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cfvstii1:S000028691RussellMidcapGrowthIndexMember 2016-01-01 2025-12-31 0001413032 cfvstii1:S000028705BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001413032 cfvstii1:SP500IndexMember 2016-01-01 2025-12-31 iso4217:USD pure 0001413032 false 485BPOS 2025-12-31 0.1237 0.1530 0.0171 -0.1417 0.0778 -0.0155 0.3201 0.1870 -0.0714 0.0709 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 1st Quarter 2022 25.49% Worst 1st Quarter 2020 -22.00% 0.0330 0.0755 -0.0135 0.0569 -0.0551 0.1075 0.0459 0.0103 -0.1363 0.0947 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 2nd Quarter 2020 8.27% Worst 1st Quarter 2020 -10.05% 0.0613 0.1265 0.1107 0.1169 -0.0738 0.1209 0.0716 -0.0245 -0.1616 0.1002 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 2nd Quarter 2020 12.52% Worst 1st Quarter 2020 -13.74% 0.1165 0.0849 0.0617 -0.0400 0.1652 0.0631 0.0479 -0.1078 0.1187 0.0688 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 2nd Quarter 2020 9.44% Worst 1st Quarter 2020 -12.28% 0.1131 0.1725 0.2121 -0.0495 0.3079 0.1774 0.2807 -0.1854 0.2565 0.2440 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 2nd Quarter 2020 20.28% Worst 1st Quarter 2020 -19.68% 0.2337 0.1486 0.2492 0.0203 0.2268 -0.0498 0.3483 0.3508 0.1627 -0.3101 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 2nd Quarter 2020 28.83% Worst 2nd Quarter 2022 -22.74% 0.1385 0.1387 0.1328 -0.1351 0.3125 0.0725 0.3197 -0.0966 0.1005 0.1227 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 4th Quarter 2020 22.51% Worst 1st Quarter 2020 -32.87% 0.0464 0.0600 -0.0002 0.0528 0.0180 0.0747 0.0557 -0.0084 -0.0636 0.0666 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 2nd Quarter 2020 7.28% Worst 1st Quarter 2020 -3.91% 0.0986 0.0211 -0.0585 0.0476 0.0574 0.2616 -0.0518 0.4120 -0.2433 0.1356 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 3rd Quarter 2024 17.10% Worst 1st Quarter 2020 -24.72% 0.0962 0.0200 -0.0300 0.2052 0.1555 -0.1020 0.2785 0.0780 0.3155 0.0967 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 4th Quarter 2020 20.41% Worst 1st Quarter 2020 -29.21% 0.1719 0.1012 0.0343 -0.0361 0.2265 0.4180 0.2718 0.1641 -0.2579 0.2517 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 2nd Quarter 2020 27.38% Worst 2nd Quarter 2022 -22.50% 0.0307 0.1698 0.3223 0.0262 0.2685 0.7549 -0.0435 -0.4121 0.3062 0.2715 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 2nd Quarter 2020 47.48% Worst 1st Quarter 2022 -22.49% 0.0223 0.0728 0.0334 -0.0035 0.0839 0.0797 -0.0141 -0.1360 0.0606 0.0201 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 4th Quarter 2023 6.96% Worst 1st Quarter 2022 -5.96% 0.2310 0.1314 -0.1755 0.0955 0.2012 -0.0820 0.2621 0.1673 0.2918 0.2443 Best and Worst Quarterly Returns During the Period Shown in the Bar ChartBest 2nd Quarter 2020 18.94% Worst 1st Quarter 2020 -19.82% N-1A COLUMBIA FUNDS VARIABLE SERIES TRUST II 2026-05-01 Summary of the Fund Investment Objective <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Columbia Variable Portfolio – Commodity Strategy Fund (the Fund) </span><span style="color:#003c78;font-family:arial;font-size:10pt">seeks to provide shareholders with total return.</span></div> Fees and Expenses of the Fund <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">This table describes the fees and expenses that you may pay as an investor in the Fund.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The table does not reflect </span><span style="color:#003c78;font-family:arial;font-size:10pt">any fees or expenses imposed by your Contract or Qualified Plan, which are disclosed in your separate Contract </span><span style="color:#003c78;font-family:arial;font-size:10pt">prospectus or Qualified Plan disclosure documents. If the additional fees or expenses were reflected, the expenses </span><span style="color:#003c78;font-family:arial;font-size:10pt">set forth below would be higher.</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0063 0.0063 0.0000 0.0025 0.0019 0.0019 0.0082 0.0107 -0.0009 -0.0009 0.0073 0.0098 “Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. April 30, 2027  Example <div style="margin-top:6pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing </span><span style="color:#003c78;font-family:arial;font-size:10pt">in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods </span><span style="color:#003c78;font-family:arial;font-size:10pt">indicated, and assumes that:</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">you invest $10,000 in the applicable class of Fund shares for the periods indicated,</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">your investment has a 5% return each year, and</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund’s total annual operating expenses remain the same as shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Annual Fund Operating Expenses</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">table above.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="margin-top:6pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The example does not reflect any fees and expenses that apply to your Contract or Qualified Plan. Inclusion of </span><span style="color:#003c78;font-family:arial;font-size:10pt">these charges would increase expenses for all periods shown.</span></div><div style="margin-top:6pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Since the waivers and/or reimbursements shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Annual Fund Operating Expenses</span><span style="color:#003c78;font-family:arial;font-size:10pt"> table above expire as </span><span style="color:#003c78;font-family:arial;font-size:10pt">indicated in the preceding table, they are only reflected in the 1 year example and the first year of the other </span><span style="color:#003c78;font-family:arial;font-size:10pt">examples. Although your actual costs may be higher or lower, based on the assumptions listed above, your costs </span><span style="color:#003c78;font-family:arial;font-size:10pt">would be:</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> 75 75 253 253 446 446 1005 1005 100 100 331 331 581 581 1298 1298 Portfolio Turnover <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color:#003c78;font-family:arial;font-size:10pt">portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected </span><span style="color:#003c78;font-family:arial;font-size:10pt">in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal </span><span style="color:#003c78;font-family:arial;font-size:10pt">year, the Fund’s portfolio turnover rate was </span><span style="color:#003c78;font-family:arial;font-size:10pt">92</span><span style="color:#003c78;font-family:arial;font-size:10pt">% of the average value of its portfolio.</span></div> 0.92 Principal Investment Strategies <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Under normal circumstances, the Fund seeks to maintain substantial economic exposure to the performance of the </span><span style="color:#003c78;font-family:arial;font-size:10pt">commodities markets. The Fund invests, directly or indirectly, in a portfolio of commodity-linked investments, such </span><span style="color:#003c78;font-family:arial;font-size:10pt">as commodity-linked futures, structured notes and/or swaps, that are designed to provide </span><span style="color:#003c78;font-family:arial;font-size:10pt">long and short exposures</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">to the investment return of assets that trade in the commodities markets, without investing directly in physical </span><span style="color:#003c78;font-family:arial;font-size:10pt">commodities. A substantial portion of the Fund’s net assets will also be invested in a portfolio of fixed income </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities rated investment-grade or, if unrated, deemed of comparable quality, which will consist primarily of: (i) U.S. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Government securities (including U.S. Government agency securities), corporate debt securities, mortgage-backed </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities and/or asset-backed securities; and/or (ii) shares of an affiliated money market fund. In addition to </span><span style="color:#003c78;font-family:arial;font-size:10pt">investing in these holdings for their income-producing potential, these holdings will be designated by the Fund, as </span><span style="color:#003c78;font-family:arial;font-size:10pt">necessary, to serve as collateral with respect to the Fund’s commodity-linked investments.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund primarily expects to gain exposure to the commodities markets by investing up to 25% of its total assets in </span><span style="color:#003c78;font-family:arial;font-size:10pt">a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands (the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Subsidiary). The Subsidiary’s commodity-linked investments are expected to produce leveraged exposure to the </span><span style="color:#003c78;font-family:arial;font-size:10pt">performance of the commodities markets. It is expected that the gross notional value of the Fund’s (including the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Subsidiary’s) commodity-linked investments will be equivalent to at least 90% of the Fund’s net assets. Like the Fund, </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Subsidiary will not invest directly in physical commodities. The Subsidiary also invests in investment-grade fixed </span><span style="color:#003c78;font-family:arial;font-size:10pt">income securities and shares of an affiliated money market fund for investment purposes or to serve as collateral </span><span style="color:#003c78;font-family:arial;font-size:10pt">for its commodity-linked investments. The Fund’s investment in the Subsidiary permits it to gain exposure to the </span><span style="color:#003c78;font-family:arial;font-size:10pt">commodities markets in a potentially tax-efficient manner. The Subsidiary has the same investment objective as the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund and, like the Fund, is managed by Columbia Management Investment Advisers, LLC (Columbia Management or </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Investment Manager).</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may invest in derivatives, including futures contracts (including commodity-linked futures and interest rate </span><span style="color:#003c78;font-family:arial;font-size:10pt">futures), options contracts (including options on futures contracts), structured investments (including commodity-linked</span><span style="color:#003c78;font-family:arial;font-size:10pt"> structured notes) and swaps (including commodity-linked swaps) to increase, modify, </span><span style="color:#003c78;font-family:arial;font-size:10pt">reduce </span><span style="color:#003c78;font-family:arial;font-size:10pt">or </span><span style="color:#003c78;font-family:arial;font-size:10pt">short</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">commodity market </span><span style="color:#003c78;font-family:arial;font-size:10pt">positions or </span><span style="color:#003c78;font-family:arial;font-size:10pt">exposures. Actual exposures will vary over time based on factors such as market </span><span style="color:#003c78;font-family:arial;font-size:10pt">movements and assessments of market conditions by the Fund's portfolio managers. The Fund may engage in </span><span style="color:#003c78;font-family:arial;font-size:10pt">derivative transactions on both U.S. and foreign exchanges or in the "over-the-counter" (OTC) market.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may </span><span style="color:#003c78;font-family:arial;font-size:10pt">at times emphasize one or more sectors in selecting its investments, including the agricultural, energy and precious </span><span style="color:#003c78;font-family:arial;font-size:10pt">metals sectors.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may invest in privately placed and other securities or instruments that are purchased and sold pursuant to </span><span style="color:#003c78;font-family:arial;font-size:10pt">Rule 144A or other exemptions under the Securities Act of 1933, as amended, subject to certain regulatory </span><span style="color:#003c78;font-family:arial;font-size:10pt">restrictions.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">In constructing the Fund’s fixed-income portfolio, the Investment Manager seeks to identify a portfolio of investment-grade</span><span style="color:#003c78;font-family:arial;font-size:10pt"> fixed income securities, generally with a dollar-weighted average portfolio duration of 1 year or less.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund’s investment strategy may involve the frequent trading of portfolio securities.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">Additionally, the Fund’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">strategy of investing in derivative instruments and instruments with a maturity of one year or less at the time of </span><span style="color:#003c78;font-family:arial;font-size:10pt">acquisition, will also contribute to frequent portfolio trading and high portfolio turnover (typically greater than 300% </span><span style="color:#003c78;font-family:arial;font-size:10pt">per year).</span></div> There is no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Active Management Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Due to its active management, the Fund could underperform its benchmark index and/or </span><span style="color:#003c78;font-family:arial;font-size:10pt">other funds with similar investment objectives and/or strategies.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Commodity Futures Trading Commission (CFTC) Regulatory Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund does not qualify for an exemption from </span><span style="color:#003c78;font-family:arial;font-size:10pt">registration as a “commodity pool” under rules of the Commodity Exchange Act (the CEA). Accordingly, the Fund is a </span><span style="color:#003c78;font-family:arial;font-size:10pt">commodity pool under the CEA and the Investment Manager is registered as a “commodity pool operator” under the </span><span style="color:#003c78;font-family:arial;font-size:10pt">CEA. The Fund is subject to dual regulation by the SEC and the CFTC. Compliance with the CFTC’s regulatory </span><span style="color:#003c78;font-family:arial;font-size:10pt">requirements could increase Fund expenses, adversely affecting the Fund’s total return.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Commodity-related Investment Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The value of commodities investments will generally be affected by overall </span><span style="color:#003c78;font-family:arial;font-size:10pt">market movements and factors specific to a particular industry or commodity, which may include demand for the </span><span style="color:#003c78;font-family:arial;font-size:10pt">commodity, weather, embargoes, tariffs, and economic health, political, international, regulatory and other </span><span style="color:#003c78;font-family:arial;font-size:10pt">developments. Exposure to commodities and commodities markets may subject the value of the Fund’s investments </span><span style="color:#003c78;font-family:arial;font-size:10pt">to greater volatility than other types of investments. Commodities investments may also subject the Fund to </span><span style="color:#003c78;font-family:arial;font-size:10pt">counterparty risk and liquidity risk. The Fund may make commodity-related investments through one or more wholly-owned</span><span style="color:#003c78;font-family:arial;font-size:10pt"> subsidiaries organized outside the U.S. that are generally not subject to U.S. laws (including securities laws) </span><span style="color:#003c78;font-family:arial;font-size:10pt">and their protections.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Commodity-related Tax Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund intends to qualify for treatment as a regulated investment company under </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Internal Revenue Code of 1986, as amended. The Fund’s investments in commodities or commodity-related </span><span style="color:#003c78;font-family:arial;font-size:10pt">investments can be limited by the Fund’s intention to qualify as a regulated investment company and can limit the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund’s ability to so qualify.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Counterparty Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Counterparty risk is the risk that a counterparty to a transaction in a financial instrument held by </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise </span><span style="color:#003c78;font-family:arial;font-size:10pt">fail to perform its obligations. As a result, the Fund may obtain no or limited recovery of its investment, and any </span><span style="color:#003c78;font-family:arial;font-size:10pt">recovery may be significantly delayed.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Credit Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Credit risk is the risk that the value of debt instruments may decline if the issuer thereof defaults or </span><span style="color:#003c78;font-family:arial;font-size:10pt">otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, </span><span style="color:#003c78;font-family:arial;font-size:10pt">such as making payments to the Fund when due. Credit rating agencies, such as S&amp;P Global Ratings, Moody’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">Investors Service, Inc. (Moody’s Ratings), Fitch Ratings, Inc. (Fitch), Morningstar DBRS (DBRS) and Kroll Bond Rating </span><span style="color:#003c78;font-family:arial;font-size:10pt">Agency, LLC (KBRA), assign credit ratings to certain debt instruments to indicate their credit risk. A rating downgrade </span><span style="color:#003c78;font-family:arial;font-size:10pt">by such agencies can negatively impact the value of such instruments. Lower-rated or unrated instruments held by </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund may present increased credit risk as compared to higher-rated instruments. Non-investment grade debt </span><span style="color:#003c78;font-family:arial;font-size:10pt">instruments may be subject to greater price fluctuations and are more likely to experience a default than investment </span><span style="color:#003c78;font-family:arial;font-size:10pt">grade debt instruments and therefore may expose the Fund to increased credit risk. If the Fund purchases unrated </span><span style="color:#003c78;font-family:arial;font-size:10pt">instruments, or if the ratings of instruments held by the Fund are lowered after purchase, the Fund will depend on </span><span style="color:#003c78;font-family:arial;font-size:10pt">analysis of credit risk more heavily than usual.</span></div> <div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Derivatives Risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Derivatives may involve significant risks. Derivatives are financial instruments with a value in </span><span style="color:#003c78;font-family:arial;font-size:10pt">relation to, or derived from, the value of an underlying asset(s) or other reference, such as an index, rate or other </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic indicator (each an underlying reference). Derivatives may include those that are privately placed or </span><span style="color:#003c78;font-family:arial;font-size:10pt">otherwise exempt from SEC registration, including certain Rule 144A eligible securities. Derivatives could result in </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund losses if the underlying reference does not perform as anticipated. Use of derivatives is a highly specialized </span><span style="color:#003c78;font-family:arial;font-size:10pt">activity that can involve investment techniques, risks, and tax planning different from those associated with more </span><span style="color:#003c78;font-family:arial;font-size:10pt">traditional investment instruments. The Fund’s derivatives strategy may not be successful</span><span style="color:#003c78;font-family:arial;font-size:10pt">,</span><span style="color:#003c78;font-family:arial;font-size:10pt"> and use of certain </span><span style="color:#003c78;font-family:arial;font-size:10pt">derivatives could result in substantial, potentially unlimited, losses to the Fund regardless of the Fund’s actual </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment. A relatively small movement in the price, rate or other economic indicator associated with the underlying </span><span style="color:#003c78;font-family:arial;font-size:10pt">reference may result in substantial losses for the Fund. Derivatives may be more volatile than other types of </span><span style="color:#003c78;font-family:arial;font-size:10pt">investments. The value of derivatives may be influenced by a variety of factors, including national and international </span><span style="color:#003c78;font-family:arial;font-size:10pt">political and economic developments. Potential changes to the regulation of the derivatives markets may make </span><span style="color:#003c78;font-family:arial;font-size:10pt">derivatives more costly, may limit the market for derivatives, or may otherwise adversely affect the value or </span><span style="color:#003c78;font-family:arial;font-size:10pt">performance of derivatives. Derivatives can increase the Fund’s risk exposure to underlying references and their </span><span style="color:#003c78;font-family:arial;font-size:10pt">attendant risks, such as credit risk, market risk, foreign currency risk and interest rate risk, while potentially exposing </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, liquidity risk, pricing risk and </span><span style="color:#003c78;font-family:arial;font-size:10pt">volatility risk.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Derivatives Risk – Futures Contracts Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> A futures contract is an exchange-traded derivative transaction between </span><span style="color:#003c78;font-family:arial;font-size:10pt">two parties in which a buyer (holding the “long” position) agrees to pay a fixed price (or rate) at a specified future </span><span style="color:#003c78;font-family:arial;font-size:10pt">date for delivery of an underlying reference from a seller (holding the “short” position). The seller hopes that the </span><span style="color:#003c78;font-family:arial;font-size:10pt">market price on the delivery date is less than the agreed upon price, while the buyer hopes for the contrary. Certain </span><span style="color:#003c78;font-family:arial;font-size:10pt">futures contract markets are highly volatile, and futures contracts may be illiquid. Futures exchanges may limit </span><span style="color:#003c78;font-family:arial;font-size:10pt">fluctuations in futures contract prices by imposing a maximum permissible daily price movement. The Fund may be </span><span style="color:#003c78;font-family:arial;font-size:10pt">disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement. At or prior to </span><span style="color:#003c78;font-family:arial;font-size:10pt">maturity of a futures contract, the Fund may enter into an offsetting contract and may incur a loss to the extent there </span><span style="color:#003c78;font-family:arial;font-size:10pt">has been adverse movement in futures contract prices. The liquidity of the futures markets depends on participants </span><span style="color:#003c78;font-family:arial;font-size:10pt">entering into offsetting transactions rather than making or taking delivery. To the extent participants make or take </span><span style="color:#003c78;font-family:arial;font-size:10pt">delivery, liquidity in the futures market could be reduced. Because of the low margin deposits normally required in </span><span style="color:#003c78;font-family:arial;font-size:10pt">futures trading, it is possible that the Fund may employ a high degree of leverage in the portfolio. As a result, a </span><span style="color:#003c78;font-family:arial;font-size:10pt">relatively small price movement in a futures contract may result in substantial losses to the Fund, exceeding the </span><span style="color:#003c78;font-family:arial;font-size:10pt">amount of the margin paid. For certain types of futures contracts, losses are potentially unlimited. Futures markets </span><span style="color:#003c78;font-family:arial;font-size:10pt">are highly volatile</span><span style="color:#003c78;font-family:arial;font-size:10pt">,</span><span style="color:#003c78;font-family:arial;font-size:10pt"> and the use of futures may increase the volatility of the Fund’s NAV. Futures contracts executed (if </span><span style="color:#003c78;font-family:arial;font-size:10pt">any) on foreign exchanges may not provide the same protection as U.S. exchanges. Futures contracts can increase </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund’s risk exposure to underlying references and their attendant risks, such as credit risk, market risk, foreign </span><span style="color:#003c78;font-family:arial;font-size:10pt">currency risk and interest rate risk, while potentially exposing the Fund to correlation risk, counterparty risk, hedging </span><span style="color:#003c78;font-family:arial;font-size:10pt">risk, inflation risk, leverage risk, liquidity risk, pricing risk and volatility risk.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Derivatives Risk – Options Risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Options are derivatives that give the purchaser the option to buy (call) or sell (put) </span><span style="color:#003c78;font-family:arial;font-size:10pt">an underlying reference from or to a counterparty at a specified price (the strike price) on or before an expiration </span><span style="color:#003c78;font-family:arial;font-size:10pt">date. When writing options, the Fund is exposed to the risk that it may be required to buy or sell the underlying </span><span style="color:#003c78;font-family:arial;font-size:10pt">reference at a disadvantageous price on or before the expiration date. Options may involve economic leverage, which </span><span style="color:#003c78;font-family:arial;font-size:10pt">could result in greater volatility in price movement. The Fund's losses could be significant</span><span style="color:#003c78;font-family:arial;font-size:10pt"> and are potentially </span><span style="color:#003c78;font-family:arial;font-size:10pt">unlimited for certain types of options. Options may be traded on a securities exchange or in the over-the-counter </span><span style="color:#003c78;font-family:arial;font-size:10pt">market. At or prior to maturity of an options contract, the Fund may enter into an offsetting contract and may incur a </span><span style="color:#003c78;font-family:arial;font-size:10pt">loss to the extent there has been adverse movement in options prices. Options can increase the Fund’s risk exposure </span><span style="color:#003c78;font-family:arial;font-size:10pt">to underlying references and their attendant risks, such as credit risk, market risk, foreign currency risk and interest </span><span style="color:#003c78;font-family:arial;font-size:10pt">rate risk, while potentially exposing the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage </span><span style="color:#003c78;font-family:arial;font-size:10pt">risk, liquidity risk, pricing risk and volatility risk.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Derivatives Risk – Structured Investments Risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Structured investments are over-the-counter derivatives that </span><span style="color:#003c78;font-family:arial;font-size:10pt">provide principal and/or interest payments based on the value of an underlying reference(s). Structured investments </span><span style="color:#003c78;font-family:arial;font-size:10pt">may lack a liquid secondary market</span><span style="color:#003c78;font-family:arial;font-size:10pt">,</span><span style="color:#003c78;font-family:arial;font-size:10pt"> and their prices or value can be volatile</span><span style="color:#003c78;font-family:arial;font-size:10pt">,</span><span style="color:#003c78;font-family:arial;font-size:10pt"> which could result in significant losses </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">for the Fund. Structured investments may create economic leverage which may increase the volatility of the value of </span><span style="color:#003c78;font-family:arial;font-size:10pt">the investment. Structured investments can increase the Fund’s risk exposure to underlying references and their </span><span style="color:#003c78;font-family:arial;font-size:10pt">attendant risks, such as credit risk, market risk, foreign currency risk and interest rate risk, while potentially exposing </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, liquidity risk, pricing risk and </span><span style="color:#003c78;font-family:arial;font-size:10pt">volatility risk.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Derivatives Risk – Swaps Risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">In a typical swap transaction, two parties agree to exchange the return earned on a </span><span style="color:#003c78;font-family:arial;font-size:10pt">specified underlying reference for a fixed return or the return from another underlying reference during a specified </span><span style="color:#003c78;font-family:arial;font-size:10pt">period of time. Swaps may be difficult to value and may be illiquid. Swaps could result in Fund losses if the </span><span style="color:#003c78;font-family:arial;font-size:10pt">underlying asset or reference does not perform as anticipated. Swaps create significant investment leverage such </span><span style="color:#003c78;font-family:arial;font-size:10pt">that a relatively small price movement in a swap may result in immediate and substantial losses to the Fund. The </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund may only close out a swap with its particular counterparty</span><span style="color:#003c78;font-family:arial;font-size:10pt"> and may only transfer a position with the consent of </span><span style="color:#003c78;font-family:arial;font-size:10pt">that counterparty. Certain swaps, such as short swap transactions and total return swaps, have the potential for </span><span style="color:#003c78;font-family:arial;font-size:10pt">unlimited losses, regardless of the size of the initial position. Swaps can increase the Fund’s risk exposure to </span><span style="color:#003c78;font-family:arial;font-size:10pt">underlying references and their attendant risks, such as credit risk, market risk, foreign currency risk and interest rate </span><span style="color:#003c78;font-family:arial;font-size:10pt">risk, while potentially exposing the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, </span><span style="color:#003c78;font-family:arial;font-size:10pt">liquidity risk, pricing risk and volatility risk.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Fixed Income Instruments Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund is subject to the general risks and considerations associated with </span><span style="color:#003c78;font-family:arial;font-size:10pt">investing in debt securities, including the risk that issuers will fail to make timely payments of principal or interest or </span><span style="color:#003c78;font-family:arial;font-size:10pt">default altogether. Lower-rated securities in which the Fund may invest may be more volatile and may decline more </span><span style="color:#003c78;font-family:arial;font-size:10pt">in price in response to negative issuer developments or general economic news than higher rated securities. In </span><span style="color:#003c78;font-family:arial;font-size:10pt">addition, as interest rates rise, the Fund’s investments typically will lose value.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Frequent Trading Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The portfolio managers may actively and frequently trade investments in the Fund's portfolio </span><span style="color:#003c78;font-family:arial;font-size:10pt">to carry out its investment strategies. Frequent trading can also mean higher brokerage and other transaction costs, </span><span style="color:#003c78;font-family:arial;font-size:10pt">which could reduce the Fund's return. The trading costs associated with portfolio turnover may adversely affect the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund’s performance.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Interest Rate Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest </span><span style="color:#003c78;font-family:arial;font-size:10pt">rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to </span><span style="color:#003c78;font-family:arial;font-size:10pt">rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it </span><span style="color:#003c78;font-family:arial;font-size:10pt">but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the </span><span style="color:#003c78;font-family:arial;font-size:10pt">liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt </span><span style="color:#003c78;font-family:arial;font-size:10pt">instrument, the greater its sensitivity to changes in interest rates. For example, a three-year duration means a bond is </span><span style="color:#003c78;font-family:arial;font-size:10pt">expected to decrease in value by 3% if interest rates rise 1% and increase in value by 3% if interest rates fall 1%. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment </span><span style="color:#003c78;font-family:arial;font-size:10pt">risk. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher </span><span style="color:#003c78;font-family:arial;font-size:10pt">periods of inflation could lead such authorities to raise interest rates. Such actions may negatively affect the value of </span><span style="color:#003c78;font-family:arial;font-size:10pt">debt instruments held by the Fund, resulting in a negative impact on the Fund's performance and NAV. Any interest </span><span style="color:#003c78;font-family:arial;font-size:10pt">rate increases could cause the value of the Fund’s investments in debt instruments to decrease. Rising interest rates </span><span style="color:#003c78;font-family:arial;font-size:10pt">may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not </span><span style="color:#003c78;font-family:arial;font-size:10pt">advantageous to do so, which could result in losses.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Investing in Wholly-Owned Subsidiary Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> By investing in a Subsidiary, the Fund is indirectly exposed to the risks </span><span style="color:#003c78;font-family:arial;font-size:10pt">associated with the Subsidiary’s investments. The Fund’s Principal Risks may also apply to a Subsidiary in which the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund invests (which are described in this prospectus). There can be no assurance that the investment objective of a </span><span style="color:#003c78;font-family:arial;font-size:10pt">Subsidiary will be achieved. Changes in the laws of the United States and/or the Cayman Islands, under which the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund and any Subsidiary in which it invests, respectively, are organized, could result in the inability of the Fund and/or </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Subsidiary to operate as described in this prospectus and the Fund’s Statement of Additional Information (SAI) </span><span style="color:#003c78;font-family:arial;font-size:10pt">and could adversely affect the Fund and its shareholders.</span></div> <div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Issuer Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> An issuer in which the Fund invests or to which it has exposure may perform poorly or below </span><span style="color:#003c78;font-family:arial;font-size:10pt">expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, </span><span style="color:#003c78;font-family:arial;font-size:10pt">breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent </span><span style="color:#003c78;font-family:arial;font-size:10pt">disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus </span><span style="color:#003c78;font-family:arial;font-size:10pt">outbreaks, epidemics or other events, conditions and factors which may impair the value of your investment in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Large Purchases and Redemptions of Fund Shares Risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The timing and magnitude of Fund share purchases and </span><span style="color:#003c78;font-family:arial;font-size:10pt">redemptions, including by large Fund shareholders transacting in large amounts of Fund shares, could prevent the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund from being fully invested, or require the Fund to sell portfolio securities at unfavorable prices or hold ready </span><span style="color:#003c78;font-family:arial;font-size:10pt">reserves of uninvested cash in amounts larger than might otherwise be the case to meet shareholder redemptions. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Thus, large Fund share purchases and redemptions could adversely impact the Fund’s performance. Such Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">share activity may also increase the Fund’s transaction costs, which would also detract from Fund performance, </span><span style="color:#003c78;font-family:arial;font-size:10pt">while also having potentially negative tax consequences for investors. The Fund, because of a large redemption, may </span><span style="color:#003c78;font-family:arial;font-size:10pt">be forced to sell its liquid or more liquid positions, resulting in the Fund holding a higher percentage of less liquid or </span><span style="color:#003c78;font-family:arial;font-size:10pt">illiquid securities (i.e., investments that a Fund reasonably expects cannot be sold or disposed of in current market </span><span style="color:#003c78;font-family:arial;font-size:10pt">conditions in seven calendar days or less without the sale or disposition significantly changing the market value of </span><span style="color:#003c78;font-family:arial;font-size:10pt">the instrument). Because the expenses and costs of the Fund are shared by its investors, large redemptions in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund could result in decreased economies of scale and increased operating expenses for non-redeeming Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">shareholders. In addition, in the event of a Fund proxy proposal, one or more large investor(s) could dictate with </span><span style="color:#003c78;font-family:arial;font-size:10pt">its/their vote the results of the proposal, which may have a less favorable impact on minority-stake shareholders.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Leverage Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Leverage occurs when the Fund increases its assets available for investment using borrowings, </span><span style="color:#003c78;font-family:arial;font-size:10pt">derivatives, or similar instruments or techniques. Use of leverage can produce volatility and may exaggerate changes </span><span style="color:#003c78;font-family:arial;font-size:10pt">in the NAV of Fund shares and in the return on the Fund’s portfolio, which may increase the risk that the Fund will </span><span style="color:#003c78;font-family:arial;font-size:10pt">lose more than it has invested. If the Fund uses leverage, through the purchase of particular instruments such as </span><span style="color:#003c78;font-family:arial;font-size:10pt">derivatives, the Fund may experience capital losses that exceed the net assets of the Fund. Leverage can create an </span><span style="color:#003c78;font-family:arial;font-size:10pt">interest expense that may lower the Fund's overall returns. Leverage presents the opportunity for increased net </span><span style="color:#003c78;font-family:arial;font-size:10pt">income and capital gains, but may also exaggerate the Fund’s volatility and risk of loss. There can be no guarantee </span><span style="color:#003c78;font-family:arial;font-size:10pt">that a leveraging strategy will be successful.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Liquidity Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Liquidity risk is the risk associated with any event, circumstance, or characteristic of an investment or </span><span style="color:#003c78;font-family:arial;font-size:10pt">market that negatively impacts the Fund’s ability to sell, or realize the proceeds from the sale of, an investment at a </span><span style="color:#003c78;font-family:arial;font-size:10pt">desirable time or price. Liquidity risk may arise because of, for example, a lack of marketability of the investment, </span><span style="color:#003c78;font-family:arial;font-size:10pt">which means that when seeking to sell its portfolio investments, the Fund could find that selling is more difficult than </span><span style="color:#003c78;font-family:arial;font-size:10pt">anticipated, especially during times of high market volatility. Decreases in the number of financial institutions, </span><span style="color:#003c78;font-family:arial;font-size:10pt">including banks and broker-dealers, willing to make markets (match up sellers and buyers) in the Fund’s investments </span><span style="color:#003c78;font-family:arial;font-size:10pt">or decreases in their capacity or willingness to trade such investments may increase the Fund’s exposure to this risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The debt market has experienced considerable growth, and financial institutions making markets in instruments </span><span style="color:#003c78;font-family:arial;font-size:10pt">purchased and sold by the Fund (e.g., bond dealers) have been subject to increased regulation. The impact of that </span><span style="color:#003c78;font-family:arial;font-size:10pt">growth and regulation on the ability and willingness of financial institutions to engage in trading or “making a </span><span style="color:#003c78;font-family:arial;font-size:10pt">market” in such instruments remains unsettled. Certain types of investments, such as lower-rated securities or those </span><span style="color:#003c78;font-family:arial;font-size:10pt">that are purchased and sold in over-the-counter markets, may be especially subject to liquidity risk. Securities or </span><span style="color:#003c78;font-family:arial;font-size:10pt">other assets in which the Fund invests may be traded in the over-the-counter market rather than on an exchange and </span><span style="color:#003c78;font-family:arial;font-size:10pt">therefore may be more difficult to purchase or sell at a fair price, which may have a negative impact on the Fund’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">performance. Market participants attempting to sell the same or a similar instrument at the same time as the Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">could exacerbate the Fund’s exposure to liquidity risk. The Fund may have to accept a lower selling price for the </span><span style="color:#003c78;font-family:arial;font-size:10pt">holding, sell other liquid or more liquid investments that it might otherwise prefer to hold (thereby increasing the </span><span style="color:#003c78;font-family:arial;font-size:10pt">proportion of the Fund’s investments in less liquid or illiquid securities), or forego another more appealing </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment opportunity. The liquidity of Fund investments may change significantly over time and certain </span><span style="color:#003c78;font-family:arial;font-size:10pt">investments that were liquid when purchased by the Fund may later become illiquid, particularly in times of overall </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic distress. Changing regulatory, market or other conditions or environments (for example, the interest rate or </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">credit environments) may also adversely affect the liquidity and the price of the Fund's investments. Judgment plays </span><span style="color:#003c78;font-family:arial;font-size:10pt">a larger role in valuing illiquid or less liquid investments as compared to valuing liquid or more liquid investments. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Price volatility may be higher for illiquid or less liquid investments as a result of, for example, the relatively less </span><span style="color:#003c78;font-family:arial;font-size:10pt">frequent pricing of such securities (as compared to liquid or more liquid investments). Generally, the less liquid the </span><span style="color:#003c78;font-family:arial;font-size:10pt">market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Overall market liquidity and other factors can lead to an increase in redemptions, which may negatively impact Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">performance and NAV, including, for example, if the Fund is forced to sell investments in a down market.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Market Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. </span><span style="color:#003c78;font-family:arial;font-size:10pt">These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, </span><span style="color:#003c78;font-family:arial;font-size:10pt">regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, </span><span style="color:#003c78;font-family:arial;font-size:10pt">turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively </span><span style="color:#003c78;font-family:arial;font-size:10pt">affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly </span><span style="color:#003c78;font-family:arial;font-size:10pt">traded and closed markets and could cause significant redemptions and operational challenges. Global economies </span><span style="color:#003c78;font-family:arial;font-size:10pt">and financial markets are increasingly interconnected, and conditions and events in one country, region or financial </span><span style="color:#003c78;font-family:arial;font-size:10pt">market may adversely impact issuers in a different country, region or financial market. These risks may be magnified </span><span style="color:#003c78;font-family:arial;font-size:10pt">if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such </span><span style="color:#003c78;font-family:arial;font-size:10pt">risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other </span><span style="color:#003c78;font-family:arial;font-size:10pt">conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, </span><span style="color:#003c78;font-family:arial;font-size:10pt">depressions or other events – or the potential for such events – could have a significant negative impact on global </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic and market conditions. In general, commodity investments tend to have greater price volatility than debt </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities. In addition, commodity prices may be sensitive to rising interest rates, as the cost of capital rises and </span><span style="color:#003c78;font-family:arial;font-size:10pt">borrowing costs increase.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Money Market Fund Investment Risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">An investment in a money market fund is not a bank deposit and is not insured </span><span style="color:#003c78;font-family:arial;font-size:10pt">or guaranteed by any bank, the Federal Deposit Insurance Corporation (FDIC) or any other government agency. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Certain money market funds float their NAV while others seek to preserve the value of investments at a stable NAV </span><span style="color:#003c78;font-family:arial;font-size:10pt">(typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain </span><span style="color:#003c78;font-family:arial;font-size:10pt">a stable NAV per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and </span><span style="color:#003c78;font-family:arial;font-size:10pt">other types of money market funds. Certain money market funds (including the Fund’s cash sweep vehicle) are </span><span style="color:#003c78;font-family:arial;font-size:10pt">subject to mandatory liquidity fees if daily net redemptions exceed 5% of their net assets and may also impose a </span><span style="color:#003c78;font-family:arial;font-size:10pt">discretionary liquidity fee of up to 2% on redemptions if that fee is determined to be in the best interests of the </span><span style="color:#003c78;font-family:arial;font-size:10pt">money market fund. Such fees, if imposed, will reduce the amount the Fund receives on redemptions. In addition to </span><span style="color:#003c78;font-family:arial;font-size:10pt">the fees and expenses that the Fund directly bears, the Fund indirectly bears the fees and expenses of any money </span><span style="color:#003c78;font-family:arial;font-size:10pt">market funds in which it invests, including affiliated money market funds. By investing in a money market fund, the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund will be exposed to the investment risks of the money market fund in direct proportion to such investment. To </span><span style="color:#003c78;font-family:arial;font-size:10pt">the extent the Fund invests in instruments such as derivatives, the Fund may hold investments, which may be </span><span style="color:#003c78;font-family:arial;font-size:10pt">significant, in money market fund shares to cover its obligations resulting from the Fund</span><span style="color:#003c78;font-family:arial;font-size:10pt">'</span><span style="color:#003c78;font-family:arial;font-size:10pt">s investments in such </span><span style="color:#003c78;font-family:arial;font-size:10pt">instruments. Money market funds and the securities they invest in are subject to comprehensive regulations. The </span><span style="color:#003c78;font-family:arial;font-size:10pt">enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, </span><span style="color:#003c78;font-family:arial;font-size:10pt">may affect the manner of operation, performance and/or yield of money market funds.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Mortgage- and Other Asset-Backed Securities Risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The value of any mortgage-backed and other asset-backed </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities including collateralized debt obligations and collateralized loan obligations, if any, held by the Fund may be </span><span style="color:#003c78;font-family:arial;font-size:10pt">affected by, among other things, changes or perceived changes in: interest rates; factors concerning the interests in </span><span style="color:#003c78;font-family:arial;font-size:10pt">and structure of the issuer or the originator of the mortgages or other assets; the creditworthiness of the entities </span><span style="color:#003c78;font-family:arial;font-size:10pt">that provide any supporting letters of credit, surety bonds or other credit enhancements; or the market's assessment </span><span style="color:#003c78;font-family:arial;font-size:10pt">of the quality of underlying assets. Payment of principal and interest on some mortgage-backed securities (but not </span><span style="color:#003c78;font-family:arial;font-size:10pt">the market value of the securities themselves) may be guaranteed by the full faith and credit of a particular U.S. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Government agency, authority, enterprise or instrumentality, and some, but not all, are also insured or guaranteed by </span><span style="color:#003c78;font-family:arial;font-size:10pt">the U.S. Government. Mortgage-backed securities issued by non-governmental issuers (such as commercial banks, </span><span style="color:#003c78;font-family:arial;font-size:10pt">savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary </span><span style="color:#003c78;font-family:arial;font-size:10pt">market issuers) may entail greater risk than obligations guaranteed by the U.S. Government. Mortgage- and other </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">asset-backed securities are subject to liquidity risk and prepayment risk. A decline or flattening of housing values </span><span style="color:#003c78;font-family:arial;font-size:10pt">may cause delinquencies in mortgages </span><span style="color:#003c78;font-family:arial;font-size:10pt">underlying mortgage-backed securities and thereby adversely affect the </span><span style="color:#003c78;font-family:arial;font-size:10pt">ability of the mortgage-backed securities issuer to make principal and/or interest payments to mortgage-backed </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities holders, including the Fund. Rising or high interest rates tend to extend the duration of mortgage- and </span><span style="color:#003c78;font-family:arial;font-size:10pt">other asset-backed securities, making their prices more volatile and more sensitive to changes in interest rates.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Prepayment and Extension Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Prepayment and extension risk is the risk that a bond or other security or </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment might, in the case of prepayment risk, be called or otherwise converted, prepaid or redeemed before </span><span style="color:#003c78;font-family:arial;font-size:10pt">maturity and, in the case of extension risk, that the investment might not be called as expected. In the case of </span><span style="color:#003c78;font-family:arial;font-size:10pt">prepayment risk, if the investment is converted, prepaid or redeemed before maturity, the portfolio managers may </span><span style="color:#003c78;font-family:arial;font-size:10pt">not be able to invest the proceeds in other investments providing as high a level of income, resulting in a reduced </span><span style="color:#003c78;font-family:arial;font-size:10pt">yield to the Fund. As interest rates decrease or spreads narrow on such investments, the likelihood of prepayment </span><span style="color:#003c78;font-family:arial;font-size:10pt">increases. Conversely, extension risk is the risk that an unexpected rise in interest rates will extend the life of an </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment beyond the prepayment time. If the Fund’s investments are locked in at a lower interest rate for a longer </span><span style="color:#003c78;font-family:arial;font-size:10pt">period of time, the portfolio managers may be unable to capitalize on investments with higher interest rates or wider </span><span style="color:#003c78;font-family:arial;font-size:10pt">spreads.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Reinvestment Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Reinvestment risk arises when the Fund is unable to reinvest income or principal at the same or </span><span style="color:#003c78;font-family:arial;font-size:10pt">at least the same return it is currently earning.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Rule 144A and Other Exempted Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund may invest in privately placed and other securities or </span><span style="color:#003c78;font-family:arial;font-size:10pt">instruments exempt from SEC registration (collectively “private placements”), subject to certain regulatory </span><span style="color:#003c78;font-family:arial;font-size:10pt">restrictions. In the U.S. market, private placements are typically sold only to qualified institutional buyers, or qualified </span><span style="color:#003c78;font-family:arial;font-size:10pt">purchasers, as applicable. An insufficient number of buyers interested in purchasing private placements at a </span><span style="color:#003c78;font-family:arial;font-size:10pt">particular time could adversely affect the marketability of such investments and the Fund might be unable to dispose </span><span style="color:#003c78;font-family:arial;font-size:10pt">of them promptly or at reasonable prices, subjecting the Fund to liquidity risk. The Fund’s holdings of private </span><span style="color:#003c78;font-family:arial;font-size:10pt">placements may increase the level of Fund illiquidity if eligible buyers are unable or unwilling to purchase them at a </span><span style="color:#003c78;font-family:arial;font-size:10pt">particular time. Issuers of Rule 144A eligible securities are required to furnish information to potential investors upon </span><span style="color:#003c78;font-family:arial;font-size:10pt">request. However, the required disclosure is much less extensive than that required of public companies and is not </span><span style="color:#003c78;font-family:arial;font-size:10pt">publicly available since the offering information is not filed with the SEC. Further, issuers of Rule 144A eligible </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities can require recipients of the offering information (such as the Fund) to agree contractually to keep the </span><span style="color:#003c78;font-family:arial;font-size:10pt">information confidential, which could also adversely affect the Fund’s ability to dispose of the security.