0001413032 2025-12-31 2025-12-31 0001413032 cfvstii:S000028707Member 2025-12-31 2025-12-31 0001413032 cfvstii:S000028707Member cfvstii:C000087832Member 2025-12-31 2025-12-31 0001413032 cfvstii:S000028707Member cfvstii:C000087833Member 2025-12-31 2025-12-31 iso4217:USD pure false 2025-12-31 497 0001413032 N-1A <div style="line-height:10.0pt;text-align:center;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Supplement dated August 5, 2026</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">to the Prospectus and Summary Prospectus, each as supplemented, of the following fund:</span><span style="color:#003c78;float:left;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells:show;width:516pt"> <tr style="height:14pt"> <td style="background-color:#003C78;border-bottom:2pt solid #FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:339.64pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;margin-top:1pt;text-align:left;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Fund</span></div> </div> </td> <td style="background-color:#003C78;border-bottom:2pt solid #FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:176.36pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;margin-top:1pt;text-align:center;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold">Prospectus and Summary Prospectus Dated</span></div> </div> </td> </tr> <tr style="height:15pt"> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:339.64pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:left;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;margin-left:0.0pt">Columbia Funds Variable Series Trust II</span></div> </div> </td> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:176.36pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:center;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;margin-left:-85.18pt"> </span></div> </div> </td> </tr> <tr style="height:11pt"> <td style="background-color:#D9E5F1;padding-bottom:2pt;padding-top:3pt;vertical-align:Bottom;width:339.64pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:left;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;margin-left:0.0pt"> Variable Portfolio - Partners International Growth Fund</span></div> </div> </td> <td style="background-color:#D9E5F1;padding-bottom:2pt;padding-top:3pt;vertical-align:Bottom;width:176.36pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:center;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;margin-left:0.00pt">5/1/2026</span></div> </div> </td> </tr> </table><div style="margin-top:10pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Effective immediately, the following changes are hereby made to the Fund's Prospectus and Summary Prospectus.</span></div><div style="margin-top:10pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">The information in the Fees and Expenses table and under the heading "Example" in the “Fees and Expenses of the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Fund</span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">” section of</span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic"> the Summary Prospectus and in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">“</span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Summary of the Fund – </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Fees and Expenses of the Fund</span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">” </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">section </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">of the Prospectus is hereby superseded and replaced with the following:</span><span style="color:#003c78;font-family:arial;font-size:1pt;font-style:italic;line-height:1pt"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells:show;width:516pt"> <tr style="height:13.5pt"> <td colspan="3" style="background-color:#003C78;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;width:516.00pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:6pt;margin-right:10pt;margin-top:1pt;text-align:left;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span></div> </div> </td> </tr> <tr style="height:16pt"> <td style="border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;width:433.14pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;margin-top:2pt;text-align:left;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt"> </span></div> </div> </td> <td style="border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;width:38.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:4pt;margin-right:4pt;margin-top:2pt;text-align:center;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;font-weight:bold">Class 1</span></div> </div> </td> <td style="border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;width:44.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:4pt;margin-right:10pt;margin-top:2pt;text-align:center;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;font-weight:bold">Class 2</span></div> </div> </td> </tr> <tr style="height:14pt"> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;width:433.14pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:left;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;margin-left:0.0pt">Management fees</span></div> </div> </td> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;white-space:nowrap;width:38.43pt;"> <div style="line-height:10pt;margin-left:6pt;margin-right:6pt;text-align:right;width:26.43pt;"> <div style="display:flex;margin:auto;width:20.29pt;"> <div style="display:flex;white-space:nowrap;width:20.29pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:20.29pt">0.88</span></div> <div