Class 1

This semi-annual shareholder report contains important information about CTIVP^® – BlackRock Global Inflation-Linked Securities Fund (the Fund) for the period of January 1, 2026 to June 30, 2026.

1-800-345-6611

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Table Summary
Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 1	$31	0.62%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

0.62%

^[1]

360

Key Fund Statistics

Table Summary
Fund net assets	$64,355,444
Total number of portfolio holdings	360
Portfolio turnover for the reporting period	38%

CTIVP<sup style="inset: 1.5px 0px 4px; box-sizing: border-box; color: rgb(0, 63, 107); display: inline; flex-wrap: nowrap; font-size: 18px; font-weight: 300; grid-area: auto; line-height: 0px; margin: 0px; overflow: visible; position: relative; text-align: left; text-align-last: auto; white-space-collapse: preserve-breaks;">® – BlackRock Global Inflation-Linked Securities Fund

true

You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

columbiathreadneedleus.com/resources/literature

$ 43

$ 64,355,444

38.00%

Derivative Exposure

Table Summary
	Long
Foreign Exchange Risk	146.5%
Interest Rate Risk	47.7%
	Short
Interest Rate Risk	44.0%

Geographic Allocation

Table Summary
United States	52.5%
United Kingdom	20.6%
France	9.3%
Italy	7.4%
Spain	3.2%
Germany	1.9%
Australia	1.6%
Japan	1.5%
Canada	1.3%
Sweden	0.5%
Other	1.2%

Class 3

This semi-annual shareholder report contains important information about CTIVP^® – BlackRock Global Inflation-Linked Securities Fund (the Fund) for the period of January 1, 2026 to June 30, 2026.

1-800-345-6611

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Table Summary
Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 3	$37	0.74%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

0.74%

^[3]

360

Key Fund Statistics

Table Summary
Fund net assets	$64,355,444
Total number of portfolio holdings	360
Portfolio turnover for the reporting period	38%

CTIVP<sup style="inset: 1.5px 0px 4px; box-sizing: border-box; color: rgb(0, 63, 107); display: inline; flex-wrap: nowrap; font-size: 18px; font-weight: 300; grid-area: auto; line-height: 0px; margin: 0px; overflow: visible; position: relative; text-align: left; text-align-last: auto; white-space-collapse: preserve-breaks;">® – CenterSquare Real Estate Fund

true

You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

columbiathreadneedleus.com/resources/literature

$ 46

$ 152,131,258

21.00%

Real Estate Sub-industry Allocation

Table Summary
Health Care REITs	21.1%
Retail REITs	18.4%
Data Center REITs	13.0%
Industrial REITs	12.4%
Multi-Family Residential REITs	8.3%
Self Storage REITs	6.9%
Other Specialized REITs	5.8%
Single-Family Residential REITs	5.4%
Office REITs	3.4%
Hotel & Resort REITs	2.9%
Other	1.5%

Asset Categories

Table Summary
Common Stocks		99.1%
Other		0.5%

Class 2

This semi-annual shareholder report contains important information about CTIVP^® – CenterSquare Real Estate Fund (the Fund) for the period of January 1, 2026 to June 30, 2026.

1-800-345-6611

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Table Summary
Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 2	$59	1.09%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

1.09%

^[5]

57

Key Fund Statistics

Table Summary
Fund net assets	$152,131,258
Total number of portfolio holdings	57
Portfolio turnover for the reporting period	21%

Top Holdings

Table Summary
Welltower, Inc.	10.2%
Equinix, Inc.	8.2%
Prologis, Inc.	6.3%
Ventas, Inc.	4.9%
Digital Realty Trust, Inc.	4.8%
Simon Property Group, Inc.	3.5%
Public Storage	3.2%
First Industrial Realty Trust, Inc.	3.1%
Iron Mountain, Inc.	3.0%
Extra Space Storage, Inc.	3.0%

CTIVP<sup style="inset: 1.5px 0px 4px; box-sizing: border-box; color: rgb(0, 63, 107); display: inline; flex-wrap: nowrap; font-size: 18px; font-weight: 300; grid-area: auto; line-height: 0px; margin: 0px; overflow: visible; position: relative; text-align: left; text-align-last: auto; white-space-collapse: preserve-breaks;">® – Fidelity Institutional AM<sup style="inset: 1.5px 0px 4px; box-sizing: border-box; color: rgb(0, 63, 107); display: inline; flex-wrap: nowrap; font-size: 18px; font-weight: 300; grid-area: auto; line-height: 0px; margin: 0px; overflow: visible; position: relative; text-align: left; text-align-last: auto; white-space-collapse: preserve-breaks;">® Total Bond Fund

true

You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

columbiathreadneedleus.com/resources/literature

$ 24

$ 3,356,190,423

194.00%

Asset Categories

Table Summary
U.S. Treasury Obligations		42.3%
Corporate Bonds		23.3%
Agency Mortgage-Backed Securities		16.8%
Money Market Funds		7.1%
Non-Agency Collateralized Loan Obligations Securities		5.8%
Senior Loans		5.3%
Non-Agency Commercial Mortgage-Backed Securities		2.3%
Non-Agency Asset-Backed Securities		2.2%
Foreign Government Obligations		1.2%
Other		1.7%

CTIVP<sup style="inset: 1.5px 0px 4px; box-sizing: border-box; color: rgb(0, 63, 107); display: inline; flex-wrap: nowrap; font-size: 18px; font-weight: 300; grid-area: auto; line-height: 0px; margin: 0px; overflow: visible; position: relative; text-align: left; text-align-last: auto; white-space-collapse: preserve-breaks;">® – Fidelity Institutional AM<sup style="inset: 1.5px 0px 4px; box-sizing: border-box; color: rgb(0, 63, 107); display: inline; flex-wrap: nowrap; font-size: 18px; font-weight: 300; grid-area: auto; line-height: 0px; margin: 0px; overflow: visible; position: relative; text-align: left; text-align-last: auto; white-space-collapse: preserve-breaks;">® Total Bond Fund

true

You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

columbiathreadneedleus.com/resources/literature

$ 37

$ 3,356,190,423

194.00%

Asset Categories

Table Summary
U.S. Treasury Obligations		42.3%
Corporate Bonds		23.3%
Agency Mortgage-Backed Securities		16.8%
Money Market Funds		7.1%
Non-Agency Collateralized Loan Obligations Securities		5.8%
Senior Loans		5.3%
Non-Agency Commercial Mortgage-Backed Securities		2.3%
Non-Agency Asset-Backed Securities		2.2%
Foreign Government Obligations		1.2%
Other		1.7%