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Sector Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> At times, the Fund may have a significant portion of its assets exposed to one or more economic </span><span style="color:#003c78;font-family:arial;font-size:10pt">sectors, including the agricultural, energy and precious metals sectors. The Fund’s exposures to these sectors may </span><span style="color:#003c78;font-family:arial;font-size:10pt">be affected by economic, regulatory, political or market events or conditions, which may make the Fund vulnerable to </span><span style="color:#003c78;font-family:arial;font-size:10pt">unfavorable developments in these economic sectors.</span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Agricultural Sector.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund is vulnerable to the particular risks that may affect the agricultural sector. The </span><span style="color:#003c78;font-family:arial;font-size:10pt">agricultural (e.g., grain) sector may be adversely affected by changes or trends in commodity prices and labor </span><span style="color:#003c78;font-family:arial;font-size:10pt">costs, which may be influenced by unpredictable factors. The agricultural sector is subject to government subsidy </span><span style="color:#003c78;font-family:arial;font-size:10pt">policies and environmental, health and safety laws and regulations and changes to these policies, laws and </span><span style="color:#003c78;font-family:arial;font-size:10pt">regulations may have a material adverse effect on this sector. Adverse weather conditions and various </span><span style="color:#003c78;font-family:arial;font-size:10pt">geopolitical events also may adversely affect this sector.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Energy Sector.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund is vulnerable to the particular risks that may affect the energy sector. The energy sector is </span><span style="color:#003c78;font-family:arial;font-size:10pt">subject to certain risks, including legislative or regulatory changes, adverse market conditions and increased </span><span style="color:#003c78;font-family:arial;font-size:10pt">competition. Performance of commodities in the energy sector may be affected by factors including, among </span><span style="color:#003c78;font-family:arial;font-size:10pt">others, fluctuations in energy prices, energy fuel supply and demand factors, energy conservation, the success of </span><span style="color:#003c78;font-family:arial;font-size:10pt">exploration projects, local and international policies, and events occurring in nature. For instance, natural events </span><span style="color:#003c78;font-family:arial;font-size:10pt">(such as earthquakes, hurricanes or fires in prime natural resources areas) and political events (such as </span><span style="color:#003c78;font-family:arial;font-size:10pt">government instability or military confrontations and actions) can affect the value of commodities in the energy </span><span style="color:#003c78;font-family:arial;font-size:10pt">sector. Other risks may include liabilities for environmental damage and general civil liabilities, depletion of </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="line-height:12.0pt;margin-left:11pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">resources, and mandated expenditures for safety and pollution control. The energy sector may also be affected by </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic cycles, rising interest rates, high inflation, technical progress, labor relations, legislative or regulatory </span><span style="color:#003c78;font-family:arial;font-size:10pt">changes, local and international policies, and adverse market conditions.</span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Precious Metals Sector.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund is vulnerable to the particular risks that may affect the precious metals sector. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The precious metals sector is subject to certain risks, including that prices of precious metals are significantly </span><span style="color:#003c78;font-family:arial;font-size:10pt">affected by exchange rates, import controls, increased competition, environmental policies, consumer demand, </span><span style="color:#003c78;font-family:arial;font-size:10pt">and events occurring in nature. For instance, natural events (such as earthquakes, hurricanes or fires in prime </span><span style="color:#003c78;font-family:arial;font-size:10pt">natural resource areas) and political events (such as government instability or military confrontations and actions) </span><span style="color:#003c78;font-family:arial;font-size:10pt">can affect the value of precious metals. The value of precious metals may be affected by factors including, among </span><span style="color:#003c78;font-family:arial;font-size:10pt">others, economic downturns, leading to poor investment returns or losses. Other risks may include liabilities for </span><span style="color:#003c78;font-family:arial;font-size:10pt">environmental damage and general civil liabilities, depletion of resources, and mandated expenditures for safety </span><span style="color:#003c78;font-family:arial;font-size:10pt">and pollution control. The precious metals sector may also be affected by economic cycles, rising interest rates, </span><span style="color:#003c78;font-family:arial;font-size:10pt">high inflation, technical progress, labor relations, legislative or regulatory changes, local and international policies, </span><span style="color:#003c78;font-family:arial;font-size:10pt">and adverse market conditions. In addition, prices of, and thus the Fund’s exposure to, precious metals are </span><span style="color:#003c78;font-family:arial;font-size:10pt">considered speculative and are affected by a variety of worldwide and economic, financial and political factors. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Prices of precious metals may fluctuate sharply.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Short Positions Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund may establish short positions which introduce more risk to the Fund than long </span><span style="color:#003c78;font-family:arial;font-size:10pt">positions (where the Fund owns the instrument or other asset) because the maximum sustainable loss on an </span><span style="color:#003c78;font-family:arial;font-size:10pt">instrument or other asset purchased (held long) is limited to the amount paid for the instrument or other asset plus </span><span style="color:#003c78;font-family:arial;font-size:10pt">the transaction costs, whereas there is no maximum price of the shorted instrument or other asset when purchased </span><span style="color:#003c78;font-family:arial;font-size:10pt">in the open market. Therefore, in theory, short positions have unlimited risk. The Fund’s use of short positions in </span><span style="color:#003c78;font-family:arial;font-size:10pt">effect “leverages” the Fund. Leverage potentially exposes the Fund to greater risks of loss due to unanticipated </span><span style="color:#003c78;font-family:arial;font-size:10pt">market movements, which may magnify losses and increase the volatility of returns. To the extent the Fund takes a </span><span style="color:#003c78;font-family:arial;font-size:10pt">short position in a derivative instrument or other asset, this involves the risk of a potentially unlimited increase in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">value of the underlying instrument or other asset. Short positions also involve transaction and other costs that will </span><span style="color:#003c78;font-family:arial;font-size:10pt">reduce potential Fund gains and increase potential Fund losses.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Tax Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> To qualify for treatment as a regulated investment company, the Fund must meet certain requirements </span><span style="color:#003c78;font-family:arial;font-size:10pt">regarding the source of its income. The Fund's investments can be limited by the Fund's intention to qualify as a </span><span style="color:#003c78;font-family:arial;font-size:10pt">regulated investment company and can limit the Fund's ability to so qualify. The tax treatment of certain investments </span><span style="color:#003c78;font-family:arial;font-size:10pt">and of the income and gain therefrom under the qualifying income test applicable to regulated investment </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies is uncertain, and an adverse determination or future guidance by the Internal Revenue Service (the IRS) </span><span style="color:#003c78;font-family:arial;font-size:10pt">may affect the Fund's ability to qualify for treatment as a regulated investment company, including on a retroactive </span><span style="color:#003c78;font-family:arial;font-size:10pt">basis. If the Fund were to fail to qualify as a regulated investment company, or if it were ineligible to or otherwise </span><span style="color:#003c78;font-family:arial;font-size:10pt">could not cure such failure, the Fund would be ineligible (including retroactively) for the favorable tax treatment </span><span style="color:#003c78;font-family:arial;font-size:10pt">afforded to regulated investment companies for one or more years, which would adversely affect the value of your </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment in the Fund. The Fund intends to invest a portion of its assets in the Subsidiary. The Fund and the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Subsidiary currently take steps to, and will continue to take steps to, ensure that the Fund's income in respect of the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Subsidiary will constitute qualifying income. Failure to do so could affect the ability of the Fund to qualify for </span><span style="color:#003c78;font-family:arial;font-size:10pt">treatment as a regulated investment company. If a net loss is realized by the Subsidiary, such loss is not generally </span><span style="color:#003c78;font-family:arial;font-size:10pt">available to offset the income of the Fund. Also, net losses realized by the Subsidiary cannot be carried forward to </span><span style="color:#003c78;font-family:arial;font-size:10pt">offset income of the Subsidiary in future years.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Unrated Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund may purchase unrated securities which are not rated by a rating agency. Unrated </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities may be less liquid than comparable rated securities and involve the risk that the Investment Manager may </span><span style="color:#003c78;font-family:arial;font-size:10pt">not accurately evaluate the security’s comparative credit rating. Analysis of creditworthiness of issuers of high yield </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities may be more complex than for issuers of higher-quality debt securities. To the extent that the Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">purchases unrated securities, the Fund’s success in achieving its investment objective may depend more heavily on </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Investment Manager’s creditworthiness analysis than if the Fund invested exclusively in rated securities.</span></div> <div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">U.S. Government Obligations Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or </span><span style="color:#003c78;font-family:arial;font-size:10pt">be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities </span><span style="color:#003c78;font-family:arial;font-size:10pt">issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or </span><span style="color:#003c78;font-family:arial;font-size:10pt">enterprises may or may not be backed by the full faith and credit of the U.S. Government.</span></div> Performance Information <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The following bar chart and table show you how the Fund has performed in the past, and can help you understand </span><span style="color:#003c78;font-family:arial;font-size:10pt">the risks of investing in the Fund. The bar chart shows how the Fund’s Class 2 share performance has varied for </span><span style="color:#003c78;font-family:arial;font-size:10pt">each full calendar year shown. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The table below the bar chart compares the Fund’s returns for the periods shown with </span><span style="color:#003c78;font-family:arial;font-size:10pt">a broad measure of market performance, as well as another measure of performance for markets in which the Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">may invest.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Except for differences in annual returns resulting from differences in expenses (where applicable), the share classes </span><span style="color:#003c78;font-family:arial;font-size:10pt">of the Fund would have substantially similar annual returns because all share classes of the Fund invest in the same </span><span style="color:#003c78;font-family:arial;font-size:10pt">portfolio of securities.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The returns shown do not reflect any fees and expenses imposed under your Contract or Qualified Plan and would be </span><span style="color:#003c78;font-family:arial;font-size:10pt">lower if they did.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">The Fund’s past performance is no guarantee of how the Fund will perform in the future.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Updated performance </span><span style="color:#003c78;font-family:arial;font-size:10pt">information can be obtained by calling toll-free 800.345.6611 or visiting columbiathreadneedleus.com.</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s Class 2 share performance has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with a broad measure of market performance, as well as another measure of performance for markets in which the Fund may invest. The returns shown do not reflect any fees and expenses imposed under your Contract or Qualified Plan and would be lower if they did. The Fund’s past performance is no guarantee of how the Fund will perform in the future. 800.345.6611 columbiathreadneedleus.com Year by Year Total Return (%) as of December 31 Each Year Best 2022-03-31 0.2549 Worst 2020-03-31 -0.2200  Average Annual Total Returns (for periods ended December 31, 2025)   2013-04-30 0.1548 0.1276 0.0675 2013-04-30 0.1530 0.1244 0.0646 0.1577 0.1064 0.0573 0.2234 0.1119 0.1172 Summary of the Fund Investment Objective <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Columbia Variable Portfolio – </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Select </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Corporate </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Income</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Fund (the Fund) </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">seeks to provide shareholders with high total </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">return through income and growth of capital.</span></div> Fees and Expenses of the Fund <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">This table describes the fees and expenses that you may pay as an investor in the Fund.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The table does not reflect </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">any fees or expenses imposed by your Contract or Qualified Plan, which are disclosed in your separate Contract </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">prospectus or Qualified Plan disclosure documents. If the additional fees or expenses were reflected, the expenses </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">set forth below would be higher.</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0050 0.0050 0.0050 0.0000 0.0025 0.0013 0.0002 0.0002 0.0002 0.0052 0.0077 0.0065 -0.0005 -0.0005 -0.0005 0.0047 0.0072 0.0060 Management fees have been restated to reflect the current management fee rate. “Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. April 30, 2027  Example <div style="margin-top: 6pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">indicated, and assumes that:</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> <div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">you invest $10,000 in the applicable class of Fund shares for the periods indicated,</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">your investment has a 5% return each year, and</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund’s total annual operating expenses remain the same as shown in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Annual Fund Operating Expenses</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">table above.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 6pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The example does not reflect any fees and expenses that apply to your Contract or Qualified Plan. Inclusion of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">these charges would increase expenses for all periods shown.</span></div> <div style="margin-top: 6pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Since the waivers and/or reimbursements shown in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Annual Fund Operating Expenses</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> table above expire as </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">indicated in the preceding table, they are only reflected in the 1 year example and the first year of the other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">examples. Although your actual costs may be higher or lower, based on the assumptions listed above, your costs </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">would be:</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> 48 48 162 162 286 286 648 648 74 74 241 241 423 423 949 949 61 61 203 203 357 357 806 806 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">year, the Fund’s portfolio turnover rate was </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">94</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">% of the average value of its portfolio.</span></div> 0.94 Principal Investment Strategies <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Under normal </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">circumstances</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">, the Fund invests at least 80% of its net assets (</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">plus</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> the amount of any borrowings for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment purposes) in corporate bonds. Corporate bonds are debt instruments or securities issued by </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">corporations or other non-government entities. The Fund expects to invest primarily in investment grade securities.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may invest up to 15% of its total assets in debt instruments that, at the time of purchase, are rated below </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment grade or are unrated but determined to be of comparable quality (commonly referred to as “high-yield” </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investments or “junk” bonds).</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Under normal circumstances, the Fund’s average effective duration will be between </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">three and ten years.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may invest in privately placed and other securities or instruments that are purchased and sold pursuant to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Rule 144A or other exemptions under the Securities Act of 1933, as amended, subject to certain regulatory </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">restrictions.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may invest in U.S. Government obligations, asset-backed securities and mortgage-backed securities.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund may at times emphasize one or more sectors in selecting its investments, including the financials sector.</span></div> There is no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Active Management Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Due to its active management, the Fund could underperform its benchmark index and/or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other funds with similar investment objectives and/or strategies.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Changing Distribution Level Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund normally expects to receive income which may include interest, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">dividends and/or capital gains, depending upon its investments. The distribution amounts paid by the Fund will vary </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and generally depend on the amount of income the Fund earns (less expenses) on its portfolio holdings, and capital </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">gains or losses it recognizes. A decline in the Fund’s income or net capital gains arising from its investments may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">reduce its distribution level.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Counterparty Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Counterparty risk is the risk that a counterparty to a transaction in a financial instrument held by </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">fail to perform its obligations. As a result, the Fund may obtain no or limited recovery of its investment, and any </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">recovery may be significantly delayed.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Credit Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Credit risk is the risk that the value of debt instruments may decline if the issuer thereof defaults or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">such as making payments to the Fund when due. Credit rating agencies, such as S&amp;P Global Ratings, Moody’s </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Investors Service, Inc. (Moody’s Ratings), Fitch Ratings, Inc. (Fitch), Morningstar DBRS (DBRS) and Kroll Bond Rating </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Agency, LLC (KBRA), assign credit ratings to certain debt instruments to indicate their credit risk. A rating downgrade </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">by such agencies can negatively impact the value of such instruments. Lower-rated or unrated instruments held by </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund may present increased credit risk as compared to higher-rated instruments. Non-investment grade debt </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instruments may be subject to greater price fluctuations and are more likely to experience a default than investment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">grade debt instruments and therefore may expose the Fund to increased credit risk. If the Fund purchases unrated </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instruments, or if the ratings of instruments held by the Fund are lowered after purchase, the Fund will depend on </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">analysis of credit risk more heavily than usual.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Fixed Income Instruments Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund is subject to the general risks and considerations associated with </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investing in debt securities, including the risk that issuers will fail to make timely payments of principal or interest or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">default altogether. Lower-rated securities in which the Fund may invest may be more volatile and may decline more </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in price in response to negative issuer developments or general economic news than higher rated securities. In </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">addition, as interest rates rise, the Fund’s investments typically will lose value.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Forward Commitments on Mortgage-Backed Securities (including Dollar Rolls) Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> When purchasing mortgage-backed</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> securities in the “to be announced” (TBA) market (MBS TBAs), the seller agrees to deliver mortgage-backed </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities for an agreed upon price on an agreed upon date, but may make no guarantee as to the specific securities </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">to be delivered. In lieu of taking delivery of mortgage-backed securities, the Fund could enter into dollar rolls, which </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">are transactions in which the Fund sells securities to a counterparty and simultaneously agrees to purchase those or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">similar securities in the future at a predetermined price. Dollar rolls involve the risk that the market value of the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">default on its obligations. These transactions may also increase the Fund’s portfolio turnover rate. If the Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">reinvests the proceeds of the security sold, the Fund will also be subject to the risk that the investments purchased </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">with such proceeds will decline in value (a form of leverage risk). MBS TBAs and dollar rolls are subject to the risk </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">that the counterparty to the transaction may not perform or be unable to perform in accordance with the terms of the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instrument.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">High-Yield Investments Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Securities and other debt instruments held by the Fund that are rated below </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment grade (commonly called “high-yield” or “junk” bonds) and unrated debt instruments of comparable quality </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment grade debt instruments. In addition, these investments have greater price fluctuations, are less liquid and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">are more likely to experience a default than higher-rated debt instruments. High-yield debt instruments are </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Interest Rate Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instrument, the greater its sensitivity to changes in interest rates. For example, a three-year duration means a bond is </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expected to decrease in value by 3% if interest rates rise 1% and increase in value by 3% if interest rates fall 1%. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risk. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">periods of inflation could lead such authorities to raise interest rates. Such actions may negatively affect the value of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">debt instruments held by the Fund, resulting in a negative impact on the Fund's performance and NAV. Any interest </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rate increases could cause the value of the Fund’s investments in debt instruments to decrease. Rising interest rates </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">advantageous to do so, which could result in losses.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Issuer Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> An issuer in which the Fund invests or to which it has exposure may perform poorly or below </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">outbreaks, epidemics or other events, conditions and factors which may impair the value of your investment in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Liquidity Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Liquidity risk is the risk associated with any event, circumstance, or characteristic of an investment or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market that negatively impacts the Fund’s ability to sell, or realize the proceeds from the sale of, an investment at a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">desirable time or price. Liquidity risk may arise because of, for example, a lack of marketability of the investment, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">which means that when seeking to sell its portfolio investments, the Fund could find that selling is more difficult than </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">anticipated, especially during times of high market volatility. Decreases in the number of financial institutions, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">including banks and broker-dealers, willing to make markets (match up sellers and buyers) in the Fund’s investments </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">or decreases in their capacity or willingness to trade such investments may increase the Fund’s exposure to this risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The debt market has experienced considerable growth, and financial institutions making markets in instruments </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">purchased and sold by the Fund (e.g., bond dealers) have been subject to increased regulation. The impact of that </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">growth and regulation on the ability and willingness of financial institutions to engage in trading or “making a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market” in such instruments remains unsettled. Certain types of investments, such as lower-rated securities or those </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">that are purchased and sold in over-the-counter markets, may be especially subject to liquidity risk. Securities or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other assets in which the Fund invests may be traded in the over-the-counter market rather than on an exchange and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">therefore may be more difficult to purchase or sell at a fair price, which may have a negative impact on the Fund’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">performance. Market participants attempting to sell the same or a similar instrument at the same time as the Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">could exacerbate the Fund’s exposure to liquidity risk. The Fund may have to accept a lower selling price for the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">holding, sell other liquid or more liquid investments that it might otherwise prefer to hold (thereby increasing the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">proportion of the Fund’s investments in less liquid or illiquid securities), or forego another more appealing </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment opportunity. The liquidity of Fund investments may change significantly over time and certain </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investments that were liquid when purchased by the Fund may later become illiquid, particularly in times of overall </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">economic distress. Changing regulatory, market or other conditions or environments (for example, the interest rate or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">credit environments) may also adversely affect the liquidity and the price of the Fund's investments. Judgment plays </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">a larger role in valuing illiquid or less liquid investments as compared to valuing liquid or more liquid investments. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Price volatility may be higher for illiquid or less liquid investments as a result of, for example, the relatively less </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">frequent pricing of such securities (as compared to liquid or more liquid investments). Generally, the less liquid the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Overall market liquidity and other factors can lead to an increase in redemptions, which may negatively impact Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">performance and NAV, including, for example, if the Fund is forced to sell investments in a down market. Foreign </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities can present enhanced liquidity risks, including as a result of less developed custody, settlement or other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">practices of foreign markets.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Market Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">traded and closed markets and could cause significant redemptions and operational challenges. Global economies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and financial markets are increasingly interconnected, and conditions and events in one country, region or financial </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market may adversely impact issuers in a different country, region or financial market. These risks may be magnified </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">depressions or other events – or the potential for such events – could have a significant negative impact on global </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">economic and market conditions.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Mortgage- and Other Asset-Backed Securities Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The value of any mortgage-backed and other asset-backed </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities including collateralized debt obligations and collateralized loan obligations, if any, held by the Fund may be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">affected by, among other things, changes or perceived changes in: interest rates; factors concerning the interests in </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">and structure of the issuer or the originator of the mortgages or other assets; the creditworthiness of the entities </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">that provide any supporting letters of credit, surety bonds or other credit enhancements; or the market's assessment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of the quality of underlying assets. Payment of principal and interest on some mortgage-backed securities (but not </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the market value of the securities themselves) may be guaranteed by the full faith and credit of a particular U.S. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Government agency, authority, enterprise or instrumentality, and some, but not all, are also insured or guaranteed by </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the U.S. Government. Mortgage-backed securities issued by non-governmental issuers (such as commercial banks, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market issuers) may entail greater risk than obligations guaranteed by the U.S. Government. Mortgage- and other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">asset-backed securities are subject to liquidity risk and prepayment risk. A decline or flattening of housing values </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">may cause delinquencies in mortgages </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">underlying mortgage-backed securities and thereby adversely affect the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">ability of the mortgage-backed securities issuer to make principal and/or interest payments to mortgage-backed </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities holders, including the Fund. Rising or high interest rates tend to extend the duration of mortgage- and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other asset-backed securities, making their prices more volatile and more sensitive to changes in interest rates.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Prepayment and Extension Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Prepayment and extension risk is the risk that a bond or other security or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment might, in the case of prepayment risk, be called or otherwise converted, prepaid or redeemed before </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">maturity and, in the case of extension risk, that the investment might not be called as expected. In the case of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">prepayment risk, if the investment is converted, prepaid or redeemed before maturity, the portfolio managers may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">not be able to invest the proceeds in other investments providing as high a level of income, resulting in a reduced </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">yield to the Fund. As interest rates decrease or spreads narrow on such investments, the likelihood of prepayment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">increases. Conversely, extension risk is the risk that an unexpected rise in interest rates will extend the life of an </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment beyond the prepayment time. If the Fund’s investments are locked in at a lower interest rate for a longer </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">period of time, the portfolio managers may be unable to capitalize on investments with higher interest rates or wider </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">spreads.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Reinvestment Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Reinvestment risk arises when the Fund is unable to reinvest income or principal at the same or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">at least the same return it is currently earning.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Rule 144A and Other Exempted Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund may invest in privately placed and other securities or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instruments exempt from SEC registration (collectively “private placements”), subject to certain regulatory </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">restrictions. In the U.S. market, private placements are typically sold only to qualified institutional buyers, or qualified </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">purchasers, as applicable. An insufficient number of buyers interested in purchasing private placements at a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">particular time could adversely affect the marketability of such investments and the Fund might be unable to dispose </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of them promptly or at reasonable prices, subjecting the Fund to liquidity risk. The Fund’s holdings of private </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">placements may increase the level of Fund illiquidity if eligible buyers are unable or unwilling to purchase them at a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">particular time. Issuers of Rule 144A eligible securities are required to furnish information to potential investors upon </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">request. However, the required disclosure is much less extensive than that required of public companies and is not </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">publicly available since the offering information is not filed with the SEC. Further, issuers of Rule 144A eligible </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities can require recipients of the offering information (such as the Fund) to agree contractually to keep the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">information confidential, which could also adversely affect the Fund’s ability to dispose of the security.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Sector Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> At times, the Fund may have a significant portion of its assets invested in securities of companies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">conducting business in a related group of industries within one or more economic sectors, including the financials </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">sector. Companies in the same sector may be similarly affected by economic, regulatory, political or market events </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">or conditions, which may make the Fund vulnerable to unfavorable developments in that group of industries or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">economic sector.</span></div> <div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 500.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic; font-weight: bold;">Financials Sector.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund is vulnerable to the particular risks that may affect companies in the financials sector. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Companies in the financials sector are subject to certain risks, including the risk of regulatory change, decreased </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">liquidity in credit markets and unstable interest rates. Such companies may have concentrated portfolios, such as </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">a high level of loans to one or more industries or sectors, which makes them vulnerable to economic conditions </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">that affect such industries or sectors. Performance of such companies may be affected by competitive pressures </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and exposure to investments, agreements and counterparties, including credit products that, under certain </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">circumstances, may lead to losses (e.g., subprime loans). Companies in the financials sector are subject to </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 11pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">extensive governmental regulation that may limit the amount and types of loans and other financial commitments </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">they can make, and the interest rates and fees they may charge. In addition, profitability of such companies is </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">largely dependent upon the availability and the cost of capital.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">U.S. Government Obligations Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">enterprises may or may not be backed by the full faith and credit of the U.S. Government.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Unrated Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund may purchase unrated securities which are not rated by a rating agency. Unrated </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities may be less liquid than comparable rated securities and involve the risk that the Investment Manager may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">not accurately evaluate the security’s comparative credit rating. Analysis of creditworthiness of issuers of high yield </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities may be more complex than for issuers of higher-quality debt securities. To the extent that the Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">purchases unrated securities, the Fund’s success in achieving its investment objective may depend more heavily on </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Investment Manager’s creditworthiness analysis than if the Fund invested exclusively in rated securities.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">When-Issued, Delayed Settlement and Forward Commitment Transactions, Including U.S. Treasury Floating Rate </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Notes Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">When-issued, delayed delivery, and forward commitment transactions generally involve the purchase of a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">security with payment and delivery at some time in the future – i.e., beyond normal settlement. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Fund does not </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">earn interest on such securities until settlement and bears the risk of market value fluctuations in between the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">purchase and settlement dates. Such transactions include floating rate obligations issued by the U.S. Treasury. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities with </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">fixed interest rates, but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in general, and generally carry lower yields than fixed notes of the same maturity.</span></div> Performance Information <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s Class 2 share performance has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with a broad measure of market performance, as well as another measure of performance for markets in which the Fund may invest.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Except for differences in annual returns resulting from differences in expenses (where applicable), the share classes </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of the Fund would have substantially similar annual returns because all share classes of the Fund invest in the same </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">portfolio of securities.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The returns shown do not reflect any fees and expenses imposed under your Contract or Qualified Plan and would be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">lower if they did.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund’s performance prior to May 1, 2025 reflects returns achieved pursuant to different principal investment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">strategies. If the Fund’s current strategies had been in place for the prior periods, results shown may have been </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">different.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">The Fund’s past performance is no guarantee of how the Fund will perform in the future.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Updated performance </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">information can be obtained by calling toll-free 800.345.6611 or visiting columbiathreadneedleus.com.</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s Class 2 share performance has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with a broad measure of market performance, as well as another measure of performance for markets in which the Fund may invest. The Fund’s past performance is no guarantee of how the Fund will perform in the future. 800.345.6611 columbiathreadneedleus.com Year by Year Total Return (%) as of December 31 Each Year Best 2020-06-30 0.0827 Worst 2020-03-31 -0.1005  Average Annual Total Returns (for periods ended December 31, 2025)   2010-05-03 0.0793 0.0148 0.0220 2010-05-03 0.0755 0.0120 0.0194 1996-05-01 0.0774 0.0131 0.0205 0.0777 -0.0009 0.0327 0.0730 -0.0036 0.0201 Summary of the Fund Investment Objective <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Columbia Variable Portfolio – Emerging Markets Bond</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Fund (the Fund) </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">seeks to provide shareholders with high total </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">return through current income and, secondarily, through capital appreciation.</span></div> Fees and Expenses of the Fund <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">This table describes the fees and expenses that you may pay as an investor in the Fund.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The table does not reflect </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">any fees or expenses imposed by your Contract or Qualified Plan, which are disclosed in your separate Contract </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">prospectus or Qualified Plan disclosure documents. If the additional fees or expenses were reflected, the expenses </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">set forth below would be higher.</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0060 0.0000 0.0025 0.0013 0.0013 0.0073 0.0098 “Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses.  Example <div style="margin-top: 6pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">indicated, and assumes that:</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div><div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">you invest $10,000 in the applicable class of Fund shares for the periods indicated,</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">your investment has a 5% return each year, and</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund’s total annual operating expenses remain the same as shown in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Annual Fund Operating Expenses</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">table above.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div style="margin-top: 6pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The example does not reflect any fees and expenses that apply to your Contract or Qualified Plan. Inclusion of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">these charges would increase expenses for all periods shown.</span></div><div style="margin-top: 6pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be:</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> 75 75 233 233 406 406 906 906 100 100 312 312 542 542 1201 1201 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">year, the Fund’s portfolio turnover rate was </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">46</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">% of the average value of its portfolio.</span></div> 0.46 Principal Investment Strategies <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund invests primarily in fixed income securities of emerging markets issuers.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">For these purposes, emerging </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market countries are generally those either defined by World Bank-defined per capita income brackets or determined </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">to be an emerging market based on the Fund investment team’s qualitative judgments about a country’s level of </span></div><div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">economic and institutional development, among other factors.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Under normal circumstances, at least 80% of the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund’s net assets (</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">plus</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> the amount of any borrowings for investment purposes) will be invested in fixed income </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities of issuers that are located in emerging markets countries, or that earn 50% or more of their total revenues </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">from goods or services produced in emerging markets countries or from sales made in emerging markets countries.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fixed income securities may be denominated in either U.S. dollars or the local currency of the issuer.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">While the Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">may invest 25% or more of its total assets in the securities of foreign governmental and corporate entities located in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the same country, it will not invest 25% or more of its total assets in any single issuer.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">From time to time, the Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">may focus its investments in certain countries or geographic areas, including the Latin America region along with the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Middle East and North Africa region.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund can invest in emerging market sovereign debt instruments of any </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">credit quality, including those rated investment grade and below investment grade or considered to be of comparable </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">quality (commonly referred to as “high yield” investments or “junk bonds”). Although the emerging markets sovereign </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">debt universe largely consists of investment grade instruments, a significant portion of that universe is rated in these </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">lower rating categories. The Fund may invest up to 100% of its assets in debt securities that are rated below </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment grade or, if unrated, determined to be of comparable quality.</span></div><div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may invest in debt instruments of any maturity and does not seek to maintain a particular dollar-weighted </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">average maturity.</span></div><div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may invest in derivatives, such as forward contracts (including forward foreign currency contracts), futures </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">(including interest rate futures), and swaps (including credit default swaps and credit default swap indexes) for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">hedging and investment purposes.</span></div><div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may invest in privately placed and other securities or instruments that are purchased and sold pursuant to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Rule 144A or other exemptions under the Securities Act of 1933, as amended, subject to certain regulatory </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">restrictions.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund also invests in money market instruments (which may include investments in one or more </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">affiliated or unaffiliated money market funds or similar vehicles).</span></div><div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund is non-diversified, which means that it can invest a greater percentage of its assets in the securities of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">fewer issuers than can a diversified fund.</span></div> There is no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Active Management Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Due to its active management, the Fund could underperform its benchmark index and/or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other funds with similar investment objectives and/or strategies.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Changing Distribution Level Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund normally expects to receive income which may include interest, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">dividends and/or capital gains, depending upon its investments. The distribution amounts paid by the Fund will vary </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and generally depend on the amount of income the Fund earns (less expenses) on its portfolio holdings, and capital </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">gains or losses it recognizes. A decline in the Fund’s income or net capital gains arising from its investments may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">reduce its distribution level.