style="display:flex;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">%</span></div> </div> </div> </td> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;white-space:nowrap;width:44.43pt;"> <div style="line-height:10pt;margin-left:6pt;margin-right:6pt;text-align:right;width:26.43pt;"> <div style="display:flex;margin:auto;width:20.29pt;"> <div style="display:flex;white-space:nowrap;width:20.29pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:20.29pt">0.88</span></div> <div style="display:flex;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">%</span></div> </div> </div> </td> </tr> <tr style="height:14pt"> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;width:433.14pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:left;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;margin-left:0.0pt">Distribution and/or service (12b-1) fees</span></div> </div> </td> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;white-space:nowrap;width:38.43pt;"> <div style="line-height:10pt;margin-left:6pt;margin-right:6pt;text-align:right;width:26.43pt;"> <div style="display:flex;margin:auto;width:20.29pt;"> <div style="display:flex;white-space:nowrap;width:20.29pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:20.29pt">0.00</span></div> <div style="display:flex;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">%</span></div> </div> </div> </td> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;white-space:nowrap;width:44.43pt;"> <div style="line-height:10pt;margin-left:6pt;margin-right:6pt;text-align:right;width:26.43pt;"> <div style="display:flex;margin:auto;width:20.29pt;"> <div style="display:flex;white-space:nowrap;width:20.29pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:20.29pt">0.25</span></div> <div style="display:flex;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">%</span></div> </div> </div> </td> </tr> <tr style="height:14pt"> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;width:433.14pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:left;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;margin-left:0.0pt">Other expenses</span><span style="color:#003c78;font-family:arial;font-size:4pt;margin-left:0.0pt;position:relative;top:-3.25pt">(a)</span> <div style="clear:right;"> </div> </div> </div> </td> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;white-space:nowrap;width:38.43pt;"> <div style="line-height:10pt;margin-left:6pt;margin-right:6pt;text-align:right;width:26.43pt;"> <div style="display:flex;margin:auto;width:20.29pt;"> <div style="display:flex;white-space:nowrap;width:20.29pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:20.29pt">0.02</span></div> <div style="display:flex;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">%</span></div> </div> </div> </td> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;white-space:nowrap;width:44.43pt;"> <div style="line-height:10pt;margin-left:6pt;margin-right:6pt;text-align:right;width:26.43pt;"> <div style="display:flex;margin:auto;width:20.29pt;"> <div style="display:flex;white-space:nowrap;width:20.29pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:20.29pt">0.02</span></div> <div style="display:flex;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">%</span></div> </div> </div> </td> </tr> <tr style="height:14pt"> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;width:433.14pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:left;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Total annual Fund operating expenses</span><span style="color:#003c78;font-family:arial;font-size:4pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-3.25pt">(b)</span></div> </div> </td> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;white-space:nowrap;width:38.43pt;"> <div style="line-height:10pt;margin-left:6pt;margin-right:6pt;text-align:right;width:26.43pt;"> <div style="display:flex;margin:auto;width:20.29pt;"> <div style="display:flex;white-space:nowrap;width:20.29pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:20.29pt">0.90</span></div> <div style="display:flex;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">%</span></div> </div> </div> </td> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;white-space:nowrap;width:44.43pt;"> <div style="line-height:10pt;margin-left:6pt;margin-right:6pt;text-align:right;width:26.43pt;"> <div style="display:flex;margin:auto;width:20.29pt;"> <div style="display:flex;white-space:nowrap;width:20.29pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:20.29pt">1.15</span></div> <div style="display:flex;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">%</span></div> </div> </div> </td> </tr> <tr style="height:14pt"> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;width:433.14pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:left;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;margin-left:0.0pt">Less: Fee waivers and/or expense reimbursements</span><span style="color:#003c78;font-family:arial;font-size:4pt;margin-left:0.0pt;position:relative;top:-3.25pt">(c)</span> <div style="clear:right;"> </div> </div> </div> </td> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;white-space:nowrap;width:38.43pt;"> <div style="line-height:10pt;margin-left:6pt;margin-right:6pt;text-align:right;width:26.43pt;"> <div style="display:flex;margin:auto;width:20.29pt;"> <div style="display:flex;white-space:nowrap;width:20.29pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:20.29pt">(0.09</span></div> <div style="display:flex;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">%)</span></div> </div> </div> </td> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;white-space:nowrap;width:44.43pt;"> <div style="line-height:10pt;margin-left:6pt;margin-right:6pt;text-align:right;width:26.43pt;"> <div style="display:flex;margin:auto;width:20.29pt;"> <div style="display:flex;white-space:nowrap;width:20.29pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:20.29pt">(0.09</span></div> <div style="display:flex;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">%)</span></div> </div> </div> </td> </tr> <tr style="height:10.5pt"> <td style="background-color:#D9E5F1;padding-bottom:2pt;padding-top:2.75pt;vertical-align:Bottom;width:433.14pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:left;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Total annual Fund operating expenses after fee waivers and/or expense reimbursements</span></div> </div> </td> <td style="background-color:#D9E5F1;padding-bottom:2pt;padding-top:2.75pt;vertical-align:Bottom;white-space:nowrap;width:38.43pt;"> <div style="line-height:9pt;margin-left:6pt;margin-right:6pt;text-align:right;width:26.43pt;"> <div style="display:flex;margin:auto;width:20.29pt;"> <div style="display:flex;white-space:nowrap;width:20.29pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:20.29pt">0.81</span></div> <div style="display:flex;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">%</span></div> </div> </div> </td> <td style="background-color:#D9E5F1;padding-bottom:2pt;padding-top:2.75pt;vertical-align:Bottom;white-space:nowrap;width:44.43pt;"> <div style="line-height:9pt;margin-left:6pt;margin-right:6pt;text-align:right;width:26.43pt;"> <div style="display:flex;margin:auto;width:20.29pt;"> <div style="display:flex;white-space:nowrap;width:20.29pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:20.29pt">1.06</span></div> <div style="display:flex;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">%</span></div> </div> </div> </td> </tr> </table><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:9pt;text-align:left;width:9.84pt;"><span style="color:#003c78;font-family:arial;font-size:8pt">(a)</span></div> <div style="float:left;line-height:9pt;margin-left:2.16pt;text-align:left;width:499.00pt;"><span style="color:#003c78;font-family:arial;font-size:8pt">Other expenses have been restated to reflect current fees paid by the Fund.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:2pt;position:relative;width:100%;"> <div style="float:left;line-height:9pt;text-align:left;width:9.99pt;"><span style="color:#003c78;font-family:arial;font-size:8pt">(b)</span></div> <div style="float:left;line-height:9pt;margin-left:2.01pt;text-align:left;width:499.00pt;"><span style="color:#003c78;font-family:arial;font-size:8pt">“Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments </span><span style="color:#003c78;font-family:arial;font-size:8pt">in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the </span><span style="color:#003c78;font-family:arial;font-size:8pt;font-style:italic">Financial Highlights</span><span style="color:#003c78;font-family:arial;font-size:8pt"> section </span><span style="color:#003c78;font-family:arial;font-size:8pt">of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:2pt;position:relative;width:100%;"> <div style="float:left;line-height:9pt;text-align:left;width:9.68pt;"><span style="color:#003c78;font-family:arial;font-size:8pt">(c)</span></div> <div style="float:left;line-height:9pt;margin-left:2.32pt;text-align:left;width:499.00pt;"><span style="color:#003c78;font-family:arial;font-size:8pt">Columbia Management Investment Advisers, LLC and certain of its affiliates have contractually agreed to waive fees and/or to reimburse </span><span style="color:#003c78;font-family:arial;font-size:8pt">expenses (excluding transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and </span><span style="color:#003c78;font-family:arial;font-size:8pt">infrequent and/or unusual expenses) through April 30, 2027, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees. </span><span style="color:#003c78;font-family:arial;font-size:8pt">Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 0.81% for </span><span style="color:#003c78;font-family:arial;font-size:8pt">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., </span><span style="color:#003c78;font-family:arial;font-size:8pt">net expense ratios) are due to applicable exclusions under the agreement.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="margin-left:0.78%;"><span style="color:#ffffff;font-family:arial;font-size:9pt;font-weight:bold;line-height:11pt"> </span><span style="color:#ffffff;font-family:arial;font-size:9pt;font-weight:bold">Example</span></div><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></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></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">you redeem all your shares at the end of the period,</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></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> <table cellpadding="0" cellspacing="0" style="empty-cells:show;width:516pt"> <tr style="height:13pt"> <td style="border-bottom:2pt solid #FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:335.88pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:9pt;text-align:left;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt"> </span></div> </div> </td> <td style="border-bottom:2pt solid #FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:40.05pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:7pt;margin-right:7pt;text-align:center;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;font-weight:bold">1 year</span></div> </div> </td> <td style="border-bottom:2pt solid #FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:44.16pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:7pt;margin-right:7pt;text-align:center;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;font-weight:bold">3 years</span></div> </div> </td> <td style="border-bottom:2pt solid #FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:44.16pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:7pt;margin-right:7pt;text-align:center;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;font-weight:bold">5 years</span></div> </div> </td> <td style="border-bottom:2pt solid #FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:51.74pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:7pt;margin-right:10pt;text-align:center;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;font-weight:bold">10 years</span></div> </div> </td> </tr> <tr style="height:14.5pt"> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:3pt;vertical-align:Bottom;width:335.88pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:6pt;margin-right:9pt;text-align:left;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Class 1</span><span style="color:#003c78;font-family:arial;font-size:8pt;margin-left:0.0pt"> (whether or not shares are redeemed)</span></div> </div> </td> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:40.05pt;"> <div style="line-height:10pt;margin-left:9pt;margin-right:9pt;text-align:right;width:22.05pt;"> <div style="display:flex;margin:auto;width:19.94pt;"> <div style="display:flex;white-space:nowrap;width:19.94pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">$</span><span style="color:#003c78;font-family:arial;font-size:8pt;width:19.94pt">83</span></div> </div> </div> </td> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.16pt;"> <div style="line-height:10pt;margin-left:9pt;margin-right:9pt;text-align:right;width:26.16pt;"> <div style="display:flex;margin:auto;width:19.94pt;"> <div style="display:flex;white-space:nowrap;width:19.94pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">$</span><span style="color:#003c78;font-family:arial;font-size:8pt;width:19.94pt">278</span></div> </div> </div> </td> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.16pt;"> <div style="line-height:10pt;margin-left:9pt;margin-right:9pt;text-align:right;width:26.16pt;"> <div style="display:flex;margin:auto;width:19.94pt;"> <div style="display:flex;white-space:nowrap;width:19.94pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">$</span><span style="color:#003c78;font-family:arial;font-size:8pt;width:19.94pt">490</span></div> </div> </div> </td> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:51.74pt;"> <div style="line-height:10pt;margin-left:9pt;margin-right:6pt;text-align:right;width:30.74pt;"> <div style="display:flex;margin:auto;width:26.0pt;"> <div style="display:flex;white-space:nowrap;width:26.0pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">$</span><span style="color:#003c78;font-family:arial;font-size:8pt;width:26.0pt">1,100</span></div> </div> </div> </td> </tr> <tr style="height:10.5pt"> <td style="background-color:#D9E5F1;padding-bottom:2pt;padding-top:2.75pt;vertical-align:Bottom;width:335.88pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:6pt;margin-right:9pt;text-align:left;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Class 2</span><span style="color:#003c78;font-family:arial;font-size:8pt;margin-left:0.0pt"> (whether or not shares are redeemed)</span></div> </div> </td> <td style="background-color:#D9E5F1;padding-bottom:2pt;padding-top:2.75pt;vertical-align:Bottom;white-space:nowrap;width:40.05pt;"> <div style="line-height:9pt;margin-left:9pt;margin-right:9pt;text-align:right;width:22.05pt;"> <div style="display:flex;margin:auto;width:19.94pt;"> <div style="display:flex;white-space:nowrap;width:19.94pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">$</span><span style="color:#003c78;font-family:arial;font-size:8pt;width:19.94pt">108</span></div> </div> </div> </td> <td style="background-color:#D9E5F1;padding-bottom:2pt;padding-top:2.75pt;vertical-align:Bottom;white-space:nowrap;width:44.16pt;"> <div style="line-height:9pt;margin-left:9pt;margin-right:9pt;text-align:right;width:26.16pt;"> <div style="display:flex;margin:auto;width:19.94pt;"> <div style="display:flex;white-space:nowrap;width:19.94pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">$</span><span style="color:#003c78;font-family:arial;font-size:8pt;width:19.94pt">356</span></div> </div> </div> </td> <td style="background-color:#D9E5F1;padding-bottom:2pt;padding-top:2.75pt;vertical-align:Bottom;white-space:nowrap;width:44.16pt;"> <div style="line-height:9pt;margin-left:9pt;margin-right:9pt;text-align:right;width:26.16pt;"> <div style="display:flex;margin:auto;width:19.94pt;"> <div style="display:flex;white-space:nowrap;width:19.94pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">$</span><span style="color:#003c78;font-family:arial;font-size:8pt;width:19.94pt">624</span></div> </div> </div> </td> <td style="background-color:#D9E5F1;padding-bottom:2pt;padding-top:2.75pt;vertical-align:Bottom;white-space:nowrap;width:51.74pt;"> <div style="line-height:9pt;margin-left:9pt;margin-right:6pt;text-align:right;width:30.74pt;"> <div style="display:flex;margin:auto;width:26.0pt;"> <div style="display:flex;white-space:nowrap;width:26.0pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">$</span><span style="color:#003c78;font-family:arial;font-size:8pt;width:26.0pt">1,390</span></div> </div> </div> </td> </tr> </table><div style="margin-top:9pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">The rest of the section remains the same.</span></div> <div style="line-height:10.0pt;text-align:center;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Supplement dated August 5, 2026</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">to the Prospectus and Summary Prospectus, each as supplemented, of the following fund:</span><span style="color:#003c78;float:left;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells:show;width:516pt"> <tr style="height:14pt"> <td style="background-color:#003C78;border-bottom:2pt solid #FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:339.64pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;margin-top:1pt;text-align:left;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Fund</span></div> </div> </td> <td style="background-color:#003C78;border-bottom:2pt solid #FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:176.36pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;margin-top:1pt;text-align:center;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold">Prospectus and Summary Prospectus Dated</span></div> </div> </td> </tr> <tr style="height:15pt"> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:339.64pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:left;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;margin-left:0.0pt">Columbia Funds Variable Series Trust II</span></div> </div> </td> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:176.36pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:center;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;margin-left:-85.18pt"> </span></div> </div> </td> </tr> <tr style="height:11pt"> <td style="background-color:#D9E5F1;padding-bottom:2pt;padding-top:3pt;vertical-align:Bottom;width:339.64pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:left;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;margin-left:0.0pt"> Variable Portfolio - Partners International Growth Fund</span></div> </div> </td> <td style="background-color:#D9E5F1;padding-bottom:2pt;padding-top:3pt;vertical-align:Bottom;width:176.36pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:center;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;margin-left:0.00pt">5/1/2026</span></div> </div> </td> </tr> </table><div style="margin-top:10pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Effective immediately, the following changes are hereby made to the Fund's Prospectus and Summary Prospectus.</span></div><div style="margin-top:10pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">The information in the Fees and Expenses table and under the heading "Example" in the “Fees and Expenses of the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Fund</span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">” section of</span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic"> the Summary Prospectus and in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">“</span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Summary of the Fund – </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Fees and Expenses of the Fund</span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">” </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">section </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">of the Prospectus is hereby superseded and replaced with the following:</span><span style="color:#003c78;font-family:arial;font-size:1pt;font-style:italic;line-height:1pt"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells:show;width:516pt"> <tr style="height:13.5pt"> <td colspan="3" style="background-color:#003C78;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;width:516.00pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:6pt;margin-right:10pt;margin-top:1pt;text-align:left;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span></div> </div> </td> </tr> <tr style="height:16pt"> <td style="border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;width:433.14pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;margin-top:2pt;text-align:left;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt"> </span></div> </div> </td> <td style="border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;width:38.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:4pt;margin-right:4pt;margin-top:2pt;text-align:center;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;font-weight:bold">Class 1</span></div> </div> </td> <td style="border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;width:44.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:4pt;margin-right:10pt;margin-top:2pt;text-align:center;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;font-weight:bold">Class 2</span></div> </div> </td> </tr> <tr style="height:14pt"> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;width:433.14pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:left;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;margin-left:0.0pt">Management fees</span></div> </div> </td> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;white-space:nowrap;width:38.43pt;"> <div style="line-height:10pt;margin-left:6pt;margin-right:6pt;text-align:right;width:26.43pt;"> <div style="display:flex;margin:auto;width:20.29pt;"> <div style="display:flex;white-space:nowrap;width:20.29pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:20.29pt">0.88</span></div> <div style="display:flex;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">%</span></div> </div> </div> </td> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;white-space:nowrap;width:44.43pt;"> <div style="line-height:10pt;margin-left:6pt;margin-right:6pt;text-align:right;width:26.43pt;"> <div style="display:flex;margin:auto;width:20.29pt;"> <div style="display:flex;white-space:nowrap;width:20.29pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:20.29pt">0.88</span></div> <div style="display:flex;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">%</span></div> </div> </div> </td> </tr> <tr style="height:14pt"> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;width:433.14pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:left;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;margin-left:0.0pt">Distribution and/or service (12b-1) fees</span></div> </div> </td> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;white-space:nowrap;width:38.43pt;"> <div style="line-height:10pt;margin-left:6pt;margin-right:6pt;text-align:right;width:26.43pt;"> <div style="display:flex;margin:auto;width:20.29pt;"> <div style="display:flex;white-space:nowrap;width:20.29pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:20.29pt">0.00</span></div> <div style="display:flex;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">%</span></div> </div> </div> </td> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;white-space:nowrap;width:44.43pt;"> <div style="line-height:10pt;margin-left:6pt;margin-right:6pt;text-align:right;width:26.43pt;"> <div style="display:flex;margin:auto;width:20.29pt;"> <div style="display:flex;white-space:nowrap;width:20.29pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:20.29pt">0.25</span></div> <div style="display:flex;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">%</span></div> </div> </div> </td> </tr> <tr style="height:14pt"> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;width:433.14pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:left;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;margin-left:0.0pt">Other expenses</span><span style="color:#003c78;font-family:arial;font-size:4pt;margin-left:0.0pt;position:relative;top:-3.25pt">(a)</span> <div style="clear:right;"> </div> </div> </div> </td> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;white-space:nowrap;width:38.43pt;"> <div style="line-height:10pt;margin-left:6pt;margin-right:6pt;text-align:right;width:26.43pt;"> <div style="display:flex;margin:auto;width:20.29pt;"> <div style="display:flex;white-space:nowrap;width:20.29pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:20.29pt">0.02</span></div> <div style="display:flex;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">%</span></div> </div> </div> </td> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;white-space:nowrap;width:44.43pt;"> <div style="line-height:10pt;margin-left:6pt;margin-right:6pt;text-align:right;width:26.43pt;"> <div style="display:flex;margin:auto;width:20.29pt;"> <div style="display:flex;white-space:nowrap;width:20.29pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:20.29pt">0.02</span></div> <div style="display:flex;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">%</span></div> </div> </div> </td> </tr> <tr style="height:14pt"> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;width:433.14pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:left;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Total annual Fund operating expenses</span><span style="color:#003c78;font-family:arial;font-size:4pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-3.25pt">(b)</span></div> </div> </td> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;white-space:nowrap;width:38.43pt;"> <div style="line-height:10pt;margin-left:6pt;margin-right:6pt;text-align:right;width:26.43pt;"> <div style="display:flex;margin:auto;width:20.29pt;"> <div style="display:flex;white-space:nowrap;width:20.29pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:20.29pt">0.90</span></div> <div style="display:flex;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">%</span></div> </div> </div> </td> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;white-space:nowrap;width:44.43pt;"> <div style="line-height:10pt;margin-left:6pt;margin-right:6pt;text-align:right;width:26.43pt;"> <div style="display:flex;margin:auto;width:20.29pt;"> <div style="display:flex;white-space:nowrap;width:20.29pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:20.29pt">1.15</span></div> <div style="display:flex;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">%</span></div> </div> </div> </td> </tr> <tr style="height:14pt"> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;width:433.14pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:left;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;margin-left:0.0pt">Less: Fee waivers and/or expense reimbursements</span><span style="color:#003c78;font-family:arial;font-size:4pt;margin-left:0.0pt;position:relative;top:-3.25pt">(c)</span> <div style="clear:right;"> </div> </div> </div> </td> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;white-space:nowrap;width:38.43pt;"> <div style="line-height:10pt;margin-left:6pt;margin-right:6pt;text-align:right;width:26.43pt;"> <div style="display:flex;margin:auto;width:20.29pt;"> <div style="display:flex;white-space:nowrap;width:20.29pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:20.29pt">(0.09</span></div> <div style="display:flex;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">%)</span></div> </div> </div> </td> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:2.75pt;vertical-align:Bottom;white-space:nowrap;width:44.43pt;"> <div style="line-height:10pt;margin-left:6pt;margin-right:6pt;text-align:right;width:26.43pt;"> <div style="display:flex;margin:auto;width:20.29pt;"> <div style="display:flex;white-space:nowrap;width:20.29pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:20.29pt">(0.09</span></div> <div style="display:flex;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">%)</span></div> </div> </div> </td> </tr> <tr style="height:10.5pt"> <td style="background-color:#D9E5F1;padding-bottom:2pt;padding-top:2.75pt;vertical-align:Bottom;width:433.14pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:left;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Total annual Fund operating expenses after fee waivers and/or expense reimbursements</span></div> </div> </td> <td style="background-color:#D9E5F1;padding-bottom:2pt;padding-top:2.75pt;vertical-align:Bottom;white-space:nowrap;width:38.43pt;"> <div style="line-height:9pt;margin-left:6pt;margin-right:6pt;text-align:right;width:26.43pt;"> <div style="display:flex;margin:auto;width:20.29pt;"> <div style="display:flex;white-space:nowrap;width:20.29pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:20.29pt">0.81</span></div> <div style="display:flex;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">%</span></div> </div> </div> </td> <td style="background-color:#D9E5F1;padding-bottom:2pt;padding-top:2.75pt;vertical-align:Bottom;white-space:nowrap;width:44.43pt;"> <div style="line-height:9pt;margin-left:6pt;margin-right:6pt;text-align:right;width:26.43pt;"> <div style="display:flex;margin:auto;width:20.29pt;"> <div style="display:flex;white-space:nowrap;width:20.29pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:20.29pt">1.06</span></div> <div style="display:flex;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">%</span></div> </div> </div> </td> </tr> </table><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:9pt;text-align:left;width:9.84pt;"><span style="color:#003c78;font-family:arial;font-size:8pt">(a)</span></div> <div style="float:left;line-height:9pt;margin-left:2.16pt;text-align:left;width:499.00pt;"><span style="color:#003c78;font-family:arial;font-size:8pt">Other expenses have been restated to reflect current fees paid by the Fund.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:2pt;position:relative;width:100%;"> <div style="float:left;line-height:9pt;text-align:left;width:9.99pt;"><span style="color:#003c78;font-family:arial;font-size:8pt">(b)</span></div> <div style="float:left;line-height:9pt;margin-left:2.01pt;text-align:left;width:499.00pt;"><span style="color:#003c78;font-family:arial;font-size:8pt">“Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments </span><span style="color:#003c78;font-family:arial;font-size:8pt">in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the </span><span style="color:#003c78;font-family:arial;font-size:8pt;font-style:italic">Financial Highlights</span><span style="color:#003c78;font-family:arial;font-size:8pt"> section </span><span style="color:#003c78;font-family:arial;font-size:8pt">of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:2pt;position:relative;width:100%;"> <div style="float:left;line-height:9pt;text-align:left;width:9.68pt;"><span style="color:#003c78;font-family:arial;font-size:8pt">(c)</span></div> <div style="float:left;line-height:9pt;margin-left:2.32pt;text-align:left;width:499.00pt;"><span style="color:#003c78;font-family:arial;font-size:8pt">Columbia Management Investment Advisers, LLC and certain of its affiliates have contractually agreed to waive fees and/or to reimburse </span><span style="color:#003c78;font-family:arial;font-size:8pt">expenses (excluding transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and </span><span style="color:#003c78;font-family:arial;font-size:8pt">infrequent and/or unusual expenses) through April 30, 2027, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees. </span><span style="color:#003c78;font-family:arial;font-size:8pt">Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 0.81% for </span><span style="color:#003c78;font-family:arial;font-size:8pt">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., </span><span style="color:#003c78;font-family:arial;font-size:8pt">net expense ratios) are due to applicable exclusions under the agreement.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="margin-left:0.78%;"><span style="color:#ffffff;font-family:arial;font-size:9pt;font-weight:bold;line-height:11pt"> </span><span style="color:#ffffff;font-family:arial;font-size:9pt;font-weight:bold">Example</span></div><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></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></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">you redeem all your shares at the end of the period,</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></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> <table cellpadding="0" cellspacing="0" style="empty-cells:show;width:516pt"> <tr style="height:13pt"> <td style="border-bottom:2pt solid #FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:335.88pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:9pt;text-align:left;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt"> </span></div> </div> </td> <td style="border-bottom:2pt solid #FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:40.05pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:7pt;margin-right:7pt;text-align:center;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;font-weight:bold">1 year</span></div> </div> </td> <td style="border-bottom:2pt solid #FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:44.16pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:7pt;margin-right:7pt;text-align:center;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;font-weight:bold">3 years</span></div> </div> </td> <td style="border-bottom:2pt solid #FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:44.16pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:7pt;margin-right:7pt;text-align:center;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;font-weight:bold">5 years</span></div> </div> </td> <td style="border-bottom:2pt solid #FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:51.74pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:7pt;margin-right:10pt;text-align:center;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;font-weight:bold">10 years</span></div> </div> </td> </tr> <tr style="height:14.5pt"> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:3pt;vertical-align:Bottom;width:335.88pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:6pt;margin-right:9pt;text-align:left;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Class 1</span><span style="color:#003c78;font-family:arial;font-size:8pt;margin-left:0.0pt"> (whether or not shares are redeemed)</span></div> </div> </td> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:40.05pt;"> <div style="line-height:10pt;margin-left:9pt;margin-right:9pt;text-align:right;width:22.05pt;"> <div style="display:flex;margin:auto;width:19.94pt;"> <div style="display:flex;white-space:nowrap;width:19.94pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">$</span><span style="color:#003c78;font-family:arial;font-size:8pt;width:19.94pt">83</span></div> </div> </div> </td> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.16pt;"> <div style="line-height:10pt;margin-left:9pt;margin-right:9pt;text-align:right;width:26.16pt;"> <div style="display:flex;margin:auto;width:19.94pt;"> <div style="display:flex;white-space:nowrap;width:19.94pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">$</span><span style="color:#003c78;font-family:arial;font-size:8pt;width:19.94pt">278</span></div> </div> </div> </td> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.16pt;"> <div style="line-height:10pt;margin-left:9pt;margin-right:9pt;text-align:right;width:26.16pt;"> <div style="display:flex;margin:auto;width:19.94pt;"> <div style="display:flex;white-space:nowrap;width:19.94pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">$</span><span style="color:#003c78;font-family:arial;font-size:8pt;width:19.94pt">490</span></div> </div> </div> </td> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:2.75pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:51.74pt;"> <div style="line-height:10pt;margin-left:9pt;margin-right:6pt;text-align:right;width:30.74pt;"> <div style="display:flex;margin:auto;width:26.0pt;"> <div style="display:flex;white-space:nowrap;width:26.0pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">$</span><span style="color:#003c78;font-family:arial;font-size:8pt;width:26.0pt">1,100</span></div> </div> </div> </td> </tr> <tr style="height:10.5pt"> <td style="background-color:#D9E5F1;padding-bottom:2pt;padding-top:2.75pt;vertical-align:Bottom;width:335.88pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:6pt;margin-right:9pt;text-align:left;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Class 2</span><span style="color:#003c78;font-family:arial;font-size:8pt;margin-left:0.0pt"> (whether or not shares are redeemed)</span></div> </div> </td> <td style="background-color:#D9E5F1;padding-bottom:2pt;padding-top:2.75pt;vertical-align:Bottom;white-space:nowrap;width:40.05pt;"> <div style="line-height:9pt;margin-left:9pt;margin-right:9pt;text-align:right;width:22.05pt;"> <div style="display:flex;margin:auto;width:19.94pt;"> <div style="display:flex;white-space:nowrap;width:19.94pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">$</span><span style="color:#003c78;font-family:arial;font-size:8pt;width:19.94pt">108</span></div> </div> </div> </td> <td style="background-color:#D9E5F1;padding-bottom:2pt;padding-top:2.75pt;vertical-align:Bottom;white-space:nowrap;width:44.16pt;"> <div style="line-height:9pt;margin-left:9pt;margin-right:9pt;text-align:right;width:26.16pt;"> <div style="display:flex;margin:auto;width:19.94pt;"> <div style="display:flex;white-space:nowrap;width:19.94pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">$</span><span style="color:#003c78;font-family:arial;font-size:8pt;width:19.94pt">356</span></div> </div> </div> </td> <td style="background-color:#D9E5F1;padding-bottom:2pt;padding-top:2.75pt;vertical-align:Bottom;white-space:nowrap;width:44.16pt;"> <div style="line-height:9pt;margin-left:9pt;margin-right:9pt;text-align:right;width:26.16pt;"> <div style="display:flex;margin:auto;width:19.94pt;"> <div style="display:flex;white-space:nowrap;width:19.94pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">$</span><span style="color:#003c78;font-family:arial;font-size:8pt;width:19.94pt">624</span></div> </div> </div> </td> <td style="background-color:#D9E5F1;padding-bottom:2pt;padding-top:2.75pt;vertical-align:Bottom;white-space:nowrap;width:51.74pt;"> <div style="line-height:9pt;margin-left:9pt;margin-right:6pt;text-align:right;width:30.74pt;"> <div style="display:flex;margin:auto;width:26.0pt;"> <div style="display:flex;white-space:nowrap;width:26.0pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;width:auto">$</span><span style="color:#003c78;font-family:arial;font-size:8pt;width:26.0pt">1,390</span></div> </div> </div> </td> </tr> </table><div style="margin-top:9pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">The rest of the section remains the same.</span></div> Columbia Funds Variable Series Trust II 2026-05-01 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0088 0.0088 0.0000 0.0025 0.0002 0.0002 0.0090 0.0115 -0.0009 -0.0009 0.0081 0.0106 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></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></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">you redeem all your shares at the end of the period,</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></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> 83 83 278 278 490 490 1100 1100 108 108 356 356 624 624 1390 1390 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. 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.