CTIVP<sup style="inset: 1.5px 0px 4px; box-sizing: border-box; color: rgb(0, 63, 107); display: inline; flex-wrap: nowrap; font-size: 18px; font-weight: 300; grid-area: auto; line-height: 0px; margin: 0px; overflow: visible; position: relative; text-align: left; text-align-last: auto; white-space-collapse: preserve-breaks;">® – Principal Large Cap Growth Fund

true

You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

columbiathreadneedleus.com/resources/literature

$ 35

$ 1,883,887,783

28.00%

Information Technology Sub-Industry Allocation

Table Summary
Semiconductors	22.1%
Technology Hardware, Storage & Peripherals	5.0%
Systems Software	4.9%
Application Software	3.9%
Electronic Components	2.6%
Semiconductor Materials & Equipment	1.5%

Equity Sector Allocation

Table Summary
Information Technology	40.0%
Financials	19.6%
Communication Services	15.4%
Consumer Discretionary	8.7%
Industrials	8.4%
Health Care	4.7%
Materials	1.9%
Consumer Staples	0.7%

Class 2

This semi-annual shareholder report contains important information about CTIVP^® – Principal Large Cap Growth Fund (the Fund) for the period of January 1, 2026 to June 30, 2026.

1-800-345-6611

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Table Summary
Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 2	$47	0.96%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

0.96%

^[9]

43

Key Fund Statistics

Table Summary
Fund net assets	$1,883,887,783
Total number of portfolio holdings	43
Portfolio turnover for the reporting period	28%

Top Holdings

Table Summary
NVIDIA Corp.	15.0%
Apple, Inc.	5.0%
Broadcom, Inc.	4.9%
Microsoft Corp.	4.9%
Alphabet, Inc., Class C	4.5%
TransDigm Group, Inc.	4.4%
Amazon.com, Inc.	4.3%
Brookfield Corp.	4.2%
MasterCard, Inc., Class A	4.2%
Visa, Inc., Class A	4.2%

CTIVP<sup style="inset: 1.5px 0px 4px; box-sizing: border-box; color: rgb(0, 63, 107); display: inline; flex-wrap: nowrap; font-size: 18px; font-weight: 300; grid-area: auto; line-height: 0px; margin: 0px; overflow: visible; position: relative; text-align: left; text-align-last: auto; white-space-collapse: preserve-breaks;">® – T. Rowe Price Large Cap Value Fund

true

You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

columbiathreadneedleus.com/resources/literature

$ 37

$ 2,111,227,657

30.00%

Equity Sector Allocation

Table Summary
Information Technology	20.1%
Financials	17.9%
Health Care	14.2%
Industrials	11.7%
Consumer Discretionary	9.2%
Energy	7.1%
Consumer Staples	6.4%
Utilities	4.3%
Materials	4.2%
Real Estate	2.4%
Other	2.4%

Asset Categories

Table Summary
Common Stocks		99.9%
Other		0.3%

Class 2

This semi-annual shareholder report contains important information about CTIVP^® – T. Rowe Price Large Cap Value Fund (the Fund) for the period of January 1, 2026 to June 30, 2026.

1-800-345-6611

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Table Summary
Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 2	$51	0.94%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

0.94%

^[11]

80

Key Fund Statistics

Table Summary
Fund net assets	$2,111,227,657
Total number of portfolio holdings	80
Portfolio turnover for the reporting period	30%

Top Holdings

Table Summary
Amazon.com, Inc.	6.4%
Apple, Inc.	5.4%
Microsoft Corp.	4.1%
CSX Corp.	2.7%
ConocoPhillips Co.	2.4%
Chubb Ltd.	2.4%
Charles Schwab Corp. (The)	2.4%
Bank of America Corp.	2.3%
Colgate-Palmolive Co.	2.2%
Procter & Gamble Co. (The)	2.2%

CTIVP<sup style="inset: 1.5px 0px 4px; box-sizing: border-box; color: rgb(0, 63, 107); display: inline; flex-wrap: nowrap; font-size: 18px; font-weight: 300; grid-area: auto; line-height: 0px; margin: 0px; overflow: visible; position: relative; text-align: left; text-align-last: auto; white-space-collapse: preserve-breaks;">® – TCW Total Return Bond Fund

true

You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

columbiathreadneedleus.com/resources/literature

$ 24

$ 2,853,018,884

204.00%

Asset Categories

Table Summary
Residential Mortgage-Backed Securities - Agency		35.3%
Money Market Funds		18.5%
Foreign Government Obligations		16.3%
Corporate Bonds & Notes		14.0%
Residential Mortgage-Backed Securities - Non-Agency		9.7%
U.S. Treasury Obligations		9.1%
Asset-Backed Securities - Non-Agency		7.9%
Commercial Mortgage-Backed Securities - Non-Agency		3.0%
Senior Loans		1.5%
Other		0.8%

CTIVP<sup style="inset: 1.5px 0px 4px; box-sizing: border-box; color: rgb(0, 63, 107); display: inline; flex-wrap: nowrap; font-size: 18px; font-weight: 300; grid-area: auto; line-height: 0px; margin: 0px; overflow: visible; position: relative; text-align: left; text-align-last: auto; white-space-collapse: preserve-breaks;">® – TCW Total Return Bond Fund

true

You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

columbiathreadneedleus.com/resources/literature

$ 37

$ 2,853,018,884

204.00%

Asset Categories

Table Summary
Residential Mortgage-Backed Securities - Agency		35.3%
Money Market Funds		18.5%
Foreign Government Obligations		16.3%
Corporate Bonds & Notes		14.0%
Residential Mortgage-Backed Securities - Non-Agency		9.7%
U.S. Treasury Obligations		9.1%
Asset-Backed Securities - Non-Agency		7.9%
Commercial Mortgage-Backed Securities - Non-Agency		3.0%
Senior Loans		1.5%
Other		0.8%

CTIVP<sup style="inset: 1.5px 0px 4px; box-sizing: border-box; color: rgb(0, 63, 107); display: inline; flex-wrap: nowrap; font-size: 18px; font-weight: 300; grid-area: auto; line-height: 0px; margin: 0px; overflow: visible; position: relative; text-align: left; text-align-last: auto; white-space-collapse: preserve-breaks;">® – Victory Sycamore Established Value Fund

true

You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

columbiathreadneedleus.com/resources/literature

$ 44

$ 417,637,791

36.00%

Equity Sector Allocation

Table Summary
Industrials	23.7%
Consumer Discretionary	12.6%
Information Technology	11.6%
Materials	10.2%
Health Care	8.8%
Financials	7.5%
Energy	6.7%
Real Estate	6.1%
Utilities	5.5%
Consumer Staples	4.8%

Asset Categories

Table Summary
Common Stocks		97.5%
Money Market Funds		2.5%

Class 2

This semi-annual shareholder report contains important information about CTIVP^® – Victory Sycamore Established Value Fund (the Fund) for the period of January 1, 2026 to June 30, 2026.