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Counterparty Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Counterparty risk is the risk that a counterparty to a transaction in a financial instrument held by </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">fail to perform its obligations. As a result, the Fund may obtain no or limited recovery of its investment, and any </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">recovery may be significantly delayed.</span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Credit Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Credit risk is the risk that the value of debt instruments may decline if the issuer thereof defaults or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">such as making payments to the Fund when due. Credit rating agencies, such as S&amp;P Global Ratings, Moody’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Investors Service, Inc. (Moody’s Ratings), Fitch Ratings, Inc. (Fitch), Morningstar DBRS (DBRS) and Kroll Bond Rating </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Agency, LLC (KBRA), assign credit ratings to certain debt instruments to indicate their credit risk. A rating downgrade </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">by such agencies can negatively impact the value of such instruments. Lower-rated or unrated instruments held by </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund may present increased credit risk as compared to higher-rated instruments. Non-investment grade debt </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instruments may be subject to greater price fluctuations and are more likely to experience a default than investment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">grade debt instruments and therefore may expose the Fund to increased credit risk. If the Fund purchases unrated </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instruments, or if the ratings of instruments held by the Fund are lowered after purchase, the Fund will depend on </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">analysis of credit risk more heavily than usual.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Derivatives Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Derivatives may involve significant risks. Derivatives are financial instruments with a value in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">relation to, or derived from, the value of an underlying asset(s) or other reference, such as an index, rate or other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">economic indicator (each an underlying reference). Derivatives may include those that are privately placed or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">otherwise exempt from SEC registration, including certain Rule 144A eligible securities. Derivatives could result in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund losses if the underlying reference does not perform as anticipated. Use of derivatives is a highly specialized </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">activity that can involve investment techniques, risks, and tax planning different from those associated with more </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">traditional investment instruments. The Fund’s derivatives strategy may not be successful</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">,</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> and use of certain </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">derivatives could result in substantial, potentially unlimited, losses to the Fund regardless of the Fund’s actual </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment. A relatively small movement in the price, rate or other economic indicator associated with the underlying </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">reference may result in substantial losses for the Fund. Derivatives may be more volatile than other types of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investments. The value of derivatives may be influenced by a variety of factors, including national and international </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">political and economic developments. Potential changes to the regulation of the derivatives markets may make </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">derivatives more costly, may limit the market for derivatives, or may otherwise adversely affect the value or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">performance of derivatives. Derivatives can increase the Fund’s risk exposure to underlying references and their </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">attendant risks, such as credit risk, market risk, foreign currency risk and interest rate risk, while potentially exposing </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, liquidity risk, pricing risk and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">volatility risk.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Derivatives Risk – Forward Contracts Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">A forward contract is an over-the-counter derivative transaction between </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">two parties to buy or sell a specified amount of an underlying reference at a specified price (or rate) on a specified </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">date in the future. Forward contracts are negotiated on an individual basis and are not standardized or traded on </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">exchanges. The market for forward contracts is substantially unregulated and can experience lengthy periods of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">illiquidity, unusually high trading volume and other negative impacts, such as political intervention, which may result </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in volatility or disruptions in such markets. A relatively small price movement in a forward contract may result in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">substantial losses to the Fund, exceeding the amount of the margin paid. Forward contracts can increase the Fund’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risk exposure to underlying references and their attendant risks, such as credit risk, market risk, foreign currency risk </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and interest rate risk, while potentially exposing the Fund to correlation risk, counterparty risk, hedging risk, inflation </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risk, leverage risk, liquidity risk, pricing risk and volatility risk.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Derivatives Risk – Futures Contracts Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> A futures contract is an exchange-traded derivative transaction between </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">two parties in which a buyer (holding the “long” position) agrees to pay a fixed price (or rate) at a specified future </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">date for delivery of an underlying reference from a seller (holding the “short” position). The seller hopes that the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market price on the delivery date is less than the agreed upon price, while the buyer hopes for the contrary. Certain </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">futures contract markets are highly volatile, and futures contracts may be illiquid. Futures exchanges may limit </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">fluctuations in futures contract prices by imposing a maximum permissible daily price movement. The Fund may be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement. At or prior to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">maturity of a futures contract, the Fund may enter into an offsetting contract and may incur a loss to the extent there </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">has been adverse movement in futures contract prices. The liquidity of the futures markets depends on participants </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">entering into offsetting transactions rather than making or taking delivery. To the extent participants make or take </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">delivery, liquidity in the futures market could be reduced. Because of the low margin deposits normally required in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">futures trading, it is possible that the Fund may employ a high degree of leverage in the portfolio. As a result, a </span></div><div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">relatively small price movement in a futures contract may result in substantial losses to the Fund, exceeding the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">amount of the margin paid. For certain types of futures contracts, losses are potentially unlimited. Futures markets </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">are highly volatile</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">,</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> and the use of futures may increase the volatility of the Fund’s NAV. Futures contracts executed (if </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">any) on foreign exchanges may not provide the same protection as U.S. exchanges. Futures contracts can increase </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund’s risk exposure to underlying references and their attendant risks, such as credit risk, market risk, foreign </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">currency risk and interest rate risk, while potentially exposing the Fund to correlation risk, counterparty risk, hedging </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risk, inflation risk, leverage risk, liquidity risk, pricing risk and volatility risk.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Derivatives Risk – Swaps Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">In a typical swap transaction, two parties agree to exchange the return earned on a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">specified underlying reference for a fixed return or the return from another underlying reference during a specified </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">period of time. Swaps may be difficult to value and may be illiquid. Swaps could result in Fund losses if the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">underlying asset or reference does not perform as anticipated. Swaps create significant investment leverage such </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">that a relatively small price movement in a swap may result in immediate and substantial losses to the Fund. The </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund may only close out a swap with its particular counterparty</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> and may only transfer a position with the consent of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">that counterparty. Certain swaps, such as short swap transactions and total return swaps, have the potential for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">unlimited losses, regardless of the size of the initial position. Swaps can increase the Fund’s risk exposure to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">underlying references and their attendant risks, such as credit risk, market risk, foreign currency risk and interest rate </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risk, while potentially exposing the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">liquidity risk, pricing risk and volatility risk.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Emerging Market Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Securities issued by foreign governments or companies in emerging market </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">countries, such as China, Russia and certain countries in Eastern Europe, the Middle East, Asia, Latin America or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Africa, are more likely to have greater exposure to the risks of investing in foreign securities that are described in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Foreign Securities Risk. In addition, emerging market countries are more likely to experience instability resulting, for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">example, from rapid changes or developments in social, political, economic or other conditions. Their economies are </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">usually less mature and their securities markets are typically less developed with more limited trading activity </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">(i.e., lower trading volumes and less liquidity) than more developed countries. Emerging market securities tend to be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">more volatile, and may be more susceptible to market manipulation, than securities in more developed markets. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Many emerging market countries are heavily dependent on international trade and have fewer trading partners, which </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">makes them more sensitive to world commodity prices and economic downturns in other countries, and some have </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">a higher risk of currency devaluations. Due to the differences in the nature and quality of financial information of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">issuers of emerging market securities, including auditing and financial reporting standards, financial information and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">disclosures about such issuers may be unavailable or, if made available, may be considerably less reliable than </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">publicly available information about other foreign securities.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Fixed Income Instruments Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund is subject to the general risks and considerations associated with </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investing in debt securities, including the risk that issuers will fail to make timely payments of principal or interest or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">default altogether. Lower-rated securities in which the Fund may invest may be more volatile and may decline more </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in price in response to negative issuer developments or general economic news than higher rated securities. In </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">addition, as interest rates rise, the Fund’s investments typically will lose value.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Foreign Currency Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The performance of the Fund may be materially affected positively or negatively by foreign </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">currency strength or weakness relative to the U.S. dollar, particularly if the Fund invests a significant percentage of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">its assets in foreign securities or other assets denominated in currencies other than the U.S. dollar.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Foreign Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Investments in or exposure to securities of foreign companies may involve heightened risks </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">relative to investments in or exposure to securities of U.S. companies. Investing in securities of foreign companies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">subjects the Fund to the risks associated with an issuer’s (and any of its related companies’) country of organization </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and places of business operations, including risks related to political, regulatory, economic, social, diplomatic and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other conditions or events (including, for example, military confrontations and actions, war, other conflicts, terrorism </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and disease/virus outbreaks and epidemics) occurring in the country or region, as well as risks associated with less </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of U.S. companies</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> and are subject to the risks associated with potential imposition of economic and other sanctions </span></div><div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">against a particular foreign country, its nationals or industries or businesses within the country. In addition, foreign </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">governments may impose withholding or other taxes on the Fund’s income, capital gains or proceeds from the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">disposition of foreign securities, which could reduce the Fund’s return on such securities.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Frontier Market Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Frontier market countries generally have smaller economies and even less developed capital </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">markets than traditional emerging market countries (which themselves have increased investment risk relative to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">more developed market countries) and, as a result, the Fund’s exposure to the risks associated with investing </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in emerging market countries are magnified when the Fund invests in frontier market countries. Increased risks </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">include: the potential for extreme price volatility and illiquidity in frontier market countries; government ownership or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">control of parts of the private sector and of certain companies; trade barriers, exchange controls, managed </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">adjustments in relative currency values and other protectionist and similar measures imposed or negotiated by the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">countries with which frontier market countries trade; and the relatively new and unsettled securities laws in many </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">frontier market countries.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Geographic Focus Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund may be particularly susceptible to risks related to economic, political, regulatory or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other events or conditions affecting issuers and countries within the specific geographic regions in which the Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">invests. The Fund’s NAV may be more volatile than the NAV of a more geographically diversified fund.</span></div><div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 500.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic; font-weight: bold;">Latin America Region.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund is particularly susceptible to risks related to economic, political, regulatory, legal, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">social or other events or conditions affecting issuers in, or those that have investment exposure to, the Latin </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">America region. These include risks of elevated and volatile interest, inflation and unemployment rates. Currency </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">devaluations, exchange rate volatility and relatively high dependence upon commodities and international trade </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">may also present additional risks for the Fund. Latin American economies may be susceptible to adverse </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">government regulatory and economic intervention and controls, limitations in the ability to repatriate investment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">income, capital or the proceeds of the sale of securities, inadequate investor protections, less developed custody, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">settlement, regulatory, accounting, auditing and financial standards, unfavorable changes in laws or regulations, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">natural disasters, corruption and military activity.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 500.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic; font-weight: bold;">Middle East and North Africa Region. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund is particularly susceptible to risks related to economic, political, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">regulatory, legal, social or other events or conditions affecting issuers in, or those that have investment exposure </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">to, the Middle East and North Africa region. These include the risk of local and regional conflicts including terrorist </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">activity, religious, ethnic and/or socio-economic unrest, acts of war or other conflicts in the region and elevated </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risks of volatile interest rates, excessive inflation and unemployment rates. Currency devaluations, exchange rate </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">volatility and relatively high dependence upon commodities and international trade may also present additional </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risks for the Fund. Middle Eastern and North African economies may be susceptible to adverse government </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">regulatory and economic intervention and controls, limitations in the ability to repatriate investment income, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">capital or the proceeds of the sale of securities, inadequate investor protections, less developed custody, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">settlement, regulatory, accounting, auditing and financial standards, unfavorable changes in laws or regulations, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">natural disasters, corruption and military activity.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">High-Yield Investments Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Securities and other debt instruments held by the Fund that are rated below </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment grade (commonly called “high-yield” or “junk” bonds) and unrated debt instruments of comparable quality </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment grade debt instruments. In addition, these investments have greater price fluctuations, are less liquid and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">are more likely to experience a default than higher-rated debt instruments. High-yield debt instruments are </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Interest Rate Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instrument, the greater its sensitivity to changes in interest rates. For example, a three-year duration means a bond is </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expected to decrease in value by 3% if interest rates rise 1% and increase in value by 3% if interest rates fall 1%. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment </span></div><div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">risk. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">periods of inflation could lead such authorities to raise interest rates. Such actions may negatively affect the value of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">debt instruments held by the Fund, resulting in a negative impact on the Fund's performance and NAV. Any interest </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rate increases could cause the value of the Fund’s investments in debt instruments to decrease. Rising interest rates </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">advantageous to do so, which could result in losses.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Issuer Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> An issuer in which the Fund invests or to which it has exposure may perform poorly or below </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">outbreaks, epidemics or other events, conditions and factors which may impair the value of your investment in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Liquidity Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Liquidity risk is the risk associated with any event, circumstance, or characteristic of an investment or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market that negatively impacts the Fund’s ability to sell, or realize the proceeds from the sale of, an investment at a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">desirable time or price. Liquidity risk may arise because of, for example, a lack of marketability of the investment, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">which means that when seeking to sell its portfolio investments, the Fund could find that selling is more difficult than </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">anticipated, especially during times of high market volatility. Decreases in the number of financial institutions, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">including banks and broker-dealers, willing to make markets (match up sellers and buyers) in the Fund’s investments </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">or decreases in their capacity or willingness to trade such investments may increase the Fund’s exposure to this risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The debt market has experienced considerable growth, and financial institutions making markets in instruments </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">purchased and sold by the Fund (e.g., bond dealers) have been subject to increased regulation. The impact of that </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">growth and regulation on the ability and willingness of financial institutions to engage in trading or “making a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market” in such instruments remains unsettled. Certain types of investments, such as lower-rated securities or those </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">that are purchased and sold in over-the-counter markets, may be especially subject to liquidity risk. Securities or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other assets in which the Fund invests may be traded in the over-the-counter market rather than on an exchange and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">therefore may be more difficult to purchase or sell at a fair price, which may have a negative impact on the Fund’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">performance. Market participants attempting to sell the same or a similar instrument at the same time as the Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">could exacerbate the Fund’s exposure to liquidity risk. The Fund may have to accept a lower selling price for the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">holding, sell other liquid or more liquid investments that it might otherwise prefer to hold (thereby increasing the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">proportion of the Fund’s investments in less liquid or illiquid securities), or forego another more appealing </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment opportunity. The liquidity of Fund investments may change significantly over time and certain </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investments that were liquid when purchased by the Fund may later become illiquid, particularly in times of overall </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">economic distress. Changing regulatory, market or other conditions or environments (for example, the interest rate or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">credit environments) may also adversely affect the liquidity and the price of the Fund's investments. Judgment plays </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">a larger role in valuing illiquid or less liquid investments as compared to valuing liquid or more liquid investments. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Price volatility may be higher for illiquid or less liquid investments as a result of, for example, the relatively less </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">frequent pricing of such securities (as compared to liquid or more liquid investments). Generally, the less liquid the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Overall market liquidity and other factors can lead to an increase in redemptions, which may negatively impact Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">performance and NAV, including, for example, if the Fund is forced to sell investments in a down market. Foreign </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities can present enhanced liquidity risks, including as a result of less developed custody, settlement or other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">practices of foreign markets.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Market Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">traded and closed markets and could cause significant redemptions and operational challenges. Global economies </span></div><div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">and financial markets are increasingly interconnected, and conditions and events in one country, region or financial </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market may adversely impact issuers in a different country, region or financial market. These risks may be magnified </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">depressions or other events – or the potential for such events – could have a significant negative impact on global </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">economic and market conditions.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Money Market Fund Investment Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">An investment in a money market fund is not a bank deposit and is not insured </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">or guaranteed by any bank, the Federal Deposit Insurance Corporation (FDIC) or any other government agency. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Certain money market funds float their NAV while others seek to preserve the value of investments at a stable NAV </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">(typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">a stable NAV per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other types of money market funds. Certain money market funds (including the Fund’s cash sweep vehicle) are </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">subject to mandatory liquidity fees if daily net redemptions exceed 5% of their net assets and may also impose a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">discretionary liquidity fee of up to 2% on redemptions if that fee is determined to be in the best interests of the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">money market fund. Such fees, if imposed, will reduce the amount the Fund receives on redemptions. In addition to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the fees and expenses that the Fund directly bears, the Fund indirectly bears the fees and expenses of any money </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market funds in which it invests, including affiliated money market funds. By investing in a money market fund, the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund will be exposed to the investment risks of the money market fund in direct proportion to such investment. To </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the extent the Fund invests in instruments such as derivatives, the Fund may hold investments, which may be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">significant, in money market fund shares to cover its obligations resulting from the Fund</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">'</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">s investments in such </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instruments. Money market funds and the securities they invest in are subject to comprehensive regulations. The </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">may affect the manner of operation, performance and/or yield of money market funds.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Non-Diversified Fund Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund is non-diversified, which generally means that it may invest a greater </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">percentage of its total assets in the securities of fewer issuers than a “diversified” fund. This increases the risk that a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">likely be more volatile than the value of a more diversified fund.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Prepayment and Extension Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Prepayment and extension risk is the risk that a bond or other security or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment might, in the case of prepayment risk, be called or otherwise converted, prepaid or redeemed before </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">maturity and, in the case of extension risk, that the investment might not be called as expected. In the case of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">prepayment risk, if the investment is converted, prepaid or redeemed before maturity, the portfolio managers may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">not be able to invest the proceeds in other investments providing as high a level of income, resulting in a reduced </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">yield to the Fund. As interest rates decrease or spreads narrow on such investments, the likelihood of prepayment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">increases. Conversely, extension risk is the risk that an unexpected rise in interest rates will extend the life of an </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment beyond the prepayment time. If the Fund’s investments are locked in at a lower interest rate for a longer </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">period of time, the portfolio managers may be unable to capitalize on investments with higher interest rates or wider </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">spreads.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Reinvestment Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Reinvestment risk arises when the Fund is unable to reinvest income or principal at the same or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">at least the same return it is currently earning.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Rule 144A and Other Exempted Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund may invest in privately placed and other securities or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instruments exempt from SEC registration (collectively “private placements”), subject to certain regulatory </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">restrictions. In the U.S. market, private placements are typically sold only to qualified institutional buyers, or qualified </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">purchasers, as applicable. An insufficient number of buyers interested in purchasing private placements at a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">particular time could adversely affect the marketability of such investments and the Fund might be unable to dispose </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of them promptly or at reasonable prices, subjecting the Fund to liquidity risk. The Fund’s holdings of private </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">placements may increase the level of Fund illiquidity if eligible buyers are unable or unwilling to purchase them at a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">particular time. Issuers of Rule 144A eligible securities are required to furnish information to potential investors upon </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">request. However, the required disclosure is much less extensive than that required of public companies and is not </span></div><div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">publicly available since the offering information is not filed with the SEC. Further, issuers of Rule 144A eligible </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities can require recipients of the offering information (such as the Fund) to agree contractually to keep the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">information confidential, which could also adversely affect the Fund’s ability to dispose of the security.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Sovereign Debt Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The willingness or ability of a sovereign or quasi-sovereign debtor to repay principal and pay </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">interest in a timely manner may be affected by a variety of factors, including its cash flow situation, the extent of its </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">service burden to the economy as a whole, the sovereign or quasi-sovereign debtor’s policy toward international </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">lenders, and the political constraints to which such debtor may be subject. Sovereign debt risk is increased for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">emerging market issuers.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Unrated Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund may purchase unrated securities which are not rated by a rating agency. Unrated </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities may be less liquid than comparable rated securities and involve the risk that the Investment Manager may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">not accurately evaluate the security’s comparative credit rating. Analysis of creditworthiness of issuers of high yield </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities may be more complex than for issuers of higher-quality debt securities. To the extent that the Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">purchases unrated securities, the Fund’s success in achieving its investment objective may depend more heavily on </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Investment Manager’s creditworthiness analysis than if the Fund invested exclusively in rated securities.</span></div> Performance Information <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s Class 2 share performance has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with a broad measure of market performance.</span></div><div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Except for differences in annual returns resulting from differences in expenses (where applicable), the share classes </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of the Fund would have substantially similar annual returns because all share classes of the Fund invest in the same </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">portfolio of securities.</span></div><div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The returns shown do not reflect any fees and expenses imposed under your Contract or Qualified Plan and would be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">lower if they did.</span></div><div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">The Fund’s past performance is no guarantee of how the Fund will perform in the future.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Updated performance </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">information can be obtained by calling toll-free 800.345.6611 or visiting columbiathreadneedleus.com.</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s Class 2 share performance has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with a broad measure of market performance. The Fund’s past performance is no guarantee of how the Fund will perform in the future. 800.345.6611 columbiathreadneedleus.com Year by Year Total Return (%) as of December 31 Each Year Best 2020-06-30 0.1252 Worst 2020-03-31 -0.1374  Average Annual Total Returns (for periods ended December 31, 2025)   2012-04-30 0.1278 0.0170 0.0428 2012-04-30 0.1265 0.0147 0.0403 0.1345 0.0174 0.0426 Summary of the Fund Investment Objective Columbia Variable Portfolio – High Yield Bond Fund (the Fund) seeks to provide shareholders with high current income as its primary objective and, as its secondary objective, capital growth. Fees and Expenses of the Fund <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">This table describes the fees and expenses that you may pay as an investor in the Fund.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The table does not reflect </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">any fees or expenses imposed by your Contract or Qualified Plan, which are disclosed in your separate Contract </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">prospectus or Qualified Plan disclosure documents. If the additional fees or expenses were reflected, the expenses </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">set forth below would be higher.</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0066 0.0066 0.0066 0.0000 0.0025 0.0013 0.0013 0.0013 0.0013 0.0079 0.0104 0.0092 -0.0015 -0.0015 -0.0015 0.0064 0.0089 0.0077 “Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. April 30, 2027  Example <div style="margin-top: 6pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">indicated, and assumes that:</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> <div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">you invest $10,000 in the applicable class of Fund shares for the periods indicated,</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">your investment has a 5% return each year, and</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund’s total annual operating expenses remain the same as shown in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Annual Fund Operating Expenses</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">table above.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 6pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The example does not reflect any fees and expenses that apply to your Contract or Qualified Plan. Inclusion of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">these charges would increase expenses for all periods shown.</span></div> <div style="margin-top: 6pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Since the waivers and/or reimbursements shown in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Annual Fund Operating Expenses</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> table above expire as </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">indicated in the preceding table, they are only reflected in the 1 year example and the first year of the other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">examples. Although your actual costs may be higher or lower, based on the assumptions listed above, your costs </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">would be:</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> 65 65 237 237 424 424 964 964 91 91 316 316 559 559 1257 1257 79 79 278 278 495 495 1118 1118 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">year, the Fund’s portfolio turnover rate was </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">48</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">% of the average value of its portfolio.</span></div> 0.48 Principal Investment Strategies <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Under normal </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">circumstances</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">, the Fund invests at least 80% of its net assets (</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">plus</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> the amount of any borrowings for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment purposes) in high-yield debt instruments (commonly referred to as “junk” bonds or securities). These </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">high yield debt instruments include corporate debt securities as well as floating rate loans rated below investment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">grade by nationally recognized statistical rating organizations, or if unrated, determined to be of comparable quality.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may invest up to 25% of its net assets in debt instruments of foreign issuers.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Corporate debt instruments in which the Fund invests are typically unsecured, with a fixed-rate of interest, and are </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">usually issued by companies or similar entities to provide financing for their operations, or other activities.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may invest in debt instruments of any maturity and does not seek to maintain a particular dollar-weighted </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">average maturity.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Because the Fund emphasizes high-yield investments, more emphasis is put on credit risk by the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">portfolio managers in selecting investments than either maturity or duration.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may invest in privately placed and other securities or instruments that are purchased and sold pursuant to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Rule 144A or other exemptions under the Securities Act of 1933, as amended, subject to certain regulatory </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">restrictions.</span></div> There is no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Active Management Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Due to its active management, the Fund could underperform its benchmark index and/or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other funds with similar investment objectives and/or strategies.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Changing Distribution Level Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund normally expects to receive income which may include interest, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">dividends and/or capital gains, depending upon its investments. The distribution amounts paid by the Fund will vary </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and generally depend on the amount of income the Fund earns (less expenses) on its portfolio holdings, and capital </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">gains or losses it recognizes. A decline in the Fund’s income or net capital gains arising from its investments may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">reduce its distribution level.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Counterparty Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Counterparty risk is the risk that a counterparty to a transaction in a financial instrument held by </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">fail to perform its obligations. As a result, the Fund may obtain no or limited recovery of its investment, and any </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">recovery may be significantly delayed.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Credit Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Credit risk is the risk that the value of loans or other debt instruments may decline if the borrower or the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">issuer thereof defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">its financial obligations, such as making payments to the Fund when due. Credit rating agencies, such as S&amp;P Global </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Ratings, Moody’s Investors Service, Inc. (Moody’s Ratings), Fitch Ratings, Inc. (Fitch), Morningstar DBRS (DBRS) and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Kroll Bond Rating Agency, LLC (KBRA), assign credit ratings to certain loans and debt instruments to indicate their </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">credit risk. A rating downgrade by such agencies can negatively impact the value of such instruments. Lower-rated </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">or unrated loans or instruments held by the Fund may present increased credit risk as compared to higher-rated </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">loans or instruments. Non-investment grade loans or debt instruments may be subject to greater price fluctuations </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and are more likely to experience a default than investment grade loans or debt instruments and therefore may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expose the Fund to increased credit risk. If the Fund purchases unrated loans or instruments, or if the ratings of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">loans or instruments held by the Fund are lowered after purchase, the Fund will depend on analysis of credit risk </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">more heavily than usual. If the issuer of a loan or debt instrument declares bankruptcy or is declared bankrupt, there </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">may be a delay before the Fund can act on the collateral (if any) securing the loan or debt instrument, which may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">adversely affect the Fund. Further, there is a risk that a court could take action with respect to a loan or debt </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instrument that is adverse to the holders of the loan or debt instrument. Such actions may include invalidating the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">loan or debt instrument, the lien on the collateral (if any), the priority status of the loan or debt instrument, or ordering </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the refund of interest previously paid by the borrower. Any such actions by a court could adversely affect the Fund’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">performance. A default or expected default of a loan or debt instrument could also make it difficult for the Fund to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">sell the loan or debt instrument at a price approximating the value previously placed on it. In order to enforce its </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal or similar </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">counsel. This may increase the Fund’s operating expenses and adversely affect its NAV. Loans or debt instruments </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">that have a lower priority for repayment in an issuer’s capital structure typically involve a higher degree of overall risk </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">than more senior loans or debt instruments of the same borrower.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Fixed Income Instruments Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund is subject to the general risks and considerations associated with </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investing in debt securities, including the risk that issuers will fail to make timely payments of principal or interest or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">default altogether. Lower-rated securities in which the Fund may invest may be more volatile and may decline more </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in price in response to negative issuer developments or general economic news than higher rated securities. In </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">addition, as interest rates rise, the Fund’s investments typically will lose value.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Foreign Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Investments in or exposure to securities of foreign companies may involve heightened risks </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">relative to investments in or exposure to securities of U.S. companies. Investing in securities of foreign companies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">subjects the Fund to the risks associated with an issuer’s (and any of its related companies’) country of organization </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and places of business operations, including risks related to political, regulatory, economic, social, diplomatic and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other conditions or events (including, for example, military confrontations and actions, war, other conflicts, terrorism </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and disease/virus outbreaks and epidemics) occurring in the country or region, as well as risks associated with less </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of U.S. companies</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> and are subject to the risks associated with potential imposition of economic and other sanctions </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">against a particular foreign country, its nationals or industries or businesses within the country. In addition, foreign </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">governments may impose withholding or other taxes on the Fund’s income, capital gains or proceeds from the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">disposition of foreign securities, which could reduce the Fund’s return on such securities. The performance of the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund may also be negatively affected by fluctuations in a foreign currency's strength or weakness relative to the U.S. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">dollar, particularly to the extent the Fund invests a significant percentage of its assets in foreign securities or other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">assets denominated in currencies other than the U.S. dollar.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">High-Yield Investments Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Securities and other debt instruments held by the Fund that are rated below </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment grade (commonly called “high-yield” or “junk” bonds) and unrated debt instruments of comparable quality </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment grade debt instruments. In addition, these investments have greater price fluctuations, are less liquid and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">are more likely to experience a default than higher-rated debt instruments. High-yield debt instruments are </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Highly Leveraged Transactions Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The loans or other debt instruments in which the Fund invests may include </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">highly leveraged transactions whereby the borrower assumes large amounts of debt in order to have the financial </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">resources to attempt to achieve its business objectives. Loans or other debt instruments that are part of highly </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">leveraged transactions involve a greater risk (including default and bankruptcy) than other investments.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Impairment of Collateral Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The value of collateral, if any, securing a loan can decline, and may be insufficient to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">meet the borrower’s obligations or difficult or costly to liquidate. In addition, the Fund’s access to collateral may be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">limited by bankruptcy or other insolvency laws. Further, certain floating rate and other loans may not be fully </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">collateralized and may decline in value.