Supplement dated July 31, 2026
to the Statement of Additional Information (SAI), dated May 1, 2026, for funds under the following trusts: 
Trust
 
Columbia Funds Variable Insurance Trust
 
Columbia Funds Variable Series Trust
 
Columbia Funds Variable Series Trust II
 
Effective immediately, the information under the subsection “The Investment Manager and Subadvisers – Portfolio Managers” in the “Investment Management and Other Services” section of the SAI for VP – Acorn Fund, VP – Partners International Growth Fund for Walter Scott and VP – Partners Small Cap Value Fund for William Blair is hereby superseded and replaced with the following: 
 
 
Other Accounts Managed (Excluding the Fund)
Potential
Conflicts
of Interest
Structure
of
Compensation
Fund
Portfolio
Manager
Number
and Type
of Account*
Approximate
Total Net
Assets
Performance-
Based
Accounts**
Information is as of December 31, 2025, unless otherwise noted
VP – Acorn
Fund
Nicolas Janvier(c)
1 RIC
3 PIVs
2 other
accounts
$11.66 million
$3.09 billion
$0.44 million
None
Columbia
Management
Columbia
Management
Pratyasha Rath
1 RIC
7 other
accounts
$2.44 billion
$1.18 million
None
VP – Partners International
Growth Fund
Walter Scott:
Des Armstrong(c)
 
4 RICs
34 PIVs
114 other
accounts
 
$4.00 billion
$20.71 billion
$31.93 billion
 
2 PIVs
($463.00 M)
16 other
accounts
($2.41 B)
 
Walter Scott
 
Walter Scott
 
Jane Henderson
5 RICs
36 PIVs
129 other
accounts
$5.68 billion
$23.81 billion
$36.82 billion
2 PIVs
($449.00 M)
18 other
accounts
($3.73 B)
 
 
 
Roy Leckie
5 RICs
36 PIVs
129 other
accounts
$5.68 billion
$23.81 billion
$36.82 billion
2 PIVs
($449.00 M)
18 other
accounts
($3.73 B)
 
 
 
Thomas Miedema(c)
4 RICs
34 PIVs
114 other
accounts
$4.00 billion
$20.71 billion
$31.93 billion
2 PIVs
($463.00 M)
16 other
accounts
($2.41 B)
 
 
 
Maxim Skorniakov
5 RICs
36 PIVs
129 other
accounts
$5.68 billion
$23.81 billion
$36.82 billion
2 PIVs
($449.00 M)
18 other
accounts
($3.73 B)
 
 
VP – Partners Small Cap
Value Fund
William Blair:
Matthew Fleming
 
3 RICs
20 other
accounts
 
$925.20 million
$1.51 billion
 
1 other
account
($339.00 M)
 
William Blair
 
William Blair
 
Mark Goodman
3 RICs
20 other
accounts
$925.20 million
$1.51 billion
1 other
account
($339.00 M)
 
 
*
RIC refers to a Registered Investment Company; PIV refers to a Pooled Investment Vehicle.
SUP7950-0003_(07/26)
**
Number of accounts for which the advisory fee paid is based in part or wholly on performance and the aggregate net assets in those accounts.
(c)
The portfolio manager began managing the Fund after its last fiscal year end; reporting information is provided as of May 31, 2026.
The rest of the section remains the same.
Effective immediately, the information under the subsection “Other Services Provided – The Custodians” in the “Investment Management and Other Services” section of the SAI is hereby superseded and replaced with the following:
The table below identifies the Funds for which the transition of custody from JPMorgan to State Street has been completed as of the dates indicated.  
Fund Name:
Transition Date:
VP – Balanced Fund
July 27, 2026
VP – BlackRock Global Inflation-Linked Securities Fund
July 27, 2026
VP – CenterSquare Real Estate Fund
July 27, 2026
VP – Commodity Strategy Fund
July 27, 2026
VP – Contrarian Core Fund
April 20, 2026
VP – Core Equity Fund
July 27, 2026
VP – Cornerstone Equity Fund
July 27, 2026
VP – Cornerstone Growth Fund
July 27, 2026
VP – Disciplined Core Fund
July 27, 2026
VP – Dividend Opportunity Fund
July 27, 2026
VP – Emerging Markets Bond Fund
July 27, 2026
VP – Emerging Markets Fund
July 27, 2026
VP – Fidelity Institutional AM® Total Bond Fund
May 1, 2026
VP – Government Money Market Fund
July 27, 2026
VP – High Yield Bond Fund
July 27, 2026
VP – Income Opportunities Fund
July 27, 2026
VP – Intermediate Bond Fund
July 27, 2026
VP – Long Government/Credit Bond Fund
April 20, 2026
VP – Overseas Core Fund
July 27, 2026
VP – Partners Core Bond Fund
April 20, 2026
VP – Partners Core Equity Fund
April 20, 2026
VP – Partners International Core Equity Fund
April 20, 2026
VP – Partners International Growth Fund
April 20, 2026
VP – Partners International Value Fund
April 20, 2026
VP – Partners Small Cap Growth Fund
April 20, 2026
VP – Partners Small Cap Value Fund
April 20, 2026
VP – Principal Large Cap Growth Fund
July 27, 2026
VP – Select Corporate Income Fund
July 27, 2026
VP – Select Large Cap Value Fund
July 27, 2026
VP – Select Mid Cap Growth Fund
July 27, 2026
VP – Select Mid Cap Value Fund
July 27, 2026
VP – Select Short Corporate Income Fund
July 27, 2026
VP – Select Small Cap Value Fund
July 27, 2026
VP – Seligman Global Technology Fund
July 27, 2026
VP – Small Cap Value Discovery Fund
April 20, 2026
VP – Small Company Growth Fund
April 20, 2026
2
SUP7950-0003_(07/26)
Fund Name:
Transition Date:
VP – Strategic Income Fund
April 20, 2026
VP – T. Rowe Price Large Cap Value Fund
July 27, 2026
VP – TCW Total Return Bond Fund
July 27, 2026
VP – U.S. Government Mortgage Fund
July 27, 2026
VP – Victory Sycamore Established Value Fund
April 20, 2026
VP – Wellington Large Cap Value Fund
April 20, 2026
VP – Westfield Mid Cap Growth Fund
April 20, 2026
VP – Westfield Select Large Cap Growth Fund
April 20, 2026
Funds not listed in the table above continue to maintain custody with JPMorgan as of the date of this SAI and are expected to transition to State Street on a phased basis during 2026.
VP – Emerging Markets Bond Fund, VP – Intermediate Bond Fund and VP – Overseas Core Fund have also entered into a custodian agreement pursuant to which JPMorgan serves as custodian for certain assets that were not transferable to State Street in connection with the change of Custodian to State Street.
The rest of the section remains the same.
Effective immediately, the following disclosure is added as the subsection “Expense Limitations – Expense Reimbursement Agreements" in the “Investment Management and Other Services" section of the SAI:
Expense Reimbursement Arrangements
Effective July 1, 2026, the voluntary fee waiver/expense reimbursement arrangements for VP – Cornerstone Growth Fund, VP – Intermediate Bond Fund, VP – Partners International Core Equity Fund, VP – Principal Large Cap Growth Fund and VP – T. Rowe Price Large Cap Value Fund as described in the “More Information About the Fund – Fee Waiver/Expense Reimbursement Arrangements and Impact on Past Performance” section of each of the Fund’s prospectus have become contractual obligations. The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) through April 30, 2027, unless sooner terminated at the sole discretion of the Funds’ Board, so that the Funds’ net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Funds’ custodian, do not exceed the annual rates as described in the “More Information About the Fund – Fee Waiver/Expense Reimbursement Arrangements and Impact on Past Performance” section of each of the Fund’s prospectus.
Under the agreement, the following fees and expenses are excluded from the Funds’ operating expenses when calculating the waiver/reimbursement commitment, and therefore will be paid by the Funds, if applicable: taxes (including foreign transaction taxes), expenses associated with investment in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Funds’ Board. This agreement may be modified or amended only with approval from all parties.
Additionally, retroactively effective May 1, 2026, the contractual fee waiver and expense cap agreement for VP – Partners International Growth Fund has changed as follows:
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) from May 1, 2026 through April 30, 2027, unless sooner terminated at the sole discretion of the Fund’s Board, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the annual rates of 0.81% for Class 1 (lower than the 0.83% disclosed in the prospectus dated May 1, 2026) and 1.06% for Class 2 (lower than the 1.08% disclosed in the prospectus dated May 1, 2026).
Under the agreement, the following fees and expenses are excluded from the Fund’s operating expenses when calculating the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investment in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program,
3
SUP7950-0003_(07/26)
dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Fund’s Board. This agreement may be modified or amended only with approval from all parties.
The rest of the section remains the same.
Effective immediately, the information under the subsection “Disclosure of Portfolio Holdings Information – Ongoing Portfolio Holdings Disclosure Arrangements” in the “Other Practices” section of the SAI is hereby superseded and replaced with the following: 
Identity of Recipient
 
Conditions/restrictions on use of information
 
Frequency of
Disclosure
Recipients under arrangements with the Funds or Investment Manager:
 
 
Abel Noser
 
Used for evaluating and assessing
trading activity, execution and practices.
 
Quarterly
ACA Global
 
Used to evaluate and assess trading
activity, execution and practices in
respect of market abuse regulatory
requirements.
 
Daily
Axioma Inc.
 
Used as a hosted risk analytics platform
designed for research, portfolio holdings,
investment oversight and strategy
development.
 
Daily
BlackRock, Inc.
 
Used for front office trading and
analytics, back office settlements,
portfolio accounting and reconciliations,
collateral management, portfolio risk
oversight, compliance mandate
monitoring and portfolio performance
calculations. Used to provide portfolio
attribution reports for Columbia
Convertible Securities Fund. Used for
portfolio analytics.
 
Daily
Bloomberg Finance L.P.
 
Used for portfolio analytics, statistical
analysis and independent research. Used
for executing cleared swaps
electronically. Used for executing fixed
income trades. Used for evaluating and
assessing trading activity, execution and
practices in respect of market abuse
regulatory requirements, and best
execution and TCA. Used to provide
portfolio attribution reports for Columbia
Convertible Securities Fund. Used for
portfolio analytics.
 
Daily
Bolger, Inc.
 
Used for commercial printing.
 
As Needed
Bond Connect Company Limited
 
Used for executing Chinese fixed income
trades.
 
As Needed
Boston Investors Communications
Group, LLC
 
Used for writing services that require
disclosing portfolio holdings in advance
of their dissemination to the general
public.
 
Quarterly
Broadridge Financial Solutions Inc.
 
Used for printing of prospectuses and
tailored shareholder reports.
 
As Needed
Capital Markets Services Group
 
Used for hedging activities supporting
the Columbia Funds.
 
Daily
Castine LLC
 
Used for facilitating the evaluation of
commission rates and providing flexible
commission reporting.
 
Daily
Citigroup, Inc.
 
Used for mortgage decision support.
 
Daily
4
SUP7950-0003_(07/26)
Identity of Recipient
 
Conditions/restrictions on use of information
 
Frequency of
Disclosure
Compliance Solutions Strategies LLC
 
Used for reporting returns and analytics
to client facing materials. Used for data
storage and as a transformation solution
to support Client Regulatory Reporting
and Fund Detail reporting.
 
Monthly
Deloitte Haskins & Sells, LLP
 
Used for calculating foreign capital gains
tax accruals irrespective of the tax lot
relief method.
 
Weekly
Donnelley Financial Solutions
 
Used for providing EDGAR filing and
typesetting services, and printing of
prospectuses, factsheets, annual and
semi-annual reports.
 
As Needed
DS Graphics/Universal Wilde, Inc.
 
Used for printing of prospectuses,
factsheets, annual and semi-annual
reports.
 
As Needed
Depository Trust & Clearing Corporation
 
Used for providing trade allocation and
acceptance services with brokers.
 
Daily
ENPOINTE
 
Used for commercial print.
 
As Needed
Ernst & Young, LLP
 
Used for analyzing passive foreign
investment company investments.
 
Monthly
FactSet Research Systems, Inc.
 
Used for calculating portfolio
performance attribution, portfolio
analytics, data for fundamental research,
and general market news and analysis.
Used for executing equity and
convertible trades.
 
Daily
Fidelity National Information Services,
Inc.
 
Used as a portfolio accounting system.
 
Daily
FMR LLC
 
Used for advertising review.
 
As Needed
FX Connect, LLC
 
Used to execute foreign exchange
orders.
 
Daily
Harte-Hanks, Inc.
 
Used for printing of prospectuses,
factsheets, annual and semi-annual
reports and commercial print.
 
As Needed
Institutional Shareholder Services, Inc.
 
Used for proxy voting administration and
research on proxy matters.
 
Daily
Intex Solutions Inc.
 
Used for providing mortgage analytics.
 
As Needed
Investment Company Institute
 
Disclosure of Form N-PORT data.
 
As Needed
Investortools, Inc.
 
Used for municipal bond analytics,
research, and decision support.
 
As Needed
JDP Marketing Services
 
Used for writing services that require
disclosing portfolio holdings in advance
of their dissemination to the general
public.
 
Quarterly
John Roberts, Inc.
 
Used for fund fact sheets and
commercial print.
 
As Needed
KPMG LLC
 
Used by State Street to provide tax
services as a sub-contractor.
 
Daily
Kurtosys Systems
 
Used for reporting of fund holdings detail
via our website.
 
Monthly
MarketAxess
 
Used for executing fixed income trades.
 
Daily
Morningstar Investment Services, LLC
 
Used for independent research and
ranking of funds. Used for statistical
analysis.
 
As Needed
5
SUP7950-0003_(07/26)
Identity of Recipient
 
Conditions/restrictions on use of information
 
Frequency of
Disclosure
Neovest
 
Used to execute futures.
 
As Needed
PwC
 
Used to review tax services prepared by
State Street and to prepare tax services
PwC performs for the funds.
 
Daily
R. R. Donnelley & Sons Co.
 
Used for printing of prospectuses,
factsheets, annual and semi-annual
reports. Used for commercial printing.
 
As Needed
Refinitiv
 
Used to execute foreign exchange
orders.
 
Daily
RegEd, Inc.
 
Used for reviewing external and certain
internal communications prior to
dissemination.
 
As Needed
Sky Road
 
Used for front office trading,
optimization, bank loan analytics, and
compliance.
 
Daily
State Street Bank and Trust
 
Used to provide certain sub-
administration services to the Funds,
including fund accounting and financial
reporting services.
 
Daily
S.W.I.F.T. Scrl.
 
Used for sending trade messages via
SWIFT to custodian.
 
Daily
TP ICAP
 
Used for executing equity and fixed
income trades.
 
Daily
Thomson Reuters Corp.
 
Used for statistical analysis.
 
As Needed
Toppan Merrill Corporation
 
Used for printing of prospectuses,
factsheets, annual and semi-annual
reports.
 
As Needed
Tradeweb
 
Used for executing fixed income trades.
 
Daily
Trepp, Inc.
 
Used for insights about commercial
mortgage-backed securities mortgage
bonds.
 
Daily
Virtu Financial
 
Used for executing equity trades.
 
Daily
Visions, Inc.
 
Used for commercial printing.
 
As Needed
Wilshire Associates, Inc.
 
Used for providing performance
attribution reporting.
 
Daily
 
Identity of Recipient
 
Conditions/restrictions on use of information
 
Frequency of
Disclosure
Recipients under arrangements with subadvisers:
 
 
Abel/Noser Corp.
 
Used by certain subadvisers for trade
execution and cost analysis.
 
Daily
Adviser Compliance Associates, LLC.
 
Used by certain subadvisers for
compliance services and performance
evaluation.
 
Daily
AcadiaSoft, Inc
 
Used by certain subadvisers for risk
management services.
 
Daily
Accenture PLC
 
Used by certain subadvisers for back-
office operations.
 
Daily
Alpha Financial Software LLC
 
Used by certain subadvisers for trade
monitoring, trade settlement, and for
confirming TBAs.
 
Daily
Axioma, Inc.
 
Used by certain subadvisers for analytics
and attribution analysis.
 
Daily
6
SUP7950-0003_(07/26)
Identity of Recipient
 
Conditions/restrictions on use of information
 
Frequency of
Disclosure
BlackRock, Inc.
 
Used by certain subadvisers for order
management and compliance services.
 
Daily
Bloomberg Finance L.P.
 
Used by certain subadvisers for
analytical, portfolio management,
statistical information, compliance and
personal trade monitoring.
 
Daily
BNY Mellon Corp.
 
Used by certain subadvisers for
custodian reconciliation.
 
Daily
Brown Brothers Harriman & Co.
 
Used by certain subadvisers for foreign
exchange (FX) derivatives reconciliation,
electronic trade transmission and
settlement.
 
Daily
Clearwater Analytics, LLC
 
Used by certain subadvisers for
analytical and statistical information.
 
As Needed
CloudMargin Ltd.
 
Used by certain subadvisers derivative
operations team to process, reconcile
and report daily collateral margin
transactions with counterparties and
custodian.
 
Daily
Commcise Software Limited
 
Used by certain subadvisers for
commission tracking.
 
Daily
Eagle Investment Systems, LLC
 
Used by certain subadvisers for MiFID II
transaction reporting, performance
management, data management, and
portfolio analysis & reporting.
 
Daily
Fidelity National Information Services,
Inc.
 
Used by certain subadvisers for COE
monitoring.
 
Daily
Equity Data Science Inc.
 
Used by certain subadvisers for portfolio
management.
 
Daily
Eze Castle Software LLC
 
Used by certain subadvisers for
compliance and personal trade
monitoring.
 
Daily
FactSet Research Systems, Inc.
 
Used by certain subadvisers for
analytical, portfolio management,
statistical information, compliance and
personal trade monitoring.
 
Daily and As Needed
FIA Technology Services, LLC
 
Used by certain subadvisers for
reconciliation services.
 
Daily
FIS Brokerage Securities Services LLC
 
Used by certain subadvisers for
corporate actions management.
 
Daily
FundApps Ltd.
 
Used by certain subadvisers for global
regulatory shareholding disclosure,
Custodian-Trade management, and pre-
and post-compliance.
 
Daily
FX Connect, LLC
 
Used by certain subadvisers for foreign
exchange derivatives reconciliation.
 
Daily
Global Trading Analytics, LLC
 
Used by certain subadvisers for trade
execution cost analysis.
 
Daily
Gresham Technologies Limited
 
Used by certain subadvisers for
custodian reconciliation.
 
Daily or Monthly
Global Trading Analytics, LLC
 
Used by certain subadvisers for trade
execution cost analysis.
 
Quarterly
ICE Data Services Inc.
 
Used by certain subadvisers for liquidity
reporting.
 
Daily
7
SUP7950-0003_(07/26)
Identity of Recipient
 
Conditions/restrictions on use of information
 
Frequency of
Disclosure
IHS Markit Ltd.
 
Used by certain subadvisers for
confirmation and settlement of bank
loan trades.
 
Daily
Institutional Shareholder Services, Inc.
 
Used by certain subadvisers for proxy
voting administration and research
services.
 
Daily
InvestCloud Inc.
 
Used by certain subadvisers for client
reporting.
 
Daily
JPMorgan Chase & Co.
 
Used by certain subadvisers for portfolio
management, and risk analytics.
 
Daily
LightSpeed Data Solutions
 
Used by certain subadvisers for trade
monitoring, trade settlement, and
confirming TBAs.
 
Daily
LiquidNet, Inc.
 
Used by certain subadvisers for
commission tracking.
 
Daily
MacDonald Information Services Inc.
 
Used by certain subadvisers for Anti-
Money Laundering screening services,
and compliance services.
 
Daily
Microsoft Corporation
 
Used by certain subadvisers to create
marketing material for use in client
meetings.
 
Daily
MSCI Barra Inc.
 
Used by certain subadvisers for
analytical and statistical information, for
back-office operations, and for Liquidity
Rule 22e-4.
 
Daily
MyComplianceOffice Technologies, Inc.
 
Used by certain subadvisers for
compliance and personal trade
monitoring.
 
Daily
Nex Group plc
 
Used by certain subadvisers for daily
reconciliations on collateral
management.
 
Daily
Omgeo, LLC
 
Used by certain subadvisers for
electronic trade monitoring, trade
transmission, trade settlement, and for
confirming TBAs.
 
Daily
Qontigo
 
Used by certain subadvisers for
Derivatives Rule (Rule 18f-4) analysis.
 
Daily
REFINITIV US LLC
 
Used by certain subadvisers for FX
derivatives reconciliation.
 
Daily
S&P Global Market Intelligence
 
Used by certain subadvisers for
corporate actions management.
 
Daily
Salesforce, Inc.
 
Used by certain subadvisers for back-
office operations.
 
Daily
SEI Investments Co.
 
Used by certain subadvisers for
analytical, portfolio management,
statistical information, compliance and
personal trade monitoring.
 
Daily
SEISMIC SOFTWARE, INC
 
Used by certain subadvisers to create
Marketing material for the use in client
meetings.
 
Monthly
SimCorp
 
Used by certain subadvisers for portfolio
accounting systems.
 
Daily
Snowflake Inc.
 
Used by certain subadvisers for
analytical, portfolio management and
statistical information.
 
Daily
8
SUP7950-0003_(07/26)
Identity of Recipient
 
Conditions/restrictions on use of information
 
Frequency of
Disclosure
SS&C Technologies Holdings, Inc.
 
Used by certain subadvisers for: Asset &
Portfolio Management Services; trading,
risk & front-office solutions; middle &
back office financial operations; data,
analytics & reporting services.
 
Daily
STANDARD & POOR’S FINANCIAL
SERVICES LLC
 
Used by certain subadvisers for financial
data, ratings, and analytics services.
 
Weekly
StarCompliance LLC
 
Used by certain subadvisers for
compliance and personal trade
monitoring.
 
Daily
State Street Bank and Trust Company
 
Used by certain subadvisers for middle
office functions, SWIFT messages from
custodians to facilitate automated
reconciliation.
 
Daily
State Street Corp.
 
Used by certain subadvisers for
compliance and trade monitoring.
 
Daily
SteelEye, Limited
 
Used by certain subadvisers for
compliance analytics.
 
Daily
STP Investment Services, LLC
 
Used by certain subadvisers for
custodian reconciliation.
 
Daily
Tradeweb Markets LLC
 
Used by certain subadvisers for
confirming TBAs, treasuries, and
discount notes.
 
Daily
UNAVISTA LIMITED
 
Used by certain subadvisers for
electronic trade transmission and
settlement.
 
Daily
VERMEG Co.
 
Used by certain subadvisers for
management of swap counterparty
exposure.
 
Daily
Vermilion Software Ltd
 
Used by certain subadvisers for client
reporting.
 
Monthly
Virtu Financial, Inc.
 
Used by certain subadvisers for trade
execution cost analysis.
 
Daily or Monthly
The rest of the section remains the same.
Effective immediately, the information in the third paragraph under the subsection, “Offering Price – For Funds Other than Money Market Funds” in the “Purchase, Redemption and Pricing of Shares” section of the SAI is hereby superseded and replaced with the following:
Fixed Income Securities. Debt securities (including convertible securities) with remaining maturities are valued based on prices obtained from a pricing service. If pricing information is unavailable from a pricing service or is not believed to be reflective of market value, then a security may be valued at a bid quote from a broker-dealer, or, if a bid quote from a broker-dealer is not available, at fair value determined by the Investment Manager. Debt securities with remaining maturities of 60 days or less may be valued on the basis of amortized cost. Under this method of valuation, the security is initially valued at cost on the date of purchase or, in the case of securities purchased with more than 60 days remaining to maturity, the market value on the 61st day prior to maturity. Thereafter the fund assumes a constant proportionate amortization in value until maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the security. If the amortized cost value of such securities is not reflective of market value, then the valuation process for debt securities with remaining maturities in excess of 60 days will be applied. Short-term variable rate demand notes are typically valued at par value. Newly issued debt securities may be valued at purchase price for up to two days following purchase or at fair value if the purchase price is not believed to be reflective of market value.
The rest of the section remains the same.
Shareholders should retain this Supplement for future reference.
9
SUP7950-0003_(07/26)