1-800-345-6611

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Table Summary
Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 2	$57	1.07%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

1.07%

^[15]

74

Key Fund Statistics

Table Summary
Fund net assets	$417,637,791
Total number of portfolio holdings	74
Portfolio turnover for the reporting period	36%

Top Holdings

Table Summary
Labcorp Holdings, Inc.	2.6%
U.S. Foods Holding Corp.	2.4%
Molina Healthcare, Inc.	2.1%
Alliant Energy Corp.	2.1%
Microchip Technology, Inc.	2.0%
Packaging Corp. of America	2.0%
RPM International, Inc.	1.9%
Keysight Technologies, Inc.	1.9%
Truist Financial Corp.	1.9%
Hubbell, Inc.	1.9%

CTIVP<sup style="inset: 1.5px 0px 4px; box-sizing: border-box; color: rgb(0, 63, 107); display: inline; flex-wrap: nowrap; font-size: 18px; font-weight: 300; grid-area: auto; line-height: 0px; margin: 0px; overflow: visible; position: relative; text-align: left; text-align-last: auto; white-space-collapse: preserve-breaks;">® – Victory Sycamore Established Value Fund

true

You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

columbiathreadneedleus.com/resources/literature

$ 50

$ 417,637,791

36.00%

Equity Sector Allocation

Table Summary
Industrials	23.7%
Consumer Discretionary	12.6%
Information Technology	11.6%
Materials	10.2%
Health Care	8.8%
Financials	7.5%
Energy	6.7%
Real Estate	6.1%
Utilities	5.5%
Consumer Staples	4.8%

Asset Categories

Table Summary
Common Stocks		97.5%
Money Market Funds		2.5%

Class 1

This semi-annual shareholder report contains important information about CTIVP^® – Wellington Large Cap Value Fund (the Fund) for the period of January 1, 2026 to June 30, 2026.

1-800-345-6611

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Table Summary
Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 1	$32	0.61%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

0.61%

^[17]

71

Key Fund Statistics

Table Summary
Fund net assets	$1,059,747,759
Total number of portfolio holdings	71
Portfolio turnover for the reporting period	28%

Top Holdings

Table Summary
Amazon.com, Inc.	6.7%
Microsoft Corp.	6.3%
Apple, Inc.	4.1%
Bank of America Corp.	2.5%
Cisco Systems, Inc.	2.4%
Merck & Co., Inc.	2.3%
UnitedHealth Group, Inc.	2.3%
Philip Morris International, Inc.	2.3%
Johnson & Johnson	2.1%
Welltower, Inc.	2.0%

CTIVP<sup style="inset: 1.5px 0px 4px; box-sizing: border-box; color: rgb(0, 63, 107); display: inline; flex-wrap: nowrap; font-size: 18px; font-weight: 300; grid-area: auto; line-height: 0px; margin: 0px; overflow: visible; position: relative; text-align: left; text-align-last: auto; white-space-collapse: preserve-breaks;">® – Wellington Large Cap Value Fund

true

You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

columbiathreadneedleus.com/resources/literature

$ 45

$ 1,059,747,759

28.00%

Equity Sector Allocation

Table Summary
Information Technology	23.0%
Financials	15.6%
Health Care	14.3%
Industrials	11.7%
Consumer Discretionary	10.2%
Consumer Staples	5.9%
Energy	5.8%
Utilities	4.3%
Real Estate	3.1%
Communication Services	3.0%
Other	2.7%

Asset Categories

Table Summary
Common Stocks		99.6%
Other		0.5%

Class 1

This semi-annual shareholder report contains important information about CTIVP^® – Westfield Mid Cap Growth Fund (the Fund) for the period of January 1, 2026 to June 30, 2026.

1-800-345-6611

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Table Summary
Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 1	$44	0.82%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

0.82%

^[19]

60

Key Fund Statistics

Table Summary
Fund net assets	$272,859,296
Total number of portfolio holdings	60
Portfolio turnover for the reporting period	42%

Top Holdings

Table Summary
Vertiv Holdings Co., Class A	4.2%
Axon Enterprise, Inc.	4.0%
Snowflake, Inc.	3.7%
Howmet Aerospace, Inc.	3.5%
Comfort Systems USA, Inc.	3.3%
Cloudflare, Inc., Class A	3.0%
Quanta Services, Inc.	3.0%
Astera Labs, Inc.	2.6%
Ascendis Pharma AS	2.5%
Cencora, Inc.	2.4%

CTIVP<sup style="inset: 1.5px 0px 4px; box-sizing: border-box; color: rgb(0, 63, 107); display: inline; flex-wrap: nowrap; font-size: 18px; font-weight: 300; grid-area: auto; line-height: 0px; margin: 0px; overflow: visible; position: relative; text-align: left; text-align-last: auto; white-space-collapse: preserve-breaks;">® – Westfield Mid Cap Growth Fund

true

You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

columbiathreadneedleus.com/resources/literature

$ 58

$ 272,859,296

42.00%

Equity Sector Allocation

Table Summary
Industrials	28.4%
Information Technology	25.1%
Health Care	13.3%
Consumer Discretionary	10.8%
Financials	10.0%
Energy	3.6%
Communication Services	3.5%
Utilities	1.7%
Materials	0.5%

Asset Categories

Table Summary
Common Stocks		96.9%
Money Market Funds		4.2%

Class 1

This semi-annual shareholder report contains important information about CTIVP^® – Westfield Select Large Cap Growth Fund (the Fund) for the period of January 1, 2026 to June 30, 2026.

1-800-345-6611

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Table Summary
Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 1	$36	0.69%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

0.69%

^[21]

36

Key Fund Statistics

Table Summary
Fund net assets	$1,737,635,264
Total number of portfolio holdings	36
Portfolio turnover for the reporting period	61%

Top Holdings

Table Summary
NVIDIA Corp.	11.6%
Alphabet, Inc., Class A	7.2%
Apple, Inc.	6.5%
Broadcom, Inc.	4.7%
Microsoft Corp.	4.5%
Ascendis Pharma AS	4.3%
Eli Lilly & Co.	4.2%
Comfort Systems USA, Inc.	4.1%
Axon Enterprise, Inc.	4.0%
Howmet Aerospace, Inc.	3.4%

CTIVP<sup style="inset: 1.5px 0px 4px; box-sizing: border-box; color: rgb(0, 63, 107); display: inline; flex-wrap: nowrap; font-size: 18px; font-weight: 300; grid-area: auto; line-height: 0px; margin: 0px; overflow: visible; position: relative; text-align: left; text-align-last: auto; white-space-collapse: preserve-breaks;">® – Westfield Select Large Cap Growth Fund

true

You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

columbiathreadneedleus.com/resources/literature

$ 49

$ 1,737,635,264

61.00%

Information Technology Sub-Industry Allocation

Table Summary
Semiconductors	21.6%
Technology Hardware, Storage & Peripherals	7.8%
Systems Software	6.1%
Internet Services & Infrastructure	3.6%
Semiconductor Materials & Equipment	3.5%
Communications Equipment	2.0%

Equity Sector Allocation

Table Summary
Information Technology	44.5%
Industrials	25.2%
Health Care	10.0%
Communication Services	9.8%
Consumer Discretionary	4.5%
Financials	4.2%

Class 1

This semi-annual shareholder report contains important information about Variable Portfolio – Aggressive Portfolio (the Fund) for the period of January 1, 2026 to June 30, 2026.

1-800-345-6611

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Table Summary
Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 1	$6	0.11%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

0.11%

^[23]

41

Key Fund Statistics

Table Summary
Fund net assets	$2,689,572,482
Total number of portfolio holdings	41
Portfolio turnover for the reporting period	3%

Top Holdings

Table Summary
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares	8.1%
Columbia Variable Portfolio – Cornerstone Equity Fund, Class 1 Shares	6.9%
Columbia Variable Portfolio – Cornerstone Growth Fund, Class 1 Shares	6.8%
CTIVP^® – T. Rowe Price Large Cap Value Fund, Class 1 Shares	6.2%
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares	6.2%
Variable Portfolio – Partners International Value Fund, Class 1 Shares	5.7%
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares	5.5%
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares	5.4%
Variable Portfolio – Partners International Growth Fund, Class 1 Shares	4.8%
CTIVP^® – Westfield Select Large Cap Growth Fund, Class 1 Shares	4.5%

Class 2

This semi-annual shareholder report contains important information about Variable Portfolio – Aggressive Portfolio (the Fund) for the period of January 1, 2026 to June 30, 2026.

1-800-345-6611

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Table Summary
Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 2	$19	0.36%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

0.36%

^[24]

41

Key Fund Statistics

Table Summary
Fund net assets	$2,689,572,482
Total number of portfolio holdings	41
Portfolio turnover for the reporting period	3%

Top Holdings

Table Summary
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares	8.1%
Columbia Variable Portfolio – Cornerstone Equity Fund, Class 1 Shares	6.9%
Columbia Variable Portfolio – Cornerstone Growth Fund, Class 1 Shares	6.8%
CTIVP^® – T. Rowe Price Large Cap Value Fund, Class 1 Shares	6.2%
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares	6.2%
Variable Portfolio – Partners International Value Fund, Class 1 Shares	5.7%
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares	5.5%
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares	5.4%
Variable Portfolio – Partners International Growth Fund, Class 1 Shares	4.8%
CTIVP^® – Westfield Select Large Cap Growth Fund, Class 1 Shares	4.5%

Class 4

This semi-annual shareholder report contains important information about Variable Portfolio – Aggressive Portfolio (the Fund) for the period of January 1, 2026 to June 30, 2026.

1-800-345-6611

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Table Summary
Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 4	$19	0.36%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

0.36%

^[25]

41

Key Fund Statistics

Table Summary
Fund net assets	$2,689,572,482
Total number of portfolio holdings	41
Portfolio turnover for the reporting period	3%

Top Holdings

Table Summary
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares	8.1%
Columbia Variable Portfolio – Cornerstone Equity Fund, Class 1 Shares	6.9%
Columbia Variable Portfolio – Cornerstone Growth Fund, Class 1 Shares	6.8%
CTIVP^® – T. Rowe Price Large Cap Value Fund, Class 1 Shares	6.2%
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares	6.2%
Variable Portfolio – Partners International Value Fund, Class 1 Shares	5.7%
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares	5.5%
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares	5.4%
Variable Portfolio – Partners International Growth Fund, Class 1 Shares	4.8%
CTIVP^® – Westfield Select Large Cap Growth Fund, Class 1 Shares	4.5%

Class 1

This semi-annual shareholder report contains important information about Variable Portfolio – Conservative Portfolio (the Fund) for the period of January 1, 2026 to June 30, 2026.

1-800-345-6611

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Table Summary
Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 1	$7	0.13%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

0.13%

^[26]

35

Key Fund Statistics

Table Summary
Fund net assets	$771,465,206
Total number of portfolio holdings	35
Portfolio turnover for the reporting period	3%

Top Holdings

Table Summary
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares	20.6%
CTIVP^® – Fidelity Institutional AM^® Total Bond Fund, Class 1 Shares	15.0%
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares	12.6%
CTIVP^® – TCW Total Return Bond Fund, Class 1 Shares	10.0%
Columbia Variable Portfolio – Select Corporate Income Fund, Class 1 Shares	7.5%
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares	5.5%
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares	4.0%
Columbia Variable Portfolio – Cornerstone Equity Fund, Class 1 Shares	3.7%
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares	2.3%
Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares	2.0%

Class 2

This semi-annual shareholder report contains important information about Variable Portfolio – Conservative Portfolio (the Fund) for the period of January 1, 2026 to June 30, 2026.

1-800-345-6611

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Table Summary
Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 2	$19	0.38%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

0.38%

^[27]

35

Key Fund Statistics

Table Summary
Fund net assets	$771,465,206
Total number of portfolio holdings	35
Portfolio turnover for the reporting period	3%

Top Holdings

Table Summary
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares	20.6%
CTIVP^® – Fidelity Institutional AM^® Total Bond Fund, Class 1 Shares	15.0%
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares	12.6%
CTIVP^® – TCW Total Return Bond Fund, Class 1 Shares	10.0%
Columbia Variable Portfolio – Select Corporate Income Fund, Class 1 Shares	7.5%
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares	5.5%
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares	4.0%
Columbia Variable Portfolio – Cornerstone Equity Fund, Class 1 Shares	3.7%
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares	2.3%
Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares	2.0%

Class 4

This semi-annual shareholder report contains important information about Variable Portfolio – Conservative Portfolio (the Fund) for the period of January 1, 2026 to June 30, 2026.

1-800-345-6611

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Table Summary
Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 4	$19	0.38%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

0.38%

^[28]

35

Key Fund Statistics

Table Summary
Fund net assets	$771,465,206
Total number of portfolio holdings	35
Portfolio turnover for the reporting period	3%

Top Holdings

Table Summary
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares	20.6%
CTIVP^® – Fidelity Institutional AM^® Total Bond Fund, Class 1 Shares	15.0%
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares	12.6%
CTIVP^® – TCW Total Return Bond Fund, Class 1 Shares	10.0%
Columbia Variable Portfolio – Select Corporate Income Fund, Class 1 Shares	7.5%
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares	5.5%
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares	4.0%
Columbia Variable Portfolio – Cornerstone Equity Fund, Class 1 Shares	3.7%
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares	2.3%
Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares	2.0%

Class 1

This semi-annual shareholder report contains important information about Variable Portfolio – Managed Volatility Moderate Growth Fund (the Fund) for the period of January 1, 2026 to June 30, 2026.

1-800-345-6611

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Table Summary
Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 1	$13	0.25%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

0.25%

^[29]

284

Key Fund Statistics

Table Summary
Fund net assets	$11,233,326,903
Total number of portfolio holdings	284
Portfolio turnover for the reporting period	99%

Variable Portfolio – Managed Volatility Moderate Growth Fund

true

You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

columbiathreadneedleus.com/resources/literature

$ 25

$ 11,233,326,903

99.00%

Derivative Exposure

Table Summary
	Long
Foreign Exchange Risk	9.8%
Equity Risk	9.0%
Interest Rate Risk	4.5%
Credit Risk	2.9%
	Short
Equity Risk	27.8%
Foreign Exchange Risk	7.4%
Interest Rate Risk	0.1%

Asset Categories

Table Summary
Equity Funds		48.3%
Fixed Income Funds		25.3%
Money Market Funds		14.7%
Residential Mortgage-Backed Securities - Agency		8.0%
Exchange-Traded Fixed Income Funds		5.1%
Exchange-Traded Equity Funds		4.6%
Other		1.1%

Class 1

This semi-annual shareholder report contains important information about Variable Portfolio – Moderate Portfolio (the Fund) for the period of January 1, 2026 to June 30, 2026.

1-800-345-6611

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Table Summary
Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 1	$7	0.13%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

0.13%

^[31]

43

Key Fund Statistics

Table Summary
Fund net assets	$13,642,959,249
Total number of portfolio holdings	43
Portfolio turnover for the reporting period	2%

Top Holdings

Table Summary
CTIVP^® – Fidelity Institutional AM^® Total Bond Fund, Class 1 Shares	11.0%
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares	9.2%
CTIVP^® – TCW Total Return Bond Fund, Class 1 Shares	8.0%
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares	6.7%
Columbia Variable Portfolio – Cornerstone Equity Fund, Class 1 Shares	5.6%
Columbia Variable Portfolio – Select Corporate Income Fund, Class 1 Shares	5.5%
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares	5.4%
Columbia Variable Portfolio – Cornerstone Growth Fund, Class 1 Shares	4.0%
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares	3.9%
CTIVP^® – T. Rowe Price Large Cap Value Fund, Class 1 Shares	3.5%

Class 2

This semi-annual shareholder report contains important information about Variable Portfolio – Moderate Portfolio (the Fund) for the period of January 1, 2026 to June 30, 2026.

1-800-345-6611

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Table Summary
Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 2	$19	0.38%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

0.38%

^[32]

43

Key Fund Statistics

Table Summary
Fund net assets	$13,642,959,249
Total number of portfolio holdings	43
Portfolio turnover for the reporting period	2%

Top Holdings

Table Summary
CTIVP^® – Fidelity Institutional AM^® Total Bond Fund, Class 1 Shares	11.0%
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares	9.2%
CTIVP^® – TCW Total Return Bond Fund, Class 1 Shares	8.0%
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares	6.7%
Columbia Variable Portfolio – Cornerstone Equity Fund, Class 1 Shares	5.6%
Columbia Variable Portfolio – Select Corporate Income Fund, Class 1 Shares	5.5%
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares	5.4%
Columbia Variable Portfolio – Cornerstone Growth Fund, Class 1 Shares	4.0%
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares	3.9%
CTIVP^® – T. Rowe Price Large Cap Value Fund, Class 1 Shares	3.5%

Class 4

This semi-annual shareholder report contains important information about Variable Portfolio – Moderate Portfolio (the Fund) for the period of January 1, 2026 to June 30, 2026.

1-800-345-6611

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Table Summary
Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 4	$19	0.38%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

0.38%

^[33]

43

Key Fund Statistics

Table Summary
Fund net assets	$13,642,959,249
Total number of portfolio holdings	43
Portfolio turnover for the reporting period	2%

Top Holdings

Table Summary
CTIVP^® – Fidelity Institutional AM^® Total Bond Fund, Class 1 Shares	11.0%
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares	9.2%
CTIVP^® – TCW Total Return Bond Fund, Class 1 Shares	8.0%
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares	6.7%
Columbia Variable Portfolio – Cornerstone Equity Fund, Class 1 Shares	5.6%
Columbia Variable Portfolio – Select Corporate Income Fund, Class 1 Shares	5.5%
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares	5.4%
Columbia Variable Portfolio – Cornerstone Growth Fund, Class 1 Shares	4.0%
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares	3.9%
CTIVP^® – T. Rowe Price Large Cap Value Fund, Class 1 Shares	3.5%

Class 1

This semi-annual shareholder report contains important information about Variable Portfolio – Moderately Aggressive Portfolio (the Fund) for the period of January 1, 2026 to June 30, 2026.

1-800-345-6611

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Table Summary
Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 1	$7	0.13%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

0.13%

^[34]

43

Key Fund Statistics

Table Summary
Fund net assets	$6,259,625,992
Total number of portfolio holdings	43
Portfolio turnover for the reporting period	2%

Top Holdings

Table Summary
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares	7.6%
CTIVP^® – Fidelity Institutional AM^® Total Bond Fund, Class 1 Shares	6.8%
Columbia Variable Portfolio – Cornerstone Equity Fund, Class 1 Shares	6.7%
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares	6.1%
Columbia Variable Portfolio – Cornerstone Growth Fund, Class 1 Shares	5.6%
CTIVP^® – T. Rowe Price Large Cap Value Fund, Class 1 Shares	5.2%
CTIVP^® – TCW Total Return Bond Fund, Class 1 Shares	4.9%
Variable Portfolio – Partners International Value Fund, Class 1 Shares	4.5%
Columbia Variable Portfolio – Select Corporate Income Fund, Class 1 Shares	4.4%
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares	3.8%

Class 2

This semi-annual shareholder report contains important information about Variable Portfolio – Moderately Aggressive Portfolio (the Fund) for the period of January 1, 2026 to June 30, 2026.

1-800-345-6611

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Table Summary
Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 2	$20	0.38%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

0.38%

^[35]

43

Key Fund Statistics

Table Summary
Fund net assets	$6,259,625,992
Total number of portfolio holdings	43
Portfolio turnover for the reporting period	2%

Top Holdings

Table Summary
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares	7.6%
CTIVP^® – Fidelity Institutional AM^® Total Bond Fund, Class 1 Shares	6.8%
Columbia Variable Portfolio – Cornerstone Equity Fund, Class 1 Shares	6.7%
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares	6.1%
Columbia Variable Portfolio – Cornerstone Growth Fund, Class 1 Shares	5.6%
CTIVP^® – T. Rowe Price Large Cap Value Fund, Class 1 Shares	5.2%
CTIVP^® – TCW Total Return Bond Fund, Class 1 Shares	4.9%
Variable Portfolio – Partners International Value Fund, Class 1 Shares	4.5%
Columbia Variable Portfolio – Select Corporate Income Fund, Class 1 Shares	4.4%
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares	3.8%

Class 4

This semi-annual shareholder report contains important information about Variable Portfolio – Moderately Aggressive Portfolio (the Fund) for the period of January 1, 2026 to June 30, 2026.

1-800-345-6611

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Table Summary
Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 4	$20	0.38%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

0.38%

^[36]

43

Key Fund Statistics

Table Summary
Fund net assets	$6,259,625,992
Total number of portfolio holdings	43
Portfolio turnover for the reporting period	2%

Top Holdings

Table Summary
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares	7.6%
CTIVP^® – Fidelity Institutional AM^® Total Bond Fund, Class 1 Shares	6.8%
Columbia Variable Portfolio – Cornerstone Equity Fund, Class 1 Shares	6.7%
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares	6.1%
Columbia Variable Portfolio – Cornerstone Growth Fund, Class 1 Shares	5.6%
CTIVP^® – T. Rowe Price Large Cap Value Fund, Class 1 Shares	5.2%
CTIVP^® – TCW Total Return Bond Fund, Class 1 Shares	4.9%
Variable Portfolio – Partners International Value Fund, Class 1 Shares	4.5%
Columbia Variable Portfolio – Select Corporate Income Fund, Class 1 Shares	4.4%
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares	3.8%

Class 1

This semi-annual shareholder report contains important information about Variable Portfolio – Moderately Conservative Portfolio (the Fund) for the period of January 1, 2026 to June 30, 2026.

1-800-345-6611

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Table Summary
Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 1	$7	0.14%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

0.14%

^[37]

41

Key Fund Statistics

Table Summary
Fund net assets	$1,905,559,790
Total number of portfolio holdings	41
Portfolio turnover for the reporting period	2%

Top Holdings

Table Summary
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares	14.6%
CTIVP^® – Fidelity Institutional AM^® Total Bond Fund, Class 1 Shares	12.8%
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares	9.3%
CTIVP^® – TCW Total Return Bond Fund, Class 1 Shares	9.1%
Columbia Variable Portfolio – Select Corporate Income Fund, Class 1 Shares	6.5%
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares	5.1%
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares	4.5%
Columbia Variable Portfolio – Cornerstone Equity Fund, Class 1 Shares	4.2%
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares	3.1%
Columbia Variable Portfolio – Cornerstone Growth Fund, Class 1 Shares	2.6%

Class 2

This semi-annual shareholder report contains important information about Variable Portfolio – Moderately Conservative Portfolio (the Fund) for the period of January 1, 2026 to June 30, 2026.

1-800-345-6611

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Table Summary
Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 2	$20	0.39%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

0.39%

^[38]

41

Key Fund Statistics

Table Summary
Fund net assets	$1,905,559,790
Total number of portfolio holdings	41
Portfolio turnover for the reporting period	2%

Top Holdings

Table Summary
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares	14.6%
CTIVP^® – Fidelity Institutional AM^® Total Bond Fund, Class 1 Shares	12.8%
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares	9.3%
CTIVP^® – TCW Total Return Bond Fund, Class 1 Shares	9.1%
Columbia Variable Portfolio – Select Corporate Income Fund, Class 1 Shares	6.5%
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares	5.1%
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares	4.5%
Columbia Variable Portfolio – Cornerstone Equity Fund, Class 1 Shares	4.2%
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares	3.1%
Columbia Variable Portfolio – Cornerstone Growth Fund, Class 1 Shares	2.6%

Class 4

This semi-annual shareholder report contains important information about Variable Portfolio – Moderately Conservative Portfolio (the Fund) for the period of January 1, 2026 to June 30, 2026.

1-800-345-6611

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Table Summary
Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 4	$20	0.39%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

0.39%

^[39]

41

Key Fund Statistics

Table Summary
Fund net assets	$1,905,559,790
Total number of portfolio holdings	41
Portfolio turnover for the reporting period	2%

Top Holdings

Table Summary
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares	14.6%
CTIVP^® – Fidelity Institutional AM^® Total Bond Fund, Class 1 Shares	12.8%
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares	9.3%
CTIVP^® – TCW Total Return Bond Fund, Class 1 Shares	9.1%
Columbia Variable Portfolio – Select Corporate Income Fund, Class 1 Shares	6.5%
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares	5.1%
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares	4.5%
Columbia Variable Portfolio – Cornerstone Equity Fund, Class 1 Shares	4.2%
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares	3.1%
Columbia Variable Portfolio – Cornerstone Growth Fund, Class 1 Shares	2.6%

Class 1

This semi-annual shareholder report contains important information about Variable Portfolio – Partners Core Bond Fund (the Fund) for the period of January 1, 2026 to June 30, 2026.

1-800-345-6611

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Table Summary
Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 1	$24	0.49%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

0.49%

^[40]

2,340

Key Fund Statistics

Table Summary
Fund net assets	$3,712,576,789
Total number of portfolio holdings	2,340
Portfolio turnover for the reporting period	161%

Top Holdings

Table Summary
U.S. Treasury Notes 4.125% 06/30/2031	1.9%
U.S. Treasury Notes 4.375% 05/15/2036	1.5%
U.S. Treasury Notes 3.625% 08/31/2030	1.4%
U.S. Treasury Bonds 5.000% 05/15/2046	1.4%
Uniform Mortgage-Backed Security, TBA 5.000% 07/01/2056	1.3%
U.S. Treasury Bonds 4.750% 02/15/2056	1.1%
U.S. Treasury Notes 4.250% 06/30/2033	1.0%
U.S. Treasury Notes 4.125% 06/30/2028	0.8%
Uniform Mortgage-Backed Security, TBA 5.500% 07/01/2056	0.7%
U.S. Treasury Notes 4.125% 06/15/2029	0.7%

Class 2

This semi-annual shareholder report contains important information about Variable Portfolio – Partners Core Bond Fund (the Fund) for the period of January 1, 2026 to June 30, 2026.

1-800-345-6611

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Table Summary
Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 2	$37	0.74%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

0.74%

^[41]

2,340

Key Fund Statistics

Table Summary
Fund net assets	$3,712,576,789
Total number of portfolio holdings	2,340
Portfolio turnover for the reporting period	161%

Top Holdings

Table Summary
U.S. Treasury Notes 4.125% 06/30/2031	1.9%
U.S. Treasury Notes 4.375% 05/15/2036	1.5%
U.S. Treasury Notes 3.625% 08/31/2030	1.4%
U.S. Treasury Bonds 5.000% 05/15/2046	1.4%
Uniform Mortgage-Backed Security, TBA 5.000% 07/01/2056	1.3%
U.S. Treasury Bonds 4.750% 02/15/2056	1.1%
U.S. Treasury Notes 4.250% 06/30/2033	1.0%
U.S. Treasury Notes 4.125% 06/30/2028	0.8%
Uniform Mortgage-Backed Security, TBA 5.500% 07/01/2056	0.7%
U.S. Treasury Notes 4.125% 06/15/2029	0.7%

Class 1

This semi-annual shareholder report contains important information about Variable Portfolio – Partners Core Equity Fund (the Fund) for the period of January 1, 2026 to June 30, 2026.

1-800-345-6611

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Table Summary
Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 1	$35	0.68%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

0.68%

^[42]

124

Key Fund Statistics

Table Summary
Fund net assets	$2,237,951,576
Total number of portfolio holdings	124
Portfolio turnover for the reporting period	29%

Top Holdings

Table Summary
NVIDIA Corp.	8.1%
Apple, Inc.	6.5%
Broadcom, Inc.	3.8%
Amazon.com, Inc.	3.7%
Microsoft Corp.	3.6%
Alphabet, Inc., Class C	3.5%
Alphabet, Inc., Class A	3.4%
Advanced Micro Devices, Inc.	2.4%
American Express Co.	1.6%
Micron Technology, Inc.	1.6%

Variable Portfolio – Partners Core Equity Fund

true

You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

columbiathreadneedleus.com/resources/literature

$ 48

$ 2,237,951,576

29.00%

Equity Sector Allocation

Table Summary
Information Technology	34.5%
Financials	13.8%
Communication Services	10.6%
Consumer Discretionary	10.1%
Health Care	9.7%
Industrials	8.0%
Energy	3.3%
Consumer Staples	3.2%
Utilities	2.5%
Materials	2.4%
Other	1.5%

Asset Categories

Table Summary
Common Stocks		99.6%
Other		0.3%

Class 3

This semi-annual shareholder report contains important information about Variable Portfolio – Partners Core Equity Fund (the Fund) for the period of January 1, 2026 to June 30, 2026.

1-800-345-6611

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Table Summary
Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 3	$41	0.81%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

0.81%

^[44]

124

Key Fund Statistics

Table Summary
Fund net assets	$2,237,951,576
Total number of portfolio holdings	124
Portfolio turnover for the reporting period	29%

Top Holdings

Table Summary
NVIDIA Corp.	8.1%
Apple, Inc.	6.5%
Broadcom, Inc.	3.8%
Amazon.com, Inc.	3.7%
Microsoft Corp.	3.6%
Alphabet, Inc., Class C	3.5%
Alphabet, Inc., Class A	3.4%
Advanced Micro Devices, Inc.	2.4%
American Express Co.	1.6%
Micron Technology, Inc.	1.6%

Variable Portfolio – Partners International Core Equity Fund

true

You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

columbiathreadneedleus.com/resources/literature

$ 42

$ 1,909,637,382

18.00%

Geographic Allocation

Table Summary
United Kingdom	17.7%
Japan	17.1%
United States	15.7%
Switzerland	8.5%
Germany	7.4%
France	6.6%
Netherlands	6.4%
Singapore	2.9%
China	2.8%
Taiwan	2.3%
Other	12.8%

Equity Sector Allocation

Table Summary
Industrials	21.5%
Financials	21.0%
Health Care	14.8%
Information Technology	14.4%
Consumer Discretionary	12.5%
Consumer Staples	7.3%
Communication Services	4.1%
Energy	2.7%

Class 2

This semi-annual shareholder report contains important information about Variable Portfolio – Partners International Core Equity Fund (the Fund) for the period of January 1, 2026 to June 30, 2026.

1-800-345-6611

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Table Summary
Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 2	$55	1.07%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

1.07%

^[46]

49

Key Fund Statistics

Table Summary
Fund net assets	$1,909,637,382
Total number of portfolio holdings	49
Portfolio turnover for the reporting period	18%

Top Holdings

Table Summary
ASML Holding NV	6.4%
AstraZeneca PLC	3.6%
Roche Holding AG	3.6%
Cie Financiere Richemont SA, Class A	3.1%
Siemens AG	2.9%
HSBC Holdings PLC	2.8%
Mitsubishi UFJ Financial Group, Inc.	2.7%
Shell PLC	2.7%
Recruit Holdings Co. Ltd.	2.5%
SAP SE	2.5%

Variable Portfolio – Partners International Growth Fund

true

You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

columbiathreadneedleus.com/resources/literature

$ 43

$ 1,408,901,331

37.00%

Geographic Allocation

Table Summary
Japan	23.3%
United Kingdom	10.5%
Netherlands	7.3%
Switzerland	6.7%
France	6.5%
Taiwan	6.3%
Italy	5.8%
Spain	4.4%
United States	3.6%
Hong Kong	3.1%
Other	22.0%

Equity Sector Allocation

Table Summary
Information Technology	24.0%
Industrials	19.1%
Financials	15.9%
Health Care	13.3%
Consumer Discretionary	9.3%
Materials	4.7%
Utilities	4.6%
Energy	3.1%
Communication Services	2.1%
Consumer Staples	1.1%
Other	0.5%

Class 2

This semi-annual shareholder report contains important information about Variable Portfolio – Partners International Growth Fund (the Fund) for the period of January 1, 2026 to June 30, 2026.

1-800-345-6611

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Table Summary
Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 2	$57	1.06%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

1.06%

^[48]

96

Key Fund Statistics

Table Summary
Fund net assets	$1,408,901,331
Total number of portfolio holdings	96
Portfolio turnover for the reporting period	37%

Top Holdings

Table Summary
ASML Holding NV	4.9%
Taiwan Semiconductor Manufacturing Co. Ltd.	3.8%
Murata Manufacturing Co. Ltd.	2.9%
SK Hynix, Inc.	2.9%
Sumitomo Mitsui Financial Group, Inc.	2.4%
AIA Group Ltd.	2.1%
ABB Ltd.	2.0%
Prysmian SpA	2.0%
Fujikura Ltd.	2.0%
Banco Bilbao Vizcaya Argentaria SA	1.9%

Variable Portfolio – Partners International Value Fund

true

You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

columbiathreadneedleus.com/resources/literature

$ 42

$ 1,583,717,757

12.00%

Geographic Allocation

Table Summary
Japan	20.1%
France	12.6%
United Kingdom	12.3%
Germany	12.1%
United States	8.3%
Netherlands	5.4%
Switzerland	3.7%
China	3.5%
South Korea	2.9%
Ireland	2.5%
Other	15.8%

Equity Sector Allocation

Table Summary
Financials	25.3%
Industrials	13.8%
Consumer Discretionary	12.5%
Health Care	11.6%
Information Technology	10.8%
Consumer Staples	8.4%
Materials	5.5%
Energy	4.7%
Communication Services	2.2%
Utilities	2.0%
Other	1.2%

Class 2

This semi-annual shareholder report contains important information about Variable Portfolio – Partners International Value Fund (the Fund) for the period of January 1, 2026 to June 30, 2026.

1-800-345-6611

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Table Summary
Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 2	$55	1.05%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

1.05%

^[50]

160

Key Fund Statistics

Table Summary
Fund net assets	$1,583,717,757
Total number of portfolio holdings	160
Portfolio turnover for the reporting period	12%

Top Holdings

Table Summary
ING Groep NV	1.7%
GSK PLC	1.7%
Daikin Industries Ltd.	1.7%
Reckitt Benckiser Group PLC	1.6%
Roche Holding AG	1.6%
ASML Holding NV	1.5%
Sumitomo Mitsui Financial Group, Inc.	1.5%
Cie Generale des Etablissements Michelin SCA	1.5%
Julius Baer Group Ltd.	1.5%
Sanofi SA	1.4%

Variable Portfolio – Partners Small Cap Growth Fund

true

You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

columbiathreadneedleus.com/resources/literature

$ 48

$ 375,342,009

43.00%

Equity Sector Allocation

Table Summary
Health Care	25.3%
Industrials	25.2%
Information Technology	20.9%
Financials	9.2%
Consumer Discretionary	9.1%
Materials	3.5%
Energy	3.2%
Consumer Staples	1.5%
Real Estate	0.6%

Asset Categories

Table Summary
Common Stocks		98.5%
Money Market Funds		1.7%
Other		0.0%^{Footnote Reference*}

Footnote	Description
Footnote^*	Percentage rounds to less than 0.1% or (0.1)%.

Class 2

This semi-annual shareholder report contains important information about Variable Portfolio – Partners Small Cap Growth Fund (the Fund) for the period of January 1, 2026 to June 30, 2026.

1-800-345-6611

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Table Summary
Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 2	$62	1.10%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

1.10%

^[52]

176

Key Fund Statistics

Table Summary
Fund net assets	$375,342,009
Total number of portfolio holdings	176
Portfolio turnover for the reporting period	43%

Top Holdings

Table Summary
Guardant Health, Inc.	1.8%
Moog, Inc., Class A	1.8%
Materion Corp.	1.8%
Onto Innovation, Inc.	1.6%
Allegro MicroSystems, Inc.	1.5%
Glaukos Corp.	1.5%
StoneX Group, Inc.	1.5%
JFrog Ltd.	1.4%
Protagonist Therapeutics, Inc.	1.4%
Alkermes PLC	1.3%

Variable Portfolio – Partners Small Cap Value Fund

true

You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

columbiathreadneedleus.com/resources/literature

$ 47

$ 440,143,749

36.00%

Equity Sector Allocation

Table Summary
Industrials	25.3%
Financials	21.0%
Information Technology	11.4%
Consumer Discretionary	7.7%
Health Care	7.6%
Materials	7.0%
Real Estate	6.3%
Energy	5.3%
Utilities	3.2%
Consumer Staples	1.1%
Other	1.1%

Asset Categories

Table Summary
Common Stocks		97.0%
Money Market Funds		1.2%
Other		0.0%^{Footnote Reference*}

Footnote	Description
Footnote^*	Percentage rounds to less than 0.1% or (0.1)%.

Class 2

This semi-annual shareholder report contains important information about Variable Portfolio – Partners Small Cap Value Fund (the Fund) for the period of January 1, 2026 to June 30, 2026.

1-800-345-6611

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Table Summary
Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 2	$61	1.09%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

1.09%

^[54]

176

Key Fund Statistics

Table Summary
Fund net assets	$440,143,749
Total number of portfolio holdings	176
Portfolio turnover for the reporting period	36%

Top Holdings

Table Summary
Mercury Systems, Inc.	2.5%
Timken Co.	2.3%
Belden, Inc.	1.6%
National Bank Holdings Corp., Class A	1.5%
Valmont Industries, Inc.	1.5%
Seacoast Banking Corp. of Florida	1.4%
Ingevity Corp.	1.3%
Texas Capital Bancshares, Inc.	1.2%
ICU Medical, Inc.	1.2%
Eagle Materials, Inc.	1.2%

Variable Portfolio – Partners Small Cap Value Fund

true

You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

columbiathreadneedleus.com/resources/literature

$ 53

$ 440,143,749

36.00%

Equity Sector Allocation

Table Summary
Industrials	25.3%
Financials	21.0%
Information Technology	11.4%
Consumer Discretionary	7.7%
Health Care	7.6%
Materials	7.0%
Real Estate	6.3%
Energy	5.3%
Utilities	3.2%
Consumer Staples	1.1%
Other	1.1%

Asset Categories

Table Summary
Common Stocks		97.0%
Money Market Funds		1.2%
Other		0.0%^{Footnote Reference*}

Footnote	Description
Footnote^*	Percentage rounds to less than 0.1% or (0.1)%.