</span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Interest Rate Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rates rise, the values of loans and other debt instruments tend to fall, and if interest rates fall, the values of loans and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">interest rates may also affect the liquidity of the Fund’s investments in debt instruments. In general, the longer the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. For example, a three-year</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> duration means a bond is expected to decrease in value by 3% if interest rates rise 1% and increase in value by </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">3% if interest rates fall 1%. Interest rate declines also may increase prepayments of debt obligations, which, in turn, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">would increase prepayment risk. The Fund is subject to the risk that the income generated by its investments may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">not keep pace with inflation. Actions by governments and central banking authorities can result in increases or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Such </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative impact on the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund's performance and NAV. Any interest rate increases could cause the value of the Fund’s investments in debt </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instruments to decrease. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">sell investments at a time when it is not advantageous to do so, which could result in losses.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Issuer Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> An issuer in which the Fund invests or to which it has exposure may perform poorly or below </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expectations, and the value of its loans or securities may therefore decline, which may negatively affect the Fund’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">outbreaks, epidemics or other events, conditions and factors which may impair the value of your investment in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Liquidity Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Liquidity risk is the risk associated with any event, circumstance, or characteristic of an investment or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market that negatively impacts the Fund’s ability to sell, or realize the proceeds from the sale of, an investment at a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">desirable time or price. Liquidity risk may arise because of, for example, a lack of marketability of the investment, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">which means that when seeking to sell its portfolio investments, the Fund could find that selling is more difficult than </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">anticipated, especially during times of high market volatility. Decreases in the number of financial institutions, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">including banks and broker-dealers, willing to make markets (match up sellers and buyers) in the Fund’s investments </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">or decreases in their capacity or willingness to trade such investments may increase the Fund’s exposure to this risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The debt market has experienced considerable growth, and financial institutions making markets in instruments </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">purchased and sold by the Fund (e.g., bond dealers) have been subject to increased regulation. The impact of that </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">growth and regulation on the ability and willingness of financial institutions to engage in trading or “making a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market” in such instruments remains unsettled. Certain types of investments, such as lower-rated securities or those </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">that are purchased and sold in over-the-counter markets, may be especially subject to liquidity risk. Securities or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other assets in which the Fund invests may be traded in the over-the-counter market rather than on an exchange and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">therefore may be more difficult to purchase or sell at a fair price, which may have a negative impact on the Fund’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">performance. Market participants attempting to sell the same or a similar instrument at the same time as the Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">could exacerbate the Fund’s exposure to liquidity risk. The Fund may have to accept a lower selling price for the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">holding, sell other liquid or more liquid investments that it might otherwise prefer to hold (thereby increasing the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">proportion of the Fund’s investments in less liquid or illiquid securities), or forego another more appealing </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment opportunity. The liquidity of Fund investments may change significantly over time and certain </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investments that were liquid when purchased by the Fund may later become illiquid, particularly in times of overall </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">economic distress. Changing regulatory, market or other conditions or environments (for example, the interest rate or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">credit environments) may also adversely affect the liquidity and the price of the Fund's investments. Judgment plays </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">a larger role in valuing illiquid or less liquid investments as compared to valuing liquid or more liquid investments. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Price volatility may be higher for illiquid or less liquid investments as a result of, for example, the relatively less </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">frequent pricing of such securities (as compared to liquid or more liquid investments). Generally, the less liquid the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Overall market liquidity and other factors can lead to an increase in redemptions, which may negatively impact Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">performance and NAV, including, for example, if the Fund is forced to sell investments in a down market. Floating </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">rate loans generally are subject to legal or contractual restrictions on resale, may trade infrequently, their value may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">be impaired when the Fund needs to liquidate such loans, and are typically subject to extended settlement periods, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">each of which gives rise to liquidity risk.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Loan Interests Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Loan interests may not be considered “securities,” and purchasers, such as the Fund, therefore </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">may not be entitled to rely on the anti-fraud protections of the federal securities laws. Loan interests generally are </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">subject to restrictions on transfer, and the Fund may be unable to sell its loan interests at a time when it may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">otherwise be desirable to do so or may be able to sell them only at prices that are less than what the Fund regards as </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">their fair market value. Accordingly, loan interests may at times be illiquid. Loan interests may be difficult to value </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and typically have extended settlement periods (generally greater than 7 days). Extended settlement periods during </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">significant Fund redemption activity could potentially cause increased short-term liquidity demands on the Fund. As </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">a result, the Fund may be forced to sell investments at unfavorable prices, or borrow money or effect short </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">settlements where possible (at a cost to the Fund), in an effort to generate sufficient cash to pay redeeming </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">shareholders. The Fund’s actions in this regard may not be successful. Interests in loans created to finance highly </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">leveraged companies or transactions, such as corporate acquisitions, may be especially vulnerable to adverse </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">changes in economic or market conditions. Interests in secured loans have the benefit of collateral and, typically, of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">restrictive covenants limiting the ability of the borrower to further encumber its assets. There is a risk that the value </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of any collateral securing a loan in which the Fund has an interest may decline and that the collateral may not be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">sufficient to cover the amount owed on the loan. In the event the borrower defaults, the Fund’s access to the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">collateral may be limited or delayed by bankruptcy or other insolvency laws. Further, there is a risk that a court could </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">take action with respect to a loan that is adverse to the holders of the loan, and the Fund, to enforce its rights in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">event of a default, bankruptcy or similar situation, may need to retain legal or similar counsel. This may increase the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund’s operating expenses and adversely affect its NAV. Loans that have a lower priority for repayment in an issuer’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">capital structure may involve a higher degree of overall risk than more senior loans of the same borrower. In the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">event of a default, second lien secured loans will generally be paid only if the value of the collateral exceeds the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">amount of the borrower’s obligations to the first lien secured lenders, and the remaining collateral may not be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">sufficient to cover the full amount owed on the loan in which the Fund has an interest. The Fund may acquire a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">participation interest in a loan that is held by another party. When the Fund’s loan interest is a participation, the Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">may have less control over the exercise of remedies than the party selling the participation interest, and it normally </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">would not have any direct rights against the borrower.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Market Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">traded and closed markets and could cause significant redemptions and operational challenges. Global economies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and financial markets are increasingly interconnected, and conditions and events in one country, region or financial </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market may adversely impact issuers in a different country, region or financial market. These risks may be magnified </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">depressions or other events – or the potential for such events – could have a significant negative impact on global </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">economic and market conditions.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Prepayment and Extension Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Prepayment and extension risk is the risk that a loan, bond or other security or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment might, in the case of prepayment risk, be called or otherwise converted, prepaid or redeemed before </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">maturity and, in the case of extension risk, that the investment might not be called as expected. In the case of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">prepayment risk, if the investment is converted, prepaid or redeemed before maturity, the portfolio managers may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">not be able to invest the proceeds in other investments providing as high a level of income, resulting in a reduced </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">yield to the Fund. As interest rates decrease or spreads narrow on such investments, the likelihood of prepayment </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">increases. Conversely, extension risk is the risk that an unexpected rise in interest rates will extend the life of an </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment beyond the prepayment time. If the Fund’s investments are locked in at a lower interest rate for a longer </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">period of time, the portfolio managers may be unable to capitalize on investments with higher interest rates or wider </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">spreads.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Reinvestment Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Reinvestment risk arises when the Fund is unable to reinvest income or principal at the same or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">at least the same return it is currently earning.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Rule 144A and Other Exempted Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund may invest in privately placed and other securities or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instruments exempt from SEC registration (collectively “private placements”), subject to certain regulatory </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">restrictions. In the U.S. market, private placements are typically sold only to qualified institutional buyers, or qualified </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">purchasers, as applicable. An insufficient number of buyers interested in purchasing private placements at a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">particular time could adversely affect the marketability of such investments and the Fund might be unable to dispose </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of them promptly or at reasonable prices, subjecting the Fund to liquidity risk. The Fund’s holdings of private </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">placements may increase the level of Fund illiquidity if eligible buyers are unable or unwilling to purchase them at a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">particular time. Issuers of Rule 144A eligible securities are required to furnish information to potential investors upon </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">request. However, the required disclosure is much less extensive than that required of public companies and is not </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">publicly available since the offering information is not filed with the SEC. Further, issuers of Rule 144A eligible </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities can require recipients of the offering information (such as the Fund) to agree contractually to keep the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">information confidential, which could also adversely affect the Fund’s ability to dispose of the security.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Unrated Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund may purchase unrated securities which are not rated by a rating agency. Unrated </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities may be less liquid than comparable rated securities and involve the risk that the Investment Manager may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">not accurately evaluate the security’s comparative credit rating. Analysis of creditworthiness of issuers of high yield </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities may be more complex than for issuers of higher-quality debt securities. To the extent that the Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">purchases unrated securities, the Fund’s success in achieving its investment objective may depend more heavily on </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Investment Manager’s creditworthiness analysis than if the Fund invested exclusively in rated securities.</span></div> Performance Information <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the risks of investing in the Fund. The bar chart shows how the Fund’s Class 2 share performance has varied for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">each full calendar year shown. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The table below the bar chart compares the Fund’s returns for the periods shown with </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">a broad measure of market performance, as well as another measure of performance for markets in which the Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">may invest.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Except for differences in annual returns resulting from differences in expenses (where applicable), the share classes </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of the Fund would have substantially similar annual returns because all share classes of the Fund invest in the same </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">portfolio of securities.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The returns shown do not reflect any fees and expenses imposed under your Contract or Qualified Plan and would be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">lower if they did.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">The Fund’s past performance is no guarantee of how the Fund will perform in the future.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Updated performance </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">information can be obtained by calling toll-free 800.345.6611 or visiting columbiathreadneedleus.com.</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s Class 2 share performance has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with a broad measure of market performance, as well as another measure of performance for markets in which the Fund may invest. The returns shown do not reflect any fees and expenses imposed under your Contract or Qualified Plan and would be lower if they did. The Fund’s past performance is no guarantee of how the Fund will perform in the future. 800.345.6611 columbiathreadneedleus.com Year by Year Total Return (%)as of December 31 Each Year Best 2020-06-30 0.0944 Worst 2020-03-31 -0.1228  Average Annual Total Returns (for periods ended December 31, 2025)   2010-05-03 0.0881 0.0418 0.0578 2010-05-03 0.0849 0.0393 0.0551 1996-05-01 0.0854 0.0403 0.0563 0.0855 0.0448 0.0642 0.0730 -0.0036 0.0201 Summary of the Fund Investment Objective <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Columbia Variable Portfolio – Large Cap Index Fund (the Fund) </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">seeks to provide shareholders with long-term capital </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">appreciation.</span></div> Fees and Expenses of the Fund <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">This table describes the fees and expenses that you may pay as an investor in the Fund.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The table does not reflect </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">any fees or expenses imposed by your Contract or Qualified Plan, which are disclosed in your separate Contract </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">prospectus or Qualified Plan disclosure documents. If the additional fees or expenses were reflected, the expenses </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">set forth below would be higher.</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0020 0.0020 0.0020 0.0000 0.0025 0.0013 0.0006 0.0006 0.0006 0.0026 0.0051 0.0039 -0.0001 -0.0001 -0.0001 0.0025 0.0050 0.0038 “Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. April 30, 2027  Example <div style="margin-top: 6pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">indicated, and assumes that:</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div><div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">you invest $10,000 in the applicable class of Fund shares for the periods indicated,</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">your investment has a 5% return each year, and</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund’s total annual operating expenses remain the same as shown in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Annual Fund Operating Expenses</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">table above.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div style="margin-top: 6pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The example does not reflect any fees and expenses that apply to your Contract or Qualified Plan. Inclusion of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">these charges would increase expenses for all periods shown.</span></div><div style="margin-top: 6pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Since the waivers and/or reimbursements shown in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Annual Fund Operating Expenses</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> table above expire as </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">indicated in the preceding table, they are only reflected in the 1 year example and the first year of the other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">examples.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Although your actual costs may be higher or lower, based on the assumptions listed above, your costs </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">would be:</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> 26 26 83 83 145 145 330 330 51 51 163 163 284 284 640 640 39 39 124 124 218 218 492 492 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">year, the Fund’s portfolio turnover rate was </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">3</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">% of the average value of its portfolio.</span></div> 0.03 Principal Investment Strategies <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Under normal </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">circumstances</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">, the Fund invests at least 80% of its net assets (</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">plus</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> the amount of any borrowings for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment purposes) in common stocks that comprise the Standard &amp; Poor's (S&amp;P) 500</span><span style="color: #003c78; font-family: arial; font-size: 5pt; position: relative; top: -4.25pt;">®</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Index (the Index).</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may invest in derivatives, such as futures (including equity index futures), for cash equitization purposes.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Different common stocks have different weightings in the Index, depending on the amount of stock outstanding and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the stock’s current price. In seeking to match the performance of the Index, Columbia Management Investment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Advisers, LLC (the Investment Manager) attempts to allocate the Fund’s assets among common stocks in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">approximately the same weightings as the Index. This is referred to as a passive or indexing approach to investing.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">As a result of the Fund’s indexing approach to investing, the Fund will typically emphasize within the portfolio those </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">economic sectors emphasized by the Index, such as the information technology sector.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may buy shares of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Ameriprise Financial, Inc., an affiliate of the Investment Manager, which is currently included in the Index, subject to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">certain restrictions.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may operate as non-diversified when the Index is non-diversified. A non-diversified fund can invest a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">greater percentage of its assets in the securities of fewer issuers than can a diversified fund.</span></div> There is no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Correlation/Tracking Error Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund’s value will generally decline when the performance of the securities </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">within the Index declines. A number of factors may affect the Fund’s ability to achieve a high degree of correlation </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">with the Index, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">high degree of correlation may prevent the Fund from achieving its investment objective. In addition, the Fund bears </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">management and other expenses and transaction costs in trading securities or other instruments, which the Index </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">does not bear. The Fund, unlike the Index, is subject to regulatory requirements that can limit the Fund’s investments </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">relative to what the Index can hold. Accordingly, the Fund</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">'</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">s performance will likely fail to match the performance of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Index, after taking expenses into account, as well as regulatory limitations. It is not possible to invest directly in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">an index.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Derivatives Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Derivatives may involve significant risks. Derivatives are financial instruments with a value in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">relation to, or derived from, the value of an underlying asset(s) or other reference, such as an index, rate or other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">economic indicator (each an underlying reference). Derivatives may include those that are privately placed or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">otherwise exempt from SEC registration, including certain Rule 144A eligible securities. Derivatives could result in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund losses if the underlying reference does not perform as anticipated. Use of derivatives is a highly specialized </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">activity that can involve investment techniques, risks, and tax planning different from those associated with more </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">traditional investment instruments. The Fund’s derivatives strategy may not be successful</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">,</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> and use of certain </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">derivatives could result in substantial, potentially unlimited, losses to the Fund regardless of the Fund’s actual </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment. A relatively small movement in the price, rate or other economic indicator associated with the underlying </span></div><div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">reference may result in substantial losses for the Fund. Derivatives may be more volatile than other types of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investments. The value of derivatives may be influenced by a variety of factors, including national and international </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">political and economic developments. Potential changes to the regulation of the derivatives markets may make </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">derivatives more costly, may limit the market for derivatives, or may otherwise adversely affect the value or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">performance of derivatives. Derivatives can increase the Fund’s risk exposure to underlying references and their </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">attendant risks, such as credit risk, market risk, foreign currency risk and interest rate risk, while potentially exposing </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, liquidity risk, pricing risk and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">volatility risk.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Derivatives Risk – Futures Contracts Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> A futures contract is an exchange-traded derivative transaction between </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">two parties in which a buyer (holding the “long” position) agrees to pay a fixed price (or rate) at a specified future </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">date for delivery of an underlying reference from a seller (holding the “short” position). The seller hopes that the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market price on the delivery date is less than the agreed upon price, while the buyer hopes for the contrary. Certain </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">futures contract markets are highly volatile, and futures contracts may be illiquid. Futures exchanges may limit </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">fluctuations in futures contract prices by imposing a maximum permissible daily price movement. The Fund may be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement. At or prior to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">maturity of a futures contract, the Fund may enter into an offsetting contract and may incur a loss to the extent there </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">has been adverse movement in futures contract prices. The liquidity of the futures markets depends on participants </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">entering into offsetting transactions rather than making or taking delivery. To the extent participants make or take </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">delivery, liquidity in the futures market could be reduced. Because of the low margin deposits normally required in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">futures trading, it is possible that the Fund may employ a high degree of leverage in the portfolio. As a result, a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">relatively small price movement in a futures contract may result in substantial losses to the Fund, exceeding the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">amount of the margin paid. For certain types of futures contracts, losses are potentially unlimited. Futures markets </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">are highly volatile</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">,</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> and the use of futures may increase the volatility of the Fund’s NAV. Futures contracts executed (if </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">any) on foreign exchanges may not provide the same protection as U.S. exchanges. Futures contracts can increase </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund’s risk exposure to underlying references and their attendant risks, such as credit risk, market risk, foreign </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">currency risk and interest rate risk, while potentially exposing the Fund to correlation risk, counterparty risk, hedging </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risk, inflation risk, leverage risk, liquidity risk, pricing risk and volatility risk.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Equity Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Equity securities may experience significant volatility. Such securities may fall sharply in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">response to adverse events affecting overall markets, a particular industry or sector, or an individual company’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">financial condition.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Issuer Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> An issuer in which the Fund invests or to which it has exposure may perform poorly or below </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">outbreaks, epidemics or other events, conditions and factors which may impair the value of your investment in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund.</span></div><div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 500.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic; font-weight: bold;">Large-Cap Stock Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Investments in larger, more established companies (larger companies) may involve certain </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risks associated with their larger size. For instance, larger companies may be less able to respond quickly to new </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">competitive challenges, such as changes in consumer tastes or innovation from smaller competitors. Also, larger </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">companies are sometimes less able to achieve as high growth rates as successful smaller companies, especially </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">during extended periods of economic expansion.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Market Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">traded and closed markets and could cause significant redemptions and operational challenges. Global economies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and financial markets are increasingly interconnected, and conditions and events in one country, region or financial </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market may adversely impact issuers in a different country, region or financial market. These risks may be magnified </span></div><div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">depressions or other events – or the potential for such events – could have a significant negative impact on global </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">economic and market conditions.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Non-Diversified Fund Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund is passively managed to track an unaffiliated index, and the Fund may hold a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">non-diversified portfolio to the extent that its index’s holdings represent a non-diversified portfolio. When holding a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">non-diversified portfolio, it may invest a greater percentage of its total assets in the securities of fewer issuers than a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">“diversified” fund. This increases the risk that a change in the value of any one investment held by the Fund could </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investments. Accordingly, the Fund's value will likely be more volatile than the value of a more diversified fund.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Passive Investment Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund is not actively managed and may be affected by a general decline in market </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">segments related to its Index’s investment exposures. The Fund invests in securities or instruments included in, or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">believed by the portfolio </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">managers</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> to be representative of, the Index regardless of their investment merits. The Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">does not seek temporary defensive positions when markets decline or appear overvalued.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Sector Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> At times, the Fund may have a significant portion of its assets invested in securities of companies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">conducting business in a related group of industries within one or more economic sectors, including the information </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">technology sector. The Fund generally invests in issuers, including to concentrate its investments in issuers </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">conducting business in a related group of industries, to approximately the same extent as the Index. Companies in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the same sector may be similarly affected by economic, regulatory, political or market events or conditions, which </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">may make the Fund vulnerable to unfavorable developments in that group of industries or economic sector.</span></div><div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 500.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic; font-weight: bold;">Information Technology Sector.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund is vulnerable to the particular risks that may affect companies in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">information technology sector. Companies in the information technology sector are subject to certain risks, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">including the risk that new services, equipment or technologies will not be accepted by consumers and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">aggressive pricing of their products or services, new market entrants, competition for market share and short </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">addition, many information technology sector companies have limited operating histories and prices of these </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">companies’ securities historically have been more volatile than other securities, especially over the short term. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Some companies in the information technology sector are facing increased government and regulatory scrutiny </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and may be subject to adverse government or regulatory action, which could negatively impact the value of their </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> Performance Information <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the risks of investing in the Fund. The bar chart shows how the Fund’s Class 2 share performance has varied for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">each full calendar year shown. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The table below the bar chart compares the Fund’s returns for the periods shown with </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">a broad measure of market performance.</span></div><div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Except for differences in annual returns resulting from differences in expenses (where applicable), the share classes </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of the Fund would have substantially similar annual returns because all share classes of the Fund invest in the same </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">portfolio of securities.</span></div><div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The returns shown do not reflect any fees and expenses imposed under your Contract or Qualified Plan and would be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">lower if they did.</span></div><div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">The Fund’s past performance is no guarantee of how the Fund will perform in the future.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Updated performance </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">information can be obtained by calling toll-free 800.345.6611 or visiting columbiathreadneedleus.com.</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s Class 2 share performance has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with a broad measure of market performance. The returns shown do not reflect any fees and expenses imposed under your Contract or Qualified Plan and would be lower if they did. The Fund’s past performance is no guarantee of how the Fund will perform in the future. 800.345.6611 columbiathreadneedleus.com Year by Year Total Return (%)as of December 31 Each Year Best 2020-06-30 0.2028 Worst 2020-03-31 -0.1968  Average Annual Total Returns (for periods ended December 31, 2025)   2011-04-25 0.1758 0.1413 0.1449 2011-04-25 0.1725 0.1384 0.1421 2000-05-01 0.1743 0.1398 0.1435 0.1788 0.1442 0.1482 Summary of the Fund Investment Objective <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Columbia Variable Portfolio – Select Mid Cap Growth Fund (the Fund) </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">seeks to provide shareholders with growth of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">capital.</span></div> Fees and Expenses of the Fund <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">This table describes the fees and expenses that you may pay as an investor in the Fund.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The table does not reflect </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">any fees or expenses imposed by your Contract or Qualified Plan, which are disclosed in your separate Contract </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">prospectus or Qualified Plan disclosure documents. If the additional fees or expenses were reflected, the expenses </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">set forth below would be higher.</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0082 0.0082 0.0082 0.0000 0.0025 0.0013 0.0008 0.0008 0.0008 0.0090 0.0115 0.0103 -0.0007 -0.0007 -0.0007 0.0083 0.0108 0.0096 Other expenses have been restated to reflect current fees paid by the Fund. “Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. April 30, 2027  Example <div style="margin-top: 6pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">indicated, and assumes that:</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div><div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">you invest $10,000 in the applicable class of Fund shares for the periods indicated,</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">your investment has a 5% return each year, and</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund’s total annual operating expenses remain the same as shown in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Annual Fund Operating Expenses</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">table above.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div style="margin-top: 6pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The example does not reflect any fees and expenses that apply to your Contract or Qualified Plan. Inclusion of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">these charges would increase expenses for all periods shown.</span></div><div style="line-height: 12.0pt; margin-left: 6pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Since the waivers and/or reimbursements shown in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Annual Fund Operating Expenses</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> table above expire as </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">indicated in the preceding table, they are only reflected in the 1 year example and the first year of the other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">examples. Although your actual costs may be higher or lower, based on the assumptions listed above, your costs </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">would be:</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> 85 85 280 280 492 492 1101 1101 110 110 358 358 626 626 1391 1391 98 98 321 321 562 562 1253 1253 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">year, the Fund’s portfolio turnover rate was </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">195</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">% of the average value of its portfolio.</span></div> 1.95 Principal Investment Strategies <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Under normal </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">circumstances</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">, the Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">invests</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> at least 80% of its net assets (</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">plus</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> the amount of any borrowings for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment purposes) </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in the common stocks of mid-capitalization companies.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">These companies have market </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">capitalizations in the range of companies in the Russell Midcap</span><span style="color: #003c78; font-family: arial; font-size: 5pt; position: relative; top: -4.25pt;">®</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Index (the Capitalization Index), which ranged </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">between $134.5 million and $116.7 billion as of March 31, 2026.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The market capitalization range and composition of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">companies in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Capitalization</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Index are subject to change.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">As such, the size of the companies in which the Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">invests may change. The Fund may continue to hold a security even if the company’s market capitalization is no </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">longer within the range of the Capitalization Index.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Under normal circumstances, the Fund also invests at least 80% </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of “growth” </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">companies.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">considers</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">“</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">growth”</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">companies to be those companies that are either constituents of an index </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">constructed by a third party to identify companies with various characteristics of growth companies,</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> have </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">a higher </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Institutional Brokers' Estimate System (I/B/E/S) medium</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">-term</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> growth forecast (two year) than the median ranked </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">stock within the company’s GICS sector</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">or have a higher sales per share historical growth rate (five year) than the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">median ranked stock within the company’s GICS sector. The third</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">-</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">party broad-</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">based index currently used to identify </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">growth companies is the Russell 3000</span><span style="color: #003c78; font-family: arial; font-size: 5pt; position: relative; top: -4.25pt;">®</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Growth Index</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">although the Fund may change this index without prior notice. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The I/B/E/S is a database used by brokers and investors to access the estimates made by stock analysts regarding </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the future earnings of publicly traded American companies. The I/B/E/</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">S medium term growth</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> forecast is a measure </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of the average annualized EPS (earnings per share) growth forecast of contributing analysts/estimators for the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">forthcoming two years</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may at times emphasize one or more sectors in selecting its investments, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">including the industrials </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">sector</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">.</span></div><div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may invest up to 20% of its total assets in foreign securities.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may invest directly in foreign </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities or indirectly through depositary receipts.</span></div><div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may invest in special situations, such as companies involved in initial public offerings, tender offers, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">mergers and other corporate restructurings, and in companies involved in management changes or companies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">developing new technologies.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund typically employs a focused portfolio investing style, which results in fewer </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">holdings than a fund that seeks to achieve its investment objective by investing in a greater number of issuers.</span></div><div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund’s investment strategy may involve the frequent trading of portfolio securities.</span></div> There is no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Active Management Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Due to its active management, the Fund could underperform its benchmark index and/or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other funds with similar investment objectives and/or strategies.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Depositary Receipts Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Depositary receipts are receipts issued by a bank or trust company reflecting ownership </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of underlying securities issued by foreign companies. Some foreign securities are traded in the form of American </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Depositary Receipts and/or Global Depositary Receipts. Depositary receipts involve risks similar to the risks </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">associated with investments in foreign securities, including those associated with an issuer’s (and any of its related </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">companies’) country of organization and places of business operations, which may be related to the particular </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">political, regulatory, economic, social and other conditions or events (including, for example, military confrontations </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and actions, war, other conflicts, terrorism and disease/virus outbreaks and epidemics) occurring in the country and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">fluctuations in such country’s currency, as well as market risk tied to the underlying foreign company. In addition, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">holders of depositary receipts may have limited voting rights, may not have the same rights afforded to stockholders </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of a typical domestic company in the event of a corporate action, such as an acquisition, merger or rights offering, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and may experience difficulty in receiving company stockholder communications. There is no guarantee that a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">financial institution will continue to sponsor a depositary receipt, or that a depositary receipt will continue to trade on </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">an exchange, either of which could adversely affect the liquidity, availability and pricing of the depositary receipt. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Changes in foreign currency exchange rates will affect the value of depositary receipts and, therefore, may affect the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">value of your investment in the Fund.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Equity Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Equity securities may experience significant volatility. Such securities may fall sharply in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">response to adverse events affecting overall markets, a particular industry or sector, or an individual company’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">financial condition.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Focused Portfolio Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Because the Fund may invest in a limited number of companies, the Fund as a whole is </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">subject to greater risk of loss if any of those securities decline in price.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Foreign Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Investments in or exposure to securities of foreign companies may involve heightened risks </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">relative to investments in or exposure to securities of U.S. companies. Investing in securities of foreign companies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">subjects the Fund to the risks associated with an issuer’s (and any of its related companies’) country of organization </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and places of business operations, including risks related to political, regulatory, economic, social, diplomatic and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other conditions or events (including, for example, military confrontations and actions, war, other conflicts, terrorism </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and disease/virus outbreaks and epidemics) occurring in the country or region, as well as risks associated with less </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of U.S. companies</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> and are subject to the risks associated with potential imposition of economic and other sanctions </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">against a particular foreign country, its nationals or industries or businesses within the country. In addition, foreign </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">governments may impose withholding or other taxes on the Fund’s income, capital gains or proceeds from the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">disposition of foreign securities, which could reduce the Fund’s return on such securities. The performance of the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund may also be negatively affected by fluctuations in a foreign currency's strength or weakness relative to the U.S. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">dollar, particularly to the extent the Fund invests a significant percentage of its assets in foreign securities or other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">assets denominated in currencies other than the U.S. dollar.</span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Frequent Trading Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The portfolio managers may actively and frequently trade investments in the Fund's portfolio </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">to carry out its investment strategies. Frequent trading can also mean higher brokerage and other transaction costs, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">which could reduce the Fund's return. The trading costs associated with portfolio turnover may adversely affect the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund’s performance.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Growth Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Growth securities typically trade at a higher multiple of earnings than other types of equity </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities. Accordingly, the market values of growth securities may never reach their expected market value and may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">decline in price. In addition, growth securities, at times, may not perform as well as value securities or the stock </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market in general, and may be out of favor with investors for varying periods of time. Growth securities may also be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">sensitive to movements in interest rates.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Issuer Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> An issuer in which the Fund invests or to which it has exposure may perform poorly or below </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">outbreaks, epidemics or other events, conditions and factors which may impair the value of your investment in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund.</span></div><div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 500.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic; font-weight: bold;">Mid-Cap Stock Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Investments in mid-capitalization companies (mid-cap companies) often involve greater risks </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">than investments in larger, more established companies (larger companies) because mid-cap companies tend to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">have less predictable earnings and may lack the management experience, financial resources, product </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">diversification and competitive strengths of larger companies, and may be less liquid than the securities of larger </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">companies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Market Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">traded and closed markets and could cause significant redemptions and operational challenges. Global economies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and financial markets are increasingly interconnected, and conditions and events in one country, region or financial </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market may adversely impact issuers in a different country, region or financial market. These risks may be magnified </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">depressions or other events – or the potential for such events – could have a significant negative impact on global </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">economic and market conditions.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Sector Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> At times, the Fund may have a significant portion of its assets invested in securities of companies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">conducting business in a related group of industries within one or more economic sectors, including the industrials </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">sector</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">. Companies in the same sector may be similarly affected by economic, regulatory, political or market events </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">or conditions, which may make the Fund vulnerable to unfavorable developments in that group of industries or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">economic sector.</span></div><div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 500.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic; font-weight: bold;">Industrials Sector.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund is vulnerable to the particular risks that may affect companies in the industrials </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">sector. Companies in the industrials sector are subject to certain risks, including changes in supply and demand </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">for their specific product or service and for industrial sector products in general, including decline in demand for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">such products due to rapid technological developments and frequent new product introduction. Performance of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">such companies may be affected by factors including government regulation, world events, economic conditions </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and risks for environmental damage and product liability claims.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Special Situations Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Securities of companies that are involved in an initial public offering or a major corporate </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">event, such as a business consolidation or restructuring, may be exposed to heightened risk because of the high </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">degree of uncertainty that can be associated with such events. Securities issued in initial public offerings often are </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">issued by companies that are in the early stages of development, have a history of little or no revenues and may </span></div><div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">operate at a loss following the offering. It is possible that there will be no active trading market for the securities </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">after the offering, and that the market price of the securities may be subject to significant and unpredictable </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">fluctuations. Certain “special situation” investments are investments in securities or other instruments that may be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">classified as illiquid or lacking a readily ascertainable fair value. Certain special situation investments prevent </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">ownership interests therein from being withdrawn until the special situation investment, or a portion thereof, is </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">realized or deemed realized, which may negatively impact Fund performance. Investing in special situations may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">have a magnified effect on the performance of funds with small amounts of assets.</span></div> Performance Information <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the risks of investing in the Fund. The bar chart shows how the Fund’s Class 2 share performance has varied for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">each full calendar year shown. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The table below the bar chart compares the Fund’s returns for the periods shown with </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">a broad measure of market performance, as well as another measure of performance for markets in which the Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">may invest.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Except for differences in annual returns resulting from differences in expenses (where applicable), the share classes </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of the Fund would have substantially similar annual returns because all share classes of the Fund invest in the same </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">portfolio of securities.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The returns shown do not reflect any fees and expenses imposed under your Contract or Qualified Plan and would be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">lower if they did.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">The Fund’s past performance is no guarantee of how the Fund will perform in the future.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Updated performance </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">information can be obtained by calling toll-free 800.345.6611 or visiting columbiathreadneedleus.com.</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s Class 2 share performance has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with a broad measure of market performance, as well as another measure of performance for markets in which the Fund may invest. The returns shown do not reflect any fees and expenses imposed under your Contract or Qualified Plan and would be lower if they did. The Fund’s past performance is no guarantee of how the Fund will perform in the future. 800.345.6611 columbiathreadneedleus.com Year by Year Total Return (%) as of December 31 Each Year Best 2020-06-30 0.2883 Worst 2022-06-30 -0.2274  Average Annual Total Returns (for periods ended December 31, 2025)   2010-05-03 0.1514 0.0753 0.1217 2010-05-03 0.1486 0.0726 0.1189 2001-05-01 0.1498 0.0740 0.1203 0.0866 0.0665 0.1249 0.1715 0.1315 0.1429 Summary of the Fund Investment Objective <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Columbia Variable Portfolio – Select Mid Cap Value Fund (the Fund) </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">seeks to provide shareholders with long-term </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">growth of capital.</span></div> Fees and Expenses of the Fund <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">This table describes the fees and expenses that you may pay as an investor in the Fund.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The table does not reflect </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">any fees or expenses imposed by your Contract or Qualified Plan, which are disclosed in your separate Contract </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">prospectus or Qualified Plan disclosure documents. If the additional fees or expenses were reflected, the expenses </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">set forth below would be higher.</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0082 0.0082 0.0082 0.0000 0.0025 0.0013 0.0009 0.0009 0.0009 0.0091 0.0116 0.0104 -0.0008 -0.0008 -0.0008 0.0083 0.0108 0.0096 “Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. April 30, 2027  Example <div style="margin-top: 6pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">indicated, and assumes that:</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div><div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">you invest $10,000 in the applicable class of Fund shares for the periods indicated,</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">your investment has a 5% return each year, and</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund’s total annual operating expenses remain the same as shown in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Annual Fund Operating Expenses</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">table above.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div style="margin-top: 6pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The example does not reflect any fees and expenses that apply to your Contract or Qualified Plan. Inclusion of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">these charges would increase expenses for all periods shown.</span></div><div style="margin-top: 6pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Since the waivers and/or reimbursements shown in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Annual Fund Operating Expenses</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> table above expire as </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">indicated in the preceding table, they are only reflected in the 1 year example and the first year of the other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">examples. Although your actual costs may be higher or lower, based on the assumptions listed above, your costs </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">would be:</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> 85 85 282 282 496 496 1112 1112 110 110 361 361 631 631 1402 1402 98 98 323 323 566 566 1264 1264 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">year, the Fund’s portfolio turnover rate was </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">11</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">% of the average value of its portfolio.</span></div> 0.11 Principal Investment Strategies <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">plus</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> the amount of any borrowings for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment purposes) in equity securities of medium-sized companies. Medium-sized companies are those whose </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market capitalizations </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">fall within the market capitalization range of the Russell Midcap</span><span style="color: #003c78; font-family: arial; font-size: 5pt; position: relative; top: -4.25pt;">®</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Value Index (the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Capitalization </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Index)</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">, which ranged </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">between $</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">134.5</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> million and $</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">116.7</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> billion as of March 31, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">2026</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The market </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">capitalization range and composition of companies in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Capitalization</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Index are subject to change.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">As such, the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">size of the companies in which the Fund invests may change. The Fund may continue to hold a security even if the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">company’s market capitalization is no longer within the range of the Capitalization Index.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Under normal </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">circumstances, the Fund also invests at least 80% of its net assets (plus the amount of any borrowings for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment purposes) in equity securities of “value” companies. The Fund considers “value” companies to be those </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">companies that are either constituents of an index constructed by a third party to identify companies with various </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">characteristics of value companies, or that have a higher book-to-price (B/P) ratio than the median ranked stock </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">within the company’s GICS sector, have a higher EBITDA/EV (earnings before interest, taxes, depreciation and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">amortization-to-enterprise value) or have a lower price-to-earnings ratio than the median ranked stock within the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">company’s GICS sector. The third-party broad-based index currently used to identify value companies is the Russell </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">3000</span><span style="color: #003c78; font-family: arial; font-size: 4.5pt; position: relative; top: -7pt;">® </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Value Index, although the Fund may change the referenced index without prior notice.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may invest up to 25% of its net assets in foreign investments.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund normally invests in common </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">stocks and also may invest in real estate investment trusts.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may at times emphasize one or more sectors </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in selecting its investments, including the financials sector.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may hold a small number of securities, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">consistent with its value investment approach.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Generally, the Fund anticipates holding between 30 and 50 securities </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in its portfolio; however, the Fund may hold, at any time, more or fewer securities than noted in this range.</span></div> There is no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Active Management Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Due to its active management, the Fund could underperform its benchmark index and/or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other funds with similar investment objectives and/or strategies.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Equity Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Equity securities may experience significant volatility. Such securities may fall sharply in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">response to adverse events affecting overall markets, a particular industry or sector, or an individual company’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">financial condition.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Focused Portfolio Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Because the Fund may invest in a limited number of companies, the Fund as a whole is </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">subject to greater risk of loss if any of those securities decline in price.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Foreign Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Investments in or exposure to securities of foreign companies may involve heightened risks </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">relative to investments in or exposure to securities of U.S. companies. Investing in securities of foreign companies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">subjects the Fund to the risks associated with an issuer’s (and any of its related companies’) country of organization </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and places of business operations, including risks related to political, regulatory, economic, social, diplomatic and </span></div><div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">other conditions or events (including, for example, military confrontations and actions, war, other conflicts, terrorism </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and disease/virus outbreaks and epidemics) occurring in the country or region, as well as risks associated with less </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of U.S. companies</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> and are subject to the risks associated with potential imposition of economic and other sanctions </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">against a particular foreign country, its nationals or industries or businesses within the country. In addition, foreign </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">governments may impose withholding or other taxes on the Fund’s income, capital gains or proceeds from the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">disposition of foreign securities, which could reduce the Fund’s return on such securities. The performance of the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund may also be negatively affected by fluctuations in a foreign currency's strength or weakness relative to the U.S. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">dollar, particularly to the extent the Fund invests a significant percentage of its assets in foreign securities or other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">assets denominated in currencies other than the U.S. dollar.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Issuer Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> An issuer in which the Fund invests or to which it has exposure may perform poorly or below </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">outbreaks, epidemics or other events, conditions and factors which may impair the value of your investment in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund.</span></div><div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 500.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic; font-weight: bold;">Mid-Cap Stock Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Investments in mid-capitalization companies (mid-cap companies) often involve greater risks </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">than investments in larger, more established companies (larger companies) because mid-cap companies tend to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">have less predictable earnings and may lack the management experience, financial resources, product </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">diversification and competitive strengths of larger companies, and may be less liquid than the securities of larger </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">companies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Market Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">traded and closed markets and could cause significant redemptions and operational challenges. Global economies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and financial markets are increasingly interconnected, and conditions and events in one country, region or financial </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market may adversely impact issuers in a different country, region or financial market. These risks may be magnified </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">depressions or other events – or the potential for such events – could have a significant negative impact on global </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">economic and market conditions.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Real Estate-Related Investment Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Investments in real estate investment trusts (REITs) and in securities of other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">companies (wherever organized) principally engaged in the real estate industry subject the Fund to, among other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">things, risks similar to those of direct investments in real estate and the real estate industry in general. These include </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risks related to general and local economic conditions, possible lack of availability of financing and changes in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">interest rates or property values. The value of interests in a REIT may be affected by, among other factors, changes in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the value of the underlying properties owned by the REIT, changes in the prospect for earnings and/or cash flow </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">growth of the REIT itself, defaults by borrowers or tenants, market saturation, decreases in market rates for rents, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and other economic, political, or regulatory matters affecting the real estate industry, including REITs. REITs may be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">subject to more abrupt or erratic price movements than the overall securities markets. In a rising interest rate </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">environment, the stock prices of real estate-related investments may decline and the borrowing costs of these </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">companies may increase. REITs are also subject to the risk of failing to qualify for favorable tax treatment under the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Internal Revenue Code of 1986, as amended. The failure of a REIT to continue to qualify as a REIT for tax purposes </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">can materially and adversely affect its value. Some REITs (especially mortgage REITs) are affected by risks similar to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">those associated with investments in debt securities including changes in interest rates and the quality of credit </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">extended.</span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Sector Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> At times, the Fund may have a significant portion of its assets invested in securities of companies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">conducting business in a related group of industries within one or more economic sectors, including the financials </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">sector. Companies in the same sector may be similarly affected by economic, regulatory, political or market events </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">or conditions, which may make the Fund vulnerable to unfavorable developments in that group of industries or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">economic sector.</span></div><div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 500.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic; font-weight: bold;">Financials Sector.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund is vulnerable to the particular risks that may affect companies in the financials sector. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Companies in the financials sector are subject to certain risks, including the risk of regulatory change, decreased </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">liquidity in credit markets and unstable interest rates. Such companies may have concentrated portfolios, such as </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">a high level of loans to one or more industries or sectors, which makes them vulnerable to economic conditions </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">that affect such industries or sectors. Performance of such companies may be affected by competitive pressures </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and exposure to investments, agreements and counterparties, including credit products that, under certain </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">circumstances, may lead to losses (e.g., subprime loans). Companies in the financials sector are subject to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">extensive governmental regulation that may limit the amount and types of loans and other financial commitments </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">they can make, and the interest rates and fees they may charge. In addition, profitability of such companies is </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">largely dependent upon the availability and the cost of capital.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Value Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Value securities are securities of companies that may have experienced, for example, adverse </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">business, industry or other developments or may be subject to special risks that have caused the securities to be out </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet the perceived </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">value assessment of that security as determined by the portfolio managers, or may decline in price, even though the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities are already believed to be undervalued by the portfolio managers. There is also a risk that it may take </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">longer than expected for the value of these investments to rise to the perceived value as determined by the portfolio </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">managers. In addition, value securities, at times, may not perform as well as growth securities or the stock market in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">general, and may be out of favor with investors for varying periods of time.</span></div> Performance Information <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the risks of investing in the Fund. The bar chart shows how the Fund’s Class 2 share performance has varied for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">each full calendar year shown. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The table below the bar chart compares the Fund’s returns for the periods shown with </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">a broad measure of market performance, as well as another measure of performance for markets in which the Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">may invest.</span></div><div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Except for differences in annual returns resulting from differences in expenses (where applicable), the share classes </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of the Fund would have substantially similar annual returns because all share classes of the Fund invest in the same </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">portfolio of securities.</span></div><div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The returns shown do not reflect any fees and expenses imposed under your Contract or Qualified Plan and would be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">lower if they did.</span></div><div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">The Fund’s past performance is no guarantee of how the Fund will perform in the future.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Updated performance </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">information can be obtained by calling toll-free 800.345.6611 or visiting columbiathreadneedleus.com.</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s Class 2 share performance has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with a broad measure of market performance, as well as another measure of performance for markets in which the Fund may invest. The returns shown do not reflect any fees and expenses imposed under your Contract or Qualified Plan and would be lower if they did. The Fund’s past performance is no guarantee of how the Fund will perform in the future. 800.345.6611 columbiathreadneedleus.com Year by Year Total Return (%) as of December 31 Each Year Best 2020-12-31 0.2251 Worst 2020-03-31 -0.3287  Average Annual Total Returns (for periods ended December 31, 2025)   2010-05-03 0.1418 0.1118 0.1044 2010-05-03 0.1387 0.1090 0.1017 2005-05-02 0.1401 0.1103 0.1030 0.1105 0.0983 0.0978 0.1715 0.1315 0.1429 Summary of the Fund Investment Objective <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Columbia Variable Portfolio </span><span style="color:#003c78;font-family:arial;font-size:10pt">-</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">Select Short Corporate Income</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Fund (the Fund) </span><span style="color:#003c78;font-family:arial;font-size:10pt">seeks to provide shareholders with a </span><span style="color:#003c78;font-family:arial;font-size:10pt">level of current income consistent with preservation of capital.</span></div> Fees and Expenses of the Fund <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">This table describes the fees and expenses that you may pay as an investor in the Fund.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The table does not reflect </span><span style="color:#003c78;font-family:arial;font-size:10pt">any fees or expenses imposed by your Contract or Qualified Plan, which are disclosed in your separate Contract </span><span style="color:#003c78;font-family:arial;font-size:10pt">prospectus or Qualified Plan disclosure documents. If the additional fees or expenses were reflected, the expenses </span><span style="color:#003c78;font-family:arial;font-size:10pt">set forth below would be higher.</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0048 0.0048 0.0000 0.0025 0.0003 0.0003 0.0051 0.0076 -0.0010 -0.0010 0.0041 0.0066 “Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. April 30, 2027  Example <div style="margin-top:6pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing </span><span style="color:#003c78;font-family:arial;font-size:10pt">in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods </span><span style="color:#003c78;font-family:arial;font-size:10pt">indicated, and assumes that:</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">you invest $10,000 in the applicable class of Fund shares for the periods indicated,</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">your investment has a 5% return each year, and</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund’s total annual operating expenses remain the same as shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Annual Fund Operating Expenses</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">table above.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="margin-top:6pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The example does not reflect any fees and expenses that apply to your Contract or Qualified Plan. Inclusion of </span><span style="color:#003c78;font-family:arial;font-size:10pt">these charges would increase expenses for all periods shown.</span></div><div style="margin-top:6pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Since the waivers and/or reimbursements shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Annual Fund Operating Expenses</span><span style="color:#003c78;font-family:arial;font-size:10pt"> table above expire as </span><span style="color:#003c78;font-family:arial;font-size:10pt">indicated in the preceding table, they are only reflected in the 1 year example and the first year of the other </span><span style="color:#003c78;font-family:arial;font-size:10pt">examples. Although your actual costs may be higher or lower, based on the assumptions listed above, your costs </span><span style="color:#003c78;font-family:arial;font-size:10pt">would be:</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> 42 42 153 153 275 275 631 631 67 67 233 233 413 413 933 933 Portfolio Turnover <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color:#003c78;font-family:arial;font-size:10pt">portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected </span><span style="color:#003c78;font-family:arial;font-size:10pt">in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal </span><span style="color:#003c78;font-family:arial;font-size:10pt">year, the Fund’s portfolio turnover rate was </span><span style="color:#003c78;font-family:arial;font-size:10pt">129</span><span style="color:#003c78;font-family:arial;font-size:10pt">% of the average value of its portfolio.</span></div> 1.29 Principal Investment Strategies <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Under normal circumstances, the Fund invests at least 80% of its net assets (</span><span style="color:#003c78;font-family:arial;font-size:10pt">plus</span><span style="color:#003c78;font-family:arial;font-size:10pt"> the amount of any borrowings for </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment purposes) in corporate bonds. The Fund primarily invests in debt securities with short- and intermediate-term</span><span style="color:#003c78;font-family:arial;font-size:10pt"> maturities generally similar to those included in the Fund’s benchmark index, the Bloomberg U.S. 1-5 Year </span><span style="color:#003c78;font-family:arial;font-size:10pt">Corporate Index (the Index).</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may invest up to 15% of its net assets in debt instruments that, at the time of </span><span style="color:#003c78;font-family:arial;font-size:10pt">purchase, are rated below investment grade or are unrated but determined to be of comparable quality (commonly </span><span style="color:#003c78;font-family:arial;font-size:10pt">referred to as “high-yield” investments or “junk” bonds).</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund’s duration is managed to help reduce volatility associated with changes in interest rates. Under normal </span><span style="color:#003c78;font-family:arial;font-size:10pt">circumstances</span><span style="color:#003c78;font-family:arial;font-size:10pt">, the Fund will target duration to be similar to or lower than that of the Index, but will not exceed that of </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Index by more than one year. As of March 31, </span><span style="color:#003c78;font-family:arial;font-size:10pt">2026</span><span style="color:#003c78;font-family:arial;font-size:10pt">, the duration of the Index was </span><span style="color:#003c78;font-family:arial;font-size:10pt">2.71</span><span style="color:#003c78;font-family:arial;font-size:10pt"> years.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may invest in privately placed and other securities or instruments that are purchased and sold pursuant to </span><span style="color:#003c78;font-family:arial;font-size:10pt">Rule 144A or other exemptions under the Securities Act of 1933, as amended, subject to certain regulatory </span><span style="color:#003c78;font-family:arial;font-size:10pt">restrictions.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may invest up to 25% of its net assets in foreign investments.</span></div> There is no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Active Management Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Due to its active management, the Fund could underperform its benchmark index and/or </span><span style="color:#003c78;font-family:arial;font-size:10pt">other funds with similar investment objectives and/or strategies.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Changing Distribution Level Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund normally expects to receive income which may include interest, </span><span style="color:#003c78;font-family:arial;font-size:10pt">dividends and/or capital gains, depending upon its investments. The distribution amounts paid by the Fund will vary </span><span style="color:#003c78;font-family:arial;font-size:10pt">and generally depend on the amount of income the Fund earns (less expenses) on its portfolio holdings, and capital </span><span style="color:#003c78;font-family:arial;font-size:10pt">gains or losses it recognizes. A decline in the Fund’s income or net capital gains arising from its investments may </span><span style="color:#003c78;font-family:arial;font-size:10pt">reduce its distribution level.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Credit Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Credit risk is the risk that the value of debt instruments may decline if the issuer thereof defaults or </span><span style="color:#003c78;font-family:arial;font-size:10pt">otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, </span><span style="color:#003c78;font-family:arial;font-size:10pt">such as making payments to the Fund when due. Credit rating agencies, such as S&amp;P Global Ratings, Moody’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">Investors Service, Inc. (Moody’s Ratings), Fitch Ratings, Inc. (Fitch), Morningstar DBRS (DBRS) and Kroll Bond Rating </span><span style="color:#003c78;font-family:arial;font-size:10pt">Agency, LLC (KBRA), assign credit ratings to certain debt instruments to indicate their credit risk. A rating downgrade </span><span style="color:#003c78;font-family:arial;font-size:10pt">by such agencies can negatively impact the value of such instruments. Lower-rated or unrated instruments held by </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund may present increased credit risk as compared to higher-rated instruments. Non-investment grade debt </span><span style="color:#003c78;font-family:arial;font-size:10pt">instruments may be subject to greater price fluctuations and are more likely to experience a default than investment </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">grade debt instruments and therefore may expose the Fund to increased credit risk. If the Fund purchases unrated </span><span style="color:#003c78;font-family:arial;font-size:10pt">instruments, or if the ratings of instruments held by the Fund are lowered after purchase, the Fund will depend on </span><span style="color:#003c78;font-family:arial;font-size:10pt">analysis of credit risk more heavily than usual.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Fixed Income Instruments Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund is subject to the general risks and considerations associated with </span><span style="color:#003c78;font-family:arial;font-size:10pt">investing in debt securities, including the risk that issuers will fail to make timely payments of principal or interest or </span><span style="color:#003c78;font-family:arial;font-size:10pt">default altogether. Lower-rated securities in which the Fund may invest may be more volatile and may decline more </span><span style="color:#003c78;font-family:arial;font-size:10pt">in price in response to negative issuer developments or general economic news than higher rated securities. In </span><span style="color:#003c78;font-family:arial;font-size:10pt">addition, as interest rates rise, the Fund’s investments typically will lose value.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Foreign Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Investments in or exposure to securities of foreign companies may involve heightened risks </span><span style="color:#003c78;font-family:arial;font-size:10pt">relative to investments in or exposure to securities of U.S. companies. Investing in securities of foreign companies </span><span style="color:#003c78;font-family:arial;font-size:10pt">subjects the Fund to the risks associated with an issuer’s (and any of its related companies’) country of organization </span><span style="color:#003c78;font-family:arial;font-size:10pt">and places of business operations, including risks related to political, regulatory, economic, social, diplomatic and </span><span style="color:#003c78;font-family:arial;font-size:10pt">other conditions or events (including, for example, military confrontations and actions, war, other conflicts, terrorism </span><span style="color:#003c78;font-family:arial;font-size:10pt">and disease/virus outbreaks and epidemics) occurring in the country or region, as well as risks associated with less </span><span style="color:#003c78;font-family:arial;font-size:10pt">developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities </span><span style="color:#003c78;font-family:arial;font-size:10pt">of U.S. companies</span><span style="color:#003c78;font-family:arial;font-size:10pt"> and are subject to the risks associated with potential imposition of economic and other sanctions </span><span style="color:#003c78;font-family:arial;font-size:10pt">against a particular foreign country, its nationals or industries or businesses within the country. In addition, foreign </span><span style="color:#003c78;font-family:arial;font-size:10pt">governments may impose withholding or other taxes on the Fund’s income, capital gains or proceeds from the </span><span style="color:#003c78;font-family:arial;font-size:10pt">disposition of foreign securities, which could reduce the Fund’s return on such securities. The performance of the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund may also be negatively affected by fluctuations in a foreign currency's strength or weakness relative to the U.S. </span><span style="color:#003c78;font-family:arial;font-size:10pt">dollar, particularly to the extent the Fund invests a significant percentage of its assets in foreign securities or other </span><span style="color:#003c78;font-family:arial;font-size:10pt">assets denominated in currencies other than the U.S. dollar.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">High-Yield Investments Risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Securities and other debt instruments held by the Fund that are rated below </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment grade (commonly called “high-yield” or “junk” bonds) and unrated debt instruments of comparable quality </span><span style="color:#003c78;font-family:arial;font-size:10pt">expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment grade debt instruments. In addition, these investments have greater price fluctuations, are less liquid and </span><span style="color:#003c78;font-family:arial;font-size:10pt">are more likely to experience a default than higher-rated debt instruments. High-yield debt instruments are </span><span style="color:#003c78;font-family:arial;font-size:10pt">considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Interest Rate Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest </span><span style="color:#003c78;font-family:arial;font-size:10pt">rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to </span><span style="color:#003c78;font-family:arial;font-size:10pt">rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it </span><span style="color:#003c78;font-family:arial;font-size:10pt">but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the </span><span style="color:#003c78;font-family:arial;font-size:10pt">liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt </span><span style="color:#003c78;font-family:arial;font-size:10pt">instrument, the greater its sensitivity to changes in interest rates. For example, a three-year duration means a bond is </span><span style="color:#003c78;font-family:arial;font-size:10pt">expected to decrease in value by 3% if interest rates rise 1% and increase in value by 3% if interest rates fall 1%. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment </span><span style="color:#003c78;font-family:arial;font-size:10pt">risk. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher </span><span style="color:#003c78;font-family:arial;font-size:10pt">periods of inflation could lead such authorities to raise interest rates. Such actions may negatively affect the value of </span><span style="color:#003c78;font-family:arial;font-size:10pt">debt instruments held by the Fund, resulting in a negative impact on the Fund's performance and NAV. Any interest </span><span style="color:#003c78;font-family:arial;font-size:10pt">rate increases could cause the value of the Fund’s investments in debt instruments to decrease. Rising interest rates </span><span style="color:#003c78;font-family:arial;font-size:10pt">may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not </span><span style="color:#003c78;font-family:arial;font-size:10pt">advantageous to do so, which could result in losses.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Issuer Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> An issuer in which the Fund invests or to which it has exposure may perform poorly or below </span><span style="color:#003c78;font-family:arial;font-size:10pt">expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, </span><span style="color:#003c78;font-family:arial;font-size:10pt">breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent </span><span style="color:#003c78;font-family:arial;font-size:10pt">disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus </span><span style="color:#003c78;font-family:arial;font-size:10pt">outbreaks, epidemics or other events, conditions and factors which may impair the value of your investment in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund.</span></div> <div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Liquidity Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Liquidity risk is the risk associated with any event, circumstance, or characteristic of an investment or </span><span style="color:#003c78;font-family:arial;font-size:10pt">market that negatively impacts the Fund’s ability to sell, or realize the proceeds from the sale of, an investment at a </span><span style="color:#003c78;font-family:arial;font-size:10pt">desirable time or price. Liquidity risk may arise because of, for example, a lack of marketability of the investment, </span><span style="color:#003c78;font-family:arial;font-size:10pt">which means that when seeking to sell its portfolio investments, the Fund could find that selling is more difficult than </span><span style="color:#003c78;font-family:arial;font-size:10pt">anticipated, especially during times of high market volatility. Decreases in the number of financial institutions, </span><span style="color:#003c78;font-family:arial;font-size:10pt">including banks and broker-dealers, willing to make markets (match up sellers and buyers) in the Fund’s investments </span><span style="color:#003c78;font-family:arial;font-size:10pt">or decreases in their capacity or willingness to trade such investments may increase the Fund’s exposure to this risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The debt market has experienced considerable growth, and financial institutions making markets in instruments </span><span style="color:#003c78;font-family:arial;font-size:10pt">purchased and sold by the Fund (e.g., bond dealers) have been subject to increased regulation. The impact of that </span><span style="color:#003c78;font-family:arial;font-size:10pt">growth and regulation on the ability and willingness of financial institutions to engage in trading or “making a </span><span style="color:#003c78;font-family:arial;font-size:10pt">market” in such instruments remains unsettled. Certain types of investments, such as lower-rated securities or those </span><span style="color:#003c78;font-family:arial;font-size:10pt">that are purchased and sold in over-the-counter markets, may be especially subject to liquidity risk. Securities or </span><span style="color:#003c78;font-family:arial;font-size:10pt">other assets in which the Fund invests may be traded in the over-the-counter market rather than on an exchange and </span><span style="color:#003c78;font-family:arial;font-size:10pt">therefore may be more difficult to purchase or sell at a fair price, which may have a negative impact on the Fund’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">performance. Market participants attempting to sell the same or a similar instrument at the same time as the Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">could exacerbate the Fund’s exposure to liquidity risk. The Fund may have to accept a lower selling price for the </span><span style="color:#003c78;font-family:arial;font-size:10pt">holding, sell other liquid or more liquid investments that it might otherwise prefer to hold (thereby increasing the </span><span style="color:#003c78;font-family:arial;font-size:10pt">proportion of the Fund’s investments in less liquid or illiquid securities), or forego another more appealing </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment opportunity. The liquidity of Fund investments may change significantly over time and certain </span><span style="color:#003c78;font-family:arial;font-size:10pt">investments that were liquid when purchased by the Fund may later become illiquid, particularly in times of overall </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic distress. Changing regulatory, market or other conditions or environments (for example, the interest rate or </span><span style="color:#003c78;font-family:arial;font-size:10pt">credit environments) may also adversely affect the liquidity and the price of the Fund's investments. Judgment plays </span><span style="color:#003c78;font-family:arial;font-size:10pt">a larger role in valuing illiquid or less liquid investments as compared to valuing liquid or more liquid investments. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Price volatility may be higher for illiquid or less liquid investments as a result of, for example, the relatively less </span><span style="color:#003c78;font-family:arial;font-size:10pt">frequent pricing of such securities (as compared to liquid or more liquid investments). Generally, the less liquid the </span><span style="color:#003c78;font-family:arial;font-size:10pt">market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Overall market liquidity and other factors can lead to an increase in redemptions, which may negatively impact Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">performance and NAV, including, for example, if the Fund is forced to sell investments in a down market.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Market Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. </span><span style="color:#003c78;font-family:arial;font-size:10pt">These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, </span><span style="color:#003c78;font-family:arial;font-size:10pt">regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, </span><span style="color:#003c78;font-family:arial;font-size:10pt">turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively </span><span style="color:#003c78;font-family:arial;font-size:10pt">affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly </span><span style="color:#003c78;font-family:arial;font-size:10pt">traded and closed markets and could cause significant redemptions and operational challenges. Global economies </span><span style="color:#003c78;font-family:arial;font-size:10pt">and financial markets are increasingly interconnected, and conditions and events in one country, region or financial </span><span style="color:#003c78;font-family:arial;font-size:10pt">market may adversely impact issuers in a different country, region or financial market. These risks may be magnified </span><span style="color:#003c78;font-family:arial;font-size:10pt">if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such </span><span style="color:#003c78;font-family:arial;font-size:10pt">risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other </span><span style="color:#003c78;font-family:arial;font-size:10pt">conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, </span><span style="color:#003c78;font-family:arial;font-size:10pt">depressions or other events – or the potential for such events – could have a significant negative impact on global </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic and market conditions.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Reinvestment Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Reinvestment risk arises when the Fund is unable to reinvest income or principal at the same or </span><span style="color:#003c78;font-family:arial;font-size:10pt">at least the same return it is currently earning.