50,000		43,690
6.500% 05/01/18		40,000		35,735
Sempra Energy 6.500% 06/01/16		5,000		5,219
				119,680
Total Corporate Fixed-Income Bonds & Notes (cost of $31,197,282)				28,466,778
MORTGAGE-BACKED SECURITIES—6.8%
Federal Home Loan Mortgage Corp. 8.000% 10/01/26		53,757		59,533
Federal National Mortgage Association 4.000% 01/01/39		951,844		924,062
5.000% 09/01/37		1,053,966		1,075,334
6.000% 02/01/37		759,310		795,393
6.500% 11/01/36		1,693,978		1,807,031
Total Mortgage-Backed Securities (cost of $4,542,750)				4,661,353
ASSET-BACKED SECURITIES—1.2%
Equity One ABS, Inc. 4.205% 04/25/34		625,000		534,721
GMAC Mortgage Corp. 4.865% 09/25/34 (c)		480,807		286,136
Total Asset-Backed Securities (cost of $1,101,315)				820,857

See Accompanying Notes to Financial Statements.

12

Investment Portfolio (continued)

Columbia Strategic Income Fund, Variable Series / June 30, 2009 (Unaudited)

	Par (a)		Value
MUNICIPAL BOND—0.4%
California—0.4%
CA Cabazon Band Mission Indians Series 2004, 13.000% 10/01/11		350,000	$	268,226
Total Municipal Bond (cost of $350,000)				268,226
CONVERTIBLE BOND—0.1%
Communications—0.1%
Telecommunication Services—0.1%
Virgin Media, Inc. 6.500% 11/15/16 (b)		105,000		81,375
Total Convertible Bond (cost of $47,889)				81,375
	Shares
COMMON STOCK—0.0%
Industrials—0.0%
Commercial Services & Suppliers—0.0%
Fairlane Management Corp. (h)(n)(o)		2,000		—
Total Common Stock (cost of $—)				—
PREFERRED STOCK—0.0%
Communications—0.0%
Media—0.0%
CMP Susquehanna Radio Holdings Corp., Series A (b)(h)(n)		2,891		29
Total Preferred Stock (cost of $29)				29
	Units
WARRANTS—0.0%
Communications—0.0%
Telecommunication Services—0.0%
Jazztel PLC Expires 07/15/10 (b)(h)(n)(o)		95		—
Financials—0.0%
Banks—0.0%
CNB Capital Trust I Expires 03/23/19 (b)(h)(n)		3,304		33
Total Warrants (cost of $220)				33

	Shares		Value
SECURITIES LENDING COLLATERAL—7.1%
State Street Navigator Securities Lending Prime Portfolio (7 day yield of 0.724%) (p)		4,858,100	$	4,858,100
Total Securities Lending Collateral (cost of $4,858,100)				4,858,100
	Par (a)
SHORT-TERM OBLIGATION—2.8%
Repurchase agreement with Fixed Income Clearing Corp., dated 06/30/09, due 07/01/09 at 0.000001%, collateralized by a U.S. Treasury obligation maturing 05/15/10, market value $1,949,844 (repurchase proceeds $1,909,000)	$	1,909,000		1,909,000
Total Short-Term Obligation (cost of $1,909,000)				1,909,000
Total Investments—105.2% (cost of $73,518,344) (q)				72,308,139
Obligation to Return Collateral for Securities Loaned—(7.1)%				(4,858,100	)
Other Assets & Liabilities, Net—1.9%				1,306,865
Net Assets—100.0%			$	68,756,904

Notes to Investment Portfolio:

(a)  Principal amount is stated in United States dollars unless otherwise noted.

(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2009, these securities, which are not illiquid except for the following, amounted to $6,314,207, which represents 9.2% of net assets.

Security	Acquisition Date	Par/Shares/ Units		Cost		Value
CMP Susquehanna Radio Holdings Corp., Series A, Preferred Stock	04/01/09		2,891	$	29	$	29
Jazztel PLC Expires 07/15/10	10/24/01		95		187		—
Local TV Finance LLC PIK, 9.250% 06/15/15	05/07/07	$	105,000		101,650		17,418
Orascom Telecom Finance SCA 7.875% 02/08/14	02/01/07		100,000		100,000		84,500
Seminole Indian Tribe of Florida, 7.804% 10/01/20	09/26/07		195,000		197,938		164,533
						$	266,480

(c)  The interest rate shown on floating rate or variable rate securities reflects the rate at June 30, 2009.

(d)  Security purchased on a delayed delivery basis.

See Accompanying Notes to Financial Statements.

13

Investment Portfolio (continued)

Columbia Strategic Income Fund, Variable Series / June 30, 2009 (Unaudited)

(e)  All or a portion of this security was on loan at June 30, 2009. The total market value of securities on loan at June 30, 2009 is $4,757,077.

(f)  The issuer has filed for bankruptcy protection under Chapter 11, and is in default of certain debt covenants. Income is not being accrued. At June 30, 2009, the value of these securities amounted to $82,759, which represents 0.1% of net assets.

(g)  The issuer has filed for bankruptcy protection under Chapter 11, and is in default of certain debt covenants. Income is being accrued. At June 30, 2009, the value of these securities amounted to $257,702, which represents 0.4% of net assets.

(h)  Represents fair value as determined in good faith under procedures approved by the Board of Trustees.

(i)  Loan participation agreement.

(j)  The issuer is in default of certain debt covenants. Income is being partially accrued based on the execution of the forbearance agreement with the borrower. At June 30, 2009, the value of these securities amounted to $48,225, which represents 0.1% of net assets.

(k)  Step bond. This security is currently not paying coupon. Shown parenthetically is the next interest rate to be paid and the date the security will begin accruing at this rate.

(l)  The issuer is in default of certain debt covenants. Income is not being accrued. At June 30, 2009, the value of this security represents less than 0.1% of net assets.

(m)  Security is guaranteed by the Federal Deposit Insurance Corp.

(n)  Non-income producing security.

(o)  Security has no value.

(p)  Investment made with cash collateral received from securities lending activity.

(q)  Cost for federal income tax purposes is $74,661,710.

The following table summarizes the inputs used, as of June 30, 2009, in valuing the Fund's assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
GOVERNMENT & AGENCY OBLIGATIONS
Foreign Government Obligations	$	—	$	19,766,960	$	—	$	19,766,960
U.S. Government Obligations		11,475,428		—		—		11,475,428
Total Government & Agency Obligations		11,475,428		19,766,960		—		31,242,388
CORPORATE FIXED-INCOME BONDS & NOTES
Basic Materials
Chemicals
Agricultural Chemicals		—		63,963		—		63,963
Chemicals – Diversified		—		428,642		—		428,642
Chemicals – Specialty		—		65,250		—		65,250
		—		557,855		—		557,855
Forest Products & Paper
Paper & Related Products		—		464,010		—		464,010
Iron/Steel
Steel – Producers		—		426,132		—		426,132
Metals & Mining
Diversified Minerals		—		331,550		—		331,550
Metal – Diversified		—		327,437		—		327,437
Mining Services		—		54,892		—		54,892
Non-Ferrous Metals		—		439,699		—		439,699
		—		1,153,578		—		1,153,578

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Communications
Advertising
Advertising Agencies	$	—	$	52,100	$	—	$	52,100
Media
Broadcast Services/ Programs		—		34,738		—		34,738
Cable TV		—		983,107		—		983,107
Multimedia		—		128,188		—		128,188
Publishing – Books		—		178,200		—		178,200
Radio		—		—		5,400		5,400
Television		—		17,418		—		17,418
		—		1,341,651		5,400		1,347,051
Telecommunication Services
Cellular Telecommunications		—		1,308,163		—		1,308,163
Media		—		244,463		—		244,463
Satellite Telecommunications		—		641,325		—		641,325
Telecommunication Equipment		—		170,250		—		170,250
Telecommunication Services		—		483,682		—		483,682
Telephone – Integrated		—		1,067,627		—		1,067,627
Wireless Equipment		—		71,225		—		71,225
		—		3,986,735		—		3,986,735
Consumer Cyclical
Apparel
Apparel Manufacturers		—		152,287		—		152,287
Auto Manufacturers
Auto – Cars/Light Trucks		—		48,225		—		48,225
Auto Parts & Equipment
Auto/Truck Parts & Equipment – Original		—		65,409		—		65,409
Rubber – Tires		—		123,460		—		123,460
		—		188,869		—		188,869
Entertainment
Music		—		210,544		—		210,544
Resorts/Theme Parks		—		13,300		—		13,300
		—		223,844		—		223,844
Home Builders
Building – Residential/ Commercial		—		317,975		—		317,975
Lodging
Casino Hotels		—		545,738		—		545,738
Gambling (Non-Hotel)		—		257,033		—		257,033
Hotels & Motels		—		85,750		—		85,750
		—		888,521		—		888,521
Retail
Retail – Apparel/Shoe		—		173,749		—		173,749
Retail – Computer Equipment		—		60,450		—		60,450
Retail – Discount		—		183,600		—		183,600
Retail – Drug Stores		—		104,000		—		104,000
Retail – Hypermarkets		—		90,037		—		90,037
Retail – Propane Distributors		—		254,050		—		254,050
Retail – Restaurants		—		49,503		—		49,503

See Accompanying Notes to Financial Statements.

14

Investment Portfolio (continued)

Columbia Strategic Income Fund, Variable Series / June 30, 2009 (Unaudited)

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Retail – Toy Store	$	—	$	64,350	$	—	$	64,350
		—		979,739		—		979,739
Consumer Non-Cyclical
Agriculture
Tobacco		—		85,255		—		85,255
Beverages
Beverages – Non-Alcoholic		—		125,930		—		125,930
Beverages – Wine/Spirits		—		135,000		—		135,000
Brewery		—		43,746		—		43,746
		—		304,676		—		304,676
Biotechnology
Medical – Biomedical/ Gene		—		83,925		—		83,925
Commercial Services
Commercial Services		—		247,800		—		247,800
Commercial Services – Finance		—		51,750		—		51,750
Funeral Services & Related Items		—		72,200		—		72,200
Private Corrections		—		163,550		—		163,550
Rental Auto/ Equipment		—		274,362		—		274,362
		—		809,662		—		809,662
Food
Food – Meat Products		—		299,012		—		299,012
Food – Miscellaneous/ Diversified		—		336,392		—		336,392
Food – Retail		—		22,493		—		22,493
		—		657,897		—		657,897
Healthcare Products
Medical Products		—		295,088		—		295,088
Healthcare Services
Dialysis Centers		—		61,100		—		61,100
Medical – HMO		—		93,964		—		93,964
Medical – Hospitals		—		813,560		—		813,560
Physical Therapy/ Rehab Centers		—		70,350		—		70,350
Physician Practice Management		—		237,982		—		237,982
		—		1,276,956		—		1,276,956
Household Products/Wares
Consumer Products – Miscellaneous		—		146,225		—		146,225
Pharmaceuticals
Medical – Drugs		—		389,862		—		389,862
Pharmacy Services		—		121,500		—		121,500
		—		511,362		—		511,362
Energy
Coal
Coal		—		342,762		—		342,762
Oil & Gas
Oil Companies – Exploration & Production		—		2,780,146		—		2,780,146
Oil Company – Integrated		—		21,829		—		21,829
Oil Refining & Marketing		—		226,413		—		226,413
Oil – Field Services		—		194,664		—		194,664
		—		3,223,052		—		3,223,052

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Oil & Gas Services
Oil – Field Services	$	—	$	104,922	$	—	$	104,922
Seismic Data Collection		—		61,750		—		61,750
		—		166,672		—		166,672
Pipelines
Pipelines		—		829,196		—		829,196
Financials
Banks
Commercial Banks – Non US		—		103,017		—		103,017
Commercial Banks – Western U.S.		—		996,095		—		996,095
Diversified Banking Institutional		—		189,314		—		189,314
Fiduciary Banks		—		206,329		—		206,329
Money Center Banks		—		123,177		—		123,177
Super – Regional Banks – US		—		279,205		—		279,205
		—		1,897,137		—		1,897,137
Diversified Financial Services
Diversified Financial Services		—		31,504		—		31,504
Finance – Auto Loans		—		663,393		—		663,393
Finance – Consumer Loans		—		381,517		—		381,517
Finance – Investment Banker/Broker		—		96,468		—		96,468
Finance – Other Services		—		40,612		—		40,612
Investment Management/Advisor Service		—		89,700		—		89,700
		—		1,303,194		—		1,303,194
Insurance
Insurance Brokers		—		122,550		—		122,550
Life/Health Insurance		—		210,922		—		210,922
Property/Casualty Insurance		—		232,859		—		232,859
		—		566,331		—		566,331
Real Estate Investment Trusts (REITs)
REITS – Hotels		—		82,413		—		82,413
Industrials
Aerospace & Defense
Aerospace/Defense		—		38,165		—		38,165
Aerospace/Defense – Equipment		—		270,134		—		270,134
Electronics – Military		—		122,512		—		122,512
		—		430,811		—		430,811
Building Materials
Building & Construction Products – Miscellaneous		—		65,742		—		65,742
Building Products – Cement/Aggregation		—		13,575		—		13,575
		—		79,317		—		79,317
Electrical Components & Equipment
Wire & Cable Products		—		183,787		—		183,787

See Accompanying Notes to Financial Statements.

15

Investment Portfolio (continued)

Columbia Strategic Income Fund, Variable Series / June 30, 2009 (Unaudited)

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Electronics
Electronic Components- Miscellaneous	$	—	$	140,250	$	—	$	140,250
Engineering & Construction
Building & Construction- Miscellaneous		—		47,575		—		47,575
Machinery – Construction & Mining
Machinery – Construction & Mining		—		119,156		—		119,156
Machinery – Diversified
Machinery – General Industry		—		107,119		—		107,119
Miscellaneous Manufacturing
Diversified Manufacturing Operators		—		308,000		—		308,000
Miscellaneous Manufacturing		—		153,955		—		153,955
		—		461,955		—		461,955
Packaging & Containers
Containers – Metal/ Glass		—		340,838		—		340,838
Containers – Paper/ Plastic		—		215,970		—		215,970
		—		556,808		—		556,808
Transportation
Transportation – Marine		—		295,500		—		295,500
Transportation – Railroad		—		222,223		—		222,223
Transportation – Services		—		139,525		—		139,525
		—		657,248		—		657,248
Technology
Computers
Computer Services		—		151,200		—		151,200
Computers – Memory Devices		—		41,250		—		41,250
		—		192,450		—		192,450
Networking & Telecom Equipment
Networking Products		—		39,392		—		39,392
Office/Business Equipment
Office Automation & Equipment		—		18,400		—		18,400
Semiconductors
Electronic Components- Semi conductors		—		154,983		—		154,983
Software
Enterprise Software/Services		—		73,971		—		73,971
		—		479,196		—		479,196
Utilities
Electric
Electric – Generation		—		367,475		—		367,475
Electric – Integrated		—		927,908		—		927,908
Independent Power Producer		—		419,769		—		419,769
		—		1,715,152		—		1,715,152

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Gas
Gas – Distribution	$	—	$	119,680		$	—	$	119,680
Total Corporate Fixed-Income Bonds & Notes		—		28,461,378			5,400		28,466,778
MORTGAGE- BACKED SECURITIES		—		4,661,353			—		4,661,353
ASSET-BACKED SECURITIES		—		820,857			—		820,857
MUNICIPAL BOND
California		—		268,226			—		268,226
Total Municipal Bond		—		268,226			—		268,226
CONVERTIBLE BOND
Communications
Telecommunication Services		—		81,375			—		81,375
Total Convertible Bond		—		81,375			—		81,375
COMMON STOCK
Industrials
Commercial Services & Supplies		—		—			—		—
Total Common Stock		—		—			—		—
PREFERRED STOCK
Communications
Media		—		—			29		29
Total Preferred Stock		—		—			29		29
WARRANTS
Communications
Telecommunication Services		—		—			—		—
Financials
Banks		—		—			33		33
Total Warrants		—		—			33		33
SECURITIES LENDING COLLATERAL		4,858,100		—			—		4,858,100
SHORT-TERM OBLIGATION
Repurchase Agreement		—		1,909,000			—		1,909,000
Total Short-Term Obligation		—		1,909,000			—		1,909,000
Total Investments		16,333,528		55,969,149			5,462		72,308,139
Forward foreign currency exchange contracts		—		(30,769	)		—		(30,769	)
Total	$	16,333,528	$	55,938,380		$	5,462	$	72,277,370

The Fund's assets assigned to the Level 2 input category include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation.

See Accompanying Notes to Financial Statements.

16

Investment Portfolio (continued)

Columbia Strategic Income Fund, Variable Series / June 30, 2009 (Unaudited)

The following table reconciles asset balances for the six month period ending June 30, 2009, in which significant unobservable inputs (Level 3) were used in determining value:

Investments in Securities		Balance as of December 31, 2008			Accrued Discounts/ Premiums		Realized Gain/ (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Purchases			Net Sales		Net transfers into Level 3		Net transfers out of Level 3			Balance as of June 30, 2009			Change in Unrealized Appreciation (Depreciation) from Investments held at June 30, 2009
Common Stock
INDUSTRIALS
Commercial Services & Supplies		$		—	$	—	$	—	$		—	$		—	$	—	$	—	$		—	$		—	$		—
Corporate Fixed-Income Bonds & Notes
COMMUNICATIONS
Media
Radio		$		—	$	—	$	—	$	(5,570	)	$	10,969		$	—	$	—	$		—	$	5,400		$	(5,570	)
CONSUMER CYCLICAL
Auto Parts & Equipment
Auto/Truck Parts & Equipment-Original		$	41,702		$	—	$	—	$	(37,492	)	$		—	$	—	$	—	$	4,209		$		—	$		—
Preferred Stock
COMMUNICATIONS
Media		$		—	$	—	$	—	$		—	$	29		$	—	$	—	$		—	$	29		$		—
Warrants
COMMUNICATIONS
Telecommunication Services		$		—	$	—	$	—	$		—	$		—	$	—	$	—	$		—	$		—	$		—
FINANCIALS
Banks		$		—	$	—	$	—	$		—	$	33		$	—	$	—	$		—	$	33		$		—
	Total	$	41,702		$	—	$	—	$	(43,062	)	$	11,031		$	—	$	—	$	4,209		$	5,462		$	(5,570	)

The information in the above reconciliation represents fiscal year to date
activity for any securities identified as using Level 3 inputs at either the
beginning or the end of the current fiscal period.

See Accompanying Notes to Financial Statements.

17

Investment Portfolio (continued)

Columbia Strategic Income Fund, Variable Series / June 30, 2009 (Unaudited)

The change in unrealized losses attributable to securities owned at June 30, 2009 which were valued using significant unobservable inputs (Level 3) amounted to $5,570. This amount is included in net change in unrealized depreciation on the Statement of Changes in Net Assets.

For more information on valuation inputs, and their aggregation into the levels used in the tables above, please refer to the Security Valuation section in the accompanying Notes to Financial Statements

Forward foreign currency exchange contracts outstanding on June 30, 2009 are:

Forward Foreign Currency Exchange Contracts to Sell	Value		Aggregate Face Value		Settlement Date	Unrealized Depreciation
EUR	$	350,717	$	344,400	07/17/09	$	(6,317	)
EUR		119,243		117,009	07/17/09		(2,234	)
EUR		586,399		575,987	07/17/09		(10,412	)
EUR		469,966		463,875	07/29/09		(6,091	)
EUR		280,577		276,982	07/29/09		(3,595	)
EUR		162,840		160,720	07/29/09		(2,120	)
						$	(30,769	)

At June 30, 2009, the asset allocation of the Fund is as follows:

Asset Allocation	% of Net Assets
Government & Agency Obligations		45.4
Corporate Fixed-Income Bonds & Notes		41.4
Mortgage-Backed Securities		6.8
Asset-Backed Securities		1.2
Municipal Bond		0.4
Convertible Bond		0.1
Common Stock		0.0	*
Preferred Stock		0.0	*
Warrants		0.0	*
		95.3
Securities Lending Collateral		7.1
Short-Term Obligation		2.8
Obligation to Return Collateral for Securities Loaned		(7.1	)
Other Assets & Liabilities, Net		1.9
		100.0

*Rounds to less than 0.1%

Acronym	Name
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
NOK	Norwegian Krone
NZD	New Zealand Dollar
PIK	Payment-In-Kind
PLN	Polish Zloty
ZAR	South African Rand

See Accompanying Notes to Financial Statements.

18

Statement of Assets and Liabilities

Columbia Strategic Income Fund, Variable Series / June 30, 2009 (Unaudited)

Assets
Investments, at cost	$	73,518,344
Investments, at value (including securities on loan of $4,757,077)	$	72,308,139
Cash		32
Receivable for:
Investments sold		211,880
Fund shares sold		331,646
Interest		1,184,483
Securities lending income		1,620
Foreign tax reclaims		239
Expense reimbursement due from investment advisor		14,372
Trustees' deferred compensation plan		18,447
Other assets		1,903
Total Assets		74,072,761
Liabilities
Collateral on securites loaned		4,858,100
Unrealized depreciation on forward foreign currency exchange contracts		30,769
Payable for:
Investments purchased		122,365
Investments purchased on a delayed delivery basis		156,495
Fund shares repurchased		26,031
Investment advisory fee		33,774
Transfer agent fee		15
Trustees' fees		1,606
Audit fee		24,289
Pricing and bookkeeping fees		13,282
Custody fee		3,500
Distribution fees — Class B		7,260
Chief compliance officer expenses		190
Reports to shareholders		11,423
Trustees' deferred compensation plan		18,447
Other liabilities		8,311
Total Liabilities		5,315,857
Net Assets	$	68,756,904
Net Assets Consist of
Paid-in capital	$	92,184,438
Undistributed net investment income		7,668,756
Accumulated net realized loss		(29,862,547	)
Net unrealized appreciation (depreciation) on:
Investments		(1,210,205	)
Foreign currency translations		(23,538	)
Net Assets	$	68,756,904
Class A
Net assets	$	38,083,213
Shares outstanding		4,343,017
Net asset value per share	$	8.77
Class B
Net assets	$	30,673,691
Shares outstanding		3,514,206
Net asset value per share	$	8.73

See Accompanying Notes to Financial Statements.

19

Statement of Operations

Columbia Strategic Income Fund, Variable Series
For the Six Months Ended June 30, 2009 (Unaudited)

Investment Income
Interest	$	2,410,686
Securities lending		38,665
Dividends		772
Total Investment Income		2,450,123
Expenses
Investment advisory fee		208,313
Distribution fees — Class B		39,530
Transfer agent fee		139
Pricing and bookkeeping fees		37,697
Trustees' fees		8,911
Custody fee		9,948
Audit fee		21,986
Reports to shareholders		16,648
Chief compliance officer expenses		322
Other expenses		12,292
Total Expenses		355,786
Fees waived or expenses reimbursed by investment advisor		(90,584	)
Custody earnings credit		(1	)
Net Expenses		265,201
Net Investment Income		2,184,922
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency and Forward Foreign Currency Exchange Contracts
Net realized loss on:
Investments		(2,763,636	)
Foreign currency transactions and forward foreign currency exchange contracts		(364,658	)
Net realized loss		(3,128,294	)
Net change in unrealized appreciation (depreciation) on:
Investments		6,975,629
Foreign currency translations and forward foreign currency exchange contracts		223,763
Net change in unrealized appreciation (depreciation)		7,199,392
Net Gain		4,071,098
Net Increase Resulting from Operations	$	6,256,020

See Accompanying Notes to Financial Statements.

20

Statement of Changes in Net Assets

Columbia Strategic Income Fund, Variable Series

Increase (Decrease) in Net Assets	(Unaudited) Six Months Ended June 30, 2009			Year Ended December 31, 2008
Operations
Net investment income	$	2,184,922		$	5,387,442
Net realized loss on investments, foreign currency transactions and forward foreign currency exchange contracts		(3,128,294	)		(688,645	)
Net change in unrealized appreciation (depreciation) on investments , foreign currency translations and forward foreign currency exchange contracts		7,199,392			(11,692,162	)
Net increase (decrease) resulting from operations		6,256,020			(6,993,365	)
Distributions to Shareholders
From net investment income:
Class A		—			(3,999,007	)
Class B		—			(3,751,876	)
Total distributions to shareholders		—			(7,750,883	)
Net Capital Stock Transactions		(8,642,938	)		(20,539,411	)
Total decrease in net assets		(2,386,918	)		(35,283,659	)
Net Assets
Beginning of period		71,143,822			106,427,481
End of period	$	68,756,904		$	71,143,822
Undistributed net investment income at end of period	$	7,668,756		$	5,483,834
Capital Stock Activity

	(Unaudited)
	Six Months Ended						Year Ended June 30, 2009			December 31, 2008
	Shares			Dollars			Shares			Dollars
Class A
Subscriptions		527,741		$	4,329,878			121,409		$	1,111,341
Distributions reinvested		—			—			458,602			3,999,007
Redemptions		(854,376	)		(7,101,239	)		(1,658,331	)		(14,549,531	)
Net decrease		(326,635	)		(2,771,361	)		(1,078,320	)		(9,439,183	)
Class B
Subscriptions		241,485			1,997,438			285,385			2,689,145
Distributions reinvested		—			—			431,250			3,751,876
Redemptions		(953,098	)		(7,869,015	)		(2,003,761	)		(17,541,249	)
Net decrease		(711,613	)		(5,871,577	)		(1,287,126	)		(11,100,228	)

See Accompanying Notes to Financial Statements.

21

Financial Highlights

Columbia Strategic Income Fund, Variable Series—Class A Shares

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended June 30,			Year Ended December 31,
	2009			2008			2007			2006(a)			2005			2004
Net Asset Value, Beginning of Period	$	8.01		$	9.47		$	9.70		$	10.12		$	9.96		$	9.80
Income from Investment Operations:
Net investment income (b)		0.26			0.53			0.55			0.59			0.61			0.61
Net realized and unrealized gain (loss) on investments and foreign currency		0.50			(1.21	)		0.01			0.09			(0.45	)		0.39
Total from investment operations		0.76			(0.68	)		0.56			0.68			0.16			1.00
Less Distributions to Shareholders:
From net investment income		—			(0.78	)		(0.79	)		(1.10	)		—			(0.84	)
Net Asset Value, End of Period	$	8.77		$	8.01		$	9.47		$	9.70		$	10.12		$	9.96
Total return (c)(d)		9.49	%(e)(f)		(7.81	)%		6.07	%		7.07	%		1.61	%(f)		10.16	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (g)		0.65	%(h)		0.84	%		0.82	%		0.79	%		0.76	%		0.80	%
Waiver/Reimbursement		0.26	%(h)		—			—			—			—	%(i)		—
Net investment income (g)		6.40	%(h)		5.89	%		5.69	%		5.92	%		6.06	%		6.08	%
Portfolio turnover rate (j)		30	%(e)		28	%		44	%		42	%		40	%		103	%
Net assets, end of period (000s)	$	38,083		$	37,407		$	54,416		$	65,347		$	83,586		$	102,612

(a)  On May 1, 2006, Colonial Strategic Income Fund, Variable Series was renamed Columbia Strategic Income Fund, Variable Series.

(b)  Per share data was calculated using the average shares outstanding during the period.

(c)  Total return at net asset value assuming all distributions reinvested.

(d)  Total return does not include any insurance company charges imposed by your insurance company's separate accounts. If included, total return would be reduced.

(e)  Not annualized.

(f)  Had the investment advisor and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(g)  The benefits derived from custody credits had an impact of less than 0.01%.

(h)  Annualized.

(i)  Rounds to less than 0.01%.

(j)  Portfolio turnover excludes dollar roll transactions.

See Accompanying Notes to Financial Statements.

22

Financial Highlights

Columbia Strategic Income Fund, Variable Series—Class B Shares

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended June 30,			Year Ended December 31,
	2009			2008			2007			2006(a)			2005			2004
Net Asset Value, Beginning of Period	$	7.98		$	9.43		$	9.67		$	10.09		$	9.95		$	9.80
Income from Investment Operations:
Net investment income (b)		0.25			0.51			0.53			0.57			0.58			0.59
Net realized and unrealized gain (loss) on investments and foreign currency		0.50			(1.19	)		—			0.08			(0.44	)		0.38
Total from investment operations		0.75			(0.68	)		0.53			0.65			0.14			0.97
Less Distributions to Shareholders:
From net investment income		—			(0.77	)		(0.77	)		(1.07	)		—			(0.82	)
Net Asset Value, End of Period	$	8.73		$	7.98		$	9.43		$	9.67		$	10.09		$	9.95
Total return (c)(d)(e)		9.40	% (f)		(7.92	)%		5.75	%		6.84	%		1.41	%		9.85	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (g)		0.90	%(h)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Waiver/Reimbursement		0.26	%(h)		0.09	%		0.07	%		0.04	%		0.01	%		0.05	%
Net investment income (g)		6.16	%(h)		5.73	%		5.50	%		5.71	%		5.82	%		5.88	%
Portfolio turnover rate (i)		30	%(f)		28	%		44	%		42	%		40	%		103	%
Net assets, end of period (000s)	$	30,674		$	33,737		$	52,012		$	53,550		$	56,507		$	60,210

(a)  On May 1, 2006, Colonial Strategic Income Fund, Variable Series was renamed Columbia Strategic Income Fund, Variable Series.

(b)  Per share data was calculated using the average shares outstanding during the period.

(c)  Total return at net asset value assuming all distributions reinvested.

(d)  Had the investment advisor and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(e)  Total return does not include any insurance company charges imposed by your insurance company's separate accounts. If included, total return would be reduced.

(f)  Not annualized.

(g)  The benefits derived from custody credits had an impact of less than 0.01%.

(h)  Annualized.

(i)  Portfolio turnover excludes dollar roll transactions.

See Accompanying Notes to Financial Statements.

23

Notes to Financial Statements

Columbia Strategic Income Fund, Variable Series / June 30, 2009 (Unaudited)

Note 1. Organization

Columbia Strategic Income Fund, Variable Series (the "Fund"), a series of Columbia Funds Variable Insurance Trust (the "Trust"), is a diversified portfolio. 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.

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

Fund Shares—The Trust may issue an unlimited number of shares, and the Fund offers two classes of shares: Class A and Class B. Each share class has its own expense structure. Shares of the Fund are available only as a pooled funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies ("Participating Insurance Companies"). The Participating Insurance Companies and their separate accounts own all the shares of the Fund.

Note 2. Significant Accounting Policies

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") 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 revenue and expenses during the reporting period. Actual results could differ from those estimates.

Management has evaluated the events and transactions that have occurred through August 20, 2009, the date the financial statements were issued, and noted no items requiring adjustment of the financial statements or additional disclosures. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

Security Valuation—Debt securities generally are valued by pricing services approved by the Trust's Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation.

Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may vary from the actual amounts realized upon sale of the securities, and the potential variation may be greater for those securities valued using fundamental analysis.

Equity securities are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets.

Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market value.

Forward foreign currency exchange contracts are valued at the prevailing forward exchange rate of the underlying currencies.

Foreign securities are generally valued at the last sale price on the foreign exchange or market on which they trade. If any foreign share prices are not readily available as a result of limited share activity, the securities are valued at the last sale price of the local shares in the principal market in which such securities are normally traded.

Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the New York Stock Exchange ("NYSE"). The values of such securities used in computing the net asset value of the Fund's shares are determined as of such times. Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. Ocassionally, events affecting the values of such foreign securities and such exchange rates may occur between the times at which they are determined and the close of the customary trading session of the NYSE, which would not be reflected in the computation of the Fund's net asset value. If events materially affecting the values of such foreign securities occur and it is determined that market quotations are not reliable, then these foreign securities will be valued at their fair value using procedures approved by the Board of Trustees.

The Fund may use a systematic fair valuation model provided by an independent third party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation.

24

Notes to Financial Statements (continued)

Columbia Strategic Income Fund, Variable Series / June 30, 2009 (Unaudited)

Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. If a security is valued at fair value, such value is likely to be different from the last quoted market price for the security. 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 value.

Financial Accounting Standards Board ("FASB") Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("SFAS 157"), establishes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value giving the highest priority to unadjusted quoted prices in active markets for identical securities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the fair value hierarchy under SFAS 157 are described below:

•  Level 1—quoted prices in active markets for identical securities

•  Level 2—prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)

•  Level 3—prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or less reliable, unobservable inputs may be used. Unobservable inputs may include management's own assumptions about the factors market participants would use in pricing an investment.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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.

On January 1, 2009, the Fund adopted Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities — an amendment of FASB Statement No. 133 ("SFAS 161"). SFAS 161 requires additional discussion about the reporting entity's derivative instruments and hedging activities, by providing for qualitative disclosures about the objectives and strategies for using derivatives, quantitative data about the fair value of and gains and losses on derivative contracts, and details of credit-risk-related contingent features in their derivative contracts. For additional information on derivative instruments, please see Note 6.

Forward Foreign Currency Exchange Contracts—Forward foreign currency exchange contracts are agreements to exchange one currency for another at a future date at a specified price. These contracts are used to minimize the exposure to foreign exchange rate fluctuations during the period between the trade and settlement dates of the contract. The Fund may utilize forward foreign currency exchange contracts in connection with the settlement of purchases and sales of securities. The Fund may also enter into these contracts to reduce the exposure to adverse price movements in certain other foreign currency denominated assets. Contracts to buy generally are used to acquire exposure to foreign currencies, while contracts to sell are generally used to reduce the exposure to foreign exchange rate fluctuations. Forward foreign currency exchange contracts are valued daily at the current exchange rate of the underlying currency, resulting in unrealized gains (losses) which become realized at the time the forward foreign currency exchange contracts are closed or mature. Realized and unrealized gains (losses) arising from such transactions are included in net realized and unrealized gains (losses) on foreign currency transactions. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund's portfolio securities. While the maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened, exposure is typically limited to the change in value of the contract (in U.S. dollars) over the period it remains open. The Fund could also be exposed to risk that counterparties of the contracts may be unable to fulfill the terms of the contracts.

Repurchase Agreements—The Fund may engage in repurchase agreement transactions with institutions that Columbia Management Advisors, LLC ("Columbia"), the Fund's investment advisor, has determined are creditworthy. The Fund, through its custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. Columbia is responsible for determining that the collateral is at least equal, at all times, to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays in or restrictions on the Fund's ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

25

Notes to Financial Statements (continued)

Columbia Strategic Income Fund, Variable Series / June 30, 2009 (Unaudited)

Loan Participations and Commitments—The Fund may invest in loan participations. When the Fund purchases a loan participation, the Fund typically enters into a contractual relationship with the lender or third party selling such participation ("Selling Participant"), but not the borrower. However, the Fund assumes the credit risk of the borrower, Selling Participant and any other persons interpositioned between the Fund and the borrower. The Fund may not directly benefit from the collateral supporting the senior loan which it has purchased from the Selling Participant.

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 (same type, coupon and maturity) but not identical securities on a specified future date not exceeding 120 days. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund would benefit to the extent of any difference between the price received for the securities sold and the lower forward price for the future purchase (often referred to as the "drop") or fee income plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. Unless such benefits 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 will diminish the investment performance of the Fund compared with what such performance would have been without the use of mortgage dollar rolls. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund will hold and maintain in a segregated account until the settlement date, cash or liquid securities in an amount equal to the forward purchase price.

The Fund's policy is to record the components of mortgage dollar rolls using "to be announced" mortgage-backed securities. For financial reporting and tax purposes, the Fund treats mortgage dollar rolls as two separate transactions, one involving the purchase of a security and a separate transaction involving a sale. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

Mortgage dollar rolls involve certain risks. If the broker-dealer to whom the Fund sells the securities becomes insolvent, the Fund's right to purchase or repurchase the mortgage-related securities may be restricted and the instruments which the Fund is required to repurchase may be worth less than instruments which the Fund originally held. Successful use of mortgage dollar rolls may depend upon the investment advisor's ability to predict correctly interest rates and mortgage prepayments. For these reasons, there is no assurance that mortgage dollar rolls can be successfully employed.

Delayed Delivery Securities—The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a "when-issued" basis. This may increase the risk if the other party to the transaction fails to deliver and causes the Fund to subsequently invest at less advantageous prices. The Fund holds until the settlement date, in a segregated account, cash or liquid securities in an amount equal to the delayed delivery commitment.

Foreign Currency Transactions and Translations—The values of all assets and liabilities quoted in foreign currencies are translated into U.S. dollars at that day's exchange rates. 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 on the Statement of Operations.

Income Recognition—Interest income is recorded on an accrual basis and includes accretion of discounts, amortization of premiums and paydown gains and losses. Corporate actions and dividend income are recorded on the ex-date except for certain foreign securities which are recorded as soon after the ex-date as the Fund becomes aware of such, net of any non-reclaimable tax withholdings. Fee income attributable to mortgage dollar roll transactions is recorded on the accrual basis over the term of the transaction. The value of additional securities received as an income payment is recorded as income and as the cost basis of such securities.

Expenses—General expenses of the Trust are allocated to the Fund and other series 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 Class Net Asset Value—All income, expenses (other than class-specific expenses, as shown on 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.

26

Notes to Financial Statements (continued)

Columbia Strategic Income Fund, Variable Series / June 30, 2009 (Unaudited)

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 taxable income, if any, for its tax year, and as such will not be subject to federal income taxes. Therefore, no provision is made for federal income taxes.

Distributions to Shareholders—Distributions from net investment income, if any, are declared and paid at least annually. Net realized capital gains, if any, are distributed at least annually. 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 class of the Fund at net asset value as of the ex-date of the distribution.

Indemnification—In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown because this would involve future claims against the Fund. Also, under the Trust's organizational documents and by contract, the Trustees and officers of the Trust are indemnified against certain liabilities that may arise out of actions relating to their duties to the Trust. However, based on experience, the Fund expects the risk of loss due to these representations, warranties and indemnities to be minimal.

Note 3. Federal Tax Information

The tax character of distributions paid during the year ended December 31, 2008 was as follows:

Distributions paid from:
Ordinary Income*	$	7,750,883
Long-Term Capital Gains		—

*  For tax purposes short-term capital gain distributions, if any, are considered ordinary income distributions.

Unrealized appreciation and depreciation at June 30, 2009, based on cost of investments for federal income tax purposes were:

Unrealized appreciation	$	3,192,778
Unrealized depreciation		(5,546,349	)
Net unrealized depreciation	$	(2,353,571	)

The following capital loss carryforwards, determined as of December 31, 2008, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration		Capital Loss Carryforwards
	2009	$	11,079,118
	2010		11,028,566
	2013		159,225
	2014		553,959
	2016		2,414,912
		$	25,235,780

Under Financial Accounting Standards Board ("FASB") Interpretation No. 48, Accounting for Uncertainty in Income Taxes — an Interpretation of FASB Statement No. 109 ("FIN 48"), management determines whether a tax position of the Fund is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Management has evaluated the known implications of FIN 48 on the computation of net assets for the Fund. As a result of this evaluation, management has concluded that FIN 48 did not have any ef fect on the Fund's financial statements. However, management's conclusions regarding FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance from the FASB, new tax laws, regulations, and administrative interpretations (including relevant court decisions). The Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee—Columbia, an indirect, wholly owned subsidiary of Bank of America Corporation ("BOA"), provides investment advisory, administrative and other services to the Fund. In rendering investment advisory services to the Fund, Columbia may use the portfolio management and research resources of Columbia Management Pte. Ltd., an affiliate of Columbia. Columbia

27

Notes to Financial Statements (continued)

Columbia Strategic Income Fund, Variable Series / June 30, 2009 (Unaudited)

receives a monthly investment advisory fee based on the Fund's average daily net assets at the following annual rates:

Average Daily Net Assets	Annual Fee Rate
First $500 million		0.60	%
$500 million to $1 billion		0.55	%
$1 billion to $1.5 billion		0.52	%
Over $1.5 billion		0.49	%

For the six month period ended June 30, 2009, the Fund's annualized effective investment advisory fee rate was 0.60% of the Fund's average daily net assets.

Pricing and Bookkeeping Fees—The Fund has entered into a Financial Reporting Services Agreement (the "Financial Reporting Services Agreement") with State Street Bank & Trust Company ("State Street") and Columbia pursuant to which State Street provides financial reporting services to the Fund. The Fund has also entered into an Accounting Services Agreement (collectively with the Financial Reporting Services Agreement, the "State Street Agreements") with State Street and Columbia pursuant to which State Street provides accounting services to the Fund. Under the State Street Agreements, the Fund pays State Street an annual fee of $38,000 paid monthly plus an additional monthly fee based on an annualized percentage rate of average daily net assets of the Fund for the month. The aggregate fee will not exceed $140,000 per year (exclusive of out-of-pocket expens es and charges). The Fund also reimburses State Street for certain out-of-pocket expenses and charges.

The Fund has entered into a Pricing and Bookkeeping Oversight and Services Agreement (the "Services Agreement") with Columbia. Under the Services Agreement, Columbia provides services related to Fund expenses and the requirements of the Sarbanes-Oxley Act of 2002, and provides oversight of the accounting and financial reporting services provided by State Street. Under the Services Agreement, the Fund reimburses Columbia for out-of-pocket expenses.

Transfer Agent Fee—Columbia Management Services, Inc. (the "Transfer Agent"), an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, provides shareholder services to the Fund and has contracted with Boston Financial Data Services ("BFDS") to serve as sub-transfer agent. The Transfer Agent is entitled to receive a fee for its services, paid monthly, at the annual rate of $17.34 per open account plus reimbursement of certain sub-transfer agent fees paid by the Transfer Agent (exclusive of BFDS fees), calculated based on assets held in omnibus accounts and intended to recover the cost of payments to other parties (including affiliates of BOA) for services to those accounts. The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund.

The Transfer Agent may also retain, as additional compensation for its services, fees for wire, telephone and redemption orders, Individual Retirement Account ("IRA") trustee agent fees and account transcript fees due to the Transfer Agent from shareholders of the Fund and credits (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund. The Transfer Agent also receives reimbursement for certain out-of-pocket expenses.

Distribution Fees—Columbia Management Distributors, Inc. (the "Distributor"), an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, is the principal underwriter of the Fund's shares. The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act for Class B shares pursuant to which it will pay a monthly distribution fee to the Distributor not to exceed the annual rate of 0.25% of the average daily net assets attributable to Class B shares.

Fee Waivers and Expense Reimbursements—Columbia has voluntarily agreed to reimburse a portion of the Fund's expenses so that the Fund's ordinary operating expenses (excluding any distribution fees, brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, do not exceed the annual rate of 0.65% of the Fund's average daily net assets. Columbia, in its discretion, may revise or discontinue this arrangement at any time.

Fees Paid to Officers and Trustees—All officers of the Fund are employees of Columbia or its affiliates and, with the exception of the Fund's Chief Compliance Officer, receive no compensation from the Fund. The Board of Trustees has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. The Fund, along with other affiliated funds, pays its pro-rata share of the expenses associated with the Chief Compliance Officer. The Fund's expenses for the Chief Compliance Officer will not exceed $15,000 per year.

The Trust's eligible Trustees may participate in a deferred compensation plan which may be terminated at any time. Obligations of the plan will be paid solely out of the Fund's assets.

Note 5. Custody Credits

The Fund has an agreement with its custodian bank under which custody fees may be reduced by balance credits. These credits are recorded as a reduction of total expenses

28

Notes to Financial Statements (continued)

Columbia Strategic Income Fund, Variable Series / June 30, 2009 (Unaudited)

on the Statement of Operations. The Fund could have invested a portion of the assets utilized in connection with the expense offset arrangement in an income-producing asset if it had not entered into such an agreement.

Note 6. Derivative Instruments

Derivatives not accounted for as hedging instruments under Statement 133:

	Fair Value of Derivative Instruments
	Asset			Liability
	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Forward foreign currency exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts	$	—	Unrealized depreciation on forward foreign currency exchange contracts	$	(30,769	)
Total		$	—		$	(30,769	)

	The Effect of Derivative Instruments on the Statement of Operations for the Period Ended June 30, 2009 Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
	Forward Foreign Currency Exchange Contracts			Total
Net realized gain (loss) on foreign currency transactions	$	(310,493	)	$	(310,493	)
	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
	Forward Foreign Currency Exchange Contracts			Total
Net change in unrealized appreciation (depreciation) on foreign currency translations	$	223,763		$	223,763

Note 7. Portfolio Information

For the six month period ended June 30, 2009, the cost of purchases and proceeds from sales of securities, excluding short-term obligations, for the Fund were $20,368,484 and $27,693,130, respectively, of which $995,137 and $5,497,906, respectively, were U.S. Government securities.

Note 8. Line of Credit

The Fund and other affiliated funds participate in a $280,000,000 committed, unsecured revolving line of credit provided by State Street. The maximum amount that may be borrowed by any fund is limited to the lesser of $200,000,000 and the Fund's borrowing limit set forth in the Fund's registration statement. Borrowings are available for short-term liquidity or temporary or emergency purposes.

Interest is charged to each participating fund based on the fund's borrowings at a rate per annum equal to the greater of the Federal Funds Rate plus 0.50% or the overnight LIBOR Rate plus 0.50%. In addition, an annual operations agency fee of $20,000, an amendment fee of 0.02% and a commitment fee of 0.12% per annum are accrued and apportioned among the participating funds pro rata based on their relative net assets.

For the six month period ended June 30, 2009, the Fund did not borrow under this arrangement.

Note 9. Securities Lending

The Fund may lend its securities to certain approved brokers, dealers and other financial institutions. Each loan is collateralized by cash, in an amount at least equal to the market value of the securities loaned plus accrued income from the investment of collateral. The market value of the

29

Notes to Financial Statements (continued)

Columbia Strategic Income Fund, Variable Series / June 30, 2009 (Unaudited)

loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The collateral received is invested and the income generated by the investment of the collateral, net of any fees remitted to State Street as the lending agent and borrower rebates, is paid to the Fund. Generally, in the event of borrower default, the Fund has the right to use the collateral to offset any losses incurred. In the 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. The Fund bears the risk of loss with respect to the investment of collateral.

Note 10. Shares of Beneficial Interest

As of June 30, 2009, the Fund had two shareholders that collectively held 88.1% of the Fund's shares outstanding.

Subscription and redemption activity of these accounts may have significant effect on the operations of the Fund.

Note 11. Significant Risks and Contingencies

Sector Focus Risk—The Fund may focus its investments in certain sectors, subjecting it to greater risk than a fund that is less focused.

High-Yield Securities Risk—Investing in high-yield securities may involve greater credit risk and considerations not typically associated with investing in U.S. Government bonds and other higher quality fixed income securities. These securities are non-investment grade securities, often referred to as "junk" bonds. Economic downturns may disrupt the high yield market and impair the ability of issuers to repay principal and interest. Also, an increase in interest rates would likely have an adverse impact on the value of such obligations. Moreover, high-yield securities may be less liquid to the extent that there is no established secondary market.

Foreign Securities Risk—There are certain additional risks involved when investing in foreign securities. These risks may involve foreign currency exchange rate fluctuations, adverse political and economic developments and the possible prevention of currency exchange or other foreign governmental laws or restrictions. In addition, the liquidity of foreign securities may be more limited than that of domestic securities.

Investments in emerging market countries are subject to additional risk. The risk of foreign investments is typically increased in less developed countries. These countries are also more likely to experience high levels of inflation, deflation or currency devaluation which could hurt their economies and securities markets.

Legal Proceedings—Columbia Management Advisors, LLC and Columbia Management Distributors, Inc. (collectively, the "Columbia Group") are subject to a settlement agreement with the New York Attorney General ("NYAG") (the "NYAG Settlement") and a settlement order with the SEC (the "SEC Order") on matters relating to mutual fund trading, each dated February 9, 2005. Under the terms of the SEC Order, the Columbia Group (or predecessor entities) agreed, among other things, to: pay disgorgement and civil money penalties collectively totaling $140 million; cease and desist from violations of the antifraud provisions and certain other provisions of the federal securities laws; maintain certain compliance and ethics oversight structures; and retain an independent consultant to review the Columbia Group's applicable supervisory, compliance, control and other policies an d procedures. The NYAG Settlement, among other things, requires Columbia Management Advisors, LLC and its affiliates to reduce management fees for certain funds in the Columbia family of mutual funds in a projected total of $160 million over five years through November 30, 2009 and to make certain disclosures to investors relating to expenses. In connection with the Columbia Group providing services to the Columbia Funds, the Columbia Funds have voluntarily undertaken to implement certain governance measures designed to maintain the independence of their boards of trustees and certain special consulting and compliance measures.

Pursuant to the SEC Order and related procedures, the $140 million in settlement amounts described above has been substantially distributed in accordance with a distribution plan that was developed by an independent distribution consultant and approved by the SEC on April 6, 2007.

In connection with the events described above, various parties have filed suit against certain funds, the Trustees of the Columbia Funds, FleetBoston Financial Corporation and its affiliated entities and/or Bank of America and its affiliated entities.

On February 20, 2004, the Judicial Panel on Multidistrict Litigation transferred these cases and cases against other mutual fund companies based on similar allegations to the United States District Court in Maryland for consolidated or coordinated pretrial proceedings (the "MDL"). Subsequently, additional related cases were transferred to the MDL. On September 29, 2004, the plaintiffs in the MDL filed amended and consolidated complaints. One of these amended complaints is a putative class action that includes claims under the federal securities laws and state common law, and that names Columbia Management Advisors, Inc. (which has since merged into Banc of

30

Notes to Financial Statements (continued)

Columbia Strategic Income Fund, Variable Series / June 30, 2009 (Unaudited)

America Capital Management, LLC (now named Columbia Management Advisors, LLC)) ("Columbia"), Columbia Funds Distributor, Inc. (now named Columbia Management Distributors, Inc.) (the "Distributor"), the Trustees of the Columbia Funds, Bank of America Corporation and others as defendants. Another of the amended complaints is a derivative action purportedly on behalf of the Columbia Funds that asserts claims under federal securities laws and state common law.

On February 25, 2005, Columbia and other defendants filed motions to dismiss the claims in the pending cases. On March 1, 2006, for reasons stated in the court's memoranda dated November 3, 2005, the United States District Court for the District of Maryland granted in part and denied in part the defendants' motions to dismiss. The court dismissed all of the class action claims pending against the Columbia Funds Trusts. As to Columbia and the Distributor, the claims under the Securities Act of 1933, the claims under Sections 34(b) and 36(a) of the Investment Company Act of 1940 ("ICA") and the state law claims were dismissed. The claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and claims under Section 36(b) of the ICA were not dismissed.

On March 21, 2005, a purported class action was filed in Massachusetts state court alleging that certain conduct, including market timing, entitled Class B shareholders in certain Columbia Funds to an exemption from contingent deferred sales charges upon early redemption (the "CDSC Lawsuit"). The CDSC Lawsuit was removed to federal court in Massachusetts and transferred to the MDL.

On September 14, 2007, the plaintiffs and the Columbia defendants named in the MDL, including the Columbia Funds, entered into a stipulation of settlement with respect to all Columbia-related claims in the MDL described above, including the CDSC Lawsuit. The settlement is subject to court approval.

31

Important Information About This Report

A description of the policies and procedures that Columbia Strategic Income Fund, Variable Series uses to determine how to vote proxies relating to its portfolio securities and a copy of the fund's voting records are available (i) at www.columbiamanagement.com; (ii) on the Securities and Exchange Commission's website at www.sec.gov, and (iii) without charge, upon request, by calling 1-800-368-0346. Information regarding how the fund voted proxies relating to portfolio securities during the 12-month period ended June 30 is available from the SEC's website. Information regarding how the fund voted proxies relating to portfolio securities is also available from the fund's website, www.columbiamanagement.com.

The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The fund's Form N-Q is available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Shares of the fund are available only through variable annuity contracts and variable life insurance policies of participating insurance companies.

Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. Contact your insurance company for a prospectus, which contains this and other important information about the fund.

Columbia Management Group, LLC ("Columbia Management") is the investment management division of Bank of America Corporation. Columbia Management entities furnish investment management services and products for institutional and individual investors. Columbia Funds are distributed by Columbia Management Distributors, Inc., member of FINRA, SIPC, part of Columbia Management and an affiliate of Bank of America Corporation.

©2009 Columbia Management Distributors, Inc.

One Financial Center, Boston, MA 02111-2621

SHC-44/19717-0609 (08/09) 09/85100

Columbia International Fund,
Variable Series

Columbia Funds Variable Insurance Trust

2009 Semiannual Report

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

Portfolio Managers' Discussion

Columbia International Fund, Variable Series / June30, 2009

Columbia International Fund, Variable Series seeks long-term capital appreciation.

Fred Copper, the lead manager, has managed or co-managed the fund since October 2005. Tim R. Anderson, Jasmine (Weili) Huang, Paul J. DiGiacomo and Daisuke Nomoto have co-managed the fund since May 2006.

Summary

•  For the six-month period that ended June 30, 2009, the fund's Class A shares outperformed its benchmark, the MSCI EAFE Index,¹ and the average return of its peer group, the Lipper VUF International Core Funds Classification.² We believe that good stock selection and a focus on China were the main reasons the fund outperformed its benchmark.

•  Early in the period, we added to the fund's position in China, which had been hit hard during the global sell-off in stocks. Valuations had declined to very attractive levels, and we believed that China had better prospects for growth than other major foreign economies. Then, as prices on certain stocks hit our targets, we sold them, which reduced exposure to China at the end of the period. During the period, Yanzhou Coal Mining (0.5% of net assets) was a top performer. Mining services company Outotec, which we sold when it reached our target valuation, also contributed substantially to results. Both companies benefited from economic stabilization and the potential for a significant rise in China's GDP.

•  U.K.-based Barclays (1.3% of net assets) also had a positive impact on return. While Barclays did not need a government bailout during the credit crunch, its stock had declined dramatically before we purchased it. Once the financial system began to stabilize, the market recognized Barclays' potential and bid up its stock price. Vivendi, a media conglomerate and telecommunications company, and Seven & I Holdings, a convenience store chain in Japan (1.0% and 1.1% of net assets, respectively), detracted from return. When the market began to recover, investors rotated out of these defensive stocks into more cyclical stocks. However, both remain in the portfolio.

•  We believe that government and central bank policies are favorable for equities and that valuations are still low by historical standards, despite the recent run-up in prices. We have added to the fund's holdings in Japan, a predominantly export-driven economy that has suffered greatly in the global recession and whose stock market has experienced a steep decline, driving valuations down to attractive levels. In addition, we plan to maintain exposure to China on the belief that its growth prospects are among the best in the world.

Past performance is no guarantee of future results.

Equity investments are affected by stock market fluctuations that occur in response to economic and business developments.

International investing may involve certain risks, including foreign taxation, currency fluctuations, risks associated with possible differences in financial standards and other monetary and political risks. Significant levels of foreign taxes, including potentially confiscatory levels of taxation and withholding taxes, may also apply to some foreign investments.

Since the fund may invest a greater percentage of its total assets in a single issuer, it may have increased risk compared to a similar diversified fund.

Holdings are disclosed as of June 30, 2009, and are subject to change.

The outlook for the fund may differ from that presented for other Columbia Funds.

¹  The Morgan Stanley Capital International Europe, Australia, Far East (MSCI EAFE) Index is a capitalization weighted index that tracks the total return of common stocks in 21 developed-market countries within Europe, Australia and the Far East. Indices are not available for investment, and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the fund may not match those in an index.

²  Lipper Inc., a widely respected data provider in the industry, calculates an average total return (assuming reinvestment of distributions) for mutual funds with investment objectives similar to those of the fund. Lipper makes no adjustment for the effect of sales loads.

1

Performance Information

Columbia International Fund, Variable Series / June30, 2009

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

Performance results reflect any fee waivers or reimbursements of fund expenses by the investment advisor and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of all distributions.

Performance results reflect all fund expenses, but do not include any insurance charges imposed by your insurance company's separate accounts. If performance results included the effect of these additional charges, they would be lower.

Average annual total return as of June 30, 2009 (%)

	(cumulative) 6-month		1-year		5-year		10-year
Class A (05/02/94)		8.79		-34.50		0.36		-0.22
Class B (06/01/00)		8.89		-34.60		0.04		-0.43
MSCI EAFE Index		7.95		-31.35		2.31		1.18

Inception date of share class is in parentheses.

Net asset value per share ($)	12/31/08		06/30/09
Class A		0.91		0.99
Class B		0.90		0.98

Annual operating expense ratio (%)*

Class A	1.49
Class B	1.74

*The annual operating expense ratio is as stated in the fund's prospectus that is current as of the date of this report and includes the expenses incurred by the investment companies in which the fund invests. Differences in expense ratios disclosed elsewhere in this report may result from including expenses incurred by the investment companies, fee waivers and expense reimbursements as well as different time periods used in calculating the ratios.

The returns shown for Class B shares include the returns of the fund's Class A shares (the oldest existing share class) for periods prior to June 1, 2000, the date on which Class B shares were first offered by the fund. The returns shown for Class B shares have not been restated to reflect any differences in expenses, such as distribution (Rule 12b-1) fees, between Class A shares and Class B shares. If differences in expenses were reflected, the returns for Class B shares shown for the periods prior to June 1, 2000 would be lower.

2

Understanding Your Expenses

Columbia International Fund, Variable Series / June30, 2009

As a Variable Series fund shareholder, you incur ongoing costs, which generally include investment advisory fees, distribution (Rule 12b-1) fees for Class B shares and other fund expenses. The information on this page is intended to help you understand the ongoing costs of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your fund's expenses by share class

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in each share class of the fund during the period. The information in the following table is based on an initial investment of $1,000, which is invested at the beginning of the period and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the fund's actual operating expenses and total return for the period. The amount listed in the "Hypothetical" column for each share class assumes that the return each year is 5% before expenses and is calculated based on the fund's actual operating expenses. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during this period.

Estimating your actual expenses by share class

To estimate the expenses that you paid over the period, first you will need your account balance at the end of the period:

1. Divide your ending account balance by $1,000. For example, if an account balance was $8,600 at the end of the period, the result would be 8.6.

2. In the section of the table below titled "Expenses paid during the period," locate the amount for your share class. You will find this number in the column labeled "Actual." Multiply this number by the result from step 1. Your answer is an estimate of the expenses you paid on your account during the period.

01/01/09 – 06/30/09	Account value at the beginning of the period ($)				Account value at the end of the period ($)				Expenses paid during the period ($)				Fund's annualized expense ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,087.92		1,019.84		5.18		5.01		1.00
Class B		1,000.00		1,000.00		1,088.91		1,018.60		6.47		6.26		1.25

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

Had the investment advisor and/or any of its affiliates not waived fees or reimbursed a portion of expenses, account value at the end of the period would have been reduced.

It is important to note that the expense amounts shown in the table are meant to highlight only ongoing costs of investing in the share class of the fund. As a shareholder of the fund, you do not incur any transaction costs, such as sales charges, redemption fees or exchange fees. Expenses paid during the period do not include any insurance charges imposed by your insurance company's separate accounts.

The hypothetical examples provided are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds whose shareholders may incur transaction costs.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing costs of investing in the fund with other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund and do not reflect any transaction costs, such as sales charges, redemption fees or exchange fees, that may be incurred by shareholders of other funds. Expenses paid during the period do not include any insurance charges imposed by your insurance company's separate accounts.

3

Investment Portfolio

Columbia International Fund, Variable Series / June 30, 2009 (Unaudited)

	Shares		Value
COMMON STOCKS—94.2%
Consumer Discretionary—9.5%
Automobiles—2.0%
Daihatsu Motor Co., Ltd.		10,000	$	92,660
Honda Motor Co., Ltd.		3,900		106,786
Nissan Motor Co., Ltd.		21,200		127,990
Toyota Motor Corp.		2,900		109,632
				437,068
Diversified Consumer Services—1.0%
Benesse Corp.		5,600		223,814
Hotels, Restaurants & Leisure—1.6%
OPAP SA		7,425		197,194
Paddy Power PLC		6,251		145,868
				343,062
Media—1.7%
Publicis Groupe SA		5,361		163,683
Vivendi		8,692		208,211
				371,894
Specialty Retail—2.4%
Game Group PLC		73,678		200,743
Point, Inc.		3,620		194,350
USS Co., Ltd.		2,630		134,943
				530,036
Textiles, Apparel & Luxury Goods—0.8%
Polo Ralph Lauren Corp.		3,030		162,226
Consumer Staples—9.6%
Beverages—0.7%
Fomento Economico Mexicano SAB de CV, ADR		4,833		155,816
Food & Staples Retailing—2.8%
Koninklijke Ahold NV		20,145		231,485
Seven & I Holdings Co., Ltd.		10,100		236,958
Wal-Mart Stores, Inc.		2,897		140,331
				608,774
Food Products—4.2%
China Milk Products Group Ltd.		285,000		78,567
Kerry Group PLC, Class A		7,507		171,386
Nestle SA, Registered Shares		12,347		465,990
Toyo Suisan Kaisha Ltd.		9,000		185,750
				901,693
Household Products—0.7%
Unicharm Corp.		1,900		145,046
Tobacco—1.2%
Japan Tobacco, Inc.		85		264,941
Energy—8.3%
Energy Equipment & Services—1.2%
Noble Corp.		4,492		135,883
Shinko Plantech Co., Ltd.		16,200		127,772
				263,655

	Shares		Value
Oil, Gas & Consumable Fuels—7.1%
Australian Worldwide Exploration Ltd. (a)		67,665	$	139,551
BG Group PLC		5,410		90,898
BP PLC		37,955		300,344
Repsol YPF SA		7,502		168,230
Royal Dutch Shell PLC, Class B		11,500		290,333
Total SA		7,924		429,181
Yanzhou Coal Mining Co., Ltd., Class H		84,000		115,581
				1,534,118
Financials—23.4%
Capital Markets—0.4%
Intermediate Capital Group PLC		10,566		84,493
Commercial Banks—15.2%
Australia & New Zealand Banking Group Ltd.		9,348		123,577
Banco Bilbao Vizcaya Argentaria SA		26,024		327,940
Banco Santander SA		38,671		466,681
Bank of China Ltd., Class H		275,000		130,304
Barclays PLC		58,441		272,202
BNP Paribas		3,699		240,042
DBS Group Holdings Ltd.		27,000		219,119
HSBC Holdings PLC		28,389		235,675
National Australia Bank Ltd.		6,170		111,085
National Bank of Greece SA (a)		6,508		178,307
Standard Chartered PLC		13,281		250,142
Sumitomo Mitsui Financial Group, Inc.		6,600		266,893
Sumitomo Trust & Banking Co., Ltd.		14,000		75,364
Svenska Handelsbanken AB, Class A		9,287		175,487
Turkiye Is Bankasi, Class C		35,420		103,625
Yamaguchi Financial Group, Inc.		10,000		131,766
				3,308,209
Diversified Financial Services—0.7%
ING Groep NV		14,066		141,576
Insurance—4.1%
Axis Capital Holdings Ltd.		4,469		116,999
Baloise Holding AG, Registered Shares		2,766		205,331
Brit Insurance Holdings PLC		63,732		198,720
Sampo Oyj, Class A		8,175		154,266
Zurich Financial Services AG, Registered Shares		1,251		221,439
				896,755
Real Estate Investment Trusts (REITs)—0.9%
Japan Retail Fund Investment Corp.		44		202,984
Real Estate Management & Development—2.1%
Hongkong Land Holdings Ltd.		51,000		180,051
Leopalace21 Corp.		14,300		127,045
Swire Pacific Ltd., Class A		15,000		149,393
				456,489

See Accompanying Notes to Financial Statements.

4

Investment Portfolio (continued)

Columbia International Fund, Variable Series / June 30, 2009 (Unaudited)

	Shares		Value
Health Care—7.9%
Biotechnology—0.5%
Amgen, Inc. (a)		2,095	$	110,909
Pharmaceuticals—7.4%
Astellas Pharma, Inc.		5,000		176,620
AstraZeneca PLC, ADR		7,104		313,571
Novartis AG, Registered Shares		4,341		176,368
Roche Holding AG, Genusschein Shares		2,601		353,863
Sanofi-Aventis SA		5,825		342,575
Santen Pharmaceutical Co. Ltd.		4,400		133,824
Takeda Pharmaceutical Co., Ltd.		2,600		101,027
				1,597,848
Industrials—10.6%
Aerospace & Defense—1.9%
BAE Systems PLC		45,507		254,021
MTU Aero Engines Holding AG		4,072		148,676
				402,697
Airlines—0.6%
Turk Hava Yollari A.O.		83,560		125,147
Commercial Services & Supplies—0.7%
Aeon Delight Co., Ltd.		9,200		148,628
Construction & Engineering—2.4%
COMSYS Holdings Corp.		7,100		78,476
CTCI Corp.		89,000		78,468
Toyo Engineering Corp.		46,000		154,758
Vinci SA		4,567		204,968
				516,670
Electrical Equipment—1.4%
ABB Ltd., Registered Shares (a)		5,506		86,667
Schneider Electric SA		2,989		228,598
				315,265
Industrial Conglomerates—2.5%
DCC PLC		6,030		124,436
Keppel Corp. Ltd.		38,000		180,411
Siemens AG, Registered Shares		1,065		73,731
Tyco International Ltd.		6,350		164,973
				543,551
Machinery—0.7%
Demag Cranes AG		6,840		154,865
Professional Services—0.4%
Teleperformance		3,134		95,469
Information Technology—5.0%
Electronic Equipment, Instruments & Components—0.8%
FUJIFILM Holdings Corp.		5,600		176,671
Internet Software & Services—0.5%
Yahoo! Japan Corp.		370		117,586
IT Services—1.3%
Cap Gemini SA		4,137		152,805
Redecard SA		7,700		118,477
				271,282

	Shares		Value
Office Electronics—1.1%
Canon, Inc.		7,400	$	240,848
Semiconductors & Semiconductor Equipment—0.5%
United Microelectronics Corp., ADR		43,964		116,065
Software—0.8%
Nintendo Co., Ltd.		600		165,122
Materials—8.9%
Chemicals—2.3%
BASF SE		6,829		272,384
Clariant AG, Registered Shares (a)		17,363		109,661
Syngenta AG, Registered Shares		524		121,680
				503,725
Construction Materials—0.6%
Ciments Francais SA		1,396		118,503
Containers & Packaging—0.7%
Toyo Seikan Kaisha Ltd.		7,300		153,845
Metals & Mining—5.3%
Anglo American PLC		5,541		161,691
BHP Billiton PLC		16,681		376,791
BlueScope Steel Ltd.		42,737		86,443
Salzgitter AG		1,837		161,507
Tokyo Steel Manufacturing Co., Ltd.		13,900		168,506
Yamato Kogyo Co., Ltd.		6,700		196,408
				1,151,346
Telecommunication Services—5.4%
Diversified Telecommunication Services—5.0%
BCE, Inc.		6,700		138,245
Bezeq Israeli Telecommunication Corp., Ltd.		106,636		196,770
France Telecom SA		9,006		204,618
Nippon Telegraph & Telephone Corp.		5,300		215,646
Telefonica O2 Czech Republic AS		9,427		214,702
Telekomunikacja Polska SA		22,865		110,806
				1,080,787
Wireless Telecommunication Services—0.4%
Vodafone Group PLC		43,160		83,427
Utilities—5.6%
Electric Utilities—1.3%
Enel SpA		21,710		105,764
Iberdrola SA		22,347		181,741
				287,505
Gas Utilities—0.4%
Gas Natural SDG SA		4,983		90,759
Independent Power Producers & Energy Traders—1.5%
Drax Group PLC		20,524		148,554
International Power PLC		43,533		170,915
				319,469

See Accompanying Notes to Financial Statements.

5

Investment Portfolio (continued)

Columbia International Fund, Variable Series / June 30, 2009 (Unaudited)

	Shares		Value
Multi-Utilities—2.4%
AGL Energy Ltd.		14,795	$	159,550
RWE AG		2,745		216,703
United Utilities Group PLC		16,994		139,191
				515,444
Total Common Stocks (cost of $21,559,627)				20,436,082
INVESTMENT COMPANIES—3.1%
iShares MSCI Brazil Index Fund		1,550		82,103
iShares MSCI EAFE Index Fund		13,049		597,775
Total Investment Companies (cost of $735,148)				679,878
PREFERRED STOCK—0.4%
Utilities—0.4%
Electric Utilities—0.4%
Cia Energetica de Minas Gerais		7,325		98,501
Total Preferred Stock (cost of $145,238)				98,501
RIGHTS—0.0%
Financials—0.0%
Fortis Expires 07/04/14 (a)(b)		9,209		—
Total Rights (cost of $—)				—
	Par
SHORT-TERM OBLIGATION—0.5%
Repurchase agreement with Fixed Income Clearing Corp., dated 06/30/09, due 07/01/09, at 0.000001%, collateralized by a U.S. Treasury obligation maturing 07/15/10, market value $105,210 (repurchase proceeds $102,000)	$	102,000		102,000
Total Short-Term Obligation (cost of $102,000)				102,000
Total Investments—98.2% (cost of $22,542,013) (c)				21,316,461
Other Assets & Liabilities, Net—1.8%				388,381
Net Assets—100.0%			$	21,704,842

Notes to Investment Portfolio:

(a)  Non-income producing security.

(b)  Represents fair value as determined in good faith under procedures approved by the Board of Trustees. This security has no value.

(c)  Cost for federal income tax purposes is $22,542,013.

The following table summarizes the inputs used, as of June 30, 2009 in valuing the Fund's assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
COMMON STOCKS
Consumer Discretionary
Automobiles	$	—	$	437,068	$	—	$	437,068
Diversified Consumer Services		—		223,814		—		223,814
Hotels, Restaurants & Leisure		—		343,062		—		343,062
Media		—		371,894		—		371,894
Specialty Retail		—		530,036		—		530,036
Textiles, Apparel & Luxury Goods		162,226		—		—		162,226
		162,226		1,905,874		—		2,068,100
Consumer Staples
Beverages		155,816		—		—		155,816
Food & Staples Retailing		140,331		468,443		—		608,774
Food Products		—		901,693		—		901,693
Household Products		—		145,046		—		145,046
Tobacco		—		264,941		—		264,941
		296,147		1,780,123		—		2,076,270
Energy
Energy Equipment & Services		135,883		127,772		—		263,655
Oil, Gas & Consumable Fuels		—		1,534,118		—		1,534,118
		135,883		1,661,890		—		1,797,773
Financials
Capital Markets		—		84,493		—		84,493
Commercial Banks		—		3,308,209		—		3,308,209
Diversified Financial Services		—		141,576		—		141,576
Insurance		116,999		779,756		—		896,755
Real Estate Investment Trusts (REITs)		—		202,984		—		202,984
Real Estate Management & Development		180,051		276,438		—		456,489
		297,050		4,793,456		—		5,090,506
Health Care
Biotechnology		110,909		—		—		110,909
Pharmaceuticals		313,571		1,284,277		—		1,597,848
		424,480		1,284,277		—		1,708,757
Industrials
Aerospace & Defense		—		402,697		—		402,697
Airlines		—		125,147		—		125,147
Commercial Services & Supplies		—		148,628		—		148,628
Construction & Engineering		—		516,670		—		516,670
Electrical Equipment		—		315,265		—		315,265
Industrial Conglomerates		164,973		378,578		—		543,551
Machinery		—		154,865		—		154,865
Professional Services		—		95,469		—		95,469
		164,973		2,137,319		—		2,302,292
Information Technology
Electronic Equipment, Instruments & Components		—		176,671		—		176,671

See Accompanying Notes to Financial Statements.

6

Investment Portfolio (continued)

Columbia International Fund, Variable Series / June 30, 2009 (Unaudited)

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Internet Software & Services	$	—	$	117,586	$	—	$	117,586
IT Services		118,477		152,805		—		271,282
Office Electronics		—		240,848		—		240,848
Semiconductors & Semiconductor Equipment		116,065		—		—		116,065
Software		—		165,122		—		165,122
		234,542		853,032		—		1,087,574
Materials
Chemicals		—		503,725		—		503,725
Construction Materials		—		118,503		—		118,503
Containers & Packaging		—		153,845		—		153,845
Metals & Mining		—		1,151,346		—		1,151,346
		—		1,927,419		—		1,927,419
Telecommunication Services
Diversified Telecommunication Services		138,245		942,542		—		1,080,787
Wireless Telecommunication Services		—		83,427		—		83,427
		138,245		1,025,969		—		1,164,214
Utilities
Electric Utilities		—		287,505		—		287,505
Gas Utilities		—		90,759		—		90,759
Independent Power Producers & Energy Traders		—		319,469		—		319,469
Multi-Utilities		—		515,444		—		515,444
		—		1,213,177		—		1,213,177
Total Common Stocks		1,853,546		18,582,536		—		20,436,082
Investment Companies		679,878		—		—		679,878
PREFERRED STOCK
Utilities
Electric Utilities		98,501		—		—		98,501
Total Preferred Stock		98,501		—		—		98,501
RIGHTS
Financials		—		—		—		—
SHORT-TERM OBLIGATION
Repurchase Agreement		—		102,000		—		102,000
Total Short-Term Obligation		—		102,000		—		102,000
Total Investments		2,631,925		18,684,536		—		21,316,461
Forward foreign currency exchange contracts		—		222,167		—		222,167
Total	$	2,631,925	$	18,906,703	$	—	$	21,538,628

The Fund's assets assigned to the Level 2 input category include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation.

See Accompanying Notes to Financial Statements.

7

Investment Portfolio (continued)

Columbia International Fund, Variable Series / June 30, 2009 (Unaudited)

The following table reconciles asset balances for the six months ended June 30, 2009 in which significant unobservable inputs (Level 3) were used in determining value:

Investments in Securities		Balance as of December 31, 2008		Accrued Discounts/ Premiums		Realized Gain/ (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Purchases		Net Sales			Net transfers into Level 3		Net transfers out of Level 3			Balance as of June 30, 2009		Change in Unrealized Appreciation (Depreciation) from Investments held at June 30, 2009
Common Stocks
Financials
Commercial Banks		$	307,554	$	—	$	2,467		$	(23,557	)	$	—	$	(19,572	)	$	—	$	(266,893	)	$	—	$	—
Telecommunication Services
Diversified Telecommunication Services		$	322,470	$	—	$	(1,784	)	$	(73,293	)	$	—	$	(31,746	)	$	—	$	(215,646	)	$	—	$	—
Pharmaceuticals
Health Care		$	30,193	$	—	$	(15,040	)	$	24,815		$	—	$	(39,968	)	$	—	$	—		$	—	$	—
	Total	$	660,217	$	—	$	(14,357	)	$	(72,035	)	$	—	$	(91,286	)	$	—	$	(482,539	)	$	—	$	—

The information in the above reconciliation represents fiscal year to date activity for any securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period.

For more information on valuation inputs, and their aggregation into the levels used in the tables above, please refer to the Security Valuation section in the accompanying Notes to Financial Statements

For the six months ended June 30, 2009, transactions in written option contracts were as follows:

	Number of contracts			Premium received
Options outstanding at December 31, 2008		—		$	—
Options written		753			32,340
Options terminated in closing purchase transactions		—			—
Options exercised		(239	)		(10,467	)
Options expired		(514	)		(21,873	)
Options outstanding at June 30, 2009		—		$	—

Forward foreign currency exchange contracts outstanding on June 30, 2009 are:

Forward Foreign Currency Exchange Contracts to Buy	Value		Aggregate Face Value		Settlement Date	Unrealized Appreciation (Depreciation)
AUD	$	1,229,384	$	1,065,169	07/23/09	$	164,215
CAD		104,038		104,770	07/23/09		(732	)
DKK		100,937		92,880	07/23/09		8,057
DKK		21,280		20,171	07/23/09		1,109
EUR		604,639		556,529	07/23/09		48,110
EUR		109,424		106,478	07/23/09		2,946
EUR		43,489		42,270	07/23/09		1,219
EUR		88,381		89,567	07/23/09		(1,186	)
EUR		64,532		63,719	07/23/09		813
GBP		312,583		273,750	07/23/09		38,833
GBP		108,581		96,611	07/23/09		11,970
GBP		111,872		105,296	07/23/09		6,576
GBP		67,452		65,631	07/23/09		1,821
GBP		83,904		82,862	07/23/09		1,042
GBP		123,388		121,994	07/23/09		1,394
JPY		57,033		56,197	07/23/09		836
JPY		41,448		40,413	07/23/09		1,035
JPY		73,272		73,679	07/23/09		(407	)
JPY		64,114		64,470	07/23/09		(356	)
JPY		83,177		81,954	07/23/09		1,223
NOK		137,868		130,523	07/23/09		7,345
SEK		412,308		372,408	07/23/09		39,900
SEK		20,868		20,220	07/23/09		648
						$	336,411

See Accompanying Notes to Financial Statements.

8

Investment Portfolio (continued)

Columbia International Fund, Variable Series / June 30, 2009 (Unaudited)

Forward Foreign Currency Exchange Contracts to Sell	Value		Aggregate Face Value		Settlement Date	Unrealized Appreciation (Depreciation)
AUD	$	43,447	$	41,634	07/23/09	$	(1,813	)
AUD		82,066		82,140	07/23/09		74
AUD		64,366		62,832	07/23/09		(1,534	)
AUD		62,757		61,780	07/23/09		(977	)
CAD		197,758		185,327	07/23/09		(12,431	)
CAD		61,047		60,348	07/23/09		(699	)
CHF		219,100		203,968	07/23/09		(15,132	)
CHF		109,550		111,392	07/23/09		1,842
CZK		271,374		240,440	07/23/09		(30,934	)
EUR		102,410		95,878	07/23/09		(6,532	)
EUR		165,539		164,183	07/23/09		(1,356	)
GBP		113,517		104,476	07/23/09		(9,041	)
ILS		239,208		221,565	07/23/09		(17,643	)
JPY		98,481		98,830	07/23/09		349
JPY		64,114		64,761	07/23/09		647
JPY		63,284		63,318	07/23/09		34
JPY		28,355		28,361	07/23/09		6
JPY		93,166		93,184	07/23/09		18
PLN		119,250		109,829	07/23/09		(9,421	)
SEK		106,285		106,897	07/23/09		612
SGD		144,954		139,197	07/23/09		(5,757	)
TWD		115,201		111,483	07/23/09		(3,718	)
TWD		82,742		81,904	07/23/09		(838	)
						$	(114,244	)

At June 30, 2009, the Fund was invested in the following countries:

Country	Value		% of Total Investments
Japan	$	4,982,661		23.4
United Kingdom		3,571,712		16.8
France		2,388,652		11.2
Switzerland		2,041,856		9.6
Spain		1,235,350		5.8
United States*		1,230,240		5.8
Germany		1,027,866		4.8
Australia		620,206		2.9
Ireland		441,691		2.1
Singapore		399,528		1.9
Greece		375,501		1.8
Netherlands		373,061		1.8
Hong Kong		329,444		1.5
China		324,452		1.5
Brazil		299,081		1.4
Turkey		228,772		1.1
Czech Republic		214,702		1.0
Israel		196,770		0.9
Taiwan		194,533		0.9
Sweden		175,487		0.8
Mexico		155,816		0.7
Finland		154,266		0.7
Canada		138,245		0.6
Poland		110,805		0.5
Italy		105,764		0.5
	$	21,316,461		100.0

*Includes short-term obligation.

Acronym	Name
ADR	American Depositary Receipt
AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
CZK	Czech Koruna
DKK	Danish Krone
EUR	Euro
GBP	Pound Sterling
ILS	Israeli Shekel
JPY	Japanese Yen
NOK	Norwegian Krone
PLN	Polish Zloty
SEK	Swedish Krona
SGD	Singapore Dollar
TWD	Taiwan Dollar

See Accompanying Notes to Financial Statements.

9

Statement of Assets and Liabilities

Columbia International Fund, Variable Series / June 30, 2009 (Unaudited)

Assets
Investments, at cost	$	22,542,013
Investments, at value	$	21,316,461
Cash		621
Foreign currency (cost of $33,143)		32,947
Unrealized appreciation on forward foreign currency exchange contracts		342,674
Receivable for:
Investments sold		237,577
Fund shares sold		222,152
Dividends		60,658
Foreign tax reclaims		69,017
Expense reimbursement due from investment advisor		14,748
Trustees' deferred compensation plan		11,764
Prepaid expenses		593
Total Assets		22,309,212
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts		120,507
Payable for:
Investments purchased		78,346
Fund shares repurchased		329,573
Investment advisory fee		15,649
Transfer agent fee		11
Trustees' fees		1,000
Audit fee		21,582
Pricing and bookkeeping fees		7,736
Custody fee		5,491
Distribution fees — Class B		828
Chief compliance officer expenses		169
Trustees' deferred compensation plan		11,764
Other liabilities		11,714
Total Liabilities		604,370
Net Assets	$	21,704,842
Net Assets Consist of
Paid-in capital	$	35,041,497
Undistributed net investment income		310,585
Accumulated net realized loss		(12,645,866	)
Net unrealized appreciation (depreciation) on:
Investments		(1,225,552	)
Foreign currency translations		224,178
Net Assets	$	21,704,842
Class A
Net assets	$	19,854,981
Shares outstanding		19,974,947
Net asset value per share	$	0.99
Class B
Net assets	$	1,849,861
Shares outstanding		1,881,638
Net asset value per share	$	0.98

See Accompanying Notes to Financial Statements.

10

Statement of Operations

Columbia International Fund, Variable Series
For the Six Months Ended June 30, 2009 (Unaudited)

Investment Income
Dividends	$	534,416
Interest		59
Foreign taxes withheld		(51,113	)
Total Investment Income		483,362
Expenses
Investment advisory fee		86,269
Distribution fees — Class B		2,090
Transfer agent fee		110
Pricing and bookkeeping fees		26,682
Trustees' fees		7,859
Custody fee		29,831
Audit fee		19,046
Reports to shareholders		13,340
Chief compliance officer expenses		298
Other expenses		8,663
Total Expenses		194,188
Fees waived or expenses reimbursed by investment advisor		(93,266	)
Net Expenses		100,922
Net Investment Income		382,440
Net Realized and Unrealized Gain (Loss) on Investments, Written Options, Forward Foreign Currency Exchange Contracts and Foreign Currency Transactions
Net realized gain (loss) on:
Investments		(4,094,302	)
Foreign currency transactions and forward foreign currency exchange contracts		62,931
Written options		21,873
Net realized loss		(4,009,498	)
Net change in unrealized appreciation (depreciation) on:
Investments		5,096,372
Foreign currency translations and forward foreign currency exchange contracts		86,395
Net change in unrealized appreciation (depreciation)		5,182,767
Net Gain		1,173,269
Net Increase Resulting from Operations	$	1,555,709

See Accompanying Notes to Financial Statements.

11

Statement of Changes in Net Assets

Columbia International Fund, Variable Series

Increase (Decrease) in Net Assets	(Unaudited) Six Months Ended June 30, 2009			Year Ended December 31, 2008
Operations
Net investment income	$	382,440		$	1,132,678
Net realized loss on investments, foreign currency transactions, forward foreign currency exchange contracts and written options, net of foreign capital gains tax		(4,009,498	)		(4,688,863	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations and forward foreign currency exchange contracts		5,182,767			(16,427,753	)
Net increase (decrease) resulting from operations		1,555,709			(19,983,938	)
Distributions to Shareholders
From net investment income:
Class A		—			(1,020,386	)
Class B		—			(83,976	)
From net realized gains:
Class A		—			(7,406,965	)
Class B		—			(689,030	)
Total distributions to shareholders		—			(9,200,357	)
Net Capital Stock Transactions		(2,487,197	)		114,072
Total decrease in net assets		(931,488	)		(29,070,223	)
Net Assets
Beginning of period		22,636,330			51,706,553
End of period	$	21,704,842		$	22,636,330
Undistributed (overdistributed) net investment income at end of period	$	310,585		$	(71,855	)

Capital Stock Activity

	(Unaudited) Six Months Ended June 30, 2009						Year Ended December 31, 2008
	Shares			Dollars			Shares			Dollars
Class A
Subscriptions		571,894		$	531,531			945,594		$	1,158,778
Distributions reinvested		—			—			5,852,327			8,427,351
Redemptions		(3,318,961	)		(2,846,487	)		(6,071,316	)		(9,365,906	)
Net increase (decrease)		(2,747,067	)		(2,314,956	)		726,605			220,223
Class B
Subscriptions		41,997			36,280			69,561			85,514
Distributions reinvested		—			—			540,564			773,006
Redemptions		(239,287	)		(208,521	)		(622,912	)		(964,671	)
Net decrease		(197,290	)		(172,241	)		(12,787	)		(106,151	)

See Accompanying Notes to Financial Statements.

12

Financial Highlights

Columbia International Fund, Variable Series—Class A Shares

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended June 30,			Year Ended December 31,
	2009			2008			2007			2006			2005			2004
Net Asset Value, Beginning of Period	$	0.91		$	2.15		$	2.46		$	2.15		$	1.90		$	1.69
Income from Investment Operations:
Net investment income (a)		0.02			0.05			0.04			0.04			0.03			0.02
Net realized and unrealized gain (loss) on investments, foreign currency, written options and net of foreign capital gains tax		0.06			(0.85	)		0.19			0.48			0.22			0.21
Total from investment operations		0.08			(0.80	)		0.23			0.52			0.25			0.23
Less Distributions to Shareholders:
From net investment income		—			(0.06	)		(0.08	)		(0.04	)		—			(0.02	)
From net realized gains		—			(0.38	)		(0.46	)		(0.17	)		—			—
Total distributions to shareholders		—			(0.44	)		(0.54	)		(0.21	)		—			(0.02	)
Net Asset Value, End of Period	$	0.99		$	0.91		$	2.15		$	2.46		$	2.15		$	1.90
Total return (b)(c)(d)		8.79	%(e)		(44.83	)%		7.79	%(f)		25.17	%		13.16	%		13.73	%(g)
Ratios to Average Net Assets/ Supplemental Data:
Net expenses		1.00	%(h)		0.95	%(i)		0.95	%(i)		0.95	%(i)		0.95	%(i)		0.95	%(i)
Waiver/Reimbursement		0.94	%(h)		0.53	%		0.37	%		0.28	%		0.20	%		0.21	%
Net investment income		3.87	%(h)		3.03	%(i)		1.81	%(i)		1.64	%(i)		1.49	%(i)		0.98	%(i)
Portfolio turnover rate		46	%(e)		84	%		69	%		90	%		67	%		101	%
Net assets, end of period (000s)	$	19,855		$	20,756		$	47,253		$	59,317		$	61,525		$	70,391

(a)  Per share data was calculated using the average shares outstanding during the period.

(b)  Total return at net asset value assuming all distributions reinvested.

(c)  Total return does not include any insurance company charges imposed by your insurance company's separate accounts. If included, total return would be reduced.

(d)  Had the investment advisor and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(e)  Not annualized.

(f)  Includes a voluntary reimbursement by the investment advisor for a realized investment loss due to a trading error. This reimbursement increased total return and net asset value per share by less than 0.01% and less than $0.01, respectively.

(g)  Total return includes a voluntary reimbursement by the investment advisor for a realized investment loss on an investment not meeting the Fund's investment restrictions. This reimbursement had an impact of less than 0.01% on the Fund's total return.

(h)  Annualized.

(i)  The benefits derived from custody credits had an impact of less than 0.01%.

See Accompanying Notes to Financial Statements.

13

Financial Highlights

Columbia International Fund, Variable Series—Class B Shares

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended June 30,			Year Ended December 31,
	2009			2008			2007			2006			2005			2004
Net Asset Value, Beginning of Period	$	0.90		$	2.13		$	2.45		$	2.14		$	1.90		$	1.69
Income from Investment Operations:
Net investment income (a)		0.02			0.04			0.04			0.03			0.02			0.01
Net realized and unrealized gain (loss) on investments, foreign currency, written options and net of foreign capital gains tax		0.06			(0.84	)		0.17			0.48			0.22			0.22
Total from investment operations		0.08			(0.80	)		0.21			0.51			0.24			0.23
Less Distributions to Shareholders:
From net investment income		—			(0.05	)		(0.07	)		(0.03	)		—			(0.02	)
From net realized gains		—			(0.38	)		(0.46	)		(0.17	)		—			—
Total distributions to shareholders		—			(0.43	)		(0.53	)		(0.20	)		—			(0.02	)
Net Asset Value, End of Period	$	0.98		$	0.90		$	2.13		$	2.45		$	2.14		$	1.90
Total return (b)(c)(d)		8.89	%(e)		(45.02	)%		7.18	%(f)		25.04	%		12.63	%		13.48	%(g)
Ratios to Average Net Assets/ Supplemental Data:
Net expenses		1.25	%(h)		1.20	%(i)		1.20	%(i)		1.20	%(i)		1.20	%(i)		1.20	%(i)
Waiver/Reimbursement		0.94	%(h)		0.53	%		0.37	%		0.28	%		0.20	%		0.21	%
Net investment income		3.63	%(h)		2.75	%(i)		1.55	%(i)		1.37	%(i)		1.20	%(i)		0.72	%(i)
Portfolio turnover rate		46	%(e)		84	%		69	%		90	%		67	%		101	%
Net assets, end of period (000s)	$	1,850		$	1,881		$	4,454		$	6,450		$	6,249		$	6,792

(a)  Per share data was calculated using the average shares outstanding during the period.

(b)  Total return at net asset value assuming all distributions reinvested.

(c)  Total return does not include any insurance company charges imposed by your insurance company's separate accounts. If included, total return would be reduced.

(d)  Had the investment advisor and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(e)  Not annualized.

(f)  Includes a voluntary reimbursement by the investment advisor for a realized investment loss due to a trading error. This reimbursement increased total return and net asset value per share by less than 0.01% and less than $0.01, respectively.

(g)  Total return includes a voluntary reimbursement by the investment advisor for a realized investment loss on an investment not meeting the Fund's investment restrictions. This reimbursement had an impact of less than 0.01% on the Fund's total return.

(h)  Annualized.

(i)  The benefits derived from custody credits had an impact of less than 0.01%.

See Accompanying Notes to Financial Statements.

14

Notes to Financial Statements

Columbia International Fund, Variable Series / June 30, 2009 (Unaudited)

Note 1. Organization

Columbia International Fund, Variable Series (the "Fund"), a series of Columbia Funds Variable Insurance Trust (the "Trust"), is operating as a diversified portfolio. 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.

Investment Objective—The Fund seeks long-term capital appreciation.

Fund Shares—The Trust may issue an unlimited number of shares, and the Fund offers two classes of shares: Class A and Class B. Each share class has its own expense structure. Shares of the Fund are available only as a pooled funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies ("Participating Insurance Companies"). The Participating Insurance Companies and their separate accounts own all the shares of the Fund.

Note 2. Significant Accounting Policies

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") 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 revenue and expenses during the reporting period. Actual results could differ from those estimates.

Management has evaluated the events and transactions that have occurred through August 20, 2009, the date the financial statements were issued, and noted no items requiring adjustment of the financial statements or additional disclosures. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

Security Valuation—Equity securities and exchange-traded funds are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets.

Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market value.

Investments in other open-end investment companies are valued at net asset value.

Purchased options are valued at the last reported sale price, or in the absence of a sale, at the last quoted bid price. Written options are valued at the last reported sale price, or in the absence of a sale, at the last quoted ask price.

Forward foreign currency exchange contracts are valued at the prevailing forward exchange rate of the underlying currencies.

Foreign securities are generally valued at the last sale price on the foreign exchange or market on which they trade. If any foreign share prices are not readily available as a result of limited share activity, the securities are valued at the last sale price of the local shares in the principal market in which such securities are normally traded.

Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the New York Stock Exchange ("NYSE"). The values of such securities used in computing the net asset value of the Fund's shares are determined as of such times. Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. Occasionally, events affecting the values of such foreign securities and such exchange rates may occur between the times at which they are determined and the close of the customary trading session of the NYSE, which would not be reflected in the computation of the Fund's net asset value. If events materially affecting the values of such foreign securities occur and it is determined that market quotations are not reliable, then these foreign securities will be valued at their fair value using procedures approved by the Board of Trustees.

The Fund may use a systematic fair valuation model provided by an independent third party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. If a security is valued at fair value, such value is likely to be different from the last quoted market price for the security. 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 value.

15

Notes to Financial Statements (continued)

Columbia International Fund, Variable Series / June 30, 2009 (Unaudited)

Financial Accounting Standards Board ("FASB") Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("SFAS 157"), establishes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value giving the highest priority to unadjusted quoted prices in active markets for identical securities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the fair value hierarchy under SFAS 157 are described below:

•  Level 1—quoted prices in active markets for identical securities

•  Level 2—prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)

•  Level 3—prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or less reliable, unobservable inputs may be used. Unobservable inputs may include management's own assumptions about the factors market participants would use in pricing an investment.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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.

On January 1, 2009, the Fund adopted Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities — an amendment of FASB Statement No. 133 ("SFAS 161"). SFAS 161 requires additional discussion about the reporting entity's derivative instruments and hedging activities, by providing for qualitative disclosures about the objectives and strategies for using derivatives, quantitative data about the fair value of and gains and losses on derivative contracts, and details of credit-risk-related contingent features in their derivative contracts. For additional information on derivative instruments, please see Note 6.

Options—The Fund had written call options on securities it owns to increase return on instruments.

Writing put options tends to increase the Fund's exposure to the underlying instrument. Writing call options tends to decrease the Fund's exposure to the underlying instrument. When the Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked-to-market to reflect the current value of the option written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against the amounts paid on the underlying security transaction to determine the realized gain or loss. The Fund, as a writer of an option, has no control over whether the underlying security may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the security underlying the written option. There is the risk that the Fund may not b e able to enter into a closing transaction because of an illiquid market. The Fund's custodian will set aside cash or liquid portfolio securities equal to the amount of the written options contract commitment in a separate account.

The Fund may also purchase put and call options. Purchasing call options tends to increase the Fund's exposure to the underlying instrument. Purchasing put options tends to decrease the Fund's exposure to the underlying instrument. The Fund may pay a premium, which is included in the Fund's Statement of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised are added to the amounts paid (call) or offset against the proceeds (put) on the underlying security to determine the realized gain or loss. If the Fund enters into a closing transaction, the Fund will realize a gain or loss, depending on whether the proceeds from the closing transaction are greater or less than the cost of the option.

Forward Foreign Currency Exchange Contracts—Forward foreign currency exchange contracts are agreements to exchange one currency for another at a future date at a specified price. These contracts are used to minimize the exposure to foreign exchange rate fluctuations during the period between the trade and settlement dates of the contract. The Fund may utilize forward foreign currency exchange contracts in connection with the settlement of purchases and sales of securities. The Fund may also enter into these contracts to reduce the exposure to adverse price movements in certain other foreign currency denominated assets. Contracts to buy generally are used to acquire exposure to foreign currencies, while contracts to sell are generally used to reduce the exposure to foreign exchange rate fluctuations. Forward foreign currency exchange contracts are valued daily at the current exchange rate of the underlying currency, resulting in unrealized gains (losses) which become realized at the time the forward foreign currency exchange contracts are

16

Notes to Financial Statements (continued)

Columbia International Fund, Variable Series / June 30, 2009 (Unaudited)

closed or mature. Realized and unrealized gains (losses) arising from such transactions are included in net realized and unrealized gains (losses) on foreign currency transactions. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund's portfolio securities. While the maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened, exposure is typically limited to the change in value of the contract (in U.S. dollars) over the period it remains open. The Fund could also be exposed to risk that counterparties of the contracts may be unable to fulfill the terms of the contracts.

Repurchase Agreements—The Fund may engage in repurchase agreement transactions with institutions that Columbia Management Advisors, LLC ("Columbia"), the Fund's investment advisor, has determined are creditworthy. The Fund, through its custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. Columbia is responsible for determining that the collateral is at least equal, at all times, to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays in or restrictions on the Fund's ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

Foreign Currency Transactions and Translations—The values of all assets and liabilities quoted in foreign currencies are translated into U.S. dollars at that day's exchange rates. 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 on the Statement of Operations.

Income Recognition—Interest income is recorded on the accrual basis.Corporate actions and dividend income are recorded on the ex-date except for certain foreign securities which are recorded as soon after the ex-date as the Fund becomes aware of such, net of any non-reclaimable tax withholdings.

Expenses—General expenses of the Trust are allocated to the Fund and other series 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 Class Net Asset Value—All income, expenses (other than class-specific expenses, as shown on 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 taxable income, 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 net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no provision is made for federal income or excise taxes.

Foreign Capital Gains Taxes—Realized gains in certain countries may be subject to foreign taxes at the fund level, at rates ranging from approximately 10% to 15%. The Fund accrues for such foreign taxes on net realized and unrealized gains at the appropriate rate for each jurisdiction.

Distributions to Shareholders—Distributions from net investment income, if any, are declared and paid at least annually. Net realized capital gains, if any, are distributed at least annually. 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 class of the Fund at net asset value as of the ex-date of the distribution.

Indemnification—In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown because this would involve future claims against the Fund. Also, under the Trust's organizational documents and by contract, the Trustees and officers of the Trust are indemnified against certain liabilities that may arise out of actions relating to their duties to the Trust. However, based on experience, the Fund expects the risk of loss due to these representations, warranties and indemnities to be minimal.

17

Notes to Financial Statements (continued)

Columbia International Fund, Variable Series / June 30, 2009 (Unaudited)

Note 3. Federal Tax Information

The tax character of distributions paid during the year ended December 31, 2008 was as follows:

Distributions paid from:
Ordinary Income*	$	2,456,273
Long-Term Capital Gains		6,744,084

*  For tax purposes short-term capital gain distributions, if any, are considered ordinary income distributions.

Unrealized appreciation and depreciation at June 30, 2009, based on cost of investments for federal income tax purposes were:

Unrealized appreciation	$	1,830,830
Unrealized depreciation		(3,056,382	)
Net unrealized depreciation	$	(1,225,552	)

The following capital loss carryforwards, determined as of December 31, 2008, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Capital Loss Expiration		Carryforwards
	2009	$	1,483,671
	2010		3,027,462
	2011		339,845
	2016		803,742
		$	5,654,720

Under Financial Accounting Standards Board ("FASB") Interpretation No. 48, Accounting for Uncertainty in Income Taxes — an Interpretation of FASB Statement No. 109 ("FIN 48"), management determines whether a tax position of the Fund is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Management has evaluated the known implications of FIN 48 on the computation of net assets for the Fund. As a result of this evaluation, management has concluded that FIN 48 did not have any ef fect on the Fund's financial statements. However, management's conclusions regarding FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance from the FASB, new tax laws, regulations, and administrative interpretations (including relevant court decisions). The Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee—Columbia, an indirect, wholly owned subsidiary of Bank of America Corporation ("BOA"), provides investment advisory, administrative and other services to the Fund. Columbia receives a monthly investment advisory fee based on the Fund's average daily net assets at the following annual rates:

Average Daily Net Assets	Annual Fee Rate
First $500 million		0.87	%
$500 million to $1 billion		0.82	%
$1 billion to $1.5 billion		0.77	%
$1.5 billion to $3 billion		0.72	%
$3 billion to $6 billion		0.70	%
Over $6 billion		0.68	%

For the six month period ended June 30, 2009, the Fund's annualized effective investment advisory fee rate was 0.87% of the Fund's average daily net assets.

Pricing and Bookkeeping Fees—The Fund has entered into a Financial Reporting Services Agreement (the "Financial Reporting Services Agreement") with State Street Bank & Trust Company ("State Street") and Columbia pursuant to which State Street provides financial reporting services to the Fund. The Fund has also entered into an Accounting Services Agreement (collectively with the Financial Reporting Services Agreement, the "State Street Agreements") with State Street and Columbia pursuant to which State Street provides accounting services to the Fund. Under the State Street Agreements, the Fund pays State Street an annual fee of $38,000 paid monthly plus an additional monthly fee based on an annualized percentage rate of average daily net assets of the Fund for the month. The aggregate fee will not exceed $140,000 per year (exclusive of out-of-pocket expens es and charges). The Fund also reimburses State Street for certain out-of-pocket expenses and charges.

The Fund has entered into a Pricing and Bookkeeping Oversight and Services Agreement (the "Services Agreement") with Columbia. Under the Services Agreement, Columbia provides services related to Fund expenses and the requirements of the Sarbanes-Oxley Act of 2002, and provides oversight of the accounting and financial reporting services provided by State Street. Under the Services Agreement, the Fund reimburses Columbia for out-of-pocket expenses.

Transfer Agent Fee—Columbia Management Services, Inc. (the "Transfer Agent"), an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, provides

18

Notes to Financial Statements (continued)

Columbia International Fund, Variable Series / June 30, 2009 (Unaudited)

shareholder services to the Fund and has contracted with Boston Financial Data Services ("BFDS") to serve as sub-transfer agent. The Transfer Agent is entitled to receive a fee for its services, paid monthly, at the annual rate of $17.34 per open account plus reimbursement of certain sub-transfer agent fees paid by the Transfer Agent (exclusive of BFDS fees), calculated based on assets held in omnibus accounts and intended to recover the cost of payments to other parties (including affiliates of BOA) for services to those accounts. The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund.

The Transfer Agent may also retain, as additional compensation for its services, fees for wire, telephone and redemption orders, Individual Retirement Account ("IRA") trustee agent fees and account transcript fees due to the Transfer Agent from shareholders of the Fund and credits (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund. The Transfer Agent also receives reimbursement for certain out-of-pocket expenses.

Distribution Fees—Columbia Management Distributors, Inc. (the "Distributor"), an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, is the principal underwriter of the Fund's shares. The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act for Class B shares pursuant to which it will pay a monthly distribution fee to the Distributor not to exceed the annual rate of 0.25% of the average daily net assets attributable to Class B shares.

Fee Waivers and Expense Reimbursements—Effective January 12, 2009, Columbia has voluntarily agreed to reimburse a portion of the Fund's expenses so that the Fund's ordinary operating expenses (excluding any distribution fees, brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, do not exceed 1.00% of the Fund's average daily net assets on an annualized basis. Columbia, at its discretion, may revise or discontinue this arrangement at any time.

Prior to January 12, 2009, Columbia voluntarily waived fees and/or reimbursed the Fund for certain expense so that the Fund's ordinary operating expenses did not exceed 0.95% annually of the Fund's average daily net assets.

Fees Paid to Officers and Trustees—All officers of the Fund are employees of Columbia or its affiliates and, with the exception of the Fund's Chief Compliance Officer, receive no compensation from the Fund. The Board of Trustees has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. The Fund, along with other affiliated funds, pays its pro-rata share of the expenses associated with the Chief Compliance Officer. The Fund's expenses for the Chief Compliance Officer will not exceed $15,000 per year.

The Trust's eligible Trustees may participate in a deferred compensation plan which may be terminated at any time. Obligations of the plan will be paid solely out of the Fund's assets.

Note 5. Custody Credits

The Fund has an agreement with its custodian bank under which custody fees may be reduced by balance credits. These credits are recorded as a reduction of total expenses on the Statement of Operations. The Fund could have invested a portion of the assets utilized in connection with the expense offset arrangement in an income-producing asset if it had not entered into such an agreement.

19

Notes to Financial Statements (continued)

Columbia International Fund, Variable Series / June 30, 2009 (Unaudited)

Note 6. Derivative Instruments

Derivatives not accounted for as hedging instruments under Statement 133:
	Fair Value of Derivative Instruments
	Asset			Liability
	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Forward foreign currency exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts	$	342,674	Unrealized depreciation on forward foreign currency exchange contracts	$	120,507
Written options			—			—
Total		$	342,674		$	120,507

	The Effect of Derivative Instruments on the Statement of Operations for the Period Ended June 30, 2009
	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
	Written Options		Forward Foreign Currency Exchange Contracts		Total
Net realized gain (loss) on written options	$	4,535	$	—	$	4,535
Net realized gain (loss) on foreign currency transactions		—		78,520		78,520
	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
	Written Options		Forward Foreign Currency Exchange Contracts		Total
Net change in unrealized appreciation (depreciation)   on written options	$	—	$	—	$	—
Net change in unrealized appreciation (depreciation) on foreign currency translations		—		86,395		86,395

Note 7. Portfolio Information

For the six month period ended June 30, 2009, the cost of purchases and proceeds from sales of securities, excluding short-term obligations, for the Fund were $9,141,454 and $11,024,847, respectively.

Note 8. Line of Credit

The Fund and other affiliated funds participate in a $280,000,000 committed, unsecured revolving line of credit provided by State Street. The maximum amount that may be borrowed by any fund is limited to the lesser of $200,000,000 and the Fund's borrowing limit set forth in the Fund's registration statement. Borrowings are available for short-term liquidity or temporary or emergency purposes.

Interest is charged to each participating fund based on the fund's borrowings at a rate per annum equal to the greater of the Federal Funds Rate plus 0.50% or the overnight LIBOR Rate plus 0.50%. In addition, an annual operations agency fee of $20,000, an amendment fee of 0.02% and a commitment fee of 0.12% per annum are accrued and apportioned among the participating funds pro rata based on their relative net assets.

For the six month period ended June 30, 2009, the Fund did not borrow under this arrangement.

Note 9. Shares of Beneficial Interest

As of June 30, 2009, the Fund had one shareholder that held 87.3% of the Fund's shares outstanding.

Subscription and redemption activity of this account may have significant effect on the operations of the Fund.

Note 10. Significant Risks and Contingencies

Foreign Securities Risk—There are certain additional risks involved when investing in foreign securities. These risks may involve foreign currency exchange rate fluctuations, adverse political and economic developments and the possible prevention of currency exchange or other foreign governmental laws or restrictions. In addition, the

20

Notes to Financial Statements (continued)

Columbia International Fund, Variable Series / June 30, 2009 (Unaudited)

liquidity of foreign securities may be more limited than that of domestic securities.

Legal Proceedings—Columbia Management Advisors, LLC and Columbia Management Distributors, Inc. (collectively, the "Columbia Group") are subject to a settlement agreement with the New York Attorney General ("NYAG") (the "NYAG Settlement") and a settlement order with the SEC (the "SEC Order") on matters relating to mutual fund trading, each dated February 9, 2005. Under the terms of the SEC Order, the Columbia Group (or predecessor entities) agreed, among other things, to: pay disgorgement and civil money penalties collectively totaling $140 million; cease and desist from violations of the antifraud provisions and certain other provisions of the federal securities laws; maintain certain compliance and ethics oversight structures; and retain an independent consultant to review the Columbia Group's applicable supervisory, compliance, control and other policies an d procedures. The NYAG Settlement, among other things, requires Columbia Management Advisors, LLC and its affiliates to reduce management fees for certain funds in the Columbia family of mutual funds in a projected total of $160 million over five years through November 30, 2009 and to make certain disclosures to investors relating to expenses. In connection with the Columbia Group providing services to the Columbia Funds, the Columbia Funds have voluntarily undertaken to implement certain governance measures designed to maintain the independence of their boards of trustees and certain special consulting and compliance measures.

Pursuant to the SEC Order and related procedures, the $140 million in settlement amounts described above has been substantially distributed in accordance with a distribution plan that was developed by an independent distribution consultant and approved by the SEC on April 6, 2007.

In connection with the events described above, various parties have filed suit against certain funds, the Trustees of the Columbia Funds, FleetBoston Financial Corporation and its affiliated entities and/or Bank of America and its affiliated entities.

On February 20, 2004, the Judicial Panel on Multidistrict Litigation transferred these cases and cases against other mutual fund companies based on similar allegations to the United States District Court in Maryland for consolidated or coordinated pretrial proceedings (the "MDL"). Subsequently, additional related cases were transferred to the MDL. On September 29, 2004, the plaintiffs in the MDL filed amended and consolidated complaints. One of these amended complaints is a putative class action that includes claims under the federal securities laws and state common law, and that names Columbia Management Advisors, Inc. (which has since merged into Banc of America Capital Management, LLC (now named Columbia Management Advisors, LLC)) ("Columbia"), Columbia Funds Distributor, Inc. (now named Columbia Management Distributors, Inc.) (the "Distributor"), the Trustees of the Columbia Funds, Bank of America Corporation and others as defendants. An other of the amended complaints is a derivative action purportedly on behalf of the Columbia Funds that asserts claims under federal securities laws and state common law.

On February 25, 2005, Columbia and other defendants filed motions to dismiss the claims in the pending cases. On March 1, 2006, for reasons stated in the court's memoranda dated November 3, 2005, the United States District Court for the District of Maryland granted in part and denied in part the defendants' motions to dismiss. The court dismissed all of the class action claims pending against the Columbia Funds Trusts. As to Columbia and the Distributor, the claims under the Securities Act of 1933, the claims under Sections 34(b) and 36(a) of the Investment Company Act of 1940 ("ICA") and the state law claims were dismissed. The claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and claims under Section 36(b) of the ICA were not dismissed.

On March 21, 2005, a purported class action was filed in Massachusetts state court alleging that certain conduct, including market timing, entitled Class B shareholders in certain Columbia Funds to an exemption from contingent deferred sales charges upon early redemption (the "CDSC Lawsuit"). The CDSC Lawsuit was removed to federal court in Massachusetts and transferred to the MDL.

On September 14, 2007, the plaintiffs and the Columbia defendants named in the MDL, including the Columbia Funds, entered into a stipulation of settlement with respect to all Columbia-related claims in the MDL described above, including the CDSC Lawsuit. The settlement is subject to court approval.

21

Important Information About This Report

A description of the policies and procedures that Columbia International Fund, Variable Series uses to determine how to vote proxies relating to its portfolio securities and a copy of the fund's voting records are available (i) at www.columbiamanagement.com; (ii) on the Securities and Exchange Commission's website at www.sec.gov, and (iii) without charge, upon request, by calling 1-800-368-0346. Information regarding how the fund voted proxies relating to portfolio securities during the 12-month period ended June 30 is available from the SEC's website. Information regarding how the fund voted proxies relating to portfolio securities is also available from the fund's website, www.columbiamanagement.com.

The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The fund's Form N-Q is available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Shares of the fund are available only through variable annuity contracts and variable life insurance policies of participating insurance companies.

Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. Contact your insurance company for a prospectus, which contains this and other important information about the fund.

Columbia Management Group, LLC ("Columbia Management") is the investment management division of Bank of America Corporation. Columbia Management entities furnish investment management services and products for institutional and individual investors. Columbia Funds are distributed by Columbia Management Distributors, Inc., member of FINRA, SIPC, part of Columbia Management and an affiliate of Bank of America Corporation.

©2009 Columbia Management Distributors, Inc.

One Financial Center, Boston, MA 02111-2621

SHC-44/19718-0609 (08/09) 09/84994

Columbia Large Cap Growth Fund, Variable Series

Columbia Funds Variable Insurance Trust

2009 Semiannual Report

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

Portfolio Managers' Discussion

Columbia Large Cap Growth Fund, Variable Series / June 30, 2009

Columbia Large Cap Growth Fund, Variable Series seeks long-term capital appreciation.

John T. Wilson has been lead portfolio manager of the fund since August 2005. Roger R. Sullivan has co-managed the fund since June 2005.

Summary

•  For the six-month period that ended June 30, 2009, the fund's Class A shares trailed both the fund's benchmark, the Russell 1000 Growth Index,¹ and the average return for its peer group, the Lipper VUF Large-Cap Growth Funds Classification.² Declines in consumer and financial stocks were behind the fund's modest underperformance.

•  Technology shares stood out as both Apple (3.2% of net assets) and Research in Motion (no longer in the portfolio) rode strong demand for "smart" phones, a market that continues to develop. Marvell Technology Group (0.8% of net assets), whose semiconductors are found in many mobile handsets, benefited from the same trend and from positive revenue forecasts. In utilities, AES (1.1% of net assets), which operates power plants in dozens of countries, benefited from renewed economic strength in emerging markets.

  In consumer discretionary, our sale of hotel and casino operator Wynn Resorts hurt returns. GamesStop (0.5% of net assets), a retailer of new and used video games, fell when competitors threatened to enter the lucrative used game market. However, we believe that GameStop's strong pricing and inventory systems give it an important edge and we continue to own the stock. Consumer staples detractors included Molson Coors Brewing (0.8% of net assets), whose overseas financial results suffered from adverse currency trends. Kraft Foods lost market share to private label brands as grocery shoppers sought less-costly choices and the stock was sold before the end of the period. JPMorgan Chase (0.9% of net assets) rose slightly but underperformed its sector.

•  The portfolio's exposure to economically sensitive companies reflects our moderately constructive view of the economy. We are paring back in areas such as semiconductors, where stocks have already moved higher. In an environment where we believe that growth will probably be scarce, we are trying to balance cyclical holdings with less cyclical stocks that may offer good potential for consistent growth. We look for companies with good products, cash-rich balance sheets and low borrowing needs. Their financial strength may allow these companies to spend more on research and development, innovation, and marketing and to capture market share from less well-financed competitors. We also believe that the market will reward these companies with premium valuations over time.

Past performance is no guarantee of future results.

Equity investments are affected by stock market fluctuations that occur in response to economic and business developments.

International investing may involve certain risks, including foreign taxation, currency fluctuations, risks associated with possible differences in financial standards and other monetary and political risks. Significant levels of foreign taxes, including potentially consfiscatory levels of taxation and withholding levels may also apply to some foreign investments.

Holdings are disclosed as of June 30, 2009, and are subject to change.

The outlook for the fund may differ from that presented for other Columbia Funds.

¹  The Russell 1000 Growth Index measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the fund may not match those in an index.

²  Lipper Inc., a widely respected data provider in the industry, calculates an average total return (assuming reinvestment of distributions) for mutual funds with investment objectives similar to those of the fund. Lipper makes no adjustment for the effect of sales loads.

1

Performance Information

Columbia Large Cap Growth Fund, Variable Series / June 30, 2009

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

Performance results reflect any fee waivers or reimbursements of fund expenses by the investment advisor and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of all distributions.

Performance results reflect all fund expenses, but do not include any insurance charges imposed by your insurance company's separate accounts. If performance results included the effect of these additional charges, they would be lower.

Average annual total return as of June 30, 2009 (%)

	(cumulative) 6-month		1-year		5-year		10-year
Class A (01/01/89)		10.47		-27.67		-2.49		-5.04
Class B (06/01/00)		10.40		-27.78		-2.66		-5.20
Russell 1000 Growth Index		11.53		-24.50		-1.83		-4.18

Inception date of share class is in parentheses.

Net asset value per share ($)	12/31/08		06/30/09
Class A		18.63		20.58
Class B		18.55		20.48

Annual operating expense ratio (%)*
Class A	0.88
Class B	1.13

*The annual operating expense ratio is as stated in the fund's prospectus that is current as of the date of this report. Differences in expense ratios disclosed elsewhere in this report may result from including fee waivers and expense reimbursements as well as different time periods used in calculating the ratios.

The returns shown for Class B shares include the returns of the fund's Class A shares (the oldest existing share class) for periods prior to June 1, 2000, the date on which Class B shares were first offered by the fund. The returns shown for Class B shares have not been restated to reflect any differences in expenses, such as distribution (Rule 12b-1) fees between Class A shares and Class B shares. If differences in expenses were reflected, the returns shown for periods prior to June 1, 2000 would be lower.

2

Understanding Your Expenses

Columbia Large Cap Growth Fund, Variable Series / June 30, 2009

As a Variable Series fund shareholder, you incur ongoing costs, which generally include investment advisory fees, distribution (Rule 12b-1) fees for Class B shares and other fund expenses. The information on this page is intended to help you understand the ongoing costs of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your fund's expenses by share class

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in each share class of the fund during the period. The information in the following table is based on an initial investment of $1,000, which is invested at the beginning of the period and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the fund's actual operating expenses and total return for the period. The amount listed in the "Hypothetical" column for each share class assumes that the return each year is 5% before expenses and is calculated based on the fund's actual operating expenses. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during this period.

Estimating your actual expenses by share class

To estimate the expenses that you paid over the period, first you will need your account balance at the end of the period:

1. Divide your ending account balance by $1,000. For example, if an account balance was $8,600 at the end of the period, the result would be 8.6.

2. In the section of the table below titled "Expenses paid during the period," locate the amount for your share class. You will find this number in the column labeled "Actual." Multiply this number by the result from step 1. Your answer is an estimate of the expenses you paid on your account during the period.

01/01/09 – 06/30/09	Account value at the beginning of the period ($)				Account value at the end of the period ($)				Expenses paid during the period ($)				Fund's annualized expense ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,104.68		1,020.83		4.17		4.01		0.80
Class B		1,000.00		1,000.00		1,103.99		1,020.08		4.96		4.76		0.95

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

Had the investment advisor and/or any of its affiliates not waived fees or reimbursed a portion of expenses, account value at the end of the period would have been reduced.

It is important to note that the expense amounts shown in the table are meant to highlight only ongoing costs of investing in each share class of the fund. As a shareholder of the fund, you do not incur any transaction costs, such as sales charges, redemption fees or exchange fees. Expenses paid during the period do not include any insurance charges imposed by your insurance company's separate accounts.

The hypothetical examples provided are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds whose shareholders may incur transaction costs.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing costs of investing in the fund with other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund and do not reflect any transaction costs, such as sales charges, redemption fees or exchange fees, that may be incurred by shareholders of other funds. Expenses paid during the period do not include any insurance charges imposed by your insurance company's separate accounts.

3

Investment Portfolio

Columbia Large Cap Growth Fund, Variable Series / June 30, 2009 (Unaudited)

	Shares		Value
COMMON STOCKS—99.2%
Consumer Discretionary—9.8%
Diversified Consumer Services—0.3%
Apollo Group, Inc., Class A (a)		2,200	$	156,464
Hotels, Restaurants & Leisure—1.6%
Starbucks Corp. (a)		34,400		477,816
Starwood Hotels & Resorts Worldwide, Inc.		16,700		370,740
				848,556
Internet & Catalog Retail—0.7%
Amazon.com, Inc. (a)		4,100		343,006
Media—1.1%
Comcast Corp., Class A		16,000		231,840
Liberty Media Corp. – Entertainment, Class A (a)		13,800		369,150
				600,990
Multiline Retail—2.1%
Kohl's Corp. (a)		7,600		324,900
Nordstrom, Inc.		15,500		308,295
Target Corp.		12,700		501,269
				1,134,464
Specialty Retail—3.5%
Best Buy Co., Inc.		5,000		167,450
GameStop Corp., Class A (a)		12,100		266,321
Lowe's Companies, Inc.		20,100		390,141
O'Reilly Automotive, Inc. (a)		5,900		224,672
Staples, Inc.		11,700		235,989
TJX Companies, Inc.		18,600		585,156
				1,869,729
Textiles, Apparel & Luxury Goods—0.5%
Polo Ralph Lauren Corp.		5,300		283,762
Consumer Staples—13.0%
Beverages—2.9%
Coca-Cola Co.		24,000		1,151,760
Molson Coors Brewing Co., Class B		9,600		406,368
				1,558,128
Food & Staples Retailing—3.7%
CVS Caremark Corp.		26,200		834,994
Wal-Mart Stores, Inc.		24,100		1,167,404
				2,002,398
Household Products—2.4%
Colgate-Palmolive Co.		9,500		672,030
Procter & Gamble Co.		11,600		592,760
				1,264,790
Personal Products—1.4%
Avon Products, Inc.		13,100		337,718
Estee Lauder Companies, Inc., Class A		12,500		408,375
				746,093
Tobacco—2.6%
Philip Morris International, Inc.		32,000		1,395,840

	Shares		Value
Energy—5.6%
Energy Equipment & Services—2.5%
Nabors Industries Ltd. (a)		13,100	$	204,098
Schlumberger Ltd.		5,500		297,605
Transocean Ltd. (a)		6,886		511,561
Weatherford International Ltd. (a)		17,400		340,344
				1,353,608
Oil, Gas & Consumable Fuels—3.1%
Devon Energy Corp.		6,200		337,900
Hess Corp.		4,500		241,875
Occidental Petroleum Corp.		5,700		375,117
Peabody Energy Corp.		12,300		370,968
Southwestern Energy Co. (a)		8,000		310,800
				1,636,660
Financials—5.2%
Capital Markets—2.4%
Charles Schwab Corp.		17,300		303,442
Goldman Sachs Group, Inc.		2,600		383,344
Morgan Stanley		22,000		627,220
				1,314,006
Diversified Financial Services—1.4%
IntercontinentalExchange, Inc. (a)		2,000		228,480
JPMorgan Chase & Co.		14,700		501,417
				729,897
Insurance—1.4%
Axis Capital Holdings Ltd.		13,343		349,320
Prudential Financial, Inc.		10,400		387,088
				736,408
Health Care—16.0%
Biotechnology—3.3%
Celgene Corp. (a)		8,400		401,856
Genzyme Corp. (a)		7,600		423,092
Gilead Sciences, Inc. (a)		13,400		627,656
Vertex Pharmaceuticals, Inc. (a)		9,400		335,016
				1,787,620
Health Care Equipment & Supplies—3.4%
Baxter International, Inc.		14,200		752,032
Boston Scientific Corp. (a)		63,000		638,820
St. Jude Medical, Inc. (a)		9,900		406,890
				1,797,742
Health Care Providers & Services—3.1%
AmerisourceBergen Corp.		20,100		356,574
CIGNA Corp.		18,800		452,892
Medco Health Solutions, Inc. (a)		18,500		843,785
				1,653,251
Life Sciences Tools & Services—2.6%
Covance, Inc. (a)		8,700		428,040
Life Technologies Corp. (a)		14,900		621,628
Thermo Fisher Scientific, Inc. (a)		9,020		367,745
				1,417,413

See Accompanying Notes to Financial Statements.

4

Investment Portfolio (continued)

Columbia Large Cap Growth Fund, Variable Series / June 30, 2009 (Unaudited)

	Shares		Value
Pharmaceuticals—3.6%
Abbott Laboratories		20,300	$	954,912
Johnson & Johnson		10,400		590,720
Teva Pharmaceutical Industries Ltd., ADR		7,500		370,050
				1,915,682
Industrials—10.5%
Aerospace & Defense—3.6%
Goodrich Corp.		14,700		734,559
Lockheed Martin Corp.		8,100		653,265
United Technologies Corp.		9,800		509,208
				1,897,032
Commercial Services & Supplies—1.1%
Republic Services, Inc.		24,400		595,604
Industrial Conglomerates—0.8%
Tyco International Ltd.		15,200		394,896
Machinery—2.3%
Flowserve Corp.		7,800		544,518
Parker Hannifin Corp.		7,500		322,200
SPX Corp.		7,600		372,172
				1,238,890
Professional Services—0.6%
Dun & Bradstreet Corp.		4,100		332,961
Road & Rail—1.0%
Ryder System, Inc.		7,400		206,608
Union Pacific Corp.		6,600		343,596
				550,204
Trading Companies & Distributors—1.1%
W.W. Grainger, Inc.		7,300		597,724
Information Technology—33.2%
Communications Equipment—5.1%
Cisco Systems, Inc. (a)		53,750		1,001,900
CommScope, Inc. (a)		11,600		304,616
QUALCOMM, Inc.		31,500		1,423,800
				2,730,316
Computers & Peripherals—9.5%
Apple, Inc. (a)		12,000		1,709,160
EMC Corp. (a)		68,400		896,040
Hewlett-Packard Co.		34,700		1,341,155
International Business Machines Corp.		11,200		1,169,504
				5,115,859
Electronic Equipment, Instruments & Components—1.4%
Corning, Inc.		46,300		743,578
Internet Software & Services—3.6%
Equinix, Inc. (a)		4,800		349,152
Google, Inc., Class A (a)		3,722		1,569,158
				1,918,310
IT Services—0.7%
Visa, Inc., Class A		5,800		361,108

	Shares		Value
Semiconductors & Semiconductor Equipment—5.1%
Broadcom Corp., Class A (a)		11,600	$	287,564
Intel Corp.		53,100		878,805
Marvell Technology Group Ltd. (a)		36,100		420,204
Maxim Integrated Products, Inc.		24,800		389,112
Texas Instruments, Inc.		34,800		741,240
				2,716,925
Software—7.8%
Activision Blizzard, Inc. (a)		26,632		336,362
Adobe Systems, Inc. (a)		15,000		424,500
Microsoft Corp.		89,450		2,126,227
Oracle Corp.		42,600		912,492
Symantec Corp. (a)		23,500		365,660
				4,165,241
Materials—3.5%
Chemicals—2.1%
Celanese Corp., Series A		26,700		634,125
Monsanto Co.		3,392		252,161
Praxair, Inc.		3,600		255,852
				1,142,138
Containers & Packaging—0.8%
Owens-Illinois, Inc. (a)		16,000		448,160
Metals & Mining—0.6%
Steel Dynamics, Inc.		20,300		299,019
Telecommunication Services—0.6%
Wireless Telecommunication Services—0.6%
American Tower Corp., Class A (a)		10,600		334,218
Utilities—1.8%
Electric Utilities—0.7%
FPL Group, Inc.		6,300		358,218
Independent Power Producers & Energy Traders—1.1%
AES Corp. (a)		53,600		622,296
Total Common Stocks (cost of $53,051,475)				53,109,204

See Accompanying Notes to Financial Statements.

5

Investment Portfolio (continued)

Columbia Large Cap Growth Fund, Variable Series / June 30, 2009 (Unaudited)

	Par		Value
SHORT-TERM OBLIGATION—0.7%
Repurchase agreement with Fixed Income Clearing Corp., dated 06/30/09, due 07/01/09 at 0.000001%, collateralized by a U.S. Treasury obligation maturing 05/15/10, market value of $405,834 (repurchase proceeds $393,000)	$	393,000	$	393,000
Total Short-Term Obligation (cost of $393,000)				393,000
Total Investments—99.9% (cost of $53,444,475) (b)				53,502,204
Other Assets & Liabilities, Net—0.1%				45,665
Net Assets—100.0%			$	53,547,869

Notes to Investment Portfolio:

(a)  Non-income producing security.

(b)  Cost for federal income tax purposes is $53,444,475.

The following table summarizes the inputs used, as of June 30, 2009, in valuing the Fund's assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
COMMON STOCKS
Consumer Discretionary
Diversified Consumer Services	$	156,464	$	—	$	—	$	156,464
Hotels, Restaurants & Leisure		848,556		—		—		848,556
Internet & Catalog Retail		343,006		—		—		343,006
Media		600,990		—		—		600,990
Multiline Retail		1,134,464		—		—		1,134,464
Specialty Retail		1,869,729		—		—		1,869,729
Textiles, Apparel & Luxury Goods		283,762		—		—		283,762
		5,236,971		—		—		5,236,971
Consumer Staples
Beverages		1,558,128		—		—		1,558,128
Food & Staples Retailing		2,002,398		—		—		2,002,398
Household Products		1,264,790		—		—		1,264,790
Personal Products		746,093		—		—		746,093
Tobacco		1,395,840		—		—		1,395,840
		6,967,249		—		—		6,967,249
Energy
Energy Equipment & Services		1,353,608		—		—		1,353,608
Oil, Gas & Consumable Fuels		1,636,660		—		—		1,636,660
		2,990,268		—		—		2,990,268
Financials
Capital Markets		1,314,006		—		—		1,314,006
Diversified Financial Services		729,897		—		—		729,897
Insurance		736,408		—		—		736,408
		2,780,311		—		—		2,780,311
Health Care
Biotechnology		1,787,620		—		—		1,787,620

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Health Care Equipment & Supplies	$	1,797,742	$	—	$	—	$	1,797,742
Health Care Providers & Services		1,653,251		—		—		1,653,251
Life Sciences Tools & Services		1,417,413		—		—		1,417,413
Pharmaceuticals		1,915,682		—		—		1,915,682
		8,571,708		—		—		8,571,708
Industrials
Aerospace & Defense		1,897,032		—		—		1,897,032
Commercial Services & Supplies		595,604		—		—		595,604
Industrial Conglomerates		394,896		—		—		394,896
Machinery		1,238,890		—		—		1,238,890
Professional Services		332,961		—		—		332,961
Road & Rail		550,204		—		—		550,204
Trading Companies & Distributors		597,724		—		—		597,724
		5,607,311		—		—		5,607,311
Information Technology
Communications Equipment		2,730,316		—		—		2,730,316
Computers & Peripherals		5,115,859		—		—		5,115,859
Electronic Equipment, Instruments & Components		743,578		—		—		743,578
Internet Software & Services		1,918,310		—		—		1,918,310
IT Services		361,108		—		—		361,108
Semiconductors & Semiconductor Equipment		2,716,925		—		—		2,716,925
Software		4,165,241		—		—		4,165,241
		17,751,337		—		—		17,751,337
Materials
Chemicals		1,142,138		—		—		1,142,138
Containers & Packaging		448,160		—		—		448,160
Metals & Mining		299,019		—		—		299,019
		1,889,317		—		—		1,889,317
Telecommunication Services
Wireless Telecommunication Services		334,218		—		—		334,218
Utilities
Electric Utilities		358,218		—		—		358,218
Independent Power Producers & Energy Traders		622,296		—		—		622,296
		980,514		—		—		980,514
Total Common Stocks		53,109,204		—		—		53,109,204
SHORT-TERM OBLIGATION
Repurchase Agreement		—		393,000		—		393,000
Total Short-Term Obligation		—		393,000		—		393,000
Total Investments		53,109,204		393,000		—		53,502,204

See Accompanying Notes to Financial Statements.

6

Investment Portfolio (continued)

Columbia Large Cap Growth Fund, Variable Series / June 30, 2009 (Unaudited)

For more information on valuation inputs, and their aggregation into the levels used in the tables above, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

At June 30, 2009, the Fund held investments in the following sectors:

Sector	% of Net Assets
Information Technology		33.2
Health Care		16.0
Consumer Staples		13.0
Industrials		10.5
Consumer Discretionary		9.8
Energy		5.6
Financials		5.2
Materials		3.5
Utilities		1.8
Telecommunication Services		0.6
		99.2
Short-Term Obligation		0.7
Other Assets & Liabilities, Net		0.1
		100.0

Acronym	Name
ADR	American Depositary Receipt

See Accompanying Notes to Financial Statements.

7

Statement of Assets and Liabilities

Columbia Large Cap Growth Fund, Variable Series / June 30, 2009 (Unaudited)

Assets
Investments, at cost	$	53,444,475
Investments, at value	$	53,502,204
Cash		929
Receivable for:
Investments sold		753,267
Fund shares sold		217,712
Dividends		55,817
Expense reimbursement due from investment advisor		9,195
Trustees' deferred compensation plan		20,237
Prepaid expenses		1,436
Total Assets		54,560,797
Liabilities
Payable for:
Investments purchased		851,330
Fund shares repurchased		55,790
Investment advisory fee		22,128
Administration fee		6,661
Transfer agent fee		22
Pricing and bookkeeping fees		5,153
Trustees' fees		6,455
Audit fee		23,632
Custody fee		3,051
Distribution fees — Class B		1,510
Chief compliance officer expenses		184
Reports to shareholders		10,521
Trustees' deferred compensation plan		20,237
Other liabilities		6,254
Total Liabilities		1,012,928
Net Assets	$	53,547,869
Net Assets Consist of
Paid-in capital	$	117,671,730
Undistributed net investment income		493,929
Accumulated net realized loss		(64,675,519	)
Net unrealized appreciation (depreciation) on investments		57,729
Net Assets	$	53,547,869
Class A
Net assets	$	46,312,040
Shares outstanding		2,250,188
Net asset value per share	$	20.58
Class B
Net assets	$	7,235,829
Shares outstanding		353,278
Net asset value per share	$	20.48

See Accompanying Notes to Financial Statements.

8

Statement of Operations

Columbia Large Cap Growth Fund, Variable Series
For the Six Months Ended June 30, 2009 (Unaudited)

Investment Income
Dividends	$	376,677
Interest		556
Foreign taxes withheld		(507	)
Total Investment Income		376,726
Expenses
Investment advisory fee		127,050
Administration fees		38,115
Distribution fees — Class B		8,562
Transfer agent fee		152
Pricing and bookkeeping fees		24,332
Trustees' fees		14,075
Custody fee		5,801
Audit fee		20,874
Reports to shareholders		17,760
Chief compliance officer expenses		303
Other expenses		10,865
Total Expenses		267,889
Fees waived or expenses reimbursed by investment advisor		(56,046	)
Fees reimbursed by distributor — Class B		(3,424	)
Custody earnings credit		—	*
Net Expenses		208,419
Net Investment Income		168,307
Net Realized and Unrealized Gain (Loss) on Investments
Net realized loss on investments		(9,851,796	)
Net change in unrealized appreciation (depreciation) on investments		14,703,140
Net Gain		4,851,344
Net Increase Resulting from Operations	$	5,019,651

*  Rounds to less than $1.00.

See Accompanying Notes to Financial Statements.

9

Statement of Changes in Net Assets

Columbia Large Cap Growth Fund, Variable Series

Increase (Decrease) in Net Assets	(Unaudited) Six Months Ended June 30, 2009			Year Ended December 31, 2008
Operations
Net investment income	$	168,307		$	353,021
Net realized loss on investments		(9,851,796	)		(12,566,482	)
Net change in unrealized appreciation (depreciation) on investments		14,703,140			(27,218,882	)
Net increase (decrease) resulting from operations		5,019,651			(39,432,343	)
Distributions to Shareholders
From net investment income:
Class A		—			(176,300	)
Class B		—			(9,828	)
Total distributions to shareholders		—			(186,128	)
Net Capital Stock Transactions		(4,079,176	)		(17,086,726	)
Total increase (decrease) in net assets		940,475			(56,705,197	)
Net Assets
Beginning of period		52,607,394			109,312,591
End of period	$	53,547,869		$	52,607,394
Undistributed net investment income at end of period	$	493,929		$	325,622
Capital Stock Activity

	(Unaudited) Six Months Ended June 30, 2009						Year Ended December 31, 2008
	Shares			Dollars			Shares			Dollars
Class A
Subscriptions		134,410		$	2,563,614			147,786		$	3,595,857
Distributions reinvested		—			—			6,358			176,300
Redemptions		(313,049	)		(5,859,721	)		(653,804	)		(16,498,621	)
Net decrease		(178,639	)		(3,296,107	)		(499,660	)		(12,726,464	)
Class B
Subscriptions		8,080			150,332			29,277			720,907
Distributions reinvested		—			—			356			9,828
Redemptions		(51,968	)		(933,401	)		(193,171	)		(5,090,997	)
Net decrease		(43,888	)		(783,069	)		(163,538	)		(4,360,262	)

See Accompanying Notes to Financial Statements.

10

Financial Highlights

Columbia Large Cap Growth Fund, Variable Series—Class A Shares

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended June 30,			Year Ended December 31,
	2009			2008			2007			2006			2005			2004
Net Asset Value, Beginning of Period	$	18.63		$	31.35		$	27.18		$	24.75		$	23.77		$	24.28
Income from Investment Operations:
Net investment income (a)		0.06			0.12			0.06			0.09			0.08			0.15	(b)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.89			(12.77	)		4.22			2.43			1.04			(0.62	)
Total from investment operations		1.95			(12.65	)		4.28			2.52			1.12			(0.47	)
Less Distributions to Shareholders:
From net investment income		—			(0.07	)		(0.11	)		(0.09	)		(0.14	)		(0.04	)
Net Asset Value, End of Period	$	20.58		$	18.63		$	31.35		$	27.18		$	24.75		$	23.77
Total return (c)(d)		10.47	%(e)(f)		(40.43	)%(f)		15.77	%(f)		10.23	%(f)		4.74	%(f)		(1.95	)%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (g)		0.80	%(h)		0.80	%		0.80	%		0.80	%		0.76	%		0.73	%
Interest expense		—			—	%(i)		—			—	%(i)		—			—
Net expenses (g)		0.80	%(h)		0.80	%		0.80	%		0.80	%		0.76	%		0.73	%
Waiver/Reimbursement		0.22	%(h)		0.08	%		0.03	%		0.01	%		—	%(i)		—
Net investment income (g)		0.68	%(h)		0.45	%		0.19	%		0.34	%		0.32	%		0.65	%
Portfolio turnover rate		71	%(e)		164	%		149	%		194	%		113	%		4	%
Net assets, end of period (000s)	$	46,312		$	45,240		$	91,808		$	99,714		$	113,804		$	106,225

(a)  Per share data was calculated using the average shares outstanding during the period.

(b)  Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.15 per share.

(c)  Total return at net asset value assuming all distributions reinvested.

(d)  Total return does not include any insurance company charges imposed by your insurance company's separate accounts. If included, total return would be reduced.

(e)  Not annualized.

(f)  Had the investment advisor and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(g)  The benefits derived from custody credits had an impact of less than 0.01%.

(h)  Annualized.

(i)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

11

Financial Highlights

Columbia Large Cap Growth Fund, Variable Series—Class B Shares

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended June 30,			Year Ended December 31,
	2009			2008			2007			2006			2005			2004
Net Asset Value, Beginning of Period	$	18.55		$	31.22		$	27.08		$	24.64		$	23.67		$	24.19
Income from Investment Operations:
Net investment income (a)		0.05			0.08			0.01			0.05			0.03			0.10	(b)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.88			(12.73	)		4.20			2.44			1.03			(0.62	)
Total from investment operations		1.93			(12.65	)		4.21			2.49			1.06			(0.52	)
Less Distributions to Shareholders:
From net investment income		—			(0.02	)		(0.07	)		(0.05	)		(0.09	)		—
Net Asset Value, End of Period	$	20.48		$	18.55		$	31.22		$	27.08		$	24.64		$	23.67
Total return (c)(d)(e)		10.40	%(f)		(40.54	)%		15.57	%		10.12	%		4.49	%		(2.15	)%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (g)		0.95	%(h)		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Interest expense		—			—	%(i)		—			—	%(i)		—			—
Net expenses (g)		0.95	%(h)		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Waiver/Reimbursement		0.32	%(h)		0.18	%		0.13	%		0.11	%		0.06	%		0.03	%
Net investment income (g)		0.53	%(h)		0.30	%		0.04	%		0.19	%		0.13	%		0.43	%
Portfolio turnover rate		71	%(f)		164	%		149	%		194	%		113	%		4	%
Net assets, end of period (000s)	$	7,236		$	7,367		$	17,505		$	18,311		$	18,803		$	21,715

(a)  Per share data was calculated using the average shares outstanding during the period.

(b)  Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.15 per share.

(c)  Total return at net asset value assuming all distributions reinvested.

(d)  Total return does not include any insurance company charges imposed by your insurance company's separate accounts. If included, total return would be reduced.

(e)  Had the investment advisor and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(f)  Not annualized.

(g)  The benefits derived from custody credits had an impact of less than 0.01%.

(h)  Annualized.

(i)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

12

Notes to Financial Statements

Columbia Large Cap Growth Fund, Variable Series / June 30, 2009 (Unaudited)

Note 1. Organization

Columbia Large Cap Growth Fund, Variable Series (the "Fund"), a series of Columbia Funds Variable Insurance Trust (the "Trust"), is a diversified portfolio. 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.

Investment Objective—The Fund seeks long-term capital appreciation.

Fund Shares—The Trust may issue an unlimited number of shares, and the Fund offers two classes of shares: Class A and Class B. Each share class has its own expense structure. Shares of the Fund are available only as a pooled funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies ("Participating Insurance Companies"). The Participating Insurance Companies and their separate accounts own all the shares of the Fund.

Note 2. Significant Accounting Policies

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") 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 revenue and expenses during the reporting period. Actual results could differ from those estimates.

Management has evaluated the events and transactions that have occurred through August 20, 2009, the date the financial statements were issued, and noted no items requiring adjustment of the financial statements or additional disclosures. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

Security Valuation—Equity securities are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets.

Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market value.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. If a security is valued at fair value, such value is likely to be different from the last quoted market price for the security. 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 value.

Financial Accounting Standards Board ("FASB") Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("SFAS 157"), establishes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value giving the highest priority to unadjusted quoted prices in active markets for identical securities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the fair value hierarchy under SFAS 157 are described below:

•  Level 1—quoted prices in active markets for identical securities

•  Level 2—prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)

•  Level 3—prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or less reliable, unobservable inputs may be used. Unobservable inputs may include management's own assumptions about the factors market participants would use in pricing an investment.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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.

Repurchase Agreements—The Fund may engage in repurchase agreement transactions with institutions that Columbia Management Advisors, LLC ("Columbia"), the Fund's investment advisor, has determined are creditworthy. The Fund, through its custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. Columbia is responsible for determining that the collateral is at least equal, at all times, to the value of

13

Notes to Financial Statements (continued)

Columbia Large Cap Growth Fund, Variable Series / June 30, 2009 (Unaudited)

the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays in or restrictions on the Fund's ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

Income Recognition—Interest income is recorded on the accrual basis. Corporate actions and dividend income are recorded on the ex-date except for certain foreign securities which are recorded as soon after the ex-date as the Fund becomes aware of such, net of any non-reclaimable tax withholdings.

Expenses—General expenses of the Trust are allocated to the Fund and other series 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 Class Net Asset Value—All income, expenses (other than class-specific expenses, as shown on 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 taxable income, if any, for its tax year, and as such will not be subject to federal income taxes. Therefore, no provision is made for federal income or excise taxes.

Distributions to Shareholders—Distributions from net investment income, if any, are declared and paid at least annually. Net realized capital gains, if any, are distributed at least annually. 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 class of the Fund at net asset value as of the ex-date of the distribution.

Indemnification—In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown because this would involve future claims against the Fund. Also, under the Trust's organizational documents and by contract, the Trustees and officers of the Trust are indemnified against certain liabilities that may arise out of actions relating to their duties to the Trust. However, based on experience, the Fund expects the risk of loss due to these representations, warranties and indemnities to be minimal.

Note 3. Federal Tax Information

The tax character of distributions paid during the year ended December 31, 2008 was as follows:

Distributions paid from:
Ordinary Income*	$	186,128
Long-Term Capital Gains		—

* For tax purposes short-term capital gains distributions, if any, are considered ordinary income distributions.

Unrealized appreciation and depreciation at June 30, 2009, based on cost of investments for federal income tax purposes were:

Unrealized appreciation	$	4,702,041
Unrealized depreciation		(4,644,312	)
Net unrealized appreciation	$	57,729

The following capital loss carryforwards, determined as of December 31, 2008, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration		Capital Loss Carryforwards
	2010	$	32,214,453
	2011		9,801,830
	2016		5,105,804
		$	47,122,087

Of the capital loss carryforwards attributable to the Fund, $5,196,879 expiring 12/31/10, remain from the Fund's merger with Liberty Equity Fund, Variable Series. The availability of a portion of the remaining capital loss carryforwards from Liberty Equity Fund, Variable Series may be limited in a given year.

Under Financial Accounting Standards Board ("FASB") Interpretation No. 48, Accounting for Uncertainty in Income Taxes — an Interpretation of FASB Statement No. 109 ("FIN 48"), management determines whether a tax position of the Fund is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Management has evaluated the known implications of FIN 48 on the computation of net assets for the Fund. As a result of this evaluation, management has concluded that FIN 48 did not have any ef fect on the Fund's financial statements. However, management's conclusions regarding FIN 48

14

Notes to Financial Statements (continued)

Columbia Large Cap Growth Fund, Variable Series / June 30, 2009 (Unaudited)

may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance from the FASB, new tax laws, regulations, and administrative interpretations (including relevant court decisions). The Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee—Columbia, an indirect, wholly owned subsidiary of Bank of America Corporation ("BOA"), provides investment advisory services to the Fund. In rendering investment advisory services to the Fund, Columbia may use the portfolio management and research resources of Columbia Management Pte. Ltd., an affiliate of Columbia. Columbia receives a monthly investment advisory fee based on the Fund's average daily net assets at the following annual rates:

Average Daily Net Assets	Annual Fee Rate
First $1 billion		0.50	%
Over $1 billion		0.45	%

For the six month period ended June 30, 2009, the Fund's annualized effective investment advisory fee rate was 0.50% of the Fund's average daily net assets.

Administration Fee—Columbia provides administrative and other services to the Fund for a monthly administration fee, at the annual rate of 0.15% of the Fund's average daily net assets.

Pricing and Bookkeeping Fees—The Fund has entered into a Financial Reporting Services Agreement (the "Financial Reporting Services Agreement") with State Street Bank & Trust Company ("State Street") and Columbia pursuant to which State Street provides financial reporting services to the Fund. The Fund has also entered into an Accounting Services Agreement (collectively with the Financial Reporting Services Agreement, the "State Street Agreements") with State Street and Columbia pursuant to which State Street provides accounting services to the Fund. Under the State Street Agreements, the Fund pays State Street an annual fee of $38,000 paid monthly plus an additional monthly fee based on an annualized percentage rate of average daily net assets of the Fund for the month. The aggregate fee will not exceed $140,000 per year (exclusive of out-of-pocket expens es and charges). The Fund also reimburses State Street for certain out-of-pocket expenses and charges.

The Fund has entered into a Pricing and Bookkeeping Oversight and Services Agreement (the "Services Agreement") with Columbia. Under the Services Agreement, Columbia provides services related to Fund expenses and the requirements of the Sarbanes-Oxley Act of 2002, and provides oversight of the accounting and financial reporting services provided by State Street. Under the Services Agreement, the Fund reimburses Columbia for out-of-pocket expenses.

Transfer Agent Fee—Columbia Management Services, Inc. (the "Transfer Agent"), an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, provides shareholder services to the Fund and has contracted with Boston Financial Data Services ("BFDS") to serve as sub-transfer agent. The Transfer Agent is entitled to receive a fee for its services, paid monthly, at the annual rate of $17.34 per open account plus reimbursement of certain sub-transfer agent fees paid by the Transfer Agent (exclusive of BFDS fees), calculated based on assets held in omnibus accounts and intended to recover the cost of payments to other parties (including affiliates of BOA) for services to those accounts. The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund.

The Transfer Agent may also retain, as additional compensation for its services, fees for wire, telephone and redemption orders, Individual Retirement Account ("IRA") trustee agent fees and account transcript fees due to the Transfer Agent from shareholders of the Fund and credits (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund. The Transfer Agent also receives reimbursement for certain out-of-pocket expenses.

Distribution Fees—Columbia Management Distributors, Inc. (the "Distributor"), an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, is the principal underwriter of the Fund's shares. The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act for Class B shares pursuant to which it will pay a monthly distribution fee to the Distributor not to exceed the annual rate of 0.25% of the average daily net assets attributable to Class B shares.

Fee Waivers and Expense Reimbursements—Columbia has voluntarily agreed to reimburse a portion of the Fund's expenses so that the fund's ordinary operating expenses (excluding any distribution fees, brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, do not exceed 0.80% of the Fund's average daily net assets on an annualized basis. In addition, the Distributor has voluntarily agreed to reimburse the

15

Notes to Financial Statements (continued)

Columbia Large Cap Growth Fund, Variable Series / June 30, 2009 (Unaudited)

Class B distribution fee in excess of 0.15% when the total annual fund operating expenses applicable to Class B shares, including distribution fees, exceed the annual rate of 0.95% of the Class B shares' average daily net assets. Columbia or the Distributor, in their discretion, may revise or discontinue these arrangements at any time.

Fees Paid to Officers and Trustees—All officers of the Fund are employees of Columbia or its affiliates and, with the exception of the Fund's Chief Compliance Officer, receive no compensation from the Fund. The Board of Trustees has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. The Fund, along with other affiliated funds, pays its pro-rata share of the expenses associated with the Chief Compliance Officer. The Fund's expenses for the Chief Compliance Officer will not exceed $15,000 per year.

The Trust's eligible Trustees may participate in a deferred compensation plan which may be terminated at any time. Obligations of the plan will be paid solely out of the Fund's assets.

Other Related Party Transactions—In connection with the purchase and sale of its securities during the period, the Fund used several brokers that are affiliates of BOA. Total brokerage commissions paid to affiliated brokers for the six month period ended June 30, 2009 was $579.

Note 5. Custody Credits

The Fund has an agreement with its custodian bank under which custody fees may be reduced by balance credits. These credits are recorded as a reduction of total expenses on the Statement of Operations. The Fund could have invested a portion of the assets utilized in connection with the expense offset arrangement in an income-producing asset if it had not entered into such an agreement.

Note 6. Portfolio Information

For the six month period ended June 30, 2009, the cost of purchases and proceeds from sales of securities, excluding short-term obligations, for the Fund were $35,771,952 and $39,094,356, respectively.

Note 7. Line of Credit

The Fund and other affiliated funds participate in a $280,000,000 committed, unsecured revolving line of credit provided by State Street. The maximum amount that may be borrowed by any fund is limited to the lesser of $200,000,000 and the Fund's borrowing limit set forth in the Fund's registration statement. Borrowings are available for short-term liquidity or temporary or emergency purposes.

Interest is charged to each participating fund based on the fund's borrowings at a rate per annum equal to the greater of the Federal Funds Rate plus 0.50% or the overnight LIBOR Rate plus 0.50%. In addition, an annual operations agency fee of $20,000, an amendment fee of 0.02% and a commitment fee of 0.12% per annum are accrued and apportioned among the participating funds pro rata based on their relative net assets.

For the six month period ended June 30, 2009, the Fund did not borrow under this arrangement.

Note 8. Shares of Beneficial Interest

As of June 30, 2009, the Fund had three shareholders that collectively held 90.6% of the Fund's shares outstanding. Subscription and redemption activity of these accounts may have a significant effect on the operations of the Fund.

Note 9. Significant Risks and Contingencies

Sector Focus Risk—The Fund may focus its investments in certain sectors, subjecting it to greater risk than a fund that is less focused.

Foreign Securities Risk—There are certain additional risks involved when investing in foreign securities. These risks may involve foreign currency exchange rate fluctuations, adverse political and economic developments and the possible prevention of currency exchange or other foreign governmental laws or restrictions. In addition, the liquidity of foreign securities may be more limited than that of domestic securities.

Legal Proceedings—Columbia Management Advisors, LLC and Columbia Management Distributors, Inc. (collectively, the "Columbia Group") are subject to a settlement agreement with the New York Attorney General ("NYAG") (the "NYAG Settlement") and a settlement order with the SEC (the "SEC Order") on matters relating to mutual fund trading, each dated February 9, 2005. Under the terms of the SEC Order, the Columbia Group (or predecessor entities) agreed, among other things, to: pay disgorgement and civil money penalties collectively totaling $140 million; cease and desist from violations of the antifraud provisions and certain other provisions of the federal securities laws; maintain certain compliance and ethics oversight structures; and retain an independent consultant to review the Columbia Group's applicable supervisory, compliance, control and other policies an d procedures. The NYAG Settlement, among other things, requires Columbia Management Advisors, LLC and its affiliates to reduce management fees for certain funds in the Columbia family of mutual funds in a projected total of $160 million over five years through November 30, 2009 and to make certain disclosures to

16

Notes to Financial Statements (continued)

Columbia Large Cap Growth Fund, Variable Series / June 30, 2009 (Unaudited)

investors relating to expenses. In connection with the Columbia Group providing services to the Columbia Funds, the Columbia Funds have voluntarily undertaken to implement certain governance measures designed to maintain the independence of their boards of trustees and certain special consulting and compliance measures.

Pursuant to the SEC Order and related procedures, the $140 million in settlement amounts described above has been substantially distributed in accordance with a distribution plan that was developed by an independent distribution consultant and approved by the SEC on April 6, 2007.

In connection with the events described above, various parties have filed suit against certain funds, the Trustees of the Columbia Funds, FleetBoston Financial Corporation and its affiliated entities and/or Bank of America and its affiliated entities.

On February 20, 2004, the Judicial Panel on Multidistrict Litigation transferred these cases and cases against other mutual fund companies based on similar allegations to the United States District Court in Maryland for consolidated or coordinated pretrial proceedings (the "MDL"). Subsequently, additional related cases were transferred to the MDL. On September 29, 2004, the plaintiffs in the MDL filed amended and consolidated complaints. One of these amended complaints is a putative class action that includes claims under the federal securities laws and state common law, and that names Columbia Management Advisors, Inc. (which has since merged into Banc of America Capital Management, LLC (now named Columbia Management Advisors, LLC)) ("Columbia"), Columbia Funds Distributor, Inc. (now named Columbia Management Distributors, Inc.) (the "Distributor"), the Trustees of the Columbia Funds, Bank of America Corporation and others as defendants. An other of the amended complaints is a derivative action purportedly on behalf of the Columbia Funds that asserts claims under federal securities laws and state common law.

On February 25, 2005, Columbia and other defendants filed motions to dismiss the claims in the pending cases. On March 1, 2006, for reasons stated in the court's memoranda dated November 3, 2005, the United States District Court for the District of Maryland granted in part and denied in part the defendants' motions to dismiss. The court dismissed all of the class action claims pending against the Columbia Funds Trusts. As to Columbia and the Distributor, the claims under the Securities Act of 1933, the claims under Sections 34(b) and 36(a) of the Investment Company Act of 1940 ("ICA") and the state law claims were dismissed. The claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and claims under Section 36(b) of the ICA were not dismissed.

On March 21, 2005, a purported class action was filed in Massachusetts state court alleging that certain conduct, including market timing, entitled Class B shareholders in certain Columbia Funds to an exemption from contingent deferred sales charges upon early redemption (the "CDSC Lawsuit"). The CDSC Lawsuit was removed to federal court in Massachusetts and transferred to the MDL.

On September 14, 2007, the plaintiffs and the Columbia defendants named in the MDL, including the Columbia Funds, entered into a stipulation of settlement with respect to all Columbia-related claims in the MDL described above, including the CDSC Lawsuit. The settlement is subject to court approval.

17

Important Information About This Report

A description of the policies and procedures that Columbia Large Cap Growth Fund, Variable Series uses to determine how to vote proxies relating to its portfolio securities and a copy of the fund's voting records are available (i) at www.columbiamanagement.com; (ii) on the Securities and Exchange Commission's website at www.sec.gov, and (iii) without charge, upon request, by calling 1-800-368-0346. Information regarding how the fund voted proxies relating to portfolio securities during the 12-month period ended June 30 is available from the SEC's website. Information regarding how the fund voted proxies relating to portfolio securities is also available from the fund's website, www.columbiamanagement.com.

The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The fund's Form N-Q is available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Shares of the fund are available only through variable annuity contracts and variable life insurance policies of participating insurance companies.

Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. Contact your insurance company for a prospectus, which contains this and other important information about the fund.

Columbia Management Group, LLC ("Columbia Management") is the investment management division of Bank of America Corporation. Columbia Management entities furnish investment management services and products for institutional and individual investors. Columbia Funds are distributed by Columbia Management Distributors, Inc., member of FINRA, SIPC, part of Columbia Management and an affiliate of Bank of America Corporation.

©2009 Columbia Management Distributors, Inc.

One Financial Center, Boston, MA 02111-2621

SHC-44/19815-0609 (08/09) 09/85008

Columbia Asset Allocation Fund,
Variable Series

Columbia Funds Variable Insurance Trust

2009 Semiannual Report

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

Portfolio Managers' Discussion

Columbia Asset Allocation Fund, Variable Series / June 30, 2009

Columbia Asset Allocation Fund, Variable Series seeks total return, consisting of current income and long-term capital appreciation.

Colin Moore has co-managed the fund since May 2008. Anwiti Bahuguna, PhD, Kent M. Peterson, PhD and Marie M. Schofield have co-managed the fund since February 2009. They are responsible for allocating the fund's assets among the various asset classes. The investment decisions for each asset class are made by professionals with experience in that class.

Summary

•  For the six-month period that ended June 30, 2009, the fund outperformed both of its benchmarks, the S&P 500 Index and the Barclays Capital Aggregate Bond Index¹, and the average fund in its peer group, the Lipper VUF Mixed-Asset Target Allocation Growth Funds Classification.² A decision to reduce the fund's overall equity exposure and add to its fixed income positions aided performance. Strategic shifts within asset classes also added to the fund's return. Although the fund benefited from its high-yield exposure, its high-yield holdings lagged their benchmark by a significant margin.

  On February 20, 2009, Anwiti Bahuguna, Kent M. Peterson and Marie M. Schofield joined Colin Moore as co-portfolio managers of the fund.

•  As a new presidential administration took the reins of the federal government, it inherited the weakest U.S. economy since the Great Depression. Credit markets were malfunctioning, the housing sector was in a prolonged downturn, unemployment soared, consumer confidence sank and the domestic auto industry stood on the verge of bankruptcy. In 2008, the stock market recorded its second worst year since 1931 and high-yield bonds suffered their worst year ever. However, as plans to stimulate the economy and stabilize the financials and auto industries began to take shape, investors responded by bidding up prices on both stocks and bonds, domestic and foreign, with the riskiest asset groups getting the biggest boost. In this environment, the management team re-aligned the fund's overall equity exposure, reducing large cap stocks, in particular, while increasing exposure to small cap stocks and adding to fixed income exposure. Wit hin fixed income, we used proceeds from equities and cash to increase exposure to investment grade corporate and high-yield bonds. We also reduced the fund's overall cash position. All of these moves proved beneficial to return. Within the fund's equity portfolio, growth holdings underperformed their respective benchmarks to detract from return while value holdings outperformed by a comfortable margin. The fund's international holdings also outperformed their benchmark.

•  At the end of the period, the fund remained slightly overweight in equities, with an emphasis on small-cap stocks and a slight underweight in large caps. The fund's exposure to fixed income was neutral relative to its target allocation. However, within fixed income we opted to underweight Treasurys and overweight investment grade and high-yield debt.

Past performance is no guarantee of future results.

Equity investments are affected by stock market fluctuations that occur in response to economic and business developments.

Investments in high yield or "junk" bonds offer the potential for higher income than investments in investment-grade bonds, but also involve a higher degree of risk. Changes in economic conditions or other circumstances may adversely affect a high- yield bond issuer's ability to make timely principal and interest payments. Rising interest rates tend to lower the value of all bonds.

International investing may involve certain risks, including foreign taxation, currency fluctuations, risks associated with possible differences in financial standards and other monetary and political risks.

The fund may be subject to the same types of risks associated with direct ownership of real estate including the decline of property values due to general, local and regional economic conditions.

Holdings are disclosed as of June 30, 2009, and are subject to change.

The outlook for the fund may differ from that presented for other Columbia Funds.

¹  The Standard & Poor's (S&P) 500 Index tracks the performance of 500 widely held, large-capitalization U.S. stocks. The Barclays Capital Aggregate Bond Index is a market value-weighted index that tracks the daily price, coupon, pay-downs and total return performance of fixed-rate, publicly placed, dollar-denominated and non-convertible investment-grade debt issues with at least $250 million par amount outstanding and with at least one year to final maturity. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the fund may not match those in an index.

²  Lipper Inc., a widely respected data provider in the industry, calculates an average total return (assuming reinvestment of distributions) for mutual funds with investment objectives similar to those of the fund. Lipper makes no adjustment for the effect of sales loads.

1

Performance Information

Columbia Asset Allocation Fund, Variable Series / June 30, 2009

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

Performance results reflect any fee waivers or reimbursements of fund expenses by the investment advisor and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of all distributions.

Performance results reflect all fund expenses, but do not include any insurance charges imposed by your insurance company's separate accounts. If performance results included the effect of these additional charges, they would be lower.

Average annual total return as of June 30, 2009 (%)

	(cumulative) 6-month		1-year		5-year		10-year
Class A (01/01/89)		6.65		-17.79		1.30		1.10
Class B (06/01/00)		6.58		-17.90		1.15		0.95
S&P 500 Index		3.16		-26.21		-2.24		-2.22
Barclays Capital
Aggregate Bond Index		1.90		6.05		5.01		5.98

Inception date of share class is in parentheses.

Net asset value per share ($)	12/31/08		06/30/09
Class A		9.32		9.94
Class B		9.27		9.88

Annual operating expense ratio (%)*
Class A	0.87
Class B	1.12

*The annual operating expense ratio is as stated in the fund's prospectus that is current as of the date of this report. Differences in expense ratios disclosed elsewhere in this report may result from including fee waivers and expense reimbursements as well as different time periods used in calculating the ratios.

The returns shown for Class B shares include the returns of the fund's Class A shares (the oldest existing share class) for periods prior to June 1, 2000, the date on which Class B shares were first offered by the Fund. The returns shown for Class B shares have not been restated to reflect any expense differential, such as distribution (Rule 12b-1) fees between Class A shares and Class B shares. If differences in expenses were reflected, the returns for Class B shares shown for periods prior to June 1, 2000 would be lower.

2

Understanding Your Expenses

Columbia Asset Allocation Fund, Variable Series / June 30, 2009

As a Variable Series fund shareholder, you incur ongoing costs, which generally include investment advisory fees, distribution (Rule 12b-1) fees for Class B shares and other fund expenses. The information on this page is intended to help you understand the ongoing costs of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your fund's expenses by share class

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in each share class of the fund during the period. The information in the following table is based on an initial investment of $1,000, which is invested at the beginning of the period and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the fund's actual operating expenses and total return for the period. The amount listed in the "Hypothetical" column for each share class assumes that the return each year is 5% before expenses and is calculated based on the fund's actual operating expenses. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during this period.

Estimating your actual expenses by share class

To estimate the expenses that you paid over the period, first you will need your account balance at the end of the period:

1. Divide your ending account balance by $1,000. For example, if an account balance was $8,600 at the end of the period, the result would be 8.6.

2. In the section of the table below titled "Expenses paid during the period," locate the amount for your share class. You will find this number in the column labeled "Actual." Multiply this number by the result from step 1. Your answer is an estimate of the expenses you paid on your account during the period.

01/01/09 – 06/30/09	Account value at the beginning of the period ($)				Account value at the end of the period ($)				Expenses paid during the period ($)				Fund's annualized expense ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,066.50		1,020.83		4.10		4.01		0.80
Class B		1,000.00		1,000.00		1,065.80		1,020.08		4.87		4.76		0.95

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

Had the investment advisor and/or any of its affiliates not waived fees or reimbursed a portion of expenses, account value at the end of the period would have been reduced.

It is important to note that the expense amounts shown in the table are meant to highlight only ongoing costs of investing in the share class of the fund. As a shareholder of the fund, you do not incur any transaction costs, such as sales charges, redemption fees or exchange fees. Expenses paid during the period do not include any insurance charges imposed by your insurance company's separate accounts.

The hypothetical examples provided are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds whose shareholders may incur transaction costs.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing costs of investing in the fund with other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund and do not reflect any transaction costs, such as sales charges, redemption fees or exchange fees, that may be incurred by shareholders of other funds. Expenses paid during the period do not include any insurance charges imposed by your insurance company's separate accounts.

3

Investment Portfolio

Columbia Asset Allocation Fund, Variable Series / June 30, 2009 (Unaudited)

	Shares		Value
COMMON STOCKS—56.3%
Consumer Discretionary—5.6%
Auto Components—0.0%
BorgWarner, Inc.		900	$	30,735
Stoneridge, Inc. (a)		452		2,169
Superior Industries International, Inc.		229		3,229
				36,133
Automobiles—0.3%
Suzuki Motor Corp.		13,900		310,815
Distributors—0.2%
Genuine Parts Co.		700		23,492
Li & Fung Ltd.		60,000		159,229
LKQ Corp. (a)		850		13,983
				196,704
Diversified Consumer Services—0.4%
Apollo Group, Inc., Class A (a)		1,235		87,833
Brink's Home Security Holdings, Inc. (a)		630		17,835
Capella Education Co. (a)		436		26,138
Corinthian Colleges, Inc. (a)		900		15,237
DeVry, Inc.		491		24,570
Educomp Solutions Ltd. (a)		3,438		269,874
H&R Block, Inc.		875		15,076
ITT Educational Services, Inc. (a)		300		30,198
Regis Corp.		580		10,098
Sotheby's		470		6,632
				503,491
Hotels, Restaurants & Leisure—1.2%
Bally Technologies, Inc. (a)		1,040		31,117
Benihana, Inc., Class A (a)		1,420		8,974
Bob Evans Farms, Inc.		450		12,933
Buffalo Wild Wings, Inc. (a)		585		19,024
Burger King Holdings, Inc.		1,180		20,379
Carnival Corp.		11,900		306,663
Carnival PLC		7,014		186,118
CEC Entertainment, Inc. (a)		310		9,139
Chipotle Mexican Grill, Inc., Class A (a)		180		14,400
Darden Restaurants, Inc.		670		22,096
Jack in the Box, Inc. (a)		280		6,286
Landry's Restaurants, Inc. (a)		296		2,546
McDonald's Corp.		3,302		189,832
Red Robin Gourmet Burgers, Inc. (a)		1,260		23,625
Royal Caribbean Cruises Ltd.		2,400		32,496
Starbucks Corp. (a)		14,100		195,849
Starwood Hotels & Resorts Worldwide, Inc.		14,585		323,787
Wynn Resorts Ltd. (a)		340		12,002
				1,417,266
Household Durables—0.1%
American Greetings Corp., Class A		1,120		13,082
Cavco Industries, Inc. (a)		292		7,396

	Shares		Value
CSS Industries, Inc.		460	$	9,375
DR Horton, Inc.		7,400		69,264
Ethan Allen Interiors, Inc.		650		6,734
Garmin Ltd.		500		11,910
Stanley Works		1,000		33,840
Tempur-Pedic International, Inc.		1,090		14,246
				165,847
Internet & Catalog Retail—0.3%
Amazon.com, Inc. (a)		1,550		129,673
Blue Nile, Inc. (a)		210		9,028
Ctrip.com International Ltd., ADR (a)		370		17,131
NetFlix, Inc. (a)		700		28,938
NutriSystem, Inc.		870		12,615
Priceline.com, Inc. (a)		245		27,330
Rakuten, Inc.		138		82,943
Ticketmaster Entertainment, Inc. (a)		1,295		8,314
				315,972
Leisure Equipment & Products—0.1%
Brunswick Corp.		1,684		7,275
Hasbro, Inc.		1,300		31,512
JAKKS Pacific, Inc. (a)		620		7,955
Polaris Industries, Inc.		470		15,096
				61,838
Media—0.5%
Arbitron, Inc.		1,280		20,339
Comcast Corp., Class A		6,550		94,909
Knology, Inc. (a)		1,520		13,118
Lamar Advertising Co., Class A (a)		1,000		15,270
Liberty Media Corp. - Entertainment, Class A (a)		5,600		149,800
Marvel Entertainment, Inc. (a)		277		9,858
McGraw-Hill Companies, Inc.		1,170		35,229
Regal Entertainment Group, Class A		2,100		27,909
VisionChina Media, Inc., ADR (a)		1,700		10,387
WPP PLC		25,339		168,532
				545,351
Multiline Retail—0.9%
J.C. Penney Co., Inc.		9,800		281,358
Kohl's Corp. (a)		3,100		132,525
Nordstrom, Inc.		24,780		492,874
Target Corp.		5,150		203,271
				1,110,028
Specialty Retail—1.3%
Abercrombie & Fitch Co., Class A		540		13,711
Advance Auto Parts, Inc.		435		18,048
Aeropostale, Inc. (a)		1,070		36,669
America's Car-Mart, Inc. (a)		746		15,293
American Eagle Outfitters, Inc.		3,265		46,265
AnnTaylor Stores Corp. (a)		3,261		26,023
Bed Bath & Beyond, Inc. (a)		540		16,605
Best Buy Co., Inc.		2,455		82,218
Christopher & Banks Corp.		452		3,033
Esprit Holdings Ltd.		100		559
Foot Locker, Inc.		4,100		42,927

See Accompanying Notes to Financial Statements.

4

Investment Portfolio (continued)

Columbia Asset Allocation Fund, Variable Series / June 30, 2009 (Unaudited)

	Shares		Value
GameStop Corp., Class A (a)		6,460	$	142,185
hhgregg, Inc. (a)		860		13,038
Lowe's Companies, Inc.		27,850		540,568
Men's Wearhouse, Inc.		548		10,511
O'Reilly Automotive, Inc. (a)		2,300		87,584
OfficeMax, Inc.		1,440		9,043
Pacific Sunwear of California (a)		4,839		16,307
Rent-A-Center, Inc. (a)		869		15,494
Ross Stores, Inc.		400		15,440
Sherwin-Williams Co.		260		13,975
Shoe Carnival, Inc. (a)		535		6,383
Staples, Inc.		4,850		97,824
TJX Companies, Inc.		8,495		267,253
Urban Outfitters, Inc. (a)		675		14,087
Wet Seal, Inc., Class A (a)		5,030		15,442
				1,566,485
Textiles, Apparel & Luxury Goods—0.3%
Coach, Inc.		785		21,101
Fossil, Inc. (a)		740		17,819
Hanesbrands, Inc. (a)		955		14,335
Iconix Brand Group, Inc. (a)		1,650		25,377
Movado Group, Inc.		850		8,959
Phillips-Van Heusen Corp.		1,016		29,149
Polo Ralph Lauren Corp.		2,800		149,912
True Religion Apparel, Inc. (a)		710		15,833
Volcom, Inc. (a)		1,130		14,125
Warnaco Group, Inc. (a)		360		11,664
Wolverine World Wide, Inc.		390		8,603
				316,877
Consumer Staples—5.4%
Beverages—1.2%
Anheuser-Busch InBev NV		7,444		269,492
Carlsberg A/S, Class B		4,784		307,506
Central European Distribution Corp. (a)		750		19,928
Coca-Cola Co.		9,750		467,902
Diageo PLC, ADR		3,208		183,658
Fomento Economico Mexicano SAB de CV, ADR		1,350		43,524
Molson Coors Brewing Co., Class B		3,950		167,203
Pepsi Bottling Group, Inc.		525		17,766
				1,476,979
Food & Staples Retailing—0.8%
BJ's Wholesale Club, Inc. (a)		240		7,735
Casey's General Stores, Inc.		1,020		26,204
CVS Caremark Corp.		10,400		331,448
Olam International Ltd.		578		966
Ruddick Corp.		470		11,012
Spartan Stores, Inc.		450		5,585
Wal-Mart Stores, Inc.		12,250		593,390
Weis Markets, Inc.		560		18,771
				995,111

	Shares		Value
Food Products—0.9%
Campbell Soup Co.		610	$	17,946
ConAgra Foods, Inc.		900		17,154
Corn Products International, Inc.		1,595		42,730
Darling International, Inc. (a)		2,378		15,695
Dean Foods Co. (a)		1,700		32,623
Flowers Foods, Inc.		990		21,622
Fresh Del Monte Produce, Inc. (a)		859		13,967
H.J. Heinz Co.		965		34,450
Hershey Co.		800		28,800
J.M. Smucker Co.		2,550		124,083
Lancaster Colony Corp.		94		4,143
Nestle SA, Registered Shares		14,173		534,905
Sanderson Farms, Inc.		334		15,030
Smithfield Foods, Inc. (a)		600		8,382
TreeHouse Foods, Inc. (a)		330		9,494
Want Want China Holdings Ltd.		233,000		130,393
				1,051,417
Household Products—0.8%
Clorox Co.		400		22,332
Colgate-Palmolive Co.		3,850		272,349
Procter & Gamble Co.		11,800		602,980
				897,661
Personal Products—0.6%
Avon Products, Inc.		17,421		449,113
Chattem, Inc. (a)		276		18,796
Estee Lauder Companies, Inc., Class A		5,850		191,120
Herbalife Ltd.		630		19,870
				678,899
Tobacco—1.1%
Japan Tobacco, Inc.		144		448,842
Philip Morris International, Inc.		18,639		813,033
				1,261,875
Energy—5.9%
Energy Equipment & Services—1.2%
Core Laboratories NV		150		13,073
Diamond Offshore Drilling, Inc.		470		39,034
Dril-Quip, Inc. (a)		540		20,574
FMC Technologies, Inc. (a)		445		16,723
Gulf Island Fabrication, Inc.		470		7,440
Halliburton Co.		5,050		104,535
Lufkin Industries, Inc.		172		7,233
Matrix Service Co. (a)		530		6,084
Nabors Industries Ltd. (a)		22,300		347,434
National-Oilwell Varco, Inc. (a)		1,425		46,540
Noble Corp.		1,100		33,275
Patterson-UTI Energy, Inc.		460		5,916
Pioneer Drilling Co. (a)		1,658		7,942
Schlumberger Ltd.		2,200		119,042
Smith International, Inc.		600		15,450
Superior Well Services, Inc. (a)		571		3,397
T-3 Energy Services, Inc. (a)		662		7,884
TGC Industries, Inc. (a)		883		4,300

See Accompanying Notes to Financial Statements.

5

Investment Portfolio (continued)

Columbia Asset Allocation Fund, Variable Series / June 30, 2009 (Unaudited)

	Shares		Value
Tidewater, Inc.		290	$	12,432
Transocean Ltd. (a)		6,265		465,427
Union Drilling, Inc. (a)		925		6,124
Weatherford International Ltd. (a)		7,100		138,876
				1,428,735
Oil, Gas & Consumable Fuels—4.7%
Alpha Natural Resources, Inc. (a)		450		11,821
Arena Resources, Inc. (a)		752		23,951
Berry Petroleum Co., Class A		410		7,622
BG Group PLC		18,465		310,248
Cabot Oil & Gas Corp.		1,100		33,704
Cairn Energy Plc (a)		5,911		228,357
Chevron Corp.		5,500		364,375
Cimarex Energy Co.		260		7,368
Concho Resources, Inc. (a)		759		21,776
CONSOL Energy, Inc.		650		22,074
Contango Oil & Gas Co. (a)		260		11,047
Continental Resources, Inc. (a)		644		17,871
Denbury Resources, Inc. (a)		1,341		19,753
Devon Energy Corp.		2,500		136,250
Encore Acquisition Co. (a)		520		16,042
EOG Resources, Inc.		4,775		324,318
Exxon Mobil Corp.		13,837		967,345
Forest Oil Corp. (a)		1,010		15,069
Hess Corp.		7,450		400,437
Holly Corp.		460		8,271
Marathon Oil Corp.		6,100		183,793
Mariner Energy, Inc. (a)		790		9,283
Newfield Exploration Co. (a)		6,600		215,622
Nordic American Tanker Shipping		256		8,146
Occidental Petroleum Corp.		8,500		559,385
Peabody Energy Corp.		6,050		182,468
Penn Virginia Corp.		610		9,986
PetroHawk Energy Corp. (a)		815		18,174
Petroleo Brasileiro SA, ADR		8,846		362,509
Quicksilver Resources, Inc. (a)		1,510		14,028
Range Resources Corp.		290		12,009
Santos Ltd.		19,828		232,930
Southwestern Energy Co. (a)		3,400		132,090
Stone Energy Corp. (a)		1,129		8,377
Swift Energy Co. (a)		580		9,657
Total SA		5,050		273,519
Ultra Petroleum Corp. (a)		450		17,550
Williams Companies, Inc.		19,600		305,956
				5,503,181
Financials—9.2%
Capital Markets—1.7%
Affiliated Managers Group, Inc. (a)		400		23,276
Ameriprise Financial, Inc.		2,900		70,383
Charles Schwab Corp.		7,000		122,780
Federated Investors, Inc., Class B		310		7,468
Goldman Sachs Group, Inc.		4,950		729,828
Greenhill & Co., Inc.		497		35,888
Invesco Ltd.		800		14,256

	Shares		Value
Investment Technology Group, Inc. (a)		350	$	7,137
Janus Capital Group, Inc.		6,211		70,805
Julius Baer Holding AG		2,762		107,690
Morgan Stanley		24,700		704,197
Piper Jaffray Companies, Inc. (a)		330		14,411
Raymond James Financial, Inc.		540		9,293
Stifel Financial Corp. (a)		495		23,805
T. Rowe Price Group, Inc.		625		26,044
Waddell & Reed Financial, Inc., Class A		2,011		53,030
				2,020,291
Commercial Banks—3.0%
BancFirst Corp.		322		11,135
BancTrust Financial Group, Inc.		930		2,790
Bank of Hawaii Corp.		900		32,247
Bank of New York Mellon Corp.		9,800		287,238
BB&T Corp.		11,100		243,978
BNP Paribas		6,179		400,979
Bryn Mawr Bank Corp.		618		11,662
Capitol Bancorp Ltd.		642		1,701
Chemical Financial Corp.		750		14,932
City National Corp.		1,000		36,830
Columbia Banking System, Inc.		650		6,649
Comerica, Inc.		1,700		35,955
Community Trust Bancorp, Inc.		346		9,255
Cullen/Frost Bankers, Inc.		1,200		55,344
Fifth Third Bancorp		17,200		122,120
First Citizens BancShares, Inc., Class A		123		16,439
First Financial Corp.		489		15,443
First National Bank of Alaska		6		9,660
Investors Bancorp, Inc. (a)		1,063		9,737
Mass Financial Corp., Class A (a)		1,170		7,231
Merchants Bancshares, Inc.		545		12,094
Mitsubishi UFJ Financial Group, Inc.		38,400		236,052
National Bank of Greece SA (a)		7,830		214,528
Northfield Bancorp, Inc.		762		8,854
Northrim BanCorp, Inc.		651		9,062
Pinnacle Financial Partners, Inc. (a)		917		12,214
PNC Financial Services Group, Inc.		9,165		355,694
Raiffeisen International Bank Holding AG		15		521
South Financial Group, Inc.		1,410		1,678
Sterling Bancorp NY		830		6,930
SVB Financial Group (a)		1,349		36,720
Taylor Capital Group, Inc. (a)		610		4,179
TCF Financial Corp.		4,900		65,513
U.S. Bancorp		34,793		623,491
Wells Fargo & Co.		18,774		455,457
West Coast Bancorp		820		1,673
Whitney Holding Corp.		690		6,320
Zions Bancorporation		11,005		127,218
				3,509,523

See Accompanying Notes to Financial Statements.

6

Investment Portfolio (continued)

Columbia Asset Allocation Fund, Variable Series / June 30, 2009 (Unaudited)

	Shares		Value
Consumer Finance—0.0%
Cash America International, Inc.		670	$	15,671
Diversified Financial Services—1.1%
IntercontinentalExchange, Inc. (a)		965		110,242
JPMorgan Chase & Co.		34,206		1,166,767
Medallion Financial Corp.		1,294		9,899
Moody's Corp.		690		18,181
Pico Holdings, Inc. (a)		260		7,462
Portfolio Recovery Associates, Inc. (a)		504		19,520
				1,332,071
Insurance—1.8%
ACE Ltd.		5,825		257,640
Aon Corp.		5,100		193,137
Axis Capital Holdings Ltd.		14,871		389,323
Baldwin & Lyons, Inc., Class B		568		11,190
Catlin Group Ltd.		22,917		121,400
CNA Surety Corp. (a)		940		12,681
EMC Insurance Group, Inc.		616		12,819
FBL Financial Group, Inc. Class A		880		7,269
First Mercury Financial Corp.		610		8,400
Harleysville Group, Inc.		300		8,466
Horace Mann Educators Corp.		1,140		11,366
Marsh & McLennan Companies, Inc.		13,300		267,729
Muenchener Rueckversicherungs- Gesellschaft AG, Registered Shares		1,892		255,883
National Western Life Insurance Co., Class A		67		7,822
Navigators Group, Inc. (a)		286		12,707
Platinum Underwriters Holdings Ltd.		210		6,004
Prudential Financial, Inc.		10,911		406,107
Prudential PLC		937		6,376
Reinsurance Group of America, Inc.		2,000		69,820
RLI Corp.		244		10,931
Safety Insurance Group, Inc.		450		13,752
Selective Insurance Group, Inc.		563		7,189
Stewart Information Services Corp.		550		7,837
Tower Group, Inc.		390		9,664
United America Indemnity Ltd., Class A (a)		3,545		16,980
United Fire & Casualty Co.		511		8,764
				2,141,256
Real Estate Investment Trusts (REITs)—0.9%
Alexandria Real Estate Equities, Inc.		1,085		38,832
Boston Properties, Inc.		500		23,850
DCT Industrial Trust, Inc.		2,118		8,642
DiamondRock Hospitality Co.		2,010		12,583
Digital Realty Trust, Inc.		630		22,586
Duke Realty Corp.		720		6,314
DuPont Fabros Technology, Inc.		608		5,727
Equity Residential Property Trust		900		20,007
Franklin Street Properties Corp.		1,198		15,874
Getty Realty Corp.		420		7,925
Home Properties, Inc.		314		10,708

	Shares		Value
Host Hotels & Resorts, Inc.		3,200	$	26,848
LaSalle Hotel Properties		739		9,119
Mack-Cali Realty Corp.		230		5,244
National Health Investors, Inc.		541		14,450
National Retail Properties, Inc.		1,529		26,528
Plum Creek Timber Co., Inc.		7,800		232,284
Potlatch Corp.		640		15,546
ProLogis		1,500		12,090
Rayonier, Inc.		8,200		298,070
Simon Property Group, Inc.		3,640		187,205
Sun Communities, Inc.		630		8,681
Sunstone Hotel Investors, Inc.		1,481		7,923
Universal Health Realty Income Trust		410		12,923
Urstadt Biddle Properties, Inc., Class A		740		10,419
Vornado Realty Trust		382		17,202
Washington Real Estate Investment Trust		420		9,395
				1,066,975
Real Estate Management & Development—0.2%
Avatar Holdings, Inc. (a)		275		4,997
CB Richard Ellis Group, Inc., Class A (a)		2,250		21,060
Maui Land & Pineapple Co., Inc. (a)		458		3,531
Swire Pacific Ltd., Class A		15,500		154,373
				183,961
Thrifts & Mortgage Finance—0.5%
Bank Mutual Corp.		1,370		11,946
BankFinancial Corp.		1,070		9,480
Beneficial Mutual Bancorp, Inc. (a)		1,176		11,290
Brookline Bancorp, Inc.		1,610		15,005
Clifton Savings Bancorp, Inc.		933		10,039
ESSA Bancorp, Inc.		684		9,350
Home Federal Bancorp, Inc.		1,245		12,687
Housing Development Finance Corp., Ltd.		8,359		410,061
TrustCo Bank Corp. NY		1,310		7,742
United Financial Bancorp, Inc.		750		10,365
Washington Federal, Inc.		890		11,570
Westfield Financial, Inc.		1,433		12,983
				532,518
Health Care—6.9%
Biotechnology—1.1%
Alexion Pharmaceuticals, Inc. (a)		946		38,900
Alkermes, Inc. (a)		2,020		21,856
AMAG Pharmaceuticals, Inc. (a)		110		6,014
Amgen, Inc. (a)		5,575		295,140
Array Biopharma, Inc. (a)		41		129
BioMarin Pharmaceuticals, Inc. (a)		2,326		36,309
Celgene Corp. (a)		3,450		165,048
Cephalon, Inc. (a)		235		13,313
Dendreon Corp. (a)		370		9,194
Genzyme Corp. (a)		3,050		169,793
Gilead Sciences, Inc. (a)		5,400		252,936

See Accompanying Notes to Financial Statements.

7

Investment Portfolio (continued)

Columbia Asset Allocation Fund, Variable Series / June 30, 2009 (Unaudited)

	Shares		Value
Immunogen, Inc. (a)		1,616	$	13,914
Isis Pharmaceuticals, Inc. (a)		790		13,035
Martek Biosciences Corp.		860		18,189
Onyx Pharmaceuticals, Inc. (a)		863		24,388
OSI Pharmaceuticals, Inc. (a)		547		15,442
Regeneron Pharmaceuticals, Inc. (a)		1,100		19,712
Rigel Pharmaceuticals, Inc. (a)		930		11,272
Seattle Genetics, Inc. (a)		1,860		18,079
Theravance, Inc. (a)		650		9,516
United Therapeutics Corp. (a)		234		19,499
Vertex Pharmaceuticals, Inc. (a)		4,590		163,588
				1,335,266
Health Care Equipment & Supplies—0.9%
Analogic Corp.		170		6,282
Baxter International, Inc.		5,700		301,872
Beckman Coulter, Inc.		550		31,427
Boston Scientific Corp. (a)		25,900		262,626
China Medical Technologies, Inc., ADR		630		12,543
Cooper Companies, Inc.		900		22,257
Hologic, Inc. (a)		1,745		24,831
Hospira, Inc. (a)		1,275		49,113
ICU Medical, Inc. (a)		190		7,819
Immucor, Inc. (a)		649		8,930
Intuitive Surgical, Inc. (a)		190		31,095
Masimo Corp. (a)		556		13,405
Meridian Bioscience, Inc.		660		14,903
NuVasive, Inc. (a)		199		8,875
Quidel Corp. (a)		1,250		18,200
St. Jude Medical, Inc. (a)		4,100		168,510
STERIS Corp.		600		15,648
Teleflex, Inc.		650		29,140
Thoratec Corp. (a)		490		13,122
Varian Medical Systems, Inc. (a)		355		12,475
Wright Medical Group, Inc. (a)		757		12,309
Young Innovations, Inc.		201		4,380
				1,069,762
Health Care Providers & Services—1.3%
Alliance Imaging, Inc. (a)		2,434		17,841
Allion Healthcare, Inc. (a)		220		1,309
AmerisourceBergen Corp.		9,800		173,852
AmSurg Corp. (a)		335		7,182
CIGNA Corp.		9,180		221,146
Community Health Systems, Inc. (a)		1,000		25,250
Cross Country Healthcare, Inc. (a)		733		5,036
Express Scripts, Inc. (a)		1,175		80,781
Genoptix, Inc. (a)		260		8,317
Healthspring, Inc. (a)		943		10,241
inVentiv Health, Inc. (a)		1,324		17,914
Kindred Healthcare, Inc. (a)		700		8,659
Magellan Health Services, Inc. (a)		250		8,205
Medcath Corp. (a)		309		3,634
Medco Health Solutions, Inc. (a)		14,860		677,765
Mednax, Inc. (a)		481		20,265
MWI Veterinary Supply, Inc. (a)		463		16,140
NovaMed, Inc. (a)		1,793		7,082

	Shares		Value
Owens & Minor, Inc.		868	$	38,036
Patterson Companies, Inc. (a)		1,155		25,063
Psychiatric Solutions, Inc. (a)		1,599		36,361
Res-Care, Inc. (a)		970		13,871
Triple-S Management Corp., Class B (a)		310		4,833
U.S. Physical Therapy, Inc. (a)		410		6,048
VCA Antech, Inc. (a)		1,000		26,700
				1,461,531
Health Care Technology—0.0%
Cerner Corp. (a)		180		11,212
Quality Systems, Inc.		190		10,823
				22,035
Life Sciences Tools & Services—1.4%
Albany Molecular Research, Inc. (a)		580		4,866
Bio-Rad Laboratories, Inc., Class A (a)		284		21,436
Covance, Inc. (a)		3,550		174,660
Dionex Corp. (a)		402		24,534
ICON PLC, ADR (a)		2,138		46,138
Illumina, Inc. (a)		581		22,624
Life Technologies Corp. (a)		13,375		558,005
Mettler-Toledo International, Inc. (a)		275		21,216
PAREXEL International Corp. (a)		371		5,335
Qiagen NV (a)		20,112		373,299
Thermo Fisher Scientific, Inc. (a)		10,616		432,815
Varian, Inc. (a)		200		7,886
				1,692,814
Pharmaceuticals—2.2%
Abbott Laboratories		11,700		550,368
Bristol-Myers Squibb Co.		9,300		188,883
Eurand NV (a)		1,328		17,264
Johnson & Johnson		11,900		675,920
Myriad Pharmaceuticals, Inc. (a)		107		498
Novartis AG, Registered Shares		8,219		333,925
Perrigo Co.		845		23,474
Roche Holding AG, Genusschein		2,265		308,150
Schering-Plough Corp.		12,200		306,464
Teva Pharmaceutical Industries Ltd., ADR		3,000		148,020
				2,552,966
Industrials—6.9%
Aerospace & Defense—1.8%
AAR Corp. (a)		441		7,078
AerCap Holdings NV (a)		2,000		14,440
Alliant Techsystems, Inc. (a)		300		24,708
BE Aerospace, Inc. (a)		1,820		26,135
Ceradyne, Inc. (a)		430		7,594
Esterline Technologies Corp. (a)		220		5,955
Goodrich Corp.		10,900		544,673
HEICO Corp.		460		16,680
Hexcel Corp. (a)		700		6,671
Honeywell International, Inc.		7,700		241,780
ITT Corp.		485		21,582

See Accompanying Notes to Financial Statements.

8

Investment Portfolio (continued)

Columbia Asset Allocation Fund, Variable Series / June 30, 2009 (Unaudited)

	Shares		Value
L-3 Communications Holdings, Inc.		2,475	$	171,715
Ladish Co., Inc. (a)		770		9,987
Lockheed Martin Corp.		3,200		258,080
Northrop Grumman Corp.		4,600		210,128
Precision Castparts Corp.		585		42,723
Spirit Aerosystems Holdings, Inc., Class A (a)		1,869		25,680
Stanley, Inc. (a)		400		13,152
Teledyne Technologies, Inc. (a)		633		20,731
United Technologies Corp.		9,362		486,450
				2,155,942
Air Freight & Logistics—0.0%
HUB Group, Inc., Class A (a)		1,050		21,672
Pacer International, Inc.		1,734		3,867
				25,539
Airlines—0.2%
Delta Air Lines, Inc. (a)		2,400		13,896
Ryanair Holdings PLC, ADR (a)		6,342		180,049
Skywest, Inc.		900		9,180
				203,125
Building Products—0.0%
Ameron International Corp.		161		10,794
Builders FirstSource, Inc. (a)		1,578		6,565
Lennox International, Inc.		340		10,917
NCI Building Systems, Inc. (a)		880		2,323
Universal Forest Products, Inc.		260		8,603
				39,202
Commercial Services & Supplies—0.3%
ABM Industries, Inc.		460		8,312
ATC Technology Corp. (a)		530		7,685
Brink's Co.		650		18,870
Comfort Systems USA, Inc.		688		7,052
Consolidated Graphics, Inc. (a)		420		7,316
Ennis, Inc.		28		349
Geo Group, Inc. (a)		1,028		19,100
Mobile Mini, Inc. (a)		1,220		17,898
Republic Services, Inc.		9,900		241,659
Stericycle, Inc. (a)		440		22,673
United Stationers, Inc. (a)		250		8,720
Waste Connections, Inc. (a)		947		24,537
				384,171
Construction & Engineering—0.3%
Dycom Industries, Inc. (a)		890		9,852
EMCOR Group, Inc. (a)		640		12,877
Foster Wheeler AG (a)		1,095		26,006
Granite Construction, Inc.		352		11,715
Jacobs Engineering Group, Inc. (a)		330		13,890
KBR, Inc.		9,550		176,102
KHD Humboldt Wedag International Ltd. (a)		568		4,737
Layne Christensen Co. (a)		310		6,339
Maire Tecnimont SpA		31,876		104,182
Sterling Construction Co., Inc. (a)		97		1,480
				367,180

	Shares		Value
Electrical Equipment—1.1%
A.O. Smith Corp.		600	$	19,542
ABB Ltd., Registered Shares (a)		11,018		173,429
Acuity Brands, Inc.		230		6,452
Alstom		2,598		153,766
American Superconductor Corp. (a)		470		12,338
AMETEK, Inc.		625		21,612
AZZ, Inc. (a)		420		14,452
Belden, Inc.		490		8,183
Cooper Industries Ltd., Class A		5,700		176,985
Dongfang Electrical Machinery Co., Ltd., Class H		58		207
GrafTech International Ltd. (a)		1,440		16,286
II-VI, Inc. (a)		939		20,818
Regal-Beloit Corp.		560		22,243
Renewable Energy Corp. AS (a)		10,915		85,343
Roper Industries, Inc.		555		25,147
Vestas Wind Systems A/S (a)		6,543		470,362
				1,227,165
Industrial Conglomerates—0.5%
General Electric Co.		28,566		334,793
McDermott International, Inc. (a)		1,905		38,691
Textron, Inc.		1,955		18,885
Tyco International Ltd.		6,200		161,076
				553,445
Machinery—1.3%
Astec Industries, Inc. (a)		285		8,462
Bucyrus International, Inc.		825		23,562
CIRCOR International, Inc.		320		7,555
Cummins, Inc.		745		26,231
Dynamic Materials Corp.		380		7,326
Eaton Corp.		2,300		102,603
EnPro Industries, Inc. (a)		570		10,266
ESCO Technologies, Inc. (a)		320		14,336
Flowserve Corp.		3,150		219,901
FreightCar America, Inc.		383		6,438
GEA Group AG		9,431		143,067
Harsco Corp.		1,240		35,092
Jain Irrigation Systems Ltd.		20,536		270,745
Joy Global, Inc.		510		18,217
Kadant, Inc. (a)		592		6,684
Kaydon Corp.		490		15,954
Kennametal, Inc.		1,200		23,016
LB Foster Co., Class A (a)		198		5,954
Navistar International Corp. (a)		3,136		136,730
Nordson Corp.		406		15,696
PACCAR, Inc.		1,600		52,016
Pall Corp.		755		20,053
Parker Hannifin Corp.		4,025		172,914
Robbins & Myers, Inc.		390		7,508
SPX Corp.		3,100		151,807
Wabtec Corp.		1,017		32,717
				1,534,850
Marine—0.1%
Alexander & Baldwin, Inc.		700		16,408
Genco Shipping & Trading Ltd.		1,144		24,848
Kirby Corp. (a)		450		14,305
				55,561

See Accompanying Notes to Financial Statements.

9

Investment Portfolio (continued)

Columbia Asset Allocation Fund, Variable Series / June 30, 2009 (Unaudited)

	Shares		Value
Professional Services—0.4%
CDI Corp.		681	$	7,593
Dun & Bradstreet Corp.		1,825		148,208
Exponent, Inc. (a)		440		10,784
Kforce, Inc. (a)		639		5,285
Korn/Ferry International (a)		610		6,490
LECG Corp. (a)		1,145		3,733
Monster Worldwide, Inc. (a)		1,315		15,530
MPS Group, Inc. (a)		1,980		15,127
SGS SA, Registered Shares		152		188,748
				401,498
Road & Rail—0.3%
Arkansas Best Corp.		340		8,959
Canadian Pacific Railway Ltd.		600		23,880
Genesee & Wyoming, Inc., Class A (a)		265		7,025
Heartland Express, Inc.		590		8,685
Landstar System, Inc.		745		26,753
Old Dominion Freight Line, Inc. (a)		990		33,234
Ryder System, Inc.		3,200		89,344
Union Pacific Corp.		2,750		143,165
Werner Enterprises, Inc.		1,150		20,838
				361,883
Trading Companies & Distributors—0.5%
Beacon Roofing Supply, Inc. (a)		1,120		16,195
Fastenal Co.		630		20,897
Kaman Corp.		567		9,469
Mitsui & Co., Ltd.		23,000		270,952
W.W. Grainger, Inc.		3,050		249,734
Watsco, Inc.		198		9,688
				576,935
Transportation Infrastructure—0.1%
Koninklijke Vopak NV (a)		2,982		149,159
Information Technology—9.7%
Communications Equipment—1.7%
3Com Corp. (a)		3,320		15,637
ADC Telecommunications, Inc. (a)		930		7,403
Airvana, Inc. (a)		359		2,287
Anaren, Inc. (a)		638		11,280
Arris Group, Inc. (a)		1,572		19,116
Avocent Corp. (a)		490		6,840
Bel Fuse, Inc., Class B		301		4,828
Black Box Corp.		401		13,421
Brocade Communications Systems, Inc. (a)		1,660		12,981
Cisco Systems, Inc. (a)		25,230		470,287
CommScope, Inc. (a)		7,160		188,022
Comtech Telecommunications Corp. (a)		642		20,467
Corning, Inc.		19,000		305,140
Digi International, Inc. (a)		1,070		10,432
Motorola, Inc.		3,665		24,299
Nokia Oyj		13,406		195,643
Palm, Inc. (a)		590		9,776
Plantronics, Inc.		480		9,077

	Shares		Value
Polycom, Inc. (a)		1,733	$	35,128
QUALCOMM, Inc.		13,000		587,600
Riverbed Technology, Inc. (a)		677		15,700
Symmetricom, Inc. (a)		1,180		6,809
Tandberg ASA		1,150		19,414
Tekelec (a)		450		7,573
Tellabs, Inc. (a)		1,800		10,314
				2,009,474
Computers & Peripherals—2.3%
Adaptec, Inc. (a)		1,040		2,756
Apple, Inc. (a)		4,950		705,028
Diebold, Inc.		1,300		34,268
Electronics for Imaging, Inc. (a)		820		8,741
EMC Corp. (a)		49,500		648,450
Hewlett-Packard Co.		13,610		526,026
International Business Machines Corp.		6,450		673,509
NCR Corp. (a)		4,560		53,945
NetApp, Inc. (a)		840		16,565
QLogic Corp. (a)		710		9,003
SanDisk Corp. (a)		1,655		24,312
				2,702,603
Electronic Equipment, Instruments & Components—0.2%
Agilent Technologies, Inc. (a)		900		18,279
Anixter International, Inc. (a)		370		13,908
Arrow Electronics, Inc. (a)		1,500		31,860
AU Optronics Corp., ADR		1,480		14,326
Benchmark Electronics, Inc. (a)		1,080		15,552
Brightpoint, Inc. (a)		7,670		48,091
CPI International, Inc. (a)		682		5,927
CTS Corp.		892		5,843
Electro Scientific Industries, Inc. (a)		700		7,826
LG Display Co., Ltd., ADR		2,145		26,791
Littelfuse, Inc. (a)		370		7,385
Methode Electronics, Inc.		229		1,608
MTS Systems Corp.		380		7,847
NAM TAI Electronics, Inc.		1,609		6,854
Plexus Corp. (a)		244		4,992
TTM Technologies, Inc. (a)		2,130		16,955
				234,044
Internet Software & Services—1.0%
Akamai Technologies, Inc. (a)		595		11,412
Baidu, Inc., ADR (a)		536		161,384
comScore, Inc. (a)		1,210		16,117
Digital River, Inc. (a)		780		28,330
Equinix, Inc. (a)		2,474		179,959
Google, Inc., Class A (a)		1,487		626,904
InfoSpace, Inc. (a)		780		5,171
Sohu.com, Inc. (a)		370		23,247
Switch & Data Facilities Co., Inc. (a)		1,384		16,234
ValueClick, Inc. (a)		1,590		16,727
VeriSign, Inc. (a)		1,680		31,047
VistaPrint Ltd. (a)		270		11,516
Websense, Inc. (a)		1,601		28,562
				1,156,610

See Accompanying Notes to Financial Statements.

10

Investment Portfolio (continued)

Columbia Asset Allocation Fund, Variable Series / June 30, 2009 (Unaudited)

	Shares		Value
IT Services—0.3%
Acxiom Corp.		660	$	5,828
Alliance Data Systems Corp. (a)		510		21,007
CACI International, Inc., Class A (a)		732		31,264
Cognizant Technology Solutions Corp., Class A (a)		645		17,222
CSG Systems International, Inc. (a)		567		7,507
Cybersource Corp. (a)		710		10,863
Hewitt Associates, Inc., Class A (a)		550		16,379
MasterCard, Inc., Class A		130		21,750
MAXIMUS, Inc.		310		12,788
Paychex, Inc.		455		11,466
Syntel, Inc.		680		21,379
TeleTech Holdings, Inc. (a)		2,395		36,284
Visa, Inc., Class A		2,350		146,311
Wright Express Corp. (a)		490		12,480
				372,528
Semiconductors & Semiconductor Equipment—2.3%
Actel Corp. (a)		484		5,193
Altera Corp.		840		13,675
Analog Devices, Inc.		1,485		36,798
ASML Holding NV		13,591		294,792
Atheros Communications, Inc. (a)		650		12,506
ATMI, Inc. (a)		320		4,970
Broadcom Corp., Class A (a)		5,990		148,492
Cabot Microelectronics Corp. (a)		590		16,691
Cavium Networks, Inc. (a)		1,380		23,198
Cirrus Logic, Inc. (a)		1,500		6,750
Fairchild Semiconductor International, Inc. (a)		1,530		10,695
Hittite Microwave Corp. (a)		350		12,163
Integrated Device Technology, Inc. (a)		2,560		15,462
Intel Corp.		28,850		477,468
International Rectifier Corp. (a)		815		12,070
Intersil Corp., Class A		9,100		114,387
IXYS Corp.		1,230		12,448
KLA-Tencor Corp.		4,400		111,100
Kulicke & Soffa Industries, Inc. (a)		1,802		6,181
Lam Research Corp. (a)		2,060		53,560
Marvell Technology Group Ltd. (a)		18,246		212,383
Maxim Integrated Products, Inc.		10,100		158,469
MEMC Electronic Materials, Inc. (a)		1,420		25,290
MKS Instruments, Inc. (a)		563		7,426
Monolithic Power Systems, Inc. (a)		899		20,147
NVIDIA Corp. (a)		1,405		15,862
OmniVision Technologies, Inc. (a)		808		8,395
ON Semiconductor Corp. (a)		2,300		15,778
Skyworks Solutions, Inc. (a)		2,050		20,049
Texas Instruments, Inc.		19,400		413,220
Tokyo Electron Ltd.		6,400		307,394
Verigy Ltd. (a)		1,999		24,328
Zoran Corp. (a)		757		8,251
				2,625,591

	Shares		Value
Software—1.9%
Activision Blizzard, Inc. (a)		12,346	$	155,930
Adobe Systems, Inc. (a)		6,650		188,195
ANSYS, Inc. (a)		644		20,067
Autodesk, Inc. (a)		645		12,242
BMC Software, Inc. (a)		5,040		170,302
Cadence Design Systems, Inc. (a)		3,785		22,332
Citrix Systems, Inc. (a)		800		25,512
Concur Technologies, Inc. (a)		576		17,902
Electronic Arts, Inc. (a)		1,370		29,756
Informatica Corp. (a)		1,052		18,084
Intuit, Inc. (a)		825		23,232
Jack Henry & Associates, Inc.		240		4,980
McAfee, Inc. (a)		760		32,064
Mentor Graphics Corp. (a)		1,370		7,494
Microsoft Corp.		36,010		855,958
MSC.Software Corp. (a)		1,190		7,925
Net 1 UEPS Technologies, Inc. (a)		1,300		17,667
Oracle Corp.		17,450		373,779
Parametric Technology Corp. (a)		660		7,715
Progress Software Corp. (a)		310		6,563
Salesforce.com, Inc. (a)		550		20,994
Solera Holdings, Inc. (a)		610		15,494
Symantec Corp. (a)		10,975		170,771
Synopsys, Inc. (a)		900		17,559
THQ, Inc. (a)		2,140		15,322
				2,237,839
Materials—3.1%
Chemicals—1.5%
Air Products & Chemicals, Inc.		625		40,369
Albemarle Corp.		1,000		25,570
Calgon Carbon Corp. (a)		310		4,306
Celanese Corp., Series A		11,000		261,250
CF Industries Holdings, Inc.		560		41,518
Cytec Industries, Inc.		500		9,310
Ecolab, Inc.		465		18,130
H.B. Fuller Co.		950		17,832
Koppers Holdings, Inc.		611		16,112
Monsanto Co.		3,735		277,660
OM Group, Inc. (a)		550		15,961
Potash Corp. of Saskatchewan, Inc.		2,545		236,812
PPG Industries, Inc.		975		42,803
Praxair, Inc.		1,450		103,051
Shin-Etsu Chemical Co., Ltd.		4,500		207,834
Solutia, Inc. (a)		2,135		12,298
Syngenta AG, Registered Shares		906		210,386
Umicore		3		68
Yara International ASA		5,663		158,588
				1,699,858
Construction Materials—0.2%
CRH PLC		9,234		211,151
Eagle Materials, Inc.		241		6,083
				217,234

See Accompanying Notes to Financial Statements.

11

Investment Portfolio (continued)

Columbia Asset Allocation Fund, Variable Series / June 30, 2009 (Unaudited)

	Shares		Value
Containers & Packaging—0.3%
Crown Holdings, Inc. (a)		1,100	$	26,554
Greif, Inc., Class A		998		44,132
Greif, Inc., Class B		518		20,849
Owens-Illinois, Inc. (a)		6,600		184,866
Packaging Corp. of America		2,503		40,549
				316,950
Metals & Mining—0.9%
Agnico-Eagle Mines Ltd.		510		26,765
Allegheny Technologies, Inc.		350		12,225
BHP Billiton Ltd.		8,603		235,786
Carpenter Technology Corp.		340		7,075
Cliffs Natural Resources, Inc.		1,680		41,110
Compass Minerals International, Inc.		160		8,786
Harry Winston Diamond Corp.		1,637		9,756
Haynes International, Inc. (a)		392		9,290
Newcrest Mining Ltd.		10,303		252,467
Nucor Corp.		6,100		271,023
Olympic Steel, Inc.		486		11,892
RTI International Metals, Inc. (a)		610		10,779
Steel Dynamics, Inc.		9,330		137,431
Walter Energy, Inc.		895		32,435
				1,066,820
Paper & Forest Products—0.2%
Clearwater Paper Corp. (a)		764		19,322
Weyerhaeuser Co.		8,650		263,219
				282,541
Telecommunication Services—1.4%
Diversified Telecommunication Services—1.1%
AT&T, Inc.		25,154		624,825
China Unicom Ltd.		174,000		231,403
Deutsche Telekom AG, Registered Shares		11,218		132,580
Neutral Tandem, Inc. (a)		410		12,103
NTELOS Holdings Corp.		880		16,210
Verizon Communications, Inc.		9,599		294,977
Warwick Valley Telephone Co.		624		7,176
				1,319,274
Wireless Telecommunication Services—0.3%
American Tower Corp., Class A (a)		5,357		168,906
Leap Wireless International, Inc. (a)		445		14,654
Millicom International Cellular SA (a)		260		14,628
NII Holdings, Inc. (a)		910		17,354
SBA Communications Corp., Class A (a)		1,660		40,736
Syniverse Holdings, Inc. (a)		2,155		34,545
				290,823
Utilities—2.2%
Electric Utilities—1.0%
ALLETE, Inc.		450		12,937
American Electric Power Co., Inc.		700		20,223

	Shares		Value
El Paso Electric Co. (a)		710	$	9,912
Electricite de France		3,993		194,714
Entergy Corp.		325		25,194
Exelon Corp.		3,800		194,598
FPL Group, Inc.		8,850		503,211
Great Plains Energy, Inc.		540		8,397
Hawaiian Electric Industries, Inc.		350		6,671
Maine & Maritimes Corp.		149		5,178
MGE Energy, Inc.		400		13,420
Northeast Utilities		5,363		119,649
PPL Corp.		620		20,435
UIL Holdings Corp.		470		10,551
				1,145,090
Gas Utilities—0.0%
Questar Corp.		695		21,587
Independent Power Producers & Energy Traders—0.3%
AES Corp. (a)		30,614		355,429
Black Hills Corp.		850		19,541
				374,970
Multi-Utilities—0.8%
Avista Corp.		910		16,207
CH Energy Group, Inc.		280		13,076
NorthWestern Corp.		640		14,567
PG&E Corp.		8,611		331,007
Public Service Enterprise Group, Inc.		4,072		132,869
Sempra Energy		1,200		59,556
Suez Environnement SA		5,774		101,255
Wisconsin Energy Corp.		4,000		162,840
Xcel Energy, Inc.		2,925		53,849
				885,226
Water Utilities—0.1%
Epure International Ltd.		432,000		133,241
Total Common Stocks (cost of $64,647,650)				65,905,263
	Par
CORPORATE FIXED-INCOME BONDS & NOTES—13.3%
Basic Materials—0.8%
Chemicals—0.3%
EI Du Pont de Nemours & Co. 5.000% 07/15/13	$	60,000		63,098
Huntsman International LLC 7.875% 11/15/14		330,000		261,525
				324,623
Forest Products & Paper—0.2%
Georgia-Pacific Corp. 8.000% 01/15/24		270,000		229,500
Iron/Steel—0.1%
Nucor Corp. 5.850% 06/01/18		130,000		134,828

See Accompanying Notes to Financial Statements.

12

Investment Portfolio (continued)

Columbia Asset Allocation Fund, Variable Series / June 30, 2009 (Unaudited)

	Par		Value
Metals & Mining—0.2%
Freeport-McMoRan Copper & Gold, Inc. 8.375% 04/01/17	$	225,000	$	226,687
Communications—2.3%
Media—0.7%
Cablevision Systems Corp. 8.000% 04/15/12		230,000		227,700
Comcast Cable Holdings LLC 9.875% 06/15/22		5,000		6,024
Comcast Corp. 7.050% 03/15/33		150,000		159,638
DirecTV Holdings LLC 6.375% 06/15/15		250,000		231,250
News America, Inc. 6.550% 03/15/33		150,000		134,254
Viacom, Inc. 6.125% 10/05/17		75,000		72,887
				831,753
Telecommunication Services—1.6%
AT&T, Inc. 5.100% 09/15/14		160,000		166,206
BellSouth Corp. 6.000% 10/15/11		2,000		2,137
British Telecommunications PLC 5.150% 01/15/13		125,000		124,569
Cricket Communications, Inc. 9.375% 11/01/14		240,000		236,400
Intelsat Corp. 9.250% 06/15/16 (c)		245,000		234,587
Lucent Technologies, Inc. 6.450% 03/15/29		585,000		331,987
New Cingular Wireless Services, Inc. 8.125% 05/01/12		3,000		3,359
8.750% 03/01/31		108,000		131,631
Qwest Communications International, Inc. 7.500% 02/15/14		255,000		232,688
Telefonica Emisiones SAU 5.984% 06/20/11		125,000		131,614
Verizon Wireless Capital LLC 5.550% 02/01/14 (c)		165,000		175,169
Vodafone Group PLC 5.750% 03/15/16		140,000		143,728
				1,914,075
Consumer Cyclical—0.3%
Apparel—0.1%
Levi Strauss & Co. 9.750% 01/15/15		155,000		152,288

	Par		Value
Retail—0.2%
CVS Caremark Corp. 5.750% 06/01/17	$	125,000	$	125,646
Wal-Mart Stores, Inc. 5.800% 02/15/18		100,000		108,934
				234,580
Consumer Non-Cyclical—0.8%
Beverages—0.2%
Bottling Group LLC 6.950% 03/15/14		100,000		114,058
Miller Brewing Co. 5.500% 08/15/13 (c)		150,000		148,312
				262,370
Food—0.1%
Campbell Soup Co. 4.500% 02/15/19		65,000		63,901
ConAgra Foods, Inc. 6.750% 09/15/11		10,000		10,694
				74,595
Healthcare Services—0.1%
HCA, Inc. PIK, 9.625% 11/15/16		126,000		124,740
Pharmaceuticals—0.4%
Express Scripts, Inc. 5.250% 06/15/12		120,000		123,978
Omnicare, Inc. 6.875% 12/15/15		245,000		221,113
Wyeth 5.500% 02/01/14		145,000		155,184
				500,275
Energy—1.6%
Oil & Gas—0.9%
Canadian Natural Resources Ltd. 5.700% 05/15/17		125,000		126,401
Chesapeake Energy Corp. 6.375% 06/15/15		300,000		267,000
Chevron Corp. 4.950% 03/03/19		150,000		154,994
KCS Energy, Inc. 7.125% 04/01/12		245,000		230,913
Nexen, Inc. 5.875% 03/10/35		150,000		128,526
Talisman Energy, Inc. 6.250% 02/01/38		150,000		135,101
				1,042,935
Oil & Gas Services—0.2%
Halliburton Co. 5.900% 09/15/18		100,000		106,787
Weatherford International Ltd. 5.150% 03/15/13		100,000		99,736
				206,523

See Accompanying Notes to Financial Statements.

13

Investment Portfolio (continued)

Columbia Asset Allocation Fund, Variable Series / June 30, 2009 (Unaudited)

	Par		Value
Pipelines—0.5%
El Paso Corp. 6.875% 06/15/14	$	145,000	$	135,320
Enterprise Products Operating LLC 4.600% 08/01/12		100,000		100,684
MarkWest Energy Partners LP 8.500% 07/15/16		165,000		141,900
Plains All American Pipeline LP/PAA Finance Corp. 6.650% 01/15/37		90,000		83,498
TransCanada Pipelines Ltd. 6.350% 05/15/67 (b)		225,000		156,375
				617,777
Financials—5.1%
Banks—2.8%
ANZ National International Ltd. 6.200% 07/19/13 (c)		250,000		257,543
Bank of New York Mellon Corp. 5.125% 08/27/13		200,000		210,519
Capital One Financial Corp. 5.500% 06/01/15		315,000		291,217
Citicorp Lease Pass-Through Trust 8.040% 12/15/19 (c)		575,000		522,891
Credit Suisse/New York 6.000% 02/15/18		160,000		159,732
Deutsche Bank AG/ London 4.875% 05/20/13		150,000		153,971
Goldman Sachs Group, Inc. 6.345% 02/15/34		180,000		145,216
HSBC Capital Funding LP 9.547% 12/31/49 (b)(c)		250,000		233,136
JPMorgan Chase & Co. 6.000% 01/15/18		250,000		248,352
Keycorp 6.500% 05/14/13		165,000		164,393
Merrill Lynch & Co., Inc. 6.050% 08/15/12 (d)		250,000		250,661
Northern Trust Corp. 4.625% 05/01/14		200,000		205,522
U.S. Bank N.A. 6.300% 02/04/14		250,000		271,518
Wachovia Corp. 4.875% 02/15/14		225,000		219,754
				3,334,425
Diversified Financial Services—1.3%
AGFC Capital Trust I 6.000% 01/15/67 (b)(c)		250,000		52,500
Ameriprise Financial, Inc. 7.300% 06/28/19		130,000		133,030
CDX North America High Yield 8.875% 06/29/13 (c)		264,000		240,240
Citigroup Funding, Inc. 2.000% 03/30/12 (e)		350,000		350,792
General Electric Capital Corp. 2.250% 03/12/12 (e)		350,000		353,097
5.000% 01/08/16		245,000		240,827

	Par		Value
Lehman Brothers Holdings, Inc. 5.750% 07/18/11 (f)(g)	$	250,000	$	40,000
Morgan Stanley 6.750% 04/15/11		100,000		104,757
				1,515,243
Insurance—0.5%
Chubb Corp. 5.750% 05/15/18		90,000		93,351
Lincoln National Corp. 8.750% 07/01/19		130,000		131,102
MetLife, Inc. 6.817% 08/15/18		130,000		130,924
Principal Life Income Funding Trusts 5.300% 04/24/13		175,000		174,598
Prudential Financial, Inc. 4.500% 07/15/13		2,000		1,880
UnitedHealth Group, Inc. 5.250% 03/15/11		100,000		103,204
				635,059
Real Estate—0.0%
ERP Operating LP 5.200% 04/01/13		1,000		987
Real Estate Investment Trusts (REITs)—0.5%
Health Care Property Investors, Inc. 6.450% 06/25/12		159,000		154,741
Host Hotels & Resorts LP 6.750% 06/01/16		265,000		229,888
Simon Property Group LP 5.750% 12/01/15		150,000		138,147
				522,776
Industrials—0.8%
Aerospace & Defense—0.3%
BE Aerospace, Inc. 8.500% 07/01/18		245,000		230,913
United Technologies Corp. 5.375% 12/15/17		100,000		105,903
				336,816
Miscellaneous Manufacturing—0.2%
Bombardier, Inc. 6.300% 05/01/14 (c)		300,000		262,500
Transportation—0.3%
Burlington Northern Santa Fe Corp. 6.200% 08/15/36		100,000		101,844
Norfolk Southern Corp. 5.750% 04/01/18		115,000		117,583
Union Pacific Corp. 6.650% 01/15/11		100,000		104,945
				324,372
Technology—0.3%
Networking & Telecom Equipment—0.2%
Cisco Systems, Inc. 4.950% 02/15/19		170,000		169,992

See Accompanying Notes to Financial Statements.

14

Investment Portfolio (continued)

Columbia Asset Allocation Fund, Variable Series / June 30, 2009 (Unaudited)

	Par		Value
Software—0.1%
Oracle Corp. 6.500% 04/15/38	$	110,000	$	117,166
Utilities—1.3%
Electric—1.1%
Commonwealth Edison Co. 5.950% 08/15/16		125,000		129,970
Consolidated Edison Co. of New York, Inc. 5.850% 04/01/18		100,000		105,074
Energy East Corp. 6.750% 06/15/12		1,000		1,072
Indiana Michigan Power Co. 5.650% 12/01/15		250,000		247,070
NiSource Finance Corp. 5.400% 07/15/14		9,000		8,516
NY State Electric & Gas Corp. 5.750% 05/01/23		1,000		893
Pacific Gas & Electric Co. 5.800% 03/01/37		170,000		170,850
Progress Energy, Inc. 7.750% 03/01/31		100,000		117,484
Southern California Edison Co. 5.000% 01/15/14		150,000		157,685
Texas Competitive Electric Holdings Co., LLC PIK, 10.500% 11/01/16		665,437		294,456
				1,233,070
Gas—0.2%
Atmos Energy Corp. 6.350% 06/15/17		125,000		127,166
Sempra Energy 6.500% 06/01/16		125,000		130,480
				257,646
Total Corporate Fixed-Income Bonds & Notes (cost of $15,973,570)				15,587,601
MORTGAGE-BACKED SECURITIES—12.6%
Federal Home Loan Mortgage Corp. 4.500% 02/01/39		90,660		90,371
5.000% 12/01/35		300,073		306,391
5.000% 06/01/36		366,679		373,769
5.000% 05/01/39		420,000		427,727
5.500% 12/01/20		21,526		22,581
5.500% 01/01/21		355,583		373,618
5.500% 07/01/21		150,577		157,720
5.500% 08/01/21		486,361		509,433
5.500% 12/01/32		43,680		45,351
5.500% 08/01/35		109,392		113,305
5.500% 10/01/35		243,253		251,954
5.500% 11/01/35		672,354		696,405
5.500% 12/01/37		605,327		625,750
6.000% 11/01/14		25,260		26,813
6.500% 05/01/11		6,445		6,822
6.500% 06/01/11		67,760		71,722
6.500% 03/01/26		59,916		64,393
6.500% 06/01/26		78,828		84,717

	Par		Value
6.500% 03/01/27	$	25,391	$	27,287
6.500% 09/01/28		76,323		82,049
6.500% 06/01/31		184,476		197,969
6.500% 07/01/31		21,971		23,592
6.500% 11/01/32		12,991		13,925
6.500% 11/01/37		462,547		492,089
7.000% 04/01/29		6,035		6,562
7.000% 08/01/31		8,872		9,614
7.500% 01/01/30		17,442		18,894
8.000% 09/01/15		5,263		5,636
12.000% 07/01/20		25,885		27,556
Federal National Mortgage Association 5.000% 02/01/36		857,659		876,253
5.000% 05/01/37		481,157		490,686
5.500% 11/01/21		547,843		574,516
5.500% 05/01/36		895,204		925,968
5.500% 11/01/36		608,510		629,421
5.500% 06/01/38		359,722		371,838
6.000% 07/01/31		22,575		23,818
6.000% 07/01/35		401,938		421,666
6.000% 02/01/36		116,109		121,626
6.000% 04/01/36		24,245		25,397
6.000% 09/01/36		255,721		267,872
6.000% 07/01/37		1,110,517		1,162,247
6.000% 08/01/37		810,867		848,639
6.000% 06/01/38		115,696		121,061
6.000% 03/01/39		346,964		363,126
6.500% 12/01/31		1,624		1,745
6.500% 05/01/33		3,373		3,625
6.500% 08/01/37		178,911		190,795
6.500% 11/01/37		450,026		479,920
6.500% 03/01/38		229,103		244,322
7.000% 07/01/31		11,493		12,591
7.000% 07/01/32		2,663		2,915
7.000% 07/01/37		112,441		122,132
7.500% 09/01/15		6,675		7,094
7.500% 02/01/30		5,440		5,939
7.500% 08/01/31		24,817		27,091
8.000% 04/01/30		1,139		1,243
8.000% 05/01/30		3,835		4,185
Government National Mortgage Association 4.625% 07/20/25 (b)		14,103		14,446
5.000% 04/15/39		548,743		560,661
5.000% 06/15/39		450,000		459,774
6.000% 03/15/29		2,045		2,139
6.500% 05/15/13		15,194		16,239
6.500% 05/15/24		17,094		18,176
6.500% 04/15/29		18,528		19,999
6.500% 05/15/29		10,963		11,833
7.000% 11/15/13		1,892		2,022
7.000% 06/15/31		3,508		3,834
7.000% 06/15/32		875		950
8.000% 03/15/26		118,379		130,579
9.000% 12/15/17		2,062		2,234
Total Mortgage-Backed Securities (cost of $14,158,309)				14,724,632

See Accompanying Notes to Financial Statements.

15

Investment Portfolio (continued)

Columbia Asset Allocation Fund, Variable Series / June 30, 2009 (Unaudited)

	Par		Value
GOVERNMENT & AGENCY OBLIGATIONS—6.1%
Foreign Government Obligations—0.6%
Province of Ontario 5.450% 04/27/16	$	200,000	$	213,438
Province of Quebec 4.625% 05/14/18		250,000		247,375
United Mexican States 7.500% 04/08/33		273,000		299,617
				760,430
U.S. Government Agencies—1.0%
Federal Home Loan Bank 5.500% 08/13/14		90,000		100,476
Federal Home Loan Mortgage Corp. 5.500% 08/23/17		910,000		1,023,579
6.750% 03/15/31		20,000		24,794
Federal National Mortgage Association 5.375% 08/15/09 (h)		40,000		40,252
				1,189,101
U.S. Government Obligations—4.5%
U.S. Treasury Bonds 5.375% 02/15/31		2,108,000		2,419,588
U.S. Treasury Inflation Indexed Bond 3.500% 01/15/11		857,570		894,821
U.S. Treasury Notes 0.875% 04/30/11		1,015,000		1,012,026
2.250% 05/31/14		900,000		887,904
				5,214,339
Total Government & Agency Obligations (cost of $7,012,755)				7,163,870
COMMERCIAL MORTGAGE-BACKED SECURITIES—3.7%
Citigroup/Deutsche Bank Commercial Mortgage Trust 5.366% 12/11/49 (b)		310,000		144,261
CS First Boston Mortgage Securities Corp. 4.577% 04/15/37		759,000		742,728
JPMorgan Chase Commercial Mortgage Securities Corp. 4.780% 07/15/42		200,000		135,881
5.440% 06/12/47		580,000		436,743
5.447% 06/12/47		358,000		261,441
5.525% 04/15/43 (b)		989,000		574,564
LB-UBS Commercial Mortgage Trust 5.084% 02/15/31		120,000		116,302
6.510% 12/15/26		710,437		732,761
Merrill Lynch Mortgage Trust 5.415% 11/12/37 (b)		310,000		194,227
Morgan Stanley Capital I 4.970% 12/15/41		73,000		68,338
5.558% 03/12/44 (b)		1,200,000		971,982

	Par		Value
PNC Mortgage Acceptance Corp. 5.910% 03/12/34	$	2,921	$	2,925
Total Commercial Mortgage-Backed Securities (cost of $5,396,941)				4,382,153
COLLATERALIZED MORTGAGE OBLIGATIONS—3.0%
Agency—1.0%
Federal Home Loan Mortgage Corp. 4.000% 09/15/15		101,895		103,649
4.500% 03/15/21		180,000		187,211
4.500% 08/15/28		597,000		615,570
Federal National Mortgage Association 5.000% 12/25/15		287,632		293,059
				1,199,489
Non-Agency—2.0%
American Mortgage Trust 8.445% 09/27/22 (b)		6,417		3,892
Bear Stearns Adjustable Rate Mortgage Trust 5.507% 02/25/47 (b)		592,391		309,400
Countrywide Alternative Loan Trust 5.250% 03/25/35		46,645		36,485
5.250% 08/25/35		225,249		185,253
5.500% 10/25/35		468,727		348,100
JPMorgan Mortgage Trust 6.041% 10/25/36 (b)		505,718		397,153
Lehman Mortgage Trust 6.500% 01/25/38		503,966		360,257
WaMu Mortgage Pass-Through Certificates 5.687% 02/25/37 (b)		1,043,137		582,186
Washington Mutual Alternative Mortgage Pass-Through Certificates 5.500% 10/25/35		107,194		80,159
Wells Fargo Alternative Loan Trust 5.500% 02/25/35		46,078		40,155
				2,343,040
Total Collateralized Mortgage Obligations (cost of $4,721,136)				3,542,529
ASSET-BACKED SECURITIES—1.8%
Citicorp Residential Mortgage Securities, Inc. 6.080% 06/25/37		340,000		284,532
Ford Credit Auto Owner Trust 5.470% 06/15/12		500,000		522,062
Franklin Auto Trust 5.360% 05/20/16		632,000		624,638
Green Tree Financial Corp. 6.870% 01/15/29		72,963		65,928

See Accompanying Notes to Financial Statements.

16

Investment Portfolio (continued)

Columbia Asset Allocation Fund, Variable Series / June 30, 2009 (Unaudited)

	Par		Value
Harley-Davidson Motorcycle Trust 5.350% 03/15/13	$	526,902	$	542,327
Total Asset-Backed Securities (cost of $2,070,483)				2,039,487
	Shares
CONVERTIBLE PREFERRED STOCKS—0.3%
Health Care—0.1%
Pharmaceuticals—0.1%
Schering-Plough Corp., 6.000%		600		136,020
Materials—0.2%
Metals & Mining—0.2%
Freeport-McMoRan Copper & Gold, Inc., 6.750%		2,650		210,490
Total Convertible Preferred Stocks (cost of $271,071)				346,510
PREFERRED STOCK—0.0%
Consumer Discretionary—0.0%
Auto Components—0.0%
Johnson Controls, Inc., 11.500%		300		32,463
Total Preferred Stock (cost of $15,087)				32,463
	Units
RIGHTS—0.0%
Energy—0.0%
Renewable Energy Corp. AS Expires 07/13/09 (a)		3,764		13,463
Total Rights (cost of $16,103)				13,463
	Par
CONVERTIBLE BOND—0.0%
Financials—0.0%
Real Estate Investment Trusts (REITs)—0.0%
Vornado Realty Trust 3.625% 11/15/26 $11,000				9,955
Total Convertible Bonds (cost of $8,757)				9,955
SHORT-TERM OBLIGATION—2.3%
Repurchase agreement with Fixed Income Clearing Corp., dated 06/30/09, due 07/01/09 at 0.030%, collateralized by U.S. Government Agency obligations with various maturities to 04/26/17, market value $2,754,356 (repurchase proceeds $2,688,002)		2,688,000		2,688,000

	Value
Total Short-Term Obligation (cost of $2,688,000)	$	2,688,000
Total Investments—99.4% (cost of $116,979,862) (i)		116,435,926
Other Assets & Liabilities, Net—0.6%		726,475
Net Assets—100.0%	$	117,162,401

Notes to Investment Portfolio:

(a)  Non-income producing security.

(b)  The interest rate shown on floating rate or variable rate securities reflects the rate at June 30, 2009.

(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2009, these securities, which are not illiquid, amounted to $2,126,878, which represents 1.8% of net assets.

(d)  Investments in affiliates during the six months ended June 30, 2009:

Security name: Merrill Lynch & Co., Inc. 6.050% 08/15/12

Par as of 12/31/08:	$	250,000
Par purchased:		—
Par sold:		—
Par as of 06/30/09:	$	250,000
Net realized gain/loss:		—
Interest income earned:	$	7,563
Value at end of period:	$	250,661

  Effective January 1, 2009, Merrill Lynch is a wholly owned subsidiary of Bank of America Corporation and an affiliate of Columbia Management.

(e)  Security is guaranteed by the Federal Deposit Insurance Corp.

(f)  The issuer has filed for bankruptcy protection under Chapter 11, and is in default of certain debt covenants. Income is not being accrued. At June 30, 2009, the value of this security amounted to $40,000, which represents less than 0.1% of net assets.

(g)  Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At June 30, 2009 the value of this security amounted to $40,000, which represents less than 0.1% of net assets.

(h)  A portion of this security with a market value of $40,252 is pledged as collateral for open futures contracts.

(i)  Cost for federal income tax purposes is $117,024,777.

The following table summarizes the inputs used, as of June 30, 2009, in valuing the Fund's assets:

See Accompanying Notes to Financial Statements.

17

Investment Portfolio (continued)

Columbia Asset Allocation Fund, Variable Series / June 30, 2009 (Unaudited)

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
COMMON STOCKS
Consumer Discretionary
Auto Components	$	36,133	$	—	$	—	$	36,133
Automobiles		—		310,815		—		310,815
Distributors		37,475		159,229		—		196,704
Diversified Consumer Services		233,617		269,874		—		503,491
Hotels, Restaurants & Leisure		1,231,148		186,118		—		1,417,266
Household Durables		165,847		—		—		165,847
Internet & Catalog Retail		233,029		82,943		—		315,972
Leisure Equipment & Products		61,838		—		—		61,838
Media		376,819		168,532		—		545,351
Multiline Retail		1,110,028		—		—		1,110,028
Specialty Retail		1,565,926		559		—		1,566,485
Textiles, Apparel & Luxury Goods		316,877		—		—		316,877
		5,368,737		1,178,070		—		6,546,807
Consumer Staples
Beverages		899,981		576,998		—		1,476,979
Food & Staples Retailing		994,145		966		—		995,111
Food Products		386,119		665,298		—		1,051,417
Household Products		897,661		—		—		897,661
Personal Products		678,899		—		—		678,899
Tobacco		813,033		448,842		—		1,261,875
		4,669,838		1,692,104		—		6,361,942
Energy
Energy Equipment & Services		1,428,735		—		—		1,428,735
Oil, Gas & Consumable Fuels		4,458,127		1,045,054		—		5,503,181
		5,886,862		1,045,054		—		6,931,916
Financials
Capital Markets		1,912,601		107,690		—		2,020,291
Commercial Banks		2,657,443		852,080		—		3,509,523
Consumer Finance		15,671		—		—		15,671
Diversified Financial Services		1,332,071		—		—		1,332,071
Insurance		1,757,597		383,659		—		2,141,256
Real Estate Investment Trusts (REITs)		1,066,975		—		—		1,066,975
Real Estate Management & Development		29,588		154,373		—		183,961
Thrifts & Mortgage Finance		122,457		410,061		—		532,518
		8,894,403		1,907,863		—		10,802,266
Health Care
Biotechnology		1,335,266		—		—		1,335,266
Health Care Equipment & Supplies		1,069,762		—		—		1,069,762
Health Care Providers & Services		1,461,531		—		—		1,461,531
Health Care Technology		22,035		—		—		22,035
Life Sciences Tools & Services		1,319,515		373,299		—		1,692,814
Pharmaceuticals		1,910,891		642,075		—		2,552,966
		7,119,000		1,015,374		—		8,134,374

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Industrials
Aerospace & Defense	$	2,155,942	$	—	$	—	$	2,155,942
Air Freight & Logistics		25,539		—		—		25,539
Airlines		203,125		—		—		203,125
Building Products		39,202		—		—		39,202
Commercial Services & Supplies		384,171		—		—		384,171
Construction & Engineering		262,998		104,182		—		367,180
Electrical Equipment		344,058		883,107		—		1,227,165
Industrial Conglomerates		553,445		—		—		553,445
Machinery		1,121,038		413,812		—		1,534,850
Marine		55,561		—		—		55,561
Professional Services		212,750		188,748		—		401,498
Road & Rail		361,883		—		—		361,883
Trading Companies & Distributors		305,983		270,952		—		576,935
Transportation Infrastructure		—		149,159		—		149,159
		6,025,695		2,009,960		—		8,035,655
Information Technology
Communications Equipment		1,794,417		215,057		—		2,009,474
Computers & Peripherals		2,702,603		—		—		2,702,603
Electronic Equipment, Instruments & Components		234,044		—		—		234,044
Internet Software & Services		1,156,610		—		—		1,156,610
IT Services		372,528		—		—		372,528
Semiconductors & Semiconductor Equipment		2,023,405		602,186		—		2,625,591
Software		2,237,839		—		—		2,237,839
		10,521,446		817,243		—		11,338,689
Materials
Chemicals		1,122,982		576,876		—		1,699,858
Construction Materials		6,083		211,151		—		217,234
Containers & Packaging		316,950		—		—		316,950
Metals & Mining		578,567		488,253		—		1,066,820
Paper & Forest Products		282,541		—		—		282,541
		2,307,123		1,276,280		—		3,583,403
Telecommunication Services
Diversified Telecommunication Services		955,291		363,983		—		1,319,274
Wireless Telecommunication Services		290,823		—		—		290,823
		1,246,114		363,983		—		1,610,097
Utilities
Electric Utilities		950,376		194,714		—		1,145,090
Gas Utilities		21,587		—		—		21,587
Independent Power Producers & Energy Traders		374,970		—		—		374,970
Multi-Utilities		783,971		101,255		—		885,226
Water Utilities		—		133,241		—		133,241
		2,130,904		429,210		—		2,560,114
Total Common Stocks		54,170,122		11,735,141		—		65,905,263

See Accompanying Notes to Financial Statements.

18

Investment Portfolio (continued)

Columbia Asset Allocation Fund, Variable Series / June 30, 2009 (Unaudited)

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
MORTGAGE-BACKED SECURITIES	$	—	$	14,724,632	$	—	$	14,724,632
CORPORATE FIXED-INCOME BONDS & NOTES
Basic Materials
Chemicals		—		324,623		—		324,623
Forest Products & Paper		—		229,500		—		229,500
Iron/Steel		—		134,828		—		134,828
Metals & Mining		—		226,687		—		226,687
		—		915,638		—		915,638
Communications
Media		—		831,753		—		831,753
Telecommunication Services		—		1,914,075		—		1,914,075
		—		2,745,828		—		2,745,828
Consumer Cyclical
Apparel		—		152,288		—		152,288
Retail		—		234,580		—		234,580
		—		386,868		—		386,868
Consumer Non-Cyclical
Beverages		—		262,370		—		262,370
Food		—		74,595		—		74,595
Healthcare Services		—		124,740		—		124,740
Pharmaceuticals		—		500,275		—		500,275
		—		961,980		—		961,980
Energy
Oil & Gas		—		1,042,935		—		1,042,935
Oil & Gas Services		—		206,523		—		206,523
Pipelines		—		617,777		—		617,777
		—		1,867,235		—		1,867,235
Financials
Banks		—		3,334,425		—		3,334,425
Diversified Financial Services		—		1,515,243		—		1,515,243
Insurance		—		635,059		—		635,059
Real Estate		—		987		—		987
Real Estate Investment Trusts (REITs)		—		522,776		—		522,776
		—		6,008,490		—		6,008,490
Industrials
Aerospace & Defense		—		336,816		—		336,816
Miscellaneous Manufacturing		—		262,500		—		262,500
Transportation		—		324,372		—		324,372
		—		923,688		—		923,688
Technology
Networking Products		—		169,992		—		169,992
Software		—		117,166		—		117,166
		—		287,158		—		287,158
Utilities
Electric		—		1,233,070		—		1,233,070
Gas		—		257,646		—		257,646
		—		1,490,716		—		1,490,716
Total Corporate Fixed-Income Bonds & Notes		—		15,587,601		—		15,587,601

Description	Quoted Prices (Level 1)			Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
GOVERNMENT & AGENCY OBLIGATIONS
Foreign Government Obligations	$	—		$	760,430	$	—	$	760,430
U.S. Government Agencies		—			1,189,101		—		1,189,101
U.S. Government Obligations		5,214,339			—		—		5,214,339
Total Government & Agency Obligations		5,214,339			1,949,531		—		7,163,870
ASSET-BACKED SECURITIES		—			2,039,487		—		2,039,487
COMMERCIAL MORTGAGE-BACKED SECURITIES		—			4,382,153		—		4,382,153
COLLATERALIZED MORTGAGE OBLIGATIONS
Agency		—			1,199,489		—		1,199,489
Non-Agency		—			2,343,040		—		2,343,040
Total Collateralized Mortgage Obligations		—			3,542,529		—		3,542,529
PREFERRED STOCK
Consumer Discretionary
Auto Components		32,463			—		—		32,463
Total Preferred Stock		32,463			—		—		32,463
CONVERTIBLE PREFERRED STOCKS
Health Care
Pharmaceuticals		136,020			—		—		136,020
Materials
Metals & Mining		210,490			—		—		210,490
Total Convertible Preferred Stocks		346,510			—		—		346,510
CONVERTIBLE BOND
Financials
Real Estate Investment Trusts (REITs)		—			9,955		—		9,955
Total Convertible Bond		—			9,955		—		9,955
RIGHTS
Energy		—			13,463		—		13,463
Total Rights		—			13,463		—		13,463
SHORT-TERM OBLIGATION
Repurchase Agreement		—			2,688,000		—		2,688,000
Total Short-Term Obligation		—			2,688,000		—		2,688,000
Total Investments		59,763,434			56,672,492		—		116,435,926
Unrealized appreciation (depreciation) on futures contracts		(1,928	)		—		—		(1,928	)
Total	$	59,761,506		$	56,672,492	$	—	$	116,433,998

See Accompanying Notes to Financial Statements.

19

Investment Portfolio (continued)

Columbia Asset Allocation Fund, Variable Series / June 30, 2009 (Unaudited)

The following table reconciles asset balances for the six months ended June 30, 2009 in which significant unobservable inputs (Level 3) were used in determining value:

Investments in Secruities	Balance as of December 31, 2008		Accrued Discounts/ Premiums		Realized Gain/ (Loss)		Change in Unrealized Appreciation (Depreciation)		Net Purchases		Net Sales			Net transfers in to Level 3		Net transfers out of Level 3		Balance as of June 30, 2009		Change in Unrealized Appreciation (Depreciation) from Investments held at June 30, 2009
Common Stocks
Industrials
Aerospace & Defense	$	2,413	$	—	$	—	$	255	$	—	($	2,668	)	$	—	$	—	$	—	$	—
Total	$	2,413	$	—	$	—	$	255	$	—	($	2,668	)	$	—	$	—	$	—	$	—

The information in the above reconciliations represent fiscal year to date activity for any securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period.

For more information on valuation inputs, and their aggregation into the levels used in the tables above, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

At June 30, 2009, the Fund held the following open long futures contracts:

Risk Exposure/ Type	Number of Contracts		Value		Aggregate Face Value		Expiration Date	Unrealized Appreciation (Depreciation)
Equity Risk
S&P 500 Index Futures		1	$	228,875	$	234,130	Sept-09	$	(5,255	)
Interest Rate Risk
10- Year U.S. Treasury		10		1,162,656		1,159,329	Sept-09		3,327
								$	(1,928	)

For the six months ended June 30, 2009, transactions in written option contracts were as follows:

	Number of contracts			Premium received
Options outstanding at December 31, 2008		—			—
Options written		4		$	388
Options terminated in closing purchase transactions		—			—
Options exercised		—			—
Options expired		(4	)		(388	)
Options outstanding at June 30, 2009		—		$	—

At June 30, 2009, the asset allocation of the Fund is as follows:

Asset Allocation	% of Net Assets
Common Stocks		56.3
Corporate Fixed-Income Bonds & Notes		13.3
Mortgage-Backed Securities		12.6
Government & Agency Obligations		6.1
Commercial Mortgage-Backed Securities		3.7
Collateralized Mortgage Obligations		3.0
Asset-Backed Securities		1.8
Convertible Preferred Stocks		0.3
Preferred Stock		0.0	*
Rights		0.0	*
Convertible Bond		0.0	*
		97.1
Short-Term Obligation		2.3
Other Assets & Liabilities, Net		0.6
		100.0

*Rounds to less than 0.1%.

Acronym	Name
ADR	American Depositary Receipt
PIK	Payment-In-Kind

See Accompanying Notes to Financial Statements.

20

Statement of Assets and Liabilities

Columbia Asset Allocation Fund, Variable Series / June 30, 2009 (Unaudited)

Assets
Unaffiliated investments, at cost	$	116,730,093
Affiliated investments, at cost		249,769
Total investments, at cost		116,979,862
Unaffiliated investments, at value	$	116,185,265
Affiliated investments, at value		250,661
Total investments, at value		116,435,926
Cash		210,175
Cash collateral for futures contracts		350,000
Foreign currency (cost of $329,793)		329,840
Receivable for:
Investments sold		435,822
Fund shares sold		6,196
Dividends		21,654
Interest		462,051
Foreign tax reclaims		27,994
Expense reimbursement due from investment advisor and distributor		50,018
Trustees' deferred compensation plan		24,641
Prepaid expenses		3,133
Total Assets		118,357,450
Liabilities
Payable for:
Investments purchased		792,697
Fund shares repurchased		194,041
Futures variation margin		3,300
Investment advisory fee		44,363
Administration fee		14,788
Transfer agent fee		69
Trustees' fees		30,929
Audit fee		24,270
Pricing and bookkeeping fees		20,008
Custody fee		26,718
Distribution fees — Class B		6,224
Chief compliance officer expenses		135
Trustees' deferred compensation plan		24,641
Other liabilities		12,866
Total Liabilities		1,195,049
Net Assets	$	117,162,401
Net Assets Consist of
Paid-in capital	$	147,385,109
Undistributed net investment income		6,258,920
Accumulated net realized loss		(35,896,879	)
Net unrealized appreciation (depreciation) on:
Investments		(543,936	)
Foreign currency translations		1,693
Foreign capital gains tax		(40,578	)
Futures contracts		(1,928	)
Net Assets	$	117,162,401
Class A
Net assets	$	90,437,557
Shares outstanding		9,096,994
Net asset value per share	$	9.94
Class B
Net assets	$	26,724,844
Shares outstanding		2,704,724
Net asset value per share	$	9.88

See Accompanying Notes to Financial Statements.

21

Statement of Operations

Columbia Asset Allocation Fund, Variable Series
For the Six Months Ended June 30, 2009 (Unaudited)

Investment Income
Interest	$	1,296,713
Interest from affiliate		7,563
Dividends		758,365
Foreign taxes withheld		(21,677	)
Total Investment Income		2,040,964
Expenses
Investment advisory fee		256,414
Administration fee		85,471
Distribution fees — Class B		33,440
Transfer agent fee		261
Pricing and bookkeeping fees		58,390
Trustees' fees		6,179
Audit fee		22,792
Custody fee		111,476
Chief compliance officer expenses		278
Other expenses		30,774
Total Expenses		605,475
Fees waived or expenses reimbursed by investment advisor		(118,962	)
Fees reimbursed by distributor — Class B		(13,366	)
Custody earnings credit		(11	)
Net Expenses		473,136
Net Investment Income		1,567,828
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency, Foreign Capital Gains Tax, Futures Contracts and Written Options
Net realized gain (loss) on:
Investments		(16,594,501	)
Foreign currency transactions		(12,709	)
Futures contracts		(136,510	)
Written options		388
Net realized loss		(16,743,332	)
Net change in unrealized appreciation (depreciation) on:
Investments		22,161,710
Foreign currency translations		753
Futures contracts		(19,968	)
Foreign capital gains tax		(37,133	)
Net change in unrealized appreciation (depreciation)		22,105,362
Net Gain		5,362,030
Net Increase Resulting from Operations	$	6,929,858

See Accompanying Notes to Financial Statements.

22

Statement of Changes in Net Assets

Columbia Asset Allocation Fund, Variable Series

Increase (Decrease) in Net Assets	(Unaudited) Six Months Ended June 30, 2009			Year Ended December 31, 2008
Operations
Net investment income	$	1,567,828		$	4,682,302
Net realized loss on investments, foreign currency transactions, futures contracts and written options		(16,743,332	)		(18,143,596	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations, foreign capital gains tax,   futures contracts and written options		22,105,362			(41,311,270	)
Net increase (decrease) resulting from operations		6,929,858			(54,772,564	)
Distributions to Shareholders
From net investment income:
Class A		—			(4,261,045	)
Class B		—			(1,338,187	)
From net realized gains:
Class A		—			(15,371,089	)
Class B		—			(5,099,906	)
Total distributions to shareholders		—			(26,070,227	)
Net Capital Stock Transactions		(13,252,392	)		(11,205,014	)
Total decrease in net assets		(6,322,534	)		(92,047,805	)
Net Assets
Beginning of period		123,484,935			215,532,740
End of period	$	117,162,401		$	123,484,935
Undistributed net investment income at end of period	$	6,258,920		$	4,691,092
Capital Stock Activity

	(Unaudited) Six Months Ended June 30, 2009						Year Ended December 31, 2008
	Shares			Dollars			Shares			Dollars
Class A
Subscriptions		77,887		$	713,117			161,132		$	1,880,999
Distributions reinvested		—			—			1,660,925			19,632,134
Redemptions		(1,013,254	)		(9,221,585	)		(2,446,132	)		(29,756,069	)
Net decrease		(935,367	)		(8,508,468	)		(624,075	)		(8,242,936	)
Class B
Subscriptions		13,808			124,800			350,053			4,465,963
Distributions reinvested		—			—			547,457			6,438,093
Redemptions		(543,919	)		(4,868,724	)		(1,154,052	)		(13,866,134	)
Net decrease		(530,111	)		(4,743,924	)		(256,542	)		(2,962,078	)

See Accompanying Notes to Financial Statements.

23

Financial Highlights

Columbia Asset Allocation Fund, Variable Series—Class A Shares

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended June 30,			Year Ended December 31,
	2009			2008			2007			2006(a)			2005			2004
Net Asset Value, Beginning of Period	$	9.32		$	15.25		$	15.82		$	15.40		$	14.83		$	13.80
Income from Investment Operations:
Net investment income (b)		0.13			0.35			0.38			0.36			0.33			0.31
Net realized and unrealized gain (loss) on investments, foreign currency, foreign capital gains tax, futures contracts and written options		0.49			(4.24	)		1.06			1.36			0.61			1.04
Total from investment operations		0.62			(3.89	)		1.44			1.72			0.94			1.35
Less Distributions to Shareholders:
From net investment income		—			(0.44	)		(0.46	)		(0.41	)		(0.37	)		(0.32	)
From net realized gains		—			(1.60	)		(1.55	)		(0.89	)		—			—
Total distributions to shareholders		—			(2.04	)		(2.01	)		(1.30	)		(0.37	)		(0.32	)
Net Asset Value, End of Period	$	9.94		$	9.32		$	15.25		$	15.82		$	15.40		$	14.83
Total return (c)(d)(e)		6.65	%(f)		(28.32	)%		9.19	%		11.79	%		6.53	%(g)		9.99	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (h)		0.80	%(i)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Waiver/Reimbursement		0.20	%(i)		0.12	%		0.09	%		0.04	%		0.04	%		0.02	%
Net investment income (h)		2.79	%(i)		2.75	%		2.39	%		2.29	%		2.28	%		2.27	%
Portfolio turnover rate		52	%(f)		94	%		100	%		104	%		92	%		60	%
Net assets, end of period (000s)	$	90,438		$	93,500		$	162,538		$	183,605		$	187,987		$	216,123

(a)  On May 1, 2006, Liberty Asset Allocation Fund, Variable Series was renamed Columbia Asset Allocation Fund, Variable Series.

(b)  Per share data was calculated using the average shares outstanding during the period.

(c)  Total return at net asset value assuming all distributions reinvested.

(d)  Total return does not include any insurance company charges imposed by your insurance company's separate accounts. If included, total return would be reduced.

(e)  Had the investment advisor and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(f)  Not annualized.

(g)  Total return includes a voluntary reimbursement by the investment advisor for a realized investment loss due to a trading error. This reimbursement had an impact of less than 0.01% on the Fund's total return.

(h)  The benefits derived from custody credits had an impact of less than 0.01%.

(i)  Annualized.

See Accompanying Notes to Financial Statements.

24

Financial Highlights

Columbia Asset Allocation Fund, Variable Series—Class B Shares

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended June 30,			Year Ended December 31,
	2009			2008			2007			2006(a)			2005			2004
Net Asset Value, Beginning of Period	$	9.27		$	15.18		$	15.75		$	15.34		$	14.77		$	13.75
Income from Investment Operations:
Net investment income (b)		0.12			0.32			0.35			0.33			0.31			0.29
Net realized and unrealized gain (loss) on investments, foreign currency, foreign capital gains tax, futures contracts and written options		0.49			(4.21	)		1.07			1.36			0.61			1.03
Total from investment operations		0.61			(3.89	)		1.42			1.69			0.92			1.32
Less Distributions to Shareholders:
From net investment income		—			(0.42	)		(0.44	)		(0.39	)		(0.35	)		(0.30	)
From net realized gains		—			(1.60	)		(1.55	)		(0.89	)		—			—
Total distributions to shareholders		—			(2.02	)		(1.99	)		(1.28	)		(0.35	)		(0.30	)
Net Asset Value, End of Period	$	9.88		$	9.27		$	15.18		$	15.75		$	15.34		$	14.77
Total return (c)(d)(e)		6.58	%(f)		(28.45	)%		9.07	%		11.60	%		6.40	%(g)		9.80	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (h)		0.95	%(i)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Waiver/Reimbursement		0.30	%(i)		0.22	%		0.19	%		0.14	%		0.14	%		0.12	%
Net investment income (h)		2.64	%(i)		2.60	%		2.24	%		2.14	%		2.13	%		2.12	%
Portfolio turnover rate		52	%(f)		94	%		100	%		104	%		92	%		60	%
Net assets, end of period (000s)	$	26,725		$	29,985		$	52,995		$	60,276		$	63,836		$	68,167

(a)  On May 1, 2006, Liberty Asset Allocation Fund, Variable Series was renamed Columbia Asset Allocation Fund, Variable Series.

(b)  Per share data was calculated using the average shares outstanding during the period.

(c)  Total return at net asset value assuming all distributions reinvested.

(d)  Had the investment advisor and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(e)  Total return does not include any insurance company charges imposed by your insurance company's separate accounts. If included, total return would be reduced.

(f)  Not annualized.

(g)  Total return includes a voluntary reimbursement by the investment advisor for a realized investment loss due to a trading error. This reimbursement had an impact of less than 0.01% on the Fund's total return.

(h)  The benefits derived from custody credits had an impact of less than 0.01%.

(i)  Annualized.

See Accompanying Notes to Financial Statements.

25

Notes to Financial Statements

Columbia Asset Allocation Fund, Variable Series / June 30, 2009 (Unaudited)

Note 1. Organization

Columbia Asset Allocation Fund, Variable Series (the "Fund"), a series of Columbia Funds Variable Insurance Trust (the "Trust"), is a diversified portfolio. 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.

Investment Objective—The Fund seeks total return, consisting of current income and long-term capital appreciation.

Fund Shares—The Trust may issue an unlimited number of shares, and the Fund offers two classes of shares: Class A and Class B. Each share class has its own expense structure. Shares of the Fund are available only as a pooled funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies ("Participating Insurance Companies"). The Participating Insurance Companies and their separate accounts own all the shares of the Fund.

Note 2. Significant Accounting Policies

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") 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 revenue and expenses during the reporting period. Actual results could differ from those estimates.

Management has evaluated the events and transactions that have occurred through August 20, 2009, the date the financial statements were issued, and noted no items requiring adjustment of the financial statements or additional disclosures. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

Security Valuation—Equity securities and exchange-traded funds are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets.

Debt securities generally are valued by pricing services approved by the Trust's Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation.

Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may vary from the actual amounts realized upon sale of the securities, and the potential variation may be greater for those securities valued using fundamental analysis.

Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market value.

Investments in other open-end investment companies are valued at net asset value.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

Purchased options are valued at the last reported sale price, or in the absence of a sale, at the last quoted bid price. Written options are valued at the last reported sale price, or in the absence of a sale, at the last quoted ask price.

Foreign securities are generally valued at the last sale price on the foreign exchange or market on which they trade. If any foreign share prices are not readily available as a result of limited share activity, the securities are valued at the last sale price of the local shares in the principal market in which such securities are normally traded.

Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the New York Stock Exchange ("NYSE"). The values of such securities used in computing the net asset value of the Fund's shares are determined as of such times. Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. Occasionally, events affecting the values of such foreign securities and such exchange rates may occur between the times at which they are determined and the close of the customary trading session of the NYSE, which would not be reflected in the computation of the Fund's net asset value. If events materially affecting the values of such foreign securities occur and it is determined that market quotations are not reliable, then these foreign securities will be valued at their fair value using procedures approved by the Board of Trustees.

The Fund may use a systematic fair valuation model provided by an independent third party to value securities

26

Notes to Financial Statements (continued)

Columbia Asset Allocation Fund, Variable Series / June 30, 2009 (Unaudited)

principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. If a security is valued at fair value, such value is likely to be different from the last quoted market price for the security. 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 value.

Financial Accounting Standards Board ("FASB") Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("SFAS 157") establishes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value giving the highest priority to unadjusted quoted prices in active markets for identical securities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the fair value hierarchy under SFAS 157 are described below:

•  Level 1—quoted prices in active markets for identical securities

•  Level 2—prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)

•  Level 3—prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or less reliable, unobservable inputs may be used. Unobservable inputs may include management's own assumptions about the factors market participants would use in pricing an investment.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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.

On January 1, 2009, the Fund adopted Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities — an amendment of FASB Statement No. 133 ("SFAS 161"). SFAS 161 requires additional discussion about the reporting entity's derivative instruments and hedging activities, by providing for qualitative disclosures about the objectives and strategies for using derivatives, quantitative data about the fair value of and gains and losses on derivative contracts, and details of credit-risk-related contingent features in their derivative contracts. For additional information on derivative instruments, please see Note 6.

Futures Contracts—The Fund entered into interest rate futures and stock index futures contracts to manage its exposure to the securities markets and/or to movements in interest rates.

The use of futures contracts involves certain risks, which include: (1) imperfect correlation between the price movement of the instruments and the underlying securities, (2) inability to close out positions due to differing trading hours, or the temporary absence of a liquid market, for either the instruments or the underlying securities, or (3) an inaccurate prediction of the future direction of interest rates by Columbia Management Advisors, LLC ("Columbia"), the Fund's investment advisor.

Upon entering into a futures contract, the Fund pledges cash or securities with the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable and offset in unrealized gains or losses. 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 on the Fund's Statement of Assets and Liabilities.

Options—The Fund had written put options on securities it owns to increase return on instruments. Writing put options tends to increase the Fund's exposure to the underlying instrument. Writing call options tends to decrease the Fund's exposure to the underlying instrument. When the Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked-to-market to reflect the current value of the option written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against the amounts paid on the underlying security transaction to determine the realized gain or loss. The Fund, as a writer of an option, has no control over whether the underlying security may be sold (call) o r purchased (put) and as a result bears the market risk of an unfavorable change in the price of the security underlying the written option. There is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid

27

Notes to Financial Statements (continued)

Columbia Asset Allocation Fund, Variable Series / June 30, 2009 (Unaudited)

market. The Fund's custodian will set aside cash or liquid portfolio securities equal to the amount of the written options contract commitment in a separate account.

The Fund may also purchase put and call options. Purchasing call options tends to increase the Fund's exposure to the underlying instrument. Purchasing put options tends to decrease the Fund's exposure to the underlying instrument. The Fund may pay a premium, which is included in the Fund's Statement of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised are added to the amounts paid (call) or offset against the proceeds (put) on the underlying security to determine the realized gain or loss. If the Fund enters into a closing transaction, the Fund will realize a gain or loss, depending on whether the proceeds from the closing transaction are greater or less than the cost of the option.

Repurchase Agreements—The Fund may engage in repurchase agreement transactions with institutions that Columbia has determined are creditworthy. The Fund, through its custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. Columbia is responsible for determining that the collateral is at least equal, at all times, to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays in or restrictions on the Fund's ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

Restricted Securities—Restricted securities are securities that may only be resold upon registration under federal securities laws or in transactions exempt from registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale at the issuer's expense either upon demand by the Fund or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid under criteria established by the Board of Trustees. The Fund will not incur any registration costs upon such resale.

Treasury Inflation Protected Securities—The Fund may invest in treasury inflation protected securities ("TIPS"). The principal amount of TIPS is adjusted periodically and is increased for inflation or decreased for deflation based on a monthly published index. Interest payments are based on the adjusted principal at the time the interest is paid. These adjustments are recorded as interest income on the Statement of Operations.

Foreign Currency Transactions and Translations—The values of all assets and liabilities quoted in foreign currencies are translated into U.S. dollars at that day's exchange rates. 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 on the Statement of Operations.

Income Recognition—Interest income is recorded on the accrual basis. Premium and discount are amortized and accreted, respectively, on all debt securities, unless otherwise noted. Fee income attributable to mortgage dollar roll transactions is recorded on the accrual basis over the term of the transaction. The value of additional securities received as an income payment is recorded as income and as the cost basis of such securities. Corporate actions and dividend income are recorded on the ex-date except for certain foreign securities which are recorded as soon after the ex-date as the Fund becomes aware of such, net of any non-reclaimable tax withholdings. Distributions received from real estate investment trusts (REITs) in excess of their income are recorded as a reduction of the cost of the related investments. If the Fund no longer owns the applicable sec urities, any distributions received in excess of income are recorded as realized gains.

Expenses—General expenses of the Trust are allocated to the Fund and other series 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 Class Net Asset Value—All income, expenses (other than class-specific expenses, as shown on 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.

28

Notes to Financial Statements (continued)

Columbia Asset Allocation Fund, Variable Series / June 30, 2009 (Unaudited)

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 taxable income, if any, for its tax year, and as such will not be subject to federal income taxes. Therefore, no provision is made for federal income or excise taxes.

Foreign Capital Gains Taxes—Realized gains in certain countries may be subject to foreign taxes at the fund level, at rates ranging from approximately 10% to 15%. The Fund accrues for such foreign taxes on net realized and unrealized gains at the appropriate rate for each jurisdiction.

Distributions to Shareholders—Distributions from net investment income, if any, are declared and paid at least annually. Net realized capital gains, if any, are distributed at least annually. 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 class of the Fund at net asset value as of the ex-date of the distribution.

Indemnification—In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown because this would involve future claims against the Fund. Also, under the Trust's organizational documents and by contract, the Trustees and officers of the Trust are indemnified against certain liabilities that may arise out of actions relating to their duties to the Trust. However, based on experience, the Fund expects the risk of loss due to these representations, warranties and indemnities to be minimal.

Note 3. Federal Tax Information

The tax character of distributions paid during the year ended December 31, 2008 was as follows:

Distributions paid from:
Ordinary Income*	$	11,939,605
Long-Term Capital Gains		14,130,622

*  For tax purposes short-term capital gains distributions, if any, are considered ordinary income distributions.

Unrealized appreciation and depreciation at June 30, 2009, based on cost of investments for federal income tax purposes were:

Unrealized appreciation	$	9,208,867
Unrealized depreciation		(9,797,718	)
Net unrealized depreciation	$	(588,851	)

The following capital loss carryforwards, determined as of December 31, 2008, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration		Capital Loss Carryforward
	2016	$	9,229,302

Under Financial Accounting Standards Board ("FASB") Interpretation No. 48, Accounting for Uncertainty in Income Taxes — an Interpretation of FASB Statement No. 109 ("FIN 48"), management determines whether a tax position of the Fund is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Management has evaluated the known implications of FIN 48 on the computation of net assets for the Fund. As a result of this evaluation, management has concluded that FIN 48 did not have any ef fect on the Fund's financial statements. However, management's conclusions regarding FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance from the FASB, new tax laws, regulations, and administrative interpretations (including relevant court decisions). The Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee—Columbia, an indirect, wholly owned subsidiary of Bank of America Corporation ("BOA"), provides investment advisory services to the Fund. In rendering investment advisory services to the Fund, Columbia may use the portfolio management and research resources of Columbia Management Pte. Ltd., an affiliate of Columbia. Columbia receives a monthly investment advisory fee based on the Fund's average daily net assets at the following annual rates:

Average Daily Net Assets	Annual Fee Rate
First $1 billion		0.45	%
$1 billion to $1.5 billion		0.40	%
Over $1.5 billion		0.35	%

29

Notes to Financial Statements (continued)

Columbia Asset Allocation Fund, Variable Series / June 30, 2009 (Unaudited)

For the six month period ended June 30, 2009, the Fund's annualized effective investment advisory fee rate was 0.45% of the Fund's average daily net assets.

Sub-Advisory Fee—Nordea Investment Management North America, Inc. ("NIMNAI") has been retained by Columbia to serve as the investment sub-advisor and to manage the portion of the Fund's assets allocated to foreign securities. As the sub-advisor, NIMNAI is responsible for daily investment operations, including placing all orders for the purchase and sale of portfolio securities for foreign stocks of the Fund. Columbia, from the investment advisory fee it receives, pays NIMNAI a monthly sub-advisory fee at the annual rate of 0.40% of the portion of the Fund's average daily net assets managed by NIMNAI.

Administration Fee—Columbia provides administrative and other services to the Fund for a monthly administration fee, at the annual rate of 0.15% of the Fund's average daily net assets.

Pricing and Bookkeeping Fees—The Fund has entered into a Financial Reporting Services Agreement (the "Financial Reporting Services Agreement") with State Street Bank & Trust Company ("State Street") and Columbia pursuant to which State Street provides financial reporting services to the Fund. The Fund has also entered into an Accounting Services Agreement (collectively with the Financial Reporting Services Agreement, the "State Street Agreements") with State Street and Columbia pursuant to which State Street provides accounting services to the Fund. Under the State Street Agreements, the Fund pays State Street an annual fee of $38,000 paid monthly plus an additional monthly fee based on an annualized percentage rate of average daily net assets of the Fund for the month. The aggregate fee will not exceed $140,000 per year (exclusive of out-of-pocket expens es and charges). The Fund also reimburses State Street for certain out-of-pocket expenses and charges.

The Fund has entered into a Pricing and Bookkeeping Oversight and Services Agreement (the "Services Agreement") with Columbia. Under the Services Agreement, Columbia provides services related to Fund expenses and the requirements of the Sarbanes-Oxley Act of 2002, and provides oversight of the accounting and financial reporting services provided by State Street. Under the Services Agreement, the Fund reimburses Columbia for out-of-pocket expenses.

Transfer Agent Fee—Columbia Management Services, Inc. (the "Transfer Agent"), an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, provides shareholder services to the Fund and has contracted with Boston Financial Data Services ("BFDS") to serve as sub-transfer agent. The Transfer Agent is entitled to receive a fee for its services, paid monthly, at the annual rate of $17.34 per open account plus reimbursement of certain sub-transfer agent fees paid by the Transfer Agent (exclusive of BFDS fees), calculated based on assets held in omnibus accounts and intended to recover the cost of payments to other parties (including affiliates of BOA) for services to those accounts. The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund.

The Transfer Agent may also retain, as additional compensation for its services, fees for wire, telephone and redemption orders, Individual Retirement Account ("IRA") trustee agent fees and account transcript fees due to the Transfer Agent from shareholders of the Fund and credits (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund. The Transfer Agent also receives reimbursement for certain out-of-pocket expenses.

Distribution Fees—Columbia Management Distributors, Inc. (the "Distributor"), an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, is the principal underwriter of the Fund's shares. The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act for Class B shares pursuant to which it will pay a monthly distribution fee to the Distributor not to exceed the annual rate of 0.25% of the average daily net assets attributable to Class B shares.

Fee Waivers and Expense Reimbursements—Effective January 12, 2009, Columbia has voluntarily agreed to reimburse a portion of the Fund's expenses so that the Fund's ordinary operating expenses (excluding any distribution fees, brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, do not exceed 0.80% of the Fund's average daily net assets on an annualized basis. In addition, the Distributor has voluntarily agreed to reimburse the Class B distribution fee in excess of 0.15% when the total annual Fund operating expenses applicable to Class B shares, including distribution fees, exceed the annual rate of 0.95% of the average daily net assets attributable to Class B shares. Columbia or the Distributor, in their discreti on, may revise or discontinue these arrangements at any time.

Prior to January 12, 2009, Columbia voluntarily waived fees and/or reimbursed the Fund for certain expenses so that the Fund's ordinary operating expenses did not exceed 0.75% annually of the Fund's average daily net assets. Also, prior to January 12, 2009, the Distributor voluntarily reimbursed the Class B distribution fee in excess of 0.15% when the total operating expenses applicable to Class B shares, including distribution fees, exceeded the annual rate of 0.90% of the Class B shares' average daily net assets.

30

Notes to Financial Statements (continued)

Columbia Asset Allocation Fund, Variable Series / June 30, 2009 (Unaudited)

Fees Paid to Officers and Trustees—All officers of the Fund are employees of Columbia or its affiliates and, with the exception of the Fund's Chief Compliance Officer, receive no compensation from the Fund. The Board of Trustees has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. The Fund, along with other affiliated funds, pays its pro-rata share of the expenses associated with the Chief Compliance Officer. The Fund's expenses for the Chief Compliance Officer will not exceed $15,000 per year.

The Trust's eligible Trustees may participate in a deferred compensation plan which may be terminated at any time. Obligations of the plan will be paid solely out of the Fund's assets.

Other Related Party Transactions—In connection with the purchase and sale of its securities during the period, the Fund used several brokers that are affiliates of BOA. Total brokerage commissions paid to affiliated brokers for the six month period ended June 30, 2009 was $366.

Note 5. Custody Credits

The Fund has an agreement with its custodian bank under which custody fees may be reduced by balance credits. These credits are recorded as a reduction of total expenses on the Statement of Operations. The Fund could have invested a portion of the assets utilized in connection with the expense offset arrangement in an income-producing asset if it had not entered into such an agreement.

Note 6. Derivative Instruments

Derivatives not accounted for as hedging instruments under Statement 133:

	Fair Value of Derivative Instruments
	Asset				Liability
	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Futures contracts	Unrealized appreciation	$	—	*	Unrealized depreciation	$	1,928	*
Total		$	—	*		$	1,928	*

*  Includes cumulative appreciation/depreciation of futures contracts as reported in the Investment Portfolio futures contracts tables. Only current day's variation margin is reported on the Statement of Assets and Liabilities.

	The Effect of Derivative Instruments on the Statement of Operations for the Period Ended June 30, 2009
	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
	Forward Foreign Currency Exchange Contracts		Futures Contracts			Written Options		Total
Equity Risk
Net realized gain (loss)	$	10,460	$	(55,619	)	$	388	$	(44,771	)
Interest Rate Risk
Net realized gain (loss)		—		(80,891	)		—		(80,891	)
Total	$	10,460	$	(136,510	)	$	388	$	(125,662	)
	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
	Forward Foreign Currency Exchange Contracts		Futures Contracts			Written Options		Total
Equity Risk
Net change in unrealized appreciation (depreciation)	$	—	$	(24,734	)	$	—	$	(24,734	)
Interest Rate Risk
Net change in unrealized appreciation (depreciation)		—		4,766			—		4,766
Total	$	—	$	(19,968	)	$	—	$	(19,968	)

31

Notes to Financial Statements (continued)

Columbia Asset Allocation Fund, Variable Series / June 30, 2009 (Unaudited)

Note 7. Portfolio Information

For the six month period ended June 30, 2009, the cost of purchases and proceeds from sales of securities, excluding short-term obligations, for the Fund were $57,163,872 and $67,513,144, respectively, of which $8,682,012 and $11,369,253, respectively, were U.S. Government securities.

Note 8. Line of Credit

The Fund and other affiliated funds participate in a $280,000,000 committed, unsecured revolving line of credit provided by State Street. The maximum amount that may be borrowed by any fund is limited to the lesser of $200,000,000 and the Fund's borrowing limit set forth in the Fund's registration statement. Borrowings are available for short-term liquidity or temporary or emergency purposes.

Interest is charged to each participating fund based on the fund's borrowings at a rate per annum equal to the greater of the Federal Funds Rate plus 0.50% or the overnight LIBOR Rate plus 0.50%. In addition, an annual operations agency fee of $20,000, an amendment fee of 0.02% and a commitment fee of 0.12% per annum are accrued and apportioned among the participating funds pro rata based on their relative net assets.

For the six month period ended June 30, 2009, the Fund did not borrow under this arrangement.

Note 9. Shares of Beneficial Interest

As of June 30, 2009, the Fund had five shareholders that collectively held 90.0% of the Fund's shares outstanding. Subscription and redemption activity of these accounts may have a significant effect on the operations of the Fund.

Note 10. Significant Risks and Contingencies

High-Yield Securities Risk—Investing in high-yield securities may involve greater credit risk and considerations not typically associated with investing in U.S. Government bonds and other higher quality fixed income securities. These securities are non-investment grade securities, often referred to as "junk" bonds. Economic downturns may disrupt the high yield market and impair the ability of issuers to repay principal and interest. Also, an increase in interest rates would likely have an adverse impact on the value of such obligations. Moreover, high-yield securities may be less liquid to the extent that there is no established secondary market.

Foreign Securities Risk—There are certain additional risks involved when investing in foreign securities. These risks may involve foreign currency exchange rate fluctuations, adverse political and economic developments and the possible prevention of currency exchange or other foreign governmental laws or restrictions. In addition, the liquidity of foreign securities may be more limited than that of domestic securities.

Asset-Backed Securities Risk—The value of asset-backed securities may be affected by, among other factors, changes in interest rates, the market's assessment of the quality of underlying assets, the creditworthiness of the servicer for the underlying assets, factors concerning the interests in and structure of the issuer or the originator of the underlying assets, or the creditworthiness or rating of the entities that provide any supporting letters of credit, surety bonds, derivative instruments, or other credit enhancement. The value of asset-backed securities also will be affected by the exhaustion, termination or expiration of any credit enhancement. Most asset-backed securities are subject to prepayment risk, which is the possibility that the underlying debt may be refinanced or prepaid prior to maturity during periods of declining or low interest rates, causing the Fund to have to reinvest the money received in securities that have lower yields. In addition, the impact of prepayments on the value of asset-backed securities may be difficult to predict and may result in greater volatility.

Legal Proceedings—Columbia Management Advisors, LLC and Columbia Management Distributors, Inc. (collectively, the "Columbia Group") are subject to a settlement agreement with the New York Attorney General ("NYAG") (the "NYAG Settlement") and a settlement order with the SEC (the "SEC Order") on matters relating to mutual fund trading, each dated February 9, 2005. Under the terms of the SEC Order, the Columbia Group (or predecessor entities) agreed, among other things, to: pay disgorgement and civil money penalties collectively totaling $140 million; cease and desist from violations of the antifraud provisions and certain other provisions of the federal securities laws; maintain certain compliance and ethics oversight structures; and retain an independent consultant to review the Columbia Group's applicable supervisory, compliance, control and other policies an d procedures. The NYAG Settlement, among other things, requires Columbia Management Advisors, LLC and its affiliates to reduce management fees for certain funds in the Columbia family of mutual funds in a projected total of $160 million over five years through November 30, 2009 and to make certain disclosures to investors relating to expenses. In connection with the Columbia Group providing services to the Columbia Funds, the Columbia Funds have voluntarily undertaken to implement certain governance measures designed to maintain the independence of their boards of trustees and certain special consulting and compliance measures.

32

Notes to Financial Statements (continued)

Columbia Asset Allocation Fund, Variable Series / June 30, 2009 (Unaudited)

Pursuant to the SEC Order and related procedures, the $140 million in settlement amounts described above has been substantially distributed in accordance with a distribution plan that was developed by an independent distribution consultant and approved by the SEC on April 6, 2007.

In connection with the events described above, various parties have filed suit against certain funds, the Trustees of the Columbia Funds, FleetBoston Financial Corporation and its affiliated entities and/or Bank of America and its affiliated entities.

On February 20, 2004, the Judicial Panel on Multidistrict Litigation transferred these cases and cases against other mutual fund companies based on similar allegations to the United States District Court in Maryland for consolidated or coordinated pretrial proceedings (the "MDL"). Subsequently, additional related cases were transferred to the MDL. On September 29, 2004, the plaintiffs in the MDL filed amended and consolidated complaints. One of these amended complaints is a putative class action that includes claims under the federal securities laws and state common law, and that names Columbia Management Advisors, Inc. (which has since merged into Banc of America Capital Management, LLC (now named Columbia Management Advisors, LLC)) ("Columbia"), Columbia Funds Distributor, Inc. (now named Columbia Management Distributors, Inc.) (the "Distributor"), the Trustees of the Columbia Funds, Bank of America Corporation and others as defendants. An other of the amended complaints is a derivative action purportedly on behalf of the Columbia Funds that asserts claims under federal securities laws and state common law.

On February 25, 2005, Columbia and other defendants filed motions to dismiss the claims in the pending cases. On March 1, 2006, for reasons stated in the court's memoranda dated November 3, 2005, the United States District Court for the District of Maryland granted in part and denied in part the defendants' motions to dismiss. The court dismissed all of the class action claims pending against the Columbia Funds Trusts. As to Columbia and the Distributor, the claims under the Securities Act of 1933, the claims under Sections 34(b) and 36(a) of the Investment Company Act of 1940 ("ICA") and the state law claims were dismissed. The claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and claims under Section 36(b) of the ICA were not dismissed.

On March 21, 2005, a purported class action was filed in Massachusetts state court alleging that certain conduct, including market timing, entitled Class B shareholders in certain Columbia Funds to an exemption from contingent deferred sales charges upon early redemption (the "CDSC Lawsuit"). The CDSC Lawsuit was removed to federal court in Massachusetts and transferred to the MDL.

On September 14, 2007, the plaintiffs and the Columbia defendants named in the MDL, including the Columbia Funds, entered into a stipulation of settlement with respect to all Columbia-related claims in the MDL described above, including the CDSC Lawsuit. The settlement is subject to court approval.

33

Important Information About This Report

A description of the policies and procedures that Columbia Asset Allocation Fund, Variable Series uses to determine how to vote proxies relating to its portfolio securities and a copy of the fund's voting records are available (i) at www.columbiamanagement.com; (ii) on the Securities and Exchange Commission's website at www.sec.gov, and (iii) without charge, upon request, by calling 1-800-368-0346. Information regarding how the fund voted proxies relating to portfolio securities during the 12-month period ended June 30 is available from the SEC's website. Information regarding how the fund voted proxies relating to portfolio securities is also available from the fund's website, www.columbiamanagement.com.

The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The fund's Form N-Q is available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Shares of the fund are available only through variable annuity contracts and variable life insurance policies of participating insurance companies.

Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. Contact your insurance company for a prospectus, which contains this and other important information about the fund.

Columbia Management Group, LLC ("Columbia Management") is the investment management division of Bank of America Corporation. Columbia Management entities furnish investment management services and products for institutional and individual investors. Columbia Funds are distributed by Columbia Management Distributors, Inc., member of FINRA, SIPC, part of Columbia Management and an affiliate of Bank of America Corporation.

©2009 Columbia Management Distributors, Inc.

One Financial Center, Boston, MA 02111-2621

SHC-44/19813-0609 (08/09) 09/85356

Columbia Federal Securities Fund,
Variable Series

Columbia Funds Variable Insurance Trust

2009 Semiannual Report

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

Portfolio Manager's Discussion

Columbia Federal Securities Fund, Variable Series / June 30, 2009

Columbia Federal Securities Fund, Variable Series seeks total return, consisting of current income and capital appreciation.

Jonathan P. Carlson has been the fund's portfolio manager since December 2007.

Summary

•  For the six-month period that ended June 30, 2009, the fund's Class A shares underperformed the fund's benchmark, the Citigroup Government/Mortgage Index.¹ The fund's return was lower than the average return of its peer group, the Lipper VUF General U.S. Government Funds Classification.² The fund's relatively long maturity profile at the outset of the period placed it at a competitive disadvantage with respect to its benchmark and peer group.

•  The six-month period was characterized by a sharp rise in interest rates from depressed levels. Yields on two-year Treasury securities rose from 0.76% to 1.11% during the period, while yields on 10-year Treasury securities rose from 2.21% to 3.53%. As interest rates rose, we sought to keep the fund's duration as low as possible. (Duration is a measure of interest-rate sensitivity, similar to but often more useful than maturity, and measured in years.) The fund's stated minimum duration was three years, and the benchmark dipped well below that level in the ultra-low rate environment of late 2008. Although we revised the fund's principal investment strategies in June 2009 to provide more flexibility, the fund's performance lagged the benchmark until this change was effected.

•  The period was also characterized by a heightened tolerance for risk within the fixed-income marketplace. The fund increased its exposure to areas such as asset-backed and commercial mortgage-backed securities and also established a small position in corporate bonds, which had not been represented for some time. Each of these asset classes performed especially well during the second quarter of the year, and the fund benefited accordingly. Meanwhile, the fund deemphasized its prior strategy of buying those asset classes that were being actively supported by the federal government. In particular, the fund decreased its ownership of mortgage-backed securities, which had become richly priced in relation to other asset classes following extensive government purchases.

•  Looking ahead, the government's desire to keep rates down, coupled with a weak economy, argues for lower interest rates. However, the government's various initiatives have also resulted in a massive increase in the supply of Treasury securities, a situation that raises the prospect of higher rates and therefore, higher inflation. Because it is unclear which of these market forces will ultimately win out, we are keeping the fund's duration neutral with respect to its benchmark.

Past performance is no guarantee of future results.

Investing in fixed-income securities may involve certain risks, including the credit quality of individual issuers, possible prepayments, market or economic developments and yields and share price fluctuations due to changes in interest rates. When interest rates go up, bond prices typically drop, and vice versa.

Holdings are disclosed as of June 30, 2009, and are subject to change.

The outlook for the fund may differ from that presented for other Columbia Funds.

¹  The Citigroup Government/Mortgage Index is a combination of the Citigroup U.S. Government Index and the Citigroup Mortgage Index. The Government Index tracks the performance of the Treasury and government-sponsored indices within the U.S. Broad Investment Grade (BIG) Bond Index. The Mortgage Index tracks the performance of the mortgage component of the U.S. BIG Bond Index, comprising 30- and 15-year GNMA, FNMA and FHLMC pass-throughs and FNMA and FHLMC balloon mortgages. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the fund may not match those in an index.

²  Lipper Inc., a widely respected data provider in the industry, calculates an average total return (assuming reinvestment of distributions) for mutual funds with investment objectives similar to those of the fund. Lipper makes no adjustment for the effect of sales loads.

1

Performance Information

Columbia Federal Securities Fund, Variable Series / June 30, 2009

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

Performance results reflect any fee waivers or reimbursements of fund expenses by the investment advisor and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of all distributions.

Performance results reflect all fund expenses, but do not include any insurance charges imposed by your insurance company's separate accounts. If performance results included the effect of these additional charges, they would be lower.

Average annual total return as of June 30, 2009 (%)

	(cumulative) 6-month		1-year		5-year		10-year
Class A (01/01/89)		-0.75		5.76		4.74		5.49
Class B (06/01/00)		-0.86		5.47		4.50		5.23
Citigroup Government/ Mortgage Bond Index		-0.35		8.04		5.74		6.21

Inception date of share class is in parentheses.

Net asset value per share ($)	12/31/08		06/30/09
Class A		10.61		10.53
Class B		10.52		10.43

Annual operating expense ratio (%)*
Class A	0.69
Class B	0.94
Annual operating expense ratio after contractual waivers (%)*
Class A	0.60
Class B	0.85

*The annual operating expense ratio and annual operating expense ratio after contractual waivers are as stated in the fund's prospectus that is current as of the date of this report. The contractual waiver expires 04/30/10. Differences in expense ratios disclosed elsewhere in this report may result from including fee waivers and expense reimbursements as well as different time periods used in calculating the ratios.

The returns shown for Class B shares include the returns of the fund's Class A shares (the oldest existing share class) for periods prior to June 1, 2000, the date on which Class B shares were first offered by the Fund. The returns shown for Class B shares have not been restated to reflect any expense differential, such as distribution (Rule 12b-1) fees between Class A shares and Class B shares. If differences in expenses were reflected, the returns for Class B shares for periods prior to June 1, 2000 would be lower.

2

Understanding Your Expenses

Columbia Federal Securities Fund, Variable Series / June30, 2009

As a Variable Series fund shareholder, you incur ongoing costs, which generally include investment advisory fees, distribution (Rule 12b-1) fees for Class B shares and other fund expenses. The information on this page is intended to help you understand the ongoing costs of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your fund's expenses by share class

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in each share class of the fund during the period. The information in the following table is based on an initial investment of $1,000, which is invested at the beginning of the period and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the fund's actual operating expenses and total return for the period. The amount listed in the "Hypothetical" column for each share class assumes that the return each year is 5% before expenses and is calculated based on the fund's actual operating expenses. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during this period.

Estimating your actual expenses by share class

To estimate the expenses that you paid over the period, first you will need your account balance at the end of the period:

1. Divide your ending account balance by $1,000. For example, if an account balance was $8,600 at the end of the period, the result would be 8.6.

2. In the section of the table below titled "Expenses paid during the period," locate the amount for your share class. You will find this number in the column labeled "Actual." Multiply this number by the result from step 1. Your answer is an estimate of the expenses you paid on your account during the period.

01/01/09 – 06/30/09	Account value at the beginning of the period ($)				Account value at the end of the period ($)				Expenses paid during the period ($)				Fund's annualized expense ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		992.51		1,021.82		2.96		3.01		0.60
Class B		1,000.00		1,000.00		991.42		1,020.58		4.20		4.26		0.85

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

Had the investment advisor and/or any of its affiliates not waived fees or reimbursed a portion of expenses, account value at the end of the period would have been reduced.

It is important to note that the expense amounts shown in the table are meant to highlight only ongoing costs of investing in the share class of the fund. As a shareholder of the fund, you do not incur any transaction costs, such as sales charges, redemption fees or exchange fees. Expenses paid during the period do not include any insurance charges imposed by your insurance company's separate accounts.

The hypothetical examples provided are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds whose shareholders may incur transaction costs.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing costs of investing in the fund with other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund and do not reflect any transaction costs, such as sales charges, redemption fees or exchange fees, that may be incurred by shareholders of other funds. Expenses paid during the period do not include any insurance charges imposed by your insurance company's separate accounts.

3

Investment Portfolio

Columbia Federal Securities Fund, Variable Series / June 30, 2009 (Unaudited)

	Par		Value
MORTGAGE-BACKED SECURITIES—44.7%
Federal Home Loan Mortgage Corp. 5.500% 08/01/17	$	44,086	$	46,577
5.500% 12/01/17		19,475		20,575
5.500% 05/01/37		11,530,322		11,924,763
5.603% 08/01/37 (a)		640,600		670,159
5.709% 06/01/36 (a)		802,766		828,429
5.710% 06/01/37 (a)		579,433		609,322
6.000% 04/01/32		16,248		17,107
6.000% 03/01/38		6,215,820		6,494,682
6.000% 05/01/38		1,774,532		1,854,043
7.000% 06/01/16		7,988		8,517
7.000% 01/01/26		33,621		36,784
7.500% 02/01/23		20,003		21,762
7.500% 05/01/24		5,059		5,506
10.500% 02/01/19		4,706		5,423
11.250% 10/01/09		11		11
12.000% 07/01/13		1,554		1,763
12.000% 07/01/20		18,637		19,840
Federal National Mortgage Association 5.030% 05/01/24		455,000		463,492
5.634% 10/01/37 (a)		532,953		557,271
6.000% 08/01/22		21,661		22,897
6.000% 12/01/23		66,037		69,472
6.000% 02/01/24		74,124		78,146
6.000% 03/01/24		13,144		13,858
6.500% 11/01/23		12,016		12,922
6.500% 01/01/24		18,711		20,137
6.500% 08/01/25		37,973		40,964
6.500% 12/01/25		8,230		8,878
6.500% 01/01/26		7,064		7,620
6.500% 08/01/31		4,152		4,462
6.500% 10/01/37		2,780,721		2,965,433
7.000% 07/01/11		23,474		24,570
7.000% 03/01/15		6,411		6,767
7.000% 03/01/29		82,751		90,856
7.500% 11/01/29		67,611		73,656
8.500% 05/01/30		169,413		184,655
9.000% 05/01/12		2,294		2,394
9.000% 05/01/20		5,491		5,888
10.000% 03/01/16		1,176		1,206
12.250% 09/01/12		6,324		6,757
TBA, 4.500% 07/01/39 (b)		2,800,000		2,793,874
Government National Mortgage Association 4.625% 07/20/22 (a)		16,267		16,661
4.625% 07/20/25 (a)		28,205		28,891
5.000% 04/20/39		6,570,885		6,695,132
6.000% 03/15/29		47,091		49,539
6.500% 10/15/13		11,625		12,425
6.500% 07/15/24		34,807		37,110
6.500% 03/15/28		636,144		687,061
7.000% 09/15/29		20,664		22,572
7.500% 10/15/27		8,378		9,188
7.500% 09/15/29		9,248		10,151
8.500% 04/15/30		433		483

	Par		Value
9.000% 06/15/16	$	9,062	$	9,814
9.000% 01/15/17		1,694		1,832
9.000% 03/15/17		8,173		8,838
9.000% 01/15/20		4,882		5,294
9.500% 09/15/09		5		6
9.500% 10/15/09		525		534
9.500% 11/15/09		667		677
9.500% 12/15/09		138		140
9.500% 11/15/10		463		481
9.500% 08/15/17		168,852		184,445
9.500% 08/15/22		2,051		2,251
10.000% 11/15/09		451		459
10.000% 06/15/10		17		18
10.000% 10/15/10		775		808
10.000% 11/15/19		6,190		6,700
11.500% 04/15/13		18,706		20,737
11.500% 05/15/13		10,659		11,817
Total Mortgage-Backed Securities (cost of $37,278,772)				37,845,502
GOVERNMENT & AGENCY OBLIGATIONS—33.2%
U.S. Government Agencies—17.9%
AID-Israel 5.500% 04/26/24		2,000,000		2,142,390
Federal Home Loan Banks 2.250% 04/13/12 (c)		3,000,000		3,036,171
5.375% 03/11/16		1,050,000		1,163,175
5.375% 05/18/16 (c)		3,900,000		4,334,016
5.375% 06/10/16		3,600,000		3,986,871
Federal Home Loan Mortgage Corp. 4.875% 06/13/18 (c)		495,000		532,686
				15,195,309
U.S. Government Obligations—15.3%
U.S. Treasury Bonds 6.875% 08/15/25 (c)		737,000		965,585
7.125% 02/15/23 (c)		793,000		1,036,228
U.S. Treasury Notes 0.875% 03/31/11 (c)		465,000		464,364
0.875% 05/31/11 (c)		2,090,000		2,082,497
1.875% 02/28/14		2,430,000		2,367,160
1.875% 04/30/14		1,000		971
3.125% 09/30/13 (c)		5,435,000		5,622,676
3.125% 05/15/19 (c)		401,000		387,843
				12,927,324
Total Government & Agency Obligations (cost of $27,791,236)				28,122,633
CORPORATE FIXED-INCOME BONDS & NOTES—5.1%
Communications—0.2%
Media—0.2%
Comcast Corp. 6.550% 07/01/39		55,000		54,906
6.950% 08/15/37		65,000		67,774

See Accompanying Notes to Financial Statements.

4

Investment Portfolio (continued)

Columbia Federal Securities Fund, Variable Series / June 30, 2009 (Unaudited)

	Par		Value
Time Warner, Inc. 6.500% 11/15/36	$	5,000	$	4,379
				127,059
Consumer Cyclical—0.1%
Retail—0.1%
CVS Pass-Through Trust 8.353% 07/10/31 (d)		45,000		46,393
Energy—0.1%
Oil & Gas—0.0%
Marathon Oil Corp. 7.500% 02/15/19		30,000		32,744
Pipelines—0.1%
Kinder Morgan Energy Partners LP 5.625% 02/15/15		15,000		15,161
6.850% 02/15/20		15,000		15,375
Plains All American Pipeline LP 6.500% 05/01/18		40,000		40,476
				71,012
Financials—4.6%
Banks—0.7%
Bank of America Corp. 4.875% 01/15/13 (e)		175,000		172,895
Bank of New York Mellon Corp. 5.450% 05/15/19		190,000		195,055
Citigroup, Inc. 6.875% 03/05/38		10,000		8,832
8.500% 05/22/19		105,000		106,810
JPMorgan Chase Capital XX 6.550% 09/29/36		15,000		11,922
Wachovia Corp. 5.500% 05/01/13		60,000		61,980
				557,494
Diversified Financial Services—3.6%
Ameriprise Financial, Inc. 7.300% 06/28/19		25,000		25,583
General Electric Capital Corp. 2.250% 03/12/12		2,900,000		2,925,662
JPMorgan Chase & Co. 7.875% 06/15/10		125,000		130,214
				3,081,459
Insurance—0.3%
Lincoln National Corp. 8.750% 07/01/19		70,000		70,593
MetLife, Inc. 6.750% 06/01/16		90,000		91,625
New York Life Global Funding 4.650% 05/09/13 (d)		70,000		71,002
Principal Life Income Funding Trusts 5.300% 04/24/13		5,000		4,988

	Par		Value
Prudential Financial, Inc. 7.375% 06/15/19	$	20,000	$	19,637
				257,845
Real Estate Investment Trusts (REITs)—0.0%
Simon Property Group LP 6.750% 05/15/14		10,000		10,048
Utilities—0.1%
Electric—0.1%
Hydro Quebec 8.500% 12/01/29		75,000		97,813
Southern Co. 4.150% 05/15/14		5,000		5,020
				102,833
Gas—0.0%
Sempra Energy 6.500% 06/01/16		5,000		5,219
Total Corporate Fixed-Income Bonds & Notes (cost of $4,241,245)				4,292,106
COMMERCIAL MORTGAGE-BACKED SECURITIES—5.1%
Bear Stearns Commercial Mortgage Securities 4.740% 03/13/40		175,000		167,692
4.933% 02/13/42 (a)		180,000		155,118
Citigroup Commercial Mortgage Trust 4.733% 10/15/41		110,000		93,388
First Union National Bank Commercial Mortgage 6.141% 02/12/34		340,000		341,017
GMAC Commercial Mortgage Securities, Inc. 5.668% 05/10/40 (a)		105,000		103,578
Greenwich Capital Commercial Funding Corp. 5.317% 06/10/36 (a)		380,000		351,088
GS Mortgage Securities Corp. II 4.751% 07/10/39		175,000		148,568
JP Morgan Chase Commercial Mortgage Securities Corp. 4.393% 07/12/37		310,502		302,507
LB-UBS Commercial Mortgage Trust 4.853% 09/15/31		115,000		113,274
5.124% 11/15/32 (a)		100,000		93,589
5.279% 11/15/38		507,546		514,558
Morgan Stanley Capital I 4.970% 12/15/41		130,000		121,698
5.150% 06/13/41		40,000		36,537

See Accompanying Notes to Financial Statements.

5

Investment Portfolio (continued)

Columbia Federal Securities Fund, Variable Series / June 30, 2009 (Unaudited)

	Par		Value
Morgan Stanley Dean Witter Capital I 4.180% 03/12/35	$	252,192	$	244,187
5.080% 09/15/37		385,000		369,175
5.980% 01/15/39		180,000		183,445
Structured Asset Securities Corp. I.O., 2.171% 02/25/28 (a)		661,041		30
Wachovia Bank Commercial Mortgage Trust 4.980% 11/15/34		290,000		282,272
5.037% 03/15/42		435,000		419,993
5.384% 10/15/44 (a)		35,000		31,661
5.726% 06/15/45		193,580		196,504
Total Commercial Mortgage-Backed Securities (cost of $4,261,103)				4,269,879
ASSET-BACKED SECURITIES—2.9%
BMW Vehicle Lease Trust 2.040% 04/15/11		280,000		280,707
Chase Issuance Trust 2.400% 06/17/13		420,000		416,996
4.260% 05/15/13		415,000		426,951
CPL Transition Funding LLC 5.960% 07/15/15		80,000		85,681
Entergy Gulf States Reconstruction Funding LLC 5.510% 10/01/13		69,830		73,409
Honda Auto Receivables Owner Trust 2.790% 01/15/13		175,000		175,953
Mid-State Trust 7.340% 07/01/35		608,210		470,853
Nissan Auto Receivables Owner Trust 3.800% 10/15/10		419,300		422,540
West Penn Funding LLC Transition Bonds 4.460% 12/27/10 (d)		127,399		129,470
Total Asset-Backed Securities (cost of $2,619,568)				2,482,560
COLLATERALIZED MORTGAGE OBLIGATIONS—2.9%
Agency—1.9%
Federal Home Loan Mortgage Corp. 6.000% 05/15/29		1,555,000		1,607,556
Federal National Mortgage Association 9.250% 03/25/18		23,538		26,094
				1,633,650
Non-Agency—1.0%
American Mortgage Trust 8.445% 09/27/22		2,424		1,470
Citicorp Mortgage Securities, Inc. 10.000% 08/25/17		4,044		4,033

	Par		Value
Comfed Savings Bank 5.647% 01/25/18 (a)(f)	$	10,493	$	525
First Horizon Asset Securities, Inc. 5.381% 11/25/33 (a)		758,637		492,654
GSMPS Mortgage Loan Trust 7.750% 09/19/27 (a)(d)		348,149		341,441
Nomura Asset Acceptance Corp. 6.664% 05/25/36		194,205		2,031
				842,154
Total Collateralized Mortgage Obligations (cost of $2,878,577)				2,475,804
	Shares
SECURITIES LENDING COLLATERAL—14.5%
State Street Navigator Securities Lending Prime Portfolio (7 day yield of 0.724%) (g)		12,277,397		12,277,397
Total Securities Lending Collateral (cost of $12,277,397)				12,277,397
	Par
SHORT-TERM OBLIGATION—6.5%
Repurchase agreement with Fixed Income Clearing Corp., dated 06/30/09, due 07/01/09 at 0.030%, collateralized by a U.S. Government Agency obligation maturing 07/17/13, market value $5,599,063 (repurchase proceeds $5,489,005)	$	5,489,000		5,489,000
Total Short-Term Obligations (cost of $5,489,000)				5,489,000
Total Investments—114.9% (cost of $96,836,898) (h)				97,254,881
Obligation to Return Collateral for Securities Loaned—(14.5)%				(12,277,397	)
Other Assets & Liabilities, Net—(0.4)%				(283,796	)
Net Assets—100.0%			$	84,693,688

Notes to Investment Portfolio:

(a)  The interest rate shown on floating rate or variable rate securities reflects the rate at June 30, 2009.

(b)  Security purchased on a delayed delivery basis.

(c)  All or a portion of this security was on loan at June 30, 2009. The total market value of securities on loan at June 30, 2009 is $12,037,894.

(d)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2009, the value of these securities, which are not illiquid, amounted to $588,306, which represents 0.7% of net assets.

See Accompanying Notes to Financial Statements.

6

Investment Portfolio (continued)

Columbia Federal Securities Fund, Variable Series / June 30, 2009 (Unaudited)

(e)  Investments in affiliates during the six months ended June 30, 2009:

Security name: Bank of America Corp., 4.875% 01/15/13

Par as of 12/31/08:	$	175,000
Par purchased:		—
Par sold:		—
Par as of 06/30/09:	$	175,000
Net realized gain/loss:		—
Interest income earned:	$	4,266
Value at end of period:	$	172,895

(f)  Represents fair value as determined in good faith under procedures approved by the Board of Trustees. The value of this security amounted to $525, which represents less than 0.1% of net assets.

(g)  Investment made with cash collateral received from securities lending activity.

(h)  Cost for federal income tax purposes is $96,932,181.

The following table summarizes the inputs used, as of June 30, 2009, in valuing the Fund's assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
MORTGAGE-BACKED SECURITIES	$	2,793,874	$	35,051,628	$	—	$	37,845,502
GOVERNMENT & AGENCY OBLIGATIONS
U.S. Government Agencies		—		15,195,309		—		15,195,309
U.S. Government Obligations		12,927,324		—		—		12,927,324
Total Government & Agency Obligations		12,927,324		15,195,309		—		28,122,633
CORPORATE FIXED-INCOME BONDS & NOTES
Communications
Media		—		127,059		—		127,059
Consumer Cyclical
Retail		—		46,393		—		46,393
Energy
Oil & Gas		—		32,744		—		32,744
Pipelines		—		71,012		—		71,012
		—		103,756		—		103,756
Financials
Banks		—		557,494		—		557,494
Diversified Financial Services		—		3,081,459		—		3,081,459
Insurance		—		257,845		—		257,845
Real Estate Investment Trusts (REITs)		—		10,048		—		10,048
		—		3,906,846		—		3,906,846
Utilities
Electric		—		102,833		—		102,833
Gas		—		5,219		—		5,219
		—		108,052		—		108,052
Total Corporate Fixed-Income Bonds & Notes		—		4,292,106		—		4,292,106

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
COMMERCIAL MORTGAGE-BACKED SECURITIES	$	—	$	4,269,879	$	—	$	4,269,879
ASSET-BACKED SECURITIES		—		2,482,560		—		2,482,560
COLLATERALIZED MORTGAGE OBLIGATIONS
Agency		—		1,633,650		—		1,633,650
Non-Agency		—		841,629		525		842,154
Total Collateralized Mortgage Obligations		—		2,475,279		525		2,475,804
SECURITIES LENDING COLLATERAL		12,277,397		—		—		12,277,397
SHORT-TERM OBLIGATION
Repurchase Agreement		—		5,489,000		—		5,489,000
Total Short-Term Obligation		—		5,489,000		—		5,489,000
Total Investments	$	27,998,595	$	69,255,761	$	525	$	97,254,881

See Accompanying Notes to Financial Statements.

7

Investment Portfolio (continued)

Columbia Federal Securities Fund, Variable Series / June 30, 2009 (Unaudited)

The following table reconciles asset balances for the six months ended June 30, 2009, in which significant unobservable inputs (Level 3) were used in determining value:

Investments in Securities	Balance as of December 31, 2008		Accrued Discounts/ Premiums		Realized Gain/ (Loss)		Change in Unrealized Appreciation (Depreciation)		Net Purchases		Net Sales			Net transfers in to Level 3		Net transfers out of Level 3		Balance as of June 30, 2009		Change in Unrealized Appreciation (Depreciation) from Investments held at June 30, 2009
Collateralized Mortgage Obligations	$	547	$	—	$	21	$	410	$	—	$	(453	)	$	—	$	—	$	525	$	410
Total	$	547	$	—	$	21	$	410	$	—	$	(453	)	$	—	$	—	$	525	$	410

The information in the above reconciliation represents fiscal year to date activity for any securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period.

The change in unrealized gains attributable to securities owned at June 30, 2009 which were valued using significant unobservable inputs (Level 3) amounted to $410. This amount is included in net change in unrealized depreciation on the Statement of Changes in Net Assets.

For more information on valuation inputs, and their aggregation into the levels used in the tables above, please refer to the Security Valuation section in the Accompanying Notes to Financial Statements

At June 30, 2009, the asset allocation of the Fund is as follows:

Asset Allocation	% of Net Assets
Mortgage-Backed Securities		44.7
Government & Agency Obligations		33.2
Corporate Fixed-Income Bonds & Notes		5.1
Commercial Mortgage-Backed Securities		5.1
Asset-Backed Securities		2.9
Collateralized Mortgage Obligations		2.9
		93.9
Securities Lending Collateral		14.5
Short-Term Obligation		6.5
Obligation to Return Collateral for Securities Loaned		(14.5	)
Other Assets & Liabilities, Net		(0.4	)
		100.0

Acronym	Name
I.O.	Interest Only
TBA	To Be Announced

See Accompanying Notes to Financial Statements.

8

Statement of Assets and Liabilities

Columbia Federal Securities Fund, Variable Series / June 30, 2009 (Unaudited)

Assets
Unaffiliated investments, at cost	$	96,662,878
Affiliated investments, at cost		174,020
Total investments, at cost		96,836,898
Unaffiliated investments, at value (including securities on loan of $12,037,894)	$	97,081,986
Affiliated investments, at value		172,895
Total investments, at value		97,254,881
Cash		872
Receivable for:
Fund shares sold		2,266,730
Interest		498,837
Securities lending		9,436
Expense reimbursement due from investment advisor		4,980
Trustees' deferred compensation plan		18,553
Prepaid expenses		2,215
Total Assets		100,056,504
Liabilities
Collateral on securities loaned		12,277,397
Payable for:
Investments purchased		15,451
Investments purchased on a delayed delivery basis		2,773,575
Fund shares repurchased		184,131
Investment advisory fee		25,694
Administration fee		10,102
Transfer agent fee		46
Trustees' fees		385
Audit fee		21,396
Pricing and bookkeeping fees		9,764
Custody fee		1,993
Distribution fees — Class B		10,553
Chief compliance officer expenses		226
Trustees' deferred compensation plan		18,553
Other liabilities		13,550
Total Liabilities		15,362,816
Net Assets	$	84,693,688
Net Assets Consist of
Paid-in capital	$	81,839,964
Undistributed net investment income		7,175,309
Accumulated net realized loss		(4,739,568	)
Net unrealized appreciation (depreciation) on investments		417,983
Net Assets	$	84,693,688
Class A
Net assets	$	35,137,318
Shares outstanding		3,338,297
Net asset value per share	$	10.53
Class B
Net assets	$	49,556,370
Shares outstanding		4,751,585
Net asset value per share	$	10.43

See Accompanying Notes to Financial Statements.

9

Statement of Operations

Columbia Federal Securities Fund, Variable Series
For the Six Months Ended June 30, 2009 (Unaudited)

Investment Income
Interest	$	1,888,071
Interest from affiliates		4,266
Securities lending		83,075
Dollar roll fee income		47,171
Total Investment Income		2,022,583
Expenses
Investment advisory fee		166,977
Administration fee		65,912
Distribution fees — Class B		62,774
Transfer agent fee		171
Pricing and bookkeeping fees		30,214
Trustees' fees		8,723
Custody fee		6,761
Audit fee		21,117
Chief compliance officer expenses		320
Other expenses		23,962
Expenses before interest expense		386,931
Interest expense		1,889
Total Expenses		388,820
Fees waived or expenses reimbursed by investment advisor		(62,533	)
Custody earnings credit		(6	)
Net Expenses		326,281
Net Investment Income		1,696,302
Net Realized and Unrealized Gain (Loss) on Investments and Futures Contracts
Net realized gain (loss) on:
Investments		693,629
Futures contracts		(1,615	)
Net realized gain		692,014
Net change in unrealized appreciation (depreciation) on:
Investments		(3,718,275	)
Futures contracts		346,717
Net change in unrealized appreciation (depreciation)		(3,371,558	)
Net Loss		(2,679,544	)
Net Decrease Resulting from Operations	$	(983,242	)

See Accompanying Notes to Financial Statements.

10

Statement of Changes in Net Assets

Columbia Federal Securities Fund, Variable Series

Increase (Decrease) in Net Assets	(Unaudited) Six Months Ended June 30, 2009			Year Ended December 31, 2008
Operations
Net investment income	$	1,696,302		$	5,396,219
Net realized gain on investments and futures contracts		692,014			1,407,204
Net change in unrealized appreciation (depreciation) on investments and futures contracts		(3,371,558	)		1,774,609
Net increase (decrease) resulting from operations		(983,242	)		8,578,032
Distributions to Shareholders
From net investment income:
Class A		—			(2,922,107	)
Class B		—			(4,071,368	)
Total distributions to shareholders		—			(6,993,475	)
Net Capital Stock Transactions		(15,000,112	)		(35,620,771	)
Total decrease in net assets		(15,983,354	)		(34,036,214	)
Net Assets
Beginning of period		100,677,042			134,713,256
End of period	$	84,693,688		$	100,677,042
Undistributed net investment income at end of period	$	7,175,309		$	5,479,007
Capital Stock Activity

	(Unaudited) Six Months Ended June 30, 2009						Year Ended December 31, 2008
	Shares			Dollars			Shares			Dollars
Class A
Subscriptions		138,088		$	1,448,366			194,390		$	2,043,303
Distributions reinvested		—			—			295,760			2,922,107
Redemptions		(1,131,477	)		(11,800,082	)		(1,595,805	)		(16,752,339	)
Net decrease		(993,389	)		(10,351,716	)		(1,105,655	)		(11,786,929	)
Class B
Subscriptions		249,664			2,602,299			197,033			2,033,894
Distributions reinvested		—			—			415,022			4,071,368
Redemptions		(696,660	)		(7,250,695	)		(2,896,795	)		(29,939,104	)
Net decrease		(446,996	)		(4,648,396	)		(2,284,740	)		(23,833,842	)

See Accompanying Notes to Financial Statements.

11

Financial Highlights

Columbia Federal Securities Fund, Variable Series—Class A Shares

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended June 30,			Year Ended December 31,
	2009			2008			2007			2006(a)			2005			2004
Net Asset Value, Beginning of Period	$	10.61		$	10.47		$	10.48		$	10.71		$	11.09		$	11.20
Income from Investment Operations:
Net investment income (b)		0.21			0.49			0.48			0.50			0.43			0.47
Net realized and unrealized gain (loss) on investments and futures contracts		(0.29	)		0.31			0.13			(0.11	)		(0.16	)		(0.01	)
Total from investment operations		(0.08	)		0.80			0.61			0.39			0.27			0.46
Less Distributions to Shareholders:
From net investment income		—			(0.66	)		(0.62	)		(0.62	)		(0.61	)		(0.56	)
From net realized gains		—			—			—			—			(0.04	)		(0.01	)
Total distributions to shareholders		—			0.66			(0.62	)		(0.62	)		(0.65	)		(0.57	)
Net Asset Value, End of Period	$	10.53		$	10.61		$	10.47		$	10.48		$	10.71		$	11.09
Total return (c)(d)		(0.75	)%(e)(f)		8.09	%(e)		6.19	%		3.72	%		2.58	%(e)		4.15	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (g)		0.60	%(h)		0.69	%		0.68	%		0.66	%		0.63	%		0.65	%
Interest expense		—	%(h)(i)		—	%(i)		—			—			—			—
Net expenses (g)		0.60	%(h)		0.69	%		0.68	%		0.66	%		0.63	%		0.65	%
Waiver/Reimbursement		0.14	%(h)		0.01	%		—			—			—	%(i)		—
Net investment income (g)		4.01	%(h)		4.71	%		4.63	%		4.71	%		4.00	%		4.27	%
Portfolio turnover rate (j)		124	%(f)		206	%		199	%		89	%		127	%		14	%
Net assets, end of period (000s)	$	35,137		$	45,962		$	56,942		$	65,660		$	82,056		$	99,943

(a)  On May 1, 2006, Liberty Federal Securities Fund, Variable Series was renamed Columbia Federal Securities Fund, Variable Series.

(b)  Per share data was calculated using the average shares outstanding during the period.

(c)  Total return at net asset value assuming all distributions reinvested.

(d)  Total return does not include any insurance company charges imposed by your insurance company's separate accounts. If included, total return would be reduced.

(e)  Had the investment advisor and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(f)  Not annualized.

(g)  The benefits derived from custody credits had an impact of less than 0.01%.

(h)  Annualized.

(i)  Rounds to less than 0.01%.

(j)  Portfolio turnover excludes dollar roll transactions.

See Accompanying Notes to Financial Statements.

12

Financial Highlights

Columbia Federal Securities Fund, Variable Series—Class B Shares

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended June 30,			Year Ended December 31,
	2009			2008			2007			2006(a)			2005			2004
Net Asset Value, Beginning of Period	$	10.52		$	10.39		$	10.40		$	10.64		$	11.01		$	11.12
Income from Investment Operations:
Net investment income (b)		0.19			0.47			0.45			0.47			0.40			0.44
Net realized and unrealized gain (loss) on investments and futures contracts		(0.28	)		0.30			0.14			(0.12	)		(0.15	)		(0.01	)
Total from investment operations		(0.09	)		0.77			0.59			0.35			0.25			0.43
Less Distributions to Shareholders:
From net investment income		—			(0.64	)		(0.60	)		(0.59	)		(0.58	)		(0.53	)
From net realized gains		—			—			—			—			(0.04	)		(0.01	)
Total distributions to shareholders		—			(0.64	)		(0.60	)		(0.59	)		0.62			(0.54	)
Net Asset Value, End of Period	$	10.43		$	10.52		$	10.39		$	10.40		$	10.64		$	11.01
Total return (c)(d)(e)		(0.86	)%(f)		7.81	%		5.97	%		3.39	%		2.43	%		3.92	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (g)		0.85	%(h)		0.89	%		0.90	%		0.90	%		0.88	%		0.90	%
Interest expense		—	%(h)(i)		—	%(i)		—			—			—			—
Net expenses (g)		0.85	%(h)		0.89	%		0.90	%		0.90	%		0.88	%		0.90	%
Waiver/Reimbursement		0.14	%(h)		0.06	%		0.03	%		0.01	%		—	%(i)		—	%(i)
Net investment income (g)		3.75	%(h)		4.50	%		4.41	%		4.48	%		3.74	%		4.02	%
Portfolio turnover rate (j)		124	%(f)		206	%		199	%		89	%		127	%		14	%
Net assets, end of period (000s)	$	49,556		$	54,715		$	77,771		$	83,616		$	92,884		$	103,141

(a)  On May 1, 2006, Liberty Federal Securities Fund, Variable Series was renamed Columbia Federal Securities Fund, Variable Series.

(b)  Per share data was calculated using the average shares outstanding during the period.

(c)  Total return at net asset value assuming all distributions reinvested.

(d)  Total return does not include any insurance company charges imposed by your insurance company's separate accounts. If included, total return would be reduced.

(e)  Had the investment advisor and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(f)  Not annualized.

(g)  The benefits derived from custody credits had an impact of less than 0.01%.

(h)  Annualized.

(i)  Rounds to less than 0.01%.

(j)  Portfolio turnover excludes dollar roll transactions.

See Accompanying Notes to Financial Statements.

13

Notes to Financial Statements

Columbia Federal Securities Fund, Variable Series / June 30, 2009 (Unaudited)

Note 1. Organization

Columbia Federal Securities Fund, Variable Series (the "Fund"), a series of Columbia Funds Variable Insurance Trust (the "Trust"), is a diversified portfolio. 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.

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

Fund Shares—The Trust may issue an unlimited number of shares, and the Fund offers two classes of shares: Class A and Class B. Each share class has its own expense structure. Shares of the Fund are available only as a pooled funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies ("Participating Insurance Companies"). The Participating Insurance Companies and their separate accounts own all the shares of the Fund.

Note 2. Significant Accounting Policies

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") 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 revenue and expenses during the reporting period. Actual results could differ from those estimates.

Management has evaluated the events and transactions that have occurred through August 20, 2009, the date the financial statements were issued, and noted no items requiring adjustment of the financial statements or additional disclosures. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

Security Valuation—Debt securities generally are valued by pricing services approved by the Trust's Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation.

Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may vary from the actual amounts realized upon sale of the securities, and the potential variation may be greater for those securities valued using fundamental analysis.

Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market value.

Investments in other open-end investment companies are valued at net asset value.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. If a security is valued at fair value, such value is likely to be different from the last quoted market price for the security. 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 value.

Financial Accounting Standards Board ("FASB") Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("SFAS 157") establishes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value giving the highest priority to unadjusted quoted prices in active markets for identical securities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the fair value hierarchy under SFAS 157 are described below:

•  Level 1—quoted prices in active markets for identical securities

•  Level 2—prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)

•  Level 3—prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or less reliable, unobservable inputs may be used. Unobservable inputs may include management's own assumptions about the factors market participants would use in pricing an investment.

14

Notes to Financial Statements (continued)

Columbia Federal Securities Fund, Variable Series / June 30, 2009 (Unaudited)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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.

On January 1, 2009 the Fund adopted Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities — an amendment of FASB Statement No. 133 ("SFAS 161"). SFAS 161 requires additional discussion about the reporting entity's derivative instruments and hedging activities, by providing for qualitative disclosures about the objectives and strategies for using derivatives, quantitative data about the fair value of and gains and losses on derivative contracts, and details of credit-risk-related contingent features in their derivative contracts. For additional information on derivative instruments, please see Note 6.

Futures Contracts—The Fund entered into interest rate futures to manage its exposure to movements in interest rates.

The use of futures contracts involves certain risks, which include: (1) imperfect correlation between the price movement of the instruments and the underlying securities, (2) inability to close out positions due to differing trading hours, or the temporary absence of a liquid market, for either the instruments or the underlying securities, or (3) an inaccurate prediction of the future direction of interest rates by Columbia Management Advisors, LLC ("Columbia"), the Fund's investment advisor. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Fund's Statement of Assets and Liabilities.

Upon entering into a futures contract, the Fund pledges cash or securities with the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable and offset in unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed or expires.

Repurchase Agreements—The Fund may engage in repurchase agreement transactions with institutions that Columbia has determined are creditworthy. The Fund, through its custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. Columbia is responsible for determining that the collateral is at least equal, at all times, to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays in or restrictions on the Fund's ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

Restricted Securities—Restricted securities are securities that may only be resold upon registration under federal securities laws or in transactions exempt from registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale at the issuer's expense either upon demand by the Fund or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid under criteria established by the Board of Trustees. The Fund will not incur any registration costs upon such resale.

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 (same type, coupon and maturity) but not identical securities on a specified future date not exceeding 120 days. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund would benefit to the extent of any difference between the price received for the securities sold and the lower forward price for the future purchase (often referred to as the "drop") or fee income plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. Unless such benefits 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 will diminish the investment performance of the Fund compared with what such performance would have been without the use of mortgage dollar rolls. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund will hold and maintain in a segregated account until the settlement date, cash or liquid securities in an amount equal to the forward purchase price.

The Fund's policy is to record the components of mortgage dollar rolls using "to be announced" mortgage-backed securities. For financial reporting and tax purposes, the Fund treats mortgage dollar rolls as two separate transactions, one involving the purchase of a security and a separate transaction involving a sale. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

15

Notes to Financial Statements (continued)

Columbia Federal Securities Fund, Variable Series / June 30, 2009 (Unaudited)

Mortgage dollar rolls involve certain risks. If the broker-dealer to whom the Fund sells the securities becomes insolvent, the Fund's right to purchase or repurchase the mortgage-related securities may be restricted and the instruments which the Fund is required to repurchase may be worth less than instruments which the Fund originally held. Successful use of mortgage dollar rolls may depend upon the investment advisor's ability to predict correctly interest rates and mortgage prepayments. For these reasons, there is no assurance that mortgage dollar rolls can be successfully employed.

Interest Only Securities—The Fund may invest in Interest Only Securities ("IOs"). IOs are stripped mortgage backed securities entitled to receive all of the security's interest, but none of its principal. Interest is accrued daily. The daily accrual factor is adjusted each month to reflect the paydown of principal.

Income Recognition—Interest income is recorded on the accrual basis. Premium and discount are amortized and accreted, respectively, on all debt securities, unless otherwise noted. Original issue discount is accreted to interest income over the life of the security with a corresponding increase in the cost basis. Fee income attributable to mortgage dollar roll transactions is recorded on the accrual basis over the term of the transaction. The value of additional securities received as an income payment is recorded as income and as the cost basis of such securities.

Expenses—General expenses of the Trust are allocated to the Fund and other series 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 Class Net Asset Value—All income, expenses (other than class-specific expenses, as shown on 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 taxable income, if any, for its tax year, and as such will not be subject to federal income taxes. Therefore, no provision is made for federal income or excise taxes.

Distributions to Shareholders—Distributions from net investment income, if any, are declared and paid at least annually. Net realized capital gains, if any, are distributed at least annually. 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 class of the Fund at net asset value as of the ex-date of the distribution.

Indemnification—In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown because this would involve future claims against the Fund. Also, under the Trust's organizational documents and by contract, the Trustees and officers of the Trust are indemnified against certain liabilities that may arise out of actions relating to their duties to the Trust. However, based on experience, the Fund expects the risk of loss due to these representations, warranties and indemnities to be minimal.

Note 3. Federal Tax Information

The tax character of distributions paid during the year ended December 31, 2008 was as follows:

Distributions paid from:
Ordinary Income*	$	6,993,475

*  For tax purposes short-term capital gains distributions, if any, are considered ordinary income distributions.

Unrealized appreciation and depreciation at June 30, 2009, based on cost of investments for federal income tax purposes were:

Unrealized appreciation	$	1,461,803
Unrealized depreciation		(1,139,103	)
Net unrealized appreciation	$	322,700

The following capital loss carryforwards, determined as of December 31, 2008, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration		Capital Loss Carryforward
	2013	$	1,095,747
	2014		2,884,088
		$	3,979,835

Under Financial Accounting Standards Board ("FASB") Interpretation No. 48, Accounting for Uncertainty in Income Taxes — an Interpretation of FASB Statement No. 109 ("FIN 48"), management determines whether a tax position of the Fund is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Management has evaluated the known implications of FIN 48 on the

16

Notes to Financial Statements (continued)

Columbia Federal Securities Fund, Variable Series / June 30, 2009 (Unaudited)

computation of net assets for the Fund. As a result of this evaluation, management has concluded that FIN 48 did not have any effect on the Fund's financial statements. However, management's conclusions regarding FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance from the FASB, new tax laws, regulations, and administrative interpretations (including relevant court decisions). The Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee—Columbia, an indirect, wholly owned subsidiary of Bank of America Corporation ("BOA"), provides investment advisory services to the Fund. Columbia receives a monthly investment advisory fee based on the Fund's average daily net assets at the following annual rates:

Average Daily Net Assets	Annual Fee Rate
First $500 million		0.38	%
$500 million to $1 billion		0.33	%
$1 billion to $1.5 billion		0.30	%
$1.5 billion to $3 billion		0.27	%
$3 billion to $6 billion		0.26	%
Over $6 billion		0.25	%

For the six month period ended June 30, 2009, the Fund's annualized effective investment advisory fee rate was 0.38% of the Fund's average daily net assets.

Administration Fee—Columbia provides administrative and other services to the Fund for a monthly administration fee, at the annual rate of 0.15% of the Fund's average daily net assets.

Pricing and Bookkeeping Fees—The Fund has entered into a Financial Reporting Services Agreement (the "Financial Reporting Services Agreement") with State Street Bank & Trust Company ("State Street") and Columbia pursuant to which State Street provides financial reporting services to the Fund. The Fund has also entered into an Accounting Services Agreement (collectively with the Financial Reporting Services Agreement, the "State Street Agreements") with State Street and Columbia pursuant to which State Street provides accounting services to the Fund. Under the State Street Agreements, the Fund pays State Street an annual fee of $38,000 paid monthly plus an additional monthly fee based on an annualized percentage rate of average daily net assets of the Fund for the month. The aggregate fee will not exceed $140,000 per year (exclusive of out-of-pocket expens es and charges). The Fund also reimburses State Street for certain out-of-pocket expenses and charges.

The Fund has entered into a Pricing and Bookkeeping Oversight and Services Agreement (the "Services Agreement") with Columbia. Under the Services Agreement, Columbia provides services related to Fund expenses and the requirements of the Sarbanes-Oxley Act of 2002, and provides oversight of the accounting and financial reporting services provided by State Street. Under the Services Agreement, the Fund reimburses Columbia for out-of-pocket expenses.

Transfer Agent Fee—Columbia Management Services, Inc. (the "Transfer Agent"), an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, provides shareholder services to the Fund and has contracted with Boston Financial Data Services ("BFDS") to serve as sub-transfer agent. The Transfer Agent is entitled to receive a fee for its services, paid monthly, at the annual rate of $17.34 per open account plus reimbursement of certain sub-transfer agent fees paid by the Transfer Agent (exclusive of BFDS fees), calculated based on assets held in omnibus accounts and intended to recover the cost of payments to other parties (including affiliates of BOA) for services to those accounts. The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund.

The Transfer Agent may also retain, as additional compensation for its services, fees for wire, telephone and redemption orders, Individual Retirement Account ("IRA") trustee agent fees and account transcript fees due to the Transfer Agent from shareholders of the Fund and credits (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund. The Transfer Agent also receives reimbursement for certain out-of-pocket expenses.

Distribution Fees—Columbia Management Distributors, Inc. (the "Distributor"), an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, is the principal underwriter of the Fund's shares. The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act for Class B shares pursuant to which it will pay a monthly distribution fee to the Distributor not to exceed the annual rate of 0.25% of the average daily net assets attributable to Class B shares.

Fee Waivers and Expense Reimbursements—Columbia has contractually agreed to bear a portion of the Fund's expenses through April 30, 2010 so that the Fund's ordinary operating expenses (excluding any distribution fees, brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to

17

Notes to Financial Statements (continued)

Columbia Federal Securities Fund, Variable Series / June 30, 2009 (Unaudited)

overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, do not exceed 0.60% annually of the Fund's average daily net assets.

Fees Paid to Officers and Trustees—All officers of the Fund are employees of Columbia or its affiliates and, with the exception of the Fund's Chief Compliance Officer, receive no compensation from the Fund. The Board of Trustees has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. The Fund, along with other affiliated funds, pays its pro-rata share of the expenses associated with the Chief Compliance Officer. The Fund's expenses for the Chief Compliance Officer will not exceed $15,000 per year.

The Trust's eligible Trustees may participate in a deferred compensation plan which may be terminated at any time. Obligations of the plan will be paid solely out of the Fund's assets.

Other Related Party Transactions—In connection with the purchase and sale of its securities during the period, the Fund used several brokers that are affiliates of BOA. Total brokerage commissions paid to affiliated brokers for the six month period ended June 30, 2009 was $29,772.

Note 5. Custody Credits

The Fund has an agreement with its custodian bank under which custody fees may be reduced by balance credits. These credits are recorded as a reduction of total expenses on the Statement of Operations. The Fund could have invested a portion of the assets utilized in connection with the expense offset arrangement in an income-producing asset if it had not entered into such an agreement.

Note 6. Derivative Instruments

Derivatives not accounted for as hedging instruments under Statement 133:

	Fair Value of Derivative Instruments
	Asset				Liability
	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Futures contracts	Unrealized appreciation	$	—	*	Unrealized depreciation	$	—	*
Total		$	—	*		$	—	*

*  Includes cumulative appreciation/depreciation of futures contracts as reported in the Investment Portfolio futures contracts tables. Only current day's variation margin is reported on the Statement of Assets and Liabilities.

	The Effect of Derivative Instruments on the Statement of Operations for the Period Ended June 30, 2009
	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
	Futures Contracts			Total
Net realized gain (loss) on futures contracts	$	(1,615	)	$	(1,615	)
	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
	Futures Contracts			Total
Net change in unrealized appreciation (depreciation) on futures contracts	$	346,717		$	346,717

18

Notes to Financial Statements (continued)

Columbia Federal Securities Fund, Variable Series / June 30, 2009 (Unaudited)

Note 7. Portfolio Information

For the six month period ended June 30, 2009, the cost of purchases and proceeds from sales of securities, excluding short-term obligations, for the Fund were $109,206,701 and $128,443,690, respectively, of which $96,296,068 and $121,130,587, respectively, were U.S. Government securities.

Note 8. Line of Credit

The Fund and other affiliated funds participate in a $280,000,000 committed, unsecured revolving line of credit provided by State Street. The maximum amount that may be borrowed by any fund is limited to the lesser of $200,000,000 and the Fund's borrowing limit set forth in the Fund's registration statement. Borrowings are available for short-term liquidity or temporary or emergency purposes.

Interest is charged to each participating fund based on the fund's borrowings at a rate per annum equal to the greater of the Federal Funds Rate plus 0.50% or the overnight LIBOR Rate plus 0.50%. In addition, an annual operations agency fee of $20,000, an amendment fee of 0.02% and a commitment fee of 0.12% per annum are accrued and apportioned among the participating funds pro rata based on their relative net assets.

For the six month period ended June 30, 2009, the average daily loan balance outstanding on days where borrowing existed was $7,727,273 at a weighted average interest rate of 0.80%.

Note 9. Securities Lending

The Fund may lend its securities to certain approved brokers, dealers and other financial institutions. Each loan is collateralized by cash, in an amount at least equal to the market value of the securities loaned plus accrued income from the investment of collateral. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The collateral received is invested and the income generated by the investment of the collateral, net of any fees remitted to State Street as the lending agent and borrower rebates, is paid to the Fund. Generally, in the event of borrower default, the Fund has the right to use the collateral to offset any losses incurred. In the 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. The Fund bears the risk of loss wi th respect to the investment of collateral.

Note 10. Shares of Beneficial Interest

As of June 30, 2009, the Fund had three shareholders that collectively held 85.0% of the Fund's shares outstanding. Subscription and redemption activity of these accounts may have a significant effect on the operations of the Fund.

Note 11. Significant Risks and Contingencies

Legal Proceedings—Columbia Management Advisors, LLC and Columbia Management Distributors, Inc. (collectively, the "Columbia Group") are subject to a settlement agreement with the New York Attorney General ("NYAG") (the "NYAG Settlement") and a settlement order with the SEC (the "SEC Order") on matters relating to mutual fund trading, each dated February 9, 2005. Under the terms of the SEC Order, the Columbia Group (or predecessor entities) agreed, among other things, to: pay disgorgement and civil money penalties collectively totaling $140 million; cease and desist from violations of the antifraud provisions and certain other provisions of the federal securities laws; maintain certain compliance and ethics oversight structures; and retain an independent consultant to review the Columbia Group's applicable supervisory, compliance, control and other policies an d procedures. The NYAG Settlement, among other things, requires Columbia Management Advisors, LLC and its affiliates to reduce management fees for certain funds in the Columbia family of mutual funds in a projected total of $160 million over five years through November 30, 2009 and to make certain disclosures to investors relating to expenses. In connection with the Columbia Group providing services to the Columbia Funds, the Columbia Funds have voluntarily undertaken to implement certain governance measures designed to maintain the independence of their boards of trustees and certain special consulting and compliance measures.

Pursuant to the SEC Order and related procedures, the $140 million in settlement amounts described above has been substantially distributed in accordance with a distribution plan that was developed by an independent distribution consultant and approved by the SEC on April 6, 2007.

In connection with the events described above, various parties have filed suit against certain funds, the Trustees of the Columbia Funds, FleetBoston Financial Corporation and its affiliated entities and/or Bank of America and its affiliated entities.

On February 20, 2004, the Judicial Panel on Multidistrict Litigation transferred these cases and cases against other mutual fund companies based on similar allegations to the United States District Court in Maryland for consolidated or coordinated pretrial proceedings (the "MDL"). Subsequently, additional related cases were transferred to the MDL. On September 29, 2004, the plaintiffs in the MDL filed amended and consolidated complaints. One of these amended complaints is a putative class action that includes claims under the federal securities laws and state common law, and that names Columbia Management Advisors, Inc. (which has since merged into Banc of America Capital Management, LLC (now named Columbia Management Advisors, LLC)) ("Columbia"), Columbia Funds Distributor, Inc. (now named Columbia

19

Notes to Financial Statements (continued)

Columbia Federal Securities Fund, Variable Series / June 30, 2009 (Unaudited)

Management Distributors, Inc.) (the "Distributor"), the Trustees of the Columbia Funds, Bank of America Corporation and others as defendants. Another of the amended complaints is a derivative action purportedly on behalf of the Columbia Funds that asserts claims under federal securities laws and state common law.

On February 25, 2005, Columbia and other defendants filed motions to dismiss the claims in the pending cases. On March 1, 2006, for reasons stated in the court's memoranda dated November 3, 2005, the United States District Court for the District of Maryland granted in part and denied in part the defendants' motions to dismiss. The court dismissed all of the class action claims pending against the Columbia Funds Trusts. As to Columbia and the Distributor, the claims under the Securities Act of 1933, the claims under Sections 34(b) and 36(a) of the Investment Company Act of 1940 ("ICA") and the state law claims were dismissed. The claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and claims under Section 36(b) of the ICA were not dismissed.

On March 21, 2005, a purported class action was filed in Massachusetts state court alleging that certain conduct, including market timing, entitled Class B shareholders in certain Columbia Funds to an exemption from contingent deferred sales charges upon early redemption (the "CDSC Lawsuit"). The CDSC Lawsuit was removed to federal court in Massachusetts and transferred to the MDL.

On September 14, 2007, the plaintiffs and the Columbia defendants named in the MDL, including the Columbia Funds, entered into a stipulation of settlement with respect to all Columbia-related claims in the MDL described above, including the CDSC Lawsuit. The settlement is subject to court approval.

20

Important Information About This Report

A description of the policies and procedures that Columbia Federal Securities Fund, Variable Series uses to determine how to vote proxies relating to its portfolio securities and a copy of the fund's voting records are available (i) at www.columbiamanagement.com; (ii) on the Securities and Exchange Commission's website at www.sec.gov, and (iii) without charge, upon request, by calling 1-800-368-0346. Information regarding how the fund voted proxies relating to portfolio securities during the 12-month period ended June 30 is available from the SEC's website. Information regarding how the fund voted proxies relating to portfolio securities is also available from the fund's website, www.columbiamanagement.com.

The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The fund's Form N-Q is available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Shares of the fund are available only through variable annuity contracts and variable life insurance policies of participating insurance companies.

Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. Contact your insurance company for a prospectus, which contains this and other important information about the fund.

Columbia Management Group, LLC ("Columbia Management") is the investment management division of Bank of America Corporation. Columbia Management entities furnish investment management services and products for institutional and individual investors. Columbia Funds are distributed by Columbia Management Distributors, Inc., member of FINRA, SIPC, part of Columbia Management and an affiliate of Bank of America Corporation.

©2009 Columbia Management Distributors, Inc.

One Financial Center, Boston, MA 02111-2621

SHC-44/19814-0609 (08/09) 09/85105

Columbia Large Cap Value Fund, Variable Series

Columbia Funds Variable Insurance Trust

2009 Semiannual Report

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

Portfolio Managers' Discussion

Columbia Large Cap Value Fund, Variable Series / June 30, 2009

Columbia Large Cap Value Fund, Variable Series seeks long-term capital appreciation.

Lori J. Ensinger, Diane L. Sobin, David I. Hoffman and Noah J. Petrucci have co-managed the fund since June 2005.

Summary

•  For the six-month period that ended June 30, 2009, the fund's Class A shares outpaced its benchmark, the Russell 1000 Value Index¹ and the average return of its peer group, the Lipper VUF Large-Cap Value Funds Classification². The fund's strong showing relative to both its benchmark and peers was due primarily to stock selection, led by holdings in the energy, materials and health care sectors.

•  A concentration in oil-sensitive energy companies drove returns as oil prices rebounded during the period. Standouts included Occidental Petroleum, Petroleo Brasileiro, and deep water driller Transocean (1.7%, 0.8% and 1.2% of net assets, respectively). Large multi-national materials companies, influenced by reduced commodity supply, benefited the fund as commodity prices increased. Freeport-McMoRan Copper & Gold (0.9% of net assets) was helped by rising copper prices. Prospects of government fiscal stimulus plans boosted life science tools and technology holdings, including Thermo Fisher Scientific and Life Technologies (1.4% and 1.2% of net assets, respectively). Drug maker Schering-Plough (2.3% of net assets) was a standout performer, as its merger with another major drug company nears. Exposure to the commercial aerospace group, including Goodrich (1.2% of net assets), aided returns due to increased air travel and m ore productive use of aircraft by airlines requiring steady repair and maintenance. An emphasis on stable and defensive technology companies such as International Business Machines and BMC Software (1.1% and 0.7% of net assets, respectively) also helped.

•  An underweight position in the strong-performing auto industry detracted from relative returns. The fund was also underexposed to media companies, which had a positive six-month period. Regional banks Zions Bancorporation (0.5% of net assets) and SunTrust Banks (sold before the end of the period) hurt returns due to capital concerns and an increased potential for loan losses in the beaten down western, southwestern and southeastern real estate markets. Pricing cycle concerns hit insurance brokers during the period, but we continue to believe that their balance sheets compare favorably to those of life insurers or banks.

•  Amid a volatile market environment, we believe that the fund is well-positioned to benefit from its strategy of identifying attractively valued companies with the potential for a return to more normal earnings levels and profitability once the markets stabilize. In analyzing opportunities, we look for companies with the potential to expand their operating margins through revenue growth as economic growth picks up.

Past performance is no guarantee of future results.

Equity investments are affected by stock market fluctuations that occur in response to economic and business developments.

Value stocks are stocks of companies that may have experienced adverse business or industry developments or may be subject to special risks that have caused the stocks to be out of favor. The price of the company's stock may not approach the value the advisor has placed on it.

Holdings are disclosed as of June 30, 2009, and are subject to change.

The outlook for the fund may differ from that presented for other Columbia Funds.

¹  The Russell 1000 Value Index measures the performance of those Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth values. Indices are not available for investment, and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the fund may not match those in an index.

²  Lipper Inc., a widely respected data provider in the industry, calculates an average total return (assuming reinvestment of distributions) for mutual funds with investment objectives similar to those of the fund. Lipper makes no adjustment for the effect of sales loads.

1

Performance Information

Columbia Large Cap Value Fund, Variable Series / June 30, 2009

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

Performance results reflect any fee waivers or reimbursements of fund expenses by the investment advisor and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of all distributions.

Performance results reflect all fund expenses, but do not include any insurance charges imposed by your insurance company's separate accounts. If performance results included the effect of these additional charges, they would be lower.

Average annual total return as of June 30, 2009 (%)

	(cumulative) 6-month		1-year		5-year		10-year
Class A (07/05/94)		2.50		-24.84		-1.89		-0.66
Class B (06/01/00)		2.30		-25.05		-2.13		-0.84
Russell 1000
Value Index		-2.87		-29.03		-2.13		-0.15

Inception date of share class is in parentheses.

Net asset value per share ($)	12/31/08		06/30/09
Class A		9.59		9.83
Class B		9.55		9.77

Annual operating expense ratio (%)*
Class A	0.88
Class B	1.13

*The annual operating expense ratio is as stated in the fund's prospectus that is current as of the date of this report and includes the expenses incurred by the investment companies in which the fund invests. Differences in expense ratios disclosed elsewhere in this report may result from including expenses incurred by the investment companies, fee waivers and expense reimbursements as well as different time periods used in calculating the ratios.

The returns shown for Class B shares include the returns of the fund's Class A shares (the oldest existing share class) for periods prior to June 1, 2000, the date on which Class B shares were first offered by the fund. The returns shown for Class B shares have not been restated to reflect any differences in expenses, such as distribution (Rule 12b-1) fees, between Class A shares and Class B shares. If differences in expenses were reflected, the returns for Class B shares shown for the periods prior to June 1, 2000 would be lower.

2

Understanding Your Expenses

Columbia Large Cap Value Fund, Variable Series / June 30, 2009

As a Variable Series fund shareholder, you incur ongoing costs, which generally include investment advisory fees, distribution (Rule 12b-1) fees for Class B shares and other fund expenses. The information on this page is intended to help you understand the ongoing costs of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your fund's expenses by share class

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in each share class of the fund during the period. The information in the following table is based on an initial investment of $1,000, which is invested at the beginning of the period and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the fund's actual operating expenses and total return for the period. The amount listed in the "Hypothetical" column for each share class assumes that the return each year is 5% before expenses and is calculated based on the fund's actual operating expenses. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during this period.

Estimating your actual expenses by share class

To estimate the expenses that you paid over the period, first you will need your account balance at the end of the period:

1. Divide your ending account balance by $1,000. For example, if an account balance was $8,600 at the end of the period, the result would be 8.6.

2. In the section of the table below titled "Expenses paid during the period," locate the amount for your share class. You will find this number in the column labeled "Actual." Multiply this number by the result from step 1. Your answer is an estimate of the expenses you paid on your account during the period.

01/01/09 – 06/30/09	Account value at the beginning of the period ($)				Account value at the end of the period ($)				Expenses paid during the period ($)				Fund's annualized expense ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,024.99		1,020.83		4.02		4.01		0.80
Class B		1,000.00		1,000.00		1,023.01		1,019.69		5.17		5.16		1.03

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

Had the investment advisor and/or any of its affiliates not waived fees or reimbursed a portion of expenses, account value at the end of the period would have been reduced.

It is important to note that the expense amounts shown in the table are meant to highlight only ongoing costs of investing in the share class of the fund. As a shareholder of the fund, you do not incur any transaction costs, such as sales charges, redemption fees or exchange fees. Expenses paid during the period do not include any insurance charges imposed by your insurance company's separate accounts.

The hypothetical examples provided are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds whose shareholders may incur transaction costs.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing costs of investing in the fund with other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund and do not reflect any transaction costs, such as sales charges, redemption fees or exchange fees, that may be incurred by shareholders of other funds. Expenses paid during the period do not include any insurance charges imposed by your insurance company's separate accounts.

3

Investment Portfolio

Columbia Large Cap Value Fund, Variable Series / June 30, 2009 (Unaudited)

	Shares		Value
COMMON STOCKS—96.3%
Consumer Discretionary—7.4%
Hotels, Restaurants & Leisure—2.9%
Carnival Corp.		55,700	$	1,435,389
McDonald's Corp.		16,005		920,127
Starwood Hotels & Resorts Worldwide, Inc.		22,800		506,160
				2,861,676
Household Durables—0.2%
DR Horton, Inc.		26,100		244,296
Multiline Retail—2.5%
J.C. Penney Co., Inc.		37,700		1,082,367
Nordstrom, Inc.		68,000		1,352,520
				2,434,887
Specialty Retail—1.8%
Lowe's Companies, Inc.		91,900		1,783,779
Consumer Staples—6.0%
Beverages—0.9%
Diageo PLC, ADR		15,457		884,913
Food & Staples Retailing—0.5%
Wal-Mart Stores, Inc.		10,700		518,308
Food Products—0.5%
JM Smucker Co.		10,000		486,600
Household Products—1.8%
Procter & Gamble Co.		34,200		1,747,620
Personal Products—1.1%
Avon Products, Inc.		42,934		1,106,839
Tobacco—1.2%
Philip Morris International, Inc.		25,816		1,126,094
Energy—17.2%
Energy Equipment & Services—2.9%
Halliburton Co.		24,548		508,144
Nabors Industries Ltd. (a)		79,200		1,233,936
Transocean Ltd. (a)		15,700		1,166,353
				2,908,433
Oil, Gas & Consumable Fuels—14.3%
Chevron Corp.		25,400		1,682,750
EOG Resources, Inc.		19,500		1,324,440
Exxon Mobil Corp.		63,494		4,438,865
Hess Corp.		25,100		1,349,125
Marathon Oil Corp.		28,500		858,705
Newfield Exploration Co. (a)		24,600		803,682
Occidental Petroleum Corp.		25,400		1,671,574
Petroleo Brasileiro SA, ADR		18,300		749,934
Williams Companies, Inc.		75,400		1,176,994
				14,056,069

	Shares		Value
Financials—26.6%
Capital Markets—5.9%
Bank of New York Mellon Corp.		45,300	$	1,327,743
Goldman Sachs Group, Inc.		18,100		2,668,664
Morgan Stanley		65,400		1,864,554
				5,860,961
Commercial Banks—8.4%
BB&T Corp.		44,500		978,110
Fifth Third Bancorp		64,200		455,820
PNC Financial Services Group, Inc.		43,190		1,676,204
U.S. Bancorp		136,646		2,448,696
Wells Fargo & Co.		93,010		2,256,423
Zions Bancorporation		38,200		441,592
				8,256,845
Diversified Financial Services—4.5%
JPMorgan Chase & Co.		129,692		4,423,794
Insurance—4.9%
ACE Ltd.		23,003		1,017,423
AON Corp.		20,500		776,335
Axis Capital Holdings Ltd.		39,200		1,026,256
Marsh & McLennan Companies, Inc.		49,800		1,002,474
Prudential Financial, Inc.		26,698		993,699
				4,816,187
Real Estate Investment Trusts (REITs)—2.9%
Plum Creek Timber Co., Inc.		32,700		973,806
Rayonier, Inc.		30,300		1,101,405
Simon Property Group, Inc.		14,967		769,753
				2,844,964
Health Care—9.9%
Biotechnology—1.4%
Amgen, Inc. (a)		26,500		1,402,910
Health Care Providers & Services—1.4%
Medco Health Solutions, Inc. (a)		30,700		1,400,227
Life Sciences Tools & Services—2.6%
Life Technologies Corp. (a)		28,500		1,189,020
Thermo Fisher Scientific, Inc. (a)		32,800		1,337,256
				2,526,276
Pharmaceuticals—4.5%
Abbott Laboratories		16,500		776,160
Johnson & Johnson		36,900		2,095,920
Schering-Plough Corp.		59,600		1,497,152
				4,369,232
Industrials—9.3%
Aerospace & Defense—5.2%
Goodrich Corp.		23,100		1,154,307
Honeywell International, Inc.		30,300		951,420
L-3 Communications Holdings, Inc.		9,900		686,862
Northrop Grumman Corp.		21,300		972,984
United Technologies Corp.		26,330		1,368,107
				5,133,680

See Accompanying Notes to Financial Statements.

4

Investment Portfolio (continued)

Columbia Large Cap Value Fund, Variable Series / June 30, 2009 (Unaudited)

	Shares		Value
Construction & Engineering—0.8%
KBR, Inc.		40,700	$	750,508
Electrical Equipment—0.7%
Cooper Industries Ltd., Class A		22,000		683,100
Industrial Conglomerates—1.4%
General Electric Co.		116,927		1,370,385
Machinery—1.2%
Eaton Corp.		10,700		477,327
Navistar International Corp. (a)		10,819		471,708
PACCAR, Inc.		7,400		240,574
				1,189,609
Information Technology—5.7%
Computers & Peripherals—2.5%
EMC Corp. (a)		107,300		1,405,630
International Business Machines Corp.		9,900		1,033,758
				2,439,388
Semiconductors & Semiconductor Equipment—2.5%
Intel Corp.		33,100		547,805
Intersil Corp., Class A		34,000		427,380
KLA-Tencor Corp.		20,000		505,000
Lam Research Corp. (a)		8,030		208,780
Marvell Technology Group Ltd. (a)		12,987		151,169
Texas Instruments, Inc.		27,400		583,620
				2,423,754
Software—0.7%
BMC Software, Inc. (a)		20,700		699,453
Materials—4.0%
Chemicals—1.7%
Monsanto Co.		11,400		847,476
Potash Corp. of Saskatchewan, Inc.		9,500		883,975
				1,731,451
Metals & Mining—1.3%
Nucor Corp.		27,900		1,239,597
Paper & Forest Products—1.0%
Weyerhaeuser Co.		32,600		992,018
Telecommunication Services—4.2%
Diversified Telecommunication Services—4.2%
AT&T, Inc.		118,484		2,943,142
Verizon Communications, Inc.		38,945		1,196,780
				4,139,922
Utilities—6.0%
Electric Utilities—3.1%
Exelon Corp.		20,500		1,049,805
FPL Group, Inc.		28,200		1,603,452
Northeast Utilities		16,637		371,171
				3,024,428

	Shares		Value
Independent Power Producers & Energy Traders—0.3%
AES Corp. (a)		22,083	$	256,384
Multi-Utilities—2.6%
PG&E Corp.		35,930		1,381,149
Public Service Enterprise Group, Inc.		17,872		583,164
Wisconsin Energy Corp.		15,700		639,147
				2,603,460
Total Common Stocks (cost of $91,761,190)				94,738,047
CONVERTIBLE PREFERRED STOCKS—1.6%
Health Care—0.8%
Pharmaceuticals—0.8%
Schering-Plough Corp., 6.000%		3,400		770,780
Materials—0.8%
Metals & Mining—0.8%
Freeport-McMoRan Copper & Gold, Inc., 6.750%		10,800		857,844
Total Convertible Preferred Stocks (cost of $1,349,576)				1,628,624
	Par
SHORT-TERM OBLIGATION—2.7%
Repurchase agreement with Fixed Income Clearing Corp., dated 06/30/09, due 07/01/09 at 0.000001%, collateralized by a U.S. Treasury obligation maturing 02/12/15, market value $2,685,465 (repurchase proceeds $2,630,000)	$	2,630,000		2,630,000
Total Short-Term Obligation (cost of $2,630,000)				2,630,000
Total Investments—100.6% (cost of $95,740,766) (b)				98,996,671
Other Assets & Liabilities, Net—(0.6)%				(616,628	)
Net Assets—100.0%			$	98,380,043

Notes to Investment Portfolio:

(a)  Non-income producing security.

(b)  Cost for federal income tax purposes is $95,740,766.

See Accompanying Notes to Financial Statements.

5

Investment Portfolio (continued)

Columbia Large Cap Value Fund, Variable Series / June 30, 2009 (Unaudited)

The following table summarizes the inputs used, as of June 30, 2009 in valuing the Fund's assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
COMMON STOCKS
Consumer Discretionary
Hotels, Restaurants & Leisure	$	2,861,676	$	—	$	—	$	2,861,676
Household Durables		244,296		—		—		244,296
Multiline Retail		2,434,887		—		—		2,434,887
Specialty Retail		1,783,779		—		—		1,783,779
		7,324,638		—		—		7,324,638
Consumer Staples
Beverages		884,913		—		—		884,913
Food & Staples Retailing		518,308		—		—		518,308
Food Products		486,600		—		—		486,600
Household Products		1,747,620		—		—		1,747,620
Personal Products		1,106,839		—		—		1,106,839
Tobacco		1,126,094		—		—		1,126,094
		5,870,374		—		—		5,870,374
Energy
Energy Equipment & Services		2,908,433		—		—		2,908,433
Oil, Gas & Consumable Fuels		14,056,069		—		—		14,056,069
		16,964,502		—		—		16,964,502
Financials
Capital Markets		5,860,961		—		—		5,860,961
Commercial Banks		8,256,845		—		—		8,256,845
Diversified Financial Services		4,423,794		—		—		4,423,794
Insurance		4,816,187		—		—		4,816,187
Real Estate Investment Trusts (REITs)		2,844,964		—		—		2,844,964
		26,202,751		—		—		26,202,751
Health Care
Biotechnology		1,402,910		—		—		1,402,910
Health Care Providers & Services		1,400,227		—		—		1,400,227
Life Sciences Tools & Services		2,526,276		—		—		2,526,276
Pharmaceuticals		4,369,232		—		—		4,369,232
		9,698,645		—		—		9,698,645
Industrials
Aerospace & Defense		5,133,680		—		—		5,133,680
Construction & Engineering		750,508		—		—		750,508
Electrical Equipment		683,100		—		—		683,100
Industrial Conglomerates		1,370,385		—		—		1,370,385
Machinery		1,189,609		—		—		1,189,609
		9,127,282		—		—		9,127,282
Information Technology
Computers & Peripherals		2,439,388		—		—		2,439,388
Semiconductors & Semiconductor Equipment		2,423,754		—		—		2,423,754
Software		699,453		—		—		699,453
		5,562,595		—		—		5,562,595
Materials
Chemicals		1,731,451		—		—		1,731,451
Metals & Mining		1,239,597		—		—		1,239,597

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Paper & Forest Products	$	992,018	$	—	$	—	$	992,018
		3,963,066		—		—		3,963,066
Telecommunication Services
Diversified Telecommunication Services		4,139,922		—		—		4,139,922
Utilities
Electric Utilities		3,024,428		—		—		3,024,428
Independent Power Producers & Energy Traders		256,384		—		—		256,384
Multi-Utilities		2,603,460		—		—		2,603,460
		5,884,272		—		—		5,884,272
Total Common Stocks		94,738,047		—		—		94,738,047
CONVERTIBLE PREFERRED STOCKS
Health Care
Pharmaceuticals		770,780		—		—		770,780
Materials
Metals & Mining		857,844		—		—		857,844
Total Convertible Preferred Stocks		1,628,624		—		—		1,628,624
SHORT-TERM OBLIGATION
Repurchase Agreement		—		2,630,000		—		2,630,000
Total Short-Term Obligation		—		2,630,000		—		2,630,000
Total Investments		96,366,671		2,630,000		—		98,996,671
Total	$	96,366,671	$	2,630,000	$	—	$	98,996,671

For more information on valuation inputs and their aggregation into the levels used in the table above, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

At June 30, 2009, the Fund held investments in the following sectors:

Sector	% of Net Assets
Financials		26.6
Energy		17.2
Health Care		10.7
Industrials		9.3
Consumer Discretionary		7.4
Utilities		6.0
Consumer Staples		6.0
Information Technology		5.7
Materials		4.8
Telecommunication Services		4.2
		97.9
Short-Term Obligation		2.7
Other Assets & Liabilities, Net		(0.6	)
		100.0

Acronym	Name
ADR	American Depositary Receipt

See Accompanying Notes to Financial Statements.

6

Statement of Assets and Liabilities

Columbia Large Cap Value Fund, Variable Series / June 30, 2009 (Unaudited)

Assets
Investments, at cost	$	95,740,766
Investments, at value	$	98,996,671
Cash		123
Receivable for:
Investments sold		116,181
Fund shares sold		76,248
Dividends		107,641
Expense reimbursement due from investment advisor		14,969
Trustees' deferred compensation plan		28,672
Prepaid expenses		2,920
Total Assets		99,343,425
Liabilities
Payable for:
Investments purchased		708,165
Fund shares repurchased		89,885
Investment advisory fee		63,315
Transfer agent fee		47
Trustees' fees		26,664
Audit fee		24,515
Pricing and bookkeeping fees		6,403
Custody fee		3,630
Distribution fees — Class B		3,195
Chief compliance officer expenses		188
Trustees' deferred compensation plan		28,672
Other liabilities		8,703
Total Liabilities		963,382
Net Assets	$	98,380,043
Net Assets Consist of
Paid-in capital	$	150,810,363
Undistributed net investment income		3,763,342
Accumulated net realized loss		(59,449,567	)
Net unrealized appreciation on investments		3,255,905
Net Assets	$	98,380,043
Class A
Net assets	$	83,442,399
Shares outstanding		8,490,954
Net asset value per share	$	9.83
Class B
Net assets	$	14,937,644
Shares outstanding		1,528,408
Net asset value per share	$	9.77

See Accompanying Notes to Financial Statements.

7

Statement of Operations

Columbia Large Cap Value Fund, Variable Series
For the Six Months Ended June 30, 2009 (Unaudited)

Investment Income
Dividends	$	1,283,025
Interest		1,065
Foreign taxes withheld		(3,510	)
Total Investment Income		1,280,580
Expenses
Investment advisory fee		366,193
Distribution fees — Class B		18,021
Transfer agent fee		203
Pricing and bookkeeping fees		28,356
Trustees' fees		8,460
Custody fee		5,742
Chief compliance officer expenses		316
Other expenses		56,845
Expenses before interest expense		484,136
Interest expense		48
Total Expenses		484,184
Fees waived or expenses reimbursed by investment advisor		(85,634	)
Fees waived by distributor — Class B		(1,442	)
Custody earnings credit		—	*
Net Expenses		397,108
Net Investment Income		883,472
Net Realized and Unrealized Gain (Loss) on Investments
Net realized loss on investments		(16,562,926	)
Net change in unrealized appreciation (depreciation) on investments		17,374,507
Net Gain		811,581
Net Increase Resulting from Operations	$	1,695,053

*  Rounds to less than $1.00.

See Accompanying Notes to Financial Statements.

8

Statement of Changes in Net Assets

Columbia Large Cap Value Fund, Variable Series

Increase (Decrease) in Net Assets	(Unaudited) Six Months Ended June 30, 2009			Year Ended December 31, 2008
Operations
Net investment income	$	883,472		$	2,962,127
Net realized loss on investments and written options		(16,562,926	)		(25,975,691	)
Net change in unrealized appreciation (depreciation) on investments and written options		17,374,507			(48,286,356	)
Net increase (decrease) resulting from operations		1,695,053			(71,299,920	)
Distributions to Shareholders
From net investment income:
Class A		—			(3,265,106	)
Class B		—			(562,654	)
From net realized gains:
Class A		—			(20,586,564	)
Class B		—			(4,035,862	)
Total distributions to shareholders		—			(28,450,186	)
Net Capital Stock Transactions		(8,875,585	)		(16,207,739	)
Total decrease in net assets		(7,180,532	)		(115,957,845	)
Net Assets
Beginning of period		105,560,575			221,518,420
End of period	$	98,380,043		$	105,560,575
Undistributed net investment income at end of period	$	3,763,342		$	2,879,870
Capital Stock Activity

	(Unaudited) Six Months Ended June 30, 2009						Year Ended December 31, 2008
	Shares			Dollars			Shares			Dollars
Class A
Subscriptions		337,989		$	3,119,076			200,437		$	2,529,968
Distributions reinvested		—			—			1,894,493			23,851,670
Redemptions		(1,139,054	)		(10,321,564	)		(2,790,568	)		(38,928,094	)
Net decrease		(801,065	)		(7,202,488	)		(695,638	)		(12,546,456	)
Class B
Subscriptions		36,916			322,777			74,725			1,232,119
Distributions reinvested		—			—			366,416			4,598,516
Redemptions		(226,953	)		(1,995,874	)		(685,502	)		(9,491,918	)
Net decrease		(190,037	)		(1,673,097	)		(244,361	)		(3,661,283	)

See Accompanying Notes to Financial Statements.

9

Financial Highlights

Columbia Large Cap Value Fund, Variable Series—Class A Shares

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended June 30,			Year Ended December 31,
	2009			2008			2007			2006(a)			2005			2004
Net Asset Value, Beginning of Period	$	9.59		$	18.55		$	19.61		$	16.83		$	15.82		$	14.15
Income from Investment Operations:
Net investment income (b)		0.09			0.26			0.30			0.26			0.26			0.25
Net realized and unrealized gain (loss) on investments and written options		0.15			(6.48	)		0.34			2.77			0.75			1.70
Total from investment operations		0.24			(6.22	)		0.64			3.03			1.01			1.95
Less Distributions to Shareholders:
From net investment income		—			(0.38	)		(0.29	)		(0.25	)		—			(0.28	)
From net realized gains		—			(2.36	)		(1.41	)		—			—			—
Total distributions to shareholders		—			(2.74	)		(1.70	)		(0.25	)		—			(0.28	)
Net Asset Value, End of Period	$	9.83		$	9.59		$	18.55		$	19.61		$	16.83		$	15.82
Total return (c)(d)(e)		2.50	%(f)		(37.07	)%		2.74	%		18.16	%		6.38	%(g)		13.76	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (h)		0.80	%(i)		0.80	%		0.80	%		0.80	%		0.80	%		0.76	%
Interest expense		—	%(i)(j)		—			—	%(j)		—			—			—
Net expenses (h)		0.80	%(i)		0.80	%		0.80	%		0.80	%		0.80	%		0.76	%
Waiver/Reimbursement		0.18	%(i)		0.08	%		0.07	%		0.07	%		0.05	%		0.11	%
Net investment income (h)		1.89	%(i)		1.85	%		1.53	%		1.45	%		1.62	%		1.68	%
Portfolio turnover rate		42	%(f)		62	%		76	%		59	%		73	%		37	%
Net assets, end of period (000s)	$	83,442		$	89,146		$	185,268		$	231,354		$	170,489		$	206,695

(a)  On May 1, 2006, Liberty Growth & Income Fund, Variable Series, was renamed Columbia Large Cap Value Fund, Variable Series.

(b)  Per share data was calculated using the average shares outstanding during the period.

(c)  Total return at net asset value assuming all distributions reinvested.

(d)  Total return does not include any insurance company charges imposed by your insurance company's separate accounts. If included, total return would be reduced.

(e)  Had the investment advisor and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(f)  Not annualized.

(g)  Total return includes a voluntary reimbursement by the investment advisor for a realized investment loss due to a trading error. This reimbursement had an impact of less than 0.01% on the Fund's total return.

(h)  The benefits derived from custody credits had an impact of less than 0.01%.

(i)  Annualized.

(j)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

10

Financial Highlights

Columbia Large Cap Value Fund, Variable Series—Class B Shares

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended June 30,			Year Ended December 31,
	2009			2008			2007			2006(a)			2005			2004
Net Asset Value, Beginning of Period	$	9.55		$	18.47		$	19.54		$	16.78		$	15.80		$	14.14
Income from Investment Operations:
Net investment income (b)		0.08			0.23			0.26			0.22			0.22			0.21
Net realized and unrealized gain (loss) on investments and written options		0.14			(6.46	)		0.33			2.75			0.76			1.69
Total from investment operations		0.22			(6.23	)		0.59			2.97			0.98			1.90
Less Distributions to Shareholders:
From net investment income		—			(0.33	)		(0.25	)		(0.21	)		—			(0.24	)
From net realized gains		—			(2.36	)		(1.41	)		—			—			—
Total distributions to shareholders		—			(2.69	)		(1.66	)		(0.21	)		—			(0.24	)
Net Asset Value, End of Period	$	9.77		$	9.55		$	18.47		$	19.54		$	16.78		$	15.80
Total return (c)(d)(e)		2.30	%(f)		(37.21	)%		2.49	%		17.85	%		6.20	%(g)		13.46	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (h)		1.03	%(i)		1.03	%		1.03	%		1.03	%		1.03	%		0.99	%
Interest expense		—	%(i)(j)		—			—	%(j)		—			—			—
Net expenses (h)		1.03	%(i)		1.03	%		1.03	%		1.03	%		1.03	%		0.99	%
Waiver/Reimbursement		0.20	%(i)		0.10	%		0.09	%		0.09	%		0.07	%		0.13	%
Net investment income (h)		1.67	%(i)		1.62	%		1.30	%		1.21	%		1.39	%		1.45	%
Portfolio turnover rate		42	%(f)		62	%		76	%		59	%		73	%		37	%
Net assets, end of period (000s)	$	14,938		$	16,415		$	36,250		$	43,603		$	42,407		$	46,396

(a)  On May 1, 2006, Liberty Growth & Income Fund, Variable Series, was renamed Columbia Large Cap Value Fund, Variable Series.

(b)  Per share data was calculated using the average shares outstanding during the period.

(c)  Total return does not include any insurance company charges imposed by your insurance company's separate accounts. If included, total return would be reduced.

(d)  Had the investment advisor and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(e)  Total return at net asset value assuming all distributions reinvested.

(f)  Not annualized.

(g)  Total return includes a voluntary reimbursement by the investment advisor for a realized investment loss due to a trading error. This reimbursement had an impact of less than 0.01% on the Fund's total return.

(h)  The benefits derived from custody credits had an impact of less than 0.01%.

(i)  Annualized.

(j)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

11

Notes to Financial Statements

Columbia Large Cap Value Fund, Variable Series / June 30, 2009 (Unaudited)

Note 1. Organization

Columbia Large Cap Value Fund, Variable Series (the "Fund"), a series of Columbia Funds Variable Insurance Trust (the "Trust"), is a diversified portfolio. 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.

Investment Objective—The Fund seeks long-term capital appreciation.

Fund Shares—The Trust may issue an unlimited number of shares, and the Fund offers two classes of shares: Class A and Class B. Each share class has its own expense structure. Shares of the Fund are available only as a pooled funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies ("Participating Insurance Companies"). The Participating Insurance Companies and their separate accounts own all the shares of the Fund.

Note 2. Significant Accounting Policies

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") 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 revenue and expenses during the reporting period. Actual results could differ from those estimates.

Management has evaluated the events and transactions that have occurred through August 20, 2009, the date the financial statements were issued, and noted no items requiring adjustment of the financial statements or additional disclosures. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

Security Valuation—Equity securities and exchange-traded funds are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets.

Debt securities generally are valued by pricing services approved by the Trust's Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation.

Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market value.

Written options are valued at the last reported sale price, or in the absence of a sale, at the last quoted ask price.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. If a security is valued at fair value, such value is likely to be different from the last quoted market price for the security. 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 value.

Financial Accounting Standards Board ("FASB") Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("SFAS 157"), establishes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value giving the highest priority to unadjusted quoted prices in active markets for identical securities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the fair value hierarchy under SFAS 157 are described below:

•  Level 1—quoted prices in active markets for identical securities

•  Level 2—prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)

•  Level 3—prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or less reliable, unobservable inputs may be used. Unobservable inputs may include management's own assumptions about the factors market participants would use in pricing an investment.

12

Notes to Financial Statements (continued)

Columbia Large Cap Value Fund, Variable Series / June 30, 2009 (Unaudited)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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.

Options—The Fund may write call and put options on securities it owns or in which it may invest. Writing put options tends to increase the Fund's exposure to the underlying instrument. Writing call options tends to decrease the Fund's exposure to the underlying instrument. When the Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked-to-market to reflect the current value of the option written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against the amounts paid on the underlying security transaction to determine the realized gain or loss. The Fund, as a writer of an option, has no control over whether the underlying security may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the security underlying the written option. There is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. The Fund's custodian will set aside cash or liquid portfolio securities equal to the amount of the written options contract commitment in a separate account.

The Fund may also purchase put and call options. Purchasing call options tends to increase the Fund's exposure to the underlying instrument. Purchasing put options tends to decrease the Fund's exposure to the underlying instrument. The Fund may pay a premium, which is included in the Fund's Statement of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised are added to the amounts paid (call) or offset against the proceeds (put) on the underlying security to determine the realized gain or loss. If the Fund enters into a closing transaction, the Fund will realize a gain or loss, depending on whether the proceeds from the closing transaction are greater or less than the cost of the option.

Repurchase Agreements—The Fund may engage in repurchase agreement transactions with institutions that Columbia Management Advisors, LLC ("Columbia"), the Fund's investment advisor, has determined are creditworthy. The Fund, through its custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. Columbia is responsible for determining that the collateral is at least equal, at all times, to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays in or restrictions on the Fund's ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

Income Recognition—Interest income is recorded on the accrual basis. Corporate actions and dividend income are recorded on the ex-date. Distributions received from real estate investment trusts (REITs) in excess of their income are recorded as a reduction of the cost of the related investments. If the Fund no longer owns the applicable securities, any distributions received in excess of income are recorded as realized gains.

Expenses—General expenses of the Trust are allocated to the Fund and other series 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 Class Net Asset Value—All income, expenses (other than class-specific expenses, as shown on 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 taxable income, if any, for its tax year, and as such will not be subject to federal income taxes. Therefore, no provision is made for federal income taxes.

Distributions to Shareholders—Distributions from net investment income, if any, are declared and paid at least annually. Net realized capital gains, if any, are distributed at least annually. 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 class of the Fund at net asset value as of the ex-date of the distribution.

Indemnification—In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general

13

Notes to Financial Statements (continued)

Columbia Large Cap Value Fund, Variable Series / June 30, 2009 (Unaudited)

indemnities. The Fund's maximum exposure under these arrangements is unknown because this would involve future claims against the Fund. Also, under the Trust's organizational documents and by contract, the Trustees and officers of the Trust are indemnified against certain liabilities that may arise out of actions relating to their duties to the Trust. However, based on experience, the Fund expects the risk of loss due to these representations, warranties and indemnities to be minimal.

Note 3. Federal Tax Information

The tax character of distributions paid during the year ended December 31, 2008 was as follows:

Distributions paid from:
Ordinary Income*	$	3,847,794
Long-Term Capital Gains		24,602,392

*  For tax purposes short-term capital gain distributions, if any, are considered ordinary income distributions.

Unrealized appreciation and depreciation at June 30, 2009, based on cost of investments for federal income tax purposes were:

Unrealized appreciation	$	11,444,672
Unrealized depreciation		(8,188,767	)
Net unrealized appreciation	$	3,255,905

The following capital loss carryforwards, determined as of December 31, 2008, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration		Capital Loss Carryforwards
	2011	$	13,766,152
	2016		18,407,762
		$	32,173,914

Under Financial Accounting Standards Board ("FASB") Interpretation No. 48, Accounting for Uncertainty in Income Taxes — an Interpretation of FASB Statement No. 109 ("FIN 48"), management determines whether a tax position of the Fund is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Management has evaluated the known implications of FIN 48 on the computation of net assets for the Fund. As a result of this evaluation, management has concluded that FIN 48 did not have any ef fect on the Fund's financial statements. However, management's conclusions regarding FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance from the FASB, new tax laws, regulations, and administrative interpretations (including relevant court decisions). The Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee—Columbia, an indirect, wholly owned subsidiary of Bank of America Corporation ("BOA"), provides investment advisory, administrative and other services to the Fund. In rendering investment advisory services to the Fund, Columbia may use the portfolio management and research resources of Columbia Management Pte. Ltd., an affiliate of Columbia. Columbia receives a monthly investment advisory fee based on the Fund's average daily net assets at the following annual rates:

Average Daily Net Assets	Annual Fee Rate
First $500 million		0.77	%
$500 million to $1 billion		0.72	%
$1 billion to $1.5 billion		0.67	%
$1.5 billion to $3 billion		0.62	%
$3 billion to $6 billion		0.60	%
Over $6 billion		0.58	%

For the six month period ended June 30, 2009, the Fund's annualized effective investment advisory fee rate was 0.77% of the Fund's average daily net assets.

Pricing and Bookkeeping Fees—The Fund has entered into a Financial Reporting Services Agreement (the "Financial Reporting Services Agreement") with State Street Bank & Trust Company ("State Street") and Columbia pursuant to which State Street provides financial reporting services to the Fund. The Fund has also entered into an Accounting Services Agreement (collectively with the Financial Reporting Services Agreement, the "State Street Agreements") with State Street and Columbia pursuant to which State Street provides accounting services to the Fund. Under the State Street Agreements, the Fund pays State Street an annual fee of $38,000 paid monthly plus an additional monthly fee based on an annualized percentage rate of average daily net assets of the Fund for the month. The aggregate fee will not exceed $140,000 per year (exclusive of out-of-pocket expens es and charges). The Fund also reimburses State Street for certain out-of-pocket expenses and charges.

14

Notes to Financial Statements (continued)

Columbia Large Cap Value Fund, Variable Series / June 30, 2009 (Unaudited)

The Fund has entered into a Pricing and Bookkeeping Oversight and Services Agreement (the "Services Agreement") with Columbia. Under the Services Agreement, Columbia provides services related to Fund expenses and the requirements of the Sarbanes-Oxley Act of 2002, and provides oversight of the accounting and financial reporting services provided by State Street. Under the Services Agreement, the Fund reimburses Columbia for out-of-pocket expenses.

Transfer Agent Fee—Columbia Management Services, Inc. (the "Transfer Agent"), an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, provides shareholder services to the Fund and has contracted with Boston Financial Data Services ("BFDS") to serve as sub-transfer agent. The Transfer Agent is entitled to receive a fee for its services, paid monthly, at the annual rate of $17.34 per open account plus reimbursement of certain sub-transfer agent fees paid by the Transfer Agent (exclusive of BFDS fees), calculated based on assets held in omnibus accounts and intended to recover the cost of payments to other parties (including affiliates of BOA) for services to those accounts. The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund.

The Transfer Agent may also retain, as additional compensation for its services, fees for wire, telephone and redemption orders, Individual Retirement Account ("IRA") trustee agent fees and account transcript fees due to the Transfer Agent from shareholders of the Fund and credits (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund. The Transfer Agent also receives reimbursement for certain out-of-pocket expenses.

Distribution Fees—Columbia Management Distributors, Inc. (the "Distributor"), an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, is the principal underwriter of the Fund's shares. The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act for Class B shares pursuant to which it will pay a monthly distribution fee to the Distributor not to exceed the annual rate of 0.25% of the average daily net assets attributable to Class B shares.

Fee Waivers and Expense Reimbursements—Columbia has voluntarily agreed to reimburse a portion of the Fund's expenses so that the fund's ordinary operating expenses (excluding any distribution fees, brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, do not exceed 0.80% of the Fund's average daily net assets on an annualized basis. In addition, the Distributor has voluntarily agreed to waive the Class B distribution fee at the annual rate of 0.02% of the Class B shares' average daily net assets. Columbia or the Distributor, in their discretion, may revise or discontinue these arrangements at any time.

Fees Paid to Officers and Trustees—All officers of the Fund are employees of Columbia or its affiliates and, with the exception of the Fund's Chief Compliance Officer, receive no compensation from the Fund. The Board of Trustees has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. The Fund, along with other affiliated funds, pays its pro-rata share of the expenses associated with the Chief Compliance Officer. The Fund's expenses for the Chief Compliance Officer will not exceed $15,000 per year.

The Trust's eligible Trustees may participate in a deferred compensation plan which may be terminated at any time. Obligations of the plan will be paid solely out of the Fund's assets.

Other Related Party Transactions—In connection with the purchase and sale of its securities during the period, the Fund used several brokers that are affiliates of BOA. The total brokerage commissions paid to affiliated brokers for the six month period ended June 30, 2009 was $1,243.

Note 5. Custody Credits

The Fund has an agreement with its custodian bank under which custody fees may be reduced by balance credits. These credits are recorded as a reduction of total expenses on the Statement of Operations. The Fund could have invested a portion of the assets utilized in connection with the expense offset arrangement in an income-producing asset if it had not entered into such an agreement.

Note 6. Portfolio Information

For the six month period ended June 30, 2009, the cost of purchases and proceeds from sales of securities, excluding short-term obligations, for the Fund were $39,752,267 and $47,116,375, respectively.

Note 7. Line of Credit

The Fund and other affiliated funds participate in a $280,000,000 committed, unsecured revolving line of credit provided by State Street. The maximum amount that may be borrowed by any fund is limited to the lesser of $200,000,000 and the Fund's borrowing limit set forth in the Fund's registration statement. Borrowings are available for short-term liquidity or temporary or emergency purposes.

15

Notes to Financial Statements (continued)

Columbia Large Cap Value Fund, Variable Series / June 30, 2009 (Unaudited)

Interest is charged to each participating fund based on the fund's borrowings at a rate per annum equal to the greater of the Federal Funds Rate plus 0.50% or the overnight LIBOR Rate plus 0.50%. In addition, an annual operations agency fee of $20,000, an amendment fee of 0.02% and a commitment fee of 0.12% per annum are accrued and apportioned among the participating funds pro rata based on their relative net assets.

For the six month period ended June 30, 2009, the average daily loan balance outstanding on days where borrowing existed was $1,200,000 at a weighted average interest rate of 0.7218%.

Note 8. Shares of Beneficial Interest

As of June 30, 2009, the Fund had two shareholders that collectively held 81.5% of the Fund's shares outstanding.

Subscription and redemption activity of these accounts may have a significant effect on the operations of the Fund.

Note 9. Significant Risks and Contingencies

Sector Focus Risk—The Fund may focus its investments in certain sectors, subjecting it to greater risk than a fund that is less focused.

Legal Proceedings—Columbia Management Advisors, LLC and Columbia Management Distributors, Inc. (collectively, the "Columbia Group") are subject to a settlement agreement with the New York Attorney General ("NYAG") (the "NYAG Settlement") and a settlement order with the SEC (the "SEC Order") on matters relating to mutual fund trading, each dated February 9, 2005. Under the terms of the SEC Order, the Columbia Group (or predecessor entities) agreed, among other things, to: pay disgorgement and civil money penalties collectively totaling $140 million; cease and desist from violations of the antifraud provisions and certain other provisions of the federal securities laws; maintain certain compliance and ethics oversight structures; and retain an independent consultant to review the Columbia Group's applicable supervisory, compliance, control and other policies an d procedures. The NYAG Settlement, among other things, requires Columbia Management Advisors, LLC and its affiliates to reduce management fees for certain funds in the Columbia family of mutual funds in a projected total of $160 million over five years through November 30, 2009 and to make certain disclosures to investors relating to expenses. In connection with the Columbia Group providing services to the Columbia Funds, the Columbia Funds have voluntarily undertaken to implement certain governance measures designed to maintain the independence of their boards of trustees and certain special consulting and compliance measures.

Pursuant to the SEC Order and related procedures, the $140 million in settlement amounts described above has been substantially distributed in accordance with a distribution plan that was developed by an independent distribution consultant and approved by the SEC on April 6, 2007.

In connection with the events described above, various parties have filed suit against certain funds, the Trustees of the Columbia Funds, FleetBoston Financial Corporation and its affiliated entities and/or Bank of America and its affiliated entities.

On February 20, 2004, the Judicial Panel on Multidistrict Litigation transferred these cases and cases against other mutual fund companies based on similar allegations to the United States District Court in Maryland for consolidated or coordinated pretrial proceedings (the "MDL"). Subsequently, additional related cases were transferred to the MDL. On September 29, 2004, the plaintiffs in the MDL filed amended and consolidated complaints. One of these amended complaints is a putative class action that includes claims under the federal securities laws and state common law, and that names Columbia Management Advisors, Inc. (which has since merged into Banc of America Capital Management, LLC (now named Columbia Management Advisors, LLC)) ("Columbia"), Columbia Funds Distributor, Inc. (now named Columbia Management Distributors, Inc.) (the "Distributor"), the Trustees of the Columbia Funds, Bank of America Corporation and others as defendants. An other of the amended complaints is a derivative action purportedly on behalf of the Columbia Funds that asserts claims under federal securities laws and state common law.

On February 25, 2005, Columbia and other defendants filed motions to dismiss the claims in the pending cases. On March 1, 2006, for reasons stated in the court's memoranda dated November 3, 2005, the United States District Court for the District of Maryland granted in part and denied in part the defendants' motions to dismiss. The court dismissed all of the class action claims pending against the Columbia Funds Trusts. As to Columbia and the Distributor, the claims under the Securities Act of 1933, the claims under Sections 34(b) and 36(a) of the Investment Company Act of 1940 ("ICA") and the state law claims were dismissed. The claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and claims under Section 36(b) of the ICA were not dismissed.

On March 21, 2005, a purported class action was filed in Massachusetts state court alleging that certain conduct, including market timing, entitled Class B shareholders in certain Columbia Funds to an exemption from contingent deferred sales charges upon early redemption (the "CDSC Lawsuit"). The CDSC Lawsuit was removed to federal court in Massachusetts and transferred to the MDL.

16

Notes to Financial Statements (continued)

Columbia Large Cap Value Fund, Variable Series / June 30, 2009 (Unaudited)

On September 14, 2007, the plaintiffs and the Columbia defendants named in the MDL, including the Columbia Funds, entered into a stipulation of settlement with respect to all Columbia-related claims in the MDL described above, including the CDSC Lawsuit. The settlement is subject to court approval.

17

Important Information About This Report

A description of the policies and procedures that Columbia Large Cap Value Fund, Variable Series uses to determine how to vote proxies relating to its portfolio securities and a copy of the fund's voting records are available (i) at www.columbiamanagement.com; (ii) on the Securities and Exchange Commission's website at www.sec.gov, and (iii) without charge, upon request, by calling 1-800-368-0346. Information regarding how the fund voted proxies relating to portfolio securities during the 12-month period ended June 30 is available from the SEC's website. Information regarding how the fund voted proxies relating to portfolio securities is also available from the fund's website, www.columbiamanagement.com.

The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The fund's Form N-Q is available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Shares of the fund are available only through variable annuity contracts and variable life insurance policies of participating insurance companies.

Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. Contact your insurance company for a prospectus, which contains this and other important information about the fund.

Columbia Management Group, LLC ("Columbia Management") is the investment management division of Bank of America Corporation. Columbia Management entities furnish investment management services and products for institutional and individual investors. Columbia Funds are distributed by Columbia Management Distributors, Inc., member of FINRA, SIPC, part of Columbia Management and an affiliate of Bank of America Corporation.

©2009 Columbia Management Distributors, Inc.

One Financial Center, Boston, MA 02111-2621

SHC-44/19619-0609 (08/09) 09/85102

Columbia Money Market Fund,
Variable Series

Columbia Funds Variable Insurance Trust

2009 Semiannual Report

Performance Information

Columbia Money Market Fund, Variable Series / June30, 2009

Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. An investment in the fund is not a bank deposit and is not insured or guaranteed by Bank of America Corporation, the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. For current month-end performance information, please contact your insurance company.

Performance results reflect any fee waivers or reimbursements of fund expenses by the investment advisor and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of all distributions.

Performance results reflect all fund expenses, but do not include any insurance charges imposed by your insurance company's separate accounts. If performance results included the effect of these additional charges, they would be lower.

Average annual total return as of June 30, 2009 (%)

	(cumulative) 6-month		1-year		5-year		10-year
Columbia Money Market Fund, Variable Series (01/01/89)		0.23		1.36		3.18		3.02
Lipper VUF Money Market Funds Classification		0.16		1.03		2.99		2.94

Inception date of the fund is in parentheses.

7-day yield  0.06%

The 7-day yield reflects the earnings of the fund as of 06/30/09, while the total return reflects past holding periods.

Net asset value per share ($)	12/31/08		06/30/09
Columbia Money Market Fund,
Variable Series		1.00		1.00

Annual operating expense ratio (%)*
Columbia Money Market Fund,
Variable Series	0.63

*The annual operating expense ratio is as stated in the fund's prospectus that is current as of the date of this report. Differences in expense ratios disclosed elsewhere in this report may result from including fee waivers and expense reimbursements as well as different time periods used in calculating the ratios.

Lipper Inc., a widely respected data provider in the industry, calculates an average total return (assuming reinvestment of distributions) for mutual funds with similar investment objectives as those of the fund. Lipper makes no adjustment for the effect of sales loads.

1

Understanding Your Expenses

Columbia Money Market Fund, Variable Series / June30, 2009

As a Variable Series fund shareholder, you incur ongoing costs, which generally include investment advisory fees and other fund expenses. The information on this page is intended to help you understand the ongoing costs of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your fund's expenses

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in the fund during the period. The information in the following table is based on an initial investment of $1,000, which is invested at the beginning of the period and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the fund's actual operating expenses and total return for the period. The amount listed in the "Hypothetical" column assumes that the return each year is 5% before expenses and is calculated based on the fund's actual operating expenses. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during this period.

Estimating your actual expenses

To estimate the expenses that you paid over the period, first you will need your account balance at the end of the period:

1. Divide your ending account balance by $1,000. For example, if an account balance was $8,600 at the end of the period, the result would be 8.6.

2. In the section of the table below titled "Expenses paid during the period," locate the amount in the column labeled "Actual." Multiply this number by the result from step 1. Your answer is an estimate of the expenses you paid on your account during the period.

01/01/09 – 06/30/09

Account value at the beginning of the period ($)

Account value at the end of the period ($)

Expenses paid during the period ($)

Fund's annualized expense ratio (%)

Actual

Hypothetical

Actual

Hypothetical

Actual

Hypothetical

Actual

Columbia Money Market Fund,

Variable Series

1,000.00

1,000.00

1,002.28

1,022.36

2.43

2.46

0.49

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

Had the investment advisor and/or any of its affiliates not waived fees or reimbursed a portion of expenses, account value at the end of the period would have been reduced.

It is important to note that the expense amounts shown in the table are meant to highlight only ongoing costs of investing in the share class of the fund. As a shareholder of the fund, you do not incur any transaction costs, such as sales charges, redemption fees or exchange fees. Expenses paid during the period do not include any insurance charges imposed by your insurance company's separate accounts.

The hypothetical examples provided are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds whose shareholders may incur transaction costs.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing costs of investing in the fund with other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund and do not reflect any transaction costs, such as sales charges, redemption fees or exchange fees, that may be incurred by shareholders of other funds. Expenses paid during the period do not include any insurance charges imposed by your insurance company's separate accounts.

2

Investment Portfolio

Columbia Money Market Fund, Variable Series / June30, 2009 (Unaudited)

	Par		Value
COMMERCIAL PAPER—42.6%
Banco Bilbao Vizcaya Argentaria/London 0.800% 07/16/09 (a)	$	1,000,000	$	999,667
BASF SE 0.350% 08/12/09 (a)		1,000,000		999,592
0.450% 07/20/09 (a)		1,000,000		999,762
Citigroup Funding, Inc. 0.450% 07/07/09		4,000,000		3,999,700
Fairway Finance LLC 0.330% 09/01/09		1,000,000		999,432
0.350% 09/01/09		1,000,000		999,397
Gemini Securitization Corp. LLC 0.330% 09/04/09		1,000,000		999,404
0.370% 09/17/09		2,000,000		1,998,397
0.370% 09/25/09		1,000,000		999,116
0.380% 09/01/09		1,000,000		999,346
Gotham Funding Corp. 0.420% 08/10/09 (a)		3,000,000		2,998,600
0.650% 07/07/09 (a)		500,000		499,946
ING US Funding LLC 0.575% 08/07/09		3,000,000		2,998,227
0.610% 08/03/09		3,000,000		2,998,322
0.630% 08/04/09		1,000,000		999,405
JPMorgan Chase Funding, Inc. 0.500% 10/19/09 (a)		3,000,000		2,995,417
Liberty Street Funding LLC 0.350% 07/27/09 (a)		1,000,000		999,747
0.360% 09/15/09		1,000,000		999,240
0.450% 07/13/09 (a)		3,000,000		2,999,550
0.450% 08/05/09 (a)		1,000,000		999,563
LMA Americas LLC 0.340% 07/21/09		2,000,000		1,999,622
0.350% 07/24/09		1,800,000		1,799,597
National Australia Funding Delaware, Inc. 0.440% 07/24/09 (a)		2,000,000		1,999,438
0.560% 07/09/09 (a)		1,000,000		999,876
Nordea North America, Inc. 0.570% 07/20/09		1,000,000		999,699
Santander Central Hispano Finance Delaware, Inc. 0.850% 07/07/09		4,000,000		3,999,433
0.950% 07/02/09		1,000,000		999,974
Sheffield Receivables Corp. 0.330% 09/03/09		1,000,000		999,413
0.370% 09/15/09		1,000,000		999,219
0.450% 08/03/09 (a)		1,000,000		999,588
0.450% 08/06/09 (a)		1,000,000		999,550
Starbird Funding Corp. 0.300% 07/09/09		1,000,000		999,933
Toyota Motor Credit Corp. 1.900% 08/04/09		3,000,000		2,994,617
Tulip Funding Corp. 0.280% 07/06/09		2,000,000		1,999,922
Variable Funding Capital Co. LLC 0.430% 07/27/09 (a)		3,000,000		2,999,068

	Par		Value
Wachovia Bank N.A. 0.510% 11/27/09	$	1,000,000	$	997,889
Westpac Banking Corp. 0.490% 07/15/09 (a)		2,000,000		1,999,619
Total Commercial Paper (cost of $62,268,287)				62,268,287
CERTIFICATES OF DEPOSIT—37.3%
Banco Bilbao Vizcaya Argentina/NY 0.395% 10/01/09		1,500,000		1,500,019
0.405% 08/18/09		2,000,000		2,000,000
0.550% 08/07/09		2,500,000		2,500,334
Bank of Nova Scotia 0.510% 07/24/09		3,000,000		3,000,000
Bank of Tokyo Mitsubishi Ltd. NY 0.500% 08/21/09		1,000,000		1,000,000
0.830% 08/10/09		3,000,000		3,000,000
Barclays Bank PLC/NY 0.450% 08/31/09		3,000,000		3,000,000
BNP Paribas 0.650% 09/08/09		1,000,000		1,000,000
0.750% 11/13/09		2,000,000		2,000,000
1.120% 07/20/09		3,000,000		3,000,000
BNP Paribas/Chicago IL 0.650% 11/20/09		1,000,000		1,000,000
Credit Agricole SA 0.360% 10/01/09		1,000,000		1,000,000
0.500% 10/08/09		4,000,000		4,000,000
0.800% 07/17/09		2,000,000		2,000,000
Lloyds TSB Bank PLC/New York 0.540% 09/25/09		1,200,000		1,200,000
1.070% 07/14/09		3,000,000		3,000,000
Mizuho Corporate Bank/NY 0.630% 07/08/09		3,000,000		3,000,000
National Australia Bank Ltd. 0.450% 07/23/09		1,000,000		1,000,000
Rabobank Nederland NV/NY 0.510% 12/22/09		2,000,000		2,000,000
Royal Bank of Scotland PLC NY 0.330% 07/02/09		1,000,000		1,000,000
0.330% 07/10/09		2,000,000		2,000,000
Societe Generale NY 1.000% 08/12/09		1,000,000		1,000,000
Sumitomo Mitsui Banking Corp./New York 0.450% 08/31/09		500,000		500,000
0.650% 08/14/09		3,800,000		3,800,183
Svenska Handelsbanken/New York 0.350% 09/08/09		1,000,000		1,000,019
UBS AG 0.340% 07/10/09		2,000,000		2,000,000
0.370% 07/08/09		3,000,000		3,000,000
Total Certificates of Deposit (cost of $54,500,555)				54,500,555

See Accompanying Notes to Financial Statements.

3

Investment Portfolio (continued)

Columbia Money Market Fund, Variable Series / June30, 2009 (Unaudited)

	Par		Value
GOVERNMENT & AGENCY OBLIGATIONS—11.5%
U.S. Government Agencies—8.1%
Federal Home Loan Bank 0.510% 01/12/10 (b)	$	1,000,000	$	997,238
0.786% 11/05/10 (b)(c)		1,000,000		999,595
2.560% 08/04/09 (b)		1,000,000		1,001,819
Federal Home Loan Mortgage Corp. 0.582% 08/24/09 (b)		1,000,000		999,127
0.703% 03/09/11 (b)(c)		3,000,000		3,011,220
0.888% 02/01/11 (b)(c)		2,000,000		2,000,514
1.211% 04/07/11 (b)(c)		1,800,000		1,800,776
Federal National Mortgage Association 0.370% 07/15/09 (b)		1,000,000		999,856
				11,810,145
U.S. Government Obligations—3.4%
U.S. Treasury Bills 0.285% 12/17/09		1,000,000		998,662
0.370% 10/01/09		1,000,000		999,054
0.420% 10/08/09		1,000,000		998,845
3.250% 12/31/09		1,000,000		1,014,312
4.875% 08/15/09		1,000,000		1,005,632
				5,016,505
Total Government & Agency Obligations (cost of $16,826,650)				16,826,650
MUNICIPAL BONDS—1.9%
Connecticut—1.2%
CT Housing Finance Authority Series 2008 A5, SPA: JPMorgan Chase Bank 0.500% 11/15/38 (c)		1,800,000		1,800,000
Maryland—0.7%
MD Easton Series 2009 B, LOC: Branch Banking & Trust 0.700% 01/01/26 (c)		1,000,000		1,000,000
Total Municipal Bonds (cost of $2,800,000)				2,800,000
REPURCHASE AGREEMENTS—6.8%
Repurchase agreement with BNP Paribas, dated 06/30/09, due 07/01/09 at 0.040%, collateralized by U.S. Government Agency obligations with various maturities to 10/20/21, market value $2,920,983 (repurchase proceeds $2,863,003)		2,863,000		2,863,000

	Par		Value
Repurchase agreement with Royal Bank of Canada, dated 06/30/09, due 07/01/09 at 0.390%, collateralized by U.S. Government Agency obligations with various maturities to 05/15/19, market value $7,489,181 (repurchase proceeds $7,000,076)	$	7,000,000	$	7,000,000
Total Repurchase Agreements (cost of $9,863,000)				9,863,000
Total Investments—100.1% (cost of $146,258,492) (d)				146,258,492
Other Assets & Liabilities, Net—(0.1)%				(138,084	)
Net Assets—100.0%			$	146,120,408

Notes to Investment Portfolio:

(a)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2009, these securities, which are not illiquid, amounted to $24,488,983, which represents 16.8% of net assets.

(b)  The rate shown represents the discount rate at the date of purchase.

(c)  The interest rate shown on floating rate or variable rate securities reflects the rate at June 30, 2009.

(d)  Cost for federal income tax purposes is $146,258,492.

The following table summarizes the inputs used, as of June 30, 2009, in valuing the Fund's assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
COMMERCIAL PAPER	$	—	$	62,268,287	$	—	$	62.268.287
CERTIFICATES OF DEPOSIT		—		54,500,555		—		54,500,555
GOVERNMENT & AGENCY OBLIGATIONS
U.S. Government Agencies		—		11,810,145		—		11,810,145
U.S. Government Obligations		—		5,016,505		—		5,016,505
Total Government & Agency Obligations		—		16,826,650		—		16,826,650
MUNICIPAL BONDS
Connecticut		—		1,800,000		—		1,800,000
Maryland		—		1,000,000		—		1,000,000
Total Municipal Bonds		—		2,800,000		—		2,800,000
REPURCHASE AGREEMENTS		—		9,863,000		—		9,863,000
Total Investments		—		146,258,492		—		146,258,492
Total	$	—	$	146,258,492	$	—	$	146,258,492

See Accompanying Notes to Financial Statements.

4

Investment Portfolio (continued)

Columbia Money Market Fund, Variable Series / June30, 2009 (Unaudited)

For more information on valuation inputs, and their aggregation into the levels used in the tables above, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Acronym	Name
LOC	Letter of Credit

See Accompanying Notes to Financial Statements.

5

Statement of Assets and Liabilities

Columbia Money Market Fund, Variable Series / June 30, 2009 (Unaudited)

Assets

Investments, at amortized cost approximating value