Columbia Funds Variable Series Trust II

Supplement dated August 5, 2026

to the Prospectus and Summary Prospectus, each as supplemented, of the following fund:

Fund	Prospectus and Summary Prospectus Dated
Columbia Funds Variable Series Trust II
Variable Portfolio - Partners International Growth Fund	5/1/2026

Effective immediately, the following changes are hereby made to the Fund's Prospectus and Summary Prospectus.

The information in the Fees and Expenses table and under the heading "Example" in the “Fees and Expenses of the Fund” section of the Summary Prospectus and in the “Summary of the Fund – Fees and Expenses of the Fund” section of the Prospectus is hereby superseded and replaced with the following:

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Class 1	Class 2
Management fees	0.88 %	0.88 %
Distribution and/or service (12b-1) fees	0.00 %	0.25 %
Other expenses(a)	0.02 %	0.02 %
Total annual Fund operating expenses(b)	0.90 %	1.15 %
Less: Fee waivers and/or expense reimbursements(c)	(0.09 %)	(0.09 %)
Total annual Fund operating expenses after fee waivers and/or expense reimbursements	0.81 %	1.06 %

(a)

Other expenses have been restated to reflect current fees paid by the Fund.

(b)

“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.

(c)

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 0.81% for Class 1 and 1.06% 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.

Example

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

■

you invest $10,000 in the applicable class of Fund shares for the periods indicated,

■

you redeem all your shares at the end of the period,

■

your investment has a 5% return each year, and

■

the Fund’s total annual operating expenses remain the same as shown in the Annual Fund Operating Expenses table above.

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

Since the waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above expire as indicated in the preceding table, they are only reflected in the 1 year example and the first year of the other examples. Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be:

	1 year	3 years	5 years	10 years
Class 1 (whether or not shares are redeemed)	$83	$278	$490	$1,100
Class 2 (whether or not shares are redeemed)	$108	$356	$624	$1,390

The rest of the section remains the same.

SUP7055-0005_(08/26)

The first paragraph under the heading “Additional Investment Strategies and Policies — Fee Waiver/Expense Reimbursement Arrangements and Impact on Past Performance” in the “More Information About the Fund” section of the Prospectus is hereby superseded and replaced with the following:

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 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:

Variable Portfolio - Partners International Growth Fund
Class 1	0.81%
Class 2	1.06%

The rest of the section remains the same.

Shareholders should retain this Supplement for future reference.

SUP7055-0005_(08/26)