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Rule 144A and Other Exempted Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund may invest in privately placed and other securities or </span><span style="color:#003c78;font-family:arial;font-size:10pt">instruments exempt from SEC registration (collectively “private placements”), subject to certain regulatory </span><span style="color:#003c78;font-family:arial;font-size:10pt">restrictions. In the U.S. market, private placements are typically sold only to qualified institutional buyers, or qualified </span><span style="color:#003c78;font-family:arial;font-size:10pt">purchasers, as applicable. An insufficient number of buyers interested in purchasing private placements at a </span><span style="color:#003c78;font-family:arial;font-size:10pt">particular time could adversely affect the marketability of such investments and the Fund might be unable to dispose </span><span style="color:#003c78;font-family:arial;font-size:10pt">of them promptly or at reasonable prices, subjecting the Fund to liquidity risk. The Fund’s holdings of private </span><span style="color:#003c78;font-family:arial;font-size:10pt">placements may increase the level of Fund illiquidity if eligible buyers are unable or unwilling to purchase them at a </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">particular time. Issuers of Rule 144A eligible securities are required to furnish information to potential investors upon </span><span style="color:#003c78;font-family:arial;font-size:10pt">request. However, the required disclosure is much less extensive than that required of public companies and is not </span><span style="color:#003c78;font-family:arial;font-size:10pt">publicly available since the offering information is not filed with the SEC. Further, issuers of Rule 144A eligible </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities can require recipients of the offering information (such as the Fund) to agree contractually to keep the </span><span style="color:#003c78;font-family:arial;font-size:10pt">information confidential, which could also adversely affect the Fund’s ability to dispose of the security.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Unrated Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund may purchase unrated securities which are not rated by a rating agency. Unrated </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities may be less liquid than comparable rated securities and involve the risk that the Investment Manager may </span><span style="color:#003c78;font-family:arial;font-size:10pt">not accurately evaluate the security’s comparative credit rating. Analysis of creditworthiness of issuers of high yield </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities may be more complex than for issuers of higher-quality debt securities. To the extent that the Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">purchases unrated securities, the Fund’s success in achieving its investment objective may depend more heavily on </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Investment Manager’s creditworthiness analysis than if the Fund invested exclusively in rated securities.</span></div> Performance Information <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The following bar chart and table show you how the Fund has performed in the past, and can help you understand </span><span style="color:#003c78;font-family:arial;font-size:10pt">the risks of investing in the Fund. The bar chart shows how the Fund’s Class 2 share performance has varied for </span><span style="color:#003c78;font-family:arial;font-size:10pt">each full calendar year shown. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The table below the bar chart compares the Fund’s returns for the periods shown with </span><span style="color:#003c78;font-family:arial;font-size:10pt">a broad measure of market performance, as well as another measure of performance for markets in which the Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">may invest.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Except for differences in annual returns resulting from differences in expenses (where applicable), the share classes </span><span style="color:#003c78;font-family:arial;font-size:10pt">of the Fund would have substantially similar annual returns because all share classes of the Fund invest in the same </span><span style="color:#003c78;font-family:arial;font-size:10pt">portfolio of securities.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The returns shown do not reflect any fees and expenses imposed under your Contract or Qualified Plan and would be </span><span style="color:#003c78;font-family:arial;font-size:10pt">lower if they did.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">The Fund’s past performance is no guarantee of how the Fund will perform in the future.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Updated performance </span><span style="color:#003c78;font-family:arial;font-size:10pt">information can be obtained by calling toll-free 800.345.6611 or visiting columbiathreadneedleus.com.</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s Class 2 share performance has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with a broad measure of market performance, as well as another measure of performance for markets in which the Fund may invest. The returns shown do not reflect any fees and expenses imposed under your Contract or Qualified Plan and would be lower if they did. The Fund’s past performance is no guarantee of how the Fund will perform in the future. 800.345.6611 columbiathreadneedleus.com Year by Year Total Return (%) as of December 31 Each Year Best 2020-06-30 0.0728 Worst 2020-03-31 -0.0391  Average Annual Total Returns (for periods ended December 31, 2025)   2010-05-07 0.0635 0.0214 0.0319 2010-05-07 0.0600 0.0190 0.0294 0.0681 0.0226 0.0299 0.0730 -0.0036 0.0201 Summary of the Fund Investment Objective <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">CTIVP</span><span style="color:#003c78;font-family:arial;font-size:5pt;position:relative;top:-4.25pt">®</span><span style="color:#003c78;font-family:arial;font-size:10pt"> – CenterSquare Real Estate Fund (the Fund) </span><span style="color:#003c78;font-family:arial;font-size:10pt">seeks to provide shareholders with current income and capital </span><span style="color:#003c78;font-family:arial;font-size:10pt">appreciation.</span></div> Fees and Expenses of the Fund <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">This table describes the fees and expenses that you may pay as an investor in the Fund.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The table does not reflect </span><span style="color:#003c78;font-family:arial;font-size:10pt">any fees or expenses imposed by your Contract or Qualified Plan, which are disclosed in your separate Contract </span><span style="color:#003c78;font-family:arial;font-size:10pt">prospectus or Qualified Plan disclosure documents. If the additional fees or expenses were reflected, the expenses </span><span style="color:#003c78;font-family:arial;font-size:10pt">set forth below would be higher.</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0.0075 0.0000 0.0025 0.0009 0.0009 0.0084 0.0109 “Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses.  Example <div style="margin-top:6pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing </span><span style="color:#003c78;font-family:arial;font-size:10pt">in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods </span><span style="color:#003c78;font-family:arial;font-size:10pt">indicated, and assumes that:</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">you invest $10,000 in the applicable class of Fund shares for the periods indicated,</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">your investment has a 5% return each year, and</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund’s total annual operating expenses remain the same as shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Annual Fund Operating Expenses</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">table above.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="margin-top:6pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The example does not reflect any fees and expenses that apply to your Contract or Qualified Plan. Inclusion of </span><span style="color:#003c78;font-family:arial;font-size:10pt">these charges would increase expenses for all periods shown.</span></div><div style="margin-top:6pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be:</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> 86 86 268 268 466 466 1037 1037 111 111 347 347 601 601 1329 1329 Portfolio Turnover <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color:#003c78;font-family:arial;font-size:10pt">portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected </span><span style="color:#003c78;font-family:arial;font-size:10pt">in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal </span><span style="color:#003c78;font-family:arial;font-size:10pt">year, the Fund’s portfolio turnover rate was </span><span style="color:#003c78;font-family:arial;font-size:10pt">32</span><span style="color:#003c78;font-family:arial;font-size:10pt">% of the average value of its portfolio.</span></div> 0.32 Principal Investment Strategies <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Under normal </span><span style="color:#003c78;font-family:arial;font-size:10pt">circumstances</span><span style="color:#003c78;font-family:arial;font-size:10pt">, the Fund invests at least 80% of its net assets (</span><span style="color:#003c78;font-family:arial;font-size:10pt">plus</span><span style="color:#003c78;font-family:arial;font-size:10pt"> the amount of any borrowings for </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment purposes) in equity and equity-related securities issued by companies in the real estate industry.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">A </span><span style="color:#003c78;font-family:arial;font-size:10pt">company is considered to be in the real estate industry if it (i) derives at least 50% of its revenues or profits from the </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">ownership, construction, management, financing or sale of residential, commercial or industrial real estate or (ii) has </span><span style="color:#003c78;font-family:arial;font-size:10pt">at least 50% of the fair market value of its assets invested in residential, commercial or industrial real estate. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Companies in the real estate industry include, among others, real estate operating companies (REOCs) and real </span><span style="color:#003c78;font-family:arial;font-size:10pt">estate investment trusts (REITs).</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may invest in companies that have market capitalizations of any size.</span></div> There is no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Active Management Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Due to its active management, the Fund could underperform its benchmark index and/or </span><span style="color:#003c78;font-family:arial;font-size:10pt">other funds with similar investment objectives and/or strategies.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Changing Distribution Level Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund normally expects to receive income which may include interest, </span><span style="color:#003c78;font-family:arial;font-size:10pt">dividends and/or capital gains, depending upon its investments. The distribution amounts paid by the Fund will vary </span><span style="color:#003c78;font-family:arial;font-size:10pt">and generally depend on the amount of income the Fund earns (less expenses) on its portfolio holdings, and capital </span><span style="color:#003c78;font-family:arial;font-size:10pt">gains or losses it recognizes. A decline in the Fund’s income or net capital gains arising from its investments may </span><span style="color:#003c78;font-family:arial;font-size:10pt">reduce its distribution level.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Industry Concentration Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Investments that are concentrated in a particular industry will make the Fund’s portfolio </span><span style="color:#003c78;font-family:arial;font-size:10pt">value more susceptible to the events or conditions impacting that particular industry.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Issuer Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> An issuer in which the Fund invests or to which it has exposure may perform poorly or below </span><span style="color:#003c78;font-family:arial;font-size:10pt">expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, </span><span style="color:#003c78;font-family:arial;font-size:10pt">breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent </span><span style="color:#003c78;font-family:arial;font-size:10pt">disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus </span><span style="color:#003c78;font-family:arial;font-size:10pt">outbreaks, epidemics or other events, conditions and factors which may impair the value of your investment in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund.</span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Small- and Mid-Cap Stock Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Investments in small- and mid-capitalization companies (small- and mid-cap </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies) often involve greater risks than investments in larger, more established companies (larger companies) </span><span style="color:#003c78;font-family:arial;font-size:10pt">because small- and mid-cap companies tend to have less predictable earnings and may lack the management </span><span style="color:#003c78;font-family:arial;font-size:10pt">experience, financial resources, product diversification and competitive strengths of larger companies. Securities </span><span style="color:#003c78;font-family:arial;font-size:10pt">of small- and mid-cap companies may be less liquid and more volatile than the securities of larger companies.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Large-Cap Stock Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Investments in larger companies may involve certain risks associated with their larger size. </span><span style="color:#003c78;font-family:arial;font-size:10pt">For instance, larger companies may be less able to respond quickly to new competitive challenges, such as </span><span style="color:#003c78;font-family:arial;font-size:10pt">changes in consumer tastes or innovation from smaller competitors. Also, larger companies are sometimes less </span><span style="color:#003c78;font-family:arial;font-size:10pt">able to achieve as high growth rates as successful smaller companies, especially during extended periods of </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic expansion.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Liquidity Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Liquidity risk is the risk associated with any event, circumstance, or characteristic of an investment or </span><span style="color:#003c78;font-family:arial;font-size:10pt">market that negatively impacts the Fund’s ability to sell, or realize the proceeds from the sale of, an investment at a </span><span style="color:#003c78;font-family:arial;font-size:10pt">desirable time or price. Liquidity risk may arise because of, for example, a lack of marketability of the investment, </span><span style="color:#003c78;font-family:arial;font-size:10pt">which means that when seeking to sell its portfolio investments, the Fund could find that selling is more difficult than </span><span style="color:#003c78;font-family:arial;font-size:10pt">anticipated, especially during times of high market volatility. Market participants attempting to sell the same or a </span><span style="color:#003c78;font-family:arial;font-size:10pt">similar instrument at the same time as the Fund could exacerbate the Fund’s exposure to liquidity risk. The Fund may </span><span style="color:#003c78;font-family:arial;font-size:10pt">have to accept a lower selling price for the holding, sell other liquid or more liquid investments that it might </span><span style="color:#003c78;font-family:arial;font-size:10pt">otherwise prefer to hold (thereby increasing the proportion of the Fund’s investments in less liquid or illiquid </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">securities), or forego another more appealing investment opportunity. The liquidity of Fund investments may change </span><span style="color:#003c78;font-family:arial;font-size:10pt">significantly over time and certain investments that were liquid when purchased by the Fund may later become </span><span style="color:#003c78;font-family:arial;font-size:10pt">illiquid, particularly in times of overall economic distress. Changing regulatory, market or other conditions or </span><span style="color:#003c78;font-family:arial;font-size:10pt">environments (for example, the interest rate or credit environments) may also adversely affect the liquidity and the </span><span style="color:#003c78;font-family:arial;font-size:10pt">price of the Fund's investments. Judgment plays a larger role in valuing illiquid or less liquid investments as </span><span style="color:#003c78;font-family:arial;font-size:10pt">compared to valuing liquid or more liquid investments. Price volatility may be higher for illiquid or less liquid </span><span style="color:#003c78;font-family:arial;font-size:10pt">investments as a result of, for example, the relatively less frequent pricing of such securities (as compared to liquid </span><span style="color:#003c78;font-family:arial;font-size:10pt">or more liquid investments). Generally, the less liquid the market at the time the Fund sells a portfolio investment, the </span><span style="color:#003c78;font-family:arial;font-size:10pt">greater the risk of loss or decline of value to the Fund. Overall market liquidity and other factors can lead to an </span><span style="color:#003c78;font-family:arial;font-size:10pt">increase in redemptions, which may negatively impact Fund performance and NAV, including, for example, if the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund is forced to sell investments in a down market.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Market Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. </span><span style="color:#003c78;font-family:arial;font-size:10pt">These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, </span><span style="color:#003c78;font-family:arial;font-size:10pt">regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, </span><span style="color:#003c78;font-family:arial;font-size:10pt">turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively </span><span style="color:#003c78;font-family:arial;font-size:10pt">affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly </span><span style="color:#003c78;font-family:arial;font-size:10pt">traded and closed markets and could cause significant redemptions and operational challenges. Global economies </span><span style="color:#003c78;font-family:arial;font-size:10pt">and financial markets are increasingly interconnected, and conditions and events in one country, region or financial </span><span style="color:#003c78;font-family:arial;font-size:10pt">market may adversely impact issuers in a different country, region or financial market. These risks may be magnified </span><span style="color:#003c78;font-family:arial;font-size:10pt">if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such </span><span style="color:#003c78;font-family:arial;font-size:10pt">risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other </span><span style="color:#003c78;font-family:arial;font-size:10pt">conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, </span><span style="color:#003c78;font-family:arial;font-size:10pt">depressions or other events – or the potential for such events – could have a significant negative impact on global </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic and market conditions.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Real Estate-Related Investment Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Investments in real estate investment trusts (REITs) and in securities of other </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies (wherever organized) principally engaged in the real estate industry subject the Fund to, among other </span><span style="color:#003c78;font-family:arial;font-size:10pt">things, risks similar to those of direct investments in real estate and the real estate industry in general. These include </span><span style="color:#003c78;font-family:arial;font-size:10pt">risks related to general and local economic conditions, possible lack of availability of financing and changes in </span><span style="color:#003c78;font-family:arial;font-size:10pt">interest rates or property values. The value of interests in a REIT may be affected by, among other factors, changes in </span><span style="color:#003c78;font-family:arial;font-size:10pt">the value of the underlying properties owned by the REIT, changes in the prospect for earnings and/or cash flow </span><span style="color:#003c78;font-family:arial;font-size:10pt">growth of the REIT itself, defaults by borrowers or tenants, market saturation, decreases in market rates for rents, </span><span style="color:#003c78;font-family:arial;font-size:10pt">and other economic, political, or regulatory matters affecting the real estate industry, including REITs. REITs may be </span><span style="color:#003c78;font-family:arial;font-size:10pt">subject to more abrupt or erratic price movements than the overall securities markets. In a rising interest rate </span><span style="color:#003c78;font-family:arial;font-size:10pt">environment, the stock prices of real estate-related investments may decline and the borrowing costs of these </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies may increase. REITs are also subject to the risk of failing to qualify for favorable tax treatment under the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Internal Revenue Code of 1986, as amended. The failure of a REIT to continue to qualify as a REIT for tax purposes </span><span style="color:#003c78;font-family:arial;font-size:10pt">can materially and adversely affect its value. Some REITs (especially mortgage REITs) are affected by risks similar to </span><span style="color:#003c78;font-family:arial;font-size:10pt">those associated with investments in debt securities including changes in interest rates and the quality of credit </span><span style="color:#003c78;font-family:arial;font-size:10pt">extended. Because the value of REITs and other real estate-related companies may fluctuate widely in response to </span><span style="color:#003c78;font-family:arial;font-size:10pt">changes in factors affecting the real estate markets, the value of an investment in the Fund may be more volatile </span><span style="color:#003c78;font-family:arial;font-size:10pt">than the value of an investment in a fund that is invested in a more diverse range of market sectors.</span></div> Performance Information <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The following bar chart and table show you how the Fund has performed in the past, and can help you understand </span><span style="color:#003c78;font-family:arial;font-size:10pt">the risks of investing in the Fund. The bar chart shows how the Fund’s Class 2 share performance has varied for </span><span style="color:#003c78;font-family:arial;font-size:10pt">each full calendar year shown. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The table below the bar chart compares the Fund’s returns for the periods shown with </span><span style="color:#003c78;font-family:arial;font-size:10pt">a broad measure of market performance, as well as another measure of performance for markets in which the Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">may invest.</span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">Except for differences in annual returns resulting from differences in expenses (where applicable), the share classes </span><span style="color:#003c78;font-family:arial;font-size:10pt">of the Fund would have substantially similar annual returns because all share classes of the Fund invest in the same </span><span style="color:#003c78;font-family:arial;font-size:10pt">portfolio of securities.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The returns shown do not reflect any fees and expenses imposed under your Contract or Qualified Plan and would be </span><span style="color:#003c78;font-family:arial;font-size:10pt">lower if they did.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund’s performance prior to June 2016 reflects returns achieved by one or more different subadviser(s) that </span><span style="color:#003c78;font-family:arial;font-size:10pt">managed the Fund according to different principal investment strategies. If the Fund’s current subadviser and </span><span style="color:#003c78;font-family:arial;font-size:10pt">strategies had been in place for the prior periods, results shown may have been different.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">The Fund’s past performance is no guarantee of how the Fund will perform in the future.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Updated performance </span><span style="color:#003c78;font-family:arial;font-size:10pt">information can be obtained by calling toll-free 800.345.6611 or visiting columbiathreadneedleus.com.</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s Class 2 share performance has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with a broad measure of market performance, as well as another measure of performance for markets in which the Fund may invest. The returns shown do not reflect any fees and expenses imposed under your Contract or Qualified Plan and would be lower if they did. The Fund’s past performance is no guarantee of how the Fund will perform in the future. 800.345.6611 columbiathreadneedleus.com Year by Year Total Return (%) as of December 31 Each Year Best 2024-09-30 0.1710 Worst 2020-03-31 -0.2472  Average Annual Total Returns (for periods ended December 31, 2025)   2010-05-07 0.0219 0.0660 0.0570 2010-05-07 0.0211 0.0636 0.0544 0.0288 0.0663 0.0570 0.1737 0.1359 0.1459 Summary of the Fund Investment Objective <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">CTIVP</span><span style="color: #003c78; font-family: arial; font-size: 5pt; position: relative; top: -4.25pt;">®</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> – Victory Sycamore Established Value</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Fund (the Fund) </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">seeks to provide shareholders with long-term growth </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of capital.</span></div> Fees and Expenses of the Fund <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">This table describes the fees and expenses that you may pay as an investor in the Fund.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The table does not reflect </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">any fees or expenses imposed by your Contract or Qualified Plan, which are disclosed in your separate Contract </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">prospectus or Qualified Plan disclosure documents. If the additional fees or expenses were reflected, the expenses </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">set forth below would be higher.</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0077 0.0077 0.0077 0.0000 0.0025 0.0013 0.0005 0.0005 0.0005 0.0082 0.0107 0.0095 “Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses.  Example <div style="margin-top: 6pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">indicated, and assumes that:</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> <div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">you invest $10,000 in the applicable class of Fund shares for the periods indicated,</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">your investment has a 5% return each year, and</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund’s total annual operating expenses remain the same as shown in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Annual Fund Operating Expenses</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">table above.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 6pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The example does not reflect any fees and expenses that apply to your Contract or Qualified Plan. Inclusion of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">these charges would increase expenses for all periods shown.</span></div> <div style="margin-top: 6pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be:</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> 84 84 262 262 455 455 1014 1014 109 109 340 340 590 590 1306 1306 97 97 303 303 525 525 1166 1166 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">year, the Fund’s portfolio turnover rate was </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">58</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">% of the average value of its portfolio.</span></div> 0.58 Principal Investment Strategies <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Under normal </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">circumstances</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment purposes) in equity securities of mid-capitalization companies. For these purposes, the Fund considers </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">mid-cap companies to be those whose market capitalization falls within the range of the Russell Midcap</span><span style="color: #003c78; font-family: arial; font-size: 5pt; position: relative; top: -4.25pt;">®</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Value </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Index (the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Capitalization </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Index).</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The market capitalization range of the companies included within the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Capitalization </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Index was $</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">134.5</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> million to $</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">116.7</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> billion as of March 31, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">2026</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The market capitalization range and composition of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">companies in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Capitalization</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Index are subject to change.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">As such, the size of the companies in which the Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">invests may change. The Fund may continue to hold a security even if the company’s market capitalization is no </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">longer within the range of the Capitalization Index.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Under normal circumstances, the Fund also invests at least 80% </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of “value” </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">companies. The Fund considers “value” companies to be those companies that are either constituents of an index </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">constructed by a third party to identify companies with various characteristics of value companies, or that have a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">higher book-to-price (B/P) ratio than the median ranked stock within the company’s GICS sector, have a higher </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">EBITDA/EV (earnings before interest, taxes, depreciation and amortization-to-enterprise value) or have a lower price-to-earnings</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> ratio than the median ranked stock within the company’s GICS sector. The third-party broad-based index </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">currently used to identify value companies is the Russell 3000</span><span style="color: #003c78; font-family: arial; font-size: 5pt; position: relative; top: -4.25pt;">® </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Value Index, although the Fund may change the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">referenced index without prior notice.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may invest in depositary receipts.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">As a result of the bottom-up stock </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">selection process, Victory Capital Management Inc. from time to time may find more compelling investment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">opportunities in certain economic sectors, such as the industrials sector.</span></div> There is no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Active Management Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Due to its active management, the Fund could underperform its benchmark index and/or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other funds with similar investment objectives and/or strategies.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Depositary Receipts Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Depositary receipts are receipts issued by a bank or trust company reflecting ownership </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of underlying securities issued by foreign companies. Some foreign securities are traded in the form of American </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Depositary Receipts and/or Global Depositary Receipts. Depositary receipts involve risks similar to the risks </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">associated with investments in foreign securities, including those associated with an issuer’s (and any of its related </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">companies’) country of organization and places of business operations, which may be related to the particular </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">political, regulatory, economic, social and other conditions or events (including, for example, military confrontations </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and actions, war, other conflicts, terrorism and disease/virus outbreaks and epidemics) occurring in the country and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">fluctuations in such country’s currency, as well as market risk tied to the underlying foreign company. In addition, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">holders of depositary receipts may have limited voting rights, may not have the same rights afforded to stockholders </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of a typical domestic company in the event of a corporate action, such as an acquisition, merger or rights offering, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and may experience difficulty in receiving company stockholder communications. There is no guarantee that a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">financial institution will continue to sponsor a depositary receipt, or that a depositary receipt will continue to trade on </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">an exchange, either of which could adversely affect the liquidity, availability and pricing of the depositary receipt. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Changes in foreign currency exchange rates will affect the value of depositary receipts and, therefore, may affect the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">value of your investment in the Fund.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Equity Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Equity securities may experience significant volatility. Such securities may fall sharply in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">response to adverse events affecting overall markets, a particular industry or sector, or an individual company’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">financial condition.</span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Foreign Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Investments in or exposure to securities of foreign companies may involve heightened risks </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">relative to investments in or exposure to securities of U.S. companies. Investing in securities of foreign companies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">subjects the Fund to the risks associated with an issuer’s (and any of its related companies’) country of organization </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and places of business operations, including risks related to political, regulatory, economic, social, diplomatic and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other conditions or events (including, for example, military confrontations and actions, war, other conflicts, terrorism </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and disease/virus outbreaks and epidemics) occurring in the country or region, as well as risks associated with less </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of U.S. companies</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> and are subject to the risks associated with potential imposition of economic and other sanctions </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">against a particular foreign country, its nationals or industries or businesses within the country. In addition, foreign </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">governments may impose withholding or other taxes on the Fund’s income, capital gains or proceeds from the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">disposition of foreign securities, which could reduce the Fund’s return on such securities. The performance of the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund may also be negatively affected by fluctuations in a foreign currency's strength or weakness relative to the U.S. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">dollar, particularly to the extent the Fund invests a significant percentage of its assets in foreign securities or other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">assets denominated in currencies other than the U.S. dollar.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Issuer Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> An issuer in which the Fund invests or to which it has exposure may perform poorly or below </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">outbreaks, epidemics or other events, conditions and factors which may impair the value of your investment in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund.</span></div> <div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 500.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic; font-weight: bold;">Mid-Cap Stock Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Investments in mid-capitalization companies (mid-cap companies) often involve greater risks </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">than investments in larger, more established companies (larger companies) because mid-cap companies tend to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">have less predictable earnings and may lack the management experience, financial resources, product </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">diversification and competitive strengths of larger companies, and may be less liquid than the securities of larger </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">companies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Liquidity Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Liquidity risk is the risk associated with any event, circumstance, or characteristic of an investment or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market that negatively impacts the Fund’s ability to sell, or realize the proceeds from the sale of, an investment at a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">desirable time or price. Liquidity risk may arise because of, for example, a lack of marketability of the investment, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">which means that when seeking to sell its portfolio investments, the Fund could find that selling is more difficult than </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">anticipated, especially during times of high market volatility. Market participants attempting to sell the same or a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">similar instrument at the same time as the Fund could exacerbate the Fund’s exposure to liquidity risk. The Fund may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">have to accept a lower selling price for the holding, sell other liquid or more liquid investments that it might </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">otherwise prefer to hold (thereby increasing the proportion of the Fund’s investments in less liquid or illiquid </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities), or forego another more appealing investment opportunity. The liquidity of Fund investments may change </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">significantly over time and certain investments that were liquid when purchased by the Fund may later become </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">illiquid, particularly in times of overall economic distress. Changing regulatory, market or other conditions or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">environments (for example, the interest rate or credit environments) may also adversely affect the liquidity and the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">price of the Fund's investments. Judgment plays a larger role in valuing illiquid or less liquid investments as </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">compared to valuing liquid or more liquid investments. Price volatility may be higher for illiquid or less liquid </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investments as a result of, for example, the relatively less frequent pricing of such securities (as compared to liquid </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">or more liquid investments). Generally, the less liquid the market at the time the Fund sells a portfolio investment, the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">greater the risk of loss or decline of value to the Fund. Overall market liquidity and other factors can lead to an </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">increase in redemptions, which may negatively impact Fund performance and NAV, including, for example, if the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund is forced to sell investments in a down market.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Market Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">traded and closed markets and could cause significant redemptions and operational challenges. Global economies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and financial markets are increasingly interconnected, and conditions and events in one country, region or financial </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market may adversely impact issuers in a different country, region or financial market. These risks may be magnified </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">depressions or other events – or the potential for such events – could have a significant negative impact on global </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">economic and market conditions.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Sector Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> At times, the Fund may have a significant portion of its assets invested in securities of companies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">conducting business in a related group of industries within one or more economic sectors, including the industrials </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">sector. Companies in the same sector may be similarly affected by economic, regulatory, political or market events </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">or conditions, which may make the Fund vulnerable to unfavorable developments in that group of industries or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">economic sector.</span></div> <div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 500.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic; font-weight: bold;">Industrials Sector.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund is vulnerable to the particular risks that may affect companies in the industrials </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">sector. Companies in the industrials sector are subject to certain risks, including changes in supply and demand </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">for their specific product or service and for industrial sector products in general, including decline in demand for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">such products due to rapid technological developments and frequent new product introduction. Performance of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">such companies may be affected by factors including government regulation, world events, economic conditions </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and risks for environmental damage and product liability claims.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Value Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Value securities are securities of companies that may have experienced, for example, adverse </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">business, industry or other developments or may be subject to special risks that have caused the securities to be out </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet the perceived </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">value assessment of that security as determined by the portfolio managers, or may decline in price, even though the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities are already believed to be undervalued by the portfolio managers. There is also a risk that it may take </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">longer than expected for the value of these investments to rise to the perceived value as determined by the portfolio </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">managers. In addition, value securities, at times, may not perform as well as growth securities or the stock market in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">general, and may be out of favor with investors for varying periods of time.</span></div> Performance Information <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the risks of investing in the Fund. The bar chart shows how the Fund’s Class 2 share performance has varied for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">each full calendar year shown. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The table below the bar chart compares the Fund’s returns for the periods shown with </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">a broad measure of market performance, as well as another measure of performance for markets in which the Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">may invest.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Except for differences in annual returns resulting from differences in expenses (where applicable), the share classes </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of the Fund would have substantially similar annual returns because all share classes of the Fund invest in the same </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">portfolio of securities.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The returns shown do not reflect any fees and expenses imposed under your Contract or Qualified Plan and would be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">lower if they did.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">The Fund’s past performance is no guarantee of how the Fund will perform in the future.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Updated performance </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">information can be obtained by calling toll-free 800.345.6611 or visiting columbiathreadneedleus.com.</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s Class 2 share performance has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with a broad measure of market performance, as well as another measure of performance for markets in which the Fund may invest. The returns shown do not reflect any fees and expenses imposed under your Contract or Qualified Plan and would be lower if they did. The Fund’s past performance is no guarantee of how the Fund will perform in the future. 800.345.6611 columbiathreadneedleus.com Year by Year Total Return (%) as of December 31 Each Year Best 2020-12-31 0.2041 Worst 2020-03-31 -0.2921  Average Annual Total Returns (for periods ended December 31, 2025)   2010-05-03 0.0229 0.0965 0.1070 2010-05-03 0.0200 0.0937 0.1043 2004-02-04 0.0212 0.0951 0.1057 0.1105 0.0983 0.0978 0.1715 0.1315 0.1429 Summary of the Fund Investment Objective <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">CTIVP</span><span style="color: #003c78; font-family: arial; font-size: 5pt; position: relative; top: -4.25pt;">®</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> – Westfield Mid Cap Growth Fund (the Fund) </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">seeks to provide shareholders with long-term capital growth.</span></div> Fees and Expenses of the Fund <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">This table describes the fees and expenses that you may pay as an investor in the Fund.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The table does not reflect </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">any fees or expenses imposed by your Contract or Qualified Plan, which are disclosed in your separate Contract </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">prospectus or Qualified Plan disclosure documents. If the additional fees or expenses were reflected, the expenses </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">set forth below would be higher.</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0081 0.0081 0.0000 0.0025 0.0005 0.0005 0.0086 0.0111 -0.0003 -0.0003 0.0083 0.0108 “Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. April 30, 2027  Example <div style="margin-top: 6pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">indicated, and assumes that:</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> <div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">you invest $10,000 in the applicable class of Fund shares for the periods indicated,</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">your investment has a 5% return each year, and</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund’s total annual operating expenses remain the same as shown in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Annual Fund Operating Expenses</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">table above.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 6pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The example does not reflect any fees and expenses that apply to your Contract or Qualified Plan. Inclusion of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">these charges would increase expenses for all periods shown.</span></div> <div style="margin-top: 6pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Since the waivers and/or reimbursements shown in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Annual Fund Operating Expenses</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> table above expire as </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">indicated in the preceding table, they are only reflected in the 1 year example and the first year of the other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">examples. Although your actual costs may be higher or lower, based on the assumptions listed above, your costs </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">would be:</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> 85 85 271 271 474 474 1058 1058 110 110 350 350 609 609 1349 1349 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">year, the Fund’s portfolio turnover rate was </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">80</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">% of the average value of its portfolio.</span></div> 0.80 Principal Investment Strategies <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Under normal </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">circumstances</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">, the Fund invests at least 80% of its net assets (</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">plus</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> the amount of any borrowings for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment purposes) in equity securities of mid-capitalization companies. The Fund defines mid-capitalization </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">companies as those companies with a market capitalization that falls within the range of the companies that </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">comprise the Russell Midcap</span><span style="color: #003c78; font-family: arial; font-size: 5pt; position: relative; top: -4.25pt;">® </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Growth Index (the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Capitalization </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Index).</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The market capitalization range of the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">companies included within the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Capitalization </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Index was $</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">134.5</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> million to $</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">95.9</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> billion as of March 31, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">2026</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market capitalization range and composition of companies in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Capitalization</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Index are subject to change.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">As </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">such, the size of the companies in which the Fund invests may change. The Fund may continue to hold a security </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">even if the company’s market capitalization is no longer within the range of the Capitalization Index.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Under normal </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">circumstances, the Fund also invests at least 80% of its net assets (plus the amount of any borrowings for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment purposes) in equity securities of “growth” companies. The Fund considers “growth” companies to be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">those companies that are either constituents of an index constructed by a third party to identify companies with </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">various characteristics of growth companies, have a higher Institutional Brokers' Estimate System (I/B/E/S) medium-term</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> growth forecast (two year) than the median ranked stock within the company’s GICS sector, or have a higher </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">sales per share historical growth rate (five year) than the median ranked stock within the company’s GICS sector. The </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">third-party broad-based index currently used to identify growth companies is the Russell 3000</span><span style="color: #003c78; font-family: arial; font-size: 5pt; position: relative; top: -4.25pt;">®</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Growth Index, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">although the Fund may change this index without prior notice. The I/B/E/S is a database used by brokers and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investors to access the estimates made by stock analysts regarding the future earnings of publicly traded American </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">companies. The I/B/E/S medium term growth forecast is a measure of the average annualized EPS (earnings per </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">share) growth forecast of contributing analysts/estimators for the forthcoming two years.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may at times </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">emphasize one or more sectors in selecting its investments, including the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">consumer discretionary,</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> health care, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">industrials, and information technology sectors.</span></div> There is no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Active Management Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Due to its active management, the Fund could underperform its benchmark index and/or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other funds with similar investment objectives and/or strategies.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Equity Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Equity securities may experience significant volatility. Such securities may fall sharply in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">response to adverse events affecting overall markets, a particular industry or sector, or an individual company’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">financial condition.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Growth Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Growth securities typically trade at a higher multiple of earnings than other types of equity </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities. Accordingly, the market values of growth securities may never reach their expected market value and may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">decline in price. In addition, growth securities, at times, may not perform as well as value securities or the stock </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market in general, and may be out of favor with investors for varying periods of time. Growth securities may also be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">sensitive to movements in interest rates.</span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Issuer Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> An issuer in which the Fund invests or to which it has exposure may perform poorly or below </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">outbreaks, epidemics or other events, conditions and factors which may impair the value of your investment in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund.</span></div> <div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 500.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic; font-weight: bold;">Mid-Cap Stock Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Investments in mid-capitalization companies (mid-cap companies) often involve greater risks </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">than investments in larger, more established companies (larger companies) because mid-cap companies tend to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">have less predictable earnings and may lack the management experience, financial resources, product </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">diversification and competitive strengths of larger companies, and may be less liquid than the securities of larger </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">companies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Market Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">traded and closed markets and could cause significant redemptions and operational challenges. Global economies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and financial markets are increasingly interconnected, and conditions and events in one country, region or financial </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market may adversely impact issuers in a different country, region or financial market. These risks may be magnified </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">depressions or other events – or the potential for such events – could have a significant negative impact on global </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">economic and market conditions.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Sector Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> At times, the Fund may have a significant portion of its assets invested in securities of companies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">conducting business in a related group of industries within one or more economic sectors, including the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">consumer </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">discretionary,</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> health care, industrials, and information technology sectors. Companies in the same sector may be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">vulnerable to unfavorable developments in that group of industries or economic sector.</span></div> <div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 500.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic; font-weight: bold;">Consumer Discretionary Sector.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund is vulnerable to the particular risks that may affect companies in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">consumer discretionary sector. Companies in the consumer discretionary sector are subject to certain risks, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">including fluctuations in the performance of the overall domestic and international economies, interest rate </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">changes, increased competition and consumer confidence. Performance of such companies may be affected by </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">factors including reduced disposable household income, reduced consumer spending, and changing </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">demographics and consumer tastes.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 500.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic; font-weight: bold;">Health Care Sector.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund is vulnerable to the particular risks that may affect companies in the health care </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">sector. Companies in the health care sector are subject to certain risks, including restrictions on government </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">reimbursement for medical expenses, government approval of medical products and services, competitive pricing </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">pressures, and the rising cost of medical products and services (especially for companies dependent upon a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">relatively limited number of products or services), among others. Performance of such companies may be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">affected by factors including government regulation, obtaining and protecting patents (or the failure to do so), </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">product liability and other similar litigation as well as product obsolescence.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 500.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic; font-weight: bold;">Industrials Sector.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund is vulnerable to the particular risks that may affect companies in the industrials </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">sector. Companies in the industrials sector are subject to certain risks, including changes in supply and demand </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">for their specific product or service and for industrial sector products in general, including decline in demand for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">such products due to rapid technological developments and frequent new product introduction. Performance of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">such companies may be affected by factors including government regulation, world events, economic conditions </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and risks for environmental damage and product liability claims.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 500.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic; font-weight: bold;">Information Technology Sector.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund is vulnerable to the particular risks that may affect companies in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">information technology sector. Companies in the information technology sector are subject to certain risks, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">including the risk that new services, equipment or technologies will not be accepted by consumers and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">aggressive pricing of their products or services, new market entrants, competition for market share and short </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">addition, many information technology sector companies have limited operating histories and prices of these </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">companies’ securities historically have been more volatile than other securities, especially over the short term. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Some companies in the information technology sector are facing increased government and regulatory scrutiny </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and may be subject to adverse government or regulatory action, which could negatively impact the value of their </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> Performance Information <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the risks of investing in the Fund. The bar chart shows how the Fund’s Class 2 share performance has varied for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">each full calendar year shown. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The table below the bar chart compares the Fund’s returns for the periods shown with </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">a broad measure of market performance, as well as another measure of performance for markets in which the Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">may invest.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Except for differences in annual returns resulting from differences in expenses (where applicable), the share classes </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of the Fund would have substantially similar annual returns because all share classes of the Fund invest in the same </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">portfolio of securities.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The returns shown do not reflect any fees and expenses imposed under your Contract or Qualified Plan and would be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">lower if they did.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund’s performance prior to September 2017 reflects returns achieved by one or more different subadvisers. If </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund’s current subadviser had been in place for the prior periods, results shown may have been different.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">The Fund’s past performance is no guarantee of how the Fund will perform in the future.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Updated performance </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">information can be obtained by calling toll-free 800.345.6611 or visiting columbiathreadneedleus.com.</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s Class 2 share performance has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with a broad measure of market performance, as well as another measure of performance for markets in which the Fund may invest. The returns shown do not reflect any fees and expenses imposed under your Contract or Qualified Plan and would be lower if they did. The Fund’s past performance is no guarantee of how the Fund will perform in the future. 800.345.6611 columbiathreadneedleus.com Year by Year Total Return (%) as of December 31 Each Year Best 2020-06-30 0.2738 Worst 2022-06-30 -0.2250  Average Annual Total Returns (for periods ended December 31, 2025)   2010-05-07 0.1040 0.0716 0.1218 2010-05-07 0.1012 0.0689 0.1190 0.0866 0.0665 0.1249 0.1715 0.1315 0.1429 Summary of the Fund Investment Objective <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">CTIVP</span><span style="color: #003c78; font-family: arial; font-size: 5pt; position: relative; top: -4.25pt;">®</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> – Westfield Select Large Cap Growth Fund (the Fund) </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">seeks to provide shareholders with long-term capital </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">growth.</span></div> Fees and Expenses of the Fund <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">This table describes the fees and expenses that you may pay as an investor in the Fund.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The table does not reflect </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">any fees or expenses imposed by your Contract or Qualified Plan, which are disclosed in your separate Contract </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">prospectus or Qualified Plan disclosure documents. If the additional fees or expenses were reflected, the expenses </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">set forth below would be higher.</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0068 0.0068 0.0000 0.0025 0.0001 0.0001 0.0069 0.0094 “Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. Example <div style="margin-top: 6pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">indicated, and assumes that:</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> <div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">you invest $10,000 in the applicable class of Fund shares for the periods indicated,</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">your investment has a 5% return each year, and</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund’s total annual operating expenses remain the same as shown in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Annual Fund Operating Expenses</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">table above.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 6pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The example does not reflect any fees and expenses that apply to your Contract or Qualified Plan. Inclusion of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">these charges would increase expenses for all periods shown.</span></div> <div style="margin-top: 6pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be:</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> 70 70 221 221 384 384 859 859 96 96 300 300 520 520 1155 1155 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">year, the Fund’s portfolio turnover rate was </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">68</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">% of the average value of its portfolio.</span></div> 0.68 Principal Investment Strategies <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Under normal </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">circumstances</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">, the Fund invests at least 80% of its net assets (</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">plus</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> the amount of any borrowings for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment purposes) in equity securities of large-capitalization companies. The Fund defines large-capitalization </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">companies as those companies with a market capitalization that falls within the range of the companies</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> that</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">comprise the Russell 1000</span><span style="color: #003c78; font-family: arial; font-size: 5pt; position: relative; top: -4.25pt;">®</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Growth Index (the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Capitalization </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Index).</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The market capitalization range of the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">companies included within the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Capitalization </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Index was $</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">134.5</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> million to $</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">4.2</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> trillion as of March 31, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">2026</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market capitalization range and composition of companies in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Capitalization</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Index are subject to change.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">As </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">such, the size of the companies in which the Fund invests may change. The Fund may continue to hold a security </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">even if the company’s market capitalization is no longer within the range of the Capitalization Index.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Under normal </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">circumstances, the Fund also invests at least 80% of its net assets (plus the amount of any borrowings for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment purposes) in equity securities of “growth” companies. The Fund considers “growth” companies to be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">those companies that are either constituents of an index constructed by a third party to identify companies with </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">various characteristics of growth companies, have a higher Institutional Brokers' Estimate System (I/B/E/S) medium-term</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> growth forecast (two year) than the median ranked stock within the company’s GICS sector, or have a higher </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">sales per share historical growth rate (five year) than the median ranked stock within the company’s GICS sector. The </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">third-party broad-based index currently used to identify growth companies is the Russell 3000</span><span style="color: #003c78; font-family: arial; font-size: 5pt; position: relative; top: -4.25pt;">®</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Growth Index, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">although the Fund may change this index without prior notice. The I/B/E/S is a database used by brokers and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investors to access the estimates made by stock analysts regarding the future earnings of publicly traded American </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">companies. The I/B/E/S medium term growth forecast is a measure of the average annualized EPS (earnings per </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">share) growth forecast of contributing analysts/estimators for the forthcoming two years.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may at times emphasize one or more sectors in selecting its investments, including the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">industrials and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">information technology </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">sectors</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund typically employs a focused portfolio investing style, which results in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">fewer holdings than a fund that seeks to achieve its investment objective by investing in a greater number of issuers.</span></div> There is no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Active Management Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Due to its active management, the Fund could underperform its benchmark index and/or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other funds with similar investment objectives and/or strategies.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Depositary Receipts Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Depositary receipts are receipts issued by a bank or trust company reflecting ownership </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of underlying securities issued by foreign companies. Some foreign securities are traded in the form of American </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Depositary Receipts and/or Global Depositary Receipts. Depositary receipts involve risks similar to the risks </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">associated with investments in foreign securities, including those associated with an issuer’s (and any of its related </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">companies’) country of organization and places of business operations, which may be related to the particular </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">political, regulatory, economic, social and other conditions or events (including, for example, military confrontations </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and actions, war, other conflicts, terrorism and disease/virus outbreaks and epidemics) occurring in the country and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">fluctuations in such country’s currency, as well as market risk tied to the underlying foreign company. In addition, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">holders of depositary receipts may have limited voting rights, may not have the same rights afforded to stockholders </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of a typical domestic company in the event of a corporate action, such as an acquisition, merger or rights offering, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and may experience difficulty in receiving company stockholder communications. There is no guarantee that a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">financial institution will continue to sponsor a depositary receipt, or that a depositary receipt will continue to trade on </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">an exchange, either of which could adversely affect the liquidity, availability and pricing of the depositary receipt. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Changes in foreign currency exchange rates will affect the value of depositary receipts and, therefore, may affect the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">value of your investment in the Fund.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Equity Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Equity securities may experience significant volatility. Such securities may fall sharply in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">response to adverse events affecting overall markets, a particular industry or sector, or an individual company’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">financial condition.</span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Focused Portfolio Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Because the Fund may invest in a limited number of companies, the Fund as a whole is </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">subject to greater risk of loss if any of those securities decline in price.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Foreign Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Investments in or exposure to securities of foreign companies may involve heightened risks </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">relative to investments in or exposure to securities of U.S. companies. Investing in securities of foreign companies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">subjects the Fund to the risks associated with an issuer’s (and any of its related companies’) country of organization </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and places of business operations, including risks related to political, regulatory, economic, social, diplomatic and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other conditions or events (including, for example, military confrontations and actions, war, other conflicts, terrorism </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and disease/virus outbreaks and epidemics) occurring in the country or region, as well as risks associated with less </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of U.S. companies</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> and are subject to the risks associated with potential imposition of economic and other sanctions </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">against a particular foreign country, its nationals or industries or businesses within the country. In addition, foreign </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">governments may impose withholding or other taxes on the Fund’s income, capital gains or proceeds from the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">disposition of foreign securities, which could reduce the Fund’s return on such securities. The performance of the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund may also be negatively affected by fluctuations in a foreign currency's strength or weakness relative to the U.S. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">dollar, particularly to the extent the Fund invests a significant percentage of its assets in foreign securities or other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">assets denominated in currencies other than the U.S. dollar.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Growth Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Growth securities typically trade at a higher multiple of earnings than other types of equity </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities. Accordingly, the market values of growth securities may never reach their expected market value and may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">decline in price. In addition, growth securities, at times, may not perform as well as value securities or the stock </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market in general, and may be out of favor with investors for varying periods of time. Growth securities may also be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">sensitive to movements in interest rates.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Issuer Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> An issuer in which the Fund invests or to which it has exposure may perform poorly or below </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">outbreaks, epidemics or other events, conditions and factors which may impair the value of your investment in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund.</span></div> <div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 500.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic; font-weight: bold;">Large-Cap Stock Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Investments in larger, more established companies (larger companies) may involve certain </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risks associated with their larger size. For instance, larger companies may be less able to respond quickly to new </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">competitive challenges, such as changes in consumer tastes or innovation from smaller competitors. Also, larger </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">companies are sometimes less able to achieve as high growth rates as successful smaller companies, especially </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">during extended periods of economic expansion.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Market Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">traded and closed markets and could cause significant redemptions and operational challenges. Global economies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and financial markets are increasingly interconnected, and conditions and events in one country, region or financial </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market may adversely impact issuers in a different country, region or financial market. These risks may be magnified </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">depressions or other events – or the potential for such events – could have a significant negative impact on global </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">economic and market conditions.</span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Sector Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> At times, the Fund may have a significant portion of its assets invested in securities of companies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">conducting business in a related group of industries within one or more economic sectors, including the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">industrials </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">information technology </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">sectors</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">. Companies in the same sector may be similarly affected by economic, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">regulatory, political or market events or conditions, which may make the Fund vulnerable to unfavorable </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">developments in that group of industries or economic sector.</span></div> <div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 500.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic; font-weight: bold;">Industrials Sector.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund is vulnerable to the particular risks that may affect companies in the industrials </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">sector. Companies in the industrials sector are subject to certain risks, including changes in supply and demand </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">for their specific product or service and for industrial sector products in general, including decline in demand for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">such products due to rapid technological developments and frequent new product introduction. Performance of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">such companies may be affected by factors including government regulation, world events, economic conditions </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and risks for environmental damage and product liability claims.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 500.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic; font-weight: bold;">Information Technology Sector.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund is vulnerable to the particular risks that may affect companies in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">information technology sector. Companies in the information technology sector are subject to certain risks, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">including the risk that new services, equipment or technologies will not be accepted by consumers and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">aggressive pricing of their products or services, new market entrants, competition for market share and short </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">addition, many information technology sector companies have limited operating histories and prices of these </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">companies’ securities historically have been more volatile than other securities, especially over the short term. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Some companies in the information technology sector are facing increased government and regulatory scrutiny </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and may be subject to adverse government or regulatory action, which could negatively impact the value of their </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> Performance Information <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the risks of investing in the Fund. The bar chart shows how the Fund’s Class 2 share performance has varied for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">each full calendar year shown. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The table below the bar chart compares the Fund’s returns for the periods shown with </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">a broad measure of market performance, as well as another measure of performance for markets in which the Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">may invest.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Except for differences in annual returns resulting from differences in expenses (where applicable), the share classes </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of the Fund would have substantially similar annual returns because all share classes of the Fund invest in the same </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">portfolio of securities.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The returns shown do not reflect any fees and expenses imposed under your Contract or Qualified Plan and would be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">lower if they did.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund’s performance prior to May 2024 reflects returns achieved by one or more different subadviser(s) that </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">managed the Fund according to different principal investment strategies. If the Fund’s current subadviser and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">strategies had been in place for the prior periods, results shown may have been different.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">The Fund’s past performance is no guarantee of how the Fund will perform in the future.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Updated performance </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">information can be obtained by calling toll-free 800.345.6611 or visiting columbiathreadneedleus.com.</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s Class 2 share performance has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with a broad measure of market performance, as well as another measure of performance for markets in which the Fund may invest. The returns shown do not reflect any fees and expenses imposed under your Contract or Qualified Plan and would be lower if they did. The Fund’s past performance is no guarantee of how the Fund will perform in the future. 800.345.6611 columbiathreadneedleus.com Year by Year Total Return (%)as of December 31 Each Year Best 2020-06-30 0.4748 Worst 2022-03-31 -0.2249 Average Annual Total Returns (for periods ended December 31, 2025) 2010-05-07 0.1727 0.0205 0.1331 2010-05-07 0.1698 0.0178 0.1302 0.1856 0.1532 0.1813 0.1737 0.1359 0.1459 Summary of the Fund Investment Objective <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Variable Portfolio – Partners Core Bond Fund (the Fund) </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">seeks to provide shareholders with a high level of current </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">income while conserving the value of the investment for the longest period of time.</span></div> Fees and Expenses of the Fund <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">This table describes the fees and expenses that you may pay as an investor in the Fund.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The table does not reflect </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">any fees or expenses imposed by your Contract or Qualified Plan, which are disclosed in your separate Contract </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">prospectus or Qualified Plan disclosure documents. If the additional fees or expenses were reflected, the expenses </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">set forth below would be higher.</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0047 0.0047 0.0000 0.0025 0.0001 0.0001 0.0048 0.0073 “Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. Example <div style="margin-top: 6pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">indicated, and assumes that:</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> <div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">you invest $10,000 in the applicable class of Fund shares for the periods indicated,</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">your investment has a 5% return each year, and</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund’s total annual operating expenses remain the same as shown in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Annual Fund Operating Expenses</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">table above.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 6pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The example does not reflect any fees and expenses that apply to your Contract or Qualified Plan. Inclusion of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">these charges would increase expenses for all periods shown.</span></div> <div style="margin-top: 6pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be:</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> 49 49 154 154 269 269 604 604 75 75 233 233 406 406 906 906 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">year, the Fund’s portfolio turnover rate was </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">225</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">% of the average value of its portfolio.</span></div> 2.25 Principal Investment Strategies <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">plus</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> the amount of any borrowings for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment purposes) in U.S. dollar-denominated bonds and other debt instruments of investment grade quality </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">(referred to as core bonds), like those included in the Bloomberg U.S. Aggregate Bond Index (the Index). The Index </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">includes securities issued by the U.S. Government and its agencies and instrumentalities, corporate bonds, and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">mortgage- and asset-backed securities. The Fund may invest in mortgage dollar rolls and reverse repurchase </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">agreements. The Fund may also invest in foreign debt instruments denominated in U.S. dollars or in foreign </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">currencies. The Fund may also invest in loans and loan participations. The Fund considers a bond or other debt </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instrument to be of investment grade quality if it is rated investment grade by a nationally recognized statistical </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rating organization or, if unrated, determined by the investment manager to be of comparable quality.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may invest in debt instruments that, at the time of purchase, are rated below investment grade or are </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">unrated but determined to be of comparable quality (commonly referred to as “high-yield” investments or “junk” </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">bonds).</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may invest in derivatives, such as futures (including interest rate futures to manage duration and curve </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risk), options (including options on futures for hedging interest rates), swaps (including credit default swaps) and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">forwards (including foreign exchange forwards for hedging and/or investment purposes).</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis. Such </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities may include mortgage-backed securities acquired or sold in the “to be announced” (TBA) market and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">those in a dollar roll transaction.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may invest in privately placed and other securities or instruments that are purchased and sold pursuant to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Rule 144A or other exemptions under the Securities Act of 1933, as amended, subject to certain regulatory </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">restrictions.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund’s investment strategy may involve the frequent trading of portfolio securities.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Multiple subadvisers provide the day-to-day management of the Fund’s portfolio.</span></div> There is no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Active Management Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Due to its active management, the Fund could underperform its benchmark index and/or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other funds with similar investment objectives and/or strategies.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Changing Distribution Level Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund normally expects to receive income which may include interest, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">dividends and/or capital gains, depending upon its investments. The distribution amounts paid by the Fund will vary </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and generally depend on the amount of income the Fund earns (less expenses) on its portfolio holdings, and capital </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">gains or losses it recognizes. A decline in the Fund’s income or net capital gains arising from its investments may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">reduce its distribution level.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Counterparty Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Counterparty risk is the risk that a counterparty to a transaction in a financial instrument held by </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">fail to perform its obligations. As a result, the Fund may obtain no or limited recovery of its investment, and any </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">recovery may be significantly delayed.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Credit Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Credit risk is the risk that the value of loans or other debt instruments may decline if the borrower or the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">issuer thereof defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">its financial obligations, such as making payments to the Fund when due. Credit rating agencies, such as S&amp;P Global </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Ratings, Moody’s Investors Service, Inc. (Moody’s Ratings), Fitch Ratings, Inc. (Fitch), Morningstar DBRS (DBRS) and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Kroll Bond Rating Agency, LLC (KBRA), assign credit ratings to certain loans and debt instruments to indicate their </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">credit risk. A rating downgrade by such agencies can negatively impact the value of such instruments. Lower-rated </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">or unrated loans or instruments held by the Fund may present increased credit risk as compared to higher-rated </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">loans or instruments. Non-investment grade loans or debt instruments may be subject to greater price fluctuations </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and are more likely to experience a default than investment grade loans or debt instruments and therefore may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expose the Fund to increased credit risk. If the Fund purchases unrated loans or instruments, or if the ratings of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">loans or instruments held by the Fund are lowered after purchase, the Fund will depend on analysis of credit risk </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">more heavily than usual.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Derivatives Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Derivatives may involve significant risks. Derivatives are financial instruments with a value in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">relation to, or derived from, the value of an underlying asset(s) or other reference, such as an index, rate or other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">economic indicator (each an underlying reference). Derivatives may include those that are privately placed or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">otherwise exempt from SEC registration, including certain Rule 144A eligible securities. Derivatives could result in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund losses if the underlying reference does not perform as anticipated. Use of derivatives is a highly specialized </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">activity that can involve investment techniques, risks, and tax planning different from those associated with more </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">traditional investment instruments. The Fund’s derivatives strategy may not be successful, and use of certain </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">derivatives could result in substantial, potentially unlimited, losses to the Fund regardless of the Fund’s actual </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment. A relatively small movement in the price, rate or other economic indicator associated with the underlying </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">reference may result in substantial losses for the Fund. Derivatives may be more volatile than other types of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investments. The value of derivatives may be influenced by a variety of factors, including national and international </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">political and economic developments. Potential changes to the regulation of the derivatives markets may make </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">derivatives more costly, may limit the market for derivatives, or may otherwise adversely affect the value or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">performance of derivatives. Derivatives can increase the Fund’s risk exposure to underlying references and their </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">attendant risks, such as credit risk, market risk, foreign currency risk and interest rate risk, while potentially exposing </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, liquidity risk, pricing risk and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">volatility risk.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Derivatives Risk – Forward Contracts Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">A forward contract is an over-the-counter derivative transaction between </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">two parties to buy or sell a specified amount of an underlying reference at a specified price (or rate) on a specified </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">date in the future. Forward contracts are negotiated on an individual basis and are not standardized or traded on </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">exchanges. The market for forward contracts is substantially unregulated and can experience lengthy periods of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">illiquidity, unusually high trading volume and other negative impacts, such as political intervention, which may result </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in volatility or disruptions in such markets. A relatively small price movement in a forward contract may result in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">substantial losses to the Fund, exceeding the amount of the margin paid. Forward contracts can increase the Fund’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risk exposure to underlying references and their attendant risks, such as credit risk, market risk, foreign currency risk </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and interest rate risk, while potentially exposing the Fund to correlation risk, counterparty risk, hedging risk, inflation </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risk, leverage risk, liquidity risk, pricing risk and volatility risk.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Derivatives Risk – Futures Contracts Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> A futures contract is an exchange-traded derivative transaction between </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">two parties in which a buyer (holding the “long” position) agrees to pay a fixed price (or rate) at a specified future </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">date for delivery of an underlying reference from a seller (holding the “short” position). The seller hopes that the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market price on the delivery date is less than the agreed upon price, while the buyer hopes for the contrary. Certain </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">futures contract markets are highly volatile, and futures contracts may be illiquid. Futures exchanges may limit </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">fluctuations in futures contract prices by imposing a maximum permissible daily price movement. The Fund may be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement. At or prior to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">maturity of a futures contract, the Fund may enter into an offsetting contract and may incur a loss to the extent there </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">has been adverse movement in futures contract prices. The liquidity of the futures markets depends on participants </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">entering into offsetting transactions rather than making or taking delivery. To the extent participants make or take </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">delivery, liquidity in the futures market could be reduced. As a result, a relatively small price movement in a futures </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">contract may result in substantial losses to the Fund, exceeding the amount of the margin paid. For certain types of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">futures contracts, losses are potentially unlimited. Futures markets are highly volatile, and the use of futures may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">increase the volatility of the Fund’s NAV. Futures contracts executed (if any) on foreign exchanges may not provide </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the same protection as U.S. exchanges. Futures contracts can increase the Fund’s risk exposure to underlying </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">references and their attendant risks, such as credit risk, market risk, foreign currency risk and interest rate risk, while </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">potentially exposing the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, liquidity </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risk, pricing risk and volatility risk.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Derivatives Risk – Options Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Options are derivatives that give the purchaser the option to buy (call) or sell (put) </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">an underlying reference from or to a counterparty at a specified price (the strike price) on or before an expiration </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">date. When writing options, the Fund is exposed to the risk that it may be required to buy or sell the underlying </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">reference at a disadvantageous price on or before the expiration date. Options may involve economic leverage, which </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">could result in greater volatility in price movement. The Fund's losses could be significant and are potentially </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">unlimited for certain types of options. Options may be traded on a securities exchange or in the over-the-counter </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market. At or prior to maturity of an options contract, the Fund may enter into an offsetting contract and may incur a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">loss to the extent there has been adverse movement in options prices. Options can increase the Fund’s risk exposure </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">to underlying references and their attendant risks, such as credit risk, market risk, foreign currency risk and interest </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rate risk, while potentially exposing the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risk, liquidity risk, pricing risk and volatility risk.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Derivatives Risk – Swaps Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">In a typical swap transaction, two parties agree to exchange the return earned on a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">specified underlying reference for a fixed return or the return from another underlying reference during a specified </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">period of time. Swaps may be difficult to value and may be illiquid. Swaps could result in Fund losses if the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">underlying asset or reference does not perform as anticipated. Swaps create significant investment leverage such </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">that a relatively small price movement in a swap may result in immediate and substantial losses to the Fund. The </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund may only close out a swap with its particular counterparty and may only transfer a position with the consent of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">that counterparty. Certain swaps, such as short swap transactions and total return swaps, have the potential for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">unlimited losses, regardless of the size of the initial position. Swaps can increase the Fund’s risk exposure to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">underlying references and their attendant risks, such as credit risk, market risk, foreign currency risk and interest rate </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risk, while potentially exposing the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">liquidity risk, pricing risk and volatility risk.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Fixed Income Instruments Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund is subject to the general risks and considerations associated with </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investing in debt securities, including the risk that issuers will fail to make timely payments of principal or interest or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">default altogether. Lower-rated securities in which the Fund may invest may be more volatile and may decline more </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in price in response to negative issuer developments or general economic news than higher rated securities. In </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">addition, as interest rates rise, the Fund’s investments typically will lose value.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Foreign Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Investments in or exposure to securities of foreign companies may involve heightened risks </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">relative to investments in or exposure to securities of U.S. companies. Investing in securities of foreign companies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">subjects the Fund to the risks associated with an issuer’s (and any of its related companies’) country of organization </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and places of business operations, including risks related to political, regulatory, economic, social, diplomatic and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other conditions or events (including, for example, military confrontations and actions, war, other conflicts, terrorism </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and disease/virus outbreaks and epidemics) occurring in the country or region, as well as risks associated with less </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of U.S. companies and are subject to the risks associated with potential imposition of economic and other sanctions </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">against a particular foreign country, its nationals or industries or businesses within the country. In addition, foreign </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">governments may impose withholding or other taxes on the Fund’s income, capital gains or proceeds from the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">disposition of foreign securities, which could reduce the Fund’s return on such securities.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Forward Commitments on Mortgage-Backed Securities (including Dollar Rolls) Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> When purchasing mortgage-backed</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> securities in the “to be announced” (TBA) market (MBS TBAs), the seller agrees to deliver mortgage-backed </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities for an agreed upon price on an agreed upon date, but may make no guarantee as to the specific securities </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">to be delivered. In lieu of taking delivery of mortgage-backed securities, the Fund could enter into dollar rolls, which </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">are transactions in which the Fund sells securities to a counterparty and simultaneously agrees to purchase those or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">similar securities in the future at a predetermined price. Dollar rolls involve the risk that the market value of the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">default on its obligations. These transactions may also increase the Fund’s portfolio turnover rate. If the Fund </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">reinvests the proceeds of the security sold, the Fund will also be subject to the risk that the investments purchased </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">with such proceeds will decline in value (a form of leverage risk). MBS TBAs and dollar rolls are subject to the risk </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">that the counterparty to the transaction may not perform or be unable to perform in accordance with the terms of the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instrument.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Frequent Trading Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The portfolio managers may actively and frequently trade investments in the Fund's portfolio </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">to carry out its investment strategies. Frequent trading can also mean higher brokerage and other transaction costs, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">which could reduce the Fund's return. The trading costs associated with portfolio turnover may adversely affect the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund’s performance.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">High-Yield Investments Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Securities and other debt instruments held by the Fund that are rated below </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment grade (commonly called “high-yield” or “junk” bonds) and unrated debt instruments of comparable quality </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment grade debt instruments. In addition, these investments have greater price fluctuations, are less liquid and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">are more likely to experience a default than higher-rated debt instruments. High-yield debt instruments are </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Impairment of Collateral Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The value of collateral, if any, securing a loan can decline, and may be insufficient to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">meet the borrower’s obligations or difficult or costly to liquidate. In addition, the Fund’s access to collateral may be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">limited by bankruptcy or other insolvency laws. Further, certain floating rate and other loans may not be fully </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">collateralized and may decline in value.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Interest Rate Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rates rise, the values of loans and other debt instruments tend to fall, and if interest rates fall, the values of loans and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">interest rates may also affect the liquidity of the Fund’s investments in debt instruments. In general, the longer the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. For example, a three-year</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> duration means a bond is expected to decrease in value by 3% if interest rates rise 1% and increase in value by </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">3% if interest rates fall 1%. Interest rate declines also may increase prepayments of debt obligations, which, in turn, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">would increase prepayment risk. The Fund is subject to the risk that the income generated by its investments may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">not keep pace with inflation. Actions by governments and central banking authorities can result in increases or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Such </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative impact on the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund's performance and NAV. Any interest rate increases could cause the value of the Fund’s investments in debt </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instruments to decrease. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">sell investments at a time when it is not advantageous to do so, which could result in losses.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Issuer Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> An issuer in which the Fund invests or to which it has exposure may perform poorly or below </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expectations, and the value of its loans or securities may therefore decline, which may negatively affect the Fund’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">outbreaks, epidemics or other events, conditions and factors which may impair the value of your investment in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Liquidity Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Liquidity risk is the risk associated with any event, circumstance, or characteristic of an investment or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market that negatively impacts the Fund’s ability to sell, or realize the proceeds from the sale of, an investment at a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">desirable time or price. Liquidity risk may arise because of, for example, a lack of marketability of the investment, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">which means that when seeking to sell its portfolio investments, the Fund could find that selling is more difficult than </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">anticipated, especially during times of high market volatility. Decreases in the number of financial institutions, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">including banks and broker-dealers, willing to make markets (match up sellers and buyers) in the Fund’s investments </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">or decreases in their capacity or willingness to trade such investments may increase the Fund’s exposure to this risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The debt market has experienced considerable growth, and financial institutions making markets in instruments </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">purchased and sold by the Fund (e.g., bond dealers) have been subject to increased regulation. The impact of that </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">growth and regulation on the ability and willingness of financial institutions to engage in trading or “making a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market” in such instruments remains unsettled. Certain types of investments, such as lower-rated securities or those </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">that are purchased and sold in over-the-counter markets, may be especially subject to liquidity risk. Securities or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other assets in which the Fund invests may be traded in the over-the-counter market rather than on an exchange and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">therefore may be more difficult to purchase or sell at a fair price, which may have a negative impact on the Fund’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">performance. Market participants attempting to sell the same or a similar instrument at the same time as the Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">could exacerbate the Fund’s exposure to liquidity risk. The Fund may have to accept a lower selling price for the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">holding, sell other liquid or more liquid investments that it might otherwise prefer to hold (thereby increasing the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">proportion of the Fund’s investments in less liquid or illiquid securities), or forego another more appealing </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment opportunity. The liquidity of Fund investments may change significantly over time and certain </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investments that were liquid when purchased by the Fund may later become illiquid, particularly in times of overall </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">economic distress. Changing regulatory, market or other conditions or environments (for example, the interest rate or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">credit environments) may also adversely affect the liquidity and the price of the Fund's investments. Judgment plays </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">a larger role in valuing illiquid or less liquid investments as compared to valuing liquid or more liquid investments. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Price volatility may be higher for illiquid or less liquid investments as a result of, for example, the relatively less </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">frequent pricing of such securities (as compared to liquid or more liquid investments). Generally, the less liquid the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Overall market liquidity and other factors can lead to an increase in redemptions, which may negatively impact Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">performance and NAV, including, for example, if the Fund is forced to sell investments in a down market. Floating </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rate loans generally are subject to legal or contractual restrictions on resale, may trade infrequently, their value may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">be impaired when the Fund needs to liquidate such loans, and are typically subject to extended settlement periods, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">each of which gives rise to liquidity risk.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Loan Assignment/Loan Participation Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">If a bank loan is acquired through an assignment, the Fund may not be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. If a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">bank loan is acquired through a participation, the Fund generally will have no right to enforce compliance by the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">borrower with the terms of the loan agreement, and the Fund may not benefit from the collateral supporting the debt </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">obligation in which it has purchased the participation. As a result, the Fund will be exposed to the credit risk of both </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the borrower and the institution selling the participation.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Market Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">traded and closed markets and could cause significant redemptions and operational challenges. Global economies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and financial markets are increasingly interconnected, and conditions and events in one country, region or financial </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market may adversely impact issuers in a different country, region or financial market. These risks may be magnified </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">depressions or other events – or the potential for such events – could have a significant negative impact on global </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">economic and market conditions.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Mortgage- and Other Asset-Backed Securities Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The value of any mortgage-backed and other asset-backed </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities including collateralized debt obligations and collateralized loan obligations, if any, held by the Fund may be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">affected by, among other things, changes or perceived changes in: interest rates; factors concerning the interests in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and structure of the issuer or the originator of the mortgages or other assets; the creditworthiness of the entities </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">that provide any supporting letters of credit, surety bonds or other credit enhancements; or the market's assessment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of the quality of underlying assets. Payment of principal and interest on some mortgage-backed securities (but not </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the market value of the securities themselves) may be guaranteed by the full faith and credit of a particular U.S. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Government agency, authority, enterprise or instrumentality, and some, but not all, are also insured or guaranteed by </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the U.S. Government. Mortgage-backed securities issued by non-governmental issuers (such as commercial banks, </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market issuers) may entail greater risk than obligations guaranteed by the U.S. Government. Mortgage- and other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">asset-backed securities are subject to liquidity risk and prepayment risk. A decline or flattening of housing values </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">may cause delinquencies in mortgages underlying mortgage-backed securities and thereby adversely affect the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">ability of the mortgage-backed securities issuer to make principal and/or interest payments to mortgage-backed </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities holders, including the Fund. Rising or high interest rates tend to extend the duration of mortgage- and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other asset-backed securities, making their prices more volatile and more sensitive to changes in interest rates.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Multi-Adviser Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund has multiple advisory firms that each manage a portion of the Fund’s net assets on a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">daily basis. Each adviser makes investment decisions independently from the other adviser(s). It is possible that the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">security selection process of one adviser will not complement or may conflict or even contradict that of the other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">adviser(s), including making off-setting trades that have no net effect to the Fund, but which may increase Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expenses. As a result, the Fund's exposure to a given security, industry, sector or market capitalization could be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">smaller or larger than if the Fund were managed by a single adviser, which could adversely affect the Fund's </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">performance.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Prepayment and Extension Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Prepayment and extension risk is the risk that a loan, bond or other security or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment might, in the case of prepayment risk, be called or otherwise converted, prepaid or redeemed before </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">maturity and, in the case of extension risk, that the investment might not be called as expected. In the case of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">prepayment risk, if the investment is converted, prepaid or redeemed before maturity, the portfolio managers may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">not be able to invest the proceeds in other investments providing as high a level of income, resulting in a reduced </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">yield to the Fund. As interest rates decrease or spreads narrow on such investments, the likelihood of prepayment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">increases. Conversely, extension risk is the risk that an unexpected rise in interest rates will extend the life of an </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment beyond the prepayment time. If the Fund’s investments are locked in at a lower interest rate for a longer </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">period of time, the portfolio managers may be unable to capitalize on investments with higher interest rates or wider </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">spreads.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Reinvestment Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Reinvestment risk arises when the Fund is unable to reinvest income or principal at the same or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">at least the same return it is currently earning.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Reverse Repurchase Agreements Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Reverse repurchase agreements are agreements in which a Fund sells a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">security to a counterparty, such as a bank or broker-dealer, in return for cash and agrees to repurchase that security </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">at a mutually agreed upon price and time. Reverse repurchase agreements carry the risk that the market value of the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">security sold by the Fund may decline below the price at which the Fund must repurchase the security. Reverse </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">repurchase agreements also may be viewed as a form of borrowing, and borrowed assets used for investment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">creates leverage risk (the risk that losses may be greater than the amount invested). Leverage can create an interest </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expense that may lower the Fund's overall returns. Leverage presents the opportunity for increased net income and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">capital gains, but may also exaggerate the Fund’s volatility and risk of loss. There can be no guarantee that this </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">strategy will be successful.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Rule 144A and Other Exempted Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund may invest in privately placed and other securities or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instruments exempt from SEC registration (collectively “private placements”), subject to certain regulatory </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">restrictions. In the U.S. market, private placements are typically sold only to qualified institutional buyers, or qualified </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">purchasers, as applicable. An insufficient number of buyers interested in purchasing private placements at a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">particular time could adversely affect the marketability of such investments and the Fund might be unable to dispose </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of them promptly or at reasonable prices, subjecting the Fund to liquidity risk. The Fund’s holdings of private </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">placements may increase the level of Fund illiquidity if eligible buyers are unable or unwilling to purchase them at a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">particular time. Issuers of Rule 144A eligible securities are required to furnish information to potential investors upon </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">request. However, the required disclosure is much less extensive than that required of public companies and is not </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">publicly available since the offering information is not filed with the SEC. Further, issuers of Rule 144A eligible </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities can require recipients of the offering information (such as the Fund) to agree contractually to keep the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">information confidential, which could also adversely affect the Fund’s ability to dispose of the security.</span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">U.S. Government Obligations Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">enterprises may or may not be backed by the full faith and credit of the U.S. Government.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Unrated Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund may purchase unrated securities which are not rated by a rating agency. Unrated </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities may be less liquid than comparable rated securities and involve the risk that the Investment Manager may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">not accurately evaluate the security’s comparative credit rating. Analysis of creditworthiness of issuers of high yield </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities may be more complex than for issuers of higher-quality debt securities. To the extent that the Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">purchases unrated securities, the Fund’s success in achieving its investment objective may depend more heavily on </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Investment Manager’s creditworthiness analysis than if the Fund invested exclusively in rated securities.</span></div> Performance Information <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the risks of investing in the Fund. The bar chart shows how the Fund’s Class 2 share performance has varied for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">each full calendar year shown. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The table below the bar chart compares the Fund’s returns for the periods shown with </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">a broad measure of market performance.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Except for differences in annual returns resulting from differences in expenses (where applicable), the share classes </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of the Fund would have substantially similar annual returns because all share classes of the Fund invest in the same </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">portfolio of securities.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The returns shown do not reflect any fees and expenses imposed under your Contract or Qualified Plan and would be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">lower if they did.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund’s performance prior to May 2017 reflects returns achieved by one or more different subadvisers. If the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund’s current subadvisers had been in place for the prior periods, results shown may have been different.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">The Fund’s past performance is no guarantee of how the Fund will perform in the future.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Updated performance </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">information can be obtained by calling toll-free 800.345.6611 or visiting columbiathreadneedleus.com.</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s Class 2 share performance has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with a broad measure of market performance. The returns shown do not reflect any fees and expenses imposed under your Contract or Qualified Plan and would be lower if they did. The Fund’s past performance is no guarantee of how the Fund will perform in the future. 800.345.6611 columbiathreadneedleus.com Year by Year Total Return (%) as of December 31 Each Year Best 2023-12-31 0.0696 Worst 2022-03-31 -0.0596 Average Annual Total Returns (for periods ended December 31, 2025) 2010-05-07 0.0762 0.0003 0.0225 2010-05-07 0.0728 -0.0023 0.0199 0.0730 -0.0036 0.0201 Summary of the Fund Investment Objective <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Variable Portfolio – Partners Core Equity Fund (the Fund) </span><span style="color:#003c78;font-family:arial;font-size:10pt">seeks to provide shareholders with long-term capital </span><span style="color:#003c78;font-family:arial;font-size:10pt">growth.</span></div> Fees and Expenses of the Fund <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">This table describes the fees and expenses that you may pay as an investor in the Fund.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The table does not reflect </span><span style="color:#003c78;font-family:arial;font-size:10pt">any fees or expenses imposed by your Contract or Qualified Plan, which are disclosed in your separate Contract </span><span style="color:#003c78;font-family:arial;font-size:10pt">prospectus or Qualified Plan disclosure documents. If the additional fees or expenses were reflected, the expenses </span><span style="color:#003c78;font-family:arial;font-size:10pt">set forth below would be higher.</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0069 0.0069 0.0069 0.0000 0.0025 0.0013 0.0001 0.0001 0.0001 0.0070 0.0095 0.0083 -0.0002 -0.0002 -0.0002 0.0068 0.0093 0.0081 “Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. April 30, 2027  Example <div style="margin-top:6pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing </span><span style="color:#003c78;font-family:arial;font-size:10pt">in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods </span><span style="color:#003c78;font-family:arial;font-size:10pt">indicated, and assumes that:</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">you invest $10,000 in the applicable class of Fund shares for the periods indicated,</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">your investment has a 5% return each year, and</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund’s total annual operating expenses remain the same as shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Annual Fund Operating Expenses</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">table above.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="margin-top:6pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The example does not reflect any fees and expenses that apply to your Contract or Qualified Plan. Inclusion of </span><span style="color:#003c78;font-family:arial;font-size:10pt">these charges would increase expenses for all periods shown.</span></div><div style="margin-top:6pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Since the waivers and/or reimbursements shown in the</span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic"> Annual Fund Operating Expenses</span><span style="color:#003c78;font-family:arial;font-size:10pt"> table above expire as </span><span style="color:#003c78;font-family:arial;font-size:10pt">indicated in the preceding table, they are only reflected in the 1 year example and the first year of the other </span><span style="color:#003c78;font-family:arial;font-size:10pt">examples.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Although your actual costs may be higher or lower, based on the assumptions listed above, your costs </span><span style="color:#003c78;font-family:arial;font-size:10pt">would be:</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> 69 69 222 222 388 388 869 869 95 95 301 301 524 524 1165 1165 83 83 263 263 459 459 1023 1023 Portfolio Turnover <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color:#003c78;font-family:arial;font-size:10pt">portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected </span><span style="color:#003c78;font-family:arial;font-size:10pt">in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal </span><span style="color:#003c78;font-family:arial;font-size:10pt">year, the Fund’s portfolio turnover rate was </span><span style="color:#003c78;font-family:arial;font-size:10pt">52</span><span style="color:#003c78;font-family:arial;font-size:10pt">% of the average value of its portfolio.</span></div> 0.52 Principal Investment Strategies <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Under normal </span><span style="color:#003c78;font-family:arial;font-size:10pt">circumstances</span><span style="color:#003c78;font-family:arial;font-size:10pt">, at least 80% of the Fund’s net assets (plus the amount of any borrowings for </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment purposes) are invested in equity securities. Equity securities include, for example, common stock, </span><span style="color:#003c78;font-family:arial;font-size:10pt">preferred stock and convertible securities.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may invest in the securities of issuers of any size, including </span><span style="color:#003c78;font-family:arial;font-size:10pt">small-, mid- and large-capitalization companies.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may invest up to 25% of its net assets in foreign investments. The Fund may invest in foreign securities </span><span style="color:#003c78;font-family:arial;font-size:10pt">directly or indirectly through depositary receipts.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may at times emphasize one or more sectors in selecting </span><span style="color:#003c78;font-family:arial;font-size:10pt">its investments, including the information technology sector.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Multiple subadvisers provide the day-to-day management of the Fund’s portfolio.</span></div> There is no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Active Management Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Due to its active management, the Fund could underperform its benchmark index and/or </span><span style="color:#003c78;font-family:arial;font-size:10pt">other funds with similar investment objectives and/or strategies.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Convertible Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Convertible securities are subject to the usual risks associated with debt instruments, </span><span style="color:#003c78;font-family:arial;font-size:10pt">such as interest rate risk and credit risk. Convertible securities also react to changes in the value of the common </span><span style="color:#003c78;font-family:arial;font-size:10pt">stock into which they convert</span><span style="color:#003c78;font-family:arial;font-size:10pt"> and are thus subject to market risk. The Fund may also be forced to convert a </span><span style="color:#003c78;font-family:arial;font-size:10pt">convertible security at an inopportune time, which may decrease the Fund’s return.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Depositary Receipts Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Depositary receipts are receipts issued by a bank or trust company reflecting ownership </span><span style="color:#003c78;font-family:arial;font-size:10pt">of underlying securities issued by foreign companies. Some foreign securities are traded in the form of American </span><span style="color:#003c78;font-family:arial;font-size:10pt">Depositary Receipts and/or Global Depositary Receipts. Depositary receipts involve risks similar to the risks </span><span style="color:#003c78;font-family:arial;font-size:10pt">associated with investments in foreign securities, including those associated with an issuer’s (and any of its related </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies’) country of organization and places of business operations, which may be related to the particular </span><span style="color:#003c78;font-family:arial;font-size:10pt">political, regulatory, economic, social and other conditions or events (including, for example, military confrontations </span><span style="color:#003c78;font-family:arial;font-size:10pt">and actions, war, other conflicts, terrorism and disease/virus outbreaks and epidemics) occurring in the country and </span><span style="color:#003c78;font-family:arial;font-size:10pt">fluctuations in such country’s currency, as well as market risk tied to the underlying foreign company. In addition, </span><span style="color:#003c78;font-family:arial;font-size:10pt">holders of depositary receipts may have limited voting rights, may not have the same rights afforded to stockholders </span><span style="color:#003c78;font-family:arial;font-size:10pt">of a typical domestic company in the event of a corporate action, such as an acquisition, merger or rights offering, </span><span style="color:#003c78;font-family:arial;font-size:10pt">and may experience difficulty in receiving company stockholder communications. There is no guarantee that a </span><span style="color:#003c78;font-family:arial;font-size:10pt">financial institution will continue to sponsor a depositary receipt, or that a depositary receipt will continue to trade on </span><span style="color:#003c78;font-family:arial;font-size:10pt">an exchange, either of which could adversely affect the liquidity, availability and pricing of the depositary receipt. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Changes in foreign currency exchange rates will affect the value of depositary receipts and, therefore, may affect the </span><span style="color:#003c78;font-family:arial;font-size:10pt">value of your investment in the Fund.</span></div> <div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Equity Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Equity securities may experience significant volatility. Such securities may fall sharply in </span><span style="color:#003c78;font-family:arial;font-size:10pt">response to adverse events affecting overall markets, a particular industry or sector, or an individual company’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">financial condition.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Foreign Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Investments in or exposure to securities of foreign companies may involve heightened risks </span><span style="color:#003c78;font-family:arial;font-size:10pt">relative to investments in or exposure to securities of U.S. companies. Investing in securities of foreign companies </span><span style="color:#003c78;font-family:arial;font-size:10pt">subjects the Fund to the risks associated with an issuer’s (and any of its related companies’) country of organization </span><span style="color:#003c78;font-family:arial;font-size:10pt">and places of business operations, including risks related to political, regulatory, economic, social, diplomatic and </span><span style="color:#003c78;font-family:arial;font-size:10pt">other conditions or events (including, for example, military confrontations and actions, war, other conflicts, terrorism </span><span style="color:#003c78;font-family:arial;font-size:10pt">and disease/virus outbreaks and epidemics) occurring in the country or region, as well as risks associated with less </span><span style="color:#003c78;font-family:arial;font-size:10pt">developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities </span><span style="color:#003c78;font-family:arial;font-size:10pt">of U.S. companies</span><span style="color:#003c78;font-family:arial;font-size:10pt"> and are subject to the risks associated with potential imposition of economic and other sanctions </span><span style="color:#003c78;font-family:arial;font-size:10pt">against a particular foreign country, its nationals or industries or businesses within the country. In addition, foreign </span><span style="color:#003c78;font-family:arial;font-size:10pt">governments may impose withholding or other taxes on the Fund’s income, capital gains or proceeds from the </span><span style="color:#003c78;font-family:arial;font-size:10pt">disposition of foreign securities, which could reduce the Fund’s return on such securities. The performance of the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund may also be negatively affected by fluctuations in a foreign currency's strength or weakness relative to the U.S. </span><span style="color:#003c78;font-family:arial;font-size:10pt">dollar, particularly to the extent the Fund invests a significant percentage of its assets in foreign securities or other </span><span style="color:#003c78;font-family:arial;font-size:10pt">assets denominated in currencies other than the U.S. dollar.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Issuer Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> An issuer in which the Fund invests or to which it has exposure may perform poorly or below </span><span style="color:#003c78;font-family:arial;font-size:10pt">expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, </span><span style="color:#003c78;font-family:arial;font-size:10pt">breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent </span><span style="color:#003c78;font-family:arial;font-size:10pt">disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus </span><span style="color:#003c78;font-family:arial;font-size:10pt">outbreaks, epidemics or other events, conditions and factors which may impair the value of your investment in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund.</span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Small- and Mid-Cap Stock Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Investments in small- and mid-capitalization companies (small- and mid-cap </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies) often involve greater risks than investments in larger, more established companies (larger companies) </span><span style="color:#003c78;font-family:arial;font-size:10pt">because small- and mid-cap companies tend to have less predictable earnings and may lack the management </span><span style="color:#003c78;font-family:arial;font-size:10pt">experience, financial resources, product diversification and competitive strengths of larger companies. Securities </span><span style="color:#003c78;font-family:arial;font-size:10pt">of small- and mid-cap companies may be less liquid and more volatile than the securities of larger companies.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Large-Cap Stock Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Investments in larger companies may involve certain risks associated with their larger size. </span><span style="color:#003c78;font-family:arial;font-size:10pt">For instance, larger companies may be less able to respond quickly to new competitive challenges, such as </span><span style="color:#003c78;font-family:arial;font-size:10pt">changes in consumer tastes or innovation from smaller competitors. Also, larger companies are sometimes less </span><span style="color:#003c78;font-family:arial;font-size:10pt">able to achieve as high growth rates as successful smaller companies, especially during extended periods of </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic expansion.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Market Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. </span><span style="color:#003c78;font-family:arial;font-size:10pt">These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, </span><span style="color:#003c78;font-family:arial;font-size:10pt">regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, </span><span style="color:#003c78;font-family:arial;font-size:10pt">turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively </span><span style="color:#003c78;font-family:arial;font-size:10pt">affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly </span><span style="color:#003c78;font-family:arial;font-size:10pt">traded and closed markets and could cause significant redemptions and operational challenges. Global economies </span><span style="color:#003c78;font-family:arial;font-size:10pt">and financial markets are increasingly interconnected, and conditions and events in one country, region or financial </span><span style="color:#003c78;font-family:arial;font-size:10pt">market may adversely impact issuers in a different country, region or financial market. These risks may be magnified </span><span style="color:#003c78;font-family:arial;font-size:10pt">if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such </span><span style="color:#003c78;font-family:arial;font-size:10pt">risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other </span><span style="color:#003c78;font-family:arial;font-size:10pt">conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, </span><span style="color:#003c78;font-family:arial;font-size:10pt">depressions or other events – or the potential for such events – could have a significant negative impact on global </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic and market conditions.</span></div> <div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Multi-Adviser Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund has multiple advisory firms that each manage a portion of the Fund’s net assets on a </span><span style="color:#003c78;font-family:arial;font-size:10pt">daily basis. Each adviser makes investment decisions independently from the other adviser(s). It is possible that the </span><span style="color:#003c78;font-family:arial;font-size:10pt">security selection process of one adviser will not complement or may conflict or even contradict that of the other </span><span style="color:#003c78;font-family:arial;font-size:10pt">adviser(s), including making off-setting trades that have no net effect to the Fund, but which may increase Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">expenses. As a result, the Fund's exposure to a given security, industry, sector or market capitalization could be </span><span style="color:#003c78;font-family:arial;font-size:10pt">smaller or larger than if the Fund were managed by a single adviser, which could adversely affect the Fund's </span><span style="color:#003c78;font-family:arial;font-size:10pt">performance.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Preferred Stock Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Preferred stock is a type of stock that may pay dividends at a different rate than common </span><span style="color:#003c78;font-family:arial;font-size:10pt">stock of the same issuer, if at all, and that has preference over common stock in the payment of dividends and the </span><span style="color:#003c78;font-family:arial;font-size:10pt">liquidation of assets. Preferred stock does not ordinarily carry voting rights. The price of a preferred stock is </span><span style="color:#003c78;font-family:arial;font-size:10pt">generally determined by earnings, type of products or services, projected growth rates, experience of management, </span><span style="color:#003c78;font-family:arial;font-size:10pt">liquidity, and general market conditions of the markets on which the stock trades. The most significant risks </span><span style="color:#003c78;font-family:arial;font-size:10pt">associated with investments in preferred stock include issuer risk, market risk and interest rate risk (the risk of </span><span style="color:#003c78;font-family:arial;font-size:10pt">losses attributable to changes in interest rates).</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Sector Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> At times, the Fund may have a significant portion of its assets invested in securities of companies </span><span style="color:#003c78;font-family:arial;font-size:10pt">conducting business in a related group of industries within one or more economic sectors, including the information </span><span style="color:#003c78;font-family:arial;font-size:10pt">technology sector. Companies in the same sector may be similarly affected by economic, regulatory, political or </span><span style="color:#003c78;font-family:arial;font-size:10pt">market events or conditions, which may make the Fund vulnerable to unfavorable developments in that group of </span><span style="color:#003c78;font-family:arial;font-size:10pt">industries or economic sector.</span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Information Technology Sector.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund is vulnerable to the particular risks that may affect companies in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">information technology sector. Companies in the information technology sector are subject to certain risks, </span><span style="color:#003c78;font-family:arial;font-size:10pt">including the risk that new services, equipment or technologies will not be accepted by consumers and </span><span style="color:#003c78;font-family:arial;font-size:10pt">businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including </span><span style="color:#003c78;font-family:arial;font-size:10pt">obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including </span><span style="color:#003c78;font-family:arial;font-size:10pt">aggressive pricing of their products or services, new market entrants, competition for market share and short </span><span style="color:#003c78;font-family:arial;font-size:10pt">product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to </span><span style="color:#003c78;font-family:arial;font-size:10pt">limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In </span><span style="color:#003c78;font-family:arial;font-size:10pt">addition, many information technology sector companies have limited operating histories and prices of these </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies’ securities historically have been more volatile than other securities, especially over the short term. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Some companies in the information technology sector are facing increased government and regulatory scrutiny </span><span style="color:#003c78;font-family:arial;font-size:10pt">and may be subject to adverse government or regulatory action, which could negatively impact the value of their </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> Performance Information <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The following bar chart and table show you how the Fund has performed in the past, and can help you understand </span><span style="color:#003c78;font-family:arial;font-size:10pt">the risks of investing in the Fund. The bar chart shows how the Fund’s Class 2 share performance has varied for </span><span style="color:#003c78;font-family:arial;font-size:10pt">each full calendar year shown. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The table below the bar chart compares the Fund’s returns for the periods shown with </span><span style="color:#003c78;font-family:arial;font-size:10pt">a broad measure of market performance.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Except for differences in annual returns resulting from differences in expenses (where applicable), the share classes </span><span style="color:#003c78;font-family:arial;font-size:10pt">of the Fund would have substantially similar annual returns because all share classes of the Fund invest in the same </span><span style="color:#003c78;font-family:arial;font-size:10pt">portfolio of securities.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The returns shown do not reflect any fees and expenses imposed under your Contract or Qualified Plan and would be </span><span style="color:#003c78;font-family:arial;font-size:10pt">lower if they did.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund’s performance prior to May 2021 reflects returns achieved by one or more different subadviser(s) that </span><span style="color:#003c78;font-family:arial;font-size:10pt">managed the Fund according to different principal investment strategies. If the Fund’s current subadvisers and </span><span style="color:#003c78;font-family:arial;font-size:10pt">strategies had been in place for the prior periods, results shown may have been different.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">The Fund’s past performance is no guarantee of how the Fund will perform in the future.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Updated performance </span><span style="color:#003c78;font-family:arial;font-size:10pt">information can be obtained by calling toll-free 800.345.6611 or visiting columbiathreadneedleus.com.</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s Class 2 share performance has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with a broad measure of market performance. The returns shown do not reflect any fees and expenses imposed under your Contract or Qualified Plan and would be lower if they did. The Fund’s past performance is no guarantee of how the Fund will perform in the future. 800.345.6611 columbiathreadneedleus.com Year by Year Total Return (%) as of December 31 Each Year Best 2020-06-30 0.1894 Worst 2020-03-31 -0.1982  Average Annual Total Returns (for periods ended December 31, 2025)   2010-05-03 0.1342 0.1332 0.1291 2010-05-03 0.1314 0.1304 0.1263 2006-05-01 0.1326 0.1318 0.1277 0.1788 0.1442 0.1482 Columbia Management Investment Advisers, LLC and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) through April 30, 2027, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees. Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 0.73% for Class 1 and 0.98% for Class 2. Any differences in these annual rates relative to the annual rates noted in the last row of the above table (e.g., net expense ratios) are due to applicable exclusions under the agreement. “Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. “Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. Columbia Management Investment Advisers, LLC and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) through April 30, 2027, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees. Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 0.64% for Class 1, 0.89% for Class 2 and 0.765% for Class 3. Any differences in these annual rates relative to the annual rates noted in the last row of the above table (e.g., net expense ratios) are due to applicable exclusions under the agreement. “Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. Columbia Management Investment Advisers, LLC and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) through April 30, 2027, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees. Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 0.25% for Class 1, 0.50% for Class 2 and 0.375% for Class 3. Any differences in these annual rates relative to the annual rates noted in the last row of the above table (e.g., net expense ratios) are due to applicable exclusions under the agreement. Other expenses have been restated to reflect current fees paid by the Fund. “Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. Columbia Management Investment Advisers, LLC and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) through April 30, 2027, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees. Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 0.83% for Class 1, 1.08% for Class 2 and 0.955% for Class 3. Any differences in these annual rates relative to the annual rates noted in the last row of the above table (e.g., net expense ratios) are due to applicable exclusions under the agreement. “Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. Columbia Management Investment Advisers, LLC and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) through April 30, 2027, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees. Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 0.83% for Class 1, 1.08% for Class 2 and 0.955% for Class 3. Any differences in these annual rates relative to the annual rates noted in the last row of the above table (e.g., net expense ratios) are due to applicable exclusions under the agreement. “Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. Columbia Management Investment Advisers, LLC and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) through April 30, 2027, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees. Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 0.41% for Class 1 and 0.66% for Class 2. Any differences in these annual rates relative to the annual rates noted in the last row of the above table (e.g., net expense ratios) are due to applicable exclusions under the agreement. “Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. Management fees have been restated to reflect the current management fee rate. “Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. Columbia Management Investment Advisers, LLC and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) through April 30, 2027, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees. Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 0.83% for Class 1 and 1.08% for Class 2. Any differences in these annual rates relative to the annual rates noted in the last row of the above table (e.g., net expense ratios) are due to applicable exclusions under the agreement. “Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. “Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. “Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. Columbia Management Investment Advisers, LLC and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) through April 30, 2027, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees. Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 0.47% for Class 1, 0.72% for Class 2 and 0.595% for Class 3. Any differences in these annual rates relative to the annual rates noted in the last row of the above table (e.g., net expense ratios) are due to applicable exclusions under the agreement. “Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. “Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. Columbia Management Investment Advisers, LLC and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) through April 30, 2027, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees. Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 0.68% for Class 1, 0.93% for Class 2 and 0.805% for Class 3. Any differences in these annual rates relative to the annual rates noted in the last row of the above table (e.g., net expense ratios) are due to applicable exclusions under the agreement. “Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses.