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With respect to each Transaction, if approved, the RiverSourceParticipating Insurance Companies, as shareholders of the relevant Liquidating Fund on behalf of RiverSource Contract Owners, have stated an intention to reinvest the liquidation proceeds in the Government MMF, a money market fund that seeks to provide shareholders with maximum current income consistent with liquidity and stability of principal. The Government MMF invests at least 99.5% of its assets in United States government securities, cash and/or repurchase agreements collateralized solely by government securities or cash. Although the Government MMF seeks to preserve the value of shareholders’ investment at $1.00 per share, it cannot guarantee it will do so. The total annual operating expenses of the Government MMF, based on expenses incurred during the Fund’s fiscal year ended December 31, 2019, as a percentage of net assets, are 0.47% for Class 1 shares, 0.72%

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for Class 2 shares and 0.60% of Class 3 shares. For more information about the Government MMF, including its principal investment strategies, principal risks and expense information, seeAppendix A to this Joint Proxy Statement. The investment objective, investment strategies and risks of the Government MMF differ materially from those of each Liquidating Fund. The Government MMF invests principally in government securities eligible for money market funds and, as a result, the Government MMF has a materially different risk profile and performance history than each Liquidating Fund. If the Transaction is not approved, Columbia Threadneedle or if applicable,sub-advisers would would continue to manage each Liquidating Fund based on its stated investment objective and principal investment strategies. As discussed above, each Board, based on a recommendation from Columbia Threadneedle, believes it is in the best interests of each Liquidating Fund that it oversees to liquidate and terminate the Liquidatingliquidating Fund.

The Participating Insurance Companies will notify the Contract Owners of which share class of the Government MMF they will receive in the Transaction. In general, Contract Owners of the Funds will receive the corresponding share class of the Government MMF, except where the corresponding share class is not available under their Contracts. Class 2 shares of the Government MMF are not available for certain Contracts allocated to CTIVP^® – Lazard International Equity Advantage Fund; for those Contracts, the Participating Insurance Companies have informed Columbia Threadneedle that the liquidation proceeds will be reinvested in Class 3 shares of the Government MMF.

This reinvestment of liquidation proceeds in the Government MMF may constitute a substitution of securities under Section 26(c) of the Investment Company Act of 1940, as amended (the “1940 Act”). The substitution will take place at net asset value with no change in the amount of any Contract Owner’s accumulated value or in the dollar value of his or her investment in the relevantsub-account. Under Under current SEC guidance for this type of substitution in connection with the reinvestment of proceeds from the liquidation of a fund managed by an affiliate of the insurance company, a substitution order is not required if contract owners approve the substitution and certain other conditions are satisfied. The Liquidating Funds are soliciting shareholder approval to satisfy this requirement. Shareholder approval of the liquidation would not otherwise be required under the 1940 Act or the organizational instruments of the Trusts.

Shares of Columbia Variable Portfolio – Asset Allocation Fund and CTIVP^® – AQR Managed Futures Strategy Fund are held by Participating Insurance Companies other than RiverSource Insurance Companies (the “Third Party Insurance Companies”), on behalf of their Contract Owners. These Third Party Insurance Companies are expected to reinvest the liquidation proceeds in another fund available to their Contracts (which does not include the Government MMF managed by Columbia Threadneedle), absent contrary instructions from Contract Owners. Such reinvestment, or substitution, will be implemented pursuant to current SEC guidance that does not require shareholder approval. The Third Party Insurance Companies will provide their Contract Owners with additional information regarding the reinvestment

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of liquidation proceeds. As noted above, because of their affiliation with Columbia Threadneedle, the RiverSource Insurance Companies are operating under current SEC guidance that requires shareholder approval. As a result, the Third Party Insurance Companies, as shareholders of Columbia Variable Portfolio – Asset Allocation Fund and CTIVP^® – AQR Managed Futures Strategy Fund, are asked to vote on the Transaction and will seek voting instructions from their Contract Owners.

RiverSource Contract Owners who have allocated Contract values to a Liquidating Fund may reallocate such Contract values to another fund available under their Contract at any time prior to the Liquidation Date or within 90 days thereafter.thereafter without a transfer fee. Any such reallocation will not count as a transfer for purposes of any applicable limitations on the number of transfers. RiverSource ContactContract Owners will receive additional information regarding the reinvestment of liquidation proceeds from the RiverSourceParticipating Insurance Companies. Reinvestment of liquidation proceeds in the Government MMF is only the default option in the event no other instruction is provided by a Contract Owner. The Third PartyParticipating Insurance Companies will provide

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encourage Contract Owners to consider the investment options available under their Contract Owners additional information regardingand instruct the reinvestment ofapplicable Participating Insurance Company to reinvest the liquidation proceeds.proceeds in an investment option that is consistent with the Contract Owner’s investment goals and objectives.

Required Vote and Recommendation

Approval of Proposal 1 requires the affirmative vote of a majority of the shares voted at the Meeting.

Proposal 1 is not contingent upon the approval of any other proposal. Further, the Liquidation Proposal for one Liquidating Fund is not contingent upon approval of the Liquidation Proposal of another Liquidating Fund. Therefore, with respect to Proposal 1, shareholders will vote on aFund-by-Fund basis and, as a result, depending on the final vote count, it is possible that some Liquidating Funds will liquidate while others may not.

EACH BOARD UNANIMOUSLY RECOMMENDS THAT YOU VOTE (OR INSTRUCT YOUR PARTICIPATING INSURANCE COMPANY TO VOTE)FOR PROPOSAL 1

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PROPOSAL 2

Election of Trustees

(All CFVIT Funds)

At the Meeting, shareholders of all CFVIT Funds will be asked to elect ten Nominees to constitute the Board of CFVIT. For purposes of this Proposal 2 only, all references to the “Board,” “Trustees,” “Independent Trustees,” or “Trust” refer solely to CFVIT (i.e., not CFVST II) and “Fund” or “Funds” refer solely to the CFVIT Funds.

The Board is responsible for overseeing the management of the Trust. If elected to the Board, each Nominee shall hold office until he or she dies, resigns or is removed or, if sooner, until the next meeting of shareholders called for the purpose of electing trustees and until the election and qualification of his or her successor. Each Nominee (with the exception of Christopher O. Petersen) currently serves as a Trustee or a Consultant to the Trustees (defined below).

The 1940 Act and rules adopted thereunder contain provisions requiring that certain percentages of a mutual fund’s Board consist of individuals who are independent of the mutual fund or its adviser within the meaning of Section 2(a)(19) of the 1940 Act (the “Independent Trustees”). Current regulations applicable to the Funds require that a majority of the Trust’s Board consist of Independent Trustees. A Nominee is deemed to be “independent” to the extent the Nominee is not an “interested person” of the Funds, as that term is defined in Section 2(a)(19) of the 1940 Act (the “Independent Nominees”). The Independent Nominees are Janet L. Carrig, Kevin Connaughton, Olive Darragh, Douglas A. Hacker, Nancy T. Lukitsh, David M. Moffett, John J. Neuhauser, Patrick J. Simpson and Natalie A. Trunow.

Mses. Darragh and Trunow and Mr. Connaughton currently serve as consultants to the Independent Trustees (the “Consultants to the Independent Trustees” or “Consultants”), who each participate in Board and Committee meetings but do not have the right to vote on matters before the Trustees. If elected, the Consultants to the Independent Trustees will serve as Independent Trustees.

Christopher O. Petersen (the “Interested Nominee”) has been nominated to serve as a Trustee and will be treated as an “interested person” of the Funds due to his positions with Columbia Threadneedle and Ameriprise Financial, Inc. Upon the election and seating of Mr. Petersen, William F. Truscott, who is currently treated as an “interested person” of the Funds will resign from the Board.

At a meeting held on December 10, 2019, the Governance Committee (by action of its members who are Independent Trustees) nominated the Independent Nominees and the Interested Nominee. In addition, at a meeting held on December 11, 2019, the Independent Trustees received, accepted and endorsed the nominations presented by the Governance Committee and voted to present each of the Independent Nominees and the Interested Nominee to shareholders for election as Trustees. The Board

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currently has no reason to believe that any Nominee will become unable to serve or for good cause will not serve as a Trustee, but if that should occur before the Meeting, the proxies may be voted for such other Nominees as the Trust’s present Governance Committee and/or the Board may select.

If the Nominees are elected by shareholders, at least 75% of the Trustees will continue to be Independent Trustees. Under the Trust’s current retirement policy, each Trustee serves until December 31 of the year such Trustee turns seventy-five (75), unless such service is extended by the Board.

Information Regarding the Nominees

Background information regarding each of the Nominees follows.

Independent Trustees/Nominees for Election as Trustees^*

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Current Status of Trustees/Nominees

Ms. Carrig, Dr. Neuhauser and Messrs. Hacker and Simpson were elected by shareholders to be Trustees most recently in 2010. Ms. Lukitsh and Mr. Moffett were appointed by the Board as Trustees in 2011. Mr. Truscott was appointed by the Board as a Trustee in 2012. Mr. Connaughton and Ms. Trunow were appointed by the Board as Consultants to the Independent Trustees in 2016. Ms. Darragh was appointed by the Board as a Consultant to the Independent Trustees in 2019.

Together, such Trustees and Consultants to the Independent Trustees and the Interested Nominee comprise all Nominees for election to the Board and, except for Mr. Truscott, are standing for election at the Meeting and have agreed to continue to serve if elected. Mr. Truscott will retire from the Fund Board in 2020 upon election and qualification of the Nominees, although he will remain a Senior Vice President of the Trusts and his position with the Investment Manager remains unaffected. Additionally, the Board has approved the continued service of Dr. Neuhauser and Mr. Simpson on the Board until December 31, 2020, and ifre-elected, each is expected to serve until that date, unless the Board determines to extend their service.

Trustee/Nominee Biographical Information and Qualifications

The following provides an overview of the considerations that led the Board to conclude that each individual serving or nominated to serve as a Trustee should so serve. Generally, no one factor was decisive in the selection of an individual to join the Board. Among the factors the Board considered when concluding that an individual should serve on the Board were the following: (i) the individual’s business and professional experience and accomplishments; (ii) the individual’s ability to work effectively with the other Trustees/Nominees; (iii) the individual’s prior experience, if any, serving on the boards of public companies (including, where relevant, other investment companies) and other complex enterprises and organizations; and (iv) how the individual’s skills, experience and attributes would contribute to an appropriate mix of relevant skills and experience on the Board.

In respect of each Trustee/Nominee, the individual’s substantial professional accomplishments and experience, including in fields related to the operations of the Funds, were a significant factor in the determination that, in light of the business and structure of the Trust, the individual should serve as a Trustee. Following is a summary of each Trustee/Nominee’s particular professional experience and additional considerations that contributed to the Board’s conclusion that an individual should serve as a Trustee:

Janet Langford Carrig– Ms. Carrig was Senior Vice President, General Counsel and Corporate Secretary for ConocoPhillips. Prior to joining ConocoPhillips,

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Ms. Carrig held senior legal and leadership roles in other large corporations and law firms, including as a partner at the law firms Sidley & Austin and at Zelle, Hoffman, Voelbel, Mason and Gette. Ms. Carrig has previously served on the board of directors for a public company and various industry groups andnon-profit organizations.

J. Kevin Connaughton– Mr. Connaughton has significant executive and board experience with financial services and investment companies. Mr. Connaughton served as a senior officer of certain Columbia funds from 2003 through 2015. He served as the managing director and general manager of mutual fund products for the Investment Manager from 2010 through 2015. Mr. Connaughton currently serves on the Board of Directors of two not for profit entities, and the investment committee for a small college endowment. He has previously served on the Board of Directors of a separate fund group, the Funds’ transfer agent, and two offshore groups of funds managed by the Investment Manager and/or affiliates. Mr. Connaughton also serves as an adjunct professor of Finance at Bentley University.

Olive Darragh– Ms. Darragh has extensive experience in the investment management industry. She currently serves as Managing Director of Darragh Inc., a strategy and talent management consulting firm that works with investment organizations. Previously, Ms. Darragh was a Partner at Tudor Investments responsible for Strategy and Talent Management. Prior to that, she was a Senior Partner at McKinsey & Company, where sheco-founded and led the firm’s global Investment Management practice. Ms. Darragh has experience serving on other boards of directors and is a Certified Public Accountant. Ms. Darragh also founded and runs Zolio Inc., an investment management talent identification platform and is a visiting professor at the University of Edinburgh Business School.

Douglas A. Hacker– Mr. Hacker has extensive executive experience, having served in various executive roles with United Airlines and more recently as an independent business executive. Mr. Hacker also has experience on other boards of directors. As former chief financial officer of United Airlines, Mr. Hacker has significant experience in accounting and financial management, including in a public company setting.

Nancy T. Lukitsh– Ms. Lukitsh has extensive executive experience in the financial services industries, particularly with respect to the marketing of investment products, having served as Senior Vice President, Partner and Director of Marketing for Wellington Management Company, LLP. Ms. Lukitsh has previously served as Chair of Wellington Management Portfolios (commingled investment pools designed fornon-U.S. institutional investors) and as a director of other Wellington affiliates. In addition, she has previously served on the boards of directors of variousnon-profit organizations. She is also a Chartered Financial Analyst.

David M. Moffett– Mr. Moffett has extensive executive and board of director experience, including serving on audit committees for public companies. Mr. Moffett was selected as CEO when the Federal Home Loan Mortgage Corporation was placed

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under conservatorship in 2008, and served as a consultant to its interim chief executive officer and the board of directors until 2009. Formerly, Mr. Moffett was the CFO of a large U.S. bank holding company where his responsibilities included trust and wealth management.

John J. Neuhauser– Dr. Neuhauser is an experienced investment company trustee, having served on the Board since 1985 and on the boards of other investment companies. In addition to his board experience, Dr. Neuhauser has extensive executive experience. He was previously the President of Saint Michael’s College and has served in a variety of other leadership roles in higher education.

Christopher O. Petersen– Mr. Petersen has significant experience with financial services and investment companies. Mr. Petersen has served as President of the Columbia Funds since 2015 and as an officer of the Columbia Funds and affiliated funds since 2007. He serves as Vice President and Lead Chief Counsel of Ameriprise Financial, Inc., the parent company of the Investment Manager. In these capacities, he supports the management of the business and legal affairs of the Columbia Funds.

Patrick J. Simpson– Mr. Simpson is of counsel and formerly a partner in the Portland, Oregon office of Perkins Coie LLP, an international law firm. Mr. Simpson’s practice has included such relevant areas as corporate governance, corporate finance and securities law compliance for private and public companies.

Natalie A. Trunow– Ms. Trunow has extensive executive experience in financial services and with investment companies, including service as Chief Executive Officer at Millennial Portfolio Solutions LLC (asset management and consulting services), asnon-executive member of the Investment Committee of Sarona Asset Management (a private equity firm), as Director of Investments at Casey Family Programs Foundation, as Senior Vice President and Chief Investment Officer at Calvert Investments, and as Section Head and Portfolio Manager responsible for alternative and traditional funds at General Motors Asset Management. Ms. Trunow’s responsibilities as Senior Vice President and Chief Investment Officer at Calvert Investments included oversight responsibilities for public and private equity investments,in-house andsub-advised funds, asset allocation funds, balanced funds, and volatility-managed funds, and investing portfolios. Ms. Trunow also currently serves on the board ofnon-profit organizations.

William F. Truscott– Mr. Truscott has significant executive and board experience with financial services and investment companies. Mr. Truscott has served on the Board of Trustees of certain Columbia funds since 2001. He has served as chairman of the board of the Investment Manager since July 2004 and since February 2012 has served as its president. From 2001 to April 2010, Mr. Truscott served as the president, chairman of the board and chief investment officer of the Investment Manager. He has served as chairman of the board of the Distributor since November 2008 and since February 2012 has served as its chief executive officer. From 2008 to April 2010, Mr. Truscott served as chairman of the board and chief executive officer of the Distributor.

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Responsibilities of the Board with respect to Fund Management

The Board consists of seven trustees and three consultants who have varied experience and skills. With respect to Messrs. Truscott and Petersen, the Trustees have concluded that having a senior officer of the Investment Manager serve as a Trustee benefits Fund shareholders by facilitating communication between the Independent Trustees and the senior management of the Investment Manager, and by assisting efforts to align the interests of the Investment Manager more closely with those of Fund shareholders. Further information about the backgrounds and qualifications of the Trustees can be found in the section entitled “Trustee/Nominee Biographical Information and Qualifications” above. The Board has several standing committees, which are an integral part of each Fund’s overall governance and risk oversight structure. The roles of each committee are more fully described in the section entitled “Committees of the Board” below.

The Funds have retained the Investment Manager as the Funds’ investment adviser and administrator. The Investment Manager provides the Funds with investment advisory services, and is responsible forday-to-day administration of the Funds and management of the risks that arise from the Funds’ investments and operations. The Board provides oversight of the services provided by the Investment Manager, including risk management services. In addition, each committee of the Board provides oversight of the Investment Manager’s risk management services with respect to the particular activities within the committee’s purview. In the course of providing oversight, the Board and the committees receive a wide range of reports with respect to the Funds’ activities, including reports regarding each Fund’s investment portfolio, the compliance of the Funds with applicable laws, and the Funds’ financial accounting and reporting. The Board and the relevant committees meet periodically with officers of the Funds and the Investment Manager and with representatives of various of the Funds’ service providers. The Board and certain committees also meet periodically with the Funds’ Chief Compliance Officer to receive reports regarding the compliance of the Funds and the Investment Manager with the federal securities laws and their internal compliance policies and procedures. In addition, the Board meets periodically with the portfolio managers of the Funds to receive reports regarding the management of the Funds, including their investment risks.

The Board recognizes that not all risks that may affect the Funds can be identified in advance; that it may not be practical or cost-effective to eliminate or mitigate certain risks; that it may be necessary to bear certain risks (such as various investment-related risks) in seeking to achieve the Funds’ investment objectives; and that the processes and controls employed to address certain risks may be limited in their effectiveness. As a result of the foregoing and other factors, the Board’s risk management oversight is subject to substantial limitations.

The Board reviews its leadership structure periodically and believes that its structure is appropriate, in light of the size of the Trust and the nature of its business, to enable the Board to exercise its oversight of the Funds and the other investment

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companies overseen by the Trustees. In particular, the Board believes that having an Independent Trustee serve as the chair of the Board and having other Independent Trustees serve as chairs of each committee promotes independence from the Investment Manager in setting agendas and conducting meetings. The Board believes that its committee structure makes the oversight process more efficient and more effective by allowing, among other things, smaller groups of Trustees to bring increased focus to matters within the purview of each committee.

Committees of the Board

For purposes of this section, the term Independent Trustees includes Mr. Connaughton and Mses. Darragh and Trunow, as Consultants to the Independent Trustees.

The Board has organized the following standing committees to facilitate its work: the Audit Committee, the Governance Committee, the Advisory Fees & Expenses Committee, the Compliance Committee, the Investment Oversight Committees and the Product and Distribution Committee. These Committees are comprised solely of Independent Trustees. The table above providing background on each Trustee also includes their respective committee assignments. The duties of these committees are described below.

Governance Committee. The Governance Committee’s functions include recommending to the Board nominees for Independent Trustee positions and for appointments to various committees, overseeing the Board’s periodic evaluations of the effectiveness of the Board, reviewing and recommending to the Board governance and other policies and practices to be followed in carrying out the Trustees’ duties and responsibilities, and reviewing and making recommendations to the Board regarding the compensation of the Independent Trustees.

The Governance Committee will consider nominees for Trustee recommended by shareholders provided that, as applicable, such recommendations are submitted by the date disclosed in a Fund’s proxy statement soliciting proxies to be voted at a meeting of shareholders, if such a meeting is held (mutual funds and ETFs are not required to hold annual shareholder meetings) and otherwise comply with applicable securities laws, including Rule14a-8 under the 1934 Act. Such shareholder recommendations must be in writing and should be sent to the attention of Douglas A. Hacker, Chair of the Board, Columbia Funds Complex, 225 Franklin Street, Mail Drop BX32 05228, Boston, MA 02110. Shareholder recommendations should include the proposed nominee’s biographical information (including business experience for the past ten years) and a description of the qualifications of the proposed nominee, along with a statement from the proposed nominee that he or she is willing to serve and meets the requirements to serve as an Independent Trustee, if applicable. All satisfactorily completed information packages regarding a candidate will be forwarded to a member of the Governance Committee for consideration. Recommendations for candidates will be evaluated in light of whether the number of Trustees of the Trust is expected to be

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increased and anticipated vacancies. All nominations from Fund shareholders will be considered. There may be times when the Governance Committee is not recruiting new Trustees. In that case, shareholder recommendations will be maintained on file pending the active recruitment of Trustees.

When considering candidates for Trustee, the Governance Committee considers, among other things, whether prospective nominees have distinguished records in their primary careers, personal and professional integrity, and substantive knowledge in areas important to the Board’s operations, such as background or education in finance, auditing, securities law, the workings of the securities markets, or investment advice. For candidates to serve as Independent Trustees, independence from the Funds’ investment adviser, its affiliates and other principal service providers is critical, as is an independent and questioningmind-set. In each case, the Governance Committee will evaluate whether a candidate is an “interested person” under the 1940 Act. The Governance Committee also considers whether a prospective candidate’s workload would be consistent with regular attendance at Board meetings and would allow him or her to be available for service on Board committees, and devote the additional time and effort necessary to stay apprised of Board matters and the rapidly changing regulatory environment in which the Funds operate. Different substantive areas may assume greater or lesser significance at particular times, in light of a Board’s present composition and its perceptions about future issues and needs.

The Governance Committee may use any process it deems appropriate for identifying and evaluating candidates for service as a Trustee, which may include, without limitation, personal interviews, background checks, written submissions by the candidates, third party references and the use of consultants, including professional recruiting firms. The Governance Committee will evaluate nominees for a particular vacancy using the same process regardless of whether the nominee is submitted by a shareholder or identified by some other means. On an annual basis, the Board conducts a self-evaluation that considers, among other matters, the contributions of individual Trustees, whether the Board has an appropriate size and the right mix of characteristics, experiences and skills, and whether the age distribution and diversity among the Trustees is appropriate.

The Governance Committee initially evaluates prospective candidates on the basis of their resumes, considered in light of the criteria discussed above. Those prospective candidates that appear likely to be able to fill a significant need of the Board would be contacted by a Governance Committee member by telephone to discuss the position; if there appeared to be sufficient interest, anin-person meeting with one or more of the Governance Committee members would be arranged. If a Governance Committee member, based on the results of these contacts, believes he or she has identified a viable candidate, he or she would air the matter with the other Governance Committee members for input. Any request by Fund management to meet with the prospective candidate would be given appropriate consideration. To assist with the identification and vetting of potential trustee nominees, the Governance Committee has engaged the services of third party recruiting firms.

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The Governance Committee has a charter, which is provided inAppendix C. The Governance Committee’s charter is not available on the Funds’ website. The Governance Committee held four meetings during the fiscal year ended December 31, 2019.

Compliance Committee. The Compliance Committee’s functions include, among other things, monitoring, supervising and assessing the performance of the Funds’ Chief Compliance Officer and reviewing his compensation, reviewing periodically and recommending changes to the codes of ethics and compliance policies of the Funds and its service providers, and reviewing each Fund’s portfolio execution. The Compliance Committee held four meetings during the fiscal year ended December 31, 2019.

Advisory Fees & Expenses Committee. The Advisory Fees & Expenses Committee’s functions include reviewing and making recommendations to the Board as to contracts requiring approval of a majority of the Independent Trustees and as to any other contracts or fee proposals that may be referred to the Advisory Fees & Expenses Committee by the Board. The committee held five meetings during the fiscal year ended December 31, 2019.

Investment Oversight Committee. Each Independent Trustee also serves on an Investment Oversight Committee (each, an “IOC”). Each IOC is responsible for monitoring, on an ongoing basis, a select group of Columbia Funds overseen by the Board and gives particular consideration to such matters as each Fund’s adherence to its investment mandates, historical performance, changes in investment processes and personnel, and proposed changes to investment objectives. Investment personnel who manage the Funds attend IOC meetings from time to time to assist each IOC in its review of the Funds. During the fiscal year ended December 31, 2019, IOC 1 and IOC 2 held four meetings and IOC 3 held one meeting.

Audit Committee. The Audit Committee’s functions include making recommendations to the Board regarding the selection and performance of the independent registered public accounting firm, and reviewing matters relating to accounting and auditing practices and procedures, accounting records and the internal accounting controls of the Funds and certain service providers. The Audit Committee is comprised entirely of Independent Trustees. The Board has adopted a written charter for the Audit Committee. The Audit Committee held four meetings during the fiscal year ended December 31, 2019.

Product and Distribution Committee. The Product and Distribution Committee’s functions include, among other things, reviewing such matters relating to the marketing of the Funds and the distribution of the Fund’s shares, including matters relating to the design and positioning of Funds, marketing and distribution strategies for the Funds and the effectiveness and competitiveness of such strategies, as the Committee may deem appropriate. The Product and Distribution Committee held four meetings during the fiscal year ended December 31, 2019.

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Trustee Meeting Attendance

The Board held six meetings during the fiscal year ended December 31, 2019. During the last fiscal year, each Nominee attended 75% or more of the Board meetings and the committee meetings (if a member thereof) held during the period. The Trust does not have a formal policy on Trustee attendance at Board and committee meetings. The Trust does not hold annual shareholders meetings and therefore the Board does not have a policy with regard to Trustee attendance at such meetings.

Beneficial Ownership of Shares of Each Fund

Appendix D to this Joint Proxy Statement provides information, as of December 31, 2019, about the beneficial ownership by the Trustees/Nominees of equity securities of each Fund.

Remuneration for Trustees and Officers

No Trustee/Nominee, other than Messrs. Truscott and Petersen, is an employee of Columbia Threadneedle or its affiliates. Each Independent Trustee receives an annual retainer fee of $190,000. The Board chair, the Audit Committee chair, Compliance Committee chair, Product and Distribution Committee chair, Advisory Fees & Expenses Committee chair and Governance Committee chair receive an additional annual retainer of $135,000, $25,000, $20,000, $20,000, $25,000 and $15,000, respectively. Each Independent Trustee also receives a fee for each Board or committee meeting attended. Independent Trustees receive a fee of $15,000 per meeting for attending anin-person or telephone Board meeting, a fee of $2,500 per meeting for attending anin-person or telephone committee meeting. Independent Trustees also are reimbursed for the expenses of attending meetings. Compensation for Consultants to the Independent Trustees is fixed at $295,000 per year. Independent Trustees may also be compensated up to $5,000 per day for participation in special activities on behalf of the Trusts if approved by the Governance Committee or the Board. Mr. Truscott receives no compensation for his service as a Trustee.

Under the terms of the Deferred Fee Agreement (the “Deferred Compensation Plan”), each eligible Independent Trustee or Consultant to the Independent Trustees may elect, on an annual basis, to defer receipt of all or a portion of compensation payable to him or her for service as an Independent Trustee for that calendar year (expressly, an Independent Trustee may elect to defer his/her annual retainer, his/her attendance fees, or both components, which together comprise total compensation for service). Fees deferred by an Independent Trustee or Consultant are credited to a book reserve account (the “Deferral Account”) established by the Columbia Funds, the value of which is derived from the rate of return of one or more Columbia Funds selected by the Independent Trustee or Consultant (with accruals to the Deferral Account beginning at such time as an Independent Trustee’s or Consultant’s fund elections having been established, and proceeds for service having been paid into such account, and terminating at such time as when proceeds become payable to such Independent

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Trustee or Consultant under the Deferred Compensation Plan). Independent Trustees or Consultants may change their fund elections only in accordance with the provisions of the Deferred Compensation Plan.

Distributions from an Independent Trustee’s or Consultant’s Deferral Account will be paid by check, either in a lump sum or in annual installments. Payments made in annual installments are disbursed over a period of up to ten years, following such time as an Independent Trustee or Consultant may qualify to receive such payments. If a deferring Independent Trustee or Consultant dies prior to or after the commencement of the disbursement of amounts accrued in his/her Deferral Account, the balance of the account will be distributed to his/her designated beneficiary either in lump sum or in annual payments as established by such Independent Trustee or Consultant himself/herself, his/her beneficiary or his/her estate. Amounts payable under the Deferred Compensation Plan are not funded or secured in any way, and each deferring Independent Trustee or Consultant has the status of a general unsecured creditor of the Columbia Fund(s) from which compensation has been deferred.

Total fees paid by each Fund to the current Independent Trustees and Consultants to the Independent Trustees for the Fund’s last fiscal year are outlined inAppendix E to this Joint Proxy Statement.

Columbia Threadneedle or its affiliates pay all salaries of officers of the Trust, except for the Funds’ Chief Compliance Officer, a portion of whose compensation is paid by the Trust.

Executive Officers of the Funds

Information about the executive officers of the Funds is included inAppendix F to this Joint Proxy Statement.

Independent Registered Public Accounting Firm

The Board, including the Independent Trustees, has selected PricewaterhouseCoopers LLP (“PwC”), 45 South Seventh Street, Suite 3400, Minneapolis, MN 55402, to act as the independent registered public accounting firm to audit the books and records of the Trust for the current fiscal year. The Board has selected PwC as the independent registered public accounting firm to audit the Funds’ books and review their tax returns for their respective fiscal years. A representative of PwC is expected to be present, in person or by telephone, at the Meeting and, if present, will be available to respond to any appropriate questions raised at the Meeting and may make a statement.

Additional information regarding fees paid during the previous two fiscal years to PwC and the Audit Committeepre-approval policies and procedures is contained inAppendix G.

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Required Vote and Recommendation

ElectionApproval of Trusteesthe Proposal requires the affirmative vote of a pluralitymajority of the votes castshares voted at the Meeting by or on behalf of shareholders of the Trust, at which a quorum is present or represented by proxy.

ThisMeeting. The Proposal 2for any one Fund is not contingent upon approval of the Proposal for the other Fund. Therefore, shareholders will vote on a Fund-by-Fund basis and, as a result, depending on the approval of anyfinal vote count, it is possible that one Fund will liquidate while the other proposal.may not.

THEEACH BOARD UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERSYOU VOTE (OR INSTRUCT YOUR PARTICIPATING INSURANCE COMPANY TO VOTE)FOR THE ELECTION OF ALL NOMINEES.PROPOSAL

OTHER INFORMATION (ALL PROPOSALS)

Columbia Threadneedle, located at 225 Franklin Street, Boston, Massachusetts 02110, serves as the investment manager of each Fund, the Government MMF, and the other Columbia Funds that invest in the Funds. Columbia Management Investment Distributors, Inc., also located at 225 Franklin Street, Boston, Massachusetts 02110, serves as the principal underwriter of each Fund, the Government MMF, and the investing Columbia Funds. Columbia Threadneedle and Columbia Management Investment Distributors, Inc. are subsidiaries of Ameriprise Financial, Inc. The only Participating Insurance Companies are also subsidiaries of Ameriprise Financial, Inc., making them affiliates of Columbia Threadneedle. Lazard Asset Management LLC, which is located at 30 Rockefeller Plaza, New York, New York 10112, is the subadviser of CTIVP^® – Lazard International Equity Advantage Fund; and are affiliated withLos Angeles Capital Management and Equity Research, Inc., which is located at 11150 Santa Monica Blvd., Suite 200, Los Angeles, CA 90025, is the RiverSource Insurance Companies.subadviser of CTIVP^® – Los Angeles Capital Large Cap Growth Fund.

Other Matters to Come Before the Meeting

Columbia Threadneedle does not know of any matters to be presented at the Meeting other than those described in this Joint Proxy Statement. If other business should properly come before the Meeting, the persons named as proxies will vote thereon in accordance with their best judgment.

Procedures for Communications to the Board

Shareholders who want to communicate with the Board or an individual Trustee must send written communications to the applicable Trust, c/o the Secretary, 225 Franklin Street, Boston, Massachusetts 02110, addressed to the Board of Trustees of the Fund or the individual Trustee. The Secretary may determine not to forward to the Board any letter that does not relate to the business of a Fund.

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Proposals of Shareholders

The Trusts do not generally hold annual shareholders’ meetings, but will hold special meetings as required or deemed desirable by the relevant Board. Because the Trusts do not hold regular shareholders’ meetings, the anticipated date of the next shareholders’ meeting (if any) cannot be provided. Shareholders wishing to submit proposals for inclusion in a proxy statement for a subsequent shareholders’ meeting of the applicable Trust, including submitting nominees for election as Trustees, should send their written proposals to the applicable Trust (c/o the Secretary), 225 Franklin Street, Boston, Massachusetts 02110. Proposals must be received in a reasonable time

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before the Trust begins to print and mail the proxy materials for a shareholders’ meeting. The timely submission of a proposal does not guarantee its inclusion.

Principal Shareholders

Appendix B to this Joint Proxy Statement lists the persons that, to the knowledge of the Funds, owned beneficially 5% or more of the outstanding shares of any class of each Fund as of January 24, 2020.the Record Date. A shareholder who owns beneficially, directly or indirectly, more than 25% of a Fund’s voting securities is presumed to be a “control person” (as defined in the 1940 Act) of the Fund. Columbia Funds managed by Columbia Threadneedle may be presumed under securities laws to control a Fund and may be able to determine the outcome of issues that are submitted to shareholders for vote. The Trustees and officers of CFVIT,the Trusts, in the aggregate, owned less than 1% of each class of each CFVIT Fund’s outstanding shares of each Fund as of January 24, 2020, and the Trustees and officers of CFVST II, in the aggregate, owned less than 1% of each class of each CFVST II Fund’s outstanding shares as of January 24, 2020.Record Date.

Expenses and Solicitation Activities

The expenses incurred in connection with the solicitation of proxies for the Meeting, with regard to the Liquidation Proposals, including preparation, filing, printing, mailing and solicitation expenses,out-of-pocket expenses expenses and expenses of any proxy solicitation firm, but excluding portfolio transaction costs, will be paid separatelyborne by Columbia Threadneedle. These expenses are estimated to be approximately $70,000.$20,000.

The CFVIT Funds will bear the expenses incurred in connection with the solicitation of proxies for the Meeting with regard to the election of Trustees, including preparation, filing, printing, mailing and solicitation expenses and expenses of any proxy solicitation firm, pro rata based on the number of shareholder accounts for printing and mailing costs and allocated equally among all CFVIT Funds for preparation and filing costs. These expenses are estimated to be approximately $259,000.

In addition to the use of the mail, proxies may be solicited personally or via facsimile, telephone or the Internet by trustees, officers and employees of the Trusts, Columbia Threadneedle, Columbia Management Investment Distributors, Inc. and the Funds’ transfer agent, Columbia Management Investment Services Corp. Computershare Fund Services will provide shareholder meeting services and assist in soliciting and tracking votes. The cost for such services are currently estimated to be approximately $239,000$17,000 (which is reflected in the overall expenses noted in the two preceding paragraphs). The agreement with Computershare provides for indemnification of Computershare in certain circumstances, includes typical representations and warranties, sets forth service level standards and requires Computershare to keep certain information confidential.

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Fiscal Year

Each Fund has a fiscal year end of December 31.

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Proxy Statement Delivery

“Householding” is the term used to describe the practice of delivering one copy of a document to a household of shareholders instead of delivering one copy of a document to each shareholder in the household. Shareholders of each Fund who share a common address and who have not opted out of the householding process should receive a single copy of the Joint Proxy Statement together with one Proxy Card or Voting Instruction Card, as applicable, for each Contract. If you received more than one copy of the Joint Proxy Statement, you may elect to household in the future; if you received a single copy of the Joint Proxy Statement, you may opt out of householding in the future; and you may, in any event, obtain an additional copy of this Joint Proxy Statement by calling800-708-7953 or or writing to the relevant Fund at the following address: 225 Franklin Street, Boston, Massachusetts 02110, Attention: Secretary. Copies of this Joint Proxy Statement and the accompanying Notice of Joint Special Meeting are also available athttps://www.proxy-direct.com/col-31074.col-31919.

Shareholder Reports

Each Fund’s most recent semiannual and annual reports previously have been mailed to shareholders. Each Fund will furnish, without charge, a copy of its most recent annual shareholder report and semi-annual shareholder report on request. Additional copies of any of these documents are available by writing to Columbia Funds, c/o Columbia Management Investment Services Corp., P.O. Box 219104, Kansas City, MO 64121-9104 or by calling (800)345-6611. All All of these documents also are filed with the SEC and are available on the SEC’s website at www.sec.gov.

PROMPT EXECUTION AND RETURN OF THE ENCLOSED PROXY CARD OR VOTING INSTRUCTION CARD IS REQUESTED. APRE-ADDRESSED, POSTAGE-PAID POSTAGE-PAID ENVELOPE IS ENCLOSED FOR YOUR CONVENIENCE, AND TELEPHONE AND INTERNET VOTING IS AVAILABLE.

By order of each Board of Trustees,

Ryan C. Larrenaga, Secretary

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It is important that you authorize proxies promptly. All shareholders, including those who expect to attend the Meeting in person,virtually, are urged to authorize their proxy as soon as possible by accessing the Internet site listed on the enclosed Proxy Card or Voting Instruction Card, by calling the toll-free number listed on the enclosed Proxy Card or Voting Instruction Card, or by mailing the enclosed Proxy Card or Voting Instruction Card in the enclosed return envelope, which requires no postage if mailed in the United States. To enter the Meeting, you will need proof of ownership offollow the shares of the relevant Fund, such as yourinstructions found in this Joint Proxy Card or Voting Instruction Card (or a copy thereof) or, if your shares are held of record by a financial intermediary, such as a broker, or nominee, a Proxy Card from the record holder or other proof of beneficial ownership, such as a brokerage statement showing your holdings of the shares of the Fund.Statement.

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APPENDIX A

Additional Information on Columbia Variable Portfolio — Government Money Market Fund

The following is a brief description of Columbia Variable Portfolio – Government Money Market Fund (for purposes of the balance of thisAppendix A, referred to as the “Government MMF” or “the Fund”), including its investment objective, fees and expenses, principal investment strategies and principal risks. The fees and expenses, principal investment strategies and principal risks of the Fund, which are taken from its prospectus dated May 1, 2019,2020, may change from time to time. More recent fee and expense information may be found in the Fund’s semi-annual report to shareholders for the period ended June 30, 2019.2020. In addition, the Fund’s annual report to shareholders for the period ended December 31, 20192020 will be available near the end of February 2020.2021. For a copy of the Fund’s prospectus and Statement of Additional Information, which contains additional information about the Fund, or the Fund’s most recent shareholder report, contact your Participating Insurance Company or Columbia Funds by writing to Columbia Funds, c/o Columbia Management Investment Services Corp., P.O. Box 219104, Kansas City, MO 64121-9104 or by calling (800)345-6611. These These documents also are filed with the SEC and are available on the SEC’s website at www.sec.gov. ThisAppendix A does not constitute an offer to buy or sell shares of the Government MMF.

All references below to “Contract” refer to variable annuity contracts and/or variable life insurance policies issued by participating insurance companies. All references below to “Qualified Plan” refer to qualified pension or retirement plans. All references below to “the Investment Manager” refer to Columbia Management Investment Advisers, LLC, which is the investment manager of the Government MMF.

Investment Objective

Columbia Variable Portfolio –The Government Money Market FundMMF seeks to provide shareholders with maximum current income consistent with liquidity and stability of principal.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay as an investor in the Government MMF. The table does not reflect any fees or expenses imposed by your Contract or Qualified Plan,qualified pension or retirement plan, which are disclosed in your separate Contract prospectus or Qualified Planplan disclosure documents. If the additional fees or expenses were reflected, the expenses set forth below would be higher. The Fund’s annual operating expenses, as presented below, generally are based on expenses incurred during the Fund’s fiscal year ended December 31, 2018.2019. No adjustments have been made to reflect any changes, such as changes in the Fund’s net assets. For the6-month period period ended June 30, 2019,2020, the Fund reported a total annual fund expense ratio to average net assets after any fee waivers and/or reimbursements of 0.33%0.29% for Class 1 shares, 0.58%0.38% for

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Class 2 shares and 0.46%0.36% for Class 3 shares. The gross annual fund expense ratio to average net assets (i.e., the expense ratio without the impact of fee waivers and/or reimbursements) for the6-month period period ended June 30, 20192020 was 0.46%0.48% for Class 1, 0.72%0.74% for Class 2 and 0.59%0.61% for Class 3.

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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Example

The following example is intended to help you compare the cost of investing in the Government MMF with the cost of investing in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:

The example does not reflect any fees and expenses that apply to your Contract or Qualified Plan.qualified plan. Inclusion of these charges would increase expenses for all periods shown.

Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be:

Fee Waiver/Expense Reimbursement Arrangements and Impact on Past Performance

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) through April 30, 2020,2021, unless sooner terminated at the sole discretion of the

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Fund’s Board, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the annual rates of:

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Under the agreement, the following fees and expenses are excluded from the Fund’s operating expenses when calculating the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investment in affiliated andnon-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Fund’s Board. This agreement may be modified or amended only with approval from all parties.

In addition to any other waiver/reimbursement arrangement, from time to time, the Investment Manager and/orand its affiliates may waive fees and/or reimburseabsorb expenses of the Fund forwith the purposeintent of allowing the Fund to avoid a negative net yield or to increase the Fund’s positive net yield. The Fund’s yield would be negative if Fund expenses exceed Fund income. Any such expense limitation is voluntary and may be revised or terminated at any time without notice to shareholders and, accordingly, any positive net yield resulting therefrom will cease.

Effect of Fee Waivers and/ In addition, the Fund’s distributor has voluntarily agreed to waive the distribution fees for Class 2 and Class 3 shares, so that the Fund will not pay distribution fees for these share classes. This voluntary arrangement may be modified or Expense Reimbursements on Past Performance. The Fund’s returns shown in thePerformance Information section of this prospectus reflect the effect of any fee waivers and/or reimbursements of Fund expensesterminated by the Investment Manager and/ordistributor at any of its affiliates that were in place during the performance period shown. Without such fee waivers/expense reimbursements, the Fund’s returns might have been lower.time.

Principal Investment Strategies

The Government MMF invests at least 99.5% of its total assets in government securities, cash and/or repurchase agreements collateralized solely by government securities or cash. For purposes of this policy, “government securities” are any securities issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States, or any certificate of deposit for any of the foregoing.

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The Government MMF typically invests in U.S. Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, and repurchase agreements secured by such obligations. The Fund may invest in variable and floating rate instruments, and may transact in securities on a when-issued, delayed delivery or forward commitment basis (including U.S. Treasury floating rate notes). The Fund invests in a portfolio of securities maturing in 397 days or less (as maturity is calculated by U.S. Securities and Exchange Commission (SEC) rules governing the operation of money market funds) that will have a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less.

The securities purchased by the Government MMF are subject to the quality, diversification, and other requirements of Rule2a-7 under under the Investment Company1940 Act, of 1940, as amended (the 1940 Act), and other

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rules of the SEC. Under normal market conditions, the Fund invests at least 80% of its net assets (including the amount of any borrowings for investment purposes) in government securities and/or repurchase securities that are collateralized by government securities. The Fund will only purchase government securities, cash, repurchase agreements collateralized solely by government securities or cash, and up to 0.5% of the Fund’s total assets may be invested in other securities that present minimal credit risk as determined by Columbia Managementthe Investment Advisers, LLC, the Fund’s investment manager (the Investment Manager),Manager, pursuant to guidelines approved by the Fund’s Board of Trustees.

The Board of Trustees of the Fund has determined that the Fund will not be subject to liquidity fees and redemption gates at this time.

In pursuit of the Fund’s objective, the Investment Manager observes the macro environment to set a framework for portfolio construction, including looking for positive and negative trends in the economy and market. In evaluating whether to purchase a security, the Investment Manager:

In evaluating whether to sell a security, the Investment Manager considers, among other factors, whether in its view:

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The Fund’s investment policy with respect to 80% of its net assets may be changed by the Fund’s Board of Trustees without shareholder approval as long as shareholders are given 60 days’ advance written notice of the change.

Principal Risks

An investment in the Fund involves risks, includingMoney Market Fund Risk,Interest Rate Risk, andCredit Risk.and Market Risk, among others. Descriptions of these and other principleprincipal risks of investing in the Fund are provided below.

You could lose money by investing in the Government MMF. Although the Fund seeks to preserve the net asset value (NAV) of your investment at $1.00 per share, it

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cannot guarantee it will do so. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor or any person will provide financial support to the Fund at any time.

Active Management Risk. The Fund is actively managed and its performance therefore will reflect, in part, the ability of the portfolio managers to make investment decisions that seek to achieve the Fund’s investment objective. Due to its active management, the Fund could underperform other funds with similar investment objectives and/or strategies.

Changing Distribution Level Risk. The Fund will normally expects to receive income which may include interest, dividends and/or capital gains, depending upon its investments. The distribution amountamounts paid by the Fund will vary and generally depends on the amount of income the Fund earns (less expenses) on its portfolio holdings, and capital gains or losses it recognizes. A decline in the Fund’s income or net capital gains arising from its investments may reduce its distribution level.

Credit Risk.Credit risk is the risk that the value of a security or instrument in the Fund’s portfolio may or will decline in price if the issuer fails to pay interest or repay principal when due. The value of debt instruments may decline if the issuer of the instrument defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Various factors could affect the actual or perceived willingness or ability of the issuer to make timely interest or principal payments, including changes in the financial condition of the issuer or general economic conditions. Debt instruments backed by an issuer’s taxing authority may be subject to legal limits on the issuer’s power to increase taxes or otherwise to raise revenue, or may be dependent on

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legislative appropriation or government aid. Certain debt instruments are backed only by revenues derived from a particular project or source, rather than by an issuer’s taxing authority, and thus may have a greater risk of default. RatingCredit rating agencies assign credit ratings to certain debt instruments to indicate their credit risk. Unrated instruments held by the Fund may present increased credit risk as compared to higher-rated instruments. If the Fund purchases unrated debt instruments, or if the ratings of instruments held by the Fund are lowered after purchase, the Fund will depend on analysis of credit risk more heavily than usual.

Interest Rate Risk. Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but will generally affect the value of your investment in the Fund. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk (the risk that the Fund will have to reinvest the money received in securities that have lower yields). Similarly, a period ofVery low or negative interest

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rates may prevent the Fund from generating positive returns and may increase the risk that, if followed by rising interest rates, may negatively impact the Fund’s performance.performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases in interest rates. Such actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative impact on the Fund’s performance and NAV. The Fund’s yield will vary; it is not fixed for a specific period like the yield on a bank certificate of deposit. Under certain circumstances, the yield decline could cause the Fund’s net yield to be negative (such as when Fund expenses exceed income levels). Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses.

Market Risk. The market values of securities or other investments thatFund may incur losses due to declines in the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. The value of Fund investments may fallone or fail to rise because of a variety of actual or perceived factors affecting an issuer (e.g., unfavorable news), the industry or sectormore securities in which it operates,invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund, including causing difficulty in assigning prices to hard-to-value assets in thinly traded and closed markets, significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a whole, whichsignificant negative impact on global economic and market conditions.

The coronavirus disease 2019 (COVID-19) public health crisis has become a pandemic that has resulted in, and may reducecontinue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally

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less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund’s ability to achieve its investment objective. Any such event(s) could have a significant adverse impact on the value and risk profile of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or long periods. The market values of the investments the Fund holds can be affected by changes or potential or perceived changes in U.S. or foreign economies, financial markets, interest rates and the liquidity of these investments, among other factors.

Money Market Fund Risk. Although government money market funds (such as the Fund) may seek to preserve the value of shareholders’ investment at $1.00 per share, the NAVs of such money market fund shares can fall, and in infrequent cases in the past have fallen, below $1.00 per share, potentially causing shareholders who redeem their shares at such NAVs to lose money from their original investment.

At times of (i) significant redemption activity by shareholders, including, for example, when a single investor or a few large investors make a significant redemption of Fund shares, (ii) insufficient levels of cash in the Fund’s portfolio to satisfy

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redemption activity, and (iii) disruption in the normal operation of the markets in which the Fund buys and sells portfolio securities, the Fund could be forced to sell portfolio securities at unfavorable prices in order to generate sufficient cash to pay redeeming shareholders. Sales of portfolio securities at such times could result in losses to the Fund and cause the NAV of Fund shares to fall below $1.00 per share. Additionally, in some cases, the default of a single portfolio security could cause the NAV of Fund shares to fall below $1.00 per share. In addition, neither the Investment Manager nor any of its affiliates has a legal obligation to provide financial support to the Fund, and you should not expect that they or any person will provide financial support to the Fund at any time. The Fund may suspend redemptions or the payment of redemption proceeds when permitted by applicable regulations.

It is possible that, during periods of low prevailing interest rates or otherwise, the income from portfolio securities may be less than the amount needed to pay ongoing Fund operating expenses and may prevent payment of any dividends or distributions to Fund shareholders or cause the NAV of Fund shares to fall below $1.00 per share. In such cases, the Fund may reduce or eliminate the payment of such dividends or distributions or seek to reduce certain of its operating expenses. There is no guarantee that such actions would enable the Fund to maintain a constant NAV of $1.00 per share.

Reinvestment Risk. Reinvestment risk arises when the Fund is unable to reinvest income or principal at the same or at least the same return it is currently earning.

Repurchase Agreements Risk. Repurchase agreements are agreements in which the seller of a security to the Fund agrees to repurchase that security from the Fund at a mutually agreed upon price and time. Repurchase agreements carry the risk that the counterparty may not fulfill its obligations under the agreement. This could cause the Fund’s income and the value of your investment in the Fund to decline.

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U.S. Government Obligations Risk. While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or may be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. For example, securities issued by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks are neither insured nor guaranteed by the U.S. Government. These securities may be supported by the ability to borrow from the U.S. Treasury or only by the credit of the issuing agency, authority, instrumentality or enterprise and, as a result, are subject to greater credit risk than securities issued or guaranteed by the U.S. Treasury.

When-Issued, Delayed Settlement and Forward Commitment Transactions, Including U.S. Treasury Floating Rate Notes Risk.When-issued, delayed delivery,

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and forward commitment transactions generally involve the purchase of a security with payment and delivery at some time in the future –i.e., beyond normal settlement. A Fund does not earn interest on such securities until settlement and bears the risk of market value fluctuations in between the purchase and settlement dates. Such transactions include floating rate obligations issued by the U.S. Treasury. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. A decline in interest rates may result in a reduction in income received from floating rate securities held by the Fund and may adversely affect the value of the Fund’s shares. Generally, floating rate securities carry lower yields than fixed notes of the same maturity. The interest rate for a floating rate note resets or adjusts periodically by reference to a benchmark interest rate. The impact of interest rate changes on floating rate investments is typically mitigated by the periodic interest rate reset of the investments. Securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than securities with shorter durations. The supply of floating rate notes issued by the U.S. Treasury will be limited. There is no guarantee or assurance that: the Fund will be able to invest in a desired amount of floating rate notes or be able to buy floating rate notes at a desirable price; floating rate notes will continue to be issued by the U.S. Treasury; or floating rate notes will be actively traded. Any or all of the foregoing, should they occur, would negatively impact the Fund.

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APPENDIX B

Shares Outstanding

The table below shows the number of shares outstanding and the number of votes for each Fund and each share class, as of the Record Date.

				Class 1				Class 2				Total
Columbia Funds Variable Insurance Trust
Columbia Variable Portfolio – Asset Allocation Fund		Shares Outstanding			3,378,501.6320				672,762.8200				4,051,264.4520
		# of Votes Class is Entitled			54,934,436.54				10,811,298.52				65,745,735.05
Columbia Variable Portfolio – Contrarian Core Fund		Shares Outstanding			53,158,294.6100				4,271,692.6940				57,429,987.3040
		# of Votes Class is Entitled			1,457,600,438.21				114,908,533.47				1,572,508,971.67
Columbia Variable Portfolio – Diversified Absolute Return Fund		Shares Outstanding			28,421,374.3030				425,385.9060				28,846,760.2090
		# of Votes Class is Entitled			258,918,719.90				3,802,950.00				262,721,669.90
Columbia Variable Portfolio – Long Government/Credit Bond Fund		Shares Outstanding			145,970,850.4980				1,477,036.1160				147,447,886.6140
		# of Votes Class is Entitled			1,662,607,987.17				16,779,130.28				1,679,387,117.45
Columbia Variable Portfolio – Small Cap Value Fund		Shares Outstanding			20,198,883.9120				20,008,823.0520				40,207,706.9640
		# of Votes Class is Entitled			306,619,057.78				301,332,875.16				607,951,932.95
Columbia Variable Portfolio – Small Company Growth Fund		Shares Outstanding			18,928,047.1600				34,058.5140				18,962,105.6740
		# of Votes Class is Entitled			349,411,750.57				592,277.56				350,004,028.13
Columbia Variable Portfolio – Strategic Income Fund		Shares Outstanding			25,656,089.8070				24,574,657.9930				50,230,747.8000
		# of Votes Class is Entitled			109,808,064.37				104,196,549.89				214,004,614.26
CTIVP® – AQR Managed Futures Strategy Fund		Shares Outstanding			32,471,447.9120				3,392,100.8780				35,863,548.7900
		# of Votes Class is Entitled			235,417,997.36				24,457,047.33				259,875,044.69
CTIVP® – Lazard International Equity Advantage Fund		Shares Outstanding			270,895,802.1190				2,261,619.7850				273,157,421.9040
		# of Votes Class is Entitled			3,015,070,277.58				25,171,828.21				3,040,242,105.79
Variable Portfolio – Managed Risk Fund		Shares Outstanding			238.5500				16,629,954.4140				16,630,192.9640
		# of Votes Class is Entitled			2,767.18				192,574,872.11				192,577,639.29
Variable Portfolio – Managed Risk U.S. Fund		Shares Outstanding			232.5580				15,935,136.9210				15,935,369.4790
		# of Votes Class is Entitled			2,827.91				193,452,562.22				193,455,390.13
Variable Portfolio – Managed Volatility Conservative Fund		Shares Outstanding			4,360.8020				45,115,313.6940				45,119,674.4960
		# of Votes Class is Entitled			56,167.13				580,182,934.10				580,239,101.23
Variable Portfolio – Managed Volatility Conservative Growth Fund		Shares Outstanding			15,252.5850				113,073,639.0840				113,088,891.6690
		# of Votes Class is Entitled			208,350.31				1,541,193,700.71				1,541,402,051.03

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				Class 1				Class 2				Total
Variable Portfolio – Managed Volatility Growth Fund		Shares Outstanding			156,905.7630				764,451,801.8360				764,608,707.5990
		# of Votes Class is Entitled			2,378,691.37				11,589,089,315.83				11,591,468,007.20
Variable Portfolio – U.S. Flexible Conservative Growth Fund		Shares Outstanding			221.4400				23,197,486.5600				23,197,708.0000
		# of Votes Class is Entitled			2,841.08				296,927,827.97				296,930,669.04
Variable Portfolio – U.S. Flexible Growth Fund		Shares Outstanding			9,697.7200				217,258,973.9820				217,268,671.7020
		# of Votes Class is Entitled			139,938.10				3,128,529,225.34				3,128,669,163.44
Variable Portfolio – U.S. Flexible Moderate Growth Fund		Shares Outstanding			22,303.8180				138,368,874.7830				138,391,178.6010
		# of Votes Class is Entitled			303,778.00				1,881,816,697.05				1,882,120,475.05
Columbia Funds Variable Series Trust II
Columbia Variable Portfolio – U.S. Equities Fund		Shares Outstanding			3,518,235.1960				694,737.3040				4,212,972.5000
		# of Votes Class is Entitled			85,070,927.04				16,395,800.37				101,466,727.41
Variable Portfolio – Columbia Wanger International Equities Fund		Shares Outstanding			16,556,558.3150				8,576,535.4870				25,133,093.8020
		# of Votes Class is Entitled			87,584,193.49				45,198,342.02				132,782,535.50

				Class 1				Class 2				Total
CTIVP® – Lazard International Equity Advantage Fund		Shares Outstanding			95,468,786.56				2,302,516.90				97,771,303.46
		# of Votes Class is Entitled			1,135,313,151.81				27,314,203.09				1,162,627,354.90
CTIVP® – Los Angeles Capital Large Cap Growth Fund		Shares Outstanding			32,800,921.99				452,703.05				33,253,625.04
		# of Votes Class is Entitled			1,616,260,090.93				21,706,322.75				1,637,966,413.68

Principal Holders and Control Persons

As of the Record Date, the name, address and percentage of ownership of each person who may be deemed to be a “principal holder” (i.e., owns of record or is known by the Trustsa Fund to own beneficially 5% or more of any class of eachthe Fund’s outstanding shares) and each investor who owned 25% or more of each Fund’s shares (all share classes taken together) is listed below. Investors who own more than 25% of a Fund’s shares may be presumed under securities laws to control the Fund and may be able to determine the outcome of issues that are submitted to shareholders for vote.

 

Fund

Shareholder Name and Address

Share Class

% of Class

% of Fund (if >  than 25%)

CTIVP® AQR Managed Futures Strategy – Lazard International Equity Advantage Fund

COLUMBIA MGMT INVESTMENT ADVSR LLC ATTN KATRINA MACBAIN 50807 AMERIPRISE FINANCIAL CTR MINNEAPOLIS MN 55474-0508 (HEREINAFTER “CMIA”)

N/A

N/A

87.70%88.16%

(a)

JEFFERSON NATLJPMCB NA CUST FOR VP AGGRESSIVE 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003

Class 1

6.69%

N/A

B-1

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Fund

Shareholder Name and Address

Share Class

% of Class

% of Fund (if > 25%)

JPMCB NA CUST FOR VP MODERATE 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003

Class 1

33.56%

N/A

JPMCB NA CUST FOR VP MODERATELY AGGRESSIVE 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003

Class 1

16.33%

N/A

JPMCB NA CUST FOR VARIABLE PORTFOLIO MANAGED VOLATILITY GROWTH FUND 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003

Class 1

17.87%

N/A

JPMCB NA CUST FOR VARIABLE PORTFOLIO MANAGED VOLATILITY MODERATE GROWTH FUND 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003

Class 1

15.84%

N/A

RIVERSOURCE LIFE ACCOUNT FOR INSIDE 10350 ORMSBY PARK PL STE 600DISTRIBUTION (LIFE) LOUISVILLE KY 40223-6175222 AMERIPRISE FINANCIAL CTR (HEREINAFTER “JEFFERSON NATL”)MINNEAPOLIS MN 55474-0002

Class 2

26.08%92.91%

N/A

RIVERSOURCE LIFE NY FOR INSIDE DISTRIBUTION (LIFE OF NY) 222 AMERIPRISE FINANCIAL CTR MINNEAPOLIS MN 55474-0002

Class 2

7.09%

N/A

CTIVP – Los Angeles Capital Large Cap Growth Fund

COLUMBIA MGMT INVESTMENT ADVSR LLC 50807 AMERIPRISE FINANCIAL CTR MINNEAPOLIS MN 55474-0508

N/A

N/A

90.60%

(a)

 

B-2

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Fund

Shareholder Name and Address

Share Class

% of Class

% of Fund (if >  than 25%)

JPMCB NA CUST FOR VP AGGRESSIVE 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 (HEREINAFTER “JPMCB – VP AGGRESSIVE”)

Class 1

5.71%7.18%

N/A

JPMCB NA CUST FOR VP MODERATE 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 (HEREINAFTER “JPMCB – VP MODERATE”)

Class 1

54.36%30.72%

N/A

JPMCB NA CUST FOR VP MODERATELY AGGRESSIVE 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 (HEREINAFTER “JPMCB – VP MODERATELY AGGRESSIVE”)

Class 1

27.57%18.18%

N/A

JPMCB NA CUST FOR VARIABLE VP MODERATELY CONSERVATIVEPORTFOLIO MANAGED VOLATILITY GROWTH FUND 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 (HEREINAFTER “JPMCB – VP MODERATELY CONSERVATIVE”)

Class 1

9.23%17.68%

N/A

NATIONWIDE LIFE INSURANCE COMPANYJPMCB NA CUST FOR VARIABLE C/O IPO PORTFOLIO ACCOUNTINGMANAGED VOLATILITY PO BOX 182029MODERATE GROWTH FUND COLUMBUS OH 43218-20294 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003

Class 21

21.70%18.08%

N/A

RIVERSOURCE LIFE ACCOUNT FOR INSIDE DISTRIBUTION (LIFE) 222 AMERIPRISE FINANCIAL CTR MINNEAPOLIS MN 55474-0002 (HEREINAFTER “RVS LIFE”)

Class 2

49.35%95.89%

N/A

(a)	Combination of all share classes of the Investment Manager initial capital and affiliated funds-of-funds’ investments.

 

B-3

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Fund

Shareholder Name and Address

Share Class

% of Class

% of Fund (if >  than 25%)

Columbia Variable Portfolio Asset Allocation Fund

AMERICAN SKANDIA LIFE ASSURANCE CO ATTN ALISON MITNICK 1 CORPORATE DRIVE 9TH FLOOR SHELTON CT 06484-6208

Class 1

8.62%

N/A

DELAWARE LIFE INSURANCE COMPANY 1601 TRAPELO ROAD SUITE 30 WALTHAM MA 02451-7360 (HEREINAFTER “DELAWARE LIFE”)

Class 1

58.38%

62.18%

(b)

Class 2

81.26%

DELAWARE LIFE INSURANCE COMPANY OF NEW YORK 1601 TRAPELO ROAD SUITE 30 WALTHAM MA 02451-7360

Class 2

8.42%

N/A

GUARDIAN INSURANCE & ANNUITY CO,INC ATTN: PAUL IANNELLI MAIL STATION 3-S 3900 BURGESS PLACE BETHLEHEM PA 18017-9097 (HEREINAFTER “GUARDIAN”)

Class 2

10.32%

N/A

INDEPENDENCE LIFE AND ANNUITY CO C/O SUNLIFE FINANCIAL PO BOX 9133 WELLESLEY HILLS MA 02481-9133

Class 1

21.45%

N/A

TALCOTT RESOLUTION LIFE INSURANCE COMPANY PO BOX 5051 HARTFORD CT 06102-5051

Class 1

6.57%

N/A

PXY000_00_012_(02/21)

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Form of Proxy Card for CTIVP® – Lazard International Equity Advantage Fund

EVERY SHAREHOLDER’S VOTE IS IMPORTANT

 

B-4

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Fund

Shareholder Name and Address

Share Class

% of Class

% of Fund (if >  than 25%)

Variable Portfolio Columbia Wanger International Equities Fund

CMIA

N/A

N/A

64.81%

(a)

JPMCB – VP AGGRESSIVE

Class 1

11.41%

N/A

JPMCB – VP MODERATE

Class 1

48.67%

N/A

JPMCB – VP MODERATELY AGGRESSIVE

Class 1

31.60%

N/A

JPMCB – VP MODERATELY CONSERVATIVE

Class 1

6.84%

N/A

RVS LIFE

Class 2

96.17%

32.90%

Columbia Variable Portfolio Contrarian Core Fund

CMIA

N/A

N/A

87.71%

(a)

JPMCB – VP AGGRESSIVE

Class 1

5.14%

N/A

JPMCB – VP MODERATE

Class 1

23.56%

N/A

JPMCB – VP MODERATELY AGGRESSIVE

Class 1

11.94%

N/A

JPMCB NA CUST FOR VP MANAGED VOLATILITY GROWTH FUND 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 (HEREINAFTER “JPMCB – MV GROWTH FUND”)

Class 1

26.66%

N/A

JPMCB NA CUST FOR VP MANAGED VOLATILITY MODERATE GROWTH FUND 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 (HEREINAFTER “JPMCB – MV MODERATE GROWTH FUND”)

Class 1

27.46%

N/A

RVS LIFE

Class 2

93.09%

N/A

B-5

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Fund

Shareholder Name and Address

Share Class

% of Class

% of Fund (if >  than 25%)

Columbia Variable Portfolio Diversified Absolute Return Fund

CMIA

N/A

N/A

94.08%

(a)

JPMCB NA CUST FOR VP CONSERVATIVE 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003

Class 1

5.06%

N/A

JPMCB – VP MODERATE

Class 1

56.28%

N/A

JPMCB – VP MODERATELY AGGRESSIVE  EASYVOTING OPTIONS:

Class 1

22.03%

N/A

JPMCB – VP MODERATELY CONSERVATIVE

Class 1

12.11%

N/A

VOTE ON THE INTERNET Log on to: www.proxy-direct.com or scan the QR code Follow the on-screen instructions available 24 hours

RVS LIFE

Class 2

95.97%

N/A

CTIVP® Lazard International Equity Advantage Fund

CMIAVOTE BY PHONE

N/A

N/A

92.48%

(a) Call 1-800-337-3503 Follow the recorded instructions available 24 hours

JPMCB – VP AGGRESSIVE

Class 1

6.03%

N/A

JPMCB – VP MODERATE

Class 1

26.13%

N/A

JPMCB – VP MODERATELY AGGRESSIVE

Class 1

14.78%

N/A

VOTE BY MAIL Vote, sign and date this Proxy Card and return in the postage-paid envelope

JPMCB – MV GROWTH FUND

Class VOTE AT THE VIRTUAL MEETING Visit: www.meetingcenter.io/203027397 on April 1

23.58%

N/A

at 10:00 a.m. Eastern Time. To participate in the Virtual Meeting, enter the 14-digit control number from the shaded box on this card. The Password for this meeting is COL2021

JPMCB – MV MODERATE GROWTH FUND

Class 1

22.74%

N/A

RVS LIFE

Class 2

92.73%

N/A

RIVERSOURCE LIFE NY FOR INSIDE DISTRIBUTION (LIFE OF NY) 222 AMERIPRISE FINANCIAL CTR MINNEAPOLIS MN 55474-0002 (HEREINAFTER “RVS LIFE NY”)

Class 2

7.26%

N/A

Columbia Variable Portfolio Long Government/ Credit Bond Fund

CMIA

N/A

N/A

81.52%

(a)

JPMCB – VP MODERATE

Class 1

42.16%

N/A

JPMCB – VP MODERATELY AGGRESSIVE

Class 1

6.62%

N/A

B-6

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Fund

Shareholder Name and Address

Share Class

% of Class

% of Fund (if >  than 25%)

JPMCB – MV GROWTH FUND

Class 1

8.07%

N/A

JPMCB – MV MODERATE GROWTH FUND

Class 1

25.50%

N/A

RVS LIFE

Class 2

95.19%

N/A

Variable Portfolio Managed Risk Fund

CMIA

Class 1

100.00%

N/A

RVS LIFE

Class 2

95.49%

95.49%

(c)

Variable Portfolio Managed Risk U.S. Fund

CMIA

Class 1

100.00%

N/A

RVS LIFE

Class 2

91.89%

91.89%

(c)

RVS LIFE NY

Class 2

8.11%

N/A

Variable Portfolio Managed Volatility Conservative Fund

CMIA

Class 1

23.52%

N/A

RVS LIFE

Class 1

76.44%

92.70%

(c)

Class 2

92.70%

RVS LIFE NY

Class 2

7.30%

N/A

Variable Portfolio Managed Volatility Conservative Growth Fund

RVS LIFE

Class 1

98.66%

93.47%

(c)

Class 2

93.47%

RVS LIFE NY

Class 2

6.53%

N/A

Variable Portfolio Managed Volatility Growth Fund

RVS LIFE

Class 1

99.53%

94.87%

(c)

Class 2

94.87%

RVS LIFE NY

Class 2

5.13%

N/A

B-7

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Fund

Shareholder Name and Address

Share Class

% of Class

% of Fund (if >  than 25%)

Columbia Variable Portfolio Small Cap Value Fund

CMIA

N/A

N/A

45.89%

(a)

GUARDIAN

Class 2

34.79%

N/A

JPMCB – VP AGGRESSIVE

Class 1

6.61%

N/A

JPMCB – VP MODERATE

Class 1

28.52%

N/A

JPMCB – VP MODERATELY AGGRESSIVE

Class 1

16.85%

N/A

JPMCB – MV GROWTH FUND

Class 1

18.10%

N/A

JPMCB – MV MODERATE GROWTH FUND

Class 1

21.30%

N/A

NEW YORK LIFE INSURANCE & ANNUITY CORP ATTN CHRISTINE DEMPSEY 169 LACKAWANNA AVE PARSIPPANY NJ 07054-1007

Class 2

41.38%

N/A

VENERABLE INSURANCE & ANNUITY CO 1475 DUNWOODY DRIVE ATTN JOHN STANZIANI WESTCHESTER PA 19380-1478

Class 2

19.27%

N/A

Columbia Variable Portfolio Small Company Growth Fund

CMIA

N/A

N/A

84.36%

(a)

FARM BUREAU LIFE INSURANCE COMPANY 5400 UNIVERSITY AVE WEST DES MOINES IA 50266-5950

Class 2

20.96%

N/A

GUARDIAN

Class 2

79.04%

N/A

JPMCB – VP AGGRESSIVE

Class 1

6.11%

N/A

JPMCB – VP MODERATE

Class 1

26.38%

N/A

JPMCB – VP MODERATELY AGGRESSIVE

Class 1

15.58%

N/A

JPMCB – MV GROWTH FUND

Class 1

16.74%

N/A

JPMCB – MV MODERATE GROWTH FUND

Class 1

19.70%

N/A

B-8

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Fund

Shareholder Name and Address

Share Class

% of Class

% of Fund (if >  than 25%)

Columbia Variable Portfolio Strategic Income Fund

CMIA

N/A

N/A

40.46%

(a)

DELAWARE LIFE

Class 1

8.56%

N/A

Class 2

7.04%

JEFFERSON NATL

Class 2

8.12%

N/A

JPMCB – VP MODERATE

Class 1

55.86%

N/A

JPMCB – VP MODERATELY AGGRESSIVE

Class 1

12.11%

N/A

JPMCB – VP MODERATELY CONSERVATIVE

Class 1

11.21%

N/A

LINCOLN LIFE INSURANCE COMPANY 1300 S CLINTON ST FORT WAYNE IN 46802-3518

Class 2

11.19%

N/A

RVS LIFE

Class 2

66.47%

32.51%

(c)

Columbia Variable Portfolio U.S. Equities Fund

CMIA

N/A

N/A

81.46%

(a)

JPMCB – VP AGGRESSIVE

Class 1

18.53%

N/A

JPMCB – VP MODERATELY AGGRESSIVE

Class 1

43.98%

N/A

JPMCB – MV GROWTH FUND

Class 1

16.37%

N/A

JPMCB – MV MODERATE GROWTH FUND

Class 1

18.64%

N/A

RVS LIFE

Class 2

96.47%

N/A

Variable Portfolio U.S. Flexible Conservative Growth Fund

CMIA

Class 1

98.43%

N/A

RVS LIFE

Class 2

91.86%

91.85%

(c)

RVS LIFE NY

Class 2

8.14%

N/A

B-9

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Fund

Shareholder Name and Address

Share Class

% of Class

% of Fund (if >  than 25%)

Variable Portfolio U.S. Flexible Growth Fund

RVS LIFE

Class 1

97.88%

94.56%

(c)

Class 2

94.56%

RVS LIFE NY

Class 2

5.44%

N/A

Variable Portfolio U.S. Flexible Moderate Growth Fund

RVS LIFE

Class 1

99.06%

93.84%

(c)

Class 2

93.84%

RVS LIFE NY

Class 2

6.16%

N/A

(a)

Reflects a combination of all share classes held by Columbia Threadneedle for initial capital purposes and/or held by affiliatedfunds-of-funds’ investments. Columbia Threadneedle, a Minnesota limited liability company, is a wholly-owned subsidiary of Ameriprise Financial, Inc. Other Columbia Funds managed by Columbia Threadneedle may hold more than 25% of a Fund.

(b)	Delaware Life Insurance Company is a Delaware Corporation. Delaware Life Insurance Company is a member of Delaware Life Group of Companies.

(c)	RVS Life is a RiverSource Insurance Company organized as a Minnesota corporation and is a wholly-owned subsidiary of Ameriprise Financial, Inc.

B-10

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APPENDIX C

CFVIT Governance Committee Charter

1.	The Governance Committee (the “Committee”) of the funds supervised by the Columbia Atlantic Board (the “Funds”) shall be composed entirely of members of the Board of the Funds who are not affiliated with the Funds’ investment adviser,sub-advisers or principal underwriter.

Please detach at perforation before mailing.

2.	The functions CTIVP® – LAZARD INTERNATIONAL EQUITY ADVANTAGE FUND (THE “FUND”) a series of the Committee are:

(a)

To make nominations for independent trustee membership on the Board of Trustees when necessary and to consider candidates proposed for the Board of Trustees by shareholders of the Funds;

(b)

To review periodically Board governance practices and procedures and to recommend to the Board any changes it may deem appropriate;

(c)

To review periodically trustee compensation and to recommend to the independent trustees any changes it may deem appropriate;

(d)

To review committee chair assignments and committee assignments on an annual basis;

(e)

To review on an annual basis the responsibilities and charter of each committee of the Board, whether there is continuing need for each committee, whether there is a need for additional committees of the Board, and whether committees should be combined or reorganized, and to make recommendations for any such action to the Board;

(f)

To plan and administer the Board’s annual self-evaluation process;

(g)

To consider the structure, operations and effectiveness of the Committee annually;

(h)

To evaluate on at least an annual basis the independence of counsel to the independent trustees, to make recommendations to the independent trustees regarding their determination of such counsel’s status as an “independent legal counsel” under applicable SEC rules, and to supervise such counsel; and

(i)

To determine the allocation of responsibility for oversight of the Funds among the various Investment Oversight Committees.

3.	The Committee shall meet as frequently and at such times as circumstances dictate. Minutes shall be kept of the Committee’s meetings.

4.	The Committee shall have the resources and authority appropriate to discharge its responsibilities, including authority to retain special counsel and other experts or consultants at the expense of the appropriate Fund.

5.	The Committee shall review this charter at least annually and recommend to the Board any changes it deems appropriate.

C-1

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APPENDIX D

Share Ownership of Trustees/Nominees (CFVIT Only)

Beneficial Ownership of Equity Securities by the Trustees and Nominees in the Funds and in Family of Investment Companies

The following table sets forth, for each Trustee/Nominee, the aggregate dollar range of shares owned by the Trustees/Nominees as of December 31, 2019 in the Funds’ “Family of Investment Companies” (as defined in Item 22(a)(1)(iv) ofRule 14a-101 under the Exchange Act). The tables only include ownership of Columbia Funds overseen by the Trustees; Trustees may own shares of other Columbia Funds they do not oversee. As of December 31, 2019, none of the Trustee/Nominees had an interest in shares of the CFVIT Funds.

Independent Trustees
Janet L. Carrig		Over $100,000(a)
Douglas A. Hacker		Over $100,000
Nancy T. Lukitsh		Over $100,000
David Moffett		Over $100,000(a)
John J. Neuhauser		Over $100,000
Patrick J. Simpson		Over $100,000(a)
Consultants to the Trustees
J. Kevin Connaughton		Over $100,000
Olive Darragh		$0
Natalie A. Trunow		Between $10,000 and $50,000(a)
Interested Trustee
William F. Truscott		Over $100,000
Interested Trustee Nominee
Christopher O. Petersen		Over $100,000

(a)	Includes the value of compensation payable under a deferred compensation plan that is determined as if the amounts deferred had been invested, as of the date of deferral, in shares of one or more funds in the Columbia Funds Complex overseen by the Board as specified by the Trustee or consultant.

D-1

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APPENDIX E

Trustee Compensation (CFVIT Only)

Compensation Paid to Independent Trustees and Consultants to the Independent Trustees

Total Trustees’ and consultant fees paid by each Fund to the Trustees and Consultants to the Independent Trustees are listed below for the Fund’s last fiscal year. No Trustee (or Consultant to the Trustees) listed below received pension or retirement benefits accrued as part of any Fund’s expenses in any Fund’s last fiscal year. All Trustees (or Consultants to the Independent Trustees) receive reimbursements for reasonable expenses related to their attendance at meetings of the Board or standing committees, which are not included in the amounts shown.

Name		Total Cash Compensation from the Columbia Funds Complex Paid to Trustee(a)		Amount Deferred from Total Compensation(b)
Trustee
Janet L. Carrig		$301,000		$301,000
Douglas A. Hacker		$416,000		$0
Nancy T. Lukitsh		$318,500		$0
David M. Moffett		$303,500		$303,500
John J. Neuhauser		$304,000		$0
Patrick J. Simpson		$313,500		$128,500
Anne-Lee Verville(c)		$296,500		$0
Consultant
J. Kevin Connaughton		$287,500		$0
Olive Darragh(d)		$156,333		$0
Natalie Trunow		$287,500		$175,000

(a)	Includes any portion of cash compensation Trustees or Consultants elected to defer during the period.

(b)

The Trustees may elect to defer a portion of the total cash compensation payable. Additional information regarding the Deferred Fee Agreement is described below. As of December 31, 2019, the value of Ms. Carrig’s account under the deferred compensation plan was $2,837,415, the value of Mr. Moffett’s account under the plan was $1,660,804, the value of Mr. Simpson’s account under the plan was $3,144,034 and the value of Ms. Trunow’s account under the plan was $696,612.

(c)	Ms. Verville served as Trustee until her retirement on December 11, 2019.

(d)	Ms. Darragh was appointed consultant to the Independent Trustees effective June 10, 2019, and as such has no compensation prior to such date.

E-1

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Compensation by Fund

Fund		Independent Trustees																												Consultants to Independent Trustees
		Janet L. Carrig				Douglas A. Hacker				Nancy T. Lukitsh				David M. Moffett				John J. Neuhauser				Patrick J. Simpson				Anne-Lee Verville(a)				J. Kevin Connaughton				Olive Darragh(b)				Natalie Trunow
Columbia Variable Portfolio – Asset Allocation Fund		$	1,563			$	2,165			$	1,655			$	1,576			$	1,579			$	1,629			$	1,540			$	1,504			$	814			$	1,504
Amount Deferred(c)		$	1,563			$	0			$	0			$	1,576			$	0			$	661			$	0			$	0			$	0			$	916
Columbia Variable Portfolio – Contrarian Core Fund		$	4,389			$	6,093			$	4,649			$	4,428			$	4,436			$	4,575			$	4,325			$	4,250			$	2,271			$	4,250
Amount Deferred(c)		$	4,389			$	0			$	0			$	4,428			$	0			$	1,838			$	0			$	0			$	0			$	2,588
Columbia Variable Portfolio – Diversified Absolute Return Fund		$	1,944			$	2,695			$	2,058			$	1,961			$	1,964			$	2,026			$	1,915			$	1,874			$	1,010			$	1,874
Amount Deferred(c)		$	1,944			$	0			$	0			$	1,961			$	0			$	819			$	0			$	0			$	0			$	1,141
Columbia Variable Portfolio – Long Government/Credit Bond Fund		$	4,385			$	6,069			$	4,641			$	4,422			$	4,429			$	4,568			$	4,320			$	4,209			$	2,313			$	4,209
Amount Deferred(c)		$	4,385			$	0			$	0			$	4,422			$	0			$	1,860			$	0			$	0			$	0			$	2,562
Columbia Variable Portfolio – Small Cap Value Fund		$	2,133			$	2,934			$	2,255			$	2,148			$	2,151			$	2,220			$	2,098			$	2,008			$	1,088			$	2,008
Amount Deferred(c)		$	2,133			$	0			$	0			$	2,148			$	0			$	927			$	0			$	0			$	0			$	1,223
Columbia Variable Portfolio – Small Company Growth Fund		$	1,571			$	2,152			$	1,660			$	1,581			$	1,583			$	1,634			$	1,545			$	1,463			$	804			$	1,463
Amount Deferred(c)		$	1,571			$	0			$	0			$	1,581			$	0			$	693			$	0			$	0			$	0			$	891
Columbia Variable Portfolio – Strategic Income Fund		$	1,796			$	2,486			$	1,901			$	1,811			$	1,814			$	1,871			$	1,769			$	1,725			$	939			$	1,725
Amount Deferred(c)		$	1,796			$	0			$	0			$	1,811			$	0			$	761			$	0			$	0			$	0			$	1,050
CTIVP® – AQR Managed Futures Strategy Fund		$	1,947			$	2,699			$	2,061			$	1,964			$	1,967			$	2,028			$	1,918			$	1,878			$	1,016			$	1,878
Amount Deferred(c)		$	1,947			$	0			$	0			$	1,964			$	0			$	820			$	0			$	0			$	0			$	1,144
CTIVP® – Lazard International Equity Advantage Fund		$	7,197			$	9,952			$	7,619			$	7,246			$	7,260			$	7,499			$	7,078			$	6,894			$	3,765			$	6,894
Amount Deferred(c)		$	7,197			$	0			$	0			$	7,246			$	0			$	3,063			$	0			$	0			$	0			$	4,196
Variable Portfolio – Managed Risk Fund		$	1,695			$	2,340			$	1,793			$	1,708			$	1,711			$	1,765			$	1,669			$	1,617			$	895			$	1,617

E-2

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Fund		Independent Trustees																												Consultants to Independent Trustees
		Janet L. Carrig				Douglas A. Hacker				Nancy T. Lukitsh				David M. Moffett				John J. Neuhauser				Patrick J. Simpson				Anne-Lee Verville(a)				J. Kevin Connaughton				Olive Darragh(b)				Natalie Trunow
Amount Deferred(c)		$	1,695			$	0			$	0			$	1,708			$	0			$	726			$	0			$	0			$	0			$	983
Variable Portfolio – Managed Risk U.S. Fund		$	1,662			$	2,294			$	1,759			$	1,675			$	1,678			$	1,731			$	1,637			$	1,583			$	877			$	1,583
Amount Deferred(c)		$	1,662			$	0			$	0			$	1,675			$	0			$	713			$	0			$	0			$	0			$	963
Variable Portfolio – Managed Volatility Conservative Fund		$	2,359			$	3,260			$	2,497			$	2,378			$	2,382			$	2,457			$	2,323			$	2,253			$	1,239			$	2,253
Amount Deferred(c)		$	2,359			$	0			$	0			$	2,378			$	0			$	1,008			$	0			$	0			$	0			$	1,371
Variable Portfolio – Managed Volatility Conservative Growth Fund		$	4,136			$	5,727			$	4,378			$	4,170			$	4,178			$	4,309			$	4,074			$	3,976			$	2,157			$	3,976
Amount Deferred(c)		$	4,136			$	0			$	0			$	4,170			$	0			$	1,750			$	0			$	0			$	0			$	2,421
Variable Portfolio – Managed Volatility Growth Fund		$	22,173			$	30,720			$	23,475			$	22,357			$	22,396			$	23,103			$	21,838			$	21,353			$	11,570			$	21,353
Amount Deferred(c)		$	22,173			$	0			$	0			$	22,357			$	0			$	9,363			$	0			$	0			$	0			$	12,998
Variable Portfolio – U.S. Flexible Conservative Growth Fund		$	1,798			$	2,479			$	1,902			$	1,812			$	1,815			$	1,872			$	1,770			$	1,709			$	950			$	1,709
Amount Deferred(c)		$	1,798			$	0			$	0			$	1,812			$	0			$	774			$	0			$	0			$	0			$	1,039
Variable Portfolio – U.S. Flexible Growth Fund		$	5,662			$	7,755			$	5,983			$	5,701			$	5,707			$	5,891			$	5,570			$	5,280			$	3,073			$	5,280
Amount Deferred(c)		$	5,662			$	0			$	0			$	5,701			$	0			$	2,502			$	0			$	0			$	0			$	3,206
Variable Portfolio – U.S. Flexible Moderate Growth Fund		$	4,151			$	5,703			$	4,388			$	4,180			$	4,186			$	4,320			$	4,084			$	3,906			$	2,230			$	3,906
Amount Deferred(c)		$	4,151			$	0			$	0			$	4,180			$	0			$	1,811			$	0			$	0			$	0			$	2,373

(a)	Ms. Verville served as Trustee until her retirement on December 11, 2019.

(b)	Ms. Darragh was appointed consultant to the Independent Trustees effective June 10, 2019, and as such has no compensation prior to such date.

(c)

Under the terms of the Deferred Fee Agreement (the “Deferred Compensation Plan”), each eligible Trustee or Consultant may elect, on an annual basis, to defer receipt of all or a portion of compensation payable to him or her for service as a Trustee for that calendar year (expressly, a Trustee may elect to defer his/her annual retainer, his/her attendance fees, or both components, which together comprise total compensation for service). Deferred fees are credited to a book reserve account (the “Deferral Account”) established by the Columbia Funds, the value of which is derived from the rate of return of one or more selected Columbia Funds (with accruals to the Deferral Account beginning at such time as fund elections having been established, and proceeds for service having been paid into such account, and terminating at such time as when proceeds become payable under the Deferred Compensation Plan). Trustees and Consultants may change their fund elections only in accordance with the provisions of the Deferred Compensation Plan.

E-3

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APPENDIX F

Executive Officer Information (CFVIT Only)

Biographical Information Regarding Executive Officers of the Funds.

Information regarding the current executive officers of each Fund is shown below.

Name, Address, Year of Birth		Position and Year First Appointed to Position for any Fund in the Columbia Funds Complex or a Predecessor Thereof		Principal Occupation(s) During the Past Five Years
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969		Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019)		Vice President – Accounting and Tax, Columbia Management Investment Advisers, LLC, since May 2010; senior officer of Columbia Funds and affiliated funds since 2002 (previously Treasurer and Chief Accounting Officer, January 2009 – December 2018 and December 2015 – December 2018, respectively).
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965		Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020)		Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 – March 2017).
Dan Beckman 225 Franklin Street Boston, MA 02110 Born 1962		Senior Vice President (2020)		Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); previously, Senior Vice President of Investment Product Management, Fidelity Financial Advisor Solutions, a division of Fidelity Investments (January 2012 – March 2015)
Paul B. Goucher 485 Lexington Avenue New York, NY 10017 Born 1968		Senior Vice President (2011) and Assistant Secretary (2008)		Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously Vice President and Lead Chief Counsel, November 2008 – January 2017 and January 2013 – January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015).
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972		Senior Vice President and Chief Compliance Officer (2012)		Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015.

F-1

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Name, Address, Year of Birth		Position and Year First Appointed to Position for any Fund in the Columbia Funds Complex or a Predecessor Thereof		Principal Occupation(s) During the Past Five Years
Colin Moore 225 Franklin Street Boston, MA 02110 Born 1958		Senior Vice President (2010)		Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013.
Ryan C. Larrenaga 225 Franklin Street Boston, MA 02110 Born 1970		Senior Vice President (2017), Chief Legal Officer (2017) and Secretary (2015)		Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 – August 2018); officer of Columbia Funds and affiliated funds since 2005.
Michael E. DeFao 225 Franklin Street Boston, MA 02110 Born 1968		Vice President (2011) and Assistant Secretary (2010)		Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010.
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1960		Vice President (2015)		President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009.

F-2

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APPENDIX G

Additional Information Regarding Audit Fees and Audit CommitteePre-Approval Procedures (CFVIT Only)

Audit Fees

Fee information below is disclosed for the CFVIT Funds. Fee information for fiscal year end 2018 includes fees for two funds that liquidated during the period and two funds that commenced operations during the period.

(a) Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended December 31, 2019 and December 31, 2018 are approximately as follows:

2019		2018
$554,000		$430,600

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

(b) Audit-Related Fees.Aggregate Audit-Related Fees billed to CFVIT by the principal accountant for professional services rendered during the fiscal years ended December 31, 2019 and December 31, 2018 are approximately as follows:

2019		2018
$0		$0

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

During the fiscal years ended December 31, 2019 and December 31, 2018, there were no Audit-Related Fees billed by CFVIT’s principal accountant to CFVIT’s investment adviser (not including anysub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to CFVIT for an engagement that related directly to the operations and financial reporting of CFVIT.

(c) Tax Fees. Aggregate Tax Fees billed by the principal accountant to CFVIT for professional services rendered during the fiscal years ended December 31, 2019 and December 31, 2018 are approximately as follows:

2019		2018
$120,000		$133,500

G-1

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Tax Fees include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice and tax planning. Fiscal years 2019 and 2018 also include Tax Fees for agreed-upon procedures related to foreign tax filings.

During the fiscal years ended December 31, 2019 and December 31, 2018, there were no Tax Fees billed by CFVIT’s principal accountant to CFVIT’s investment adviser (not including anysub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to CFVIT for an engagement that related directly to the operations and financial reporting of CFVIT.

(d) All Other Fees. Aggregate All Other Fees billed by the principal accountant to CFVIT for professional services rendered during the fiscal years ended December 31, 2019 and December 31, 2018 are approximately as follows:

2019		2018
$0		$0

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

Aggregate All Other Fees billed by CFVIT’s principal accountant to CFVIT’s investment adviser (not including anysub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to CFVIT for an engagement that related directly to the operations and financial reporting of CFVIT during the fiscal years ended December 31, 2019 and December 31, 2018 are approximately as follows:

2019		2018
$235,000		$235,000

In fiscal years 2019 and 2018, All Other Fees primarily consists of fees billed for internal control examinations of CFVIT’s transfer agent and investment adviser.

Audit CommitteePre-Approval Policies and Procedures

CFVIT’s Audit Committee is required topre-approve the engagement of CFVIT’s independent auditors to provide audit andnon-audit services to CFVIT andnon-audit services to its investment adviser (excluding anysub-adviser whose role is primarily portfolio management and issub-contracted or overseen by another investment adviser (the “Adviser”) or any entity controlling, controlled by or under common control with

G-2

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the Adviser that provides ongoing services to the Fund (a “Control Affiliate”) if the engagement relates directly to the operations and financial reporting of CFVIT.

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

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

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

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

G-3

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Non-Audit Fees

The aggregate non-audit fees billed by CFVIT’s accountant for services rendered to CFVIT, and rendered to CFVIT’s investment adviser (not including anysub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to CFVIT during the fiscal years ended December 31, 2019 and December 31, 2018 are approximately as follows:

2019		2018
$355,000		$368,500

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

G-4

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PXY000_00_004_(02/20)

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COLUMBIA FUNDS VARIABLE INSURANCE TRUST

JOINT SPECIAL MEETING OF SHAREHOLDERS

TO BE HELD ON APRIL 16, 20201, 2021

THIS PROXY IS SOLICITED BY THE BOARDS OF TRUSTEES OF THE FUND.The undersigned shareholder of the Fund(s)Fund hereby acknowledges receipt of the Notice of Joint Special Meeting of Shareholders and Joint Proxy Statement for the Joint Special Meeting of Shareholders (including any postponements or adjournments thereof, the “Meeting”) to be held at 225 Franklin Street, (31^st Floor, Room 3100), Boston, Massachusetts 02110, on April 16, 2020, at 10:00. a.m. Eastern time, and, revoking any previous proxies, hereby appoints Daniel J. Beckman, Michael G. Clarke, Joseph L. D’Alessandro, Michael E. DeFao, Ryan C. Larrenaga, Christopher O. Petersen, Marybeth Pilat and Julian Quero (the “Proxies”) (or any of them) as proxies for the undersigned, with full power of substitution in each of them, to attend the Meeting and to cast on behalfvote all shares of the undersigned all the votesFund that the undersigned is entitled to castvote at the Meeting and otherwise represent the undersignedto be held in a virtual format only, which will be conducted on-line at the following Website: www.meetingcenter.io/203027397, on April 1, 2021, at 10:00 a.m. Eastern Time, as indicated on the reverse side. To participate in the virtual Meeting with allenter the powers possessed by14-digit control number from the undersignedshaded box on this card. The password for this Meeting is COL2021. In their discretion, the Proxies named above are authorized to vote upon such other matters as if personally present atmay properly come before the Meeting.

YOUR VOTE IS IMPORTANT. Whether or not you plan to join us at the Meeting, pleasePlease mark, sign, date and return this proxy card as soon as possible.

 

				VOTE VIA THE INTERNET: www.proxy-direct.com VOTE BYVIA THE TELEPHONE: 1-800-337-3503

COL_31074_020620_TrustCOL_31919_011421_Trust

PLEASE SIGN, DATE ON THE REVERSE SIDE AND RETURN THE PROXY PROMPTLY USING THE ENCLOSED ENVELOPE.

 

FUNDS xxxxxxxxxxxxxx		FUNDS
Columbia Variable Portfolio - Asset Allocation Fund		Columbia Variable Portfolio - Contrarian Core Fund
Columbia Variable Portfolio - Diversified Absolute Return Fund		Columbia Variable Portfolio - Long Government/Credit Bond Fund
Columbia Variable Portfolio - Small Cap Value Fund		Columbia Variable Portfolio - Small Company Growth Fund
Columbia Variable Portfolio - Strategic Income Fund		CTIVP® - AQR Managed Futures Strategy Fund
CTIVP® - Lazard International Equity Advantage Fund		Variable Portfolio - Managed Risk Fund
Variable Portfolio - Managed Risk U.S. Fund		Variable Portfolio - Managed Volatility Conservative Fund
Variable Portfolio - Managed Volatility Conservative Growth Fund		Variable Portfolio - Managed Volatility Growth Fund
Variable Portfolio - U.S. Flexible Conservative Growth Fund		Variable Portfolio - U.S. Flexible Growth Fund
Variable Portfolio - U.S. Flexible Moderate Growth Fundcode

VOTING OPTIONS

Read your

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EVERY SHAREHOLDER’S VOTE IS IMPORTANT!

VOTE THIS PROXY CARD TODAY!

Important Notice Regarding the Availability of Proxy Materials for the

Joint Special Meeting of Shareholders to be held virtually on April 1, 2021

The Joint Proxy Statement and have itfor this meeting is available at:

https://www.proxy-direct.com/col-31919

IF YOU VOTE ON THE INTERNET OR BY TELEPHONE,

YOU NEED NOT RETURN THIS PROXY CARD

Please detach at hand when voting.perforation before mailing.

THE BOARD RECOMMENDS THAT SHAREHOLDERS VOTE FOR THE PROPOSAL. THIS PROXY CARD, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED BELOW AND, ABSENT DIRECTION, WILL BE VOTED FOR THE PROPOSAL LISTED BELOW. THE PROXIES ARE ALSO AUTHORIZED TO VOTE UPON ANY OTHER BUSINESS THAT MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS THEREOF.

TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS SHOWN IN THIS EXAMPLE:		X

 

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THE BOARD OF EACH FUND RECOMMENDS  A  VOTE FOR THE PROPOSALS LISTED BELOW. THIS PROXY CARD, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED BELOW AND, ABSENT DIRECTION, WILL BE VOTED FOR THE PROPOSALS LISTED BELOW. THE PROXIES ARE ALSO AUTHORIZED TO VOTE UPON ANY OTHER BUSINESS THAT MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS THEREOF, INCLUDING ANY ADJOURNMENT(S) NECESSARY TO OBTAIN QUORUMS AND/OR APPROVALS.		Proposal

TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS SHOWN IN THIS EXAMPLE:☒

A		Proposals		FOR		AGAINST		ABSTAIN
1.		With respect to each Liquidating Fund, to To approve a transaction in connection with the liquidationon behalf of the Liquidating Fund, a transaction that will result in the substitution of shares of Columbia Variable Portfolio – Government Money Market Fund, a series of Columbia Funds Variable Series Trust II (the “Government MMF”), for shares of that Liquidatingthe Fund held bysub-accounts of RiverSource Life Insurance Company and RiverSource Life Insurance Co. of New York established to fund benefits under variable annuity contracts and/orand variable life insurance policies issued by such insurance companies.(that is, a reinvestment of liquidation proceeds into the Government MMF).		☐		☐		☐

		FOR		AGAINST		ABSTAIN
01 Columbia Variable Portfolio - Asset Allocation Fund		☐		☐		☐
02 Columbia Variable Portfolio - Diversified Absolute Return Fund		☐		☐		☐
03 CTIVP® - AQR Managed Futures Strategy Fund		☐		☐		☐

2.

To elect ten (10) nominees to the Board of the Trustees of Columbia Funds Variable Insurance Trust:

FOR ALL

WITHHOLD ALL

FOR ALL EXCEPT

01.

Janet L. Carrig

02.

J. Kevin Connaughton

03.

Olive Darragh

☐

☐

☐

04.

Douglas A. Hacker

05.

Nancy T. Lukitsh

06.

David M. Moffett

07.

John J. Neuhauser

08.

Christopher O. Petersen

09.

Patrick J. Simpson

10.

Natalie A. Trunow

INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.

3.

To transact such other business as may properly come before the Meeting.

Important Notice Regarding the Availability of Proxy Materials for the

Joint Special Meeting of Shareholders on April 16, 2020

The Joint Proxy Statement for this meeting is available at:

https://www.proxy-direct.com/col-31074

B		Authorized Signatures — This section must be completed for your vote to be counted.— Sign and Date Below

Note:

Please sign exactly as your name(s) appear(s) on this proxy card,Proxy Card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, guardian, administrator, trustee, guardian, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.

 

Date (mm/dd/yyyy) — Please print date below				Signature 1 — Please keep signature within the box				Signature 2 — Please keep signature within thebox
/        /

            

Scanner bar code

 

		Scanner bar code

xxxxxxxxxxxxxx		xxxxxxxxxxxxxxCOL1 31919		COL 31074		M     xxxxxxxx

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Form of Voting Instruction Card -- CTIVP® – Lazard International Equity Advantage Fund

EVERY CONTRACT OWNER’S VOTE IS IMPORTANT

		EASYVOTING OPTIONS:
				VOTE ON THE INTERNET Log on to: www.proxy-direct.com or scan the QR code Follow the on-screen instructions available 24 hours
				VOTE BY PHONE Call 1-866-298-8476 Follow the recorded instructions available 24 hours
				VOTE BY MAIL Vote, sign and date this Voting Instruction Card and return in the postage-paid envelope

Please detach at perforation before mailing.

CTIVP® – LAZARD INTERNATIONAL EQUITY ADVANTAGE FUND (THE “FUND”)

a series of COLUMBIA FUNDS VARIABLE INSURANCE TRUST

JOINT SPECIAL MEETING OF SHAREHOLDERS

TO BE HELD ON APRIL 16, 20201, 2021

INSURANCE COMPANY DROP-IN

The above-referenced insurance company (the “Company”) is using this Voting Instruction Card to solicit voting instructions from its contract owners who hold unit values in a separate account of the Company that invests in Columbia Funds Variable Insurance Trust.CTIVP^® – Lazard International Equity Advantage Fund.

The undersigned contract owner, revoking previous voting instructions, instructs the Company to vote, at the Joint Special Meeting of Shareholders to be held in a virtual format only, which will be conducted on-line at the following Website: www.meetingcenter.io/203027397, on April 1, 2021, at 10:00 a.m. Eastern Time, and at any and all adjournments or postponements thereof (the “Meeting”), all shares of the Fund(s)Fund attributable to his or her contract or interest in the relevant separate account as directed on the reverse side.side or in the discretion of the Company upon such other matters as may properly come before the Meeting. The undersigned acknowledges receipt of the Fund’s Notice of Joint Special Meeting of Shareholders and Joint Proxy Statement.

If you sign on the reverse side but do not mark instructions, the Company will vote all shares of the Fund(s)Fund attributable to your account value FOR the proposals.proposal. If you fail to return this Voting Instruction Card, the Company will vote all shares attributable to your account value in proportion to the timely voting instructions actually received from contract owners.

YOUR VOTE IS IMPORTANT. Whether or not you plan to join us at the Meeting,Please mark, sign, date and return this Voting Instruction CardCard as soon as possible.possible

				VOTE VIA THE INTERNET: www.proxy-direct.com VOTE VIA THE TELEPHONE: 1-800-337-3503

COL_31919_011421_Trust_VI

PLEASE SIGN, DATE ON THE REVERSE SIDE AND RETURN THE PROXY PROMPTLY USING THE ENCLOSED ENVELOPE.

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EVERY CONTRACT OWNER’S VOTE IS IMPORTANT

Important Notice Regarding the Availability of Proxy Materials for the

Joint Special Meeting of Shareholders to be held virtually on April 1, 2021

The Joint Proxy Statement for this meeting is available at:

https://www.proxy-direct.com/col-31919

IF YOU VOTE ON THE INTERNET OR BY TELEPHONE,

YOU NEED NOT RETURN THIS VOTING INSTRUCTION CARD

Please detach at perforation before mailing.

THEBOARD RECOMMENDS THAT SHAREHOLDERS VOTE FOR THE PROPOSAL. THIS VOTING INSTRUCTION CARD, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED BELOW AND, ABSENT DIRECTION, WILL BE VOTED FOR THE PROPOSAL LISTED BELOW. THE COMPANY IS ALSO AUTHORIZED TO VOTE UPON ANY OTHER BUSINESS THAT MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS THEREOF.

TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS SHOWN IN THIS EXAMPLE:		X

 

A		Proposal				VOTE VIA THE INTERNET:  www.proxy-direct.com VOTE BY TELEPHONE:     1-866-298-8476
				FOR		AGAINST		ABSTAIN

COL_31074_020620_VI_Trust

FUNDS		FUNDS
Columbia Variable Portfolio - Asset Allocation Fund Columbia Variable Portfolio - Diversified Absolute Return Fund Columbia Variable Portfolio - Small Cap Value Fund Columbia Variable Portfolio - Strategic Income Fund CTIVP® - Lazard International Equity Advantage Fund Variable Portfolio - Managed Risk U.S. Fund Variable Portfolio - Managed Volatility Conservative Growth Fund Variable Portfolio - U.S. Flexible Conservative Growth Fund Variable Portfolio - U.S. Flexible Moderate Growth Fund		Columbia Variable Portfolio - Contrarian Core Fund Columbia Variable Portfolio - Long Government/Credit Bond Fund Columbia Variable Portfolio - Small Company Growth Fund CTIVP® - AQR Managed Futures Strategy Fund Variable Portfolio - Managed Risk Fund Variable Portfolio - Managed Volatility Conservative Fund Variable Portfolio - Managed Volatility Growth Fund Variable Portfolio - U.S. Flexible Growth Fund

VOTING OPTIONS

Read your Joint Proxy Statement and have it at hand when voting.

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THE BOARD OF EACH FUND RECOMMENDS A VOTE FOR THE PROPOSALS LISTED BELOW. THIS VOTING INSTRUCTION CARD, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED BELOW AND, ABSENT DIRECTION, WILL BE VOTED FOR THE PROPOSALS LISTED BELOW. THE PROXIES ARE ALSO AUTHORIZED TO VOTE UPON ANY OTHER BUSINESS THAT MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS THEREOF, INCLUDING ANY ADJOURNMENT(S) NECESSARY TO OBTAIN QUORUMS AND/OR APPROVALS.

TO VOTE,MARK BLOCKS BELOW IN BLUE OR BLACK INK AS SHOWN IN THIS EXAMPLE:  ☒

A		Proposals
1.		With respect to each Liquidating Fund, toTo approve a transaction in connection with the liquidationon behalf of the Liquidating Fund, a transaction that will result in the substitution of shares of Columbia Variable Portfolio – Government Money Market Fund, a series of Columbia Funds Variable Series Trust II (the “Government MMF”), for shares of that Liquidatingthe Fund held by sub-accounts of RiverSource Life Insurance Company and RiverSource Life Insurance Co. of New York established to fund benefits under variable annuity contracts and/orand variable life insurance policies issued by such insurance companies.(that is, a reinvestment of liquidation proceeds into the Government MMF).

 ☐

	☐		☐
		FOR		AGAINST		ABSTAIN
01 Columbia Variable Portfolio - Asset Allocation Fund		☐		☐		☐
02 Columbia Variable Portfolio - Diversified Absolute Return Fund		☐		☐		☐
03 CTIVP® - AQR Managed Futures Strategy Fund		☐		☐		☐

2.

To elect ten (10) nominees to the Board of the Trustees of Columbia Funds Variable Insurance Trust:

FOR ALL

WITHHOLD ALL

FOR ALL EXCEPT

01.

Janet L. Carrig

02.

J. Kevin Connaughton

03.

Olive Darragh

☐

☐

☐

04.

Douglas A. Hacker

05.

Nancy T. Lukitsh

06.

David M. Moffett

07.

John J. Neuhauser

08.

Christopher O. Petersen

09.

Patrick J. Simpson

10.

Natalie A. Trunow

INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL

EXCEPT” and write the nominee’s number on the line provided below.

3. B		To transact such other business as may properly come before the Meeting.

Important Notice Regarding the Availability of Proxy Materials for the

Joint Special Meeting of Shareholders on April 16, 2020

The Joint Proxy Statement for this meeting is available at:

Authorizedhttps://www.proxy-direct.com/col-31074

B		Authorized Signatures — This section must be completed for your vote to be counted.— Sign and Date Below

Note:

Please sign exactly as your name(s) appear(s) on this voting instruction card,Voting Instruction Card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, guardian, administrator, trustee, guardian, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.

 

Date (mm/dd/yyyy) — Please print date below				Signature 1 — Please keep signature within the box				Signature 2 — Please keep signature within thebox
/        